The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
financial.
The
SATURDAY, FEBRUARY 15 1930.
VOL. 130.
financial (Chronicle
PUBLISHED WEEKLY
Terms of Subscription—Payable in Advance
Including Postage-12 Mos. 6 Mos.
Within Continental United States except Alaska
$10.00
$6.00
In Dominion of Canada
11.50
6.75
Other foreign countries, U. S. Possessions and territories
13.50
7.75
The following publications are also issued. For the Bank and Quotation Record the subscription price is $6.00 per year; for all the others is
$5.00 per year each.
COMPENDIUMS—
MONTHLY PUBLICATIONS—
PUBLIC UTILITY—(semi-annually)
BANE AND QUOTATION RECORD
RAILWAY & INDUSTRIALr—(fOUr a year) MONTHLY EARNINGS RECORD
STATE AND MUNICIPAL—(ISMI-RIU2.)
Terms of Advertising
Transient display matter per agate line
Contract and Card rates
45 cents
On request
OFFICE—In charge of Fred. H. Gray, Western Representative.
208 South La Salle Street. Telephone State 0613.
LONDON OPTICS—Edwards & Smith, 1 Drapers' Liardens, London. E. C.
Onicsoo
WILLIAMP3. DANA COMPANY, Publishers,
William Street, corner Spruce, New York
Published every Saturday morning by WILLIAM B. DANA COMPANY.
President and Editor, Jacob Seibert; Business Manager, William D. Riggs;
Treas., William Dana Seibert;
,Sec., Herbert D.Seibert. Addresses of all. Office of Co.
Change of Address of Publication.
The Commercial &Financial Chronicle,
having long sufferealfrom inadequate
facilities for handling its growing size
and growing subscription list, has moved
into new andjargerlquarters, and is now
located at
William:Street, corner Spruce.
P. 0. Box 958.
New York City.
The Financial Situation.
No little concern is-being felt at the moment regarding the course of agricultural prices and the
conditions relating to the same. The situation is a
decidedly anomalous one. The prevailing feeling is
well expressed in a telegraphic dispatch coming from
Chicago which appeared in the New York "Times"
on Thursday morning and which carried the significant title "Wheat Traders Kept Guessing by Unprecedented Conditions." The dispatch itself said
that conditions surrounding the wheat market were
different from any ever known before, even during
the World War, and that traders were being kept
guessing as to the next move by the stabilization
officials. That the latter would buy wheat on breaks
seemed certain. So far, however, it was ascertained,
there was no evidence that they had sold any of the
wheat bought in leading markets.
Thus we see Government injected into another of
the country's activities, and in most mischievous
fashion. The Government itself does not buy either
wheat or cotton, but it does buy both through cooperative agencies available for the purpose or
especially organized at the instance of the Federal
NO. 3373.
Farm Loan Board. These co-operative bodies get
the wherewithal for making the purchases through
loans obtained from the Farm Loan Board, and in
both the case of wheat and that of cotton the Government is loaning up to a figure which is above
prevailing market prices. Supply and demand are
no longer the sole controlling factors in determining
the course of the market from day to day, though
the fact that co-operative buying—and evidently on
a large scale, too—has failed to stem the downward
course of values, shows plainly enough that supply
and demand are nevertheless exerting their influence and still constitute the underlying factor in
the situation. Yet co-operative purchases may at
any given moment come in to arrest the decline for
the time being, and may even bring about a sharp
upward reaction. This, then, is the uncertainty
regarding which market operators find it necessary
to engage in guessing from day to day.
What the ultimate outcome of the Farm Loan
policy will be need not be in doubt. The Government, through the Farm Loan Board, is expressly
urging farmers to hold on to their wheat and to their
cotton, and is telling farmers and planters that they
need not worry even if the price continues to fall,
the Board has no intention of calling the loans. This
naturally encourages farmers to hold back their
crops, but deceives no one.
What is causing anxiety is as to what will happen
when the inevitable crash comes and how the Government will fare when it does come. The Farm
Loan Board appears to have unlimited funds at its
command. In the meantime,as far at least as wheat
is concerned, Canada, holding large unsold supplies,
will not fail to avail of the opportunity to dispose
of them. Canada had a shortened yield the past
season, and yet has large stocks of wheat, which must
be marketed sooner or later. The probabilities are
that the Dominion wheat production the present
year will again be normal, and then, indeed, there
must be a royal battle with our neighbor on the
north to see which shall first reach a market. The
question what the losses are to be when our wheat
finally is disposed of, that is, when accumulated supplies are let go,is a serious one. This remark applies
to cotton as well as to wheat, though of course it is
possible that some fortunate turn in affairs will
help the Farm Loan Board and the co-operatives
out of their dilemma in the matter of cotton and
wheat alike. The whole thing is Government meddling, and meddling of the worst kind. Judging
from six months' experience, this meddling is not
helping either the wheat grower or the cotton
grower. Neither is deriving any benefit from the
efforts of the Government to kelp him.
Unfortunately, too, the menace involved is beginning to have some effect . upon general busi-
1016
FINANCIAL CHRONICLE
ness. And there is grave danger that the revival in
trade, which during the last six weeks has been proceeding with such great rapidity, may be arrested.
The accounts regarding the steel trade continue satisfactory in the extreme, and the automobile trade
is also showing increasing activity, the revival in
the steel trade, however, coming not from that
source, but from the liberal orders that are being
given by the railroads. President Hoover's strenuous efforts to prevent large scale unemployment
may be foiled by this unhappy development.
The Secretary of the Treasury at Washington has
this week made another offering of Treasury bills.
This came unexpectedly, but at an opportune moment for the Treasury. With the Federal Reserve
banks all reducing their rediscount rates, Boston
and Kansas City having joined New York in reducing from 41 2% to 4%,and the Federal Reserve Bank
/
of St. Louis having at length reduced from 5% to
412%, leaving no Reserve bank in the System quot/
ing higher than 41 2%,the time is evidently favorable
/
for bringing out a new offering of Treasury bills
bearing no interest and selling on a discount basis.
It should be noted, too, that the rate at which the
Federal Reserve Bank of New York will purchase
bank acceptances has been reduced another y of 1%
8
on Tuesday, and the buying rate for acceptances by
the Federal Reserve Bank of Boston has likewise
been reduced. The new buying rate for acceptances
is 33
/ for maturities of two months or less, and
4%
378% for longer maturities, both below the New
/
York and Boston Federal Reserve rediscount rate
of 4%, showing a preferential rate in favor of bankers' acceptances. The Treasury offering of bills was
$50,000,000, and comprised bills running 90 days,
and in view of the circumstances mentioned its success was a foregone conclusion, though announcement as to the result will not be made until
to-day. At the first offering of these bills, on
Dec. 13 last, which was for amount of $100,000,000, the tenders aggregated $223,901,000. The
highest bid then was 99.310, equal to an interest
basis of 234%, and the lowest bid accepted was
/
99.152, equal te 338%. The total then accepted was
/
$100,000,000, and the average price was 99.181, an
/
interest basis of 314%.
The Federal Reserve statements this week contain
no features of unusual interest. Brokers' loans are
now slowly increasing. After last week's increase
of $57,000,000, there is a further increase the present
week of $48,000,000, making $105,000,000 for the two
weeks, and bringing the grand total of these loans on
securities to brokers and dealers by the reporting
member banks in New York City up to $3,450,000,000,
at which figure, however, comparison is with $5,568,000,000 a year ago, on Feb. 13 1929. The changes
for the week in the different categories of loaning
show that the increase was entirely for account of
out-of-town banks, the total of whose loans rising
during the week from $927,000,000 to $989,000,000.
The loans made by the reporting member banks for
their own account were slightly lower, falling from
$928,000,000 to $924,000,000, and the loans made
"for account of others" were also somewhat lower,
falling from $1,547,000,000 to $1,536,000,000.
The Federal Reserve banks in their own returns
also show no important or significant changes.
Member bank borrowing for the 12 Reserve banks
[VoL. 130.
as a whole remained substantially unchanged, the
discount of the 12 Reserve institutions being $381,914,000 this week against $381,422,000 last week,
although we notice that at the Federal Reserve Bank
of New York, considered by itself, member bank
borrowing increased from $54,720,000 to $79,298,000.
Holdings of acceptances of the 12 Reserve banks purchased in the open market decreased during the week
from $295,791,000 to $276,084,000, while holdings of
United States Government securities increased
slightly, rising from $477,844,000 to $478,560,000.
Altogether, the total of bill and security holdings
the present week stands at $1,147,838,000 against
$1,167,237,000 last week, showing a redaction during
the week in the amount of Reserve credit outstanding
of $19,399,000. The amount of Federal Reserve
notes in circulation is $1,682,444,000 as against
$1,683,481,000 last week, while gold reserves are
slightly lower, being $2,974,978,000 against $2,976,563,000.
The foreign trade of the United States during
January was again considerably reduced, as it has
been for several months past. Merchandise exports
have declined each month since September, and imports since November. Prior to the dates last mentioned, an increase appeared for practically each
month in 1929. The unsettlement incident to the
financial disturbance in the latter part of last year
is undoubtedly reflected in the decreased foreign
trade movement. Exports of merchandise in January were valued at $417,000,000, and imports at
$312,000,000. For the corresponding month of last
year the value of exports was $488,023,000, and of
imports $368,897,000. There was also a decline last
month in exports compared with December, in which
month the merchandise movement out of the United
States was valued at $426,596,000, but imports in
January were slightly above those of December, the
amount for the last-mentioned month having been
$310,573,000. Exports in January were the lowest
since August, while imports, with the exception of
the preceding month, were the lowest in three years.
There continues to be a large balance on the export side, the latter being in excess of imports for
January by $105,000,000. For December the excess
of exports was $116,023,000, and for January of last
year it was $119,126,000.
A part of the decline in the value of merchandise
exports for last month was due to a further reduction in the value of the cotton movement abroad, as
it was both in November and December. Cotton exports in January were only 728,740 bales, against
813,800 bales in January of last year. The value of
cotton exports last month was $72,112,000, a reduction of $12,770,000 from the movement a year ago.
These figures show that the loss in the value of exports other than cotton in the month just closed
from January of the preceding year was approximately $58,850,000.
For the seven months of the fiscal year to and
including January, merchandise exports were valued
at $3,035,004,000, and imports at $2,425,832,000. A
similar statement for the corresponding period of the
preceding fiscal year shows exports of $3,238,391,000
and imports of $2,374,410,000. The excess of exports
over imports for the current seven months amounts
to $609,172,000, while for the earlier period exports
exceeded imports by $863,981,000. So far the current fiscal year, merchandise exports show a decline
FEB. 15 1930.]
FINANCIAL CHRONICLE
of $203,387,000, while imports still have to their
credit an increase, but for only $51,423,000.
Another reversal appears in the gold movement
in January. Gold exports amounted to $8,948,000
against $12,908,000 for imports. In December gold
exports jumped rather suddenly to $72,547,000, while
imports were only $8,121,000. In January of last
year exports of gold were $1,378,000 and imports
$48,577,000. Exports of silver last month were
$5,891,000 and imports $4,756,000.
The stock market this week has continued to develop growing confidence, with a further appreciation in market prices of stocks. There have been no
special features distinguishing the course of speculation. Trade revival, as reflected in the favorable
accounts regarding the state of the iron and steel
trade, with no untoward development either in the
industrial or the financial world,seem to be the main
basis for the continued rise in security prices. And
low money rates also count as a favoring circumstance, the call loan rate on the Stock Exchange
never having been above 4 % during the week, and
/
1
2
on Tuesday and Thursday having been only 4%.
The market displayed its most confident tone on
Thursday, and further advances occurred on Friday.
The volume of business on the Stock Exchange
still further increased. On the New York Stock Exchange the sales at the half-day session of Saturday
were 1,657,500 shares; on the full day Monday they
were 3,165,670 shares; on Tuesday, 3,321,710 shares;
Wednesday, being Lincoln's Birthday, was a holiday; on Thursday, the sales reached 3,668,730 shares,
and on Friday, 3,513,850 shares. On the New York
Curb Exchange the sales last Saturday were 589,*
shares; on Monday, 964,100 shares; on Tuesday,
935,700 shares; on Thursday, 1,111,200 shares, and
on Friday, 1,000,100 shares.
Prices quite generally show gains for the week,
though the usual exceptions appear. American Can
closed yesterday at 143% against 134% on Friday
of last week; United States Industrial Alcohol at
1203% against 118½; Commercial Solvents at 30
against 2934; Corn Products at 9534 against 96/ ;
/
/
78
Shattuck & Co. at 453 against 4678; Columbia
/
4
/
Graphophone at 2934 against 29; Brooklyn Union
/
Gas at 163 against 14512; North American at 107%
/
against 102%; American Water Works at 10534
/
against 97%; Electric Power & Light at 64 against
/
1
2
61; Pacific Gas & Elec. at 611 2 against 5 ½; Stand/
ard Gas & Elec. at 123 against 118%; Consolidated
Gas of N. Y. at 119 against 111; Columbia Gas &
Elec. at 9118 against 8818; Public Service of N. J. at
/
/
94 against 89; International Harvester at 90 against
88; Sears, Roebuck & Co. at 90% against 95; Montgomery Ward & Co. at 42% against 451 8; Woolworth
/
at 631 2 against (7; Safeway Stores at 107 against
/
116; Western Union Telegraph at 213 against 2101
%;
Amer. Tel. & Tel. at 231% against 229%, and Int.
Tel. & Tel. at 6878 against 65%.
/
Allied Chemical & Dye closed yesterday at 276
against 276 on Friday of last week; Davison Chemical at 3318 against 34; E. I. du Pont de Nemours at
/
127/ against 126; Radio Corp. at 42% against 38%;
18
General Elec. at 76 against 7478; National Cash
/
Register at 77% against 79%; Fox Film A at 30%
against 3718; International Combustion Engineer/
ing at 6% against 6½; International Nickel at 3778
/
against 38/ ; A. M. Byers at 87 against 82%; Tim78
ken Roller Bearing at 78% against 75; Warner Bros.
1017
Pictures at 6178 against 573 Mack Trucks at 80
/
%;
/
1
2
against 83/ ; Yellow Truck & Coach at 22 against
78
19%; Johns-Manville at 142 against 141%; National
/
Dairy Products at 5034 against 4978; National Bel/
las Hess at 131 against 14; Associated Dry Goods
4
/
at 33% against 341 8; Lambert Co. at 104% against
/
1023%; Texas Gulf Sulphur at 6334 against 63%,
78
and Kolster Radio at 3 against 2/.
The steel stocks shares were leaders in the general
rise. United States Steel closed yesterday at 189%
against 182% on Friday of last week; Bethlehem
/,
Steel at 102 against 1001 2 and Republic Iron & Steel
at 782 against 74. The motor stocks are mostly
/
1
lower. General Motors closed yesterday at ex-div.
43% against 43% on Friday of last week; Nash
Motors at 512against 53; Chrysler at 38 against 40;
/
1
/
/
1
2
Packard Motors at ex-div. 16 against 1658; Hudson Motor Car at 58 against 59%, and Hupp Motors
at 22 against 22%. The rubber group has been exceptionally strong. Goodyear Rubber & Tire closed
yesterday at 83 against 71% en Friday of last
/
1
2
week; B. F. Goodrich at 47% against 46½; United
States Rubber at 27% against 25%, and the preferred at 51% bid against 50.
Railroad stocks have been in renewed demand at
advancing prices. Pennsylvania RR. closed yesterday at 841 8 against 80% on Friday of last week;
/
New York Central at 1912 against 184; Erie RR.
/
1
at 63% against 60%; Del. & Hudson at 178 against
/
1
2
177; Baltimore & Ohio at 118% against 117%; New
Haven at 122% against 113½; Union Pacific at
2317 against 228; Southern Pacific at 124 against
8
/
122; Missouri Pacific at 92 against 8818; St. Louis/
1
2
San Francisco at 113 against 112 ; Missouri-Kan/
:
sas-Texas et 55 es),i7s:,", 54; Rock Island at 1251 8
against 120%; Great Northern at 99 against 99%,
78
and Northern Pacific at 93/ against 91.
The oil shares have regained very little of their
losses of last week. Standard Oil of N. J. closed
/
4
78
yesterday at 61/ against 623 on Friday of last
4;
week; Simms Petroleum at 25 against 253 Skelly
/
1
Oil at 29% ex. div. against 302 bid; Atlantic Re8
78
fining at 40/ against 38%; Texas Corp. at 527
78
Pan American B at 52/ against 53½;
against 53½;
Richfield
/
Phillips Petroleum at 3034 against 3½;
Oil at 23 against 24%; Standard Oil of N. Y. at
/
1
2
32% against 32 ,and Pure Oil at 22% against 23%.
/
1
2
The copper shares are mostly lower on a large
increase in the stocks of the metal. Anaconda Copper closed yesterday at 76 against 78 on Friday of
/
1
2
last week; Kennecott Copper at 58% against 61½;
/
1
2
Calumet & Hecla at 30 against 31½; Andes Copper
8
at 34/ against 367 ; Inspiration Copper at 28%
78
%;
against 30%; Calumet & Arizona at 84 against 861
Granby Consolidated Copper at 57 against 58½;
American Smelting & Refining at 7378 against 76%,
/
and U. S. Smelting & Ref. at 3378 against 34%.
/
Trading on the larger European stock markets was
again very quiet this week, while prices moved irregularly lower under the influence of sporadic selling. Public interest in the stock markets at London,
Paris and Berlin has been at a low ebb for some
months and operations have been largely professional. Reassuring developments such as the general
declines in bank discount rates have brought small
temporary improvement from time to time, but industrial and political uncertainties have prevented
any far-reaching response. In the current week
much concern was expressed in European financial
1018
FINANCIAL CHRONICLE
[VOL. 130.
circles regarding the fall in prices of some important have been reported from Brussels. Prices on the
commodities. The decline in wheat created a very Bourse finally steadied to some extent yesterday.
The Berlin Boerse was dull and depressed at the
pessimistic feeling on the London market, according
to a dispatch to the New York "Times." Dealings opening of trading Monday, but slight improvement
in London were further subdued by settlements in took place as the session progressed. Business was
shares of the Hatry group of companies, which were in very small volume, with the exception of a few
effected Thursday. No further difficulties occurred, issues which were favored by speculators. Telehowever, owing chiefly to the arrangements made by phone Berliner advanced sharply on the announcethe unofficial Stock Exchange committee for the ment of the merger of the company with the Standformation of a pool of $5,000,000 to cover losses. ard Electric Co., and a few artificial silk issues also
Some anxiety is also being caused in London by the gained. Transactions were on a still smaller scale
poor results currently achieved with offerings of Tuesday, as the Reichstag began its discussion of
new issues. An important issue was recently left the new Young plan. Prices were irregular, with the
largely with the underwriters, while other offerings general trend downward. The trend at Berlin was
again uncertain Wednesday, with the volume of tradare meeting little response.
The London Stock Exchange was fairly firm at ing extremely small. North German Lloyd shares
the start of trading Monday, but business was small dropped two points in connection with the fire on
and mainly professional. British funds improved the liner Muenchen in New York. Easier money conslightly and Indian loans also gained. Some ir- ditions caused a slightly better tone toward the
regularity developed, however, among British indus- close of the session. Weakness in Siemens Halske
trial stocks while international issues were mostly debentures at Amsterdam Thursday caused a decline
lower. Small advances in the gilt-edged list were of more than 5 points in the shares of this company
again the rule Tuesday, while encouragement was at Berlin, but the Boerse otherwise was dull and
gained from an oversubscription of a £6,000,000 Gov- uninteresting. Most stocks weakened slightly in
ernment of India loan. This development counter- the course of the session, and the close was listless.
acted to a degree the poor results attained in a The Berlin market was virtually unchanged in yes£7,000,000 Central Electricity Board offering, of terday's trading.
which 92% was left with the underwriters. Business was on a small scale, and the general list
Practical proposals for the limitation of all classes
remained irregular. Interest at London centered on of warships were considered at the London naval
home rails Wednesday, as three of the four great conference this week by the delegates of the five
railway systems of England announced increased principal sea powers. Questions of procedure still
dividends. Market expectations were exceeded by troubled the course of the conference to a degree,
the Great Western Railway, which is paying a total notably in the diverse views of the British and Amerof 7 % for the year as compared with 5% the year ican delegations regarding the advisability of seek/
1
2
/
1
2
before, and by the Southern, which is paying 2 % ing complete accord first on cruisers or on battleas against 2%. Disappointment was expressed, how- ships. Ramsay MacDonald, Prime Minister of
ever, at the Midland Railway distribution, which is Britain, is understood to have suggested early this
4 % for the year, or 1% more than for the previous week that the meeting proceed to definitive discus/
1
2
year. Gilt-edged securities were steady, but ship- sion of capital ships. Secretary of State Stimson
ping shares dropped sharply. The day's business was insisted for the United States, however, that settlesmall, notwithstanding the developments. Most sec- ment should be reached on cruisers before formal
tions of the market were weak Thursday. British talks on battleships are resumed. The conference,
funds sold off slightly, while home rails suffered which began Jan. 21, was signalized this week by
from profit-taking. British industrials were uncer- formal declarations on submarines on the part of
tain, but the tobacco and copper groups both lost all five powers represented. The statements made
considerable ground. Gilt-edged stocks were easier in a public session Tuesday were much in line with
at London yesterday, while the market as a whole general expectations. Great Britain and the United
was irregular.
States urged the abolition of submarines, France and
Prices of issues listed on the Paris Bourse slowly Japan opposed the suggestion, and Italy remained
receded in the opening session of the week, while neutral. It was made plain by the chief opponents
transactions were on a very limited scale. The Paris of undersea craft, Britain and the United States,
market has been extremely dull for weeks, and a that if such vessels could not be eliminated their
disposition is growing to have the French Govern- use in war should at least be "humanized." General
ment take steps for improvement by lowering the assent was given to this proposal, and it was subsetaxes on transactions and on the profits of industrial quently stated by Mr. Stimson that this development
companies. Turkish securities led the downward was "worth the visit of the American delegation
procession on the Bourse Tuesday. Advices from to London."
An authoritative summary of the progress made
Angora failed to deny reports of a moratorium of the
Turkish debt payments and the selling wave that at the naval conference was given by Prime Minister
followed caused a sharp drop. French stocks also MacDonald Monday,in reply to questions put in the
remained weak, and the market thus receded as a House of Commons by former Prime Minister Stanwhole. A measure of improvement was noted Wed- ley Baldwin. Much preliminary work has been done
nesday, both in the prices of French securities and and progress achieved all along the line, Mr. Macin the volume of business on the Bourse. Turkish Donald stated. He added that the delegations are
loans were again weak, however, and international now nearly in accord on the difficult question of ship
stocks also dropped. The Paris market resumed its classification, which had proved a stumbling block
downward course Thursday, virtually the entire list at the Geneva conference of the League of Nations
losing ground. Much of the liquidation was attrib- Preparatory Disarmament Commission. Mr. Macuted to Belgian sources, as a number of bankruptcies Donald also held a "confident hope" that the matter
Fan. 15
19301
FINANCIAL CHRONICLE
1019
of an equilibrium of naval strength among the' plenary session at St. James's Palace to which press
nations would soon be satisfactorily adjusted. In representatives were admitted. Mr. Alexander spoke
London reports to the New York "Times" from Ed- first and proposed in behalf of the British delegation
win L. James, general European correspondent of that the use of submarine vessels for purposes of
that journal, it was suggested that the conference war should be totally abolished. Such action, he
is likely to get down to its real problems by the end pointed out, would make possible large savings, not
of this month, while "it seems to be the expectation only in submarines, but also in destroyers and antiin both British and American quarters that a naval submarine units. "The powers here represented
treaty will be written and signed here by Mar. 15." have built, are building, or have authorized over
400
Experienced observers are in agreement, according of these vessels designed for submarine
warfare,"
to Mr. James, that there have been few international Mr. Alexander declared. "They are expensive in
conferences with such important issues at stake maintenance. They have most complicate mad
which have been marked by less bad atmosphere. chinery and a very high proportion of skilled
per"No one any longer doubts that a treaty will be sonnel is required to man them. They
are very
made successfully," the correspondent added. "How- expensive to build. They require extensive
provision
ever, no one believes there will be any great reduc- in the way of shore establishments and depot
ships
tion, and, as far as the American delegation is con- to maintain them. Their abolition
would in itself,
cerned, it will probably leave the conference with therefore, achieve enormous reduction in
armaments
a total tonnage for America very near the figures expenditures." The British case
for abolition of
with which it entered the conference. But the fleet these ships
was summarized by the First Lord of
will be better balanced and much nearer parity with the Admiralty
as follows: (1) in the general interEngland."
est of humanity; (2) in consideration of the British
Some disturbance was caused over the last week- view that
the vessels are primarily offensive instruend by a misunderstanding regarding the statement ments (3) in order
to secure a most substantial
issued by Secretary of State Stimson Feb. 6 in clari- contribution of disarmame
nt and peace; (4) in view
fication of the American position at the conference. of the very important
financial relief to be obtained;
A summary of the declaration, prepared for publica- (5) in consideration
of the conditions of service of
tion by the American delegation, failed to make clear the personnel and the
undue risks which can be
all details of the American proposal for curtailment abolished. "We should
also propose to the conferof battleship fleets and extension of the holiday in ence," Mr. Alexander added,
"that if submarines
capital ship construction. Both the British and are to be retained,
the most definite conditions
American delegations indicated their willingness to should
be laid down and agreed upon with a view
bring their fleets down to 15 capital ships each in to preventing
these vessels from being used as com1931, but some differences remain over the question merce destroyers
in violation of international law
of replacements. "While having accepted the build- and
practice, under the standards of conduct which
ing holiday in principle, the Americans now seek
public opinion most certainly demands. To that end
modifications in the non-replacement principle," a we should
seek to revive the agreement signed in
London report of last Saturday to the New York Washingto
n on Feb. 6 1922, but which was not fully
"Times" said. "No public pronouncement has been
ratified by the signatory powers to regulate the
made on the subject, but it seems to be an open secret
attack of merchant ships by submarines in accordamong all the delegations that the United States
ance with the rules and practice set out in that
delegation would like to build at least one more
treaty."
35,000-ton battleship while that size is in style. This
Secretary of State Stimson, who followed, made
probably would involve our scrapping four instead
plain that the attitude of the United States Governof three ships, leaving the total number always at
ment has changed since 1922, when opposition was
fifteen." Construction of this new battleship, it
registered to the abolition of submarines. "Years
appeared, would correct the disparity occasioned by
of reflection have tended to crystallize the convicthe recent British construction of the Rodney and
tion through the world that inhumane use of the
the Nelson. British views on this proposed alterasubmarine should cease," Mr. Stimson said. After
tion in the American battleship fleet were aired
dealing briefly with some of the technical consideraMonday in the London "Times" and the "Daily
tions involved, he added that "we cannot but feel
Herald," semi-official organs of the London Governthat for this conference to sanction an instrument
ment. It was remarked in both journals that con- of
war, the abuses of which were directly responsible
struction of such an American capital ship would for
calling the Western world into the greatest Eurolead to resumption and not to cessation of battlepean war of history, would be a contradiction of the
ship building. It was suggested in some reports that
purposes for which we have met." The possibility of
the American delegation, as an alternative to the
a further similar occurrence, "which human expericonstruction of the new vessel, had proposed scrapence shows is likely to be repeated," was urged in
ping by Britain of some of her newer capital ships
support of the American contention for abolition of
rather than the older and slower ships. In reply to
submarines.
questions put in the House of Commons Wednesday,
Marine Minister Leygues reiterated in behalf of
Prime Minister MacDonald denied that any such
the French delegation the statements on French
suggestions had been made, while A. V. Alexander,
naval needs previously outlined by Premier Tardieu.
First Lord of the Admiralty, stated that there was
The requirements of France in connection with
her
no question of Great Britain's scrapping any of her
metropolitan and colonial situation include
the Ilse
latest battleships. "There have been a great many
of the submarine, he indicated. "The
French Govdenials and affirmations, both official and otherernment," he continued, "considers that
the subwise, about this part of the American battleship
marine is a warship like all the others;
that it is a
program," a dispatch to the New York "Times" said.
defensive weapon which all the naval
powers canDiscussion of submarines occurred Tuesday in a
not do without, and that the use of
the submarine
1020
FINANCIAL CHRONICLE
should and can be regulated like any other warship."
A navy of lesser order with extensive responsibilities cannot do without the defensive means offered
by submarines, M. Leygues contended. France
relies upon such vessels, he said, for: (1) protection
against enemy attacks of populations and cities
along the coast in the absence of the high seas fleets
and the defense of distant dependencies pending the
arrival of supporting fleets; (2) escort and protective convoys transporting men and goods between
the mother country and the colonies or between the
colonies themselves; (3) guarding lines of communication over long distances when bases are lacking;
(4) scouting and protection of the high seas fleets.
Conceding the necessity for the regulation of the
submarine, M. Leygues proposed that the conference
adopt the following resolution: "A committee shall
be appointed to prepare an agreement, open for
signature of all naval powers,forbidding submarines
to act toward merchant ships otherwise than in
strict conformity with rules, either present or future,
to be observed by surface warships."
Admiral Takarabe assured the conference that the
Japanese delegation fully sympathizes with the high
humanitarian motives that prompted the suggestions
for abolition of submarines. Although most emphatically opposed to unrestricted submarine warfare, Mr. Takarabe declared that the submarine has
its proper legitimate use. Japan sees in the submarine, he said, "a convenient and adequate means
for providing for her national defense," with which
she can look after her extensive waterways and
vulnerable points. While desiring to retain submarines, Japan "heartily associates herself with
the proposal which is apparently in the minds of
many of my colleagues, to submit this category of
arms to the strict circumscription of law." Signor
Grandi of Italy welcomed the proposals for restricting the use of the submarine in warfare.. In the
present state of armaments the Italian Government
believes, he declared, that abolition of submarines
would favor the stronger navies to the disadvantage
of the weaker, but the Italian Government was nevertheless determined to keep an open mind on the
subject of total abolition. "We do not object in
principle to the abolition of submarines," he said,
"if all the naval powers concur therein, and if such
an abolition is to exert a decisive influence in bringing about that drastic reduction of armaments which
the whole world desires."
Secretary of State Stimson declared to press correspondents after this meeting of the delegates that
the London conference has solved the problem of
the submarine insofar as that problem involves the
use of the vessels in sinking unarmed merchant ships.
He remarked in the most positive language that the
conference took a definite, not a tentative, position
on the question, a dispatch to the New York "Times"
reported. "I regard that single incident as worth
the visit of the American delegation to London,"
Mr. Stimson said. "That marks a step forward in
a matter that our country once went to war about.
There was an agreement. Other things have been
referred to subcommittees to investigate and report,
but this, if you read the language of the resolution
offered by the French and agreed to by everybody,
was a direction to the committee to draft a paper.
The second thing I want to call to your attention
is the impetus that was received for a movement
for the eventual abolition of submarines. I think
[vol.. 130. •
this debate shows a rising tide in the desire on the
part of the nations for the eventual abolition of
that weapon of warfare and marks a step in that
direction."
Statements in clarification of the French and
Japanese positions at the London conference were
issued by these delegations Thursday, in keeping
with the practice inaugurated by the American and
British representatives on Feb.6 and 7. The French
memorandum indicated that the present fleet of
France, afloat, l'uilding or authorized, consists of
681,808 English tons, a reduction of 457,192 from
the comparable total of 1,139,000 of 1914. The current French naval budget, moreover, was shown to
be inferior to the pre-war budget. "It may therefore
be said that in the same spirit as Great Britain and
without waiting for a possible decision of the
present conference, France has already and in considerable measure cut down her building program,"
the statement continued. The French delegation,
nevertheless, declared its willingness to accept as a
ground for an agreement a naval building program
running from 1930 to 1936 as previously proposed
by the American and British delegations. Under
this program, France would have a fleet on Dec. 31
1936 of 724,479 English tons, made up as follows:
Capital ships coming under the Washington substitution rule, 156,466; capital ships not under the Washington substitution rules, 52,791; cruisers of 10,000
tons each, 100,000; old cruisers mounting guns with
a calibre over eight inches, 24,850; light ships,
258,597; aircraft carriers, 32,146, and submarines,
99,629. "In case a naval holiday should be proposed
for battleships until 1936, France would be willing
to accept such a holiday up to a total of 105,000
tons," the statement said.
The Japanese statement made clear the determination of that delegation to contribute their full
share in bringing about all-round reduction in
naval weapons to the end that human happiness
may be increased and financial burdens of peoples
lightened. "Too strict an application either of
the principles of global tonnage or division into
categories would not be suitable for arriving at
agreement among the powers concerned," the statement added. "The Japanese delegation is in favor
of a formula which would harmonize the two extremes, allowing transfers in certain categories.
The Japanese delegation is ready to agree not to
lay down any capital ships until 1936. It also deems
it desirable that agreement should be reached so as
to reduce the size of capital ships to 25,000 tons
from the 35,000 tons stipulated in the Washington
treaty. The maximum gun calibre should be reduced
to 14 inches. Japan advocates the lengthening of
the age limit from 20 to 26 years." A desire for
limitation of aircraft carriers of less than 10,000 tons
also was indicated by the Japanese. Strength in
proportion to other fleets, particularly in eight-inch
gun cruisers, was stipulated as a particular requirement of Japan, but it was considered by observers
especially significant that the Japanese statement
made no express declaration on the 70% ratio of
American strength in 10,000-ton cruisers previously
asked. The Japanese statement concluded with suggestions for limiting the size and extending the age
limits of small cruisers and submarines.
Parliamentary debate on the new Young plan of
German reparations payments and the correlative
FEB. 15 1930.]
agreements which were signed by the interested governments at The Hague Jan. 20 was begun in the
German Reichstag Tuesday. Dr. Julius Curtius,
Foreign Minister of the Coalition Government, presented the bills for passage by the chief German
law-making body and set forth their significance in
an able address. Opposition to the proposed legislation promptly developed, chiefly from Dr. Alfred
Hugenberg, the Nationalist leader, but early passage
of the more important agreements was nevertheless
considered assured. The Reichstag was asked to
consider not merely the Young plan proper, but also
the special reparations agreement with the United
States, the new Reichsbank and German railway
statutes, and finally the Polish liquidation agreement. The only measure that may meet defeat,
dispatches indicated, is the Polish agreement.
Passage of the other agreements by the Reichstag
will be followed by rapid consideration of the Young
plan accords in the French, British, Italian, and
other Parliaments, in all of which speedy acceptance
is considered probable. Completion of this cycle
will finally clear the way for full legal operation
of the Young plan, which was signed by the Paris
experts on June 7, last year. Payments by Germany
have been made in accordance with the lower
schedule for some time in the expectation of eventual
acceptance by all interested governments.
In opening the discussion on the plan in the
Reichstag, Dr. Curtius enumerated five reasons for
considering the plan a step forward from the German viewpoint. First, the new arrangement would
fix the limits of Germany's reparations liability;
second, the Young plan annuities are much lower
than those of the Dawes plan which it is to supplant;
third, the Young plan offers even better guarantees
for the maintenance of German currency and industry than the Dawes plan; fourth, the new scheme
removes foreign control and supezvision from German business, and fifth, it means the end of foreign
occupation of German territory. "The sole and only
valid test for a decision on the Young plan," Dr.
Curtius told the Reichstag, "is the answer to the
question as to whether anything better could have
been attained by our experts and the German Government, and whether that which has been attained
means progress as compared with the existing state
of affairs or not. The first question the German
Cabinet answers negatively and the second question
affirmatively." Dr. Hugenberg led the attack on the
Young plan in an extreme speech. Acceptance of
the plan will bring Germany to the brink of decay
and Bolshevism, he declared, and German sickness
and death would "spread the germs of the disease
to all Western countries." In subsequent sessions
of the Reichstag the plan gained the support of
such eminent German parliamentarians as Dr. Bernhard Dernburg. The bills are to be discussed by
Reichstag committees for a week or 10 days, after
which they will come up for final ratification. This
is to occur before Feb. 25, in keeping with an agreement said to have been reached between Dr. Curtius
and Premier Andre Tardieu of France.
The committee of three bankers appointed to consider details of the organization of the Bank for
International Settlements, which is an integral part
of the Young plan, met this week in Basle and
Milan. Meetings at Basle, the seat of the new bank,
were for the purpose of selecting a building where
temporary quarters can be established in time for
1021
FINANCIAL CHRONICLE
the first meeting of the bank's governing body on
Mar. 5. In Milan the committee discussed problems
of organization with officials of the Bank of Italy,
similar discussions having already taken place in
Paris, Berlin and Brussels. Some objections were
voiced in the German press this week to the selection of Pierre Quesnay of the Bank of France as the
Director General of the Bank for International Settlements. The statements aroused little concern in
France, where it was confidently assumed that M.
Quesnay will ultimately obtain the post. A Paris
dispatch of Feb.9 to the New York "Herald Tribune"
indicated on "high authority" that Gates W.McGarrah and Leon Fraser will be the American directors
of the Bank. Mr. IteGarrah, who is Chairman of
the Board of the Federal Reserve Bank of New York,
is to be elected Chairman of the Bank for International Settlements, the report said.
The first issue of reparations bonds under arrangements to be made by the Bank will probably be
floated in May, according to a Paris dispatch to the
New York "Times." The United States is to be
asked to subscribe the largest allotment in the
$300,000,000 bond issue, the report indicated.
"France is said to be willing to assume one-third,
but from the various conferences held so far with
various European banks it may be difficult to place
the remaining $100,000,000 in European markets,"
the dispatch said. "Britain does not desire more
than the minimum, which was fixed at 10% of the
annuities due to her under The Hague agreements.
Germany has reluctantly agreed to place $12,500,000.
Italy is now being sounded, but it is believed she
also desires to keep to the minimum, so that with
what Belgium and perhaps, indirectly, some other
European markets will absorb, there remains as
much as *50,000,000 uncovered. If the United States
should accept this additional allotment it would
support just half the first slice of the Young plan
loan." Details of the loan are to be settled in March
when the bank's directorate meets, it was said.
Profound improvement in the political situation
in Spain has followed the relinquishment of power
on Jan.28 of the Dictator, General Primo de Rivera,
and the appointment of General d'Amaso Berenguer
as Premier to guide the country toward Constitutional government. One of the first acts of the new
Premier after forming his Cabinet was the publication of a decree of general amnesty, which provided
for the immediate liberation of all political prisoners. The amnesty, which also ended all political
exilings, affected numerous Spaniards and caused
rejoicing throughout the country. The censorship
on dispatches of foreign correspondents in Spain
was promptly lifted, but that on domestic newspapers was continued. Premier Berenguer indicated, however, that the censorship in Spain will be
lifted gradually. Steps were taken in Madrid last
week for the formation of two political parties to
replace those dissolved by the former regime. Confidence in the new Premier quickly spread in Spain,
according to a Madrid report of last Saturday to
the New York "Times." "The Government's chief
accomplishment," the dispatch said, "has consisted
in rearranging the administrative structure which
had been built around one man and which had to be
modified to meet the needs of an administration
which intends to hand power back to the people."
General Primo de Rivera left Spain this week for
•
1022
FINANCIAL CHRONICLE
[VOL. 130.
/ 0
Paris, where, it is understood, he intends to stay 51 / to 57. Other than this, there have been no
0
for several weeks.
anges this week in the discount rates of any of the
European central banks. Rates continue at 7% in
A treaty of friendship between Italy and Austria Italy; at 6% in Germany; at 5 % in Spain; at
/
1
2
was signed in Rome, Feb. 7, by Premier Benito Mus- 5% in Norway and Denmark; at 41 2% in Great
/
/
solini of Italy and Johann Schober, Chancellor of Britain and Sweden; at 4% in Hollana; at 31 2% in
Austria, marking further improvement in the rela- Belgium and Switzerland, and at 3% in France. In
tions of these States. Provision is made in the new the London open market discounts for short bills
instrument for conciliation and for judicial settle- yesterday were 470 against 3 15/16% on Friday of
ment of disputes. In other respects, also, the treaty last week, and 3 15/16% for long bills against
is similar to those previously signed by Fascist Italy 3 15 1
/ 6% the previous Friday. Money on call in
with Hungary, Bulgaria, Germany, and other coun- London yesterday was 338%. At Paris the open
/
tries. The pact, however, does not apply to any market rate remains at 37, and in Switzerland,
0
question that may arise in regard to Southern Tyrol. at 23 %.
4
A dispute over Italian treatment of the GermanThe Bank of England statement for the week
speaking minority population of the Tyrol caused a
severe strain in the relations of the two countries ended Feb. 12 shows an increase in gold holdings of
some time ago, and diplomatic relations were sev- £287,113, bringing the total up to £151,499,219 as
ered for a while. Such matters, according to inter- compared with £150,154,375 a year ago. A connational law, come within the jurisdiction of Italy traction of £687,000 appears in note circulation,
alone and they are, therefore, automatically excluded and this, together with the gain in bullion brought
from the new pact. The duration of the treaty is about an increase of 074,000 in reserves. Public
fixed at 10 years, with provision for renewal. It will deposits decreased £5,357,000, while in other debe registered with the Secretariat of the League of posits a gain of £4,088,315 occurred. Other deposits
Nations. There are no economic clauses in the consist of bankers' accounts and other accounts.
treaty, a Rome dispatch to the New York "Times" The former increased £4,833,478, while the latter
indicates, but experts of the two countries were said fell off £745,163. The proportion of reserves to
to be negotiating a trade agreement intended to liabilities is now as high as 56.43%, as against
improve the commercial relations of the two coun- 50.2% last year and 54.95% a week ago. Loans
tries. The treaty was signed in the Palazzo Venezia on Government securities decreased £5,183,000,
at Rome, which was formerly the property of the and those on other securities rose £2,959,240. The
Austrian Crown and now is the official residence latter consist of "discounts and advances" and
of the Italian Prime Minister.
"securities," which increased £2,360,563 and L598,677, respectively. The bank rate of 432%, which
A hotly contested Presidential election in Colom- went into effect last week, remains unchanged.
bia last Sunday resulted in the election of Dr. En- Below we furnish a comparison of the various items
rique Olaya Herrera, Minister to the United States for five years:
and Liberal candidate, to succeed Dr. Abadia Mendez
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1929.
1930.
1928.
1926.
1927.
as the chief executive of the South American repubFeb. 14.
Feb. 15.
Feb. 12.
Feb. 16.
Feb.17
.
.£
lic. Interest in the election was keen and the largest
348,002,000 352,698,000 134,282,000 136,187,880 140,448,135
Circulation_ a
vote in the country's history was cast, reports indi- Public deposits
17,937,000 19,635,000 12,970,000 17,507,674 23,582,893
94,565,390 94,636,000 101,138,000 102,282,388 106,917,556
cated. Dr. Olaya ran for the Presidency on a Other deposits
Bankers' accounts 59,083,652 58,199,000
national ticket in which he emphasized the broad Other accounts_ _ _ 35,481,738 36,437,000
Government Beetles
national needs of Colombia, particularly along eco- Other securities_ _ 44,711,855 47,876,000 36,295,000 29,812,691 43,782,247
22,476,568 27,132,000 52,507,000 74,428,607 80,884,205
nomic lines, and stood for a program of friendship Disct. & advances 7,963,260 10,446,000
14,513,308 16,686,000
Securities
in Colombia toward foreign investments in that Reserve notes dc coin 63,494,000 57.456,000 ..3,464,000 33,738,531 23,972,421
country. His chief opponents were General Alfredo Coin and bullion_ _ _151,499,219 150,154,375 157,996,582 150,176,411 144,670,556
Proportion of reserve
50.2%
56.43%
38.09%
28.16%
to
184%
Vasquez Cabo, candidate of the Independent Con- Bankliabilities
44%
5%
5%
5%
rate
4%
servatives, and Dr. Guillermo Valencia, regular Con- a On Nov. 29 1928 the fiduciary currency was amalgamated with Bank of Eng£234,199,000 to the amount of Bank of England
servative. Dr. Olaya, however, received more votes land note issues, adding at that time
notes outstanding.
than both his rivals together. In a Washington
special to the New York "Times," it was indicated
The French Bank statement for the week ended
that the new Colombian President will return to this Feb. 8 reveals a gain in gold holdings of 10,041,952
country for a brief period to complete his work francs. The total of gold is thus raised to 42,931,at the Legation before being inaugurated on Aug. 7. 048,630 francs, which compares with 34,018,098,489
Dr. Olaya is 48 years old and has been in politics francs in the corresponding week last year. Credit
much of his life. It was he who, as Foreign Minister balances abroad record a decline of 5,000,000 francs,
in 1922, induced the Colombian Congress to ratify while bills bought abroad increased 8,000,000 fransc.
the treaty with the United States which settled diffi- French commercial bills discounted register an exculties between the two countries over the Panama pansion of 528,000,000 francs, while the item of
incident of 1903. He resigned as Foreign Minister advances against securities remain unchanged at
shortly thereafter to become Minister to the United 2,578,493,956 francs. Notes in circulation show a
States.
contraction of 910,000,000 francs, reducing the total
of the item to 69,428,616,860 francs, as compared
The National Bank of Austria on Feb. 10 reduced with 63,100,593,305 francs at the corresponding week
its rate of discount from 7%, the figure in effect last year. A decrease also appears in creditor cursince Jan. 25, to 6 %. On Feb. 13 the National rent accounts of 145,000,000 francs. Below we fur/
1
2
Bank of Hungary also reduced from 7% to 6 %. nish a comparison of the various items of the past
/
1
2
The 770% rate had prevailed since Jan. 25. On two weeks and also for the corresponding week last
Feb. 11 the Bank of Java marked its rate down from year:
FEB. 15 1930.1
FINANCIAL CHRONICLE
------BANK OF FRANCE'S COMPARATIVE STATEMENT.
Chances
Status as of
for Week.
Feb. 8 1930.
Feb. 11930.
Feb. 9 1929.
Francs.
Francs.
Francs.
Francs.
Gold holdings_ _ _ _Inc. 10,041,952 42,931,048,630 42,921,006,678 34,018,098,
Credit bale. abr'd_Dec. 5,000,000 6,978,666,510 6,983,666,510 12,302,943,167
French commercial
bills discounted_Inc. 528,000,000 6,442,321,284 5,914,321,284 4,910,886,525
B1118 bought abr'd_Inc. 8,000,000 18,715,474,589 18,707,474,589 18,144,244,173
Adv.asst.securs__
Unchanged 2,578,493,956 2.578,493.956 2,314,407.276
Note circulation_ _Dec. 910,000,000 69,428,616,860 70,338,616,860 63,100,593,305
Cred.curr. sects. Dec. 145,000,000 16,539,592,538 16,684,592,538 19,366,629,928
1023
and bond collateral increased $48,000,000 for the
week ended Wednesday night, according to the tabulation made by the Federal Reserve Bank of New
York. Gold movements reported by the institution
for the same period consisted of imports of $92,000,
with no exports and no net change in the stock of
gold held ear-marked for foreign account. The daily
statement for Thursday, however, showed imports
The Bank of Germany in its statement for the first of $5,110,000 from Brazil.
week of February shows a gain of 28,891,000 marks
Dealing in detail with the call loan rates on the
in gold and bullion. This raises the gold holdings
Stock Exchange from day to day, the renewal rate
to 2,325,941,000 marks, compared with 2,729,111,000 marks last year and 1,886,620,000 marks was 4% on Monday, from which there was an ad/
1
2
two years ago. Reserve in foreign currency, bills of vance to 4 % in the afternoon. On Tuesday and
exchange and checks and advances show decreases Thursday (Wednesday was Lincoln's Birthday, and
of 3,257,000 marks, 92,868,000 marks and 114,- a holiday) all loans were at 4%. On Friday, after
848,000 marks, respectively. An increase appears renewals had again been effected at 4%, the rate
/
1
2
in silver and other coin of 2,142,000 marks and in advanced to 4 %. Time money displayed little or
no activity. Rates each day have been 414@4 %
1
2
/ /
notes on other German banks of 9,930,000 marks,
for 30 days, 4 @434% for 60 days, 4%@4 % for
/
3
4
/ /
1
2
while deposits abroad remain unchanged. Investments increased 660,000 marks, while other coin 90 days to four months,and 4%@5% for five months
declined 103,270,000 marks. On the liabilities side and six months. On Friday, however, the range for
/
1
2
of the account, note circulation shows a contraction 90 days and four months widened to 4 @4%%.
of 272,288,000 marks, reducing the total of notes The demand for commercial paper in the open market
outstanding to 4,380,954,000 marks. The total of was unusually brisk throughout the week. Rates
notes in the corresponding week last year amounted for names of choice character maturing in four to
/
to 4,236,113,000 marks and the year before to six months continue at 412@4%%. Names less well
known are quoted at 434@5%, with New England
/
3,983,840,000 marks. An increase appears in other
daily maturing obligations of 94,167,000 marks and mill paper at 5%.
a decrease iniother liabilities of 94,499,000 marks.
Prime bank acceptances have shown continued
A comparisonlof the various items of the Bank's
activity, with demand and supply remaining on a
return for the past three years is furnished below:
fairly even level. Rates have remained unchanged.
REICHSBANK'S COMPARATIVE STATEMENT.
Changes.
The Federal Reserve Bank on Tuesday reduced its
for Week.
Feb. 7 1931 Feb. 7 1929. Feb. 7 1928
Assets—
8%. The new rates
Reichsmarks.
Reichsmark:. Reichsmark'. Reich:marks. buying rate for acceptances by Y
Gold and bullion
Inc. 28,891.000 2,325,941.000 2,729,111,000 1,886,620,000
are 334% on maturities of two months or less, and
/
Of which de pos.abed. Unchanged
85,626,000
83.532,000
149.788,000
Ree've in foreign cum_ Dec. 13.257,000 393,477.000 140.296,000 292,851,000
378% for longer maturities. The Reserve Banks
/
=sofexch.acichecks.Dee. 92,868,000 2,338,217,000 1,942,858,000 2,243,589,000
Silverand othercoin _Inc. 112,142,000 138.318,000 129,634,000
.
67,374,000 have decreased their holdings of acceptances during
Noteso aloth.Gar.bks_ Inc. 19,930,000
17,052.000
14.082,000
18,862,000 the
week from $295,791,000 to $276,084,000. Their
Advances
Dec.114,848,000
44,395,000
8,771.000
22,776,000
Investments
Inc.
93,208.000
L660.000
93.277.000
93,124,000 holdings of acceptances for their foreign correOther assets
Dec. 103.270,000 502 744,000 470.981,000 571,291,000
spondents fell from $526,924,000 to $523,891,000.
rk
Notes in circulation...Dec. 272,288 000 4,380,954,000 4,236,113,000 3,983,840,000
The posted rates of the American Acceptance Coun<Rh.dail
aturIblig.Inc. 04,167,000 451,010,000 501,314,000411508,999,000
Other liabilities
Dec. 194,499,000 108.568,000 142,428,000 278,807,000 cil remain at 37
/
/
8% bid and 334% asked for bills
running 30 days, and also for 60 and 90 days, and
Money rates in the New York market showed little likewise for 120 days, and 4% bid and 378% asked
/
change from previous periods in the short business for 150 and 180 days. The Acceptance Council no
week now ending. The leveling process in the dis- longer gives the rates for call loans secured by acceptcount rates of Federal Reserve banks was continued. ances, the rate varying widely. Open market rates
The St. Louis institution, which had maintained a for acceptances have also remained unchanged, as
5% rediscount figure, reduced its level to 4 %, follows:
/
1
2
Monday, while the Boston and Kansas City banks
SPOT DELIVERY.
—180 Days— —150 Days— —120 Days—
came down from 4 % to 4% later in the week.
/
1
2
Bid. Asked.
Alit
Bid. Asked.
.48ke4.
4
4
3
%
3(
34
34
The similar downward tendency among European Prime eligible bills
—90Days— —60Days— —30Days—
institutions was marked by a drop from 7% to 6 %
/
1
2
Bid. Asked.
Bid. Asked.
RM. Asked.
314
1%
374
3%
33i
334
in the rate of the Austrian National Bank, Monday. Prime eligible bills
FOR
Stock Exchange call loans on the local market fluc- Eligible member banks DELIVERY WITHIN THIRTY DAYS.
4 bid
4 bid
tuated between 4% and 4 % all week. After re- Eligible non-member banks
/
1
2
newing at 4% Monday, the rate was marked up to
4 % for new loans, as the market tightened a
/
1
2
Three of the Federal Reserve Banks this week
little when banks withdrew $30,000,000. The 4% lowered their discount rates; the Federal
Reserve
level prevailed all of Tuesday, with some funds Bank of Boston on Feb. 12 cut its rate from 4 %
/
1
2
available in the outside market at 3 %. All loans to 4%, effective Feb. 13, and the Kansas
/
1
2
City Fedwere again 4% on the Stock Exchange Thursday, eral Reserve Bank reduced its discount rate
from
but withdrawals by the banks amounted to $15,- 4 % to 4% yesterday (Feb. 14). The
/
1
2
Federal Re000,000, and the market remained sufficiently close serve Bank of St. Louis, which was
the only one
to prevent any outside offerings at concessions. of the Reserve Banks to hold to a 5%
rate (in effect
After renewing at 4% yesterday, call loans were there since July 19 1928), established
a 4 % rate
/
1
2
marked up to 412%. Withdrawals by the banks on Feb. 10, effective Feb. 11. The
/
following is the
were estimated at $40,000,000. Time loans were schedule of rates now in effect for
the various classes
unchanged all week. Brokers' loans against stock of paper at the different Reserve
Banks:
1024
FINANCIAL CHRONICLE
DISCOUNT RATES OF FEDERAL RESERVE BANKS ON ALL CLASSES
AND MATURITIES OF ELIGIBLE PAPER.
Federal Reserve Bank.
Boston
New York
Philadelphia
Cleveland
Richmond.
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Rate in
Effect on
Feb. 15.
4
4
43.4
434
434
434
4
434
434
4
434
434
Date
Established.
Feb.
Feb.
Jan.
Feb
Feb.
Dec.
Feb.
Feb.
Feb.
Feb.
Feb.
Dec.
13 1930
7 1930
16 1930
8 1930
7 1930
10 1929
8 1930
11 1930
8 1P30
15 1930
8 1930
6 1929
Previous
Rate.
4
434
5
5
5
5
434
5
5
434
5
5
Sterling exchange has been under pressure during
the greater part of the week, and in Thursday's
trading cable transfers sold as low as 4.86 5-32, a
new low for the year. The range this week has been
from 4.85 11-16 to 4.861% for bankers' sight, com4
pared with 4.85% to 4.861 last week. The range
for cable transfers has been from 4.86 15-32 to 4.86%,
compared with 4.86 5-16 to 4.86% a week ago.
Considering the general drop in money rates at all
centres, as evidenced in the past few weeks by
reductions in the official discount rates at Paris,
London, New York and Berlin, the lower range for
sterling exchange does not seem abnormal, although
mid-February marks the beginning of seasonal
firmness of exchange on London with respect to
New York. The weakness in sterling is attributed
in part to the low rates prevailing on the Latin
American countries and the Far East, since softness
in these exchanges leads to drawing upon London.
However, many bankers ascribe the weakness to
recent purchases of American securities for British
account. It is also assumed that there is much
selling of sterling for Japanese account and withdrawal of Japanese funds on account of the return
of confidence and business revival in Japan. The
Bank of England has succeeded in increasing its
gold holdings without advancing its statutory rate
for purchases in the open market.
This week the Bank shows an increase in gold
holdings of £287,113, the total standing at L151,499,219. On Saturday the Bank sold £1,727 in gold
bars. On Monday the Bank received £12,800 in
sovereigns from abroad and sold £1,714 in gold bars.
On Tuesday the Bank apparently took none of the
open market gold. There were 091,000 available,
of which 011,000 were taken for shipment to Germany at a price of 84s. 107 d. and £80,000 were
4
absorbed by the requirements of the trade and of
India. Next week £827,000 will be available and
the following week £777,000 and £250,000 in sovereigns. Despite rumors to the contrary, London
bullion brokers foresee a further shipment of L2,000,000 gold from Spain. A shipment of £7,000,000
known to be coming from Australia is expected to
arrive at the end of April and will come in the form
of sovereigns. On Wednesday the Bank sold £1,721
in gold bars and bought £8 in foreign gold coin. On
Thursday the Bank received £25,000 in sovereigns.
At the Port of New York the gold movement for
the week Feb. 6
-Feb. 12, inclusive, as reported by
the Federal Reserve Bank of New York, consisted
of imports of $92,000 chiefly from Latin-American
countries. There were no gold exports and no change
in gold earmarked for foreign account. On Thursday, however, the Federal Reserve Bank reported
the receipt of $5,110,000 gold from Brazil. On
Tuesday it was announced that $3,750,000 gold had
been received from Japan at San Francisco.
[vol.. 130.
In tabular form, the gold movement at the Port
of New York for the week ended Feb. 12, as reported
by the Federal Reserve Bank of New York, was as
follows:
GOLD MOVEMENT AT NEW YORK, FEB. 6-FEB. 12, INCLUSIVE
Imports
Exporte
$92,000 chiefly from Latin America
None
$92,000 total
Net Change in Gold Earmarked for Foreign Aocount.
None
Canadian exchange continues at a discount,
though the rate is less unfavorable to Montreal than
in recent weeks. On Saturday last Montreal funds
were at 13-16 of 1% discount; on Monday 23-32 of
1%; on Tuesday 25-32 of 1%; on Thursday 4 of 1%;
7
s
and on Friday at V of 1%.
Referring to day-to-day rates, sterling exchange
on Saturday last was steady. Bankers' sight was
4.86 1-16@4.861 8; cable transfers 4.86 7-16@4•863/2•
/
On Monday sterling was under pressure. The range
was 4.85 27-32@4.86 for bankers' sight and 4.86 7-32
@4.86% for cable transfers. On Tuesday the market.
continued under pressure. Bankers' sight was
4.85 27.-32@4.85 15.16; cable transfers 4.86 7-32@
4.86 9-32. On Wednesday, Lincoln's Birthday,there
was no market in New York. On Thursday sterling
continued under pressure. The range was 4.85 11-16
@4.85 15-16 for bankers' sight and 4.86 3-16@
4.8634 for cable transfers. On Friday the range
was 4.85 23-32@4.86 for bankers' sight and 4.86 5-32
@4.86 7-32 for cable transfers. Closing quotations
on Friday were 4.85 13-16 for demand and 4.86 3-16
for cable transfers. Commercial sight bills finished
%
at 4.85 946, sixty-day bills at 4.821 , ninety-day
bills at 4.809/s, documents for payment (sixty days)
%
at 4.821 , and seven-day grain bills at 4.84 15-16.
Cotton and grain for payment closed at 4.85 9-16.
Exchange on the Continental countries has been
dull, irregular, and inclined to ease. This condition is due in part to the easier rates on sterling,
but is more largely a consequence of the general
drop in money rates at all international centres.
On Tuesday and again on Thursday French francs
sold at new low levels for the year. The weakness
in the franc is generally attributed to the low interest
rates in Paris, making it possible for extensive shortterm loans in markets outside France. Hence there
is a demand in Paris for other currencies without a
corresponding demand anywhere for francs. French
bankers are believed to be heavier lenders in the
German markets and it is generally thought that
there is a considerable flow of French funds to the
New York security markets with the return of confidence here. The gold reserves of the Bank of France
show an increase for the week ending Feb. 7 of 10,041,000 francs, bringing the total to 42,931,000,000
francs, which compares with 34,018,000,000 francs
a year ago. The gold reserves of the Bank of France
are now at record high, the Bank's ratio of reserves is also at record high, standing 49.36%,
which compares with 41.25% a year ago and with
the legal requirement of 35%. Present rates for
francs with respect to both dollars and sterling and
also with respect to a number of other currencies
make gold imports by Paris impossible. It is believed that the gold imports are not likely to be
resumed in the near future. This view is based partly
on the continued unfavorable character of the visible
balance of French foreign trade.
FEE. 15 1930.]
FINANCIAL CHRONICLE
German marks have been especially weak. Cable
transfers sold in New York on Thursday as low as
23.87, after holding up around 23.89
The weakness is due to the further easing of the Berlin money
market. In Berl n bankers acceptances have eased
to about 53 , the lowest level in five years, and are
%
out of line with the 6% bank rate. Hence the
market is expecting that the Reichsbank will presently make a further reduction in its rediscount
rate, probably to 5%%, because of the softness
in the money market. Berlin is receiving credit
supplies in large amounts not only from the United
States, but from London, and there is especially
keen competition between Amsterdam and Paris to
supply the German needs. Consequently a further
lowering of borrowing rates is expected. Present
ease in the mark is only relative when it is considered that dollar parity is 23.82. There is a
greater demand for marks at all centres than for
foreign currencies in the German markets. As
noted above, the greater part of the London open
market gold this week, as during the past few
weeks, was taken for German account. This week
the Reichsbank shows an increase in gold holdings
of 28,891,000 marks, the total standing at 2,325,900,000 marks. Further indication of the general
ease in money rates is seen in the reduction in the
bank rates of Austria and Hungary. The Austrian
bank rate was reduced on Monday from 7% to 63/2%,
and the National Bank of Hungary reduced its discount rate on Thursday to 63/2% from 7%, where
it had stood since Jan. 24.
The London check rate on Paris closed at 124.17
on Friday of this week, against 124.07 on Friday of
last week. In New York sight bills on the French
centre finished at 3.913, against 3.917 on Friday
4
of last week; cable transfers at 3.913/, against 3.923/;
2
8
and commercial sight bills at 3.91, against 3.915 .
%
Antwerp belgas finished at 13.923/ for checks and
2
at 13.933/ for cable transfers, against 13.921 and
4
13.933/. Final quotations for Berlin marks were
2
23.863 for checks and 23.873 for cable transfers, in comparison with 23.883/ and 23.89
2
a
week earlier. Italian lire closed at 5.23 1-16 for
bankers' sight bills and at 5.23 5-16 for cable transfers, against 5.23 3-16 and 5.23 7-16 on Friday of
last week. Austrian schillings closed at 143., against
143j. Exchange on Czechoslovakia finished at 2.96,
against 2.96; on Bucharest at 0.6C1, against 0.603;
on Poland at 11.25, against 11.25; and on Finland
at 2.52, against 2.52. Greek exchange closed at
1.30 for bankers' sight and at 1.303 for cable
transfers, against 1.30 and 1.303.
Exchange on the countries neutral during the war
has been dull and irregular, showing a decidedly
easier trend. The Scandinavian exchanges, however, are an exception. These currencies have been
steadier and show only such ease as might be expected from the lower trend of sterling exchange.
Exchange on Denmark has been relatively firmer,
especially with respect to the Norwegian kroner.
The premium of the Danish kroner over the Norwegian kroner has become steadily larger during the
past few months and reflects the consistent improvement in economic conditions in Denmark. Holland
guilders have been easier for several weeks. The ease
in guilders is largely attributable to the low level
of money rates in Amsterdam and to the steady
flow of Dutch funds to the German market. It is
1025
also believed that there is a return flow of Amsterdam money to the New York security markets.
This accounts in some degree for the appreciation
of the dollar with respect to the guilder. In connection with exchange on Holland it is of interest
to note that the Bank of Java reduced its discount
rate on Tuesday by M of 1% to 5%. Spanish
pesetas have fluctuated widely during the week
and on balance show sharp declines. This is due to
speculative transactions, especially in European
markets, and to the uncertainty as to what position
the Government will take with respect to stabilization of the currency. A London dispatch on Tuesday
stated that the further ease in the peseta was due to
the official announcement of the removal of all
restriction on foreign exchange dealings imposed
since March 6 1929.
Bankers' sight on Amsterdam finished on Friday
at 40.063 against 40.113 on Friday of last week;
4
4
cable transfers at 40.083 against 40.133 ; and com4
4
mercial sight bills at 40.033/2 against 40.08. Swiss
francs closed at 19.283 for bankers' sight and at
4
19.293 for cable transfers, in comparison with
4
19. 03/2 and 19.313/ a week earlier. Copenhagen
3
2
checks finished at 26.763/2 and cable transfers at
26.78 against 26.72 and 26.733/2. Checks on Sweden
closed at 26.803/b and cable transfers at 26.82 against
26.83 and 26.843/; while checks on Norway finished
2
at 26.713/ and cable transfers at 26.73, against 26.70
and 26.713/2. Spanish pesetas closed at 12.49 for
checks and at 12.50 for cable transfers, which compares with 13.14 and 13.15 a week earlier.
The South American exchanges are dull and show
an easier undertone. The decline in the Argentine
peso, which has been under way for several weeks,
is attributed partly to the low prices of Argentine
products, and also to uncertainty which banks feel
as to whether or not the conversion office will be
reopened. Brazilian milreis, while continuing to show
an easier tone, are relatively steady, due largely to
shipments of gold to both London and New York
for the purpose of supporting exchange. As noted
above, the Federal Reserve Bank of New York reported on Thursday the receipt of $5,110,000 in gold
from Brazil. Argentine paper pesos closed at 37 11-16
for checks, as compared with 37 15-16 on Friday of
last week; and at 373 for cable transfers, against 38.
4
Brazilian milreis finished at 10 15-16 for bankers'
sight and at 11 for cable transfers, against 11 3-16
and 113. Chilean exchange closed at 12 1-16 for
checks and at 123/s for cable transfers, against 12 1-16
and 121 s; Peru at 4.00 for checks and at 4.01 for
/
cable transfers, against 4.00 and 4.01.
The Far Eastern exchanges are dull. The exchanges on the Chinese centres continued demoralized owing to low and fluctuating prices of silver,
although there appears to have been a greater
demand from China since Saturday last. However,
the main trend of the silver units seems to be downward and no marked recovery is expected in the
immediate future. Japanese yen are steady and
show a slight improvement over last week. The
yen rate is practically pegged as a result of credits
established in New York and London. Renewed
confidence in the future prosperity of Japanese
business is reflected in the yen rate. Closing quotations for yen checks yesterday were 49%@49 7-16,
against 49.15@,49 7-16. Hong Kong closed at 385%
1026
FINANCIAL CHRONICLE
[Vol,. 130.
@38 11-16, against 389@38 7-16; Shanghai at
The London Conference Takes Soundings
48%@)491 against 48%; Manila at 493/2, against
4,
Divergent Views About Disarmament.
49%; Singapore at 56 3-16@56%, against 56 3-16
The complaint was made of President Coolidge's
@56%; Bombay at 363 , against 363/; and Cal%
2
naval conference at Geneva that it failed because
cutta at 3
69', against 363/2.
the three Powers represented had failed to reach
FOREIGN EXCHANGE RATES CERTIrik.D BY FEDERAL RESERVE
preliminary agreements regarding the matters which
BANKS TO TREASURY UNDER TARIFF ACTS OF 1922
FEB. 8 1930 TO FEB. 14 1930. INCLUSIVE.
were to be discussed, with the result that the conferNoon Buying Rate for Cable Transfers in New York
ence wasted a good deal of time debating questions
Country and Monetaryi
Value in United States Money.
Unit.
of procedure and ended without reaching common
Feb. 8. Feb. 10. Feb. 11. Feb. 12. Feb. 13. Feb. 14.
ground on anything. It cannot be said that the preEUROPE-.
3
$
$
8
Austria, schillIng_--- .140605 .140577 .140607
.140610 .140594
liminary conversations that preceded the London ConBelgium, belga
.139283 .139296
.139321 .139310 .139280
.007212 .007215
Bulgaria. lev
.007215 .007215 .007205
ference, and least of all the understanding at which
.029587 .029592
Czechoslovakia, krone .029574 .029581 .029585
.267632 .267702
Denmark, krone
.267525 .257531 .267540
Mr. Hoover and Mr. MacDonald were reported to
England, pound ster4.861983 4.861535
ling
4.864084 4.862485 4.862092
have arrived, have availed to expedite business at the
.025161 .025165
Finland, markka
.025160 .035165 .025166
.039160 .039151
France, trans
.039187 .039161 .039149
London meeting. At the end of nearly four weeks
.238727 .238706
Germany, reichsmark .238904 .238788 .238673
.012965 .012962
Greece, drachma
.012964 .012962 .012962
.400884 .400872
after the formal opening, the Conference is still reHolland. guilder
.401271 .401150 .400976
.174785 .174769
.174780 .174824 .174781
Hungary, pengo
.052335 .052331
Italy, lira
.052342 .052340 .052340
ceiving statements or proposals emanating from the
.267090 .267264
Norway, krone
.267118 .267112 .267007
.111930 .111930
Poland,zloty
.111930 .111930 .111935
various delegations, but without reaching any de.044950 .044950
Portugal, escudo
.044950 .044950 .044940
.005950 .005950
005951 .005950 .005949
Rumania, leu
cision as to the point at which the problem of naval
.131210 .130278 .128745 HOLI-. .126225 .125461
Spain. peseta
DAY
.268168 .288111
Sweden, krona
2.68338 .268221 .268175
reduction and limitation shall actually be attacked.
.192932 .192926
.193092 .193001 .192936
Switzerland, frane
Yugoslavia, dina.•
.01760$ .017607 .017602
.017606 .017800
In addition, the heads of the delegations have been
ASIAChinaindulging in speeches and radio talks in which ex.504186 .505000
Chefoo tael-__ ... .500416 .504375 .501041
.497187 .498125
Hankow tail
.494375 .498125 .493593
pressions of interest and good will have not been
.485142 .485357
Shanghai, tael
.483571 .485178 .481160
.511041 .511875
Tientsin tail
507916 .515416 .507500
accompanied by any real clarifying of the situation.
Hong Kong dollar
.380214 .381964 .380625
.382357 .383035
Mexican dollar _ ._' .345937 .348750 .345312
.347812 .348750
On the other hand it was doubtless necessary, in the
Tientsin or Pell sng
.349166 .350000
dollar
.347083 .349583 .346666
.345833 .346686
Yuan dollar__ . _ .343750 .346250 .343333
absence of any preliminary agreement regarding proIndia, rupee
.362417 .362432 .362503
.382253 .362253
I .491243 .491281 .491337
Japan, yen
.491231 .491381
cedure, for the positions of the different GovernSinga pore(S. S.) dollar .560250 .560250 .560250
.559833 .560183
NORTH AMER.ments to be stated, perhaps more than once, in order
Canada, dollar
.991761 .992091 .992265
.991510 .991354
Cuba, peso
1.000403 1.000687 1.000562
1.000531 1.000500
to bring out all the main points at issue, and while
Mexico, peso
.473925 .474100 .475550
.575600 .475925
Newfoundland, dollar .989433 .989655 .989500
.998562 .988625
the statements that have been made raise more diffiSOUTH AMER.Argentina, peso (gold) .858554 .884987 .867480
.871512 .864460
culties than they dispose of, they at least show that
Brazil, milreis
.111250 .111455 .110737
.110575 .110395
Chile, peso
.120319 .120315
.120327 .120314 .120319
the Conference has a perfect realization of the large
Uruguay, peso
.889151 .888270
.880167 .881704 .886851
Colombia, peso
.963900 .963900 .963900
.963900 .963900
scope of its task.
On Feb. 6 Secretary Stimson transmitted to the
Owing to a marked disinclination on the part of
heads of the British and Japanese delegations a
two or three leading institutions among the New
York Clearing House banks to keep up compiling statement, promptly made public by the State Dethe figures for us, we find ourselves obliged to dis- partment at Washington,summarizing the American
continue the publication of the table we have been position. The statement called, first, for "immediate
giving for so many years showing the shipments and parity" with Great Britain "in every class of ship in
receipts of currency to and from the interior.
the navy," on the basis of an "actual tonnage differAs the Sub-Treasury was taken over by the Fedence between the two cruiser fleets" of only 12,000
eral Reserve Bank on Dec. 6 1920, it is also no longer
possible to show the effect of Government operations tons. In working out this plan, Great Britain was
in the Clearing House institutions. The Federal to have 15 large cruisers and the United States 18,
Reserve Bank of New York was creditor at the Clear- "an advantage to the latter of 30,000 tons," while in
ing House each day as follows:
smaller cruisers Great Britain was to be allowed an
DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANK
advantage of 42,000 tons, but with the right accorded
AT CLEARING HOUSE.
to each country to "duplicate exactly" the cruiser
Saturday, Menday, Tuesday, Wednesday Thursday, Friday,
Aotregale
fleet of the other. "Thus Great Britain," the stateFeb. 8.
Feb. 10.
Feb. 11.
Feb. 12.
for Week.
Feb. 13.
Feb. 14.
ment suggested,"would have the option, by reducing
S
136,000.000 102.000.001 143.000,000 Holiday. 184,000.000 169,000,000
Cr. 739,000,000
its number of small cruisers, to increase its large
Note:
-The foregong heavy credits reflect the huge mass of checks which come
to the New York Reserve Bank from all parts of the country in the operation of cruisers from 15 to 18 so as to give it a total tonnage
the Federal Reserve System's par collection scheme. These large credit balances,
however, reflect only a part of tile Reserve Bank's operations with the Clearing of 327,000 tons, the exact amount of tonnage which
House institutions, as only the items payable in New York City are represented
In the daily balances. The large volume of checks on institutions located outside of the United States now asks. On the other hand, the
New York are not accounted for in arriving at these balances, as such checks do
not pass through the Clearing House but are deposited with the Federal Reserve United States would have the option, by reducing its
Bank for collection for the account of the local Clearing House banks.
large cruisers from 18 to 15, to increase the number
amount of bul- of its small cruisers so as to give it a total cruiser
The following table indicates the
tonnage of 339,000 tons, the exact amount of tonnage
lion in the principal European banks:
which the British now ask." It was further proposed
Feb. 14 1929.
Feb. 13 1930.
I
Banks of
that the number of battleship4 on each side should
Silver.
Total,
Total.
Gold.
Silver.
Gold.
be reduced so as to equalize the two fleets in this re150,154,375 spect in 1931 instead of in 1942, together with
151,463,219 150,154,375
England__ 151,463,219
272,144,787
(d)
France a _ _ 43,448,325
343,448,325272.144,787
(d)
994,600 137,450,150
Germany b 108,807,65
c994,600 109,802,250 136,455,550
equality in tonnage of destroyers and aircraft carSpain.
102,695,060 28,532,000 131.227,000102,370,000 28,398,000130,768,000
Italy
54,640,000
56,133,00
56.133,0001 54,640,000
riers, and "the lowest tonnage possible" in subNether,'ds 36,628,00
36,628,000 36,213,000 1,874,000 38.087,000
Nat. Belg_ 33,618,000 1,287,000 34,905,000 25,860,000 1,270,000 27,130,000
Switzeri'el 22,396,000
965,000 23,361,000 19,281,000 1,819,000 21.100,000 marines in case the submarine can not be abolished.
Sweden
13,569,00
13,095.000
I 13,569,00013,095,00 I
Denmark _ 9,574,0
491,000 10,603,000
382,000 9,956,000 10,112,000
The issuance of this statement was followed the
Norway
8,146,000
8,159,000
8,146,000 8,159,000
next day by the appearance of a British statement,
Total week 886,478,194 32,160.600918,638,794828,484,712 34,846,600863.331,312
Preys week 885,201,2591 32,041,600917,242,859,821,498,923 34,746,620856,243,523
calling, first, for the eventual abolition of the battlea 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 ship, and failing that a construction holiday until
abroad, the amount of which the present year is £7,489,400. c As of Oe . 7 1924.
1935 and a reduction in the maximum tonnage of
d Silver is now reported at only a trifling sum.
FEB. 15 1930.]
FINANCIAL CHRONICLE
1027
any such ship in the future from 35,000 to 25,000 brief passage in Mr. Stimson's remarks was quicklytons; second, a reduction of aircraft tonnage under seized upon as an intimation that the Paris pact was
the Washington Treaty from 135,000 to 100,000 tons, not, after all, an effective assurance of peace. "If
and a reduction in maximum size to 25,000 tons; we are here today," said Mr. Stimson, "it is because
third, a single class for all cruisers, with limitation there is an insistent and growing demand on the part
by guns and tonnage; fourth, a limitation of de- of the nations of the world that we revise our armastroyer tonnage to 200,000 tons for each of the two ments in the light of the solemn covenants of the
countries, this figure to be subject to reduction; and Briand-Kellogg pact and the mutual confidence enfifth, abolition of the submarine, or, failing that, a gendered by it. We cannot but feel that for this
limitation of size and number so as to make the Conference, called under such influences, to sanction
submarine a defensive weapon only, and a restric- an instrument of war (the submarine) the abuses
tion of the employment of submarines against mer- of which were directly responsible for calling the
chant vessels.
Western world into the greatest European war of
The publication of these statements did not have history, would be a contradiction of the purposes for
the clarifying effect that their authors presumably which we have met. I am not speaking of theory.
expected. The American naval experts at London I am speaking of historical fact, and a fact which
were quoted as insisting that the British proposal human experience shows is likely to be repeated."
to reduce the tonnage of aircraft carriers would Was the American Secretary of State pointing to
actually result in leaving Great Britain 40% ahead the likelihood of another war, and one into which
of the United States in this type of vessel; or, ac- the United States might be drawn, notwithstanding
cording •to another estimate, that Great Britain the solemn renunciation of war "as an instrument
would be enabled to possess from 150 to 225 more of national policy" which the nations have made?
airplanes than this country. On the part of the The question was widely asked in Conference circles,
American delegation it was admitted that the Amer- and seemed to gain some weight because of the quiet
ican proposals included the ribht to build at least discussion that has been going on, outside of the
one battleship of the 35,000-ton type in order to Conference sessions, of the desirability of including
equalize the battleship strength of the two fleets. in the ultimate naval treaty some provision for a
Japan was reported to be extremely dissatisfied with joint consultation of the Powers in case war is
the small increase of cruiser tonnage that seemed threatened.
likely to be allotted to it, while French opinion, irriThe immediate outcome of the session on Tuesday
tated at the publication of British and American was the acceptance by the Conference, and reference
official statements without consulting with or advis- to a committee, of two resolutions, one French and
ing France, was pretty clearly represented by 1M. the other American,looking in substance
to an agreeTardieu's reported inquiry of Mr. MacDonald, "Is ment subjecting submarines, in their action toward
this a conference of five Powers, or of four, or of merchant vessels, to the same rules that govern surthree, or of two?"
face vessels of war. As far as the abolition of the
The American and British statements were im- submarine is concerned, the British
and American
portant, however, as showing both concretely and contention appears to have been defeated,
as has also
comprehensively how those two Governments were the attempt of Mr. MacDonald to put the question
prepared to reduce and limit their fleets, and as of battleships ahead of the question
of cruisers in
making clear their united opposition to the sub- the order of topics to be discussed.
On this latter
marine. It was at this latter point that the issue point Mr. Stimson is reported
to have stood firmly
vas definitely joined in the plenary session on Tues- for the prior claim of the cruiser
issue. A French
ay. A. V. Alexander, First Lord of the Admiralty, statement on Tuesday asked
for a fleet of 724,479
'n a carefully prepared speech, arraigned the use of English tons by the end of
1936, 240,000 tons of that
the submarine in offensive warfare, dwelt upon its amount to be built during
that period, while a
relative costliness in building and operation, referred Japanese statement of the
same day expressed gento the hardships of the crews and the peculiar dan- eral agreement with the
British and American progers to which they are exposed, and emphasized the posals without specificall
y mentioning the demand
inhumane use to which the submarine had been put for a 70% ratio in heavy
cruisers. It was reported
in the World War. Secretary Stimson followed with on Friday that
efforts were being made to get
a briefer plea for the abolition of this type of vessel France to reduce what were
regarded as extreme
on similar grounds, and urged that technical con- demands, especially for
new tonnage.
siderations be set aside in view of the gains which
Beyond this, the Conference closes its first four
abolition would bring. On the other hand M. Ley- weeks with its main task
still before it. The Amerigues, speaking for France in the absence of Premier can and British
statements submitted on Feb. 6
Tardieu, eloquently defended the submarine, and and 7 do not necessarily
advance the business of the
Admiral Takarabe stated frankly that Japan de- Conference very
much, partly because neither delesired to retain the submarine for the defense of her gation appears
to have accepted the statement of
extensive waterways and vulnerable points. Italy, the other,
and partly because neither statement has
through Signor Grandi, took the middle position of much applicatio
n to the special conditions of France
defending the submarine, but expressing its willing- and Italy.
The crux of the whole difficulty, apness to accept abolition if all the naval Powers con- parently,
is the Anglo-American idea of parity.
curred. The rift in the Conference was clear. The The statement
of the correspondent of the New York
only inference to be drawn from the statements was "Times" on Wednesda
y that "it is going to cost the
that while the use of the submarine might be human- United States
more than $500,000,000 to get parity
ized, the vessel itself would continue to be employed with the British
fleet by 1936," notwithstanding
by all the naval Powers.
that "that would be about half of what it would
Both Mr. Alexander and Mr. Stimson, in their have
cost the United States without the London Constatements, referred to the Paris peace pact, but a ference," shows
how large an undertaking parity is
1028
FINANCIAL CHRONICLE
For.. 130.
when one fleet is greatly inferior to the other. To progress machine-made goods will lose something of
the solution of this problem the Conference can not their appeal?
We have been sweeping along on a wave of cons yet be said to have made any substantial conformity. Profits have been large. There have been
tribution.
so many new things to buy that quality in the sense
of meeting an improved taste, a questioning of fitIntensified-Effort in Industry—After Effects of ness and adaptability to more reasonable and
Stock Market Collapse.
equalized life, has been ignored. Our inventions have
One of the lessons to be learned from the collapse been so miraculous that we could not resist immediof the long boom in the stock market is that when ate ownership. We did not judge them by their influthe delusive dreams are done there is nothing left ence upon the best of life, but upon the most of life.
but work. If, as alleged, we think exaggeratedly, We must have them at any cost, any and all of them,
corporation owners and managers were neglecting without discrimination. Consequently certain luxtheir own businesses to follow the lure of stock uries prospered unduly. In the more sober years
speculation, in the quiet times now ensuing, they that are to come (are we mistaken in believing they
must reflect that they have no opportunity now save must come?) is it unreasonable to believe that necesintensive application to the work that formerly made sities will require and receive more attention from
them rich. If holding companies bought and sold the manufacturers? Is it not likely that customers
securities on quick turns, in the lethargy now pre- will demand, not so much cheapness, which will natuvailing they much realize that income on long held rally come, but more adaptability to taste and use?
stocks and bonds is their only sure source of profits. And will not this form of intensified industry open
If huge manufacturers found they could put their the way to vast expansions and consequent stable
surpluses on call at extraordinary interest rates, progress and adequate profits?
Now, then, if we are compelled to readjust our
they find now that these surpluses must be used in
or not at all. If attitude toward large corporations as integers for
enlargements and improvements
central city banks, relying on the Federal Reserve, exploitation on the stock market, may we not expect
placed excessive amounts in brokers' loans, they now a like change toward the purpose and products of
find business and industry an outlet for funds that, their internal life? Not only have we had an excess
large or small, realieves them from rediscounts and of conformity in the life of the people, but of unistrengthens,their general position. So it is that the formity in manufacture to meet their wants and
common run of things, legitimacy, is the law of con- needs. This tendency to mass production—making
things all alike for everybody—this uniformity in
tinued prosperity at last.
This return to the normal is fraught with benefit machine-made goods—is not an unmixed blessing.
to the country at large and to industry in particular. It tends toward monopolies. Lessening the number
Not that we overestimate the importance of the stock of sizes in screws and bolts, for example, lessens the
boom. Taking a period of years into account it was variety in products, and enables a few mastodon
but an episode, an interference. Nevertheless, it corporations to occupy the whole field. It also
taught a lesson, and that now, in the aftermath, we enables high wages to machine tenders not possible
are learning. One immediate effect is a changed to more individual workers. Conformity and uniattitude on the part of industry. Changes in the formity are therefore opposed to equalization in the
financial structure of corporations must now be industrial life.• More variety in products, more
made on a new and more stable basis. Mergers and plants; more plants, more opportunity for concensplit-ups have no longer an inflated market before trations of capital; consequently more moderate forthem. But the most important consideration is that tunes; more moderate fortunes, more employers;
since structural modificatins no longer invite former more employers, more specialized and applied emattention the industry itself comes in for more in- ployees; more of these, more appeal to the personal
tensified study. Perhaps it is true that there was in buyers.
Are we leaping too far and too fast in this analsome neglect here; a drawing away from real trade;
a state of mind that rendered increased production ysis? Proof, we think, lies in our coming foreign
and sale a less imperative object; if so, the return trade that must in time react on our domestic.
to these ever-insistent problems presages a better Widely separated countries, conflicting climatic conditions, race characteristics and consequent likes and
kind of prosperity.
Before the World War Germany,it is well known, dislikes, even costs in transportation, will compel a
was making inroads on the foreign trade of England greater variety in the kind,shape and sizes of foreign
by making and packing products in ways and forms borne products. This tendency is inevitably away
that pleased South American customers. The fact from conformity and uniformity. The same result
suggests that in the enlargement of our own indus- must obtain at home in time. If so, manufacturing
tries the desires and tastes as well as needs of both for a certain clientele must take the place of manudomestic and foreign customers are to become a facturing for millions. Making needful things in a
prime consideration. This is a far different thing more attractive and serviceable way must supersede
from saving in waste and overhead. It is not con- making luxuries that will, unless human nature
nected directly with "efficiency" as popularly re- takes a violent change, go out of style, become no
garded in "management." It is independent of longer desirable simply because new, curious, or
chains and branches. The "pleased customer" is the miraculous—all compelling a readjustment not only
sole end in view. Are we wrong in believing that of our manufacturing integers but of their products
here is a vast field for industrial expansion? Are and prices. Differentiation will, naturally, follow
we wrong in suggesting that mass production in this dwarfing and confining concentration.
This lesson we see in the results of the collapse
sense misses the mark? Is it too much to assert
aesthetic taste of the stock boom cannot be illogical if we credit
that as the economic knowledge and
of the people are elevated by the natural course of the event with being an eye-opener to general tend
Pus. 15 1930.)
FINANCIAL CHRONICLE
encies compelling examination and analysis. Intensive study of plants almost compels intensive
study of products. When products are studied,
mass production, uniformity as the progenitor of
high wages to machine tenders, and the inequalities
in the labor-life of the country as studies must follow. Viewed thus the "stock smash" induced a general shake-up that will be years in unfolding.
Would not these possible changes have ensued without the "smash"? Probably, but they would have
been delayed, and, in instances, prevented. Special
corporations to meet special needs will prevent, if
they do not compel, the dissolving of monopolistic
corporations. After all, the maker is at the mercy
of the user, the seller at the will of the buyer. Running hog-wild after certain theories of saving waste,
uniformity, mass, and machine, can never eliminate
individuality in human nature.
Life and Law.
Millions of men,in a republican government, delegate to five or six hundred men in a national assembly the power and the duty of making laws. These
assemblymen (Congressmen) are said to be representative of the people. But their law-making powers are general. Seldom do they receive specific
instructions to enact a particular statute. When
Congress convenes, on his own initiative each Congressman, be he Senator or Representative, introduces such bills as he deems worthy to become laws
for the good of the country. Thousands pour into
the hopper, and though many "die in committee,"
thousands are voted on, and even thousands are
passed and become laws.
The people at large have little to do with this
procedure. Out of political platforms and campaign contests issue certain principles and sometimes these are formulated into statutes. For the
most part the people appear before committees considering bills and make known their views. But laws
are passed of which the citizens know nothing until
they are printed in the statute books. Outside of
newspaper information they have, no way of following proceedings.
Two views of this accepted condition are worthy
of comment. When this constitutional power of
making laws was given Congress in the inception of
the Government it was not believed there ever would
be an actual need for the making of multitudinous
laws. Minds in those days were engaged with broad
principles upon which to erect the structure of a free
government. And the freedom of the individual to
"life, liberty and the pursuit of happiness" was the
keynote of the whole. In convention assembled the
people delegated certain powers to the Federal Government, reserved certain powers to the States and
the people, and provided thus that these were certain unalienable rights of the citizen which Government must protect and therefore could mot take
away. There was, in imagination even, no suspicion that Congressional law would ever penetrate
the common business customs or the common longestablished personal manners and customs of the
citizens of good repute.
If this view is correct, it is a rebuke to long
drawn-out sessions of Congress and to the temerity
of those Senators and Congressmen who introduce
and seek to have passed these thousands of bills
touching the common life of the citizens, embodying
1029
no important or well established principle, perhaps
incorporating some disputed political policy into the
body of the law, and having little power to further
the general good though restrictive on the personal
liberty of the individual. And in the same category
of causes are petitions of classes and associations
for special laws. It is this view, secondary to the
assumed duty and prerogative of Congressmen to
make any and every law that may come into their
heads, that affects life by circumscribing its course
and confining its motives. We do not live by law,
though we live under it. It is not the law that initiates the public welfare,it but defines it—and naturally cannot put motive in the individual mind and
heart. No man chooses his occupation by or because
of law.
Life precedes law, and must ever do so. Youth
makes its way by virtue of the inner purpose,
strengthened and guided by the teaching collected
out of experience. It follows that to entangle the
national life of endeavor and enterprise in a network of superimposed statutes is to restrict its scope
and to impede its progress. Laws, rules of right
action, drawn out of the common experience of the
race, are stronger than statutes that seek to control
or direct. And in view of the vital principle of
guaranteed personal rights in our Constitution,laws
that do not embody the great common law have no
essential right to exist. Of course there are necessau
small laws that are no more than guide-books on the
way. We come, then,to the proposition that the Congressman has no right to put private ideas and ideals
into public law he has no right to enter the domain
of private rights, nor to invade the conduct of business by which men live.
If law-making continues at its present momentum
we will soon have more law than life in our human
relations. We will have a race of automatons who
work only when the strings are pulled. We will
have a body of citizens who are incapable of acting
singly because of the law. At the same time the
former common association will cease to .exist because men are afraid of the overawing power of the
Government commission. Government thus, through
law, while ostensibly aiding business, will impede•
progress, which is no more than the endeavors of all
merging into a common procedure and a common
end. How futile, then, are these haphazard "investigations," supposedly seeking truth upon which to
base a law, which too often is not needed and is
futile when enacted! A repealing session has been
mentioned. But this is the important thing—a
realization on the part of the electorate that men
are not sent to Congress to enact political whims or
personal beliefs into enduring law.
Life is the important issue to those who must live
it by virtue of toil and thought. Strictly speaking,
the law does not help any man to make a living.
it is not an active force either in private or public
affairs. It does not say thou shalt be a farmer, merchant, manufacturer, or professional man. It is not
a party to any contract made for private or public
good. It is, in some fields of collective endeavor,
an agent, through government, of all the people.
Nor, again, is the law the government. That is ministerial. Law is passive; life alone active. How far
we have departed, and are continually departing,
from this view is apparent in the petitions by cliques
and classes that go up to Congress and our Legislatures for aid and help. No wonder that Congress-
1030
FINANCIAL CHRONICLE
men without instructions arrogate to themselves the
duty to make laws that have never been born in
the mind of the people but emanate from their own
ideas of what ought to 'be.
Probably the worst and most oppressive laws we
make are our commissions, which are blanket laws
unto themselves, independent of the Government and
of the people. We are creating new ones every year.
Ostensibly to aid certain classes and industries, they
are pressing the spontaneity out of life and crushing
out its freedom. Already it has come to pass that a
farmer of his own free will cannot plant a field to
corn or wheat as experience with the soil dictates;
he must listen to the Federal Farm Board which commands him to limit his acreage to shorten the surplus
and thereby to increase price. The merchant cannot,
having the idle money, lay in an extensive stock;
he is admonished to keep on his shelves only enough
to supply the current trade—that no possible panic
in prices may occur, and production and consumption be kept on an even keel. If there is no actual
commission to do this, there probably soon will be
one. The working man cannot stock his own larder
according to his ideas of economy and frugality—he
must eat better food and more of it to increase production and enhance wages that prosperity may continue. And soon, we may expect, the banker must
follow his borrower around to see that he does not
violate his promise not to bet the money on the Stock
Exchange. Now, mark you, these laws, like those
which prohibit the drinking of certain beverages,
because they conflict with the life behind the law,
in the sense of personal being, and with work and
business to sustain that being, are in fact unenforceable.
state of Late Benjamin Strong of New York Federal
Reserve Bank Appraised at $578,208.
Benjamin Strong, Chairman of the Federal Reserve Bank
of New York, who died Oct. 16 1928, left an estate appraised
[VOL. 130.
on Jan. 30 at $629,768 gross and $578,208 net, which was
reduced by debts of $12,471 and other deductions. This was
noted in the New York "Times" of Jan. 31, which said:
Mr. Strong had $23,518 in cash, $10,558 in personal effects, $9,585 in
accounts due, including $2,083 salary for 15 days, $36,002 insurance and
$395,197 in securities.
The appraisal also includes gifts of $154,473, made mainly to Mr.Strong's
children during the two years before his death, but including $5,000 given
to a person not named by the executors. The contents of the apartment at
270 Park Avenue were valued at $6,582. while he had jewelry worth $2,340,
clothing valued at $250 and fur coats appraised at $285. A portrait of
himself at the Federal Reserve Bank and a replica bronze bust were valued
at $500 each.
Mr. Strong's securities included 18 stocks, worth $189,735, the remainder
of the securities being in bonds. Several worthless stocks were listed.
including 2,400 shares Canadian Puget Sound Lumber Co., Ltd.: 786
Green Water Copper Mines and Smelters, and 1,000 North American
Silver Mining Co.
Benjamin Strong Jr., son, received $10,558 in direct bequests, and a
third of the residue, $127,725, in addition to $46,543 in gifts before his
father's death, while Philip G. Strong received $66,006 in gifts and an equal
amount of the residue. Catherine S. Humphries, a daughter, received a
third of the residue for life and $32,925 in gifts before her father's death.
The will left $25,000 in trust to Annie Orllch, for caring for Mr. Strong's
daughter, and $1,000 to Princeton University to continue the work in the
library there begun by Mr. Strong in connection with banking and finance.
Gates W.McGarrah, who succeeded Mr. Strong as Governor of the Federal
Reserve Bank, received $2,000 to be devoted to the bank's club, while an
equal amount went to Mr. Strong's valet. Ernest Kendall.
The death of„Governor Strong was noted in these columns
Oct. 20 1928, pages 2170, 2174.
Deerfield Academy Gets Gift of $100,000—Thomas
Cochran, of J. P. Morgan & Co., Makes Initial
Donation in Campaign for $1,500,000 Endowment.
Thomas Cochran of J.P.Morgan & Co. has given $100,000
as the initial subscription to a $1,500,000 endowment fund
which is sought by Deerfield Academy, Deerfield, Mass.,
it was announced on Feb, 6, according to the New' York
"Times." That paper also stated:
Mr. Cochran is a member of the campaign committee, which includes a
number of men of prominence in education and in business. Most of its
members are parents of students at the school.
As outlined by the committee, the endowment project is designed to
provide an adequate equipment for Headmaster Frank L. Boyden, who
in the past few years has brought recognition to the school as one of the
outstanding secondary schools in the country. Eight years ago, it was
explained, the Academy, which dates back to Colonial times, was run
down to the point where it was barely surviving. Last year 1,600 applications for admission were refused.
The academy at present has no endowment. It is housed in a number
of private dwellings of the Colonial era which, though picturesque, are
altogether inadequate.
Three heads of other preparatory schools. Horace D. Taft of Taft.
Lewis Perry of Phillips Exeter and Alfred E. Stearns of Phillips Andover,
were placed upon the campaign committee at their own request. A joint
statement from them refers to the Academy's "remarkable headmaster"
and to the records which its recent graduates have made in college and
in the world.
The New Capital Flotations During January, the Opening Month of the
New Year.
New financing in the United States during January
reached good sized proportions, reflecting a return to the
normal after the setback occasioned by the stock market
collapse in the autumn of 1929, though the total is large
by reason of the bringing out of some issues of unusual
size—such as the offering of $150,000,000 5s by the American Tel. & Tel. Co., the $87,500,000 Pacific Tel. & Tel. stock,
and $50,000,000 debenture 5s by the Int. Tel. & Tel.—rather
than being made up of a host of issues of ordinary size.
One other distinctive feature will appear as we proceed,
namely, that the character and composition of the financing
has also changed, stock issues no longer being dominant in
contradistinction with the experience during 1929, marking
a return to the normal also in that respect.
Our tabulations, as always, include the stock, bond and
note issues by corporations, by holding, investment, and
trading companies of one kind or another, and by States
and municipalities, foreign and domestic, and also farm
loan emissions. The grand total of the offerings of securities under these various heads during January aggregated
$824,183,488. This compares with $658,012,982 in December and with only $298,029,283 in November, showing a progressive inerease, month by month, for the three months.
In October, when the total had already begun to dwindle,
xchange conditions, the new offerbecause of Stock
ings footed up $878,901,935, while in September, when
all records of monthly totals for new capital issues were
broken, the new flotations mounted to $1,616,464,867.
At $824,183,488 for January 1930, comparison is with
$1,066,167,103 in January 1929, but with $775,026,579 in
1928 and with $941,361,175 in January 1927. The corporate
Issues, as usual, make up the greater part of the total,
aggregating $702,178,554, and here comparison with January 1929, when the total of the corporate offerings was
$970,847,138, is illuminating, when the details are examined,
as to the change in the character of the financing. A year
ago common stock offerings reached $499,318,388, and the
preferred stock issues footed up $134,017,750 more, making
for the two combined no less than $633,336,138. On the
other hand, the long-term bond issues contributed no more
than $321,878,000, and the short-term issues but $15,560,000.
In contradistinction, in January the present year the common stock issues contributed only $122,338,054, the preferred
stock issues no more than $4,475,000, while the bond issues,
long-term and short-term, made up $575,365,500 of the
amount, of which $31,000,000 consisted of Canadian issues.
Another quite noteworthy change appears. The financing
done on behalf of investment trusts and trading and holding
companies aggregated no more than $63,250,000, whereas
in January last year the financing on that account footed
up $277,013,500. In one particular, however, the characteristics of the financing of 1929 is still maintained. We
refer to the fact that the tendency to make bond issues and
preferred stock issues more attractive by according to the
FEB. 15 1930.]
FINANCIAL CHRONICLE
1031
purchaser rights to acquire common stock continued during participation were privately offered. There were no offerJanuary. In the following we bring together the more con- ings of farm loan securities during January.
spicuous issues floated during January of the present year
Among the domestic issues offered in January the largest
containing convertible features of one kind or another, or was, of course, the $150,000,000 American Telephone & Telecarrying subscription rights or warrants to subscribe for or graph Co. 35-year deb. 5s 1965, offered at 99%. There were
acquire new stock. In the detailed enumeration of all the many other conspicuous issues by public utilities, among
issues which were brought out during the month of January which may be mentioned: $87,500,000 Pacific Telephone &
given at the end of this article we have put in italics the part Telegraph Co. common stock, offered at par ($100); $50,relating to the right of conversion or subscription in all eases 000,000 International Telephone & Telegraph Corp. deb. 5s
where such rights exist, italic type being used to designate 1955, offered at 96IA, to yield 5.25%; $30,000,000 Associated
the fact so that it may be readily detected by the eye.
Gas & Electric Co. cony. deb. 5s 1950, issued at 90, to yield
5.85%; $30,000,000 Edison Electric Illuminating Co. of BosCONSPICUOUS ISSUES FLOATED IN JANUARY WITH CONVERTIton 3-yr. 5% notes, due Jan. 15 1933, offered at 98%, yielding
BLE FEATURES OR CARRYING SUBSCRIPTION RIGHTS
OR WARRANTS.
5.45%; $25,000,000 New England Pr. Assn. deb. 512s 1954,
/
$60.000.000 Insull Utility Investments, Inc., 10
-year deb. 68 B. 1940. sold at 95, to yield 5.88%; $25,000,000 North American
Ediwith non-detachable warrants whereby each $1,000 debenture may be surrendered at its principal amount in exchange son Co. deb. 5s C 1969, priced at 95%, to yield 5.25% and
for common stock during the calendar years 1930 to 1934 at $20,000,000 Public Service Electric & Gas Co. 1st & ref. mtge.
prices ranging from $65 to $125 per share. Each warrant
41 2s 1970, sold at 95IA, to yield 4.75%.
/
also provides for purchase of ten additional shares of common
Industrial and miscellaneous issues of importance comstock during the same period at prices ranging from $624 to
$115 per share.
prised: $60,000,000 Insull Utility Investments, Inc. 10-yr.
30,000.000 Associated Gas & Electric Co. cony. deb. 5s, 1950. convertible after March 15 1931 and on or before March 15 1933 deb. 6s B 1940, offered at 99IA, to yield 6.07%; 1,075,100
into class A stock at rate of 18 shares for each $1,000 debenture. shares The Pittston Co. (Del.) capital stock offered at $20
10,000.000 Northwestern Power Co., Ltd. (Canada), 1st mtge. cony.
per share, involving $21,502,000; $12,500,000 Forty Wall
6s A. 1960, convertible into Winnipeg Electric Co. common
-The Manhattan Co. Bldg. (N. Y.) 1st mtge fee
stock up to Jan. 2 1945 at prices ranging from $65 to $100 Street Corp.
per share.
and leasehold Os 1958, offered at 96V,, to yield 6.25% and
6,000,000 Assoeiated Telephone Utilities Co. cony. debs. 532s C.
1944. each $1,000 debenture convertible up to May 1 1932 $7,500,000 Butler Bros. (Chicago) deb. 5s 193245, sold at
into 33 shares of common stock and thereafter to and includ- prices to yield from 5.30% to 5.75%.
ing May 1 1935 into 30 shares of common stock. Each $500
There was one domestic railroad issue of unusual size
debenture carries proportionate privilege.
3,000,000 Newton Steel Co. 2-year cony. 6s. Dec. 1 1931, each note during January, namely: $35,088,000 Chesapeake & Ohio
convertible into common stock at any time not less than 15 Ry. Co. ref. & imp. mtge. 4IAs B 1995, offered at 94, to yield
days prior to maturity (or in event of earlier redemption then
on or before the date of notice of redemption) at the rate of 4.80%.
There were two offerings of securities during January
12 shares of common stock for each $1,000 of notes.
which did not represent new financing by the companies
Proceeding with our analysis of the corporate flotations whose securities were offered.
These issues aggregated
during January, we find that of the corporate total of $25,349,155, and,
as pointed out by us in previous months,
$702,178,554, public utility offerings contributed no less are not included in our totals
of new financing. The issues
than $492,000,000, or fully 70% of all corporate offerings. are shown, however,
in tabular form following the details
This total of $492,000,000 for public utilities in January of actual
new capital flotations during the month. See
more than triples the December total of $150,778,771. It page 1034.
also marks the second successive month in which public
An interesting development during January was the atutility offerings led in volume among the corporate group. tempt
of the Fox Securities Corp. to sell at par $35,000,000
Industrial and miscellaneous financing during January of
its own 3
-year 7% notes due Jan. 15 1933. The results
aggregated $149,695,554, showing also an increase over the of this offering
are expected to be publicly announced in the
December total of $60,984,340 for this group. Railroad course
of the coming week.
issues, however, totaled only $60,483,000 as against $133,The following is a complete summary of the new financing
183,365 during December.
—corporate, State and city, foreign government, as well as
Total corporate offerings, foreign and domestic, during farm
loan issues—for January. It should be noted that in
January were, as already stated, $702,178,554, and of this
the case of the corporate offerings we subdivide the figures
amount long-term bonds and notes, including $31,000,000 so
as to show the long-term and the short-terra issues sepaCanadian, accounted for no less than $511,195,500, or nearly
rately, and we also separate common stock from preferred
three-quarters of the total; stock issues, all domestic, acstock, and likewise show by themselves the Canadian corpocounted for $126,813,054, while short-term bonds and notes,
rate issues, as well as the other foreign corporate flotations:
including $5,000,000 foreign, totaled $64,170,000. The reSUMMARY OF CORPORATE, FOREIGN GOVERNMENT, FARM LOAN
funding portion was $73,096,000, or slightly over 10%. In
AND MUNICIPAL FINANCING FOR TIIE MONTH OF JANUARY.
December the amount for refunding was $83,055,000, or
about 24%, while in January a year ago $142,547,192,
or
1930.
nearly 15% of the total, was used for this purpose.
MONTH OF JANUARY.
Two
New Capital. Refunding.
Total.
prominent issues were brought out in January of this year
Corporate—
to be used entirely for refunding. The issues were
Domestic:
$35,Long term bonds and notes
088,000 Chesapeake & Ohio Ry. Co. ref. & imp. mtge. 4Y B
436,002,500
44,193,000 4E0,195,500
2s
Short term
48,267,000
10,903,000
59,170,000
1995 and $18,000,000 Canadian National Ry. Co. guaranteed
Preferred stocks
4,475,000
4,475,000
Common stocks
122,338,054
122,338,054
5s 1970.
Canadian:
Long term bonds and notes
13,000,000
18,000,000
31,000,000
The total of $73,096,000 raised for refunding purposes in
Short term
Preferred stocks
January (1930) comprised $40,193,000 new long-term to reCommon stocks
fund existing long-term, $22,000,000 new long-term to refund
Other foreign:
Long term bonds and notes
existing short-term, $4,628,000 new short-term to refund exShort term
5,000,000
5,000,000
Preferred stocks
isting long-term and $6,275,000 new short-term to refund
Common stocks
existing short-term.
Total corporate
629,082,554
73,096,000 702,178.554
Canadian and other foreign corporate securities sold here Foreign Government
4,000,000
4,000,000
Farm loan Issues
during January aggregated $36,000,000 as against $30,- War Finance Corporation
105,513,934
1,691,000 107,204,934
000,000 in December. The January offerings were as fol- Municipal, States, cities,
Canadian
7,142,000
2,158,000
9,300,000
United States Po.Pcilons
1,500,000
lows: Canadian: $18,000,000 Canadian National Ry. Co.
1,500,000
Grand total
guaranteed 5s 1970, offered at 991 2; $10,000,000 North747,238,488
76,945,000 824,183,488
/
western Pr. Co., Ltd., 1st mtge. cony. 6s. A 1960, offered
In the elaborate and comprehensive tables on the
succeedat 98, to yield 6.14%, and $3,000,000 Montreal Tramways Co. ing pages
we compare the foregoing figures for 1930
with the
gen. & ref. mtge. 5s D 1955, issued at 911 2, to yield 5.63%. correspondi
/
ng figures for the four years preceding,
thus
Another foreign offering was $5,000,000 United Industrial affording
a five-year comparison. We also furnish
a deCorp. (Germany) 7% notes, represented by ctfs. of participa- tailed
analysis for the five years of the corporate
offerings,
tion and due July 15 1930, offering of which was made showing separately
the amounts for all the different
classes
at 99%.
of corporations.
Foreign government financing during January comprised
Following the full-page tables we give
complete details
$4,000,000 Province of Buenos Aires (Argentine) 6 months of
the new capital
6% external note due June 30 1930, in which certificates of every issue of any flotations during January, including
kind brought out in that
month.
SUMMARY OF CORPORATE, FOREIGN GOVERNMENT, FARM LOAN AND MUNICIPAL FINANCING FOR THE MONTH OF JANUARY FOR FIVE YEARS.
1927.
1928.
1930.
MONTH OF JANUARY.
1929.
New Capital. Refunding.
Total.
New Capital. Refunding.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
Corporate—
$
$
$
Domestic—
$
$
$
$
$
$
$
$
88.683,800
336.194,200
Long term bonds and notes_ 436,002,500
56,703,500 306.878,000
250.174,500
207,789.100 129,502,900 337.292.000
44,193,000 480,195,500
10,821.000
16.980.000
520.000
16,460.000
15,560.000
48,267,000
4,726,000
Short term
10,834,000
59,170,000
10,903,000
53,746.825
2,848.000
79,935.550
105,638,850
15.730.300
64.205.250
4,475.000
22,478,900 128.117.750
Preferred stocks
4,475,000
11,000,000
41.708,575
67,546,402
Common stocks
9,296,400
58,250,002
122,338,054
58,638,792 496,318.388
437,679,596
122,338,054
Canadian—
2,225,000
18,256.000
18,256,000
11,100.000
Long term bonds and notes_
13,000,000
11,100,000
18,000,000
31,000,000
Short term
1.000,000
Preferred stocks
5,900,000
5.900.000
Common stocks
Other foreign—
64,100,000
61.750.000
9,978,500
51.771.500
4,000,000
Long term bonds and notes_
4,000.000
Short term
2,000,000
2.000.000
5,000.000
5,000,000
Preferred stocks
587.500
4,275,000
4,275.000
3,000,000
Common stocks
3.000,000
423,006,852 165,028,100 588,034,952
510,383,100 102.531,800
828,326,946 142,547.192 970,874,138
Total corporate
629.082.554
73,096,000 702,178.554
79,808,000
54,315,500
27,000,000
Foreign Government
25,383,300
25.492,500
15,750,000
15.750,000
4,000,000
4,000.000
Farm loan issues
24,250,000
1,500,000
1,500.000
War Finance Corporation
1,900,000 100,343,627
98,443.627
73,514,365
4,129.000
Municipal, States, cities, &c.... 105.513,934
202.748.975
1,958,600
75,472.965
1,691.000 107,204.934
16,750.000
Canadian
4,340.000
4,340.000
26.800.000
3,750,000
3,750.000
9,300,000
7.142,000
2,158.000
United States Possessions
1.385.000
1.000.000
320,000
1.000 000
320,000
1,500.000
1,500.000
780,900,375 160,460,800
Grand total
917,911,311 148,255,792 1,066,167.103
582,605.979 192,420,600 775,026,579
76,945,000 824,183,488
747,238.488
Total.
$
357.498.000
43.059.195
82,503,242
73,518,802
5,250,000
9,250,000
2,225,000
4,000,000
1,000,000
64,100.000
33.000.000
33,000.000
587,500
612,914.900
52,383,300
24,250,000
10.000.000
5,720.000
545,842,664
15,899.000
5.000,000
10.000.000
5,720.000
614,549,239
24,972.000
5,000.000
206,877.975
43.550,000
1,385,000
941,361,175
68.394,573
11,000,000
5.748,000
651.884.237
68.706.575
9,073,000
1,972,050
79.751.625
70,366.623
11.000.000
5.748.000
731,635.862
CHARACTER AND GROUPING OF NEW CORPORATE ISSUES IN THE UNITED STATES FOR THE MONTH OF JANUARY FOR FIVE YEARS.
Total.
$
1929.
New Capital. Refunding.
$
48,836.000
36,650,000
18,853,500
850.000
19,100,000
1,600.000
58,285,000
1,000.000
1,000.000
15,000.000
64,950,000
265.274,500
2,609,000
60,000.000
9,500,000
511,195,500
47,500.000
3,000,000
3
1928.
New Capital. Refunding.
$
$
1927.
New Capital. Refunding.
$
$
Total.
3
1926.
New Capital. Refunding.
$
$
Total.
$
31,647,000
135,560.000
26,100.000
15,023.000
25.766.000
900,000
46.670.000
161.326.000
27,000,000
1,325.000
9,346,000
228.102,500
1,000,000
1,270,000
50.000.000
40.450.000
68,000.000
67,959,500
39,959.000
24,500,000
51.952.000
1,100,000
17,366.000
900.000
1,975.000
57.325,000
25,400,000
53,927.000
1,100.000
88,683,800
13.000.000
12,075,000
491,203,000
1.000.000
26.000.000
337.818.000
9,750,000
9,750,000
19,200,400
59,352,000
1,815,000
61.167,000
6,380.000
144,377,700
1.000.000
1,270.000
50.000.000
39,782.000
68.000,000
66.634.500
56,703,500
19,100.000
2,000.000
61.065.000
1.000.000
7.000.000
15,000.000
64.950.000
321,978,000
57,151.000
165,885,000
34,700,000
500.000
700,000
56.820,000
16,250,000
16,325,000
277.816,600
7,800.000
139,481,400
16.250.000
24,125.000
417,298,000
13,000.000
12,075.000
402,519,200
3,781,000
6,390.000
7,500.000
2,560.000
400.000
7.500.000
2,960,000
2,750,000
2,750,000
2,000.000
120,000
4,920.000
2,080,000
2,020,000
2.200.000
2,020,000
5,421 000
5,421,000
3,115.000
25.000.000
3.115,000
25,000,000
400.000
3,250.000
18,980,000
650.000
10,821,000
650.000
10,821,000
4,000,000
1.194,195
43,059,195
4.000.000
1,194.195
43,059,195
13,571,400
36,310,000
12,436,375
68,231,925
79,231.925
34,170,242
34,170,242
11,630,225
587,500
1.000.000
2.000 000
2,588,500
13.751,900
46.409,560
15.657,140
1.288.500
1,064,537
7,500,000
8.941.250
110,890.900
30.000.000
20,035,0(0
164,965,469
9.346,000
310.084.425
1,000.000
1.270.000
50,000.000
54,080,225
68,587,500
74,380,500
2.000,000
31,647,000
179,480,242
26,100.000
2.588.500
13,751,900
86.368.560
40.157,140
56,355,500
27,164,537
20,500,000
21,666,250
2.848.000
612,914,900
1(12,531,800
35,000,000
47.229,285
545,842,664
12,777.000
32.500,000
2,246,500
400.000
2.780.000
6,000,000
61,613,000
69,150.000
21,100,000
21,118,500
112,778.800
13,172.700
500.000
700.000
37.619.600
36,032,500
53,106,200
21,527,300
4,670,000
4,920,000
1,400,000
64,170,000
3,305.000
10,834,000
945.000
4,726,000
4.250.000
15.560,000
400,000
3.250,000
18,460,000
87,500,000
21,502,000
91.319,476
8,063,500
8,225,000
4,567,500
99,544,476
12,631,000
4,275,000
23.410.000
12,436,375
992,750
650,000
2,274,804
160,000
10.503,000
117,039,910
8,185,000
2,615,000
1,362,000
52,669,420
13,885,272
408,500
11.865,000
169,709.330
22,070,272
3,023,500
3,250.000
10,483,500
126,813.054
9.900000
262,013.500
42.579,060
552.218,446
81,117.692
9,900,000
262,013,500
42.579.060
633.336,138
60.483,000
492.000.000
24,502.000
48,836.000
130.578,476
26,917.000
12.777,000
44,506,000
6.814.000
61.613,000
175,084,476
33,731,000
1,592,760
8,500,000
2,274,804
28,192,500
10,503,000
136,139,910
9,785.000
65.820.000
1,000,000
10,900.000
277,013,500
110.834.060
828.326.046
1,362.000
52,669.420
14,285,272
3,188,500
11,865.000
188,809,330
24.070.272
69,008,500
1,000.000
16.900,000
277,013,500
111.779,060
970,874,138
6,000,000
945,000
142,547.192
2,966,000
83,724,800
668.000
520.000
9,296.400
12.900,000
15,553,500
9,978.975
1.042,400
15,553,500
11,021,375
34,218,202
13,762,100
126,730,252
1.787,900
25,026,700
34,218.20(
15.550.000
151,756,952
7,500,0(0
6.093,2.0
97,042,900
19,200.400
120.000
1,815,000
1,042,400
78,222,400
205,155.000
47,136.37:
600,000
1.350.000
69,916.100
2.200.000
78,740,500
11,021,375
6,380,000
215,359.625
1,000.000
1.270,000
50,000.000
53,412,225
68,587.500
73,055,500
2.000,000
9,587,900
165,028,100
50,868,202
42,925,000
588,Q34,952
20,500,000
18,818,250
510,383,100
11,000,000
11,630,225
587.5C0
1,000.000
2,000,000
13.096,100
13,096,100
32,893,500
138.748.800
25,609,075
500,000
1.350,000
50,715,700
2,080.000
76,925,500
9.978,975
50,868,202
33.337.100
423,006,852
61.930,000
1,000.000
26.000.000
399,748,000
650,000
650.000
600.000
7,000,000
63,250,000
21,383,500
702,178.554
$
Total.
2,000,000
60,483,000
357.000,000
23,362,500
$
Total.
45,328,900
66.406,200
91,527.300
2,848.000
13,848,000
2,966,000
94,724,800
668,000
1,325,000
3,976.575
2,800.000
6,776,575
15,023.000
25.766.000
900.000
21.342,575
3,700,000
1,975.000
68.706,576
2,588,500
13.751,900
50.386,135
18,457.140
1,288,500
1.064.537
30,000.000
20,035.090
171,742.044
46.670.000
205,246,242
27,000.000
2,588.500
13.751,900
107,711,135
43,8.57,140
58.330.500
27,164,537
35,000,000
47,229,285
614,54%239
arlDINOITHO
1930.
MONTH OF JANUARY.
New Capital. Refunding.
Long Term Bonds and Notes—
$
$
53,088.000
Railroads
7,395,000
Public utilities
348,000.000
9,000,000
Iron, steel, coal, copper, &c
Equipment manufacturers
Motors and accessories
Other industrial and manufacturing
745.000
105,000
on
Land. buildings, &c
23,362,500
Rubber
Shipping
60.000.000
Inv. trusts, trading, holding, &c
9.500,000
Miscellaneous
449,002,500
Total
62,193,000
Short Term Bonds and Notes—
Railroads
10.128,000
37.372.000
Public utilities
Iron. steel, coal, copper. &c
3.000.000
Equipment manufacturers
Motors and accessories
600,000
Other industrial and manufacturing
6.600,000
400,000
Oil
Land, buildings, &c
375,000
4,295,000
Rubber
Shipping
Inv. trusts, trading, holding, &c_
Miscellaneous
1,400,000
53,267,000
Total
10,903,000
Stocks—
Railroads
Public utilities
87,500,000
Iron, steel, coal, copper, &c
21,502,000
Equipment manufacturers
Motors and accessories
992.750
Other industrial and manufacturing
650.000
Oil
2,274.804
Land, buildings, &c
160,000
Rubber
Shipping
Inv. trusts, trading, holding, &c_
3.250,000
Miscellaneous
10,483.500
Total
126,813,054
Total—
53,088.000
Railroads
7.395,000
19.128.000
Public utilities
472.872,000
Iron, steel, coal, copper, &c
24,502,000
Equipment manufacturers
Motors and accessories
1,592.750
505,000
Other Industrial and manufacturing
7,995,000
Oil
2,274,804
375,000
Land, buildings, &c
27,817,500
Rubber
Shipping
Inv.
63.250.000
trusts, trading, holding, &c
Miscellaneous
21,383,500
73,096,000
629,082,554
Total
http://fraser.stlouisfed.org/ corporate securities
Federal Reserve Bank of St. Louis
1926.
New Capital. Refunding.
Total.
$
$
$
56,680,000
424.878.000 300.818.000
43.059.195
10.821,000
4,100.000
78,403.242
56,594,825
2,676.575
70,842,227
52,708,575
1033
FINANCIAL CHRONICLE
FEB. 15 1930.]
DETAILS OF NEWCAPITAL FLOTATIONS DURING JANUARY 1930.
LONG-TERM BONDS AND NOTES (ISSUES MATURING LATER THAN FIVE YEARS).
Amount.
Purpose of Issue.
Price.
Railroads
18,000,000 Refunding
9934
[35,088,000 Refunding
94
2,115,000 New equipment
5,280,000 New equipment
0
741
To.Yield
About.
Company and Issue, and by Whom Offered.
5.03 Canadian National Ry. Co. guar. 55, 1970. Offered by Dillon, Read & Co., National City Co.,
Guaranty Co. of N. Y., Bankers Co. of N. Y., Bank of Montreal, Canadian Bank of Commerce.
Royal Bank of Canada. Dominion Securities Corp., Wood, Gundy & Co.. Inc., and A. E. Ames
& Co., Ltd.
4.80 Chesapeake & Ohio Ry. Co. Ref. & Impt. M. 434s "B," 1995. Offered by J. P. Morgan & Co.,
Kuhn, Loeb & Co., First National Bank, N. Y., Guaranty Co. of N. Y.and National City Co.
4.80 Chicago Milwaukee St. Paul & Pacific RR. Equip. Trust 434s "K," 1930-44. Offered by Halsey,
Stuart & Co., Inc.
4.50-4.65 New York Central RR. Co. Equip. Tr. 4348, 1930-44. Offered by Bankers Co. of N. Y.,:Continental Illinois Co., Inc., and Evans, Stillman & Co.
60,483,000
Public Utilities150,000,000 Add'ns, bett'ts; oth. cap, exps
99%
30,000,000 Retire debt of co. and subsidiaries;
acquisitions; other corp. purp
90
6,000,000 Acquisitions; other corp. purposes.
99
15,000,000 Retirecurr. debt; wkg. cap., &c50,000,000 Impts.& add'ns; other corp. purp_
92%
96%
500,000 General corporate purposes
1,000,000 Additions, extensions, &c
97A
98%
800,000 Capital expenditures
3,000,000 General corporate purposes
100
914
25,000,000 Retire short-term debt; construc'n-
95
25,000,000 Al '1 invest'ts in subs., &c
95%
10,000,000 New construction
98
20,000,000 Additions and improvements
9534
3,000,000 Refunding
96A
1,700,000 Refunding; add'ns & improvements
94
1,000,000 Additions, extensions, &c
93
15,000,000 Refunding, acquisitions, &c
983
5.03 American Telephone & Telegraph Co. Deb. 5s, 1965. Offered by J. P. Morgan & Co., Kuhn,
Loeb .di Co., Kidder, Peabody & Co., First National Bank, N. Y.; National City Co.; Bankers
Co. of N. Y., Guaranty Co. of N. Y., Harris, Forbes & Co., and Lee, Higginson & Co.
5.85 Associated Gas & Electric Co. Cony. Deb. 5s, 1950 (convertible at any time after March 15 1931 and
on or before March 15 1933 into Class A stock at rate of 18 sharesfor each $1,000 debenture). Offered
by Harris, Forbes & Co., Lee, Higginson & Co., Halsey, Stuart & Co., Inc., Kinder, Peabody
& Co., Continental Illinois Co., Inc., Brown Bros. dz Co., Edward B.Smith & Co., E. H.Rollins
& Sons, Field, Glore & Co. and John Nickerson & Co.
5 60 Associated Telephone Utilities Co. Cony. Deb. 530 "C," 1944. (Convertible to and including
.
May 1 1935 into common stock on basis ranging from 33 shares to 30 shares for each $1,000 of debentures.) Offered by Paine, Webber & Co., Bonbright dr Co., Inc., and Mitchum, Tully & Co.
5 40 Electric Power & Light Corp. Deb. 5s, 2030. Offerea by Bonbright & Co., Inc.
.
5 25 International Telephone & Telegraph Corp. Deb. 5s, 1955. Offered by J. P. Morgan & Co.,
.
National City Co., First National Bank, N. Y., Bankers Co. of N. Y., Guaranty Co. of N. Y.,
Edward B. Smith & Co., and Dominick & Dominick.
5.70 Iowa Electric Co. 1st Lien & Ref. NI. 5i13 "C," 1949. Offered by Harris, Forbes & Co.
5 60 Iowa Public Service Co. 1st M. 530, 1959. Offered by Bonbright & Co., Inc., and A. C. Allyn
.
& Co., Inc.
5.50 Jamaica (N. Y.) Water Supply Co. 1st M.530 "A," 1955. Offered by Janney & Co.
5.63 Montreal Tramways Co. Gen. & Ref. M. 5s "D," 1955. Offered by Aldred drCo. and Minsch.
Monell & Co., Inc.
5.88 New England Power Association Deb. 530, 1954. Offered by Harris, Forbes & Co., Chase
Securities Corp., Bankers Co. of N. Y., Baker, Young & Co., First National Old Colony Corp.,
I3odell & Co. and Lee, Higginson & Co.
5.25 North American Edison Co. Deb. 58 "C," 1969. Offered by Dillon, Read & Co., National City
Co., Lee, Higginson & Co., Chase Securities Corp., Guaranty Co. of N. Y., Harris, Forbes &
Co., Bankers Co. of N. Y. and Stone & Webster and Blodget, inc.
6 14 Northwestern Power Co., Ltd. (Canada) 1st M. Cony. 6s "A," 1960. (Convertible into common
.
stock of Winnipeg Electric Co. up to and including Jan. 2 1945 on basis ranging from $65 per share
to $100 per share.) Offered by Kissel, Kinnicutt & Co., Nesbitt, Thomson & Co., Ltd., Spencer
Trask & Co., E. H. Rollins & Sons and A. Iselin & Co.
4.75 Public Service Electric & Gas Co. 1st & Ref. M. 434s, 1970. Offered by Drexel & Co. and Bonbright & Co., Inc.
Puget Sound Power & Light Co. 10-yr. 534s, 1940. Offered by Pacific National Co., First Seattle
6 00
.
Dexter-Horton Securities Co., Marine National Bank, Peoples' Securities Co. and Puget Sound
Power & Light Securities Co.
5 35 Scranton-Spring Brook Water Service Co. 1st M.& Ref. 5s "A," 1967. Offered by G. L. Ohr.
strom & Co., Inc., Field, Glore & Co., Janney & Co., Graham, Parsons & Co. and Coffin dr
Burr, Inc.
5 45 Sioux City Gas & Electric Co. 1st M.58, 1960. Offered by Bonbright & Co., Inc., and A. C. Allyn
.
dr Co., Inc.
5 10 Washington Water Power Co. 1st & Gen. M. 5s, 1960. Offered by White, Weld & Co. and Bon.
bright & Co., Inc.
357,000,000
Other Industrial & Mfg.
300,000 General corporate purposes
99
300,000 Refunding; new plant
100
250,000 Acquire property: working capital- 100
6 63 Brown's Velvet Ice Cream Corp. (New Orleans) 1st M. & Coll. Tr. 634s, 1939. (Each $1,000
.
bond carries a warrant entitling holder to purchase 10 shares of common stock up to maturity Ca prizes
ranging from $30 to $40 per share. Bonds of $500 denotn. carry proportionate warrants.) Offered
by American Bank & Trust Co., Wheeler di Woolfolk and Eustis & Jones, New Orleans.
7 00 Filice & Perrelli Canning Co., Inc., 1st M. Cony. 7s, 1940. (Convertible at rate of $1,000 of bonds
.
for 10 shares of 7% cum. panic. pref. stock.) Offered by Freeman, Smith & Camp Co.
6 50 Roquemore Gravel Co. 1st M.634s, 1931-40. Offered by Citizens dr Southern Co., Savannah, Ga.
.
850,000
500,000
202,500
100,000
660,000
250,000
Land, Buildings, &c.Finance constr. of building
Provide funds for loan purposes.- Real estate, mortgages
Retire outstanding debt
Real estate mortgage
500,000 Provide funds for loan Purposes
100
100
100
100
100
- 100
150,000 Real estate mortgage
1,000,000 Provide funds for loan purposes---
100
98
90,000 Real estate mortgage
100
3,700,000 Finance construction of building- - 100
12,500,000 Finance construction of building__ 9634
100,000 Provide funds for loan purposes.... 100
100,000 Real estate mortgage
100
200,000 Finance construction of building- 100
600,000 Finance construction of building_ _ 100
'
250,000 Provide funds for loan purposes- -- 100
750,000 Acquisitions;'Other corp. purposes. 100
235,000 Iteal estate mortgage
100
1,150,000 Iteal estate mortgage
100
325,000 Finance lease of property
100
6 00 The Abbott Co. 1st M.Fee & Lsehld.6s 1930-39. Offered by First National Co.,St. Louis.
.
6 00 American Mortgage Corp. 1st M.Coll.'Tr. 6s, 1930-40. Offered by Amer. Bk.&'Tr. Co.. Rich., Va.
.
(Edmund S.) Beard (Dec) 1st M.6 1938. Offered by First National Co. of Detroit, Inc.
re
s,
6: 0 Bowes Industrial Properties (Chicago) 1st M.634s, 1940. Offered by S. W.Straus & Co.. Inc.
60
5
6 00 Chicora College (Columbia, S. C.) Board of Trustees of, 1st M.68, 1931-41. Offered by Joseph
.
Hutton dr Estes, Inc., Nashville, Term.
6.00 Colonla Mortgage & Investment Co. (Salt.) Coll. Tr. 65, C, 1940. Offered by Colonial Bond dr
share Co., Baltimore.
5.75 Congregation of St. Leo the Great Roman Catholic Church (New On.) 1st M. Ois, 1931-44.
Offered by Hibernia Securities Co., Inc., New Orleans.
5.25 Conveyancers Title Insurance & Mortgage Co. 1st M. 5% Ctfs. B, 1940. Offered by Kidder,
Peabody & Co.. Shawmut Corp. of Boston.; Jackson & Curtis and Corporation itself.
6.00 Fort Atkinson Ho.el Co. 1st M.6s, 1931-39. Offered by Milw. Co. & Fort Atkinson Savings Bank.
6.50 1400 Broadway Bldg.(N. Y. City) 1st M. Lsehld. 634s, 1948. Offered by S. W.Straus & Co., Inc.
6.25 Forty Wall Street Corp.
-The Manhattan Co. Bldg.(N. Y. City) 1st M. Fee & Lsehold 6s, 1958.
Offered by G. L. Ohrstrom & Co., Inc.; Halsey, Stuart .3i Co., Inc; Estabrook & Co.; Arthur
Perry dr Co., Inc. and Janney & Co.
6.00 Hibern .aMor.grlgeCo., Inc. 1st M. Coll. 'Tr. 6s, A, 1933-36. Offered by Hibernia Securities Co.,
inel . i\w oa eans
e
ew oriens
6.00 H. G. Hill Stores tt t y Co., Inc.(New On.) 1st M.6s, 1930-41. Offered by Canal Bank & Trust
aeaI
Co.,
6.50 Jackson Michigan Theatre Bldg. (Bijou Theatrical Enterprise Co. of Mich.) 1st M. Fee &
Lsehld. 634s, 1931-41. Offered by Federal Bond & Mortgage Co., Detroit.
7.00 New W..ston 11,nel(N. Y. City) Gen M.Fee 7s, 1938. Offered by S. W.Straus & Co., Inc.
5.2' Provident t.iiicinnati Co. 1st M. Coll. 'Tr. 53i,s, A, 1940. Offered by Provident Savings Bank &
Trust Co., Cincinnati,
6.00 Scripps Jefferson Land Co. 1st M. 6s, 1930-41. Offered by Watling Lerchen & Hayes, Detroit.
6.50 Sherwood Manor Apts.(Chicago) 1st M.634s, 1932-36. Offered by Cochran & McCluer Co.
6.50 Washington lethletic Club Bldg. (Seattle) 1st M. 630, 1932-45. Offered by W. D. Comer dz
o„seattA.
Co.,
m Propertiesro„s.
6.00 Wells eee c
tCo. (Houston, Tex.) 1st M. & Lsehld 6s, 1930-39. Offered by Mercantile-ComLouis.
23,362,500
Investment Trusts Trading &
Holding Cos.(not primarily
controlling)
60,000,000 Retire curr. debt; acquire securities
Miscellaneous
7,500,000 Retire debt; expansion, &c
2,000,000 Acquire ints. of Blethen family_ _ _
9,500,000
6.07 Insult Utility Investments, Inc. Deb. 6s, B, 1940. (Each $1,000 debenture carries a warrant whereby
the debenture may be surrendered at its principal amount in exchange for common stock at
prices ranging from $65 to 4.125 per share). Offered by Halsey, Stuart & Co., Inc.: Continental
Illinois Co., Inc.; Harris, Forbes & Co.; Central-Illinois Co.; First Union Trust & Savings Bank:
Field, Glore & Co.; Foreman-State Corp.; National Republic Co.; E. H. Rollins & Sons; Hill,
Joiner & Co., Inc.; Insult, Son dr Co., Inc. and Insull, Son & Co., Ltd.
5.30-5.75% Butler Bros.(Chicago) Deb. 58, 1932-45. Offered by Halsey, Stuart & Co., Inc.; First Union Trust
& Savings Bank, Chicago, and First Chicago Corp.
6.65 Seattle Times Co. Deb, 634s, 1948. Offered by First Seattle Dexter Horton Securities Co.; Dean,
9834
Witter & Co., San Francisco; First Securities Corp., Minneapolis, and Wells & Dickey Co., Minneapolis and St. Paul.
99%
SHORT-TERM BONDS AND NOTES (ISSUES MATURING UP TO AND INCLUDING FIVE YEARS).
Amount.
Purpose of Issue.
Price.
Public Utilities
10,000,000 Refunding; acquisitions
98%
30,000,000 Retire floating debt; extensions...
98%
7,500,000 Refunding; retire curr. debt
47,500,000
100
To Yield
About.
Offered by.
6.15 Central Gas & Electric Co. 3-Yr. 530, Feb. 1 1933. Offered by Harris, Forbes dr Co.; H. M.
Byllesby & Co., Inc.: Central-Illinois Co., Inc.; West & Co. and Albert E.Peirce & Co.
5.45 Edison Elec ric Illuminating Co. of Boston, 3-Yr. 5% Notes, Jan. 15 1933. Offered by Lee,
Higginson & Co.; First National-Old Colony Corp.; F. S. Moseley & Co.; Kidder, Peabody &
Co.; Burr, Gannett dr Co.; Harris, Forbes & Co.; Blake Brothers dr Co.; Bankers Co. of N. Y.
and National City CO.
6.00 Minneapolis Gas Light Co., 2-Yr.6% Notes, Jan. 1 1932. Offered by Bonbright & Co., Inc.; W.C.
Langley dr Co.; BancNorthwest Co., and First Securities Corp. of Minnesota.
1034
Amount.
Purpose-of Issue.
To Yield
About.
Price.
Iron, Steel, Coal, Copper, &c.
3.000,000 New plant;,.working capital
100
Motors 8c Accessories
600,000 Acquire Lorraine Corp.; work. cap
99
99
5,000.000 Acquire additional properties
99,;
7.05 Detroit City Service Co. 1-Yr. Con. Mtge.65, Dec. 11930. Offered by Hoagland, Ann)& Co., Inc.
6.38 National Service Co.'s Cony. Secured 6s, Dec. 1 1932. (Convertible during life into cont. PartfC.
pref. shares at rate of 2)4 such shares for each $100 of notes so converted or into cone. pectic.
pref. shares and common shares at rate of 2 cony. pref. shares and 2 common shares for each
$100 of notes so converted.). Offered by C. 1). Parker & Co., Inc.. Boston.
United Industrial Corp. (Germany) 7% Notes, represented by certificates of participation, due
July 15 1930. Offered by Harris, Forbes & Co.; Lee, Higginson dt Co.: Lrown Bros. & Co.:
Bankers Co. of New York, and Chase Securities Corp.
7,000,000
Land, Buildings, &c.
100,003 Provide funds for loan purposes_ _ _
6.50 City Acceptance Corp. (Indianapolis) Coll. Trust 6303 A, Dec. 15 1932. Offered by City Secu,
rities Corp., Indianapolis.
5.85 Conveyancers Title Insurance & Mortgage Co. 1st Mtge. 5% Ctfs. A, Jan. 15 1934 Offered by
Kidder, Peabody di Co.; Shawmut Corp. of Boston; Jackson & Curtis and Corporation itself.
6.00(The) Federal Corp. 1st It. E. Coll, Trust 68 "0013," 1931-35. Offered oy Union Bank & Federal
100
Provide funds for loan purposes_
Trust Co., Richmond, Va.
Provide funds for loan purposes__ _ Price on applicat'n Grace Securities Corp. Coll. Trust 78 E, 1930-33. Offered by company.
100
Real estate mortgage
6.00 Lawrence & Keeler Avenue Business Block (Chicago) 1st Mtge. 6s, 1931-34. Offered by Kaufman State Bank, Chicago.
100
5.50 Lawyers Mortgage Co. (N. Y.) Guar. 5;i% Ctfs.. 1934. Offered by Lawyers Mtge. Co., N. Y.
Real estate mortgage
100
7.00 Montgomery Bldg., Inc. (Spartanburg. S. C.) Ref. Endorsed 78, Aug. 11934. Offered by A. M.
Refunding
Law & Co., Spartanburg, S. C.
6.00 Mortgage Investme t Corp. (Richmond, Va.) 1st Mtge. Coll. Trust 65, Series 11, July 1 1930Provide funds for loan purposes__ _ 100
Jan. 1 1933. Offered by Bank of Commerce & Trusts. Richmond, Va.
100
6.00 Olson Rug Co. Bldg. 1st Mtge. 68, 1930-34. Offered by Heitman Trust Co., Chicago.
Real estate mortgage
100
5.50 360 Central Park West (N. Y. City) Guar. 5;s% Prudence Ctrs., Nov. 1 1934. Offered by PruReal estate mortgage
dence Co., Inc., New York.
100
1,000,000 Provide funds for loan purposes__ _
70,000
45,000
1,030,000
375,000
100,000
350,000
1,400,000
Company and Issue, ancrby Whom Offered.
.
6.00 Newton Steel Co. 2
-Year Corm 6s, Dec. 1 1931. (Convertible into common stock at any time, not
less than 15 days prior to maturity at rate of 12 shares of common stock for each $1,000 of notes.).
Offered by Midland Corp.; R. V. Mitchell & Co.; Union Cleveland Corp., and McDonaldCallahan & CS.
7.30 Van Sicklen Corp. 5
-Year Cony. 6s, Dec. 15 1934. (Convertible into participating class A stock.).
Offered by A. 13. Leach & Co., Inc.
96!.(
Other Industrial & Mfg.
500,006 General corporate purposes
1,500,000 Refunding; acquisitions
200,000
[vol.. 130.
FINANCIAL CHRONICLE
98;i
4,670,060
Miscellaneous
400,000 Expansion of business
1,000,000 Acquire constituent co.'s, &c
6.50 Phillips Co.(Chicago) Coll. Trust 6s B, 1931-35. Offered by Morris F. Fox & Co., and Marshall
& 1181ey Bank, Milwaukee.
6.75 Southern Department Stores, Inc. 3
-Year 6s A, Jan. 1 1933. Offered by Caldwell & Co., Nashville, and Rogers. Caldwell & Co., Inc., New York.
98
1,400,000
STOCKS.
Par or No.
of Shares.
Purpose of Issue.
La) Amount Price
To Yield
Involved. Per Share. About.
Public Utilities
87,500,000 Capital expenditures
Company and Issue, and by Whom Offered.
Pacific Telephone & Telegraph Co. common. Offered by company to stockholders.
87.500.000 100 (Par)
Iron. Steel, Coal, Copper, &c.
.1,075,100shs Acquire constituent co.'s
21,502,000 20
Motors & Accessories
*30,000 shs Working capital. expansion
300,000 10
.40.000 shs Working capital
200,000
5
.
19,710 SIIS Working capital
492,750 25
(The) Pittston Co.(Del.) Cap.Stock. Offered to stockholders of Erie RR.: underwrien.
Excel Auto Radiator Co. Common. Offered by Latimer, McIntyre & lietlin. Chicago.
Indian Slotocycle Co. Common. Placed privately.
Johnson Motor Co. Common. Offered by company to stockholders; underwritten.
992.750
Other Industrial & Mfg.
650,000 Acquire constituent cos
650,000
Oil
189,567 shs Expansion of business
2,274,804
Land, Buildings, &c.
160,000 Finance constr. of building
4934
1,200,000
500,000
1,250,000
•12,000shs Provide funds for Inv. purposes_ __
300,000
Gilmore 011 Co., Ltd. (Calif.) Capital Stock.
12
160,000 100
Investment Trusts,Trading &
Holding Cos.(Not Primarily
Controlling)
•120,000shs Provide funds for inv. purposes___
250,000 Provide funds for inv. purposes___
•100,000shs Provide funds for inv. purposes___
7,10 McCrady-Rodgers Co. 7% Cum. Cony. Pref (Convertible into common stock at any time
prior to Jan. 1 1935 on basis ranging from S22 per share to $3)) per share). Offered by
Peoples
-Pittsburgh Trust Co.; J. 11. Holmes & Co.; McLaughlin, MacAfee & Co.
and Glover, MacGregor & Cunningham, Inc.
Offered by company to stockholders.
6.00 Gardner-Atkins Realty Co., Inc. (Indpls.) 6% Cum. 1st Pref. °fiend by Fletcher
American Co., Indianapolis.
Commonwealth Investors Corp. Capital Stock. Offered by company.
First Balist Corp. Class "A'' Stock. Offered by Brooklyn Con.merce Corp.
International Joint Security Corp. Class "A" Cum. Partic. Pre!. Oifered by Boardman, Dollard, Inc., New York.
Minnesota National Corp. ClassA common. Offered by corporation itse
10
2
12A
25
3,2i..0,1:00
Miscellaneous
1,500,000 Finance Increased business
*30,000shs Finance increased business
165,000 General corporate purposes
2,000,000 Capital expenditures
*31,450shs Acq. Amer. Lithog. Co
5,000,000 Acq. cap, stocks of banks
Agricultural Bond & Credit Corp. 7% Cum. Partic. Pref. Offered by Smith, Reed,&
1,875,600 10 shs.pref.&2slis.I
Jones, Inc., New York, and Harry C. Watts & Co., Inc., Chicago
Agricultural Bond & Credit Corp. Common Stock. Offered by Smith, Reed &
corn. for $125.
Jones,
New York, and Harry C. W atts & Co., Inc., Chicago.
165,000 100b
Inc..
7.00 Colonial Banking Co. of Oklahoma City 7% Cum. 1st Pref. Offered by AmericanFirst Trust Co., Oklahoma City, Okla.
2,000,000 96
6.25 Safeway Stores, Inc. 6% Cum. Pref. Offered by Merrill, Lynch & Co. and E. A.
Pierce & Co.
United states Printing & Lithograph Co. Common. Offered by company to
943,560 30
stockholders.
5,500,000 11 mkt.
Wisconsin Bankshares Corp. Common. Offered by First Wisconsin Co.; Badger
State Bank and East Side Bank, 131ilw.; First National Bank, Menomonie, W is.;
Bank of Wisconsin, Madison, Wis.; First Fond du I.ac National Bank; Fast National
10,483,500
Bank; Eau Claire and First investment Co., Oshkosh, W18,
I
FOREIGN GOVERNMENT LOANS.
Amount.
Issue and Purpose.
Price.
To Yield
About.
3
4,000,000 Province of Buenos Aires (Argentine) ctfs. of
participation in 6 mos. 6% external note,
Placed privately.
due June 30 1930
Offered by
First Nation&I Old Colony Corp.; Harris, Forbes & Co. and Continental Illinois Co.
ISSUES NOT REPRESENTING NEW FINANCING.
To Yield
Par or No. i(a) Amount Price
Invotled. per Share. About.
of Shares.
$
.86,658 shs 8,449,155 973i
10,000,000 16,900,000 169
Company and Issue, and by Whom Offered,
5.12 Philadelphia Electric Co.$5 Div. Prof. Stock. Offered by Drexel & Co. and Bonbright & Co., Inc.
United States Steel Corp. Common Stock. Offered by company to employees.
25,349,155
• Shares of no par value.
a Preferred stocks of a stated par value are taken at par, while preferred stocks of no par value and all classes of common stock are computed at_thelr offering prices.
b Bonus of X of share of common stock given with each share of preferred.
George F. Baker Gives Another $1,000,000 for Memorial
Library at Dartmouth College.
George F. Baker, financier, has made a new donation of
$1,000,000 to Dartmouth College for the maintenance and
operation of the Baker Memorial Library there, it was
learned on Feb, 4, according to the New York "Times,"
which said:
Mr. Baker provided $1,100,000 several years ago for the construction
of the library in Hanover, N. II., as a memorial to his uncle, Fisher Ames
Baker, Dartmouth, 1859.
While efforts to reach Mr. Baker were unsuccessful, and Dr. Ernest
Mark Hopkins, President of Dartmouth, declined either to confirm or
deny the latest gift, affirmation that the donation had been made for
upkeep of the library was obtained from an authoritative source.
The new library was dedicated in June 1928, when George P. Baker Jr.
was present to represent his father, who had hoped to attend the ceremonies
but had been forced by orders of his physician to remain at home. The
dedication marked the culmination of many years of preparation for
building a library.
The building houses comfortably about 550,000 volumes and will seat
about 1,000 students. Tho structure is on the northern side of the campus
in a dominating position to carry out the ideas of its planners that it should
be at the heart of the college and serve as a "central reality" for the institution.
FEB. 15 1930.]
FINANCIAL CHRONICLE
1035
THE CLEVELAND STOCK EXCHANGE-STOCKS AND BONDS.
On this and the following pages we furnish a complete record of the high and low prices for both stocks and bonds
made on the Cleveland Stock Exchange for each month of the last three years. The compilation is the work of the Cleveland
Exchange itself and is, of course, based on actual sales, and covers these and nothing else.
MONTHLY RANGE OF PRICES ON CLEVELAND STOCK EXCHANGE FOR 1929.
BANKS.
January February
March
April
August
September
Oaobcr
Norember December
June
July
May
Par High Lou High Low High Low High Low High Low High Low High Low High Lou High Low High Low High Lou High Low
$ Per share $ per share $ per share $ per share $ per share $ per share $ per share $ Per share S per share $ per share S per share $ Per share
American Savings Bank____100 425 425
_
525 525 525 525
500 500
100 ____ ____ ____ ____ 415 415 415 415 4.25 425 415 415 415 415 ____ ____ 550 450 630 580 570 530 535 535
Central National
Central United National w 1 20
__
_
_ 85 85
_
_
Cleveland Trust
100 447 398 461 445 470 455 462 460 450 440 450 415 460 440 475 455 630 500 670 500 525 425 485 465
Guardian Trust
100 500 37
4001 394 402 400 405 400 406 400 465 400 39'7 395 400 390 500 400 570 475 450 420 425 425
Lorain Street Say & Loan 100 ------------- ------------310 310
_
310 310 400 400 560 530 400 400
Midland
100 ----------------4C0 350 425 400 450 425 420 415 420 410 415 411 525 411 55018 430 450 400 425 3 - -8
9
Alorris Plan
100 _
375 350
National City
100 254 254 - --------265_
254
285 310 360 - i65i2 i051- --------310 310 --------425 350 410 ifo 350 iii
2
Pearl Street Say & Loan_ 100 310 310 ---------------- -----301 301
_ ____ 450 320 750 475
305 305
Union Savings & Loan
100 155 155 150 150
-- - -- ---- 100 327 30'7 34'7 330 360 346 396 340 424 390 392 385 390 388
Union Trust
- ---- ---- ---Certificates of deposit
100
390
---- ---- - --- --- - - - -- New
25 ----------------------------------------------------- 139 10434 137 116 139 100 114
- .95
97 92
United Bank
100 360 295 296 294 290 289 284 280 280- 280 281 280 30512 290 320 306 460 350 450 370 390 365 375 366
MISCELLANEOUS
Aetna Rubber
* 27 2412 2612 2012 22
18
1834 15
17
4 9
10
8
123 123
4
914 5
14
16
13
10
153 141« 153 14
4
4
Air Way preferred
100 100 100 101 100 100 100
97 9634 98 97
88
87,2 87
9912 967 98 98 ----------------95 9212 88
612 612
Akron Rubber Reclaiming- * 2
22 20
912 9
8
2 1 22 '11 20
1712 1712 1712 17 - ------------------------10
22
Preferred
iiics ----- ------------- ----92 92
_ 9012 9012
---- ---- - --- --- - ---Allen Industries
* 1478 12
1412 12
12
10
1012 8
63
4 512 7
5
11
10
8 2 1014 8
,
1112 10
1012 10
9
814 13
Preferred
*
31
32
31
30
31
30
29
2812 28
2612 25
3012 28
33 2738 31
2 3 2' 1 28 2714 2712 27
.
----- American Fork & Hoe
100 ---- -116 118 125 118 125 125 ----- ---- - 1261412613 140 140 140 140 136 136 110 110
_
100 ---- ------------ --------114 114 113 112 114 110 __-First preferred
---American Multigraph
40
383 39 3512 3712 3634 3712 3612 3818 3612 3712 4
* 40 37
363 3212 34
4
3214
37
39 36
40 3712 4112 33
American Shipbuilding_ _ _100 92 90
8812 88
212 92
86 8
85 85
1 88
88
100 ----------------84 84
82
Preferred
100 ----------------110 110 ----- _
------------ - __ - ---- - -------- 110 110 110 110 115 115
----- ___ - ___
___ ___
__
___
___- ____ ____
American Vitrified Prod_50 19
18
19
18
_ _
_ _ 15
15
*
Apex Electric & Mfg A
37 3214 40
4
1258
1-212 14
3312 2614 343 32
15
3434 383 164 -3212 25
37 29
2912 22
35 20
4
1Preferred
100
107 10312 105 102 103 101
92 92
95 95
95
98 95
99 98
9412 88 102 89 101
Bessemer Limestone
Bishop Babcock
Bond Stores A
B
Brown Fence & Wire B
A preferred
Buckeye Incubator
Bulkley Building pref
Byers Machine A
50
20
*
*
*
*
100
*
37
6
4
112
35
3512
1612
653
4
20
foo 169
Canfield 011
100
Preferred
• 48
Central Alloy Steel
Preferred
100 113
Cha«- Brass & Copper pref_100 ___
H C (laristy _
100 ---City .« e & Fuel
* 64
Clark (Fred G)
10 10
Cleveland-Akron Bag
*
Cleveland Automatic Maeh--50 14
Preferred
100 75
*
1st preferred
Cleveland Builders Realty.....*
Cleveland Builders Supply.*
*
New
Cleveland Cliffs Iron
*
Preferred
*
Cleve Elec 1116% pref
100
Cleveland Ry
100
Certificates of deposit_ 100
35
36
6
3
1
31
34
1012
6534
4
133
36
3414 36
412 412 5
3
3
3
134 I
11
33 33 ----30
14
2812
18
653 653 66
4
4
912 18
16
36
3712
4
7
3
47
8
1
212
----27
29' 29
18
26
6418 6412
12
16
36
35
3434 3512
43
4 5
5
7
314 5
33
4 212
11
2
11
26 ----------2328
__
29
18
18
15
16
6412 6514 6414 65
1212 15
12
13
2
4
114
35
37 3412 34 34
412
3
3 --------- - 312
114 731 5
6
4
5
Iii2 6
1
2
11
13
_ 2
8 1
11
- - ---------------- ------------2i58
2212
2434 24
2434 243
8
12
13
11
1312 18
6334 6312 6312 6312 6312 6214 6212
65
912
11
10
10
1014 15
1012 10
140 140 --------146 146 --------125 125 140 140 --------135 135
___
103 103
1 10 1
,
48
4638 46 8 481- 4814 ------------------------517 47
4
5638 5514
551s 51
8
4
11212 11212111 112 1083 11114 110 11112 111 111 110 111 10912 11112 10912 112 110
___ 1041 104 1041 103 1031 103 141 033
1031
1 1031
1
04 104
--------- ------ ------ - -- ---------- ------------ --- -2020
59 55
6218 59
61
557 54
583 56
4
8
58 54
5312 49 60 5112 6012 56
1012 918 10
4 9
5
13
818 133
1334 1218 1218 10
914 14
9 8 1412 13
,
149
14
75
14
71
1212 30
75
70
3114 3412 33
147 138
140
135
33
220
15
75
2514 23
95 81
3
2812 -1
135
2812 31
275 200
11212 111 11134 111 112 11012 11212 111
1(16 10412 1063 104N 110 105 107 100
8
_
Cleve Securities prior pref_* 378 318 358 312 312 318
Cleveland Quarries
787 70
8
* 63 63 63 61
8
8
* 247 245 2312 2212 25 22
Cleve Union Stock Yards
Cleveland Worsted Mills___100 1912 18
1712 1812 15
18
Cleveland & Buff Transit 100
- --32
1 32
Cleve & Sandusky Brew____100 ---------- - -------Preferred
100 -----------------------*
Cliffs Corp v t c
338
71
23
15
2
-212
8
25 2212 -25- - i
2,
111 1.00
9812 98
212
68
21
1312
32
1
7
29
250 199 _
11212 111
10112 100
2812 25
100 98
-i5213
- ---- 2712 2518
____
_
--- - - - - - - - - - - - -- -9834 97
9812 97
4
112 11012 112 1103
10112 100 102 100
90
- --------------92
212
70
2112
15
32
2
818
21
70 21
1312
32
2
818
,
---24
14
32
2
812
21
--- 20
13
32
2
8
2812 2812 30
____ ____ 75
75
28
75
75
30
30
32 30
312 312 312 3 8
,
5
412 412 4
N
1 18
3
1
_
---- --------121
1918 1812 1712
.
60
55
60 60 7
912 812 7
297
8
312
4
34
9
1718
---55
33
4
----------------115 115
:2 1412
5634 44
35
35
3412 31
11112 109 11012 105 110 10612
10312 103 103 103 1(12 997
8
5634 - 0 49
1012 912 10
--44
S
48
12
25
73
73
20
18
23
70
70
20
42
934
_18
27
2 263 -oo- -4-6- -:to4
..i
3i - - 3
5
____ ____ ____ ____
94 92
97 94
4
973 9712 9712 9614 9712 9/
,
112 109 11212 109 11112 10934 11014 10712 110 8 109
99 99
1023 101 105 102 10214 102 100 100
4
92 90
97 9234 97 91
9112 90
93 91
3
212 312 258
8 314 3
218 312 214 414 27
67 67
67 64
-----------67 65
66 66
2014 2112 1912 19
21
18
2112 21
20
20
1814
18
2
2(
17
16
15
14
14
12
1212 25
_
32 32 ----------------28 28
25 25
32
218 13 ---- ---- ---- ---2
13
4 13
4 818 8
4
- -- 8
8
_
165 125 135 125 134 128 15712 135 147 120 135 115
21
----21
15
32
2
Columbus Auto Parts pref
*
31
3 301
301 3312 3012 3112 29
2712 25 --------25 25
2512 25
24
18
19
163 2012 16
4
- ___
--_ 28 2612 2612 2614 26 25
* ---- - ------ --Commercial Bookbinding
22
20
241 20
17
20
2
17
23 23
18
16
* ------------------------42 42
Cooper-Bessemer
_
_
46 46
49 49 ------------ ----48 4712 --------30 30
39
39
A preferred
io
50 50
51
4812 4914 4812 50 50
3914 3914
Dow Chemical
• 230 200 260 22912 270 25014 278 260 295 275 3()() 295 405 325 400 3993 495 399 480 475
4
New
*
86 66 76 64
Preferred
100 11)612 1061s 107 105 107 107 10'718 10718 10'iT4 1043 1a- 16412 1063 105 106 105 106 105 105 105
4
4
Preferred (new)
100
__
- __ _ - 104 100 10112 10112
___
Eaton Axle
*
_
1
_ ____ ____
6718 671s
--------------------------------------------------35 35
_28 273 30 2718
4
Edwards (William)6% pref_100 7018 7018 7018 7018 ---- ----- -6912 - - '2 .
75
_ 75 - 8872
72 72
16i2 7 .12 --------72 - -6 -- -Electric Controller
6212 60
68 6012 69 60
57
* 61
69 - - 67
76 67
79 60
66
60 57
73 62
58
60
63 -6712 60
Enamel Products
*
34
32
3012 30
34 33
25 25
23 20
(
1
25 25
25 25
1212 11
30
30
25 25
Falls Rubber
8 2 71s 67
5
4
--- --- 438 3
115
8 6
,
5
4
* 612 5
4
8 62 6
518 4
6
,
512 5
5
Preferred
25 12
12
1512 1512
173 10
;
10
4
1212 1211 10
361_ 36
357;
3312 38
Faultless Rubber
- 36 3212 36
* 3912 33
38 3614 36 36
45 13 -,- 4f2 -- 1
33 31
3112 30
35
32 32
48 40
45 42
3578 40 39
Federal Knitting Mills
* 41
3712 36
38 30
32 32
35 33
4212 41
39 3814 37 36
39 39
*
Ferry Cap & Set Screw
- ---- 3434 3212 3414 30
27 2512 2512 25
21
20
30 27
22
19 3
,
32 295 33 30
Firestone Tire & Rubber__ _10 250 233 241 220 285 233 292 25() 289 2'77 --------275 262 240 23912 220 220 290 226 .
_ ____ __10
New
-34
_- - i i-4 14
-_- ---- - --1st preferred
100 111 10912 111 110 110i4 1093 1103 10812 110 10912 fill 1093 1095 10838 1o934 1091, 1o93 10812 1093 108
4
4
8
)
4 4
- -- ---4
2d preferred
109 111 10978 109 108 1093 10814 110 10812 10912 10712 109 10712 109 108 10914 108 1087 107 110 107
4
8
8
218
Foote Burt
5418 437 54 47
* 4412 40
503 48
38 3212 36 4
407 38
8
26 - 2
2
49 45
4512 4438
_- ___- 40 40
A
*
Fostoria Pressed Steel
*
27- - 2
0
Gabriel Snubbers_______ _*
2414 2414 -- - - -- 265 - 8 -__ _
---- 97
8 97
8 6
0
64 -04
. 257
8
125 282- 266- Hi- 210 272 200 284 284 291 2 -- 280 280 275- 2 6 255- 250 - 265 2 -- 265 245 220 220 190 190
General Tire & Rubber
-0
5
- --0
8
Preferred A
102 9912 10112 101 10112 9912 100 9912 9912 95
9312 92
95 94
90 90
90 90
95 9412 94 93
96 94
«
Geometric Stamp
3512 31
29
40
31
33
323 26
4
27 23
341« 45 3'7
20 20
3414 3338 3612 3314 3412 3312 34
*
Glidden
3238 3238
4
Glidden prior preferred_ _ _ _100 105 1033 105 10412 105 103 - 105 104 166- 166 1o3i2 16212 166 1023 1043 10412 104 164 10314 103 102 102 103 103
4
- -4
Godman (11 C)
53 511
* 54 52
5212 50
4512 4812 48
40 40 ----------------35 30
35 30
46 46
4712 47
Goodrich (11 F)
8
* 9'714 947 06 96 ----------------_
4812 434878 39
---- ---- 65 65
Preferred
100
_ 11234 112 ---- - -- ------------------------ ----------------99 99
- -34
____
Goodyear Tire 8c Rubber..._100 12912 12912 ___- ---- 1333 1333
4
4
,
_ -- -_--__ 123 8 123N -------------------------------- 70 8 6514 7512 61
,
10312 10313
1st preferred
Great Lakes Towing
too 96 9614 66 - 9i- 66ig - - -14 95 93
95
89
81 611.1 - - - 61 9
6 8712 fici
ii ---- -6. - . g 66 -9o
t
f;9-- 66i2 9112 - - i
90
Preferred
100
111 11012 1083 1083 109 109 109 109 109 105 109 109 109 109 10912 10912 110 110 110 10912
4
4
Greif Bros Cooperage A
*
40
43 4012 4212 4112 4278 40
40
47 401 2 41
483 46
4
401;
42 4012 46 42
41
40
39
43 ------ -140 140 ____ ____ 130 130 ____ ____ ____ ____ ____ ____ ____ ____ 13014 13014 125 125
Guarantee Title & Trust__100 ---- Halle Brothers
10
Preferred
100
100
Hanna (M A) 1st pref
Harbauer
*
*
Harris Seybold Potter
100
Higbee 1st preferred
100
Second preferred
*
India Tire & Rubber
100
Preferred
Industrial Rayon Corp
Interlake Steamship
New
*
Interstate Ter W'house pref....*
4612 45
105 1033
4
94 92
22 21
15
147
8
10812 10612
____
-73 - 3
9
45 4412 50 43
45 43
43 4112
105 105 105 104 105 10212 1033 10314
4
9434 9412 94 94
9412 9412 ____
25 21
2018 19
20
17
20 - 19
____
_ _ 15
1412 1212 12
1212 12
107 107 108 10712 10713 107 108 107
----_-- ---- -- 10712 10712 106 106
73 - 55
65 - 8 62 55
597
61
55
85 85
85 85
85 85 ___ ____
155 149
155 145
23
23
165 150
45 4312 45
3912 3912 37
4153 4014 4214 41
3714 36
10312 103 102 10138 102 10134 10112 10112 100 100
99 981,
8
97 9612 100 100 1077 10412 ----- 1071210712
27 -25
27
18
30 2514 2914 25
25 2212 2212
_ 12
12
12
8
12 --12 117 ____
--- 12
12
106 106 106 2 10612 107 10612 107 105 106- 105 104 104
, --_-- ---107 107
4812 45 39
40 IS 5
5012 "
ii ii
ifi
21
10
___- ____ ____ ____ ____ -_-- ____ ____ ____ ____ ____
---- 84 84
168 166 166- 166 - 1'76- fegif 176- 1637s
-160 Ho- 1693- 186- 186-- 4
_--9
88
66- iii- -gii
.
4234 4112
10314 10314
96 96
15
19
12
12
10612 10612
107 10
57 51
____ ____
169-
For.. 130.
FINANCIAL CHRONICLE
1036
November December
October
June
August September
July
April
May
March
January February
High Low High Low High Low High Low High Low High Low High- Low High Low High Low High Low High Low High Low
MISCELLANEOUS
*
Jaeger Machine
*
Jordan Motor
100
Preferred
10
Kaynee
100
Preferred
Kelley Island Lime & TransP-*
*
Lake Erie Bolt & Nut
Lamsons & Sessions
25
*
New
100
Loews Ohio 1st pref
$ per share $ per share $ per share $ per share $ Per share $ per share $ per share $ per share $ per share $ per share $ per share $ per share
28 26 4
,
4
33 333 3314 32
25 25
4
3218 3118 3112 26
4
33 32
4512 363 3'712 35 4 36 3314 363 323 35 33
4
,
212 214
8
133 133
8
41 W) 3
0
5
6
-31 i2 i6 ai -364 55 --- . 4 - - Hoff. 10 1014 5
3
6
42 3012 56-T2 -3612 55 -- 55 -34 56 26
31
3713 30
40 35
31
-2812 25
30
35 3112 ---- 1
30
333 30
4
32 29
33 29
31
95 95 ---- ---100 100
_
2
8
3153 --- 98 98
9512 9512 99 99 __
_
99 99
46 45
57 55 55 - 1 51 48
50 44
62 4
51
48
50 44
50
597 57
8
ii514 6014 5612 6012 59
59 57
40 34
40 35
3912 3112 335 283 30 28
8
35 30
48 38
4212 40 4012 38
4
3213 30
3212 29
31 29
5212 4612 60 5112 5612 54
6712 55 6214 543 53 53
6014 5612 60 57 7012 59
4
4514 4318 50 43 49 47
30 28
_94 94
97 97 ----------------96 96 -------- ----------------98 96
9812 96
90 8814 ----------------90 90 90 90 ---1023 100
4
1214 13 127
13
8
115s --1 8 12 -- 4 ---- --1 -51212 12 _ _
1414 13
10345 3812
38
40 3 4
8
393 3814 4014 ---3- 9014 39 43 38
4
42 3914 4014 3934 4014 3014 41 10
8
417 40
4212 42 42
40
42 4012 3712 3712 3412 3412 30 30
4213 397 44 39
8
50 4412 47 4412 44 42
4
4
106 106 106 106 1043 1043 106 106 106 106 10614 106 104 104 106 106 104 103 101 101 102 102
3012 3012 3112 2412 26 20
39 36
26 20
37 3412 3434 32
35 33
21 271 411 3112 42 37
614 614 5
35
8
4
4
_
---- ---- ----- ----------------------------173 173 ---------------------- 69 58 6212 55 5212 49 4712 35
48 30
6 23 24 17
82 75
85 704 80 7412 73 70
Marion Steam Shovel pref_ _100 105 105
Maud Muller
*
* 4312 393
4
McKee(A M) class A
Metropolitan Paving Brick
* 52 44
100 105 105
Preferred
27
* 31
Miller Drug
4
4
* 273 273
Miller Rubber
100 8212 78
Preferred
103 102
Mohawk Rubber (old)
Preferred
Murray Ohio
Myers Pump
Preferred
595 57
8
8
88 875
37 34
365 34
8
105 105
* 6512 60
100 9012 81
* 43 39
* 38 36
100 105 105
60 53 65 54
8712 8712 86 85
35 3212
37 36
3812 331
33
------104 103 -
5912 52
1
5112 40 40 35
22
15
16
10
81
81 ---- ----81 78
81 81 ------------ -74 74
3712 3618 --------3112 3112 3012 26
30 30
2712 -- ---- ---2612
421 6612 4414
361
1 351
1 , 4312 387
-----_ ------ ------- 104 104 - ---- -- 1021210212 10218111
- ___
--__ __-12
15
9
50 50
22 22
3812 36
3712 3378 41 397 34 34 --------3338 2912 1812 18
3312 3312 33 32
19 1618
8
10 3012 2912 38 32
35 30
National Acme
31
1 321 34 133 13312 13312 13312 13212 13212 13134 135 135
128 11 129 121 130
National Carbon preferred_100 132 132 13014 127
8
-------------- ---- ---- ---------36 36
3912 357 46 3812
4
__
_32 313 ---- 31
Nat Recording Pump pref____* 31
3712 33
35
, 375 41 34
3612 33
1 36
35
37 36 35
373 3612 37 4
35 - - 12 -3412 34
3
3
25 38 36
National Refining
-100 138 138 138 134 135 134 13812 138 13434 13412 132 132 - ---- --125 125 ----- - 132 132 13213 132 132 132
Preferred
32
3418 2512 297 25
4
2812 2514
8
363 3312 38 321
41
35
21 36 3212 3514 3212 3512 41
* 38 34
38 36
National Tile
22 22
1812 1812 ---17 14
18 17 - ---- - - 1812 18
- ____
__
17
--50 16
16
15
18 16
National Tool
90 85 _
50 50
45 45 ---- ----50 48
_
80 --- 65 15
7
9
100 50 45 60 60
55 55
Preferred
20 18
223 1912 21
4
24 18
8
2918 23
2712 25 25 12
10
7
243 24 22
4
84 4
* 2912 26 26
Nestle-LeMur A
3014 26
27 25
28 27
27 26
28 26
2912 28
2914 26
25 4 2518
,
30 253 3012 29
4
8
Nineteen Hundred Washer- * 2312 227 25 22
,
100 9912 98
96 9512 97 95 95 4 90 93 90
91 90
92 89
9912 98
9912 9714 98 9712 98 9712 9712 95
NO P & L 6% preferred..
,
4
Ohio Bell Telephone pref_ A00 11534 11212 11412 1133 115 11112 114 11214 11313 112 115 11314 115 112 115 11318 11614 112 11312 11012 11112 108 11212 110 4
8812 81
88 84
83 75
90 8412 8512 8012 8712 81
80 70
77 70
85 815 84 81
8
* 92 8614 89 84
Ohio Brass B
100 10612 10512 1.0658 10612 107 107 107 10612 106 105 106 10312 10312 10112 103 100 103 102 102 100 100 100 101 100
Preferred
15
15
15
15
*
Ohio Confection
70 6712 64 If 63 19
49 14 -4612 -4
i70 69
66
7314 70 '1
70
68 72
* 7512 69
74 68 '
Ohio Seamless Tube
114 103 103 104 104 10312 102
1
101 101
100
102
1
105 --------105 05 ------105 10
Preferred
---95 9312 94 94
Telephone Service pf_100 ---- - ---- - ------------ --- ------------ --- -----_
Ohio
*___- 4 47.2 4912 4912 Lo 16 5512 iii2 313 28
483
4
Otis Steel
Packard Electric new
Old
Packer Corp
Paragon "B"
Certificates of deposit
"A" preferred
Patterson-Sargent
------------ ----42 39
4112
*
2 120 126 115 119 119 ---* 3312 2912 31
8
295 303 2818 30
8
25
* 27 2212 2714 2434 2812 24
2414
2612 2418 28 24
25 21
* 44 43 4318 423 445* 423 4412
4
4
3814 3612 37
* ---- ---- 3814 38
40
40
-- -- _ _
-2
8 32
2212 2514
2212 2412
43
4312
3418 343
4
38
-27
2112
22
4312
34
37
_- _ _ _
_
27
26
2512
44
36
35 4
3
_
--2 12
4
22
22
44
33
4
363
_- _ 27
2412
24
44
34
34
34 30
34
- ----2- ---21
- 4 2614 - 13 24
23321
2378 1912 20
1812
2014 23 19
4312 --------5312
39
3212 34 32
3114 30 8
,
-_ ----- ,- 2212
2 4
0
1658 19
17
1834
42
45
3212 3612
26
--17
9
1712
45
25
28
_ _ _ ..
1912
1312
10
4112
29
9
9
9
9
17 16
19 19 --------1513 1512 --------9
:
50 ----------------19 19
Peerless Motor
45
8
12 477 593 53 57 4 53 5512 53 60 53 62 55 61 557 5612 49
4
,
12 52
* 2 48
Reliance Manufacturing
2478
26 2512 26 2412 2512 24
---------------- -------- ------------- ------------27 26
----_
Republic Stamping & Enam_*
-------------------------------- 28
Richman Bros(old)
3
394 36312
330
_
_ iai12 116 iii 133 136 130 136z 100 115
*
36
2
New
River Rasin Paper
6
- --------6
i
7
-- ---- - Robbins & Myers preferred_ * i
612 7
0
7
6
7
8
612
* 8
6
614
7
112 7 612 812 72 712 7 7 - -18 8 V t c series 1
7
714 7
7
6
8
8
* 812 7
712 7
7
618 618 8
7
7
612 612 7
V t c series 2
1518 1212 15
11
12
15 13
15 14
1034 10
12
10
12 10
10
10
25 16 1212 14 14
Preferred v t c
30 25
35 35 ---- ---- ---- ---- ---- ---- ____ _-__ ____
* ------------------------34 25
Rubber Service Lab v t c
100
Preferred
100
Russ Manufacturing
__
_ ____
100 260 260 260 260 248 248
Sandusky Cement
2
15
2
2
21 --1- 2212 --01 ---- ------------ -18 -- - 12
2
* 25 22
23 2112 2218 2112 2212 1112 22 -Scher Hirst A
8
34 2812 283 25
30 15
22
4712 52 47
48 40
44 3912 40 30
61
60 5114
* 65 56
Seiberling Tire & Rubber
9978 90 88 88
8
8
100 1077 1057 10712 107 10714 105 107 106 10712 106 105 105 104 104 102 102
Preferred
3212 263 2712 26
31 2638 30 2712 29 2712 28 2412 25
4
* 35 32
27 25
323 297 34 28
4
8
Selby Shoe
9812 9812 9912 9912 96 96 ---- ---- ---- ---- ---- ---- -- ------ __-100 10012 10012 99 9712 9712 97
Preferred
Sheriff Street Market
Sherwin Williams
Preferred
Smallwood Stone
Stahl(H A) Properties
Preferred
Standard Textile
"A" preferred
"B" preferred
Star Rubber
Stearns Motor (F B)
_ 2112 20 --------30 30
2034 --------2112 2112
21
2014 20
100
94 91
-___--- 9612 9212 97 95 96 91
87 83 9112 82 105 90
8
88 857
25 -„----- 88 85
4
,
4
100 108 10714 1073 10614 10612 10413 107 10534 10'714 105 105 4 10414 106 105 106 104 1053 105
_-- ---- _--- ---- -- ____
2512 2512 --2512 25
* 28 25
2778 27
--- ---- ---- ---- ----- *
---- ---- ---- ---- ----10073
4 6
614 912 8
11
1112 738 718 614 9
12
* 14
11
11
14
1114 12
70 6814 75 67
7413 70
88 70
90 81
79 70
* 89 71
86 83 83 80
47 43 45 40
4614 5012 42
42 45
46 45
* 40 33
50 4618 51
50 38
12
1
312 412 1
* ii3.4 118
512 -- 518 234 512 112 2 134
3
5Li --8 5
s 47-
a
45 41
95 76
106 105
____ ____
---- ------- ---6
5
6814 68
39 39
lig
I
iii
11)6
__
------4
60
39
22
--13
98
7
10
35
25
25
22
-15"
10
10
16812
-a5-
23
9
638
7
6
4212 35
35
,
8
247 24 4 23
ii
-55
314
5
314
514 514
5
5
1118 10
-1
-112
____
___ _
-1012 12
157 16
8
75
-21 23
--__
10
97
s
65
19
30 30
15 85 80
103 106 105
____
I;
12
-1
---- 1
3
212 3 4 212
4934 44
50
36 36
39
112 1
---3
4
18
* 98 98
94 94 ----------------10018 1001 --------120 113 125 125
Steel & Tubes Inc"A"
* 75 75
727 727 -------- ------------ ------------ 73 73
8
8 ----Income "B"
3
012 3434 -3014 -- 8 3312 -297
i3
0 32 3
25 -55- -* 3012 3012 31
3214 3, 31 30 29
8
30
3
012 3212 30
30
3218 - Stouffer Corp class"A"
24 23
25 20
23 21
18 18
2913 2712 24 21
* -------- ------------------------50 29
Sun-Glow Ind Inc
,
----------------------------------------11
1012 ---------------1038 10 8
*
Swartwout
6 24
2
5
16 -15
15
15 -io- -15;
Thompson Aeronautical
* --------------------------------------------------------30 --50 33
28 22
53 5214 55 50 5513 49
32 21
53 63 59
5
5912 57
67 50
* 68 461
ThompsonProducts"A"
5
100 107 107 - ---------108 107 --------108 108 108 107 -------------------108 108 108 10714
Preferred
8
- Trumbull Cliffs Furnace pf 100 10512 104 10512 10412 104 104 10412 103 103 103 103 103 10414 103 104 1037 100 100 102 100 101 101 10312 161
45 42
45 41
42 35
36 33
35 33
4912 45
49 47
50 47
* 60 52
59 5012 52 9912 5012 48
Union Metal
18
18
18
18 ------ ---- ---- --- -- '8 -- - - - -5
8
3
2
100
12
12
5
8
5
8
313
Union Mortgage
8
8
8
8
18
8
18
18
First preferred
18
18
18
18
18
18
Second preferred
- 0
6
8
8 -- ii -1- ii - - 1:17 -16 1114 -1--1 12 -10 12 10
7
2
8
* 814 7
12
i
i
-18 i5
6
Van Dorn Iron
55 55 - --------7212 60
50 50
55 42
35 35
35 35
30 2934 30 30
40 37
100 2812 28
Preferred
27 243 2734 253 22 -4
22 22
26 25
4
2
0
* ---------------- ---- -------------------- 2712 2612 2612 25
Vlchek Tool
40 35
40 3512 371 31
3414 33
39
47 40
40
4914 4412 46
4
38
35 32
* 33 24
Weinberger Drug
-11 ----- 10_
1712 1712 1012 1012 -----------------------10 --------11
11
_ 10
Wellman Seaver Morgan pref_ * ---84 75
75 75
65 62
70 03 943 7212 91 89 85 8018 80 80
4
64
100 65 --- 65 69 65 64
Preferred
4 10214 10234 102 101 101
8
4
Western Res Inv Corp pf_ _A00 ----------------104 103 1033 10312 105 10312 10312 102 1027 102 10314 103 1033 29
35
32 30
30
31
30 29713
3512 3278 37 33
34 321 3212 30
* ---- -------- ----36 33
Wheeler Products
_
_
50 48 4112 ---- ------------4814 4634 44 4014 ------ ---------4412 4412 ---- -_-White Motor
- 4
4
14
100 10218 102 10412 412 104 10314 104 104 1043 1043 10414 104 10414 103 104 103 104 103 113 103 103 101
White Securities pref
26 26
27 2514 25 22
2812 2414 27 2412 30 25
2612 24
29 25
____ 2914 28
*
Widlar Food Products
26 26
- -- - Ctfs of dep
27 25
25 25
25 25
25
2512 2512 25 25
4
2812 28
283 2612 26 25
** 29 28
Wood Chemical "A"
.
-2012 2012 ---- ---- ---- ---- ---- ---- ---- ---- ---- ---..w
4
* 223 2112 2312 2312 233 2312 2014 2014 ---- 4
Tube*
Youngstown Sheet &
8
150 i.(52 101 10312 1017 103 10118 103 101 104 1C2 10312 11112 10212 10112 10212 10112 101 9912 10018 99 10058 100
.58
Preferred
BONDS.
____ ____ ____ ____
City Ice (Cincinnati) 1st 6s '36 ___ - --- - ---- - -- ,
9912
4
998 993
4
1933 --------101 101 101 101 101 101
City Ice general 6s
9812 9812 98 17
4
973
98
98 1931 100 100 10018 100 100 9934 9912 99
Cleveland Ry 5s
8
8
--------1018 1015 1015 10112 10112 10112 10112 10112 10112 10112 ---Cleve & Sandusky Brew 6s 1948 102 102
Gen & con 5s
Lake Shore Elec gen 5s
1933
Northern Ohio P & L 5s ...1933
Steel &Tubes deb 6s
1943 oti
RIGHTS.
City Ice & Fuel
Cleveland Trust
Dow Chemical
Faultless Rubber
3lidden
1Glidden No 2
3uardian Say & Trust
diller Drug
Para
Ref
Weinberger
Weinlw.rdor Druet No 2
•No our value.
2812 2814 2812 2812 2812 2812 2812 2812 2814 2814 28
---96
38 96
4
-
9912 55
--94
__ _ _
-_-_-_-_ -_-_:: -_ -_ _ _ __-_
-- ---- ---- ---- ---- ---3513
___- ____ __-- ____ ____ ____ ____ 9714 96
-- -00 9912
9914 ---9712 98 -- -7 99 - 12 9712 17
97 8
07
---- ---- ---- ---- ____ ____ ____
30
34
30
96
2ia
-
93
-2
96
9312 9512 94
5612 15
973 9612 9712 96
4
27
5712 - -9
6
. a -2-0 8i•2 25
i.
ii
-9
0
8
9712 92 4
14
1
i
-- — -- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- --- - ---- -- '
1037
FINANCIAL CHRONICLE
FEB. 15 1930.]
MONTHLY RANGE OF PRICES ON CLEVELAND STOCK EXCHANGE FOR 1928.
BANKS.
November December
October
August September
July
June
March
April
May
January February
High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low
375
400
465
---____
-_ _ _
375 400
378 396
440 460
-__- ---____ —__
_ _ _ _ 245
400
384
455
____
__
240
--
400
375
450
290
____
245
400
367
445
290
_
245
-
_ ____ ____
368 364 367
435 424 424
--------295
300
3
240 240 240
____
365
424
295
300
240
____ ____ 400
375 365 385
420 415 430
30112 30112 ---__
250- 250 _ - _ _
400
375
42'7
----
410
385
465
----
410 445
376 400
450 530
---- ----
Central National
Cleveland Trust
Guardian Bank
Lorain Street Say & Loan
Morris Plan
National City
335 335
365 359 376
426 390 440
_
____
_
ii6 if6 ____
215 21212 230
Pearl Street Say & Loan
Union Savings & Loan
Union Trust
United Bank
00 290 ----------------325
20 286 ---------------- 2
_
_ ____ ____ 170 170 167 167 ------------------------ 165 165 --------165 165 165 165 160
____
290 2 - 300 295 300 299 31 98 30 297 304 291 298 285 290 285 295 289 300 287 341 304 340
-E
8
265 265 267 267 275 270 ---- ----------280 280 - --------275 275 --------300 282 290 28512 290
MISCELLANEOUS.
Aetna Rubber
Rights
Preferred
Air Wav preferred
Akron Rubber Reclaiming
Preferred
Allen Industries
Preferred
27
26
25
365
425
____
__
22
-0
25
26
26
375
455
280
____
----
369
450
280
____
-_-_
2412 24
257 25
8
__
18
1812 18
2312 23
24
18
_
--10334 10112 10412 104 10512 10414 10514 105 10514 105 105 10312 105 104 10iia 10414
1814 18
1712 1712
2418 17
2412 20
19
27 20
19
29 2612 2712 21
____ ---- ---___ ..,,,,
98 96 100 99
4
102 123 1034
8
12d4 - 1512 14
1512 1512 15
13
- -12 1512 -- -34 173 1741 1a4 173
14
3118 3014
35 33
355 3412 3512 35 - -------3114 30
8
35
37 3112 37
20
30
__ _ _ 250 245
24
26
23
H. 10
-6 ---- --- - _
--------10412 164 _ _ _ _
712 22 2012 2618
21
---- - 1714 1334 1612
1412 12
3312 3014 3512 3312 3512
Brown Fence & Wire "B"
"A" preferred
Buckeye Incubator
Bulkley Building pref
Byers Machine "A"
2614 24
---- ---34
36
93 90
110 110
3712 3714
37 36
634 6
712 7
3
5
5
31z
4 1
13
3
4
2
4
35 3414 3518 343 3712 3612
37
36
3512 3512 333 35 34
.
63
4 6
6
512 7
6
7
7 - --------7
65
8 7
34 112 1
3
4
5
8
212 212 212 114 114
3
4
__
14 ---- - --14
14
114 1
1
12
2
3
4
12 -- 13
4
38
____ ____ ___ ____ ____ ____ ____ ____ ____ ____ __ __ ____ ____ ____ ____ ____ ____ ____ ____ ____
---- ---- ---- ---1012
91 12
_ 18
341 34 2634 27 2212 1812 1514 20
19 ____
49 44
4434 40
41
_
4 66
6812 68 68
4
4
68
663 663 663 -- -34 -------- 67 6512
_
70 6912 7012 6912 -------- 69 68
32 26
19
28
23 23
3712 34
3712 3612 30 25
25 23
40 39 39
3812 35
37
373 36
4
512 5
1
1
325
160
310
285
--- - ------ -_ 103 103
4
--1
2 - 243 23
---- ---1334 12
15
3312 3312 31
'
____ ____ 108 108 110 110 10818 10818 10812 10812 112 112 115 115 ---- ---- ---- ---American Fork &
_-First preferred ------------------------------ --------112 112
1 341 3814 35
4
363 331
3012 3212 31
33 2978 -3112 16- 31
2714 15- 8 -233 -3
4 2613 2812 2712 30 28
American Multigraph
83
90 8912 84 81 - ---- ---- 90_
11712 106 107 105 105 105 110 110 103 102 11
96
9 1 94
American Shipbuilding
--------------------------------------10814 10814
__
110 110 112 109 112 112
Preferred
Bessemer Limestone
Bishop Babcock
Bond Stores "A"
..B.,
410
385
475
----
3612 353 37
4
37 36
--------512 512 8
1 ____ ____ 3
.
35
3512
1012
67
21
38
38
15'14
67
26
36
35
12
67
24
317
s
33
1012
67
15
____ ____ ____ ____ ____ ____ ___ ____ 112 112 116 114 ----------------180 135 175 154 181 170 190 180
Canfield Oil
11 __
-_
Preferred
4_
4412 --118 4012 4012 ---_-- ---- ---Central Alloy St,e1
307 2812 2812 3412 2834 3912 35 --------- --------42 40
8
3038 3038 31
-1012 11212 111
8 Preferred
4
1103 10914 1103 11012 111 11012 111 11012 11012 10958 liF f1.6 11 4 1012 11112 11012 11112 110 11212 111 112 1 4
15
15
....:22 22
Christy (H C)
6212 56
5714 56
53
4
4614 43
5478 4612 54 503
8
4 5212 515 55 5214 60 543 58
4
City Ice & Fuel
3'73 3634 3712 3612 443 37
4
5 --, - - ---- ---8
5
8
7
8
7
8
Rights
,- ---- ---- ---- --__ ____ ---- ---- ---- ---714
6
832 - -12 9
714 612 65s 5
312 812 5
234 412 314 5
412 4
8 258 --3
Clark (Fred G)
258 258 234 258 25
_ _ ____ ____ ____ _ _ ____ ____ ____ _ _ ____ ____
_ _ _ __
18
18
____ _ _ ____ ____ ____ ____ ____ ____
Cleveland Akron Bag __ __
_—
10 -,--__ 10
-- ____
7
2 714
E12 ii -- -------- 7
''i
_
_ _
- - -- ____ ___ _ 2
2
Cleveland Automatic Machine _
75
75 -54
5
0 61
52 - 4112 54 5112 5012 49
51
- - - 35f2 -32
3
0
- 3
.i.12 i1i- --- 50 41
.
-- 2 4
Preferred
i
2812 2734 2812 28 --------3112 2612
28 27
28 28
283 2812 2812 28
4
30 --------3018 30
31
Cleveland Builders Supply
3012 30
8
106 104 1105 105 120 11478 115 114 117 116 113 100 106 106 120 106 14712 122 144 140 140 135 13312 130
Cleveland Cliffs Iron
425„ 425 415 431 430 435
Cleveland Electric Ilium
367 355 410 370 410 410
-1614 112 fif 1113411114 11212 f161, 11.2 110
-10 112 1 114 11214 114 11212 11312 11234 115 113 115 113 113 11012 111 1 6% preferred
8
4
8
4
1073 10714 109 1053 10634 10514 1057 102 10414 10212 10312 10212 105 10212 1047 103 10412 104 10512 104 106 1041z
108 10718
Cleveland Ry
212 312 234
3
212 2
2
214 2
158 214
2
318 212 258 212 212 21
21
8 3
17
Cleveland Securities prior pref 3
214 3
77 70
60 56
7
79 7514 79 77
77 77
65 65 - ----- ----598 5012 ---- ---- 55 53
75 70
Cleveland Stone
70 70
4
110 1063 110 110
_ _
2712 27
27
2 -50 --15 28 22
221
_
55 55 -- ------------ - 17
17 ---18
i5f2 fi ----- ---- _ 15
Cleve Un Stk Yds ($100 par)
_ __
No par stock
Cleveland Worsted Mills
Cleveland & Buffalo Transit
Cleveland & Sandusky Brew
Preferred
109 10812 10812 10712
_
223 2212 551-2 --1 12
__ _
_ 6() 55
_
218 -- _
2
1
- 7
11 8
Detroit & Cleveland Nay
Dow Chemical
Rights
Preferred
Eaton Axle
Edwards(William)6% pref____
17
------------------------15 13----------------------------------------------17
5 190
140 11214 136 135 140 135 175 140 160 155 170 165 165 151 160 155 165 160 18612 164
Electric Controller
Falls Rubber
Preferred
Faultless Rubber
Federal Knitting Mills
107 106
107 105
'7,3
____
ii
63
12
------------1618
37
38 37
3412 32
3914
32
Firestone Tire &Rubber
6% preferred
7% preferred
Foote Burt(new)
"A"
Preferred
Gabriel Snubbers
232 224 220 185
111 109 110 109
11112 10912 110 10812
_
25
55 - 85 80
80 80
2814 2834
General Tire & Rubber
Preferred
6% preferred
Glidden VarnishRights
Preferred
190 190
111 11012
_
_
2212 - - 2212
973 96
4
55
7
192 170
112 110
10912 10812
_
/ 2 -..
2
i
86 86
184 180 170 165
_ _ ____ __
- -11
1152 102 13 10 - 2414 211, -------_
983 98
4
2512
20
55
21
14 -
21
2434 - 14 2318 23 2434 "if 24
21
25 24
22 20
17
22 20
17
23
1912 1812 19
55 55 ----------------35 35
55
11
3
4
12
-12
------2
2 -------12
13
1218 12
12
----------------12
106
81037,8 105 104
106 105 ____ ____ 1041410414 105 105 155 1(i412 1033
483 40
4
33 3212
75 7312 ----------------------------------------6312 8312
58
5714 543 56
55
4
412 412 7
393 -if- -ii”
-4
35 32
33
2614 267 26
2612
8
211 2212 2112 21
55
---- 55 55
212
-----2
_
li ----- -14
99
99
5614
10
15
35
3314
66
127
8
____
36
3912
6112
10
_ _
3
38
05
1112
_
iii,
38
5934
10
_
- ii
38
63 :
8
15
31
373
4
60
7
15
30
37
62
13
2018
33
37
5934
10
15
33
37
185 173 180 174
1091210912 11014 110
110 10914 110 108
__
_
_ _ _
61
812
20
3212
3812
5812
814
20
30
33
__ .io
603
4
Skt
1814
3212
3734
10512 107 106
di
4
593 62 56
834 712 712
_
1814
33 31
30 ____--3738
3628 38
17812 172 175 165
11118 10912 110 110
4
109 10734 1083 107
_
____ ____ _
---210 192
68
68
615
8
712
1112
32
40
59
5
10
2912
38
182 17414 253 190
11214 110 11012 110
4
10812 10512 1093 1073
4
_ _
_ 42 40
i5 - - 57 50
45
100 100 108 105
195 175 180 173
11012 110 11014 110
10912 109 1C1912 10814
_ _
_ _
55 -2612 57 7 if
88 8712 9134 90
175 158
110 110
113912 109
180 165
__
--101i2 10
-0
251 2_ 2414
172 165 175 165 172 167 180 170 205 185 200 200 283 200
___
___ ___—___ __ ---- ____ ____ ____ ____ ____ ____ ___.
9934 99
9812 9612 100 99 100 99
98 97
- 10 --98 95
-6
------------------------------------------------3413 34;
__
100
180 170
____
_
10012 10 -0
2512 237
8
.
6 - 95 95 95
- -ii : -36- .,i -i2 ____
.
9112 95 91
-58
92
9912 10134 166 102 10034 101 100
10112 101
_ iii3 -4-6
95
-- 4 96
933
104 104
.
ib 3 101 104i2 la
-i7 -
1043 1031;
4
53
56
0 56
5814 5712 5814 561
Godman Shoe
8
_ 59 585 59 57
_ —__ ___— __— ____ ____ ____ ____ ____ ___
4
4
Goodrich (B 17)
8614 - - -14 ------------------------ -69 -- - '7512 7512 ----------------873 85 - --------1063 1063,
86
69
Preferred112112
6 1,
ifif 71 ---- ---_ iii 1- 6
Goodyear Tire & Rubber
--- ---- ---- ---- 7()- 70 _
Rights
7% preferred
120 120
_
ii ------ --10214' 166
9914 987 994 8
6; 55i2 . 6812 57 65 ---- ---- 65 1st preferred
99
66 ____
Grasselli Chemical ($100 par)
No par
Preferred
Great Lakes Towing
Preferred
Greif Brothers Cooperage
Guarantee Title & Trust
Halle Brothers
Preferred
..-lanna (M A) 1st pref
Harbauer
Harris Seybold Potter
Higbee 1st preferred
Second prefermd
135 130
109 108
8878 88
108 108
41 40
150 150
10412 102
75 68
14
14
24 23
____ ____
4
134 1293 135 134 142 136
- ---- --__
- -12
109 10512 109 107 111 109
9014 89
89 88
88 88
_ 110 108 110 110
__
41
43 --- 40 40 4214 391
157 157 152 152 152 152 141 1021
_
---- ---14
14
20 20
10312 10312
___
104 103
68 65
1312 125
8
20
18
105 105
__ ____
1'72 143 165 153 ---- - - - ------- ---•
4 gif
66 65:i4 76 553 _
__ 50 If 6 li 55 ____ __ _
4
11012 102 110 1695 1093 109 110 10712 110 10814 10912 1081 110 109
12
- 8
94
97 95 - --------9538 -95 95
95 95
91
1 921 95 95
---- - ------ 109 109 110 110 10914 10914 111 110 112 111 110 110
_ - ___
41
41
4112 41
4334 42
441 42
40
39
:1 42
40
_
---------- - ------------------ ----142 142 14212 14213 ---- --_
104 104 10412 103 8
-- -7637 637 6014 6014
8
8
123 1238 14
8
14
1612 15
15
13
____ ____ 106 106
_____
_
-- i
-i- 10: - 11111T8 10 - iaT2 10212
69 6212
-------6112 61
1234 1312 1318
13
13
13
1478 21
2018
22
14
10
____ 113'712 107
106 106 _
_ _-_-_-___
20
18
India Tire & Rubber
2312 18
45 2234 4418 28
18
20
40
Preferred
97
1812 18
18
Industrial Rayon (old no par)_ 2014 19
19
25
is
5" ii _
—
_
_
_
_
_
_
__ ____
New no par
1H3 12
Interlake Steamship
-12i12 12if ia5- fis 2 iii"
. - -12U2 12
-- iH fii .
-1Interstate Ter W'house wet___
_ _--- ---- ---_
__
Jaeger Machine
Jordan Motor
Preferred
Kaynee
Preferred
Kelley Island Lime &Transp
Korach
Lake Erie Bolt & Nut
Lamson Sessions
LeMur
Rights
Certificates of devosit
38 2614
97 97
____
9314 9314
135 132
21
21
8
5112 347 56
---- ---- ---101 103 10012
7212 8714 8714
1814 15
13
15
1914 18
1C17 _______
____ ___ ____
48
49
96
2812 30
5518 55
1812 17
55
52
5134 50
53
812 812 __-- --__ __
20
1812 ____ ____ 21
325 38
8
36
---- ---- 4714 48
10212 101 104 102
_
91
90 _--231
2712 1858 26 - 2
15
16
14
15
10612 10612 -, - -.- ___. ____ 105 105
3014 41
96
3434 4512 34
_
---- ----130 130
-6 165 fis 155- ff6
iii 137 150 140 156 14
.
____ ____ _--- ---- ---- ---- ---- ---- ---- ___
•
3714 39
1914
50 24
18
- - 38
30 26
35 20
27-1-2 25 ------2538H . - - - - -i5T8 -168 -. n" 1i- -35
- 1- i
25
2
34 3112 41
4
32
3514 3312 34 33
30 293 34 30
3634 4312 3934 4034 35
32 30
10238 10112 __ ____ 102 102 ___
10112 10112 102 102 _--- ---- ---- ---- ---- ---- ---30
2912 2912 273 3258 2918 38
4
30
97
__
— _
fig
.
_
---102
75
13
18
1137
__
3
4
4
363 35 4 373 3612 40
54
4912 53 527 5418 533 54 5318 53 52
8
8
_
_ _
_ __
812 812 11
1712 H 16 65 -if ____ ____ 23 2212 28
53
10
22
37
177
8
22
30
----
58 53
10
10
2512 25
4212 3812 4612 42
13
13
31
26 -36- -- 7
2
9
3112 30
31
29
100 100
5812 56
16
10
28 23
59
58
1212 1213
33 28
12
343 27
4
____
____ ____ ____
-55- -- 32 4
6
2
321ii- -iY2 -- - 2 — —_-__ ---- 45
6
- -11i -aii, -- 3- -54- -3171- -5i1-2 ili- -55- 33 4
2719 2719 2R
27
97r., "97,: -----
42
-
1038
FINANCIAL CHRONICLE
[VOL. 130.
MONTHLY RANGE OF PRICES ON CLEVELAND STOCK EXCHANGE FOR 1928 (Concluded)
January February
March
April
May
June
July
August September
November December
October
High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low
100 100 100 100 ----------------100 100 100 100 ____ _ _ _ ____ --.- 100 100 ----------------95
941
4
100 100
_
-- _ ____
___ 45 42
4314 41
42 41
4012 10
4( i2 16 ilia 16 4014 1612 iti -)
3612 ii 49
9112 37 - 131
33
1 44 3734 49 4334 49 4734 48 47 4 48 4714 4714 45 46 45 48 46
36
,
4612 44
107 10412 10'7 107 - ---- ------------108 107 108 108 10814 10814 10914 10812 10913 10914 109 109 ____
.
10514 1054
_
28 24
'
'1 25
81
2714
2712 263 30 --- 2834 27
4
•
2013 2012 ---- - - ---- ---23 2314 24 24
- --14
98 95 9514 89
94 9112 9314 77
8112 70 80 75 81
76
8514 86 82
77
8178 74
78 72
76 ii
35 29 4 40 33
50 140 155 135 140 11714 143 130 185 124 224 163 242 200 246 230 240 235
,
58 35
- -- -- 60 Si
iii ii no -is
ii- -i3nj2 - - in - - no 7612 ni 8
6
ii noi2 - 1 ni 8
16 ni 12 na - 6 in -12
i6 no sa
6
MISCELLANEOUS
Loews Ohio 1st pref
McCaskey 1st preferred
McKee
__ _
Metropolitan PavingBrick
Preferred
Miller Drug
Miller Rubber
Preferred
Mohawk Rubber (old no par)
New no par
Preferred
Morgan Lithograph
Murray Ohio
15 --------1313 1312 14
15
15
15
16
15
15
15
14
15
15
25 15
25 22
40
3313 24
Preferred
105 10418 ----- ---- ---- --- ---- --- ---Myers Pump
347 3312 373 33
8
3712 3514 43 3612 4212 38
12
4
4012 36
3712 36
38 -3512 393 8 16 3812 3978
37
41) 37
Preferred
1053 1053 ---8
2
---- ---- - -- ---- - -- 10514 10514 10413 10412 ---- -- ---- - - ----- ---- -_—
National Acme
137
8 712 135 164 15 11 1612 1414 1918 153
8
12
31 11
14
131 16
2012 18
- - 24 29 31 -- -3 3212
22 8
National Carbon preferred
_
__ ___ ____ ____ ____ ____
- 140 139 - ------- ---- -- 13214 130 137 137 ----- __-_ ---- __-__ __
____
Nitional Recording Pump40 ----------------48 --1 --------39 99_
4014 4 -12
___
_
__ 32
39 3512 i2 357 363 36
N ttional Refining
8
4
3512 35
38 3512 36 3512
36 - 4 3714 --1 3714 -35
343
3 4
4
3
3
63
614 38 -- 8 37
Preferred
135 135 135 130 131 131 132 130 13212 13213 ---- -132 131 13213 13212 134 133 134 134
N itional Tile
347 33
3
35 3314 3512 32
3414 33
32 2634 3234 353 33
4
31
30
29
4
s
Rights__ 3512 2812 383 333 3814 3612 39
_ _ _
113 113 112
National Tool
218 112 812 212 _— ---- 712 712 ------------------------713 712 712 - -12 734 73
_
7
4 8
Preferred
16
16
Nestle-LeMur "A"
2 -12
ii --7 29 23 30
Nineteen Hundred Washer
2912 2813 3018 28 4 30 30
2913 29
3
2812 2812 2638 26
263 2618 2514 25 25
4
2412 24 23
24 23 23
N 0 P & L 6% preferred
97 93 100 98 100 98 100 99 100 993 100 983 9912 98
8
9812 9712 98 9714 9712 97
8
9712 96
99
Ohio Bell Telephone pref
Ohio Brass "B"
Preferred
Ohio Confection "A"
Ohio Seamless Tube
Preferred
Ohio Telephone Service pref.._
Otis Steel
Packard Electric
Packer Corp
Paragon Refining($25 par)
"B" (no par)
Certificates of deposit
Preferred ($100 par)
"A" preferred (no par)
33
--3
6
-- -12
27
- - 32
36
- "
33
4
7
263
4
23
98
11312 11213 11434 113 114 112 11212 109 11134 110 112 11012 114 11134 114 113 114 111 11313 112
10012 9713 98 97
1 92 96 92
93 90
9212 88
91 87
89 86
95 85
94 87
1 10
108 1065
------10812 1073 108 105 108 10512 107 107 105 10412 106 106 10512 1044
8
24 24 ----- --24 94
__ 24 24
40 39
40 40
41 3912 4'712 -40 50 44 61 17 69 -12
53 78 95 78 72
-14 74 66
-101 101
_ _ 15-1 161
1
- _
_ ___
_
i 16
1
--,_- ---- ---11-3 1614 13
8
1818 15
2112 18
2114 91 --------27 -- -14 ---------------3912 - - 8 - -- -14
22
3
53
-4812 60 50
60 56
68 59
6814 65
85 64
90 81
89 95 87 9514 11514 86 119 115
323 3478 331s 37
8
333 4012 3714 3812 36
4
3104 353 3612 35
2
37 35
3412 3312 35 32
35 32
10
1012 10
145
4
8 93 1512 14
1638 13
1658 1412 1612 15 s 20
3
1618 ---- — ---- - - ----____ ____ ____ --- 1934 1812 1934 is
1713 2418 --19
19
- ---- ---- ---- ---1413 1612 16
19
- ----- 16
1618 19
18
17
1612 2018 18
6
-6
10 -12 123 10 -12 132 115 135 124 125 12
---_ _
_ _
-0 125 122 124 122 128 12312 _
_
____ ____ ____ —_- ---- --__ ____ __ ____ ___ ____ ___- ---- 42 4112 :Iii2 411 4312 12
- i47 12
.
8
-
11214 11012 11213 111
977 91
4
8
973 9738
108 107 108 108
27 25
25 24
40 38
42 41
____
1112
4812
333
8
1114
_ 11
14
47
33
913
____
12
50
35
11
___ ___ ____
10'7 107 108
___ ____ __
Peerless Motor
2212 1718 1734 17
2312 19
21 ____ ____ ____ ____ ___ ____ _ _ _ - ------------1913 1912
21
25 23
Reliance Manufacturing
..
.. ....__ _ _ __ ____
— ii5 8 16 iif8
12s 712 5312 47
Richman Brothers
290 285 285 258 267 26013 285 263 293 275 290 268 281 273 331 280 353 328 348 333 400 3397k 390 350
River Raisin Paper
10 8 8 4 103 1018 103
,
3
8
1014 1153 11
4 913 12
10381038 --------------------------------8
712 712 7
Robbins & Myers
14
18
V t c series 1
___ ___- __— ---_ ____ ___- ____ ____ i(51- 19
2
5
9
514 91
,
V t c series 2
____ ____ __—___ ____ __—___ ____ 11
10
9
8
614 614
Preferred • t c
____ ____ _
_
_ __
_ _ _ ____ ___ ____ ____ __ ____ ____ ____ _ _
1413 13
1 15
101
8
Rubber Service Laboratories
Orraories___ 4- -5 4
- io -46
6
6 :to -4
__ 15 - ---------------------. 3I
Sandusky Cement
164 155 170 170 200 170 180 170 215 fio 205 260 203'203i 205 2
05 230 205 ---- ----230 215 25012251-112
Scher Hirst "A"
27 2612 267 26
2612 26
8
2712 27
29 2712 2713 26
2212
24
24 22
25 22
24 23
26
26
25 23
Seiberling Tire & Rubber
4478 39
42 3212 41
4712 38
36
50 41
4434 3814 48
47 4214 5212 457 5134 45
39
8
55 4514 67 51
Preferred
10534 104 10412 103 10512 103 10514 10334 10712 104 10712 106 105 104 10513 10214 10512 103 106 10338 108 10512 10712 1047
i
Selby Shoe ___________________ ____ ____
_______ ____ 47 41
42 4014 45 4013 43 4138 4112 3812 41
38
387 37
8
37 34
33 33 i
7
Preferred
Sheriff Street Market
61 61
60 597 60 5312 ----------------55 42
4t
42 42 ----------------33 32
30 30
28 2511
Sherwin Williams
69 66
68 657 68 6512 70 66
8
7613 69
80 72
80 7812 95 7812 9314 8734 9113 87
80 78
8838 83
Preferred
10914 10812 10813 107 10913 107 10914 108 108 106 10718 10613 10712 107 1073* 106 11
106
08 106 108 1053 107 10812
4
Smallwood Stone
3012 2912 32 30
8
31 4 303 3111 3012 32 31
,
3212 30 30
-------- -30 25
30 30
30
2914 29
Sparks Wit hington
61 37
Rights
Sinking fund preferredlO5 1057a
7
Preferred
___ iThiy 16i 115 ill
__
lin 1- iio 170
66
-Stahl (11 A) Properties pref.__
____ ____
_ ____ ____ 4212 4212
Standard Textile
ii -fi
_ 16 15 i' if in fi 1234 123-. __ — Ws I ii 1 1214 11-13 ii ii ii If
4
.
"A" preferred
6218 0014 68 63 7012 6713 64 6314 63 56
cif 6712 63 71
66 5014 66 5114 71
55
70 6514 72 65
"B" preferred
3112 3012 3414 34
3212 3212 35 33
35 3
1 291
1 31
31
28
267 35 3212 33 32
8
3212 3114
Star Rubber ------- ---- ----- ------------1
I
1
1- ------ --------------1
___ -__- --_ -7
8
12
12
3
8
1
-1
Preferred
Stearns Motor (F B)
5
414 5
3
34 5
3
5
8
7
8
8
112 5
6
612 51. - -18 7i8 - .3- '7
4
4 46
612 6
44
3
Steel & Tubes
9113 64 10713 186 115 93 120 11(1 160'12 120 191 160 188 180 190 180
61
68 61
53 6218 57
-Rights
514
514
3
6
Steel & Tubes Inc"A"________ ---- --- ---- - — ---- .--- ---- ---- ---- ---- —__ ___ ____ ____ ____ -- ---- ---- _ — iiil
Sii
92
ii --Income •*B"
Preferred
Telling Belle Vernon
48 4513 4712 4512 4712 45
5412 4612 5
.
- 48 - 6 52 49
5 14
5814 56 ---- -- ---- --- - ---- .--ni If- Li 16
l4
"B" preferred
108 108
Thompson Products"A"
2434 23
iLT8 13 57 Ii12 ii lilt an 16 3472 11-18 3872 12
.
iii2 12
-1
lit
-- iiii2 li 5514 32
16
Preferred
--__ 1021310213 103 103 - - ------- ------105 105
_
Trumbull Cliffs Furnace pref 105112 105 10512 10512 106 105 105 103
1027
, 1021
-3 10012 104 104 105 103 10314 103 104 10312 104 104
Trumbull Steel
12
1113 1112 11 ---- ------ ---1014 13
1114 12
_ _
1214 113 ---- ---- ---- ---- ---- ---- ---- ---1012 9
4
Certificates of deposit
12
1014 13
12
11
11
1113 12
12
if 12 -1-1 4 --- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---1
Preferred
9912 8913 10812 9712 10013 100 10013 9818 100 100 100 100
Certificates of deposit
9812 90 108 95 8 101 97 101
3
97 10012 97
Union Metal
Union Mortgage
First preferred
Second preferred
Van Dorn Iron
Preferred
Weinberger Drug
Wellman Seaver Morgan pref
White Motor
White Securities pref
Wood Chemical "A"
"
B..
Youngstown Sheet & Tube
Preferred
•
BONDS.
City ice general 6s
Cleveland Akron Bag is
Cleveland Ry 5s
Cleveland & Sandusky Brew 6s
Gen & con 5s __ _ _
Steel & Tubes deb-6s
Wash Bait & Annapolis
47 45
4734 46
47
4612 46
4813 46
46 423 4413 427 49 43 47 45
5712 WA
4512 4434 62 44
4
8
3
(is 1
1
12
12
12 1
12
3
4
3
4 1
1
14
1
3
12
14
14
14
12
14
14
14
4
10
43 1
10
9
9
5
3 - ---- --------- ----3
212 253 258 27s 211
7 -----------------138 15 ----- _
-- -1
1 ----------------------1
34
18_
5 --------738 7 ---- ---- 6
3
5
4
_
,
-.. 4
4
4
.
i
8
34
3
40 40 40 40 -------- -35 3() 30 -3
0 30 28 28 28
___
2813 28
_— __— ___------ 23 213 24 22
4
89 89 89 87 89 89
86 - -------------------- ------------55 65
70 70 60
71
32 32 -------- ---- - -4224 36 31
42
2
-.
10312 10314 105 104 104 104 104 16312 105 191 105 105 103 103 104 104 101 fof 103 101 10412 194 105 - -14
14
-12
68
____ ____ 2534 2512 2634 25
2734 2512 273 263 27 25
4
8
26 243 2514 243 28 26
4
4
2514 25
28 28
28 25
--- ---- -------------------------------------------9414 -- 2112 1812 2112 2114
____
-_ 9014 8814 897 897
___ ____
8
8
9414 ---- ---- ---- --10713 106 108 10
-6 108 107 10912 108 109 166 10614 19514 ------------------------997 9914 102 9912 10214 100
8
48
7
30
12
5
____ ____ _ _
_ 101 101 ------------------------ 101 101 --------101 101 ----------------101 100 4
3
91
ii - __
_-- _
_i 34_s.s99 99
183 1001 101 101 10012 10 12 10012 10012 155i2 10 14 10014 10014 joiji- 1-6
6
4 6614 10013 10014 10014 10014 ---- - - 10
- 166 ioo 106
6
_
----- ---- 101 101 101 101 101 101 10114 101 10118 10118 10114 10118 10114 10114 10114 10P4 10112 101 10112 10112 -- — --•
- 14
86 86
---- ---- ---- ---- ------ -- ---- ---- ---- ---- ---- ai 16 ---- ---- ni ii ---- ---- ---- ---- ---- ---•
------ ---- ---- ---- ---- ---- ---- ---- --- —_ ____ ,.
.. ____ —__ --- ---- ---- -- 96 9313 96 9311
MONTHLY RANGE OF PRICES ON CLEVELAND STOCK EXCHANGE FOR 1927,
BANKS.
April
January February
May
March
June
August September
October
July
November December
Par High Low High Low High Low High Low High Low High Low High Low High Low High Low High Loa High Low High Lots
A nerican Savings Bank___100 -------------------------------- 400
Ce
Cl eveland Savings & Loan 100
- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---Cleveland Trust
100 311 367 315 3
---10 310 307 308 305 310 301 305 300 30613 300 330
CI
rardian Bank
100 275 260 28013 275 305 300 308 302 315 31012 330 325 355 835 375
Lu•rain Street Bank
Mctrris Plan Bank _
200 210 210
NaI tIonal City Bank
100 1;
75 1/1 175 175 180 180 ----------------178 178 ------ jai)
-Peari Street Bank
100 --__ ___
9
/4513 285 285 285 285 285 283 283
Utlion Savings & Loan
180
---- --- -155 155 157 157 --------158 156
UtOtto Trust
180 225 218 225 224 260 225 24912 242 250 248 265 250 285 275 290
'lied Bank
100 2
- 175 265 265 265 265 --------270 270 275 275 275 275 275
- --- lin- 196 308 350 33013 ail 111- 362- 86i355 377 37612 410 387 390 385
27012 27013
-200
189
&II
285
160
280 285
270 267
196 ioi- 201 idi- 2 1E.-6
285 285 285
160 170 170
279 28212 276 274- 2111-267 265 265
1039
FINANCIAL CHRONTCLE
FEB. 15 19301
MONT:!LY RANGE OF PRICES ON CLEVELAND STOCK EXCHANGE FOR 1927—(Concluded).
MISCELLANEOUS
November December
October
September
August
July
June
April
February
larch
January
Meta
Par High Low High Low High Low High Low lligh L-w High Low High Low High Low High Low High Low High Low (Itch Lou
712 672
25 714 61
8 714 614
Paragon Refining
70
72
70
75
70
100 70
Preferred
2812 2838 2634
277 29
50 32
8
Peerless Motor
• 168 160 162 143 152 14278
Bros
Richman
7
7
• 712 612 712 7
River Raisin Paper
238
_-_- 4
Robins & Myers preferred100 ---- -•
Rubber Service Labs
Igo 10712 105 ____
Russ Mfg
Star Rubber
Preferred
Stearns Motor
Steel 8c Tubes
• 2514 21
100 9712 96
100 73
72
25 45
4412
100 109 107,2
• 31
3014
• 153 1534
4
100 95
05
100 834 712
2514
100 30
100 13
13
•
100
• 812 734
25
Telling Belle Vernon
"B" preferred
Thompson Products
A
""
Preferred
Toledo F.dikon pror pref
Trumbull Cliffs pref
Trumbull Steel
Preferred
Truscoo Steel
Preferred
Union Metal
Union Mortgage
First preferred
Second preferred
• 38
36
100 104 104
8
100 1203 115
•
100 98
97
100 117 11418
100 9912 98
1014 912
100 75
73
10 25
24
100
4012 4018
100 60
52
100 85
80
100 79
76
Selberling Rubber
Preferred
Sheriff St Market
Sherwin Williams
Preferred
Smalivvood Stone
Sparks Withington
Preferred
Standard Textile
"A"
23
97
22
97
25
100
814 1012 87
9
8
9
1
914 814 83
4 8
614 918 712 914 8
7
612 6
95 10934 102
90 105
94
85 85
84 81
83 83
70
87
6612 6612 67
66
2112 243 23
4
2112 2134 2118 28
2234 23
8
263 2412 26
2614 2134 273 2234 2712 25
4
4
180 15178 20212 174 2243 20012 22312 20712 22012 21012 290 219 28912 260 278 263 298 272
814 8
712 73
71
8
73
4 712 73
714 814 814 73
718 63
s 8
8 67
8 73
la
_
2
-1
_
4 212 212 ----- ---- -------- ------- _
4 23
4 234 23
----------------23
50
51
44
51
41
3518 48
42
35
30:2 4212 3618 35
40
104 103
2312 24
100 100
2212 30
99 100
8
347 27
25
8
233 27
100 10018 10018 100 100
713
1512
96
712
27
13
10812 107
3 12 323 35
_
_
-------- --- ---- 13
17
96
18
96
44
36
37
99
9714 9712 97
117 11512
9912 10014 9918
-In
1114 1014
80
7218 81
2412
4412 42
4814 4234 47
41
58
82
8014
4012
51 1s
80
80
•
Van Dorn Iron
100
Preferred
Wash Balt & Ann RR pref _50 17
17
.• 26
Well Seaver Morgan
25 .56- 10
92
100 91
98
87
Preferred
50 563 5634
White Motor
4
0
White Motor Secur pref._ _ _100 107 10612 10612 1- 0Youngst Sheet & Tube pref.100 110 10712 10912 108
98
100
11638 11514
9934 99'2
127s II
8112
88
2438 2438
3912 3712
10212
43
10012 100
117 11634
101 100
1214 103
4
90
82
25
24
10038 10038
115 115
8
1017 10038
1312 1112
8214
88
35
15
30
24
303 2912
4
33
34
33
34
2014 13
33
22
33
20
32
34
13 -------1612 1212 1534 1512 1712 1538 14
62 6312 60
5012
74 64
52
4634 63
4512 50
30
3912 3518 3312 3312 31
32
36
25
32
22
48
2914 4212 2812 50
32
41
13 _-------22
14
1512 13
20712 201
WWI
1 112
833
4
2412
35
35
1112 15
2020
41-2 -- 2 -- - --1 - -i- -- -1 --, - -1
32
,
8 34
-47
34
3150
52
50
51
--------5212 50
61:2 -------67
4
63
4
73 - lig --'fig - - - - - -i- -- - 8 - -68 - -
38
8
387 3214 3812 33)4 4014 30
10212 10012 10212 10112 102 100
65 -a- -e61- 105 62
2 109
F18., 106h 108 10712 - 6- 10724
4
712 V112 g8
7
6?
5214
7
i3 4 71
61 4 :5C2 - -3- 6C
- 3- .
10712 10514 10614 10512 10512 104 107
48 2
l
- 1- -& - -EI- 107'3103l, 10734 107 - 108 107
3014 30
30
3312 01
44 -.41e
60
10834 106
30,2 3034
31
,
15 4 153 1812
4
96
95
95
712
7
7
29
25
26
4
137
13
13
2
2
3312 30
10112 101
4
473 42
4314 43
5 - 814
211 2 - -14
0
20
102 101
116 115
8
1007 100
1114
13
85 82
24
24
43
58
8112
79
42
5714
80
78
-
23iiTz - -
10234 10234
11612 116
101 10078
12
14
8612 82
4312
51
80
75
49
44
49
4114 47
24
27 2:4
- - - -1g - - -- - --__ ____ ____
____
-16
11612 1 102 102 10314 103
1114 914
1218 11
7912 75
8312 80
43
47
.i2 2112
-2i4, - -- - -26. - 2
l0234 10112 10134 1015
_- _
10414 104 10512 1 eli
1138 10:1
1214 10
9012
95
70
100
.
5 - io. 105 104 104
47
461a 49 --48 - - 45
4
47 433 46
42
4 4
83
2618 6
26
27
25
40
21
30
35
-- - - 57
57
57
_
7934
10
20
30
45 --------45
55 60
4
403
6112
8314
82
4018
5712
81
SO
4312
6012
80
7912
40
59
78
77
4312
59
81
80
90
90
8
85
17
4
85
17
6 ------------------------ 3
634 5
3
7 --------6
71
70
_
70 - ---- ----60 60 --------4212 4212 ----------------36
19
19
3030
95 88
8
5038 483
107 108
111 1083
4
85 85
46311 463
8
107 10414
111 109
4278
58
8012
80
4:312
59
82
81 12
42
58
81
78
45 si
81 ii - _____ 3914 3714
105 -9912 106 104
111 1 10 11012 10912
s
857 If
___ . _ _
- 105 104
109 10812
44
ii
55 8
8
403 403
10312 10314
109 10712
85
45 - - 34
40
40
104 103
10938 107
86
8834 - .
3912 3912
104 10312
4
10812 1063
2
36
ii
8
4 8
452 - - . 8934 33
34
108,8 105 106 103
4
10912 107 1093 10844
BONDS.
City Ice gen Ls _______________
9E
-115- -- 95 9412
Cleveland Akron Bag 88
4
993
4
993 100
100
Cleveland Ry 4s_
9934 99
-- Cleveland St San Brew 6s
Cleve S W Ry & L G Con 5s
-- - - Cleve S W Ry & L Div M 6s__.. 7312 7312 - - - -Lake Shore Flee gen 5s
1, 4s_
N 0T &
Firestone of Calif 5s
4
8734 872
Stark Lice Ry Si
.- 91- -_-_-: -____--:
94
0.i- - 91 -- - - -5L -9'8 99'8 -5
-:. -,; -__- -- -- -5:5- - - .- -5 - 56
Iii- ---- ---- 9
8
9934 993 9934 ____ ____ 10014 997 10014 10014 10014 10014 ----------------100-38 100
100 4
10014 10014 10014 10014
_-__ ____ ____ ____ ___ ____ 10012 10012 ----------------4
228
60
60
00
60
9614 9614 9612 1361;
9612 9612 9612 96
983 9S34
RECORD OF PRICES OF TOLEDO STOCKS FOR 1929.
There is no Stock Exchange in Toledo, but we have obtained from Bell & Beckwith the following list of high and low
prices for the calendar year 1929 on the stocks which are traded in more or less actively in the Toledo market. Important
Toledo stocks, such as Airway Electric Appliance common, Owens Bottle common, Willys-Overland common, and preferred,
and Electric Auto Lite, are listed on the New York Stock Exchange and appear in our records regularly for the New York
market.
City Machine & Tool is traded in on the New York Curb, and appears in our regular records for thatExchange.
Low.
STOCKS—
High.
Airway Electric Appliance preferred
City Auto Stamping common
Fifty Associates common
Preferred
Houghton Elevator preferred
Larrowe Milling common a
La Salle & Koch preferred
I,ogan Gear common
Preference
McMillen Milling h
Toledo Scale Co. preferred
Toledo Edison Co. 5% preferred
6% preferred
7% preferred
Woolson Spice Co. common
Preferred
87
6
108
100
100
28
110
29
16
25
110
81
89
96
30
100
102
33
109
102
100
314
110
40
BANK STOCKS—
American Bank
Commercial Savings Bank 8c Trust Co
Commerce Guardian Trust & Savings Bank
First National Bank
Home Bank & Trust Co
Industrial Bank c
Ohio Savings Bank Sr Trust Co_d
Security Savings Bank & Trust Co.(old)_e
125
225
200
400
ISO
110
400
300
125
250
250
600
180
118
400
350
51
110
92
1031-4
110
35
100
ST9CKS—
Spitzer-Rorock Trust & Savings Bank
Toledo Trust Co.(nea)_e
Union Trust & Savings Bank
American National 6s 1938
Lamson Building 6s serial
I.a Salle & Koch 6s serial
Scott Realty 6s serial
is
Secor Hotel 61, 1932
Toledo Paramount 6s serial
Toledo Gas El & Heating 5s 1935
Waldorf Realty 6s serial
Low.
111711.
220
118
215
220
118
250
99
95
96
96
93
95
99
989i
101
99
101
102
99
99
1034
103
a Larrowe Milling Co. merged with General Mills. Listed on New York Stock
Exchange March 1929.
h This company merged with American Milling Co. of Peoria, Ill., and the new
company became known as Allied Mills, listed on Chicago Board of Trade.
c Opened for business Dec. 8 1928.
d A recent merger of Bankers Trust Co. and Security Savings Bank Sc. Trust Co.
has been completed. The capital stock increased from 8,000 $100 par shares to
32,000 $100 par shares. Par is asked price on new stock—no sales.
e Changed capitalization from 50,000 $100 par value shares to 100,000 $50 Par
value shares and formed new allied securities company 50,000 550 par value shares.
RECORD OF PRICES OF TOLEDO STOCKS FOR 1928.
STOCKS—
Airway Electric Appliance,common
Preferred
Fifty Associates. common
Preferred
Haughton Elevator, preferred
Harris Auto Press
Larrowe Milling
La Salle 8c Koch, preferred
Toledo Scale Co., preferred
Toledo Edison,6% preferred
7% preferred
Woolson Spice, preferred
BONDS—
La Salle 8c Koch 6s, series
1932
Secor Hotel 6
Low,
Ilijh.
363.5
46
100
106
102
105
102
104
100
102
See Cloy eland E xchange
25
3U q
110
110
110
111
100
1115
108
110
100
102
98
95
102
99
BONDS--Coatinued.
Lore.
High.
Scott Realty 6s, serial.....................................
Toledo Gas, Electric & Heatn
‘Vaidorf Realty 6s, serial__________________________________
tOil
100
100
102
105
101
BANK STOCKS—
American Bank
Bankers Trust Co
Commerce Guardian Trust & Savings Bank
Commercial Savings Bank & Trust Co
First National Bank
Home Bank & Trust Co
Ohio Savings Bank & Trust Co
Security Savings Bank & Trust Co
Spitzer Rorick Savings Bank & Trust Co
Toledo Trust Co
Union Trust & Savings Bank
125
125
200
200
400
170
300
280
220
210
240
1'25
159
225
225
450
ISO
325
300
220
215
250
1040
FINANCIAL CHRONICLE
[Vol,. 130.
RECORD OF PRICES ON CINCINNATI STOCK EXCHANGE.
We are indebted to Richard Seving, Secretary of the Cincinnati Stock Exchange,for the following compilations showing
the high, low and closing prices on the Exchange for each of the last four calendar years—based on actual transactions.
HIGH, LOW AND CLOSING PRICES ON CINCINNATI STOCK EXCHANGE FOR 1929 1928, 1927, AND 1926.
Calendar Year 1929.
LISTED SECURITIES.
High.
20
15
99
34
32
143
Ahrens-Fox A
American Laundry Machine
American Products
Preferred
American Rolling Mill
American Seeding Machine
Preferred
American Thermos A
Preferred
Atlas National
Baldwin
6% preferred
Buckeye Incubator
Burger Bros
Preferred
Byers Machine A
15
12
65
17%
18
65
i§--
Close.
17
12
67
18
20
80
18--
21%
50
577
29
10734
27%
13%
52
42
540
9%
74
10
3
47
47%
540
9%
75
16%
10
52
401
126
28%
290
1%
200
112%
107
109
37
40
5%
99%
165
135
Carey (Philip)
Preferred
Central Brass A
Central Trust
Central Ware A
Champion Coated
1st preferred
Special preferred
Champion Fibre pref
Churngold
Cincinnati Ball Crank pref
Cincinnati Car
Cincinnati Gas & Electric pref
Cincinnati Gas Transportation
Cincinnati Land Shares
Cincinnati Tobacco Warehouse
Cincinnati Newport & Covington
Preferred
230
115
8%
273
1%
165
103%
100
105
18
25%
31
90
125
110
295
115
8%
275
1%
200
103%
105
105
2031
27
34
95%
162
110
13831
90
55- 161-70
80
450
115
85%
55%
130
44%
63%
34%
108
105%
46
80
127
108
60
420
111
70
40
104%
22
42
28
104
100
18%
25
17
104
58
420
114
70
43
110
2434
43%
30
104
100
18%
25
18%
105
59%
_
4131
125
16
102
22%
103
75
108
37
Cincinnati New Orleans & Texas Pacific
Preferred
Cincinnati Postal Terminal pref
Cincinnati Street Ry
Cincinnati & Suburban Telephone
Cincinnati Union Stock Yards
City Ice & Fuel
Coca Cola A
Columbus Railway let pref
B preferred
Cooper Corpation
Preferred
Crosley Radio
Crown Overall pref
•
Dille Ice Cream
Dayton & Michigan
Preferred
Douglas pref
Dow Drug
Preferred
56-50
195
105
380
451
2434
17
114
3154
30
120
534
26
2234
4934
540
40%
110
49
1451
56
____
17
1534
9134
3034
2434
8334
534
20
11
43
537
24
103
73-4
9
42
19
155-1
9234
3034
27%
9534
534
22
18
47
537
25
104
1034
9
42
275
TO
222
1E%
230
1g34
276
255
14t
114
110
110
5034
3354
3934
111
"
108
105
10554
35
32%
28
97
12234
110
15
9734
75
10034
151
170
15
109X
85
Low.
Close.
High.
Low.
Close.
-118
5934
11534
14834
-168
11634
28-107
1854
55
1434
44
535
53
11034
53
22
58
42
§ii•i
44
551
16
7
34
525
41
1063-4
44
12
5034
39
28-10934
551
50
13%
4434
535
4034
110
48
13
56
4151
Yili
5934
29
75
2034
4431
440
2251
4431
2334
58
934
35
434
5531
4631
2334
58
10
35
440
48--
§öK
iii-i
252
125
190
11334
24634
124 _
181
115_ _
173
111
173
11334
276
266--
266--
261
266
246--
266
-
14i
"
112
1053-4
108
35
33
12M
115
-,-110
48
110
109
==-103
343-1
110
110
.,..,
1084
47
183
" 140
111
1083-4
=, 106
10034
70
45
99
150
125
15
100
75
10134
140
5534
18
105
166-45
130
166-36
125
11%
101
26
104
27%
12%
101
26
107
28
2474
118
9334
110
37%
4
18--
56--
100
1534
100
56
106
29
334
12
35
90
94
330
360%
120
20
16
16
90
2034
100
72
110
36
334
12
43
164
105
350
420
125
30
16
1934
9934
161--
§- ;
d
5/-
1231
15%
90
30
180
100
300
425
4331
12%
16
99
92
97
36%
104
101
60
116
13%
98
70
68%
108
45
72
70
17
90
95
40
11034
5
75
45
42
9234
33
40
75
70
19%
90
95
41%
11034
5%
75
45
47
96%
33
56--
i6--
2014
104
42
50
110
29
22
97
28%
41
104
5
19%
99%
28%
45
110
534
20
556
-
456
100%
42
28
33
118
60
90
12
16
566--
107
48%
50
55%
118
78
10831
36
22%
195
47
116
104
28%
28%
52%
600
485
190
104
116
z Based on $100 par value.
120
25
107%
102
831
22%
550
279
160%
_
96
104
100%
44
37
39%
118
60
99
12%
20
120
34
111
102
831
8%
46
600
443
161
9831
112%
y Based on no par.
5534
15--
100
78
5136
9351
1123-4
15-8934
70
5534
9934
12234
16
48
190
105
374
420
93
18
2234
26
5431
97
99
2434
103
10034
57
116
19
105
7534
60
10134
43
104
3734
108
4336
59
11234
5554
503i
y12834
120
430
11031
33
3834
-65
112
45
21%
16034
48
117
106
23
20
43%
560
300
200
11531
10234
11534
14
43
88
94
23
'
84
4436
111%
12
97
4434
394
97
2834
8931
2931
Li-
---9534
71
H--
-------
140
"
11031
,--104
45
5551
8834
11234
9334
123
---eili
---§5--
63
71
825
181
270
360
101
103
88
9031
39
32
3831
93
81
9331
x153
x125
x131
2531
2131
23
105
70
9734
-. .3
§
04--
99
1U
108
213 ,
4
9934
?114
10231
168-5834
166-5331
161-58_ _
164-!!_ _
161-!!_ _
164-!!_ _
__
166
4234
126
-_
166
3331
11231
__
166
39
126
__
166
166
1663i
115—
110
3
116- 4
31
1A7
,
22
119
2234
117
35
113
2634
109
.
2731
112
11031
102
11031
"
103
49"
E4
-,- i
f
-8--
-I--
NI-
40
-Iii
30
821
95
360
376
12631
itg
95
30234
325
110
id--
iiii
90
165--
::::
::::
14
50
92%
95
24
55
46
98%
101
----
39"
85
85
----
100
100
35
3634
49
49
112
112
13
16
26
3131
y70
y116
115
115
410
410
i
19d% 104
4734
§:Ili
95
125
-------
96
63
9734
In
73
103
95
188t1
so 311431
13
98
69
60
101
43
90
32
-------
9834
76
480
420
315
500
450
450
121
110
11234
11a
11254 12
1
7
85
85
9234
93
5538
50
128
AM 1%
1t7 34
9031 117
)
*4934 *35
x136
x155
x160
*35
61
3631
2234
61
3734
8734
38
3034
3434
34% iT
s 4'4 1114
10931187u
5
Calendar Year 1926.
High.
18811
68
85
110
107
5834
3934
__
166
40
127
25
180
100
300
400
Calendar Year 1927.
Close.
62
84
25
102
58
3934
8§--
Kahn 1st pref
Participating A
Kemper-Thomas
Special preferred
Kodel A
Preferred
Kroger
1st preferred
Lincoln National
Little Miami guar
Special guaranteed
Lunkenheimer
Maneschewitz
Preferred
Mead Pulp & Paper
Preferred
Meteor Motor
McLaren A
Low.
70
107
110
10731
58%
3934
8434
13%
16
99
Giant Tire
Gibson Art
Globe-Wernicke
Preferred
Goldsmith Sons
Goodyear 1st pref
Greiss-Pfleger pref
Gruen Watch
Preferred
Hatfield-Campbell
Preferred
Hobart Manufacturing
International Printing Ink
Preferred
Jaeger Machine
Johnston Paint pref
Julian & Kokenge
Nash (A) Company
National Recording Pump
Ohio Bell Telephone pref
Ohio Shares pref
Paragon Refining B
Voting trust certificates
A preferred
Pearl-Market
Procter & Gamble
8% preferred
6% preferred
Pure Oil 6% pref
8% preferred
Calendar Year 1928.
High.
1643i
Eagle-Picher Lead
Preferred
Early & Daniel
Preferred
Egry Register A
Excelsior Shoe
Fay & Egan
Preferred
Fenton United
Preferred
Fifth Third
First National
Fleischmann pref
Formica
French-Bauer deposited
Undeposited
Preferred
Gallaher Drug old pref
New preferred
• Based on no par.
Low.
593-4
116
2034
105
45
____
55-1023-4
__—
37
40
55
98
95
360
376
125
le-9031
573-4
9931
----
37634
350
119
if-
28
65
-----318
321
112
20
ii--
104
8931
Li__
!1._
.
::: ..
.....
37
At
10034
----
1A7
0
-8--
40
64
------365
350
11334
2234
18-98
1
21_
..
57
ta
101
----
'IL 1tri
1331
101
28
----
45
80
----
__
18
101
44
----
2931
9931
----
113
NI/
80
81
----
.1R
8934
90
----
191}i
36
100
153.4
101
----— -
1831
10234
---— --
1434
100
-------
5291
§'Yq
10234
----
gg
_-__
§dji
101
--
100
110
104
99
100
1003-1
39
42
45
453-4
43
413-4
48
59
65 .
59
59
59
112
112
112
__
__
-8010
9
9%
2r31
g2%
20
7934
2131
2034
z118
z14014 z13534 z1047 z1323-4
z145
416—
1(434
436—
10434
49
416—
It
26 e
2751
-10434
30
11
.6—
643-4
10634
11.6-6054
9934
274
16
324
16 i
2631
99
28
105
105
17
17
4034
495
249
170
105
9631
11031
153
32
11231
106
23
20
43
560
283
197
111
10134
114
129
4131
114
____
__----- --500
250
201
RP
633
101
ig
z Based on $10 par value
161-11434
321-95
366-91
320
94
116-64
10634
166—
166—
16()
7
1.6--
17 74
7;7
2617
3-4
if-
18--
100
3834
10634
-----------425
177
163
_--97
111
115
405-4
111
------------500
250
201
---100
11234
____
115
------------
109
__-----------
11031
-------------
155—
163
_-9934
11231
155-4
3160
---8534
107
156-163
---94
111
FEB. 15 1930.]
1041
FINANCIAL CHRONICLE
RECORD OF PRICES ON CINCINNATI STOCK EXCHANGE (Concluded).
United Milk Crate A
U S Playing Card
U S Printing & Lithographing
Preferred
U S Shoe
Preferred
Western Paper A
Warren Ohio Telephone pref
Preferred
Whitaker Paper
Preferred
Wurlitzer
Preferred
Low.
10
4
85
92%
Close.
Mph.
LAND.
5
92%
17
10134
103
-__-
1234
90
100
--__
14
90
103
-_--
54--
High.
Close.
7834
High.
Putman Candy
Preferred
Queen City Petroleum pref
Printing Machinery
Preferred
Rapid Electrotype
Richardson
Rolima° Sons pref
Sabin-Robbins Paper pref
Second National
Sparks-Withington Co. pref
Sycamore
-Hammond
Preferred
Standard Drug A
Calendar Year 1927.
Calendar Year 1928.
Calendar Year 1929.
LISTED SECURITIES.
ei
20
100
249
100
99
240
100
230
104
107
254
150
2734
.21
100
240
100
19
90
8534
97%
3%
25
38
142
130
105
8
65
172
97
97
241
114
25
100
230
1033i
993(
255
150
25
100
3734
13634
8534
103
934
7234
263(
1
13 __
°
2634
10934
62
100
554
45
20
1
W __
3634
111
85)(
100
8
66
20
1
(* 7
7;
108
117--
19%
91
103
102
37
3034
WI
85
87
10734
102
5234
10534
10834
10234
108
108
108
11934
lig--
52%
Close.
CalcularYecir1926.
/ugh.
Low.
2434
100
20
95
Close.
22
' 95
20
92
10134
58
LAID.
1334
ss
15
88
2'78-270
38
-_-----
.
275-270
25
-------
28--
270
3534
-------
-------
-------
---_
----
240--
218--
240--
224--
216--
2N--
51--
5934
51--
102
146
80
101
9
6234
29
31§65
Alln
fig
100
11
1034 11
---- ---- --____-__
—
15
24
15
187
95
100
8
5634
31
135
74
91
554
4234
2734
178
77
92
5
35
20
137
80
101
634
58
20
3a51
9534
3a5734
102
3 .
0
56
10934
31043
98
31i-
86
55
8734
5
112 112
till
so
10234
Iffii 167-- liiii
RANGE OF PRICES ON COLUMBUS (OHIO) STOCK AND BOND EXCHANGE DURING 1929.
We are indebted to Stevenson, Vercoe, Fuller & Lorenz of Columbus, Ohio, for the following compilation, showing
the range of prices during the calendar years 1929 and 1928 on the Columbus Stock and Bond Exchange. It includes
the principal securities traded in during the year, as also the active unlisted issues.
STOCKS—
Buckeye Steel Castings common
Preferred
Columbus Dental common
Columbus Mutual Life
Columbus Ry. Power & Light 1st preferred
Second preferred
Columbus Union Oilcloth preferred
Franklin Mortgage
Godman Shoe second preferred
Gordon Oil
High.
49
106
56
240
108
107
108
37
106
33.4
Low.
Jan
Jan
Dec
July
May
Feb
Aug
Mar
Jan
Nov
42
10334
52
2274
100
98
104
33
101
234
STOCKS—
Dec
Nov
Jan
Mar
Nov
Nov
Dec
Nov
Dec
June
Huber Manufacturing preferred
Jefferey Manufacturing preferred
Keever Starch preferred
Ohio Power preferred
Ralston Steel Car common
Preferred
Scioto Valley Ry. & Power 1st preferred
Second preferred
Smith Agricultural Chemical preferred
Tracy Wells preferred
Low.
High.
103
104
50
10634
12;4
4234
35
16
102
9634
June
Jan
Apr
May
Feb
Apr
Mar
May
Sept
Apr
99;4
100
45
101
8
Dec
Nov
May
34
Sept
Dec
Aug
30
15
9634
85
Jan
Apr
Apr
Aug
RANGE OF PRICES ON COLUMBUS (OHIO STOCK AND BOND EXCHANGE DURING 1928.
STOCKS—
Buckeye Steel Casting common
Preferred
Central Brass & Fixture"A"
Columbus Dental common
Columbus Mutual Life
Columbus RR., Power & Light common
First preferred
Second preferred
Columbus Union Oilcloth preferred
Franklin Mortgage
Godman second preferred
Gordon Oil
Huber Manufacturing common
Preferred_
leaffneav. Xi.ofi•fesinfs r3••• A ,r...slra.....A
•
High.
5234
108
2934
54
221
125
10934
107
10734
71
10634
234
150
103
in,
Low.
Jan
47
June 105
Nov 2234
Dec 53
Aug 218
May 115
May 10334
June 10234
Apr 104
May 70
Apr 104
Mar
2
Dec 120
Aug 102
rt... in'
June
Aug
July
Dec
Aug
Mar
Aug
July
Sept
Apr
Dec
Aug
Feb
June
High.
5034
104
104
8234
10354
108
15
4334
10
7234
3234
102
10934
98
Low.
Dec 39
Aug 101
June 96
May 42
Dec 97
Apr 103
June
834
Jan 41
Apr
434
Jan 45
Jan 1734
July 98
Feb 8534
June 94
Dec
July
Mar
Mar
Apr
Sept
Feb
Sept
July
June
May
Jan
Nov
Jk,n
1,....
Optimism Holds in Ohio.
nard 1'. Ayres. Vico-President of the'Cleveland Trust Company.
Business sentiment in the Cleveland district is
confident but cautious, competent but careful. The
district and its leading city had in 1929 the most
prosperous year in their history. Business in this
district depends primarily on the iron and steel
industry, and on the automobile industry. When
the production of automobiles is large, the consumption of steel is heavy, the demand for Akron's tires
is great, and a great many other lines of this district's unusually diversified industries are stimulated.
In 1929 the output of automobiles was greater
than ever before, steel output surpassed all previous
records, machinery sales reached new high levels,
tires were produced in record breaking volume and
employment conditions were exceptionally good.
It was a year of business expansion for the city and
more than 1,500 new business enterprises were added
to the number of its activities. Of these about onethird were new manufacturing undertakings, and
about another third commercial establishments,while
the rest were divided among new mercantile, distributing and financial firms. Not only were new
enterprises attracted to the city in exceptionally
large numbers and variety, but insolvencies among
those previously established were far fewer than in
recent years.
STOCKS—
Keever Starch preferred
Maramor8% preferred
Marion Steam Shovel preferred
Common
Moores & Ross preferred
Ohio Power preferred
Ralston Steel Car common
Preferred
Scioto Valley common
First preferred
Second preferred
Smith Agricultural Chemical preferred
Troy Laundry
Tracy Wells preferred
With the coming of autumn and winter, industry,
commerce and transportation slowed down in distinctly more than seasonal degree. Perhaps it is
no longer true that steel is' either prince or pauper,
but it clearly is so that the iron and steel industry
and the automobile industry have exceptionally wide
swings from good times to slow ones, and the Ohio
district is fully aware of the contrasts resulting from
them. It is the belief of the most competent judges
of such matters in Cleveland that the turning point
toward better business will be reached well before
warm weather comes.
Cleveland business is essentially conservative
rather than speculative, and the stock market decline
did less serious harm in the district than might reasonably have been feared. Probably it is true that
the banks, the business firms, the industrial establishments and the citizens are better fortified to
withstand a period of slow times and better prepared
to increase activities again than ever before. Besides these general considerations there are two specific ones which tend to make Clevelanders philosophic and cheerful. One of these is that the lake
shipping, most of which is owned in Cleveland, has
had a most exceptionally profitable year. The other
is that trains have begun to run into the new Union
Terminal and by next summer the city will have in
full operation a railroad station that it can be proud
of.
1042
FINANCIAL CHRONICLE
Ohio agriculture experienced a satisfactory yearin
1929, although not an exceptionally good one. The
total income of the farmers was greater than that of
1928. The wheat crop was almost four times as
large as that of the previous year, and the prices
received for hogs were substantially better. These
increases more than offset a poor fruit crop and a
slight decline in the corn harvest. The production
of potatoes and tobacco showed no great change
from 1928, but the crops of apples and of oats were
smaller. All in all, it is clear that the farmer buying
power is better than it was a year ago.
The Cleveland district has another asset to which
it cannot refer in statistical terms, but in which it
places profound faith. It is the business leadership
of the Van Sweringens, and of the Eatons. This
is an era of mergers and consolidations, and Cleveland
numbers among its citizens- some of the nation's
ablest consolidators.
Review of Ohio Municipal Bonds in 1929.
By W. Kelvin Gray, Manager, Buying Department of Seasongood &
Mayer, Cincinnati.
The way of Ohio municipal bonds for the year 1929
was a path of uncertainty with less than the usual
activity. The year opened with high hopes and a
good demand, but as money rates were advancing
and offerings of new issues were large, the market
was one of gradual recession, with inquiry kept down
by an inclination on the part of buyers to try their
luck in the stock market, which was running rampant
at the time. High money rates throughout the
State also made it prohibitive for dealers to carry
large lists or help maintain prices.
During the summer months the usual quiet market prevailed, with few new offerings and a general
lack of interest in anything but vacations. By fall
prices were at a point where they were noticeably
cheap, and those with foresight were able to pick
up. real bargains which have since shown a good
profit. The break in the stock market found a
better demand with dealers' lists bare, and resulted
in a rapid upswing. As officials during the summer
' had sensed the low market and withheld new flotations wherever possible, the situation was ripe for a
healthy advance.
Toward the close of the year more new issues were
brought forward and interest was revived to the
extent ola good market with firm prices: The yield
oh Ohio bonds is still far above the average and dealers iri'general are. predicting a continued advance in
pike.
A continued growing demand outside the•State is
being noted in Ohio bonds. This can be largely
aitribufect to the benefits derived from the Uniform
Bond Act passed' by the State Legislature in 1927
and now fully in effect. Formerly, with one or two
exceptions, Ohio municipal bonds were payable from
a limited tax, which feature was highly objectionable
to large buyers and institutions, particularly in the
East. Under the new law all voted issues are outside of any tax limitations and qualify thereby in a
larger number of investment portfolios. Furthermore, with the changes in the requirements for investment by New York savings banks, a larger number of Ohio municipalities qualify by reason of the
lower population requirement and unlimited tax
provision on voted bonds.
In a recent report by Governor Cooper, the State
has pledged itself to continue its road construction
plans, and municipal improvements are expected to
[VoL. 130.
continue on a large scale, in line with President
Hoover's suggestion.
The new year is looked forward to with optimism
for Ohio municipal bonds.
Cleveland Stock Exchange Makes New Records
in 1929.
By Cecil B. Whitcomb, Secretary Cleveland Stock Exchange.
Much additional interest developed during the
year in the Cleveland Exchange and its importance
as a security trading centre. Cleveland has long
been one of the country's leading industrial centres
and now it is also making rapid strides as a financial
centre. This was evidenced by the fact that during
the year 62 applications for listings were approved
for trading. Forty-four of these were new or original
issues. This represented a very material increase
over any previous year and amounted to over eight
million new shares available for trading in this market. Such an increase indicates more conclusively
the increasing importance of Cleveland as a financial
centre and the Cleveland Stock Exchange as an important factor in this development.
During the year 241 issues of stocks and bonds
were traded in, which is a greater number of issues
than were traded in in any previous year. The
trading in bonds showed a very healthy growth and
established a new high record of $1,490,100 par value
of bonds traded for the year.
The increase of prices paid for memberships in
the Exchange was a further indication of the high
regard and increased interest in the Cleveland Exchange that is developing. Previous to 1929 the
highest price reached for a membership was $6,500,
and during this year it rose to $15,000 for a record.
This is again indicative of the growing importance,
felt by many, of the Cleveland Exchange as a centre
for trading in securities. In view of this widespread
development of interest in the Cleveland Exchange,
the Governing Committee authorized the sale of
a limited number of Associate Memberships, to
security dealers outside of Cleveland. The immediate response that this offering brought was most
gratifying and indicative of the high regard that
was placed on a membership in this Exchange.
Another development that was apparent during
the year was the ever increasing number of requests
for the daily quotations of securities traded in on
the Cleveland Exchange,from all types of newspaper
and periodical publications. This in turn added to
the widespread interest in the market. And it is
expected that within the next year this development,
will be greatly increased by the demand of the investing public.
Based not only upon • the growth over the past
years, but also realizing the need in the future, the
Exchange has laid plans,for the building•of entirely
new quarters which will be completed in the spring
of 1930.
With previous records being broken 'almost yearly
and the growing importance of this market, it is
felt that the Cleveland Stock Exchange is in a very
enviable position.
Membership List of Cleveland Stock
Member Firms.
Borten & Dorton.
Boyd, Moore & Co.
Butler, Beaciling & Co., Youngstown, O.
Ettinger & Hirst.
Finley. Smith & Gentsch.
Will S. Halle & Co.
Hayden, Miller & co.
Hord, Curtis & Co.
Hornblower & Weeks.
M. H. Laundon.
Ledogar & Co.
Livingston & Co.
Merrill, Hawley & Co.
E. A. Pierce & Co.
Maynard H. Murch & Co.
Exchange.
Murfey, Blossom, Morris & Co.
Otis & Co.
Paine, Webber & Co.
Prince & Whitely.
Pulliam, Emery & Co.
David 0. Skall & Co.
W. S. Snyder & Co.
Samuel Ungerleider & Co.
Wellsted Macklin & Co.
Wick & Co., Youngstown, 0.
Witt, Kraus & Co.
Associate Members.
Gaylord W. Bahl Jr., Mansfield, 0.
Bell & Beckwith, Toledo, 0.
Collin, Norton & Co., Toledo, 0.
Stevenson, Vercoe, Fuller & Lorenz.
Columbus, 0.
FEB. 15 1930.]
1
FINANCIAL CHRONICLE
Indications of Business Activity
THE STATE OF TRADE—COMMERCIAL EPITOME.
Friday Night, Fe.5. 14 1930.
With mild weather there has been a slight increase in
wholesale business. The improvement has been more
perceptible in retail trade in the South and Southwest, as
well as further north. Trade and industry on the whole
show some indications of improvement. It is not pronounced, but betterment seems now on the whole to follow
the line of least resistance. Some of the department stores
are having special sales of winter goods, thereby stimulating
business. Also there isan effort to increase tradein spring goods,
with a fair measure of success. There is a gradual increase
in employment and of course this is a favorable feature as
increasing the buying power of the country. The rise in
cotton and the steadiness of grain prices were also factors
of interest. Moreover, the late date of the Easter holidays this year, which has been deplored heretofore, may after
all give retailers a better opportunity to eaten up in their
trade. Among the industries showing an improvement steel
is the most conspicuous, and Chicago plants are reported
to be working at 90% of capacity.
But the recent sharp advance in cotton has also had a
beneficial effect on cotton textiles. Unfinished cottcn
goods have been firmer and rather more active. The 38Minch 64x60s print cloths, which at one time sold at as low
as 63c., have latterly been selling, it is stated, at 6% to
63'c. Sheetings have been quiet but steady. A rather
better business was done in fine and fancy cloths. The
trade in finished cotton goods is less satisfactory than that
in the unfinished fabric. The demand is mostly for small
lots. Meanwhile curtailment is still going on in the cotton
textile industry of this country. In Lancashire, however,
there has been a better business of late, not only with India
but also with the Near East and South America. A fair
business has been done in silks, woolens and worsteds, but
it was mostly in small lots. The rayon industry is fairly
active. The big New York garment strike has been ended
by a two-yea; agreement with more satisfactory conditions
for the workers. Raw silk has been steady but quiet.
Wool has shown a greater degree of steadiness with a fair
business in some descriptions. As might have been expected, building has still been on a restricted scale, despite
the low rates for money. New building permits in nearly
two hundred cities showed a decrease of fully 9% in January
as compared with December, but were nearly 50% less than
in January last,year, New York City gained 293i% in January over December, but showed a decrease compared with
January last year of nearly 65%. Under the circumstances
building materials have been quiet. There has been very
little business in brick, glass and tiles. Lumber production
has fallen off and the sales are about on a par with the reduced output. Hides have been irregular and leather dull.
In furniture special sales have had a fair degree of success,
but it cannot be said that furniture manufacturing at this
time is, brisk. The shoe manufacturing industry is faring
better at the West than in the East. There is a larger
business being done by radio tube makers, but the radio
industry itself shows very little life at the present time.
As to the,crops, the winter wheat section is without snow
covering,,but so far as can now be judged winter killing up to
this time has been light. Preparations for the cotton crop
in the Soutn are well behind, owing to prolonged bad weather
and wet fields. It looks as though there might be some decrease in the cotton acreage in Texas and Oklahoma if aeports
of a large increase in the oats acieage in those States may be
taken as an indication. There is a fair degree of activity in
the manufacture of machine tools and agricultural implements. A slight increase in the output of cheap automobiles
is nociced but as regards higher priced cars the industry is
quiet. Retail trade showed a gain in January of 9% in the
sales of chein stores and mail order houses as compared with
January 1929. But this is the smallest percentage of increase
for any month since April 1928. Department store sales in
January were 2% smaller than in Janual-y last year.
Steel has been rather firmer in some directions and railroads reported to be good buyers, if automobile companies
are buying sparingly for the time being. Scrap has recently
advanced. Pig iron has been quiet and Buffalo is reported
50 cents lower. Copper has been quiet, but steady, and
1043
11
lead and zinc also rather slow and none too steady.
Coal with milder weather has of late met with less
demand.
Cotton advanced a cent recently with shorts alarmed by
the aggressiveness of the Farm Board which is said to have
bought 100,000 bales more of co-operative contracts, making its holdings as commonly understood 300,000 bales.
That absorbs a large enough percentage of the floating
supply of contracts here rather to overawe the opponents
of higher prices. Latterly, too, there has been a better
trade demand from the United States, England, France and
Germany. Worth Street has had a rather better trade and
Manchester also. The domestic consumption of cotton in
January was 577,235 bales against 453,892 in December
and to be sure 668,286 bales in January last year, 586,142
in January 1928, and 603,242 in 1927. The point is that
the consumption in the United States, judging by present
appearances, shows some signs of increasing in 1930. The
Cotton Textile Merchants Association reported a decrease
in stocks in January of about 2% against an increase in
December of 7% and ratio of shipments to production in
January of 102.5% against 87.9% in December. It is true
that the ratio of sales of standard cloths to a curtailed production in January was only 903'% against over 124% in
December and that unfilled orders decreased over 9% in
January against an increase of 26% in December. But not
a few preferred to emphasize the more hopeful features of
the report. Spot cotton at the South is quiet with the
basis firm and prices 65 points higher than a week ago.
Provisions have been firmer and lard a little higher,with
hogs steadily advancing and the cash demand for lard at
times good. Rubber has advanced half a cent here and has
also risen in London and Singapore with a growing inpression that the Dutch committee will be able to effect an
agreement to reduce tapping. Coffee has declined, especially Santos with Brazilian markets more or less weak and a
political outbreak to-day in Victoria in which 10 persons
were killed. Sugar has been dull and 10 to 12 points lower
on futures, with a growing belief that restriction of the crop
in Cuba is to be abandoned. Refined sugar has dropped
to 5.95 cents, following the action of beet root refineries in
cutting prices and making them retroactive for some weeks
back, something which has also been done by at least one
refinery here.
Wheat shows no marked change from a week ago, but it
suffers the disadvantage of big stocks and a poor export
demand, despite the fact that the Grain Stabilization Corp.
has begun to function, it is stated, in half a dozen Western
States. The one big desideratum is a good foreign outlet,
but Argentina is offering wheat freely to Europe at attractive
prices, and this country seems to be shut out of the European
market. Canada, too, is doing only a small export business.
Corn has had a net decline of less than a cent, despite favorable weather of late and some increase in the country offerings. Some have been buying corn against sales of wheat.
The Argentine corn crop, it is said, is likely to be smaller
than in recent years. Argentina, however, has a large
exportable surplus estimated at 265,000,000 to 300,000,000,
and Canada has been buying Argentine corn. Oats declined
slightly and rye 1 to 4c., with an absence of foreign demand
for rye still plainly felt.
The stock market has recently been firm with call money
4%. United States Steel advanced on the 13th inst. accompanied by American Can, Westinghouse Electric, American Tobacco, Vulcan Detinning, Michigan Steel, Air Reduction and others. To-day a reaction after a rise lasting
about three weeks characterized the later trading after a
moderate early advance which carried U. S. Steel to a new
high for the year. Brokers' loans increased $48,000,000,
which was no surprise. Bank clearings continue to decrease.
January exports were $9,646,000 smaller than in December
while imports increased $3;000,000 over December leaving a
balance of trade in favor of this country of $105,000,000
against $119,000,000 in January 1929. Bonds of late have
been active with sales on the 13th inst the largest thus far this
year. To-day it is true the trading was small with small
changes. Liberty and Treasury bonds were slightly lower.
Railroad bonds were very dull. Foreign issues were a .thade
higher.
1044
FINANCIAL CHRONICLE
[VOL. 130.
Boston reported that general business conditions were tures in the Northwest and Canada. Chicago reported 28
becoming clearer. Within the next two months it is felt degrees. To-day temperatures here were 27 to 35 degrees
much more will be accomplished in stabilizing the financial with the weather fair and bracing. The forecast was for fair
and producing lines. The prospect in the building industry and colder overnight. In Boston it was 32 to 54; Montreal
is materially brighter, particularly in Boston and every zero to 40 above; Philadelphia 32 to 50; Chicago 14 to 36;
large New England city. The credit situation is apparently Cincinnati 28 to 38; Cleveland 26 to 30; Detroit 20 to 34;
clearer than a year ago at this time, and collections have im- Kansas City 30 to 46; St. Paul 8 below to 24 above; St. Louis
proved slightly. Retail trade is qriet and clearance sales 28 to 44 above; Winnipeg 28 below to 6 below; San Francisco
as a whole have been only moderately successful.
58 to 74; Seattle 36 to 38.
Manchester, N. H. wired that it was stated the Amoskeag Manufacturing Co. made a net profit of upward of
Preliminary Reports to Federal Reserve Board Indicate
$1,500,000 in 1929 as against a loss in 1928 of $1,723,000.
Falling Off in Department Store Sales in January.
Nashua, N. H. wired that the Nashua Mills of the Nashua
Department store sales for January were 2% smaller than
Manufacturing Co. are stepping up production as a result
of favorable orders received following the opening of the in the corresponding month a year ago, according to preliminew line about two weeks ago. This plant, which is the nary reports made to the Federal Reserve system by 490
largest manufacturer of blankets in the world, is to-day stores located in leading cities of all Federal Reserve disoperating at about 50 hours a week in practically every de- tricts. The Poard under date of Feb. 8 adds:
For the country as a whole the
the
partment. This is a satisfactory gain in operating time. The the comparison of December with decrease was yearsame as that shown in
December a
ago.
Harris-Emery Woolen Mills at Penacook, N. H., which have
Per centage changes in sales between January 1929 and January 1930
are given by districts in the following table:
been operating only three days a week, due to lack of orders,
has received a sizeable order and as a result the entire plant
Percentage ofIncrease or Decrease No. Stores RePort'9
in Sales January 1930 ComFederal Reserve Distrid.
has just been put back on full time. At Suncook, N. H.
pared with January 1929.
Increase. Decrease.
there is a falling off in production of fine cotton and rayons
Boston
+7
41
63
of the Suncook Mills. The plant is not operating at better New York
+4
22
24
Philadelphia
—5
10
31
than 60% of capacity, but it is not believed that the dull Cleveland
—8
31
5
+1
period will be for long at Suncook. At New Auburn, Me., Richmond
37
13
Atlanta
—16
5
22
the Barker Mill which produces sheetings and skirtings Chicago
—7
14
34
—9
1
18
will shut down for an indefinite period when its present stock St. Louis
—13
Minneapolis
11
9
Kansas
—8
2
14
runs out, unless business conditions improve. The present Dallas City
—12
2
15
run is expected to last about two months.
—2
San Francisco
22
44
Spartanburg, S. C. reported that textiles have made no
—2
United States
148
342
advance from the previous state of protracted inactivity.
Here and there a few manufacturers report small sales, but
for the most part the goods remain stored in warehouses. Loading of Railroad Revenue Freight Lower Than in
Either of Two Previous Years.
But mills continue operations. There is a partial reduction
Loading of revenue freight for the week ended on Feb. 1
schedule effective in a good many cases but at this season
textile executives of the Southeast are extremely reluctant totaled 898,894 cars, the Car Service Division of the Amerito make more drastic cuts in working hours. A favorable can Railway Association announced on Feb. 11. This was
report, it is stated, has been agreed upon by the committee an increase of 36,273 cars above the preceding week this
on commerce and manufacturers in the South Carolina House year but a reduction of 48,260 cars under the same week in
of Representatives on the 48-hour per week bill for all cotton 1929 and a reduction of 27,368 cars under the same week
and woolen mills of South Carolina. Charlotte, N. C. re- in 1928. Details follow:
Miscellaneous freight loading for the week of Feb. 1 totaled 306,045 cars.
ported that the textile industry is slowly and steadily mak26,432 cars below the same week in 1929 and 12,618 cars below the correing new advancements. It was added that in spite of the sponding week in 1928.
Loading of merchandise less than carload lot freight amounted to 238,106
chaotic conditions prevalent for many months, conditions
cars, a reduction of 7.660 cars under the same week last year and 10,988
are steadily improving in the textile trade.
cars under the same week two years ago.
At Wilmington, N. C., the Delgardo Cotton Mills where
Coal loading amounted to 213,833 cars, an increase of 2,740 cars above
200 weavers have been on a strike for more than a week, the same week in 1929 and 33,177 cars above the same week in 1928.
Forest products loading amounted to 48,422 cars. 10,994
it was announced that the dispute had been settled and same week last year and 20,990 cars under the correspondingcars below the
week in 1928.
work resumed. The weavers struck because of the inOre loading amounted to 7,682 cars, a decrease of 989 cars under the
stallation of a stretch-out system and a reduction in wages. same week in 1929 and 206 cars below the corresponding week two years ago.
decrease of 326
Coke loading amounted to
They asked that their former wage basis be restored. Just corresponding week last year 12,155 cars, a above the same cars under the
but 787 cars
week in 1928.
what was the basis of settlement was not disclosed. At
Grain and grain products loading for the week totaled 44,563 cars, a
reduction of 5,173 cars under the corresponding week in 1929 and 9,356
Winston-Salem, N. C., operation of Joyce Hosiery Mills is
cars below the same period in 1928.
the western
grain
well under way. Huntsville, Ala., wired that the Helen and grain products loading amounted In 30.992 cars, districts alone,3,780
to
a reduction of
Mills have accepted orders that will require the plant to cars under the same week in 1929.
Live stock loading totaled 28,088 cars, 574 cars above the same week
operate day and night for some time.
In 1929 but 7.174 cars below the corresponding week in 1928. In the
At Manchester, England, cotton cloths and yarns have western districts alone, live stock loading amounted to 22,214 cars, an
latterly been in better demand. Berlin wirelessed the Increase of 1.38.3 cars compared with the same week last year.
All districts
in the total loading of all
New York "Times" that experts in the textile trade are compared with reported reductions year except the Pocahontascommodities
and Norththe same week last
predicting a crisis in the cotton planting industry and de- western, while all reported decreases compared with the same week in
clare that the cotton market may follow the market for 1928 except the Allegheny and Pocahontas, which showed increases.
Loading of
sugar, rubber and steel because of permanent over-produc- years follows: revenue freight in 1930 compared with the two previous
tion. They declare that international regulation may be
1929.
1930.
1928.
3,349,424
3,571,455
3,448,895
necessary and add that rayon men also fear that the decline Four weeks in January
Week ended Feb. 1
898.894
926,262
947,154
in the price of cotton goods may check recovery in their
Total
4.248.318
4,375,157
4.518,609
industry. Two Italian rayon mill§ have reduced their dividends; one passed it for the second time.
The strike of 25,000 garment workers ended on Feb. 12. National Building Survey Conference Looks For
This is said to be the shortest general strike in the history of
Increased Activity in Construction Field With
the garment industry.
Easier Credit Conditions.
It was cold here early in the week. On the 10th inst. it
Indications that credit is resuming its flow in normal
was 30 to 40 degrees. On the 1 1th inst. it was 23 degrees channels in larger volume, paving the way for increased
early. Overnight Boston had 22 to 44 degrees: Montreal activity in the construction field, are disclosed in a survey
zero to 30 above; Philadelphia 24 to 42; Portland, Me. 16 to made by the National Building Survey Conference under
40; Chicago 24 to 26; Cincinnati 22 to 38; Cleveland 22 to 26; the direction of the Chairman, Fenton B. Turck, ViceDetroit 18 to 24; Milwaukee 18 to 34; Atlanta 34 to 50; President of the American Radiator Co. The survey, ill
Norfolk 34 to 50; Kansas City 38 to 52; St. Paul 16 to 26; which banks, building and loan associations, insurance and
St. Louis 34 to 46; Winnipeg 12 to 18; Denver 46 to 64; mortgage companies co-operated, is said to show that
Helena 38 to 52; Salt Lake City 36 to 52; Los Angeles 50 to building mortgage conditions on the West Coast are now
64; Portland, Ore. 40 to 52; San Francisco 50 to 60; Seattle favorable, money being available in sufficient quantity for
36 to 50. On the 12th inst. it was 44 degrees here. It was prudent residential, renovating and business building; loans.
colder at the West with a cold'wave and sub-zero tempera- The rate varies from 2 to 7% on a basis of 60% valuation53
FEB. 15 1930.]
FINANCIAL CHRONICLE
In the districts surrounding Cincinnati, Cleveland, St.
Louis and St. Paul, it is stated, there has been a particular
pick-up during the past week in the mortgage market, with
many loans being favorably negotiated at the present time.
It is likewise reported that there is a slight improvement
in the situation in New England and that a considerable
optimistic attitude has developed in that section regarding
the immediate future of the mortgage money market. No
favorable change has been noted in the situation in the
districts surrounding Chicago, Detroit, Pittsburgh and
Indianapolis. This also applies, it is said, to certain spotty
conditions in the South, including Atlanta, where sufficient funds have not been received to enable them to enter
the mortgage market in a noticeable manner. The Baltimore
district in the past few days has shown considerable improvement. Funds have been put out recently from New York
and its suburbs on a conservative basis. The situation in the
Philadelphia district is improving. Mr. Turck states:
It is with special interest that we are watching building and loan associations, because they play such a large part in home construction and
renovating finance. The increasing supply of funds flowing into these
channels at this time, particularly in the Eastern district, is a most interesting reflection. The Railroad Co-operative Building and Loan Association,
with assets of 858,000,000 has just made seven building loans which are the
first group they have made since Oct. 23.
The general tendency seems to be to pay courteous attention to applications which represent real value and for loans involving betterments and
renovation to prpperty. Careful examination of data would indicate that
the better classes of people seeking mortgage loans are active at this time
and will benefit by filing applications so that their cases may receive consideration as surplus funds come into the mortgage market.
In making public the results of the survey, the Building
Survey Conference says:
It was the sense of industrialists meeting with President Hoover after the
stock market recession, as well as of the National Business Survey Conference, that a speeding up of construction, repairs, replacements, &c.,
would serve as one of the most important stabilizing influences in the
business situation. The Building Survey Conference was organized in
January to carry out this purpose. It brings together for the first time all
of the units in the building and construction field.
The work of the conference is under the general direction of a representative executive committee. Particular phases of it are dealt with by
special committees among which are the following:
Building & Loan Committee—Ernest A. Hale (Chairman) Pres., United
States League of Building & Loan Associations.
Statistical Committee—Thomas F. Holden (Chairman), Vice-President
in Charge of Statistics, F. W. Dodge Co.
Trade Publications Committee—F. W. Felker (Chairman), Managing
Director, Associated Business l'apers, Inc.
Special Home Financing Committee—M. B. Nelson (Chairmah), Pres.,
Long-Bell Lumber Co.
Architects Committee—E. J. Russell (Chairman) Pres., American
Institute of Architects.
Radio Committee, Frank A. Arnold (Chairman) National Broadcasting
Company.
Real Estate Committee—Leonard P. Reaurne (Chairman) Pres., National
Association of Real Estate Boards.
The following appointments have been made to the Executive Committee:
R. 13. White, representing important lumber interests; A. C. Pearson,
Chairman of the Board, United Business l'ublishers; William A. Starrett,
President of Starrett Brothers, Inc.; George A. Wilson, of Breed, Abbott
and Morgan, New York City.
Orders for Electrical Goods in Fourth Quarter of 1929
Below Those for Third Quarter.
New orders booked during the fourth quarter of 1929, as
reported to the Department of Commerce by 81 manufacturers of electrical goods, were $288,736,209, as compared
with $338,169,678 for the third quarter of 1929 and $282,226,449 for the fourth quarter of 1928. Total bookings for
1929 amounted to $1,290,193,618, an increase of -25% over
the $1,029,721,508 of orders booked in the prevous year.
The following 'totals of bookings for each quarter since the
beginning of 1924 are presented, not as a complete statement
of the industry, but as probably suffciently representative
to indicate the trend:
ORDERS FOR ELECTRICAL GOODS.
Quar.
1924.
1925.
1926.
1927.
$
$
$
s
1st
221,687,030 227.767,511 255,917,883 235,883,303
2d.._ _ 216,637,855 222,056,450 240,855,953 229,353,332
3d__ _ 181,160,835 225,184,732 233,873,171 228,610,346
4th 225,070,111 237,225,521 251,442,991 232,877,670
1928.
1929.
$
activity in automobile manufacturing showed a substantial
gain, and that wholesale trade increased in volume. Building continued below the level of a year ago but the volume of
construction work was well above it.
A less cheerful picture, however, it is stated, is presented
by the dullness in the textile industries and the sharp decline
in the prices of principal agricultural products, notably
cotton and wheat. Recently, however, some slight improvement was shown in the cotton goods business. As for wheat,
world supplies this year are well below those of a year ago
and this should eventually be reflected in prices, according
to the review.
Asserting that the reduction of the discount rate of the
Bank of France from 3M to 3% is expected to put an end,
for the present at least, to any large movement of gold
into that country, the review points to the fact that the net
export of gold in January amounted only to $1,700,000,
compared with a net export from the entire country in December of about $65,000,000. Furthermore, it is explained that
the net gold export from New York in January was more
than offset by the release of $2,500,000 gold held for foreign
ccount, which resulted in a net gain of $800,000 gold for
the four-week period.
National Shawmut Bank of Boston Finds Present
Credit Conditions Comparable with 1927 and
Early 1928.
The National Shawmut Bank of Boston says:
Recent Federal Reserve statements indicate that present credit condiwhich was an easy credit
tions are comparable with
and early
Period.
Total Federal Reserve credit is lower now than the corresponding date
in
but higher than
(accounted for by increased holdings of
United States securities).
"Bills discounted for member banks" reflects the extent to which banks
are forced to obtain additional funds for credit extension. As bills discounted by the Federal Reserve banks are less than in
and early
it would appear that present credit conditions are comparable with
the earlier periods and that interest rates should seek the levels then
prevailing.
1927
1927
1928,
1928
1927
1928,
New Building in U. S. During January $450,000,000
According to Indiana Limestone Company.
New building in the United States for the first month of
the year had a value of approximately $450,000,000, according to a nationwide survey Feb. 9 by the Indiana Limestone
Co. The figures are based on reports from several hundred
cities and towns. "The volume of construction during
January reflects an increase over the same period of last
year," says President A. E. Dickinson. "The building industry is looking forward to a big year." Mr. Dickinson
adds:
26
States and a conservative estimate of partial returns
Reports from
from the remaining States, would indicate more than $3,000,000,000 will
be spent for public works this year. The largest program, according to
reports already submitted, will be carried out by New York, the second
largest by Ohio; Texas and Massachusetts rank next.
It is believed the first quarter of
will be about on an even keel with
the second and third quarter, however, gains should show a
marked advance over the past year.
New activity is in evidence.in the Middle West. In Chicago the coming
World's Fair, air rights over the Illinois Central railroad, and a normal
deamnd for all types of construction are in the offing.
In California, especially in Los Angeles, a lively building program is
assured.
Substantial recoveries have marked construction in New York. PubliC
works and commercial and residential types of building show greatest
activity.
Despite severe winter weather, an upward trend is noted in the Northwest. A large spring program has been arranged.
Increase in building operations is reported from all parts of the South.
Atlanta, Ga., seems to have charted a building course that should double
the volume of last year.
In point of valuation of building permits in 20 leading cities, New York
heads the list with Chicago, Philadelphia, Detroit, Los Angeles, Boston,
Milwaukee, Baltimore, Cleveland, Houston, Pittsburgh, Cincinnati, San
Francisco, Seattle, St. Louis, Buffalo, Minneapolis, Indianapolis, Kansas
City and Atiantalfollowing in the order named.
1929. By
1930
$
237.508,001 322,424,618
245,520,801 *340,863,112
264.466,257 *338.169.678
282,226,449 288,736,209
Total 844.555 831 912.234.214 952.089.998 926.724.651 1,029,721,508 1290,193.615
• Revised.
Bank of America N. A. Says Recovery in Basic Lines
of Industry Surpasses Expectations—Finds Dullness in Textile Lines.
Recovery in basic lines of industry during January surpassed expectations while easier money rates and the check
to the gold export movement created a more optimistic
sentiment in financial markets, according to the current
review of the Bank of America N. A. of New York. The
review notes that operations in the steel mills increased to
within about 10% of the high rate of January 1929; that
1045
Secretary of Commerce Lamont Sees "Nothing in
Business Situation to Be Disturbed About."
After a study of business survey data received at the
Department of Commerce at Washington, Secretary of Commerce Robert P. Lamont finds an approximately normal
level in the production and distribution of commodities in
the United States for this season. Secretary Lamont is
quoted as saying that "there is nothing in the business situation to be disturbed about." In indicating the Secretary's
views, a Washington dispatch, Feb. 10, to the New York
"Times" said:
He [Mr. Lamont] suggested that in making comparisons against a year
ago it would be well to take into account that January and February of
1929 were exceptional months. Ordinarily, he said, January and February
represent comparatively "low point periods in the calendar schedule of
American business."
1046
"January and February are stock-taking periods for most large corporations, and are not the months in which enterprises are customarily extended," he said, "but we are having very good reports from construction
sources. There are grounds for assuming that this is about a normal
year.
"One difficulty in the way of general realization of that fact is that
our statistics concerning business must be compared with 1929 conditions.
And it is obvious that 1029 presented a picture of abnormally stimulated
industry in almost every line."
Employment, Mr. Lamont said, is picking up, although somewhat below
a year ago. In this connection, he emphasized the importance of the
unemployed statistics to be collected this year in connection with the
decennial census. Complete returns on a national basis, he asserted, would
eliminate speculation as to the real employment situation, and would provide
means for remedial action if necessary.
The construction outlook, Mr. Lamont said, continues "good." Steel
mills are running at 80% capacity, and fabricating plants making steel
shapes for automobiles and other purposes are "filled up" for months
to come.
Referring to questions reaching the department concerning the Russian
grain situation, Mr. Lamont said that authentic information from official
Russian sources showed that the entire country is on a ration basis which
amounts to scarcely more than a subsistence quota. According to these
sources, he said, Russia is not expected to export any wheat during the
1929-30 season.
Index of Wholesale Commodity
Prices.
The "Annalist Weekly Index" of wholesale commodity
prices stands at 138.1, a decrease of 0.2 point from last week
(138.3 revised), and compares with 146.2 during the corresponding period in 1929, a decline of 5.5% for the year.
The "Annalist" adds:
Annalist Weekly
-the farm
Of the eight groups, comprising the composite index, two
products and the metal groups-have made slight advances; all remaining
groups show declines. Sharp advances in wheat, hogs and steers in the
farm products group are balanced by declines in lamb, cotton, hides hay
and wool. In the food products group fluctuations are moderate, except
in butter, which advanced sharply, and sugar which went below 5 cents a
pound for the first time since last June. Further declines in cotton yarns
continue to make new seasonal lows for the textile index. A seasonal
advance in bituminous coal prices is partly balanced by a further drop in
crude petroleum. Declines in zinc and pig iron prices explain the lowered
metals index, and the reaction in lumber prices, after last week's advance.
brings the building materials index back to approximately the index of
two weeks ago. A sharp decline of lubricating oil to 36.5 cents a gallon,
4 cents lower than last week and 10 cents lower than in Juno explains the
most important index change in the groups.
THE ANNALIST WEEKLY INDEX OF WHOLESALE COMMODITY PRICES.
. (1913=100.)
Feb. 10 1930. Feb. 4 1930. Feb. 11 1929.
Farm products
Food products
Textile products
Fuels
Metals
Building materials
Chemicals
Miscellaneous
All turnmnaltleg
134.9
140.2
136.9
156.0
123.3
150.9
132.4
117.4
133.1
134.8
140.5
137.3
155.5
123.5
152.2
132.6
120.6
133.3
145.4
145.3
154.5
162.6
126.9
154.1
134.6
128.0
146.2
Upward Turn in Business Indicated in Annalist
Index for January.
In presenting on Feb. 14 its index of business activity for
January the "Annalist" says:
The "Annalist" index of business activity for January shows a sharp
upturn, the preliminary index being 93.3, as compared with 89.6, the revised figure for December. With respect to the movements of the individual components of the business composite, however, the January recovery from the low levels reached in December was decidedly irregular,
as shown by the fact that of the eight components for which January data
are available four advanced and four declined.
The advance in the combined index, indeed, was brought almost entirely
by marked improvement in three industries: automobiles, cotton textiles
and steel. Electric power production, based on a preliminary estimate of
a January output of 8,550,000,000 kilowatt hours, was also higher than in
December, but the gain, after allowance for normal seasonal variation and
long-time trend, was slight, a fact which is of significance, in view of the allindusive nature of the electric power index.
It is also significant that the adjusted index of freight car loadings, which
also reflects the trend of activity in a wide group of industries, showed a
further decrease in January to 91.0 from 92.3 for December. Bituminous
coal production increased by less than the usual seasonal amount in January, causing a decline in the adjusted coal index; and pig iron production
declined slightly against a normal seasonal rise, bringing the adjustaxl pig
iron index down to the lowest point reached in two years. There was also
a less than normal seasonal gain in zinc production, and, although the resulting decline in the adjusted zinc index was small, the January index
figure, at 84.8, was the lowest of any month back to August 1922.
Table 1 shows for the last three months the movements of the combined
index and of the ten component series, each of which has been adjusted for
seasonal variation, long-time trend and variations in cyclical amplitudes
before being combined into the "Annalist" index of business activity.
Table 2 give; the combined index back to the beginning of 1925.
TABLE 1-THE ANNALIST INDEX OF BUSINESS ACTIVITY BY
COMPONENT GROUPS.
Jan. 1930.
Pig iron production
Steel ingot production
Freight car loadings
Electric power products
Bituminous coal products
Automobile production
Cotton consumption
Wool consumption
Boot and shoe products
Zinc production
rombined index
[VoL. 1:10.
FINANCIAL CHRONICLE
39.6
84.3
91.0
*97.5
90.9
*103.8
*96.6
--84.i
-- *93.3
Dec. 1929.
Nov. 1929.
91.7
78.4
92.3
97.2
97.3
50.8
85.8
103.7
89.1
92.1
98.9
91.7
81.9
93.8
97.0
102.2
87.8
94.2
92.9
85.1
89.6
TABLE 2-TuE COMBINED INDEX SINCE JANUARY 1925.
1930.
January
February
March
Aprli
May
June
July
August
September
October
November
December
1929.
1928.
1927.
1926.
1925.
*93.3
104.1
104.9
103.0
107.5
108.8
107.5
108.5
106.8
103.8
103.6
94.2
a89.6
97.0
98.9
98.6
99.0
100.4
97.8
99.7
101.3
101.3
103.6
101.5
99.1
100.2
103.6
107.0
103.6
104.0
102.8
100.7
101.9
101.1
97.5
94.4
92.3
102.3
103.2
104.7
103.7
101.6
103.2
102.8
105.0
107.1
105.0
103.7
103.2
102.4
102.9
102.6
103.4
101.4
98.5
101.1
100.7
100.8
102.1
104.0
105_8
* Subject to revision. a Revised.
Conditions in Pacific Southwest as Viewed by SecurityFirst National Bank of Los Angeles.
Business and industrial activity in Los Angeles and Southern California.
generally, declined during January 1930, both as compared with the corresponding month a year ago and with the preceding month of December.
The slowing down of activity is reflected in the figures of bank debits which
declined in six of seven cities for which these data are available. Bank
debits in Los Angeles during January 1930, were 14.6 and 3i of 1% less,
respectively, than during January 1929, and December 1929. Despite the
lowering of activity in general, the fundamental factors underlying the
general business situation are sound.
This is the introductory paragraph of the Monthly Summary of Business
Conditions in the Pacific Southwest territory compiled by the Department
of Research and Service of the Security-First National Bank of Los Angeles,
and released for publication Feb. 1. The summary continues in part:
Operations in oil fields, iron and steel fabricating plants, meat packing
establishments, automobile tire factories, and furniture factories in Southern
California were, in general, carried on at lower levels during January 1930.
than during January 1929. The value of building permits issued in Los
Angeles during January 1930, was more than double that of December 1929,
and was 21.3% larger when compared with permits issued during January
1929. The comparatively large January building valuation total, however,
was due to a few permits issued for large amounts.
The number of business failures in Southern California during the four
weeks' period ending Jan. 23 1930, was smaller than the number for the
corresponding period of 1929, and was larger than the number for the preceding four weeks period in December.
There was comparatively little difference in the volume of trade at retail
during January 1930, as compared with January 1929, as measured by sales
of department stores. Some Los Angeles department stores reported small
declines which were partly counterbalanced by increases in others. flowever, the situation in other lines of retail trade was not so favorable in some
cases. Commerce through the Los Angeles harbor during January 1930,
was 16.8 and 2.0% less, in tonnage and value, respectively, than during
December 1929, and 9.5 and 15.8% larger in tonnage and value,respectively,
than during January 1929, according to preliminary figures.
The agricultural situation improved during January. Rain and snowfall
in Southern California during the month have improved the hitherto poor
condition of pastures and ranges and have replenished the supply of soil
moisture for the coming 1930 crops. Seasonal rainfall at most Southern
California points is now either approximately the same or ahead of last
Year's figures, but is still below normal for this season to date.
Marketing of citrus fruits, as indicated by carlot shipments, was in smaller
volume during January 1930, than in either January 1929, or December
1929.
Banking.
Deposits and loans of Los Angeles banks which are members of the Federal Reserve Bank of San Francisco were smaller on Jan. 22 1930, as compared both with the figures for one year and one month ago. Total deposits
on Jan. 22 1930, were nearly 48 million dollars, or 6.1% less than at this
time last year, and 644 thousand dollars less than on Dec. 24 1929. Total
loans on Jan. 2 1930,stood at 5% and 13;i million dollars lass, respectively,
9
than on Jan. 23 1929, and on Dec. 24 1929. Investment holdings have
shown a slight upward tendency in recent weeks which is in contrast to the
general downward tendency shown during 1929. The total investments of
reporting member banks in Los Angeles on Jan. 22 1930 were approximately
4 million dollars, or 1.9% larger than on Dec. 24 1929, and were 44M million
dollars, or 17.1% smaller than on Jan. 23 1929.
Interest rate; generally were unchanged during January,
Falling Off in New York State Factory Employment
Continued in January.
January marked the third successive month that representative New York State factories have reported widespread
reductions in employment. A statement issued Feb. 10
by Industrial Commissioner Frances Perkins at Albany
estimates that more than 100,000 employees have been
laid off by the factories of this State since the middle of
October. The Statement of Commissioner Perkins goes on
to say:
While a decrease in employment is usual from October to January, the
decline this year has been much greater than usual. In October 1929
the factories of Now York State were employing more workers than at any
time since the end of 1926. In January 1930 they were employing fewer
workers than at any other time since the summer of 1928. This is a
very low figure for January, probably the lowest January figure ever
reached.
All of these statements are founded upon reports from over 1,500 manufacturing firms reporting each month to the Bureau of Statistics and
Information of the Department of Labor. The factories were selected
to represent the diverse industries located in the State and employ approximately one-third of all factory workers.
Decline Widespread in January.
The.decline which began in November and enlarged in December continued widespread in January. The index of einployment based upon the
monthly average for 1925-27 dropped to 92. This decrease Is somewhat
greater than the usual decrease from December to January, indicating that
some industries were reporting greater drops than usual at this season
of the year. Eight of the eleven main industry groups showed net decreases in emplooment from December to January. Over half of the 55
separate industries reduced forces more than 1% while several registered
losses in excess of 10%.
FEB. 151930.1
FINANCIAL CHRONICLE
However, the declini in January was less than that recorded in December, when employment dropped 4%. Replacement of forces in some
steel and automobile plants evidenced some recovery from December.
Many brass, copper and aluminum plants took on workers In general,
the other metals lowered employment. A severe cut marked the cooking,
heating and ventilating apparatus firms. A general downward trend
characterized instruments and appliances, sheet metal and hardware,and
firearms, tools and cutlery.
Seasonal activity caused men's clothing, women's apparel and millinery to advance. A number of shoe firms replaced forces. The other
clothing, leather and textile groups made reductions. Especially large
cuts occurred in many knit goods factories.
Most of the food insustries continued to lay off workers but some firms
in flour, feed and cereals, sugar and other groceries, and meat and dairy
products increased employment.
Good general advances marked pulp and paper makers, but paper
goods producers continued to lose. Printers could not hold the December
gain. Many drug and industrial chemicals as well as photographic and
miscellaneous chemical plants improved. Losses continued in all of the
stone, clay and glass and wood industries.
Commodity Prices Decline Further According To National
Fertilizer Association.
Commodity prices declined three-tenths of 1% during the
week ended Feb. 8, according to the wholesale price index
of the National Fertilizer Association. The Association's
advices, Feb. 10, stated:
Thirty-seven
Eight groups declined, while only one advanced.
items declined and only 19 advanced. The more important declines
; fertilizer maoccurred in textiles and textile materials; petroleum
terials, fats, grains, feeds and livestock; soft wood lumber; and
miscellaneous commodities. The only group that advanced was that
of foods-other-than-fats.
Based on 1926-1928 as 100 and on 474 quotations, the index for
the week ended February 8 stood at 93.3; for that ended February
1, 93.6; and for that ended January 25, 94.1.
Consumption of Crude Rubber Higher in January—
Imports Also Increase.
Consumption of crude rubber of all classes by manufacturers in the United States in the month of January is estimated at 36,669 long tons, according to statistics compiled
by the Rubber Manufacturers Association. This compares
with estimated consumption of 23,531 long tons in December
and 43,002 long tons in January 1929. Consumption of reclaimed rubber is estimated at 16,785 long tons for January
as compared with 13,233 long tons in December and 19,459
long tons in January 1929.
The Association estimates total domestic stocks of crude
rubber on hand and in transit overland on Jan. 31 at 120,649
long tons compared with 105,137 long tons as of Dec. 31
and 76,342 long tons as of Jan. 31 1929. Crude rubber afloat
for United States ports on Jan. 31 is estimated at 61,863
long tons as against 62,388 long tons on Dec. 31 and 93,333
long tons a year ago.
Imports of crude rubber of all classes into the United States
during the month of January totaled 47,462 long tons
according to estimate issued by the Association. This compares with imports of 43,542 long tons in December and
with 52,305 long tons in January 1929.
World Visible Supply of Coffee Feb. 1, 5,124,144 Bags.
World visible supply of coffee as of Feb. 1 1930, according
to an estimate by the New York Coffee & Sugar Exchange
was 5,124,144 bags. This, it is stated, compared with
actual world supply totaling 5,079,355 bags as of Jan. 1
1930, and 5,037,516 bags on Feb. 1 1929.
Lumber Demand Less Than Production.
Lumber orders were about 6% less and shipments were
about 7% less than production for the week ended Feb. 8,
it is indicated in telegraphic reports from 793 hardwood
and softwood mills to the National Lumber Manufacturers'
Association. These reports gave combined production as
295,862,000 feet. A week earlier 827 mills gave production
as 258,086,000 feet, with new business 13% and shipments
11%, respectively, above that figure. Four hundred and
eighty softwood mills reported unfilled orders on hand Feb.8
as the equivalent of 23 days' production, which may be
compared with an equivalent of 24 days' reported by 522
mills a week earlier. For the week, as compared with last
year, 385 identical softwood mills reported production 4%
less, shipments 16% less and orders 29% less than for the
same week a year ago; for hardwoods, 209 identical mills
gave production 18% less, shipments 25% less and orders
21% under the volume for the same week last year.
Lumber orders reported for the week ended Feb. 8 1930
by 585 softwood mills totaled 244,392,000 feet, or 6% below
the production of the same mills. Shipments as reported
for the same week were 240,026,000 feet, or 7% below production. Production was 258,664,000 feet.
Reports from 230 hardwood mills give new business as
34,409,000 feet, or 7% below production. Shipments as
reported for the same week were 33,923,000 feet, or 9%
below production. Production was 37,198,000 feet. The
Association's statement also shows:
Shipments of Crude Rubber From Malaya Under New
Method of Compilation.
Total shipments of crude rubber from Malaya during
January, under a new method of compilation, were 52,330
tons, according to a cable received on Feb. 6 by the Rubber
Exchange of Now York.
This total is for the territories of Singapore, Penang,
Malacca and Port Swettenham, and while not comparable
with the total for December, which amounted to 48,513
tons, they showed an increased rate of export to the United
States for the month over December.
January shipments to the United States were 32,840 tons,
compared with 32,559 tons for December, while exports
to the United Kingdom amounted to 11,274 tons, as compared with 7,927 tons during December.
The grand total, as"contained in the cable, includes 3,246
tons previously reported, and excludes 435 tons carried over
from the end of December. Domestic exports during
January from British Malaya were 43,081 tons.
Drop in Silver Causes Acute Situation in Chinese Raw
Silk Industry—Closing Down of Filatures in
Canton.
Canton cables to the National Raw Silk Exchange on
Feb. 8 indicated that all filatures in that city are closing
down, it being impossible to operate them at present price
levels for Chinese raw silk. The Exchange also states that
the sharp drop in silver, the cable stated, has brought about
an acute situation in the Chinese raw silk industry.
1047
Unfilled Orders.
Reports from 480 softwood mills give unfilled orders of 996,670,000 feet
on Feb. 8 1930, or the equivalent of 23 days' production. This is based
-day year—and may be comupon production of latest calendar year-300
pared with unfilled orders of 522 softwood mills on Feb. 1 1930, of 1,071.135.000 feet, the equivalent of 24 days production.
The 341 identical softwood mills report unfilled orders as 918,432,000
feet on Feb. 8 1930, as compared with 1,135,068,000 feet for the same week
a year ago. Last week's production of 385 identical softwood mills was
196.791,000 feet, and a year ago it was 205,441,000; shipments were respectively 193.920,000 feet and 231,960,000; snd orders received 186.258,000
feet and 261.606,000. In the case of hardwoods, 209 identical mills reported production last week and a year ago of 33.810,000 feet and 41,298.000;
shipments, 31,513,000 feet and 41,928,000, and orders, 31.149.000 feet
and 39,456,000.
West Coast Morement.
The West Coast Lumbermen's Association wired from Seattle that new
business for the 212 mills reporting for the week ended Feb. 8 totaled
141,587.000 feet, of which 42,503,000 feet was for domestic cargo delivery
and 30,914,000 feet export. New business by rail amounted to 59,514.000
feet. Shipments totaled 132,414,000 feet, of which 57,524,000 feet moved
coastwise and intercoastal and 14,698.000 feet export. Rail shipments
totaled 51,537,000 feet and local deliveries 8,655,000 feet. Unshipped
orders totaled 635.191,000 feet, of which domestic cargo orders totaled
271,040,000 feet, foreign 160,211,000 feet and rail trade 203,939,000 feet.
Weekly capacity of these mills is 247,586,000 feet. For the five weeks
ended Feb. 1, 140 identical mills reported orders 18.1% over production
and shipments were 11% over production. The same mills showed a
decrease in inventories of 3% on Feb. 1, as compared with Jan. 1.
Southern Pine Reports.
The Southern Pine Association reported from New Orleans that for
113 mills reporting, shipments were 15% below production, and orders
12% below production and 4% above shipments. New business taken
during the week amounted to 52,374,000 feet (previous week at 136 mills
55,923,000): shipments, 50,589,000 feet (previous week 54,936,000),
and production, 59,685,000 feet (previous week 54,803,000). The threeyear average production of these mills is 71,157,000 feet. Orders on hand
at the end of the week at 112 mills were 169,071,000 feet. The 132 identical mills reported a decrease in production of 11% and in new business a
decrease of 36% as compared with the same week a year ago.
The Western Pine Manufacturers' Association of Portland, Ore., reported production from 77 mills as 22,733,000 feet, shipments 30,140,000
and new business 27,020,000 feet. Sixty identical mills reported a decrease of 11% in production and of 19% in new business when compared
with last year.
The California White and Sugar l'ine Manufacturers' Association of
San Francisco reported production from 14 mills as 2,469,000 feet, shipments 11,734.000 and orders 10,208,000 feet. The same number of mills
reported production 65% less and orders 9% more than that reported in
1929.
The Northern Pine Manufacturers' Association of Minneapolis, Minn.,
reported production from eight mills as 1,968,000 feet, shipments 3,898,000
and new business 2,966,000. The same number of mills reported production 52% Icss and new business 69% less than that reported a year ago.
The Northern Hemlock and Hardwood Manufacturers' Association of
Oshkosh. 'Wis., reported production from 22 mills as 3,457.000 feet, shipments 1,680.000 and orders 1.528,000. The same number of mills reported
an increase in production of 15% and a decrease in orders of 21% when
compared with the corresponding week of last year.
The North Carolina Pine Association of Norfolk, Va., reported production from 109 mills as 10,346.000 feet, shipments 9.548,000 and new business 8,709.000. Thirty-four identical mills reported a decrease in productioD of 16% and in new business of 33% in comparison with 1929.
The California Redwood Association of San Francisco reports were
not received in time for publication.
1048
FINANCIAL CHRONTCLE
[VOL. 130.
Hardwood Reports.
higher than in the same month last year. Buying in general
The Hardwood Manufacturers' Institute of Memphis. Tenn., reported
production from 208 mills as 30,911,000 feet, shipments 30,182,000 and continued to be of the hand-to-mouth variety, continues the
new business 30,904,000. Reports from 187 identical mills showed a de- "Age," adding:
crease in production of 17% and a decrease in new business of 31% when
January coal production is estimated at 49,750,000 net tons, an increase
compared with the same period a year ago.
of 3,550,000 net tons over December 1929, and a decrease of 1,706,000 net
The Northern Hemlock and Hardwood Manufacturers' Association of
tons as compared with production in January 1929. The "Coal Age"
Oshkosh, Wis., reported production from 22 mills as 6,287,000 feet, ship- index
of spot bituminous prices for January (preliminary) was 1548 ,which
%
ments 3,741,000 and orders 3,505,000. The same number of mills reported compares
with 154% for December. The corresponding weighted average
Production 31% less and orders 19% less than that reported for last year.
spot price for last month stood at $1.88%, which compares with $1.878%
CURRENT RELATIONSHIP OF SHIPMENTS AND ORDERS TO PRODUC- for December.
TION FOR WEEK ENDED FEB. 8 1930 AND FOR 6 W EEKS TO DATE
Conditions in the anthracite markets of the country in January were
largely a question of weather. Activity in the domestic sizes, however,
Ship- % of
Produc% of was only fair, with consumers and dealers
still reluctant to lay in stocks.
Association.
Orders ProPromerits.
lion.
(M Feet) (M Feet) duc'n (M Feet) duc'n Chestnut was the leading size. Steam sizes, on the contrary, enjoyed a
fairly active demand as a result of the rising call for buckwheat for use
Southern Pine
as a domestic fuel, which carried the others along with it.
Week-143 mill reports
50,589 85
59,685
52,374 88
6 weeks
-837 mill reports
306,600 90
339,422
332,031 98
West Coast Lumbermen'sWeek-212 mill reports
141,587 90
132,437 84
158,006
6 weeks-1,272 mill reports
801,998 110
750,077 103
727,795
Typographical Union Rejects Pay Increase-Refuses
Western Pine Manufacturers
Week-77 mill reports
Offer Made by New York Newspaper Publishers of
30,140 133
22,733
27,020 119
6 weeks
-457 mill reports
157,553 126
124,904
170,185 136
$1 a Week Rise Instead of Five-Day Week.
California White it Sugar Pine
Week-14 mill reports
10,208 413
11,734 475
2,469
Members of Typographical Union No. 6 at a meeting at
6 weeks
-144 mill reports
93,981 289
32,524
94,001 289
Northern Pine Manufacturers
the Yorkville Casino, 86th Street and Third Avenue, on
Week-8 mill reports
3,898 198
1,968
2,966 151
6 weeks-53 mill reports
27,444 260
10,550
24,621 233
Feb. 9 rejected by a vote of 1,599 to 1 a proposal of the
Northern Hemlock & HardwoodNew York newspaper publishers that they accept $1 a week
(Softwoods)
1,680 .49
3,457
Week-22 mill reports
1,528 44
wage increase instead of a five-day week. The New York
11,334 44
25,631
13,150 51
-194 mill reports
6 weeks
North Carolina Pine
"Times" in reporting this said:
9,548 92
10,346
Week-109 mill reports
8,709 84
59,323
6 weeks-645 mill reports
53,182 90
46,954 79
The Union adopted a resolution reiterating its demand for the five-day
California Redwood
working schedule. A committee headed by Sigmund Oppenheimer, which
Week-(No report).
has been negotiating with the publishers, was directed to convey the union's
27,388 75
36,529
31,466 86
5 Weeks
-73 mill reports
refusal to the publishers and to report back to the members at a meeting
Softwood total
on the first Sunday in March.
240,026 93
258,664
244,392 94
Week-585 mill reports
The union, popularly known in Now York as "Big Six," first made its
6 weeks-3,675 mill reports_ __ _ 1,356,678 1,427,559 105 1,514,406 112
request for a five-day week last July at the expiration of the agreement
Hardwood Mfrs.' Institute
under which the members had been working for three years. As a basis
30,911
Week-208 mill erports
30,182 98
30,904 100
of the next agreement "Big Six" insisted upon a five-day week instead of
178,109
163,947 92
174,502 98
6 weeks-1,256 mill reprots
the present six-day one.
Hardwood
Northern Hemlock &
6,287
Week-22 mill reports
3,741 60
3,505 56
This request the newspaper publishers refused to grant. After a series
54,128
-194 mill reports
6 weeks
29,389 54
27,141 50
of conferences with the committee representing "Big Six," and an official
of the International Typographical Union, of which "Big Six" is a member,
Hardwoods total
the pubashers made a counter-offer of $I a week wage increase over the
Week-230 mill reports
37,198
33,923 91
34,409 93
..... ,.--- 0 MA mill rchnrartra
019 017
1111 12,1
4R
Rill CAR
27
present scale of $65 a week for day work and $68 for night work.
This offer was turned over to a committee which reported unfavorably
upon it yesterday. Then the vote was taken. The resolution followed a
Production, Sales and Shipment of Cotton Cloth in speech by Leon H. Rouse, President of the local.
The request made by "Big Six" would affect about 3,000 men machine
January-Production in Five Weeks of January
proofreaders and others employed in the comoperators, make-up
323,287,000 Yards, Compared with 243,735,000 posing rooms of the men,
metropolitan dailies. About 2,000 attended yesterday's meeting.
Yards in Four Weeks of December.
Statistical reports of production, sales and shipments of
standard cotton cloths during the month of January 1930
-No Immediate Revision
Petroleum and Its Products
were made public Feb. 10 by the Association of Cotton Texof Mid-Continent Crude Prices to Former Levels
tile Merchants of New York. The figures cover a period of
California Situation Blamed for Decision of Purfive weeks, says the Association, which adds:
chasing Companies.
Production during the five weeks of January amounted to 323,287,000
yards, or at the rate of 64,657,000 yards per week.
There will be no immediate upward revision of Mid-ConShipments during the month of January were 331,481,000 yards, equivalent to 102.5% of production. Sales during the month were 292,034,000 tinent crude oil prices to the levels prevailing before the
recent cuts, it is announced by W. S. Farish, President of
yards, or 90.3% of production.
Stocks on hand at the end of the month amounted to 452,819,000 yards, the Humble Oil & Refining Co., subsidiary of
the Standard
representing a decrease of 1.8% during the month.
Unfilled orders on Jan. 31 were 391,571,000 yards, representing a de- Oil Co. of New Jersey. Mr. Farish was in New York this
crease of 9.2% during the month.
week conferring with officials of the Standard of New Jersey.
These statistics on the manufacture and sale of standard cotton cloths
Following the meeting, in discussing the genesal situation,
are compiled from data supplied by 23 groups of manufacturers and selling
agents reporting through the Association of Cotton Textile Merchants of he declared that with California gasoline available in Atlantic
New York and the Cotton-Textile Institute, Inc. The groups cover up- Coast markets at eight cents a gallon, or even less, the lowerwards of 300 classifications or constructions of standard cotton cloths and
ing of crude oil prices in the territories affected by such comrepresent a large part of the production of these fabrics in the United States.
petition was necessary to protect refiners who purchase
Production Statistics January 1930.
a large part of their crude requirements.
The following statistics cover upwards of 300 classifications or construcDiscovery of a new field of high-gravity crude was inditions of'standard cotton cloths, and represent a very large part of the total
production of these fabrics in the United States. This report represents cated by the completion by Lion Oil Refining Co. of a wild
all of the yardage reported to our Association and the Cotton-Textile Insti- cat
well located three miles from Zwolle field in Louisiana.
tute, Inc. I is a consolidation of the same 23 groups covered by our reports since October 19.7. The figures for the month of January cover a The wild cat blew in flowing 5,000 barrels of 42 gravity crude
Period of five weeks.
daily. It has been brought under control and is flowing
January 1930 (Five Weeks).
2,000 barrels daily through a choke. This is exceptionally
323,287,000 yards
Production was
292,034,000 yards valuable oil because of its high gasoline content and falls
Sales were
90.3%
Ratio of sales to production
within the category of "sweet" crude.
331,481,000 yards
Shipments were
General recognition of the seriousness of the California
Ratio of shipments to production
102.5%
461,013,000 yards crude situation is shown in the calling of a conference of
Stocks on hand Jan. 1 were
452,819,000 yards business organizations by the Los Angeles
Stocks on hand Jan. 31 were
Clearing House
Decrease 1.8%
Change in stocks
431,018,000 yards Association last Monday, Feb. 10. The conference was
Unfilled orders Jan. 1 were
391,571,000 yards called to discuss means of arousing public interest in the
Unfilled orders Jan. 31 were
Decrease 9.2% proper
Change in unfilled orders
method of conservation. L. P. St. Clair, Executive
The December statistics were given in our issue of Jan. 11, Vice-President of the Union Oil Co., and a Vice-President
page 204.
of the American Petroleum Institute, reviewed for the conference the general situation, pointing out that the situaBituminous Coal Markets Continue Activity-Prices tion of the entire oil industry of the State was precarious,
Slightly Higher.
and that the seriousness extended even throughout the naBuoyed up by real winter weather, the bituminous coal tion, all because of the success of a minor number of "irreconmarkets of the United States in the past month maintained cilables" in defeating all measures aimed at conservation in
the activity begun in December and domestic and industrial California.
demand, with few exceptions, continued at a high rate, the
Executives of leading oil companies operating in Califor"Coal Age" reports in its current issue. Prices moved up nia have estimated that 600,000 per day is the most that
slightly in all but a few markets as compared with the California can safely produce throughout the rest oi 1930
December level and, on the average, were substantially without creating a surplus which may affect the oil market
FEB. 15 1930.]
1049
FINANCIAL CHRONICLE
other
structure not only in the West Coast State but in the
important centres throughout tha country.
Mr. St. Clair made an appeal to the conference to stir.
to the end
up public support or the State conservation law,
It is
that litigation aifecting it may win priority in court.
e that it tne erfort at proration of producdeclared probabl
oil
tion from California's flush fields is abandoned, crude
will have to be reduced and that the reduction this
prices
time will stand for a considerable time.
Texas operators, hampered in theit efforts to b.ing about
adequate crude oil curtailment to the level of the demand of
their own State, are taking their problem direct to Governor
Moody, and are requesting special legislation which will
broaden the powers of the State Railroad Commission, which
exerts authority over and administers the conservation
laws of Texas. The operators are seeking more definite
protection for their members who comply with the Commission's orders.
Crude Oil Output in United States Increases.
The American Petroleum Institute estimates that the
daily average gross crude oil production in the United States
as
for the week ended Feb. 8 1930 was 2,613,800 barrels,
week,
compared with 2,595,000 barrels for the preceding
output
an increase of 18,800 barrels. Compared with the
daily,
for the week ended Feb. 9 1929, of 2,693,550 barrels
figure represents a decrease of 79,750 barrels
the current
ia
per day. The daily average production east of Californ
as
for the week ended Feb. 8 1930 was 1,905,900 barrels,
week,
compared with 1,884,400 barrels for the preceding
s
an increase of 21,500 barrels. The following are estimate
average gross production, by districts:
of daily
DAILY AVERAGE PRODUCTION
(Figures in Barrels)
Feb. 8 '30. Feb. 1 '30. Jan. 25 '30. Feb.9'29.
Week Ended
728,350
655,550
612,000
631,650
Oklahoma
95,700
110,400
110,400
110.450
Kansas
56.850
88,150
87,800
91,800
Panhandle Texas
84,200
80,350
81,050
81.850
North Texas
52,450
56,250
55,950
53,850
West Central Texas
376,650
337,850
342,800
338.300
Prices of Typical Crudes per Barrel at Wells.
West Texas
21,050
21,150
21,250
22.850
Texas
East Central
49,350
67,450
(All gravities where A. P. I. degrees are not shown.)
67,050
68.050
Southwest Texas
35,700
37,150
1.96
36,500
37,600
$3.05 Smackover, Ark., 24 and over
Bradford, Pa
77.250
56,850
.76 North Louisiana
57.250
58.700
1.75 Smackover, Ark., below 24
Corning. Ohio
122,000
169.150
1.14 Arkansas
174,000
178,400
1.35 Eldorado. Ark., 34
Coastal Texas
Cabell. W Va
21,500
21,250
.90
21,050
21,100
1.45 Urania, La
Illinois
105.250
124,600
1.23 Coastal LouisianaMichigan)
123,900
123,000
1.53 Salt Creek, Wyo.. 37
Western Kentucky
4,350
15,100
1.66 Eastern (not incl.
14,750
14.000
1.23 Sunburst, Mont
Midcontinent. Okla.. 37
53.700
47,000
1.08 Michigan
54,000
49.650
.80 Artesia. N. M
Corsicana. Texas. heavy
10,850
9,900
1.20 Wyoming
9,350
Calif.. 33
9,300
.87 Santa Fe Springs,
Hutchinson. Texas, 35
6,500
4.600
.so Montana
4,900
5.050
1.00 Midway-Sunset, Calif., 22
Luling, Texas
1,950
10.650
1.09 Colorado
10.400
10,300
1.20 Huntington. Calif., 26
Spindietop. Texas. grade A
789,900
702.200
1.18 New Mexico
710,600
707,900
1.05 Ventura, Calif.. 30
Spindletop, Texas, below 25
1.90 California
Petrone. Canada
.65
Winkler, Texas
2,613.800 2,595,000 2,615,600 2.693.550
Total
S
for the Mid-Continent
-STANDARD OF NEW YORK REDUCE
REFINED PRODUCTS
estimated daily average gross production
The
-DEMAND INCREASES FOR DO- field, including Oklahoma, Kansas, Panhandle, North, West Central,
TANK WAGON GASOLINE
North Louisiana and Arkansas.
-NO IM-DIESEL OIL STEADY
West, East Central and Southwest Texas,
MESTIC HEATING OILS
as compared with
for the week ended Feb. 8 was 1,495,100 barrels,
ENT IN KEROSENE BUSINESS.
PROVEM
barrels. The
barrels for the preceding week, an increase of
featured the
r (Arkansas) heavy oil,
A reduction in tank wagon gasoline prices
Mid-Continent production, excluding Smackove
barrels, an increase of
barrels, as compared with
during the past week. Standard was
1,472,-
23,050
050
refined products market
Oil Co. of New York made the move, cutting the price one
.
cent per gallon throughout New York and New England
New York City is 13.3 cents
The new tank wagon price in
ed
per gallon, while the service station price remains unchang
gallon, exclusive of the State tax.
at 15.3 cents per
Bulk gasoline demand has maintained a fairly steady tone
this week but business is not as great as anticipated. The
uncertainty of the weather is blamed for this, however,
making the basic cause seasonal, rather than otherwise.
More activity is shown by buyers in making inquiries, but
they are not placing business in the usual volume. The
Mid-Continent crude situation is holding back buying movement considerably, due to the general belief that the lower
crude prices now in effect must eventually be reflected in
the refined products market. The tank car price of U. S.
motor gasoline remains unchanged at 8% cents per gallon
at refinery.
There is a better interest shown in domestic heating oils,
as consumption has increased steadily during this season,
and prices are firmly established. Movement against contracts has been good and repeat orders have been frequent.
Diesel oil continues steady at $2 per barrel, with consumption satisfactory.
In the California gasoline situation it is reported that shipments are available in cargo lots at 8 cents c.i.f. Eastern
ports, while one factor reports that he was offered a lot at
slightly less than this quotation.
In the kerosene division conditions are not so satisfactory.
Consumption is keeping up fairly well but stocks are increasing rapidly. Refiners have been able thus far to maintain
4
the level of 73 cents per gallon for 41-43 water white at
refineries, however.
The price changes of the week follow:
s reduction of one
-Standard Oil Co. of New York announce
Feb. 11.
throughout New York
cent per gallon in tank wagon gasoline, effective
State and New England.
Gasoline, U. S. Motor, Tankcar Lots, F.O.B. Refinery.
a.063.4 North Louisiana- - -$.07 h
4
NY(Bayo'ne)$.081z411$.083 Arkansas
.0634
.0854 North Texas
.0654 California
West Texas
.07
.094 Los Angeles, export .073i Oklahoma
Chicago
.0934
.0754 Gulf Coast. exuort__ .0854 Pennsylvania
New Orleans
New York
Atlanta
Baltimore
Boston
Buffalo
Chicago
Gasoline, Service Station, Tax Included.
Minneapolis
$.18
$.173 Cincinnati
New Orleans
.16
.21
Denver
.188 Philadelphia
.22
Detroit
San Francisco
.18
Houston
.20
Spokane
.24
.15
Jacksonville
.179 St. Louis
.15
Kansas City
1.182
.196
.21
.215
.205
.16
Kerosene, 41-43 Water White, Tankcar Lots, F.O.B. Refinery.
1.0734
1.0534 I New Orleans
NY(Bayonne)$.073(@ .081Chicago
.0634
.05341Los Angeles, export_ .0554 I Tulsa
North Texas
or Terminal.
Fuel 011, 18-22 Degree, F.O.B. Refinery
1.85 Gulf Coast
8.71
New York(Bayonne) $1.051Los Angeles
.95 Chicago
ass
2 00INew Orleans
Diesel.
Gas Oil, 32-36 Degree, F.O.B. Refinery or Terminal.
N ew York(Bayoune)$.05511Chicago
1.031Tulsa
3.03
1,432,500
1,454,000
21,500 barrels.
the various districts for the
The production figures of certain pools in
gallons,
week, in barrels of
current week, compared with the previous
42
follow:
-Week EndedFeb. 8. Feb. 1.
23,450 23,800
21,050 22,200
17,500 17,550
16,550 16,900
7,950 7,150
30.000 28,100
53,250 40,050
44,850 44,600
20,550 19,900
6,000 6,550
12,800 14,400
69.650 57,150
41,300 42,150
10,350 12,500
7,400 7,200
22,150 23,100
3,700 4,750
OklahomaAllen Dome
Bowlegs
Bristow-Slick
Burbank
Carr City
Earls1 ore
East Earlsboro
Little River
East Little River
Maud
Mission
Oklahoma City
St. Louis
Sasakwa
Searight
Seminole
East Seminole
Kansas23,450
Sedgwiek County
Panhandle Texas
56,300
Gray County
24,800
Hutchinson County
North Texas
17,800
Archer County
26.100
Wilbarger County
West Central Texas
8,900
Brown County
Shackleford County____ 9,000
West Texas
Crane de Upton Counties 45,850
38,350
Howard County
17.050
Reagan County
88,600
Winkler County
130,650
Yates
Balance Pecos County 7,200
East Central Texas
5,850
Corsicana-Powell
Southwest TexasDarst Creek
Luling
Salt Flat
North Louisiana%.
Haynesvllle
Urania
A rkansasChampagnolle
Sml.ckover (light)
Smockover(heavy)
Coastal Texas
Barbers Hill
Pierce Junction
Raccoon Bend
Spindletop
Sugarland
Coastal Louisiana
East Ha,ckberry
23,150 Old Hackbeny
Sulphur Dome
Wyoming
54,900
23,000 Salt Creek
Montana
17,600 Sunburst
California
25,900
Dominguez
9,600 Elwood-Goleta
9,300 Huntington Beach
Inglewood
45.350 Kettleman Hills
39.300 Long Beach
16,500 Midway-Sunset
89,800 Santa Fe Springs
134,300 Seal Beach
7,600 Ventura Avenue
-Week Ended
Feb. 8. Feb. 1.
15,500 15,000
10,500 10,400
27,900 27,500
4,600
5,150
4,600
5,150
4,950 4,850
5,200 5,250
41,100 39,550
25,650
11,100
12,050
19,100
12,100
23,900
12,350
12,000
19,500
11,900
1,400
1,700
5,300
1,500
1,300
5,100
29,200 33,550
5,950
5,950
10,500 10,000
33.800 34,500
41,000 41,000
22,500 22,500
14,000 14,000
109,000 106,500
75,000 75,000
162,500 167,200
29,500 29,500
51,100 51,400
6,000
Substantial Increase in Steel Orders Over Year Ago.
Unfilled orders on the books of subsidiaries of the United
States Steel Corp. as of Jan. 31 1930 amounted to 4,468,710
tons, the highest the figure has been since Jan. 31 1926.
tons,
At Dec. 31 1929 the unfilled tonnage was 4,417,193
and a year ago it was 4,109,487 tons. Below we show the
monthly figures back to 1925. Figures for earlier dates
may be found in the "Chronicle" of April 17 1926, p. 2126.
UNFILLED ORDERS OF SUBSIDIARIES OF
1928.
1929.
End of Month. 1930.
4,468,710 4,109,487 4,275,947
January
4,144.341 4,398,189
February
4,410,718 4,335,206
March
4,427,763 3,872,133
April
4,304,167 3,416,822
May
4.256,910 3,637.009
June
4,088,177 3,570,927
July
3,658,211 3,624,043
August
3,902,531 3,698,368
_
September
4,086.562 3.751,030
October
4,125,345 3,643,000
November
4,417,193 3,976,712
December
U. B. STEEL CORPORATION.
1925.
1926.
1927.
3,800.177 4,882,739 5,037.323
3,597,119 4,616.822 5,284.771
3,553,140 4,379,935 4.863,504
3,456,132 3,867,976 4,446,568
3,050,941 3,649,250 4,049.800
3,053,246 3,478,642 3,710.458
3,142,014 3,602,522 3,539,467
3,196,037 3,542,335 3,512,803
3,148,113 3,593,509 3,717.297
3,341,040 3,683,661 4,109,183
3,454,444 3,807,447 4,581.780
3,972,874 3,960,969 5,033.366
Weekly Refinery Statistics for the United States.
According to the American Petroleum Institute, companies aggregating 3,484,400 barrels, or 95.4% of the 3,650,•
900 barrel estimated daily potential refining capacity of the
plants operating in the United States during the week
ended Feb. 8 1930, report that the crude runs to stills for
1050 .
FINANCIAL CHRONICLE
the week show that these companies operated
to 69.7%
of their total capacity. Figures published last week
show
that companies aggregating 3,469,350 barrels, or
95% of
the 3,650,900 barrel estimated daily potential refining capacity of all plants operating in the United States during
that week, but which operated to only 71.4% of their total
capacity, contributed to that report. The report for
the
week ended Feb. 8 1930 follows:
[VoL. 130.
In the New 1ork district Buffalo foundry
iron has broken 50c. a ton to $16.
furnace.
Domestic and foreign producers of ferroma
nganese have adopted quantity
differentials. The new schedule ranges from
$94 a ton, seaboard, for 2,000
tons or more to about $118 a ton, f.o.b.
furnace, for lots of 500 to 999 lb.
packed in barrels.
The "Iron Age" composite for pig iron
has declined from $18.17 to $18
a ton, the lowest figure since October
1928. Finished steel is unchanged at
2.305c. a lb., as the following table shows:
Finished Steel.
Pig Iron
Feb 10. 1930, 2.305e a Lb.
CRUDE RUNS TO STILLS, GASOLINE AND GAS
Feb. 10, 1980, 318 00 a Gross Ton.
& FUEL OIL STOCKS. One week ago
2.305c. One week ago
WEEK ENDED FEB. 1 1930 (BARRELS OF 42 GALLONS).
One month ago
$18.17
2.3190. One month ago
One year ago
18.21
2.391c. One year ago
10-year pre-war average
18 38
1.689e. 10
-year pre-war average
P. C.
15.72
Based on steel bars, beams, tank plates,
P. C.
Based on average of basic Iron at Valley
Potenwire, rails, bIrck pipe and black
Crude
Oper.
Gas and
furnace
District.
Hal Ca- Runs to
These products make 87% of the sheets. Philadel and foundry irons at Chicago.
f Total Gasoline
Fuel Oil
United
phia, Buffalo, Valley and Birmpacity ' Stills.
States output of finished steel.
Capac.
Stocks.
Stocks.
ingham.
Report.
Report
High.
Low.
Low.
1929...2.412e, Apr. 2 2.362e. Oct. 29 1929_31 High.
East Coast
8.71 May 14
100.0
3,181,600
75.0
7,892.000
6.850.000 1928....2.391c. Dec. 11 2.314c. Jan. 3 1928_ 18.59 Nov.27 $18.21 Dec. 17
Appalachian
91.0
623,500
76.4
1,528,000
686.000 19'27_2.453c. Jan. 4 2.293e. Oct. 25 1927._ 19.71 Jan. 4 17.04 July 24
Indiana
98.6
1,843,200
74.2
7.070.000
3.068.000 5926...2.453c. Jan. 5 2.403c. May 15 1926._ 21.54 Jan. 5 17.54 Nov. 1
Okla., Kans., Missouri_... 89.1
1,850.100
84.2
4.447.000
2.919.000 i925....2.580c. Jan. 8 2.3960. Aug. 18 1925..__ 22.50 Jan. 13 19.48 July 13
Texas
18.96 July 7
3,693,900
90.3
75.1
7.579,000
12.527.000
Louisiana-Arkansas
96.8
1.307.000
71.3
2.466,000
Steel requirements of the country continue to
2.234.000
Rocky Mountain
93.6
379.000
expand but
38.8
2.674.000
1.022.000
California
99.3
4.129.700
68.2 15,841.000 109.651.000 at a slower rate than in January and less evenly
distributed
Total week Feb. 8
95.4 17.008.000
69.7 49,297.000 138.957,000 both as to consumers and, producers, states the "Iron Trade
Daily average
2,429,700
Review"or C eveland of this week. Those districts
Total week Feb. 1
95.0 17,339.100
71.4 49.180.000 z138.530.000
deriving
Daily average
2.477.000
major support from the railroads, bent on retain
ing their
Texas Gulf Coast
title of premier consumer of steel, are more active
2,870.100
99.4
78.3
6.534.000
9,821.000
Louisiana Gulf Coast_ _ _ _ 100.0
than those
PO4,300
87.6
2.093,000
1,407,000 largely dependent upon the
automotive industry, continues
x Revised, due to transfer of approximately 2,000,000 barrels to
unfinished oils the "Review",
in Louisiana Gulf Coast.
which further goes on to say:
Note.
-All crude runs to stills and stocks figures follow exactly the
January's rebound was the sharper because of the
of Mines definitions. In California. stocks of heavy crude and allpresent Bureau
extremely poor showing
grades of fuel of December. For last month's
oil are included under the heading "Gas and Fuel Oil Stocks." Crude
rate of increase to have extended into
oil runs to Februar
stills include both foreign and domestic crude.
y would have required a surge in demand
Hence there is no abatement of the expectation foreign to the season.
that once the industry
gains its second wind this month it will again
move forward.
Steel Production Makes Slight Gain-Demand Also
Chicago district mills, rolling customary first-qu
arter track material
and entering heavier specifications from freight
Increases-Pig Iron Price Lower.
car builders, have stepped
up their operations to 85-88% compared with
90 a year ago. Pittsburgh
Steel demand, after rebounding sharply in January, is not mills, in a more spotty automotive situatio
n, are holding at 75%. Youngs
only holding its own, but in the aggregate, has shown a town mills also are at 75%, a fractional gain over last week.
Eastern mills are on more solid ground this week,averagi
further slight gain, reports the "Iron Age" of Feb. 13 in
ng 80%. Thirty
its of the 34 open-hearth furnaces at Cleveland are active, a decline
of two.
current review of iron and steel conditions. The
most Steel corporation subsidiaries, at 80% last week and 75 two
ago,
recent expansion of business, however, has not been shared operating this week at 82%. Independents are averaging weeks and are
76%
the
in by ail producers. Whereas steel ingot outimt at Chicag entire industry 78, contrasted with a general rate of 87% a year ago.
Now that production has made a heartening and
o
unexpectedly-rapid
has risen to 90% of capacity, at Pittsburgh it remain
s at comeback thus far in 1930, increasing concern is manifest over prices. It
seems
75% and in the Youngstown district has declined a few
effort will be made in
points. prices certain that anlevels to which they the next thirty days to advance
from the low
retreate
The average for the country at large has advanced
to 79% experience is any criterion, however, consumers will d last month. If past
compared with nearly 77% a week ago, says the "Age" erage before the higher levels are made effectiv be permitted some cove.
,
To the 11,350 freight cars ordered by the
which further states:
Chesapeake & Ohio, Pere
Marquette and flocking Valley railroads and 2,150
Rail releases help account for the high rate of product
by the Erie will shortly
ion in the Chicago be added 2,000 by the Seaboard Air Line
district. One Lake Michigan rail mill is now running
and 1,800 by the Louisville &
full and the other will Nashville. February looks like a 17,000car month, compared with 4,966
reach capacity operations by the end of the month. Booking
s in other pro- in January, 9,710 in December and 13,196
in January, 1929. American
ducts are also large, with deliveries on plates, shapes and
bars now ranging Refrigerator Transit Co. is inquiring for
1,000 refrigerator cars. New York
from four to six weeks. Last month's specifications for soft
steel bars at Central has ordered 15 locomotives, with new
Chicago were 16% larger than in January 1929.
locomotive inquiry totaling
seven. At Chicago 12,000 tons of tract fastenin
The outlook in heavier rolled products is generally favorab
gs was placed.
le,
Automobile production, estimated at 275,000 units
railroad equipment purchases and structural steel awards. thanks to
The Van with 120,000 in December and 401,000 last January for January compared
Sweringen lines have placed 13,500 freight cars in
, will probably show a
the last fortnight slight appreciation in the daily rate in
and may soon purchase 2,500 additional. Fabrica
February. The industry's steel
ted steel lettings requirements are spotty. Ford needs are
were in heavy volume for the third week, totaling
more widely distributed as this
52,000 tons, compared maker continues its policy of decentralizing
with 52,500 tons last week and 53,000 tons two
manufacturing. General Motors
weeks ago. Electrifi- units as a whole are operating better than
cation work for the Pennsylvania Railroad,
12,000 tons, and a New with General Motors affiliations benefit independents, and steelmaker
York subway section, 6,800 tons, were conspic
accordingly.
uous among the current
Structural steel awards this week approximated
contracts.
60,000 tons, against
48,100 tons last week and 38,900 tons a year ago.
Chicago mills look for the early release of 100,000
Bridge work is developing
tons of plates for a gas in all districts. For its eastern electrif
ication program the Pennsylvania
line pipe contract placed last fall. Among prospec
tive pipe projects is a railroad has brought 11,000 tons of structur
al's:
500
-mile line to be built in northwestern Texas by
the South Plains Pipe
On some sizes of bars and plates at Chicago deliveri
Line Co., a subsidiary of the Prairie Oil & Gas
es are now four to
Co. Chicago reports the six weeks deferred. Pending oil tank
plate work at Chicago aggregates
award of 2,000 tons of plates for oil storage tanks,
with 20,000 tons of such 25,000 tons. Fourteen thousand tons
of plates will be bought for two
work in sight. Shipbuilders are figuring on four
tankers, requiring 8.000 Mallory Line steamers. Over 100,000 tons
of plates may be placed soon for
tons of plates,for Pacific Coast oil companies.
the Texas-Chicago line, with a 500
-mile line in prospect. The reduction
Demand for automobile steel, although still gaining
, is not well diversi- in the Federal Reserve discount rate may
fied. A Cleveland bar mill is operating at 100%.
expedite financing of some pipe
Similarly, a number of line projects.
sheet and strip mills are running well, with schedul
es arranged for two
Emphasis in pig iron is on shipments rather than
weeks or more, but other makers of flat-rolled
sales, to be expected
products continue on a day- at this season. Pittsburgh reports steelwo
rks taking more iron. A Virginia
to-day basis. January production of motor cars
totaled
compared with slightly more than 400,000 in the first month 300,000 units, pipemaker has closed on 15,000 tons. Pig iron prices generally are steady,
of
the Ford and Chevrolet companies promise to show a materia1929. While as are those on beehive coke in the absence of forced sales. Despite the
l increase in recent Si reduction,semi-finished steel,especial
ly sheet bars and wire rods,
output this month, makers of medium and high-priced
cars will probably continues under pressure. Wire products
quotations are less steady.
do little better than maintain their January rates.
Galvanized sheets again have been reduced at Chicago.
The bulk of the steel being bought is for prompt require
Pig iron's fractional gain in the daily rate of
ments. The
January over December
Caution that still dominates the policy of buyers is reflected in
the hesitancy was considerably bettered by steel ingots, the daily ingot rate
of 140,234
of container manufacturers in releasing orders against tin plate
contracts. tons in January comparing with 115,851 tons in December and
Tin mills, however, are keeping their schedules well adjusted
166,309
to actual tons in January, 1929. In ingots as in pig iron, January was the
first month
demand, with present operations at 75%•
since last May to record improvement. The Steel
corporation's fifth conThe gain of 51,517 tons in the unfilled orders of the United States
secutive gain in unfilled tonnage, as of Jan. 31, brought
Steel
obligations to
Corp. in January brought the total to 4,468,710 tons, compar
ed with 4,- 4.468,710 tons, the highest since Feb. 28, 1926.
109,487 tons one year previous and 4,275,947 tons two years ago.
Apparently denoting stabilization of prices, "Iron Trade
Total
Review" combookings, however, are less significant than the rate of specifyi
ng. Pro- posite of iron and steel products is unchanged for the second consecutive
duction in both January 1929 and January 1928, was larger than last
month. week, at $35.24, after having declined continuously since early December.
A year ago this index was at $36.25.
January production of steel ingots for the entire industry was
3,786,319
tons or 140,234 tons a day. The daily rate, although 21% greater
Ingot production of the United States Steel
than in
December, was the smallest for any initial month since 1924.
increased and is now between 83 and 84%Corp. has been
of theoretical
Irregularities in steel prices have not disappeared, but tho trend is toward
a steadier market. A number of leading sheet mills have announced that capacity, compared with about 80% in the preceding week
and 77 %two weeks ago, states the "Wall Street
they will not accept orders at less than 2.65c., Pittsburgh, for
Journal"of
black sheets, Feb. 11.
The "Journal" continues:
3.30c. for galvanized and 2.10c. for blue annealed light plates.
An expansion in demand for metal furniture sheets has brought
Independent steel companies have kept pace with the gain
out concessions of
made by the
Steel Corp., and are running at approximately
$2 a ton to 3.90c. a lb., Pittsburgh.
76%, against 73% last
week and 70% two weeks ago.
Scrap markets, although still rather apathetic, are slightly
stronger.
For the entire industry the average is now between
Heavy melting grade has advanced 25c. a ton
79 and 80%,contrasted
at Pittsburgh, Chicago, with
around 763 % in the previous week and 73%% two
Cleveland and Cincinnati, and 50c. at Buffalo
weeks ago.
.
At this time last year the Steel Corp. was running
Pig iron demand is spotty, with some melters
at 89%, with indestill buying from hand to pendents at 84%,and
the average was slightly better than 86%.
mouth and others using up tonnage still
due on contracts. Shipments,
In the second week of February in 1928 the Steel
however, show an upward tendency, particul
Corp. was producing
arly to automotive foundries. ingots at better
than 90%, independents at a shade over 80%, and
The price situation Is tenser in districts where Alabam
the
a iron is competitive. average for the industry was
nearly 85%•
1051
FINANCIAL CHRONICLE
FEB. 15 1930.3
COKE.
BEEHIVE
Output of Bituminous Coal Lower—Anthracite ProThe total production of beehive coke during the week ended Feb. 1 is
duction Increases.
estimated at 65,500 net tons. This is in comparison with 67,400 tons In
during the
According to the United States Bureau of Mines, Depart- the preceding week, and 105.100 tons the tonnage corresponding week in
by regions.
1929. The following table apportions
ment of Commerce, 11,624,000 net tons of bituminous coal
Estimated Production of Beehive Coke (Net Tons).
1929
were produced in the week ended Feb. 1, as compared with
1930
lVeek Ended
to
to
Feb. 2
Jan. 25
Feb. 1
11,675,000 tons in the same period last year and 11,703,000
Date.a
Date.
1929.
1930.c
1930.b
Region—
tons in the week ended Jan. 25 1930. The total output of Pennsylvania, Ohio and
442.400
276,400
94,000
56,700
55,800
West Virginia
Pennsylvania anthracite during the week ended Feb. 1 1930 Georgia, Ky., Tenn.,
27,200
30.100
4,500
6.900
5,700
and Virginia
28,800
is estimated at 1,861,000 tons as against 1,718,000 tons dur- Colorado, Utah & Wash_
15,400
6.600
3,800
4,000
ing the corresponding period in 1929 and 1,749,000 tons dur321.900
498,400
105,100
67,400
65.500
United States total—
ing the week ended Jan. 25 last.
17.800
11,496
17.517
11,233
10.917
Daily average
For the coal year to Feb. 11930, the production of bituma Minus one day's production first week in January to equalize number of days
inous coal amounted to 438,570,000 net tons as compared in the two years. b Subject to revision. c Revised.
with 424,088,000 tons in the coal year to Feb. 2 1929. The
Coal Wage Accord Voted in Chicago—Dealers' AssociaBureau's statement says:
BITUMINOUS COAL.
tion Accepts Modified Demands of Teamsters'
The total production of soft coal during the week ended Feb. 1 1930,
Union—Ten-Hour Day as Basis.
including lignite and coal coked at the mines, is estimated at 11.624.000 net
From its Chicago bureau the "Wall Street Journal"
tons. Compared with the revised estimate for the preceding week, this
shows a decrease of 79,000 tons, or 0.7%. Production during the week in of Feb. 5 reported the following:
1929 corresponding with that of Feb. 1 amounted to 11,675,000 tons.
The Chicago Coal Merchants' Association unanimously voted to accept a
Estimated United States Production
of Bituminous Coal (Net Tons).
1929-30-Cal. Year
to Date.
415,243.000
1,685,000
426,946,000
1,691.000
438.570,000
1,697.000
Week.
Week Ended—
10,667,000
Daily average
1.778 000
Jan. 25.a
11,703.000
Daily average
1.951.000
Feb. 1 b
11,624,000
Daily average
1,937,000
a Revised since last report. b Subject to revision.
Jan. 18....
1928-29
-Week.
11,686.000
1,948.000
11,771,000
1,962.000
11.675.000
1,946,000
Cal. Year
to Date.
400.642.000
1,627.000
412,413,000
1,635.000
424,088,000
1,642,000
The total production of soft coal during the present coal year to Feb. 1
(approximately 259 working days) amounts to 438,570,000 net tons.
Figures for corresponding periods in other recent coal years are given below:
487,331,000 net tons
1928-29
424,088,000 net tons 11926-27
448,332,000 net tons
1927-28
397,549,000 net ton511925-26.
As already indicated by the revised figures above, the total production of
soft coal for the country as a whole during the week ended Jan. 25 is estimated at 11,703.000 not tons. Compared with the output in the preceding
week, this shows an increase of 1,036,000 tons, or 9.7%. The following
table apportions the tonnage by States and gives comparable figures for
other recent years.
Estimated Weekly Production of Coal by States (Net Tons).
Jan. 1923
Week Ended
Jan. 25 30. Jan 1830. Jan. 2629. Jan. 2828. Averaoe a.
337,000
357.000
348,000
434.000
308.000
30,090
55.000
30.000
52,000
57,000
223.000
285.000
226.000
317.000
295,000
1,707.000 1,388,000 1,519.000 1,381.000 2,111,000
396.000
400,000
659,000
421.000
347,000
103.000
91,000
140.000
114.000
109.000
67,000
103,000
858,000
1.041,000
607.000
946.000 1,043.000
359.000
379,000
240.000
341.000
285,000
63,000
65,000
63,000
55.000
62,000
20.000
15,000
32,000
17,000
16,000
89.000
97,000
96,000
87,000
92 000
69.000
73,000
84.000
77,000
82.000
70.000
63.000
68,000
62 COO
73,000
44.000
58,000
74,000
66,000
50,000
196,000
433.000
522,000
469.000
814,000
Oklahoma
72,000
92.000
87.000
90,000
63,000
Pennsylvania
2,660,000 2,503,000 2,886,000 2,630.000 3.402.000
Tennessee
108.000
117,000
132.000
115,000
133.000
Texas
28,000
18,000
14,000
12,000
26,000
Utah
133,000
159.000
155,000
152,000
109,000
Virginia
230.000
303,000
273,000
262,000
211,000
Washington
50.000
45,000
61,000
51,000
74.000
W. Va.—Southern_b
2,154,000 2,026.000 2,210,000 1,815,000 1,168,000
Northern_c
748.000
787.000
656,000
728,000
656.000
Wyoming
141.000
168.000
182,000
156,000
186,000
Other States
5,000
73,000
64,000
65,000
7,000
State—
Alabama
Arkansas
Colorado
Illinois.
Indiana
Iowa
Kansas
Kentucky—Eastern
Western
Maryland
Michigan
Missouri
Montana
New Mexico
North Dakota
Ohio
Total bituminous coa 1_ _11,703.000 10,667,000 11,771,000 10.285.000 11,850.000
Pennsylvania anthracite_ 1.749.000 1,415,000 1,667.000 1,214,000 1,968,000
Total all coal
modification of the demands of the Chicago Coal Teamsters' Union.
Instead of a nine-hour day for all classifications of the 9,000 workers and
a 90
-cent increase a day in the pay of chauffeurs, with SC, a day for helpers
the labor committee of the association will proceed to negotiate a new scale
-cent a day increase to chauffeurs
on the basis of a 10
-hour day with a 40
and helpers and 15 cents a ton shoveling charge for hikers instead of 10
cents a ton.
There will be no change in day labor so far as placing the men on a straight
day basis is concerned, wages will continue on piece rate and when the new
scale is completed it will be retroactive as of Jan. 1 1930, when the old
contract expired. The new contract will be for two years. This Is the first
time in the history of the wage negotiations with the union that a two-year
contract has been agreed on. Heretofore the contracts have been for one
year only.
The only agreement gave chauffeurs working ten hours a day a wage of
$8.10. Chauffeurs' helpers received S6.10. Milton Booth, President of
the union, demanded $9 a day for nine hours' work for the chauffeurs and
S6 a day for nine hours' work for the chauffeurs' helpers.
The union also asked a nine hour day for hikers, the men who carry in
the coal and work on a piece basis at 55 cents an hour.
Preliminary Estimates of Production of Coal and Beehive Coke for the Month of January 1930.
The following preliminary estimates for the month of
January, as given in the United States Bureau of Mines
report, are subject to slight revisions, which will be issued
in the weekly report about the 15th of this month. All
current estimates will later be adjusted to agree with the
results of the complete canvass of production made at the
end of the calendar year. The figures as now reported show
that about 49,750,000 net tons of bituminous coal were
produced in January 1930, an increase of 3,550,000 tons
as compared with the previous month, but represented
a decrease of 1,706,000 tons as compared with the output
in the month of January 1929. Anthracite production
during the month under review showed a decrease of 428,000
net tons as compared with the corresponding month in the
preceding year, and was 749,000 tons below the total output
for the month of December 1929. The statistical tables as
given by the Bureau of Mines are appended:
13,452,000 12,082,000 13,438,000 11.499,000 13.818,000
a Average weekly rate for entire month. b Includes operations on the N. & W.,
C. & 0., Virginian. K. & M.. and Charleston division of the B. & 0. c Rest of
State including Panhandle. d Kansas included in "other States."
PENNSYLVANIA ANTHRACITE.
The total production of Pennsylvania anthracite during the week ended
Feb. 1 is estimated at 1,861,000 net tons. This is an increase of 112,000
tons, or 6.4%, over the output in the preceding week. Production during
the week in 1929 corresponding with that of Feb. 1 amounted to 1.718.000
tons.
Estimated Production of Pennsylvania Anthracite (Net Tons).
1929
1930DailyDaily
Week.
Week Ended—
Average.
Week.
Areraoe.
January 18
1,789.000
1,415.000
235,800
298,200
January 25
1,667,000
1,749,000
291,500
277.800
February 1
1.718,000
1,861,000
310.200
286,300
Total for
Month
(Net Tons).
Number of
IVorking
Days.
49,750,000
6,909,000
312,600
26.4
26.0
27.0
1.884,000
265,700
11,578
46,200,000
7,658,000
344,900
25.0
25.0
25.0
1,848.000
306.000
13,796
51,456,000
7,337,000
479,100
26.4
26.0
27.0
1,949,000
282,000
17,744
Average per
Working Day
(Net Tons).
January 1930 (preliminary) a
Bituminous coal
Anthracite
Beehive coke
December 1929 (revised)—
Bituminous coal
Anthracite
Beehive coke
January 1929—
Bituminous coal
Anthracite
Beehive coke
a Slight revisions of these estimates will be issued In the weekly coal report
about the middle of the month.
Current Events and Discussions
The Week with the Federal Reserve Banks.
The consolidated statement of condition of the Federal
Reserve Banks on Feb. 12, made public by the Federal
Reserve Board, and which deals with the result forthe 12
Reserve banks combined, shows a decrease for the week of
$19,700,000 in holdings of bills bought in open market and
small increases in holdings of discounted bills and U. S.
securities. Member bank reserve deposits declined $31,200,000, Government deposits $13,800,000, Federal Reserve
note circulation $1,000,000 and cash reserves $3,000,000.
Total bills and securities were $19,400,000 below the amount
reported a week ago. After noting these facts, the Federal
Reserve Board proceeds as follows:
The principal changes in holdings of discounted bills were an Inc ease
of $24,600,000 at the Federal Reserve Bank of New York and decreases of
$10,800,000 at San Francisco, $8,900,000 at Chicago and $2,400,000 at
Boston. The System's holdings of bills bought in open market declined
$19,700,000 and of Treasury certificates and bills $14,200,000, while holdings
of Treasury notes increased $15,000,000.
Federal Reserve note circulation increased $8,700,000 during the week
at the Federal Reserve Bank of Cleveland, $4,000,000 at Philadelphia,
$2,900,000 at Chicago and $2,700,000 at San Francisco, and declined
$8.400,000 at New York,$4,700,000 at Boston and $2,000.000 at St. Louis.
1052
Fyn% 120.
FINANCIAL CHRONICLE
The statement in full, in comparison with the preceding
Complete Returns of the Member Banks of the Federal
week and with the corresponding date last year, will be
Reserve System for the Preceding Week.
found on subsequent pages—namely, pages 1077 and 1078.
As explained above, the statements for the New York and
A summary of the principal assets and liabilities of the
Reserve banks, together with changes during the week and Chicago member banks are now given out on Thursdays,
simultaneously with the figures for the Reserve banks themthe year ended Feb. 12, is as follows:
selves, and covering the same week, instead of being hold
Increase (+) or Decrease (—)
During
until the following Monday, before which time the statistics
Year
Feb. 12 1930.
Week.
covering the entire body of reporting member banks, in 101
Total reserves
3,173,457,000 ---2,978,000 +325,308,000
Gold reserves
2,974,978,000 ---1,585,000 +288,757,000 cities, cannot be got ready.
Beginning with the statement of Jan. 9 1929, tile loan
Total bills and securities
1,147,838,000 --19,399,000 —333,414,000
figures exclude "Acceptances of other banks and bills of
Bills discounted, total
381,914,000
+492.000 —522.035.000
Secured by U. S. Govt. obligations_ 212,650,000 A-14.722,000 —405,094.000 exchange or drafts sold with endorsement," and include al
Other bills discounted
169.264,000 ---14,230,000 —116,941,000 real
estate mortgages and mortgage loans held by the banks;
Bills bought in open market
276,084,000 ---19,707,000 —114,974,000 previously acceptances of other banks
and bills sold with
U. S. Government securities, total
478,560,000
+716,000 +301,390.000 endorsement were included with loans, and some of the
Bonds
69,592,000
—87,000
+18,000,000
Treasury notes
186,182,000 +14,956,000
+89,339,000 banks included mortgages in investments. Loans secured by
Certificates of indebtedness
222,786,000 —14,153,000 +194,051,000 U.
S. Government obligations are no longer shown separately,
Federal Reserve notes in circulation_ _1,682,444,000
—1,037,000
+22.667,000 only the total of loans on securities being given. FurtherTotal deposits
2,388,871,000
—430.000
—32,651,000 more, borrowings at the Federal Reserve are not now subMembers' reserve deposits
2,307,658.000 —31,196,000
—64,964,000
Government
11.743,000 —13,809,000
—9,119,000 divided to show the amount secured by U. S. Government
obligations and those secured by commercial paper, only a
Returns of Member Banks for New York and Chicago lump total of the two being given. The figures have also
been revised to exclude a bank in the San Francisco district,
Federal Reserve Districts—Brokers' Loans.
Beginning with the returns for June 29 1927, the Federal with loans and investments of $135,000,000 on Jan. 2 1929,
Reserve Board also commenced to give out the figures of the which was merged with a non-member bank.
In the following will be found the comments of the Federal
member banks in the New York Federal Reserve District,
as well as those in the Chicago Reserve District, on Thurs- Reserve Board respecting the returns of the entire body of
days, simultaneously with the figures for the Reserve Banks reporting member banks of the Federal Reserve System for
themselves, and for the same week, instead of waiting until .the week ended with the close of business Feb. 5:
The Federal Reserve Board's condition statement of weekly reporting
the following Monday, before which time the statistics cover- member banks in leading cities on Feb. 5 shows
decreases for the week of
ing the entire body of reporting member banks in 101 cities $78,000,000 in loans and investments, $53,000,000 in time deposits, $18,
000,000 in Government deposits and $20,000,000 in borrowings from Federal
cannot be got ready.
Reserve banks, and an increase of $58,000,000 in net demand deposits,
Below is the statement for the New York member banks
Loans on securities increased $10,000,000 at all reporting banks and $56,and that for the Chicago member banks thus issued in 000,000 in the New York district, and declined $27.000,000 in the Boston
district and $6,000,000 in the Cleveland district. "All other" loans declined
advance of the full statement of the member banks, which
banks.
New York district,
$61,000.000 at all
latter will not be available until the coming Monday. The $10,000,000 in thereporting district $41,000,000 in the the Boston district,
and $6,000,000 in
Chicago
New York statement, of course, also includes the brokers' and increased $7,000.000 in the Philadelphia district.
Holdings of U. S. Government securities show little change for the week.
loans of reporting member banks. The grand aggregate of
while holdings of other securities declined $22,000,000 in the New York
these brokers' loans the present week shows an increase of district, $10,000,000 in the Chicago district and $30,000,000 at all reporting
$48,000,000, the total on Feb. 11 1930 being $3,450,000,000 banks.
The principal change in borrowings
Federal Reserve
for the
as compared with $6,804,000,000, the high record in all time week was a decline of $15,000,000 atfrom Federal Reserve banksof New
the
Bank
established on Oct.2 1929 and 5,568,000,000 on Feb. 13 1929. York.
A summary of the principal assets and liabilities of weekly reporting
The loans "for own account" decreased during the week
member banks, together
from $928,000,000 to $924,000,000 and loans "for account Feb. 5 1930, follows: with changes during the week and the year ending
of others" from $1,547,000,000 to $1,536,000,000, but
Increase (+) or Decrease (—)
Since
loans "for account of out-of-otown banks" increased from
Feb. 5 1930.
Jan. 29 1930.
Feb. 6 1929.
8
$927,C00,000 to $989,000,000.
Loans
and investments—total_ _ _ _22,127,000,000
CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CITIES.
New York.
Feb. 11 1930. Feb. 5 1930. Feb. 13 1929.
3
Loans and investments—total
7,525.000,000 7,551,000,000 7,187,000,000
Loans—total
5,611,000,000 5,648,000,000 5,304,000,000
2,912,000.000 2,921.000,000 2,817,000,000
2,700,000,000 2,727,000,000 2,437,000,000
On securities
All other
Investments—total
1,94,000,000 1,903,000,000 1,883,000.000
1,110,000.000 1,096,000,000 1,128,000,000
803,000,000 806,000,000 755,000,000
U. S. Government securities
Other securities
742,000,000
49,000,000
Reserve with Federal Reserve Bank
Cash in vault
747,000,000
49,000,000
740,000.000
61,000,000
5,218,000,000 5,300,000,000 5,294,000,000
1,223,000.000 1,241,000,000 1,182,C00.000
4,000,000
2,000,000
12,000,000
Net demand deposits
Time deposits
Government deposits
76,000 000
911,000,000
Due from banks
Due to banks
Borrowings from Federal Reserve Bank_
77,000,000
950,000,000
11,000,000
174,000,000
Loans on secur. to brokers & dealers;
924,000,000 928,000,000 1,097,000.000
For own account
989,000,000 927,000,000 1,859,000.000
For account of out-of-town banks
1,536,000,000 1,547,000,000 2,612,000,000
account of others
For
3,450,000,000 3,402,000,000 5,568,000,000
Total
On demand
On time
Loans and investments—total
3,068,000,000 3,029,000,000 4,984,000,000
382.000,000 373,000,000 584,000,000
Chicago.
1,913,000,000 1,926,000,000 2,076,000,000
Loans—total
On securities
All other
Investments—total
U. S. Government securities
Other securities
Reserve with Federal Reserve Bank_ __ _
Cash in vault
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
urrowing,s from Federal Reserve Bank_
*-51,000,000
+371,000.000
7.691,000,000
8,934,000,000
*+10,0(10.000
—61.000,000
+133,000,000
+238,000,000
On securities
All other
Investments—total
—168,000,000
5,502,000,000
—27,000,000
—539,000,000
2.724,000,000
2,777,000.000
+2,000,000
—30,000.000
—379,000,000
--161,000,000
Reserve with Federal Res've banks 1,701,000.000
Cash in vault
222,000,000
+10,000.000
--10,000,000
—50,000,000
--15,000,000
Net demand deposits
Time deposits
Government deposits
13,007,000,000
6,860.000.000
18,000,000
+58,000.000
--53,000,000
--18,000,000
—408,000.000
—31,000,000
--32,000,000
1,109,000,000
2,898.000,000
+81,000,000
+169,000,000
—45.000.000
—108,000,000
173,000,000
—20,000.000
—446,000 000
U. S. Government securities
Other securities
Due from banks
Due to banks
Borrowings from Fed. Res. banks_
* Jan. 29 figures revised.
95,000,000
943,000,000
37,000,000
*-78,000,000
16,625,000,000
Loans—total
1,521,000,000 1,532,000,000 1,617,000,000
910,000.000
611,000,000
921,000,000
612,000,000
392,000,000
394,000,000
156,000,000
239,000,000
200,000,000
259,000,000
169,000,000
16,000,000
170,000,000
17,000,000
179,000,000
18,000,000
The six-line statement by a member of the MacDonald Cabinet, which
may or may not be of particular significance is published without comment
in the London press. Speaking at the Wesleyan Church at Finchley, William
Graham,President of the Board of Trade,is reported to have said:
"We will seek some method of National debt cancellation on now and
fair lines in order that social progress, particularly in the more backward
countries of the world, may proceed more speedily."
Reports of Chancellor of the Exchequer Snowden's broadcast talk to
the United States to-day contain no reference to debt cancellations.
459,000,000
154,000,000
239,000,000
Would Cancel Debts—Member of British Cabinet Says
Method Will be Sought.
From London, Feb. 9, the Now York "Times" reported
the following:
899,000,000
718,000,000
1,196,000,000 1,208,000,000 1,261,000.000
602,000,000 601,000,000 682,000,000
1,000,000
2.000,000
1,000,000
166,000,000
315,000,000
143,000,000
303,000,000
165,000,000
330,000,000
2,000,000
3,000,000
81,000,000
Failure of London Electrical Loan-92% of £7,000,000
Electrical Offering Unplaced.
From London, Jan. 31, the Now York "Times" reported
the following:
In the matter of public subscriptions to new loans, the £7,000,000 issue
of 5% stock at 97S3 by the Central Electricity Board was a complete failure.
The underwriters had to take up this week 92% of the loan.
This is accepted as proof that the investment market is not yet in a
position to absorb large amounts of new securities. It is also recognized
that the issue was made at a time when large sums were required for meeting
FEB. 151930.]
FINANCIAL CHRONICLE
the terms
the final call on the government's conversion loan. Moreover,
offered were none too generous.
Several important British municipal loans are impending, but their
A
chances for success are diminished by the failure of the electricity issue.
good deal of temporary finance through "bill issues" continues to be done;
at present.
this is the cheapest form of borrowing
New Capital issues at London during January aggregated £16,925,542,
comparing with £5,283,1Q0 in December and with £47,418,161 in January
of last year. The total does not include government borrowings or special
issues, such as conversions and capitalizations of reserves. Home issues
accounted for E11,250,000 of the January total.
1053
Ambassador Edge .of France and French Government
Drafting Commercial Treaties,
Associated Press accounts from Paris state:
Ambassador Walter E. Edge is now working hard on the preliminary draft
to inaugurate
of a Franco-American commercial treaty on which he hopes
Foreign Office
negotiations with the French Government soon. The French
also is working independently on a draft of its own.
modus vivendi,
The proposed treaty is to be substituted for the present
be superseded
which both the United States and France believe should
commercial
by a definite long-running treaty, thus placing their growing
relations on a more satisfactory basis.
Fears for British Budget—Chancellor Snowden Says
at
Income Tax is Yielding Less Than Estimate.
Denies Free State Seeks a Loan Here—Minister
Washington Terms False the Report an Envoy Is
Leeds (England), Canadian Press advices Feb. 2, pubon Way to "Sound" Wall Street.
lished in the New York "Times" state:
The following from Washington, Feb. 7 appeared in the
The budget estimates of last year will not be realized, unless there is
considerable improvement in receipts from income tax in the next 12 months. New York "Times":
Exchequer,speaking at a dinner
of
declared Philip Snowden, Chancellor the
State has dispatched a
Reports that the Government of the Irish Free
of the Leeds Chamber of Commerce last night.
opinion of Wall Street on the flotation of anThe yield from the stamp duties would probably be several million pounds representative to sound the
by Michael MacWhite, the Minister of the
short of the estimated yield, the Chancellor said, owing to the decreased other loan were denied today
In a statement he said:
Stock Exchange activity. The estimated duty was another source that had Irish Free State to the United States.
ground whatsoever for the
The minister of the Irish Free State said there was no
not come up to expectations. He declined to disclose budget secrets, but
yesterday from Dublin that the Government of the
declared national finance must pay its way. Mr. Snowden promised, report published in New York a representative to sound the opinion of Wall Street
State had dispatched
Free State Government
however, that he would not make any raids in the Labor Government's Irish Free
on the flotation of another loan. As a matter of fact, the the second part of the
of
first budget.
has so far taken no decision with regard to the flotation ($72,975.000)•
total of which is E15.000.000
1928 loan, the authorized
the United States outside
The Irish Free State has no agent or representative in
It will be in the free
of the
at Washington and when the loan is Issue°
Street and Higher marketMinister a time as will suit the convenience of the Irish Government'
and at such
Belgian Minister Blames Wall
Duties in U. S. for Diamond Trade Troubles.
these colReference to the Dublin reports was made in
Charges that the diamond trade slump which has put umns Feb. 8, page 906.
Antwerp cutters and their employees on half-time work was
the result of the Wall Street slump and the increased duties
Merger—Credito
on diamonds in the United States were made in the Cha nber Two Big Italian Banks in Surprise
with
Italiano and Banca Nazionale di Credito Fuse
4, according to a cablegram
of Deputies at Brussels, Feb.
Sanction.
Government
from that city to the New York "Times" which added:
In Rome (Italy), advices Feb. 11 the New York "Times"
M. Van Berckelaer, Socialist, questioned Labor Minister Heyman on
his failure to pay a dole to the diamond cutters out of work, to which
M. Ileyman replied that there was no unemployment and that all the
workers, in accordance with employers, had been retained at reduced
pay and on a restricted output in part.
In outlining the causes for the diamond crisis, M. Heyman mentioned
chiefly the Wall Street slump and the higher duties.
Accumulation of $200,000,000 in Silver in Bank of
Shanghai Reported as one of Causes of Deprecia.
tion of Chinese Money—Cities Menaced by War
Send Metal for Safekeeping.
From the New York "Times" of Feb.9 we take the following special correspondence from Shanghai Jan. 11:
Accumulation in the banks of the International Settlement at Shanghai
of well more than $2..0,000,000 in silver, which is one of the main causes of
the depreciation of Chinese money,is largely due to the crippling of business
by misgovernments, in the opinion of foreign bankers here.
This enormous store of idle silver, for which there is no call from the interior of China and no market abroad,has forced the exchange of the Chinese
dollar down to almost a three-to-one rate as compared to the American
dollar. Less than a year ago an American dollar brought around $2.20 in
Chinese money.
This accumulation of silver in Shanghai is attributed to a variety of
causes, chief of which, in the opinion of financial experts, are the following:
Civil war, official extortion, confiscation of property, brigandage and business paralysis in interior China.
During 1929 China, supposedly united, experienced eight separate civil
wars or rebellions, in addition to the costly Russian-Manchurian conflict in
the far North.'
This almost ceaseless domestic strife has naturally crippled business,
increased taxes and kept prospects so uncertain that merchants and bankers
in the interior have avoided making future commitments whenever possible.
Because countless cities have been repeatedly in danger of capture, the
banks have sent their silver to the International Settlement at hanghai for
safekeeping. Normally more than half of the silver now stored here would
be circulating in trade channels up the Yangste River basin.
The civil wars have so often prompted local authorities to levy special
taxes, and have even been used as excuses for immediate confiscation of
Properties in order to raise emergency defense funds,that money has literally
been scared out of the interior cities into the vaults at Shanghai.
Another development which has frightened a vast amount of wealth into
the foreign protected area is the fact that the Nanking Government has
moved for the confiscation of several large estates, notably the fortune of the
descendants of Confucius, and the $13,000,000 estate left by a former
official of the Manchu dynasty.
Following Nanking's lead the local provincial and city Kuomintang party
committees have developed the habit of declaring the businesses, properties
and even homes of political enemies to be "enemy property," and confiscating them without legal sanction or court action.
This evil has become so flzgrant that shortly before Christmas the Nanking Governmnet Issued an order that no more "enemy" properties were to
be "confiscated at random" by party committees in the interior without
first obtaining the permission of the Central Government. The order was
well intentioned, but Nanking has not the power to enforce it over more than
a small area.
Brigandage is so extensive over many provinces that no one dares to
appear prosperous lest he be kidnapped and held for ransom, and in some
provinces large bands of brigands levy regular monthly payments upon
villages and towns as the price of sparing them from raids of looting parties.
The villages and towns must pay, or they will be attacked, looted and
burned and their women carried off to the brigand mountain retreats.
Despite these conditions taxes keep mounting in order to pay for the upkeep of the 2,000,000 soldiers maintained by the various Generals--soldiers
engaged periodically in factional wars, but rarely sent on missions to capture
or scatter the powerful bandit gangs, some of which are several thousand
strong.
Stated:
officially late
A most important banking amalgamation was announced
circles, where the
this evening, causing the greatest surprise in banking
were completely unoperations whtzh had been conducted for this fusion
and the Banca
known. The banks concerned are the Credito Italiano
Nazionale di Credito, two of Italy's Big Four banks.
has followed the policy
For the last two years the Fascist Government
industrial concerns and
of co-ordination and amalgamation among many
to direct its attention to
the success of this policy led the Government
secure in that branch of
the activities of Italian banks with a view to
The Government which had
the National economy similar amalgamations.
between the managers of the
been previously informed of the negotiations
Credito, encouraged these
Credito Italiano and the Banca Nazionale di
s on the lines on which
negotiations, giving at the same time instruction
the agreement should be based.
one giant banking institution,
Both banks have been amalgamated into
carried on by each of the
which entirely absorbs the activities previously
will be divided in two secbanks. At the same time the new institution
banking operations, will receive
tions: One to be devoted exclusively to
securities corporation, finance indusdeposits, etc., the other to operate as a
operations. The former section will
trial undertakings and carry on similar
Italiano, while the latter will be
be known under the name of the Credito
known as the Banca Nazionale di Credito.
the first time in Italy
It will be seen that this fusion introduces for
most beneficial results are exthe American banking system and the
the section called Credito Italiano
pected from it. The new President of
other section, Banes Nais Signor Feltrinelli, while the President of the
former President of
zionale di Credito, is Deputy Motta. Alberto Pirelli,
nominated Vice-Presithe International Chamber of Commerce, has been
directors of the
dent of each section. A meeting between the managing
agreement of the
two banks will take place on Saturday to ratify the
fusion.
Fall of Spanish Currency Causing Concern in Business.
-•--•
Madrid, Feb. 12 the New York "Times" reported
From
the following:
of the continued
The peseta fell considerably today, and as a result
show a disquieting decline.
monetary slump business in all lines began to
of confidence in the
of lack
Speculation in the peseta abroad as a result
persistent weakness.
Political situation is felt to be causing the
from authoritative sources that the government
It has been learned
State employees, includDepartment of Labor has decided to lay off 5,000
ing office and road laborers, in the interests of economy.
Associated Press accounts from Madrid Feb. 12 stated:
Exchange to-day at
The peseta was quoted in the closing unofficial
since Domaso Berenguer
7.92 to the dollar, the lowest figure reached
Rivera. In banking circles
assumed the Premiership in place of Primo de
justify alarm.
It was said, however, there was no basic cause to
Ecuador Exchange Upset—Apprehension Exists Over
Drop in Central Bank's Gold Reserve.
A cablegram to the New York "Times" from Guayaquil
Feb. 12 said:
There is apprehension over the rate of exchange,according to Quito papers,
of the Central Bank.
on account of the reduction in the gold reserve
El Die commenting on the last bulletin of the Central Bank, says: "In
the month of January, the balance between the purchase and the sale of
foreign exchange was disturbed, as purchases were only 600,000 sucres,
while sales were 2,977,000 sucres, resulting in a loss in the gold reserve of
2,386,000 sucres."
A prominent banker gives as the cause the low figure of exports and
the payment of outstanding foreign debts by merchants.
1054
FINANCIAL CHRONICLE
[VoL. 130.
Peru to Repay $4,600,000 Loan From U. S. Bankers.
Japanese Internal Bonds.
Washington advices as follows Feb. 12 are taken from the
United Press advices from Tokio published in the "Wall
New York "Journal of Commerce":
Street Journal" of Feb. 7 said:
Short
term advances made to Peru by American bankers during
1929
totaling approximately $4,600,000 are
to be repaid under a bill which has
been passed by the Peruvian Senate, according
to a cable to the Department
of Commerce to-day from Lima, Peru. Repayme
nt will be made by drawing upon the $4,000,000 exchange fund
and the $1,600,000 deposited for the
Mortgage Bank in New York since the contracti
on of the national loan in
December 1927
The Senate has also passed a stabilization bill proposed
by the Government, fixing the value of the Peruvian pound at $4.
It is anticipated that
these bills will become law within a few days.
Argentine Peso Drops—Decline Laid to Demand for
Foreign Currencies.
The New York "Herald Tribune" is authority for the
following Buenos Aires advices (United Press) Feb. 7:
The Argentine gold and paper peso continued its decline on the
foreign
exchange to-day. The gold peso, with a par value of 964, cents,
reached a
new low of 86 cents, a decline of more than four cents since Monday.
The
paper peso was quoted at 36 cents from Monday's value of
37 9-10 cents.
The general concemus of opinion among bankers here was that the
decline
on the exchange Is due simply to an excess demand for United
States dollars
and other foreign currencies with no bills in the local market for sale.
Certain quarters expressed the opinion that unless the Gold Conversion
Office
was reopened the present situation could only be remedied by
flotation of a
foreign loan, the proceeds to remain abroad to cover Argentine commitme
nts.
The Banco Ando Sud Americano and the Banco Italo-Belga deposited
£200.000 and .C100.000, respectively. In the Argentine Legation at London
yesterday for release of the equivalent in paper pesos here to local
correspondents. Yesterday's deposits brings the total of paper pesos
released
for circulation by deposit of gold abroad to 35,355,909 paper
pesos.
The Imperial Japanese Government is
issuing internal bonds yielding
5.63%, redeemable after 55 years in connectio
n with its earthquake reconstruction program financing.
Australian Gold Policy in Effect—Certain Associa
ted
Banks Refuse to Give Information Requested by
Commonwealth Bank.
In its issue of Feb. 14 the "Wall Street Journal
" carried
the following Sydney advices:
Commonwealth Bank took the first official step
recently under the powers
conferred by the amending act dealing with the
concentration of gold reserves
and the export of gold. The bank made a
request of the associated banks
for information as to the gold held by them
and their commitments in
London. The banks were required under the
amending act to provide information regarding the gold held, but no provision
was made to empower
the Commonwealth Bank to demand informati
on regarding the associated
bank's business in other directions.
Some of the banks have refused this additional
information and a somewhat embarrassing position has resulted. It
obviously is desirable that the
Commonwealth Bank should be in possession of the
facts concerning London
funds so that it can make plans for the efficient
use of the gold which it may
requisition from the other banks. Moreover the
Commonwealth Bank can
assist only through the information desired in dealing
effectively with the
acute exchange position with which they are faced
Some of the banks are apprehensive of the use which
might be made of information regarding their private affairs by the Commonw
ealth Bank as
long as it still has trading functions. This fear
should be dissipated when
action is taken in the next session of Parliame
nt to separate completely the
central reserve and the trading functions of the Commonw
ealth Bank.
The Bank of Iceland Closes Its Doors.
Turkish Loan Arranged—Newspapers Report MoraA wireless message from Copenhagen Feb. 3 to the New
torium Contemplated.
York "Times" said:
From Constantinople, Feb. 9 advices to the New York
Recent rumors of difficulties in connection with the falling of the
Bank
of Iceland's shares on the Copenhagen Stock Exchange were
"Times" said:
confirmed toWith neither denial nor affirmation from Angora of the
rumored declaration of a moratorium for the Ottoman debt, newspape
rs here are discussing
the possibility at length. The Milliet, government organ,
reiterates that
the "Government will not hesitate in regard to the health
of the national
money" by means of a foreign moratorium if
the need arises. The paper
specifies that this will apply only to the public debt
and the Anatolian railroad debt but not the naval and more recent railroad
construction.
A significant dispatch from Angora states that the
Banca Commerciale
d'Italia is arranging to place £1,000,000 at the dispositio
n of the Government to stabilize the Bourse. The Ottoman debt
is held principally by
England and France, with lesser sums due Switzerland, Iloliand
and Italy.
The moratorium talk is believed to be traceable to the fact that
the Turkish Government is now obliged to use for stabilizing its money large
quantities
of European exchange intended to start the proposed naional
bank.
Further advices from Constantinople (Feb. 10) to the
same paper said:
The Minister of Finance, Sarajoglu Shukru Bey, has categoric
ally denied
that the Government will declare a moratorium. Turkey
is paid up in its
obligation until June, he said, and in the meanwhile will seek other
remedies
for its financial problem. Obviously the moratori
um reports had spread
abroad, and the uncertainty cussed a slight rise in sterling.
With the Banca Commericale Itallana arrangements complete
d and
$1,000.000 just paid into the Turkish Treasury for Russian Governm
ent
purchases, the situation is temporarily relieved.
The "Times" later (Feb. 12) announced the following
from Constantinople:
The newspaper "Alcsham" says that sentiment in governme
nt circles
at Angora favors a moratorium only if the Ottoman
Debt Commission
cannot make any other proposal.
Kiazim Pasha, President of the National Assembly, says: "This
would
be a tool in the hands of our enemies abroad to attack Turkey,
but we are
accustomed to that. Our desire is a mutual understanding
only on the
old debts involved, not on those of the republican governme
nt."
day when the bank did not open. It is now stated that the
Mthing (Parliament) at Reykjavik held a plenary meeting lasting from 7 p.
m. Sunday
until 5 this morning, while the bank's council also met this morning.
An
official statement is expected later.
In 1927, when deflation affected all Denmark, and especially
Iceland,
where it coincided with a period of low fishery prices, the
bank's customers
suffered heavily. Lack of confidence prevailed and the depositor
s withdrew their money to a great extent.
The Bank of Iceland was formed in 1902 as a private
bank with note
issuing rights for thirty years, but the island's Landsban
k by agreement
will take over the note issue from 1931.
The Bank of Iceland's present capital is 4,500,000 kroner
(about $1,135,000). Since 1925, when it paid 5%, the bank has declared
no dividend.
Quotations for the bank's shares on the Stock Exchange in Copenhag
en
for the last three years were at about 30% of
their face value, and on
Saturday Feb. 1 they dropped to 25%. To-day the quotation
was suspended.
Associated Press accounts from Copenhagen Feb. 3 had
the following to say regarding the closing of the bank:
After a long discussion in Reykjavik to-night the
Althing refused to
grant the Bank of Iceland's request that the Governm
ent guarantee all
its liabilities and furnish a loan of 1,500,000 kroner.
Messages from Reykjavik said a bill for the eventual liquidation of its
affairs would be submitted
to the Althing.
An official bank inspector and the manager of the
Farms Bank of Reykjavik, after a cursory examination of the Bank of
Iceland's books, expressed
the opinion that its liabilities would not exceed its
assets.
From the New York "Times" we take the following from
Copenhagen, Feb. 11:
The Icelandic Alting's second chambre conclude
d early this morning
its debate regarding the reconstruction of Iceland's
Bank. The reconstruction proposal was rejected by a vote of 17 to
11. The government
Parties liquidation proposal was carried, 17 to 8, and
went to the third
reading, where it is almost certain to be adopted. The
main points of the
government scheme aro that the Finance Minister would
appoint three
men to a liquidation committee, while the Icelandic
State would guarantee
payment of the notes issued by the bank.
Debt Worries Turkey—Ottoman Commission asked to
Suggest Way Out of Fiscal Muddle.
Under date of Feb. lithe "Times" reported the following New York Agency of National Bank of Greece
Incorpfrom Constantinople:
orates Under Name of Hellenic Bank Trust Co.
That a moratorium is not a dead issue is indicated by a statement sent
For the benefit and convenience of the 60,000 Greeks
to the Ottoman Debt Commission in Paris by the Turkish Minister
of residing
in this State, the New York Agency of the National
Finance in response to urgent inquiries.
"The present state of affairs being capable of aggravation at the next Bank of Greece has taken out a charter
under the New York
date of payment, I am prepared to tell you that, to prevent a crisis which
State Banking Laws to transact a general banking busines
might injure the country's economic situation and the interests of the
s
debt holders, it would be opportune for the commission to consider a solu- under the name of the Hellenic Bank Trust Compan
y. The
tion and to suggest it to my government."
new institution opened for business on Feb. 10 at its
office
at 51 Maiden Lane. The bank has a capital of $1,000,
000;
surplus of $300,000 and reserves of $200,000, and is equippe
d
India's New Loan Draws Response—Attractive Terms to accept deposit
s and operate all the facilities of an up-toEffective —Other Loans Benefited.
date State banking institution, including compound interest
,
A special cablegram frcm London Feb. 10 to the Now flreign exchange and commercial
banking departments.
York "Journal of Commerce" said:
Heretofore, the activities of the agency have been limited.
The attractive terms of India's now C6,000.10
0 loan at 99 brought a The new institution has been organized under
the auspices of
good response to-day. The loan is redeemable at par in two years.
or at the National Bank
the Government's option in three years at 101. Lists
of Greece with the co-operation of influclosed early, being
largely oversubscribed. The development
gave a better tone to gilt-edged ential Greek residents here. John Plastropoulos is Presisecurities and other Indian loans hardened
, while British conversion loans dent; Demosthenes Megalicles,
Secretary, and Epaminondas
and War 5s improved appreciably. Australian
loans were also firmer.
Kaperonis, Treasurer. The board of directors, in _addition
The Indian loan was referred to in our Feb. 8 issue, p. 906.
to Mr. Plastropoulos, includes:
FEB. 15 1930.]
FINANCIAL CHRONICLE
John Drossopoulos, Governor, National Bank of Greece, Athens;
Thrasybule Bogdanos, National Bank of Greece, Athens;
Athanassios Darmos, Agent, National Bank of Greece, New York;
John Galanos, National Steamship Navigation of Greece, New York;
Thoodose Mitrou, Commercial Union of America, New York;
Alexander Koryzis, Sub-Governor, National Bank of Greece, Athens;
Joseph C. Rovensky, Vice-President, Chase National Bank, New York;
Spyro Skouras, Warner Bros., New York;
Stephen C. Stephan°, Stephano Bros., Philadelphia, Pa.
Bonds of City Savings Bank of Budapest, Hungary
Called for Redemption.
The Irving Trust Co., at its Corporate Trust Division, 60
Broadway, N. Y. City, will pay on Feb. 15 1930, at par 7%
25-year secured sinking fund gold bonds (series A of 1928),
due Feb. 15 1953 of City Savings Bank Co., Ltd., Budapest,
Hungary, of which $15,000 par value have been called for
redemption.
^
Bonds of Saxon State Mortgage Institution Called for
Redemption.
1055
enues collected from certain taxes specified in the Cuban
Public Works law, subject to the outstanding public works
serial 51()% certificates limited to $20,000,000 maturing
serially on and prior to June 30 1933.
In order to carry forward without interruption the public
works program an intermediate credit of $20,000,000 also
has been arranged which it is intended to fund out of the
authorized bonds. Pending such a funding operation, the
credit will rank equally in lien with the bonds.
The $40,000,000 issue was offered on Feb. 11 at 98 and
interest to yield about 5.70%. A substantial portion of this
issue has been withdrawn for sale in Europe and Cuba, of
which $3,000,000 of bonds will be offered in Holland by a
group which will include Anisterdamsche Bank, De
Twentsche Bank, Lippmann Rosenthal & Co., R. Mees &
Zoonan. The bonds will be dated Jan. 1 1930. It is announced that:
The bonds will be entitled to the benefit of a sinking fund, payable in
The National City Bank of New York, as fiscal agent, has equal installments in cash and/or bonds previously purchased, semi-annually
year
Dec. 31
issued a notice to holders of Saxon State Mortgage Institu- on Dec. 31 1935 and on June 30 and to retire in each by thereafter to
maturity.
the bonds
and including June 30 1945, sufficient
tion mortgage collateral sinking fund 6% guaranteed gold
The bonds will be redeemable as an entirety at any time
intends to
bonds, due Sept. 15 1947, to the effect that it
interest on 60
redeem $15,000 aggregate principal amount of these bonds at 105% of the principal thereof and accrued
par on March 15 1930 at its head office, 55 Wall St., days' notice. They will be callable for the sinking fund at
at
100 and accrued interest on 30 days' notice. The bonds will
New York.
City of Christiana (Norway) Bonds Drawn.
.Kuhn, Loeb & Co., as fiscal agents, announce that $26,000 principal amount of City of Christiana (Norway) municipal external loan of 1924 thirty-year 6% sinking fund gold
bonds, due Sept. 11954, has been drawn by lot for redemption at par on March 1 1930. Bonds designated for redemption will be paid out of sinking fund moneys at the
office of Kuhn, Loeb & Co. upon presentation and surrender
with all coupons maturing on and after March 1 1930.
Bonds of Republic of Peru Drawn for Redemption.
J. & W. Seligman & Co. and The National City Bank of
New York, fiscal agents of the Republic of Peru, are notifying holders of Peruvian National Loan 6% external sinking
fund gold bonds, second series, due Oct. 11961, that $132,500 of theso bonds have been drawn by lot for redemption
at their principal amount and accrued interest on Apr. 1 1930.
Bonds of Sao Paulo Purchased for Cancellation by
Speyer & Co.
Speyer & Co., as fiscal agents, have purchased for cancellation through the sinking fund $58,000 bonds of tire
State of Sao Paulo secured 7% waterworks loan of 1926.
This represents the first installment of the sinking fund for
the current year.
Republic of Salvador Customs Collections-and:Debt
Service.
As reported by the fiscal representative, collections for
January are as follows:
1930.
$661,919
January collections
80,964
Service on "A" and "B" bonds
580,955
Available for series "C" bonds
Interest & sinking fund requirements on ser."C" bds_ 70,000
1929.
$771,791
82;357
688,834
70.000
In making public the above, F. J. Lisman & Co. state:
Collections for the month of January 1930. after deducting service
requirements for the month on the "A" and "B" bonds, were equivalent
to over 8.29 times interest and sinking fund requirements on the series
"0" bonds.
The bankers' representative collects 100% of the import and export
duties, all of which is available for bond seevlee if needed, and 70% of
which is specifically pledged for that purpose.
Offering of $40,000,000 Republic of Cuba 5% Bonds
—Loan Arranged by Chase National Bank- -Intermediate Credit of $20,000,000 Also Arranged—To
Be Funded Later Out of $80,000,000 Authorized
Bond Issue.
It was announced on Feb. 10 that the Chase National
Bank had concluded negotiations with the Government of
the Republic of Cuba for the purchase of $40,000,000 of
%
2
/
its public works sinking fund 51 gold bonds, maturing
June 30 19-15. A public offering of the issue was made
Feb. 11 by a group headed by Chase Securities Corp., Bancamerica-Blair Corp., the Equitable Corp. of New York, and
Continental Illinois Co., Inc. The bonds are a part of an
authorized issue of $80,000,000, secured under the agreement
by a first preferential lien and charge on 90% of the rev-
be in coupon form in the denomination of $1,000 registerable
as to principal only. Principal and semi-annual interest
(June 30 and Dec. 31) will be payable in gold coin of or
equivalent to the present standard of weight and fineness
of the United States of America gold coin at the Chase
National Bank of the City of New York in New York City
or Ilavana, at the holder's option, without deduction for any
Cuban taxes present or future.
Mario Ruiz Mesa, Secretary of the Treasury of the Republic of Cuba, in advices to the syndicate offering the
bonds, says in part:
Pledged Revenues.
The revenues pledged as security for these bonds include the tax imposed
on automobiles and other vehicles, importation and consumption of gasoline, %% tax of sales and gross receipts, the surcharge on customs
duties, the tax on the export of money or its equivalent, the tax on the
rent and income of real property or property rights and 50% of the
excess territorial tax.
The amounts collected from the taxes under the Public Works Law
in the first four fiscal years, after settlement for adjustments and refunds,
:Ind the official estimates of the revenues to be derived from such taxes for
each fiscal year of the 20-year period ending June 30 1945, are as
follows:
Amts. Collected. Official (Est.)
6 Ended June 30—
car
$10,000.000
S12.162.628.25
1926
16.000.000
15,904,075.20
16.000,000
16,680.448.46
1928
18,000.000
18,034,340.41
1929
18,000.000
1930-45 inclusive
* Does not include $2.958,574.34 transferred to the special fund for public
Law.
works constituted by the Public Works
Purpose of Issue.
The Public Works Law of 1925 contemplates a comprehensive program
of improvements, national in character, and of great economic importance
to Cuba. The program includes the construction of the great Central
Highway of over 700 miles in length, traversing the island and connecting
the various Provinces with Havana ; the construction of water works,
bridges, sewer and drainage systems, public schools and public buildings.
Over 62% of the Central Highway is substantially completed, and 341
miles are now in use. It is expected that the Central Highway will be
%
2
/
completely finished and in use by March 1931. The Public Works 51
Sinking Fund Gold Bonds and said $20,000,000 credit are for the purpose
of refunding or paying indebtedness of the Republic incurred for work
completed and accepted in accordance with the provisions of the Public
Works Law,
General.
The present population of the Republic of Cuba is estimated in excess
of 3,500,000. The total funded debt of the Itpublic as of the end of the
fiscal year, June 30 1929, was $87,174,200, exclusive of $20,000,000
% Serial Certificates outstanding, of which $77,660,000
2
/
Public Works 51
was external. Floating indebtedness as of the same date amounted to
approximately $5,000,000. Between 1904, the year during which the
oldest of the external issues now outstanding was made, and Jan. 31 1930,
the Republic of Cuba has retired, through payment of serial maturities
or sinking fund operations, is total of $47,800,500 of external bonds.
Federal Farm Board Provides Initial Credit of $10,000,000 for Grain Stabilization Corporation—Funds
Used to Buy Wheat.
Government funds administered by the Federal Farm
Board were put to a new use on Feb. 12, when, for the first
time (according to a Chicago dispatch to the New York
"Times") wheat was purchased in considerable quantities
on six primary markets at prevailing low market prices to be
held processed and merchandised at the order and risk of
the Grain Stabilization Corporation. The dispatch went on
to say:
This action followed the meeting and election of officers this morning
in Chicago of the Farm Board's organization, incorporated Monday in
Delaware. The Board acted to meet demands for drastic action in the
FINANCIAL CFIRONTCLE
wheat market glut voiced by seven advisory committee wheat growers
here a week ago. Chicago wheat prices have advanced seven cents since
the announcement.
While over 2,000,004) bushels of this grain, country-run only, have been
bought over a period of several weeks by the $20,000,000 Farmers' National Grain Corp. to protect sums totaling over $10,000,000 advanced to
farmers' co-operatives by the Farm Board, this is the first truly "speculative" purchasing of wheat since the Farm Board's initial attempt to boost
wheat prices last October.
The new stabilization corporation is a non-stock, non-profit organization, hence without capitalization. It has been granted a line of credit
of $10,00,000 from the Farm Board's revolving fund. Although its activities are confined to wheat, the charter empowers handling of other
grains such as corn, oats, barley or rye, should such be necessary at a
later date. Only cash grain is being purchased thus far, no officer being
willing to commit the corporation on whether it might enter the "futures"
market now or later.
Officers of the new grain stabilization corporation named to-day include W. G. Kellogg, President; G. E. Huff. Salina, Kan., President of
Farmers Educational and Co-operative Union, Secretary; Ward M.Buckles,
formerly Vice-President of the Federal Intermediate Credit Bank, Spokane,
Wash., Treasurer; S. J. Cottington, Stanhope, Iowa, former President of
National Farmers Elevator Grain Co.,and E. V. Maltby, Chicago, Manager
of the Rural Grain Co., Vice-Presidents.
To
-day marked the re-entry of some foreign buying in American wheat
markets,as well as more activity in the buying offutures by millers. Chicago
prices led general advances in all wcrld markets,Closing at $1.19 for March
and $1.23% for May wheat.
Purchases were made to
-day by the farmers co-operatives in Minneapolis,
Duluth, Omaha, Chicago. Kansas City and Hutchinson, Kan., according
to W. G. Kellogg, newly elected President of the stabilization corporation
and General Manager of the Farmers National Grain Corp., He declined
tio say how much was purchased.
Announcement that the Federal Farm Board would provide an initial credit Of $10,000,000 to the Grain Stabilization Corporation was made by the Board on Feb. 10. In
giving the Board's announcement the "United States Daily"
of Feb. 11 said in part:
[VOL. 130.
Seven on Committee.
The committee consists of seven and includes Bradford Knapp,President.
College of Agriculture, Auburn, Ala.; Robert Amory, Amory, Brown &
Co., Boston, Mass.; U. B. Blalock, general manager and Secretary-Treasurer, North Carolina Cotton Growers' Co-operative Association, Raleigh,
N. C.; H. Lane Young, cotton grower, executive Vice-President, Citizens
& Southern National Bank, Atlanta, Ga., and Chiarman, agricultural
committee, National Bankers' Association; A. H. Stone, Vice-President,
Staple Cotton Growers' Association, Greenwood, Miss.; Lynn Stokes, President, Texas Farm Bureau Cotton Association, and general manager, Texas
Farm Bureau Gin Co. (co-operative), Dallas, Texas, and S. L. Morley,
general manager, Oklahoma Cotton Growers' Association. Oklahoma City,
Okla. Mr. Amory was certified to the board as an "experienced processor,
cotton spinner," and Mr. Stokes as an "experienced processor, manager
of cotton gins."
Fourth Advisory Commodity Committee.
This is the fourth advisory commodity committee to be set up by cooperative associations on invitation of the Farm Board, as provided by the
Agricultural Marketing Act, the others being dairy products, wool and
mohair, and wheat.
While the Farm Board's statement gave no further details, the appointment of the advisory committee for cotton was the same step taken by the
wheat co-operatives. In the case of the committee for wheat, however, the
advisory body was headed by the general manager of the $20,000,000 Farmers' National Grain Corp., which it is anticipated would be constituted the
stabilization corporation for wheat if such action is contemplated. No
general manager has yet been selected for the American Cotton Co-operative
Association, although It is considered that to
-days' action in appointing the
cotton advisory committee represents a set-up for cotton similar to that
contemplated for the wheat industry.
Northington Directing Activities.
Pending the selction of a general manager for the giant sales agency fcr
cotton, Allen Northington is directing the association's marketing activities
from his office in Montgomery, Ala. At the time the board of directors of
the association placed Mr. Northington in active charge of the marketing
operations, the Farm Board stated that the association would take over all
marketing activities of the various member State co-operative associations
and also to finance the handling of all cotton now held by the various member
associations. Previously the Board announced that it had made a loan to
the association "of ample amount to carry out this program." While no
official figures were given, it was estimated that upward of 400.000 bales of
cotton are involved, this being the approximate holdings of the several
members of the State co-operatives.
The Federal Farm Board is prepared to recognize the Grain Stabilization
Corporation recommended by the wheat advisory commodity committee
as a stabilization corporation for wheat and will provide an initial credit
of $10,000,000 to the new corporation, the Board announced Feb. 10, The
Farm Board may approve the Grain Stabilization Corporation Feb. 11, if
The following further advices Feb. 13 were reported from
the Board is able to act on the organization by that time, it was stated
orally at the Board.
Washington by the same paper:
The Grain Stabilization Corporation can buy grain from any one and there
Although indications came to-day that a stabilization corporation for
IS no limit to the amount of wheat that it may buy, Chairman Legge stated
cotton would be set up similar to that Just formed for the wheat industry,
orally at a press conference Feb. 10. Financially, the new stabilization
the Federal Farm Board made it clear that no action will be taken by the
corporation is a creature of the revolving fund provided by the agricultural
Board until the cotton co-operatives have made their plans.
marketing act, Mr. Legge explained.
Carl Williams, member of the Board for cotton, who has just returned
from a series of conferences in the South, said to-day that within three
Amount Available.
A total of $500,000,000 is authorized as a revolving fund by the terms weeks it is believed that the cotton farmers would formulate their plans.
He explained that the Farm Board in formulating a policy with respect
of the act, of which about $150,000,000 is now available.
The corporation is to be managed by William G. Kellogg, who was to cotton wanted to conform as closely as possible with the growers' ideas.
Questioned by newspapermen concerning the cotton price situation,
elected President at a meeting of the wheat advisory commodity committee in Chicago, according to Mr. Legge. Mr. Kellogg is General Mr. Williams explained that the average drop of 2c. a pound over a period
of about three weeks was caused by this year's consumption being far beManager of the Farmers National Grain Corporation.
Co-operatives who are members of the Farmers National Grain Corpora- hind that of last year and the uncertainty among buyers as to next year's
tion, or who are to become members of this national grain co-operative, are supply. While short selling may have helped, he said that he was inclined
setting up the Grain Stabilization Corporation, Mr. Legge said. He ex- to dismiss this theory as being the cause of the decline.
plained that the Grain Stabilization Corporation is a distinct organization
from the Farmers National Grain Corporation, and the former is not a part
of the latter.
Japanese Cotton Spinners to Curtail Operations.
The Federal Farm Board's written announcement concerning the organization of the Grain Stabilization Corp. follows in full text:
From the New York "Sun" of last night (Feb. 14) we take
"The Federal Farm Board announced Feb. 10 that the wheat advisory
commodity committee had recommended to the Board that it recognize the the following United Press advices from Tokio Feb. 14:
Grain Stabilization Corp., a non-stock corporation organized by grain coJapan Cotton Spinners Association mills probably will operate at reduced
operatives, as a wheat stabilization corporation under the terms of the agri- capacity for six months, effective to-morrow.
cultural marketing act, and that a loan be granted to this corporation sufficiAt its meeting held at Osaka the directors of the association adopted a
ent to carry on its Initial operations.
production program which provides a 10% cut in active spindles and
"The Grain Stabilization Corp. is composed solely of qualified Capper- monthly extra holidays of two days and nights. Approval
of this plan by
Volstead grain co-operatives and its membership is open to all such co- the spinning mills was sought at the general
meeting of the association.
operatives. The various members have waived all rights or claims to any
One significant provision in the tentative plan is that the executive comProfits which may accrue from its operations, to the end that all profits or mittee has the power to modify the rate of output within the
limit of 5%
losses wilifall upon the revolving fund provided in the agricultural marketing after May 16.
act.
The salient points of the tentative resolution for decreased production
'This is simply another step in the program of the grain co-operatives and follow:
the Farm Board for a unified national system for marketing grain and has
Reduction effective for six months from Feb. 15 to August 15.
been under consideration by the Board for several months. The Board,
All mills enforce extra holidays of two days and nights on LOP Of
10%
after careful study, is prepared to recognize this organization, set up by the reduction in active spindleage.
grain co-operatives, as a wheat stabilization corporation under the terms of
Production of yarns for weaving at own mills 5% reduction instead
the agricultural marketing act.
of 10%.
"In accordance with the recommendation of the wheat advisory comThe two days and nights holidays can be substituted by 3.6% spindle
modity committee, the Board will provide an initial credit of $10,000,000 to capacity.
the corporation."
For any new spindles installed during the time this resolution is being
The Farmers' National Grain Corp. has already purchased about 2,000,000 put in force a 20% reduction is enforced.
bushels of wheat, it was roughly estimated while he was in Chicago attendng the Wheat Advisory Commodity Committee meeting, Mr. Legge said.
Farm-Labor Banking Urged by Senator Brookhart—
Co-operative System Senator's Remedy to Avoid
Cotton Co-operatives Name Advisory Committee—Said
Wall Street Control.
to Have Been Appointed at Instance of Federal
A co-operative banking system founded and operated for
Farm Board.
farmers and industrial workers as the only means of equalizThe New York "Journal of Commerce" reported the fol- ing capital control in the United States was advocated
by
lowing from Washington Feb. 7:
Senator Smith W. Brookhart of Iowa at a labor protest
With the continued falling prices of cotton the Federal Farm Board to- meeting
in Philadelphia Feb. 9, sponsored by the American
day announced the appointment by the cotton co-operatives of an advisory
commodity committee for the industry. The statement said the cotton Federation of Labor. The New York "Journal of Comcommittee was appointed on the invitation of the Board.
merce" reporting this, and added:
Appointment
of the advisory commodity committee is necessary before
Declaring that this was the only civilized country in which these two
the Board can set up a stabilization corporation for any commodity, al- classes
were prohibited by law from establishing their own banking system,
though in the case of cotton emergency measures were taken earlier this the
Senator said the Government has already recognized tho co-operative
week when the board of directors of the American Cotton Co-operative principle
in producing and distributing.
Association was authorized to place Allen Northington, President, in charge
"Recognizing the inadequacy of the Federal Reserve Board, the Governof marketing operations, pending the selection of a general manager of the ment,
moreover, has furnished a system for the needs of the farmer in the
$30,000,000 sales agency. Authorized by law to buy from any existing formation
of the Intermediate Credit Bank, but it has been dehorned
surplus and withhold it from the market, such stabilization ocrporations and
denatured," the speaker continued. "The decoy ducks have been
can be established only on recommendation of the advisory committee.
at it."
FEB. 151930.]
FINANCIAL CHRONICLE
Senator Brookhart gave statistics on the comparative investment and
present
the product value of agriculture and manufacturing, and declared
banking laws, chain organizations of all kinds and a system of government
principal factors In maintaining an unfair
of labor by injunctions were the
capital return.
Outlines European Development.
The development of co-operative enterprises in various countries of
Europe was outlined by the speaker, who predicted that the retail grocery
trade and druggists would take steps along these lines to prevent centralization of credit control In Wall Street.
Senator Brookhart repeatedly scored the Federal Reserve Board for
assuming the right to adopt and push through any deflation policy after
this body had been instrumental in Inflating the financial situation. He
urged his audience to support the Glass bill for a 5% stock sales tax and
the ShIpstead Injunction measure.
An outgrowth of strike conditions at the hosiery mills in the northeast
district, the meeting attracting more than 5,000. Hundreds, unable to
gain entrance, heard the addresses through amplifiers in the streets outside.
1057
One increases the age limit for dependents from 18 to 21 years, and
adds an exemption for dependents over 60 years of age.
The other bill would permit tenant owners in co-operative apartment
houses to deduct, when computing their income tax, those shares of
paid
their maintenance charges directly attributable to real estate taxes
by the corporation in connection with the building.
House Adopts Resolution Calling For Inquiry Into Chain
and Group Banking.
Double Barreled action affecting the country's banking
operations marked the session of the House on Feb. 10
when the Committee on Banking and Currency received
authorization to conduct an investigation of branch and
chain banking and a move was made to ascertain the facts
and scope of the intentions of the Federal Reserve System
in regard to the past, present and future plans on interSuit in Ohio Against Henry L. Doherty & Co. Charges national finance, particularly with respect to the Bank of
Sale of Cities Service Stock Was in Violation of International Settlements. The Washington correspondent
State Gambling Law.
of the New York "Journal of Commerce" in observing this
Associated Press advices from Elyria, 0., Feb. 11, stated: on Feb. 10, stated further:
A suit on file in Common Pleas Court here to-day charges that sale by
the Henry L. Doherty Co. of New York of a portion of the Cities Service
Co. stock has been in violation of Ohio gambling and bucket-shop laws.
The suit is a test case, and the Doherty company is made defendant
for a $150 judgment.
IlItThe plaintiff, John Evenchick. President of the Rigbee Supply Co. here,
for whom the suit was filed yesterday, bought twenty shares of Cities Service
common during the December rebound at $48 a share, paying $150 down.
PLUnder contract it was stipulated that If any of the subsequent time
payments became more than a month delinquent the contract would be
canceled and Evenchick would receive his back payments, plus or minus
the market quotations of his stock when he bought it, and when the contract was canceled minus another 10% as "liquidation damages."
chain
Authorization for the Committee's inquiry into branch and
with apbanking with a view to determining legislative needs came
Conunittee, after
proval of the resolution recently offered by the Rules
a brief debate. Following the action, Chairman McFadden announced
the Committee would map plans for the hearings at a meeting Tuesday.
Feb. 18. He said he expected the hearings to get under way either
lost
by Feb. 24 or the first week in March. He explained that time
in starting the investigation may necessitate the holding of daily
contemplated only
sessions, whereas originally the Committee had
two hearings a week.
The resolution calling for the inquiry into group, chain
and branch banking, was presented by Representative Michener of Michigan, and was agreed to by the House as follows:
Hornblower &AWeeks Install Automatic Quotation
it Board in Boston.
House Resolution 141.
FIR The customers' room of Hornblower & Weeks's Boston
Resolved, That for the purpose of obtaining information necessary
as
and
gra has been equipped with the first installation in Boston as a basis for legislation the Committee on Banking studyCurrency,
and investiis authorized to make a
of the Remington automatic quotation board, which is a whole or by subcommittee, banking during the present session of
gate group, chain, and branch
now in operation. It is, with one exception, the largest Congress. The committee shall report to the House the results of its
yet produced by the company. The quotation board shows investigation, including such recommendations for legislation as it deems
tEropening, high, low and last sale of 300 stocks at all advisable, purposes the committee, or any subcommittee thereof, is
iFor such
renTend for the last seventeen authorized to sit and act at such times and places in the District of
-73s,and also st7Nalre mai
EIT
--hearsales.
consecutive
Columbia, whether or not the House is in session, to hold such
J. E. Jarrett Co., Investment Banking Firm, San Antonio,
Texas, In Hands Of a Receiver.
Judge Duval West of the Federal Court has appointed
It. M. McMillan receiver for the J. E. Jarrett Co., San
Antonio, an investment banking concern capitalized at
$1,250,000, according to advices from that city by the United
Press, printed in the "Wall Street Journal" of Feb. 8. The
dispatch went on to say that the receivership was granted
on appllea don of Warwick Field of New York, a stockholder,
who claimed the recent stock market upheaval had undermined the credit of the Jarrett Co.
New York Clearing House Said To Have Under Consideration Question Of Reduction In Interst Rates On Bank
Deposits.
It was reported in the New York "Times" that a special
meeting of the New York Clearing House committee was
held on Monday, Feb. 10 to discuss the advisability of
reducing the interest rate paid on deposits by the banks of
the city, but no action was taken, and no announcement
was made concerning the meeting. The "Times" account
also had the following to say:
As the Clearing House committee ordinarily would not hold its
regular meeting until Feb. 25, the calling of yesterday's gathering
aroused keen interest in financial circles. The question of such a reduction has become a lively one since the lowering last Thursday of
the rediscount rate of the Federal Reserve Bank of New York from
4% to 4%.
Earlier in the year leading bankers, questioned about the likelihood
of lowering interest on deposits, said that since rates had not been
greatly advanced during the tight money last year there was no particular hurry about reducing them. It is understood, however, that
several banks feel now that the general level of money rates has fallen
sufficiently to make advisable a less return to depositors.
Present interest rates fixed by the Clearing House are 2% on deposits
/
of banks, trust companies and private bankers; 21 2% on deposits of
mutual savings hanks and 2/A% on all other deposits.
The one-half of 1% fee charged by banks for placing broker's' loans
for account of out-of-town banks and non-banking lenders did not come
up for discussion at the meeting, it is believed.
Income Tax Exemptions Proposed In Albany Bills.
Two measures amending the income tax law were introduced on Feb. 7 in the legislature by Senator Samuel H.
Hofstadter and Assemblyman Abbot L. Moffat of New York
City. We quote from an Albany dispatch to the New York
"Times" which also said:
ings, to employ such experts and such clerical, stenographic, and other
the proassistants, to require the attendance of such witnesses and
testimony,
duction of such books, papers, and documents, to take such
to have such printing and binding done, and to make such expenditures as it deems necessary.
The debate in the House on the resolution on Feb. 10,
before the motion to agree on the same was adopted, is
indicated in the following which we quote from the "Congressional Record" of that day:
Mr. Michener: Mr. Speaker, this resolution creates no commission
on
and it sets up no new committee. It simply gives the Committee
thereof, the
Banking and Currency, as a committee or a subcommittee
a
power to investigate and study group, chain, and branch banking,
This
matter which is a very live subject in the United States today.
sessions
committee, if this resolution is adopted, is permitted to hold
Conanywhere within the United States during the present session of
gress and to report its action
Mr. McFadden: 'Will the gentleman yield?
Mr. Michener: I yield.
Mr. McFadden: I would like to suggest to the gentleman that the
hearings are confined to the District of Columbia.
Mr. Michener: That is correct; the resolution was amended, and the
hearings are confined to the District of Columbia. The committee is to
report during the present session, and in substance that is all the
resolution does. There is no opposition, so far as I know.
Mr. Brand of Georgia: Will the gentleman yield?
Mr. Michener: Yes.
Mr. Brand of Georgia: I did not understand what the distinguished
chairman of the committee said to the gentleman from Michigan.
Mr. Michener: The gentleman from Michigan stated that this resolution would permit the committee to hold bearings anywhere in the
United States. The chairman of the Banking and Currency Committee corrected the present speaker by stating that the resolution confines
the hearings to the city of Washington.
Mr. Brand of Georgia: That answers my question, but I want to
ask another question. The gentleman from Pennsylvania (Mr. McFadden) told me that he construed this second paragraph of the resolution to mean that all sessions of the committee or a subcommittee
thereof will be held to consider the subject matter of this resolution
during the present session of this Congress, and that there will be no
meetings of the Banking and Currency Committee or subcommittee
thereof after the Congress adjourned.
Mr. Michener: That is the plain language of the resolution and the
intent of the resoultion. .
Mr. Brand of Georgia: It is the language of the resolution; but is
that what the Rules Committee contemplates?
Mr. Michener: That is the purpose of the resolution, that the committee will hold hearings only during the present session of the Congress and will then report to the Congress.
Mr. Michener: Mr. Speaker, the gentleman's last statement correctly interpretates the resolution. The gentleman says he has studied
the problem for 17 years and that he is going to devote 90% of his
time between now and the next session in a study of the matter. I
am sure that the gentleman, who is one of the best-informed men on
the committee, and with his past study and his future study will be
able to bring to the Congress helpful information looking toward a
1058
FINANCIAL CHRONICLE
[VoL. 130.
solution of the problem without a great deal of additional work by an
most of the districts maintaining 4 5;,, rates apparently justify a reduction
extra committee.
of 3. of 1%.
So far as the resolution is concerned, it in no way limits the power
Treasury, Reserve Board and other Administration officials will be well
of the existing committee or the powers conferred on the Committee satisfied when all
the rates have been decreased to 4%,since that will be a
on Banking and Currency by the rules of the House. It gives addi- contributing factor to
the further easing of money market conditions, retional power to permit the committee to sit during the sessions of the garded as essential in the
carrying out of the various projects outlined by
House throughout the present session and to bring before it papers business leaders when they conferred
with President Hoover recently.
and documents and make a thorough investigation. That is all there
is to the resolution.
Mr. Speaker, I yield five minutes to the gentleman from Wisconsin Representative
McFadden Sees Federal Reserve System
(Mr. Stafford).
Co-Operating In Establishment and Operation Of Bank
Mr. Stafford: Everyone in this House knows that one of the most
urgent questions up for consideration is that of chain, group, and
For International Settlements—Under Writing Of Ambranch banking that has evolved during the past year. The people in
erican Portion Of Stock By J. P. Morgan & Co.
various parts of the country expect Congress to take some steps toward
In a lengthy speech in the House on Feb. 10, Representasolving this important question, and they hope, at least I hope, that this
Committee on Banking and Currency, one of the great committees of tive Louis T. McFadden, of Pennsylvania (Rep) Chairman
the House, particularly by reason of the consideration of this present of the
House Committee on Banking and Currency declared
and pressing question, will be able to report substantive legislation at
that there is a feeling "that the Federal Reserve System,
this session of Congress.
Up to the present time the banks have merged without let or hin- perhaps more particularly the Federal Reserve
Bank of
drance by the Treasury Department. From the set address delivered New
York, through the Chairman and Deputy Chairman of
by the Comptroller of the Currency at the meeting of the American
Bankers' Association at San Francisco I conclude he favors the trend the Board, as well as the Deputy Federal Reserve Agent,
of consolidation. The Secretary of the Treasury has stated in an ad. are keeping in too close touch with the organizatio
n and
dress that the bank mergers should not be permitted to continue without possible
management of the Bank for International Settlelegislative inquiry, and perhaps sanction and regualtion.
The Wisconsin State Bankers' Association at a recent meeting dis- ments." Mr. McFadden prefaced the foregoing with the
approved the policy of amalgamation. To my mind, there is no ques- statement that it is "an announced determinat
ion on the
tion of the need of legislation to restrict and regulate these controllers part
of the United States Government that no participating
of bank credit.
Knowing the keen interest that the public generally is taking in this directly or indirectly shall be had by the Federal Reserve
question, I hope the committee will be able, after study and investiga- System in the Bank for International Settlements
. Mr.
tion, to report a constructive policy at this session on this most im- McFadden
also stated that it has recently been announced
portant question that, as I view it, affects the vitals of our banking
in the press that J. P. Morgan & Co. will shortly offer the
institutions.
Mr. Knutson: I would like to ask the gentleman from Michigan American allottment of stock in the Internation
al Bank,
if this should not carry an appropriation?
and added that it is understood that they "will also offer
Mr. Michener: That is taken care of by the Accounts Committee.
Mr. Dyer: I understand the chairman on Banking and Currency America's share of the proposed $300,000,000 of the reparais authorized in the resolution to appoint a subcommittee to make the tion bonds which are to be issued in connection
with the
investigation. Is that correct?
launching of the Young plan." Mr. McFadden went on to
Mr. McFadden: If the gentleman from Michigan will yield, I will
say that while that authority is granted it is not the purpose of the say:
chairman to appoint a subcommittee unless it is absolutely necessary.
Because of the close relationship of this private banking house to
In other words. he considers this subject of such great importance the governments and their Central Banks, as well as its close working
that he would expect the whole membership of the committee to be in agreements with the Federal Reserve Bank of New York, it is naturally
attendance.
assumed that the Bank for International Settlements, when established,
Now that I am on my feet I would like to add that, as has been is, so far as the United States is concerned, to be represented by the
stated here, this study is going to mean a lot of hard work to com- Morgan firm.
plete it by the time that Congress adjourns. But I will say that
It would appear that it is acceptable to both the State Department and
we
are going ahead to do the best we can under this limitation.
the Federal Reserve System that the entire resources of the Federal
Mr. Dyer: I would like to ask if the only question they expect to Reserve System shall be used in co-operation with J. P. Morgan & Co.,
who are to direct the American participation in the Bank for Internaconsider is whether there shall be branch banking?
Mr. McFadden: Branch banking, chain banking, and group banking, tional Settlements. I am not attempting to suggest that the Morgan firm
does not possess the right to act in this capacity. I am doubting, howand the committee hearings will be confined to those subjects.
Mr. Dyer: I think the House is pretty well informed on branch ever, the wisdom of permitting the use of the Federal Reserve System in
banking, and if the gentleman can bring further information to show this manner.
that branch banking would be disastrous, I hope the committee will
"Inasmuch as this whole international relationship, so far as Federal
bring it in.
Reserve Banks arc concerned, is being conducted under the authority
Mr. Morton D. Hull: Will the gentleman yield?
of Section 14 of the Federal Reserve Act, and believing, as I do, that
Mr. McFadden: I yield.
Mr. Morton D. Hull: Is it contemplated that the hearings will be Congress never intended that Section 14 should convey this authority,
is it not about time that Congress took notice of this situation and ascerpublic?
tained the facts and the scope of the intentions of the Federal Reserve
Mr. McFadden: It is.
management in regard to the past, present and future plans on international finance?"
Federal Reserve Banks of Boston and Kansas City
Reduce Discount Rates From 41 , to 4%—St. Louis
/
Reserve Bank Lowers Rate From 5 to 4%.
The Federal Reserve Banks of Boston and Kansas City
this week lowered their discount rates from 43' to 4%; the
4% rate was established a week ago by the New York and
Chicago Federal Reserve Banks—that rate thus being in
effect at four of the Reserve Banks. The announcement
of the change in the rate of the Boston Reserve Bank was
made as follows on Feb. 12 by the Federal Reserve Board:
The following reporting what Representative McFadden
had to say is taken from the "Congressional Record" of
Feb. 10:
Mr. McFadden: Mr. Chairman and members of the committee, international co-operation has obviously become a definite, fixed policy. This
co-operation was first evidenced by conferences, principally between
the officers of the Federal Reserve Bank of New York and the central
banks of issue of Great Britain, France, Italy, Belgium and Germany,
and with central banks of some of the smaller countries. This co-operation began shortly after the organization of the Federal Reserve System
and was undoubtedly influenced by the World NVar financial operations.
It took a more definite form at the close of the war and has been
unThe Federal Reserve Board announces that the Federal Reserve Bank of questionably a factor in the international debt settlement situation.
Boston has established a rediscount rate of 4% on all classes of paper of all
The real significance or purport of this co-operation began to become
more apparent when England decided to return to a gold basis, and
maturities. effective Feb. 13 1930.
order to
The 4% rate had been in effect at the Boston Bank in Co., theirdo so negotiated ,a loan of $300,000,000 through J. P. Morgan
Sz
fiscal agents in this country, and the Federal Reserve Banks,
since Nov. 21 1929.
the house of Morgan taking $100,000.000—for which the Morgan firm
were paid a commission of $1,125,000—and the 12 Federal Reserve
The lowering of the discount rate of the Federal Reserve
Banks
Bank of Kansas City from 43 to 4% was announced yester- throughthe balance, $200,000,000, in gold credit rendered available
the Bank of England should it be required. This loan was guarday (Feb. 14), the higher rate had been in effect at that bank anteed by the British Government to the Bank of England. Since
the
consummation of this arrangement similar loans have been granted to
since Dec. 20 1929.
The St. Louis Federal Reserve Bank, which had main- other banks of issue for like purposes.
The first definite knowledge that Congress had
the Federal Retained a discount rate of .5% since July 19 1928 reduced its serve System was granting loans to central banksthat foreign
of
countries
rate to 4% on Feb. 10, effective Feb. 11. The Reserve was during the hearings on the Strong stabilization bill where it was disclosed first by the governor of one of the 12 Federal Reserve Banks.
Board's announcement on Feb. 10 follows:
It
was later discussed by members of the Federal Reserve Board and the
The Federal Reserve Board announces that the Federal Reserve Bank governor of
the Federal Reserve Bank of New York, who, it was ascerof St. Louis has established a rediscount rate of 4M % on all classes of tained,
was largely instrumental in the handling of this transaction in colpaper of all maturities, effective Feb. 1119:30.
laboration with the Morgan firm. When members of the House Banking
The New York "Journal of Commerce" in a dispatch and Currency Committee asked members of the Federal Reserve Board
from Washington, Feb. 10 regarding the lowering of the and the governor of the Federal Reserve Bank of New York by what authority a loan of this magnitude was authorized, the committee were inrate of the St. Louis Bank said in part:
formed that it was under the authority granted in Section 14 of the
The action of the St. Louis bank was not regarded with particular sig- Federal reserve act, which section reads
as follows:
nificance. Officials pointed out that that institution could not have well
SEC. 14. Any Federal reserve hank may, under rules and regulations
maintained a rate I% above that of the adjoining district of Chicago.
prescribed by the Federal Reserve Board, purchase and sell in the open
There was considerable speculation here aS to how soon Boston and the market, at home
or abroad, either from or to domestic or foreign banks,
other list of banks on the 4
level would reduce to 4% to conform to firms, corporations, or individuals, cable transfers and bankers' acceptNew York. Some reductions may come during the present week, ac- ances and bills
of exchange of the kinds and maturities by this act made
cording to officials. It was stated that generally speaking conditions in eligible
for rediscount, with or without the indorsement of a member bank.
FEB. 15 1930.]
FINANCIAL CHRONICLE
Every Federal reserve bank shall have power: ::
(a) To deal in gold coin and bullion at home or abroad, to make loans
thereon, exchange Federal reserve notes for gold, gold coin, or gold certificates, and to contract for loans of gold coin or bullion, giving therefor,
when necessary, acceptable security, including the hypothecation of
United States bonds or other securities which Federal reserve banks are
authorized to hold;
To buy and sell, at home or abroad, bonds and notes of the United
States, and bills, notes, revenue bonds, and warrants with a maturity
from date of purchase of not exceeding six months, issued in anticipation
of the collection of taxes or in anticipation of the receipt of assured
revenues by any State, county, district, political subdivision, or municipality in the continental United States, including irrigation, drainage and
reclamation districts, such purchases to be made in accordance with rules
and regulations prescribed by the Federal Reserve Board;
(c) To purchase from member banks and to sell, with or without its
indorsement, bills of exchange arising out of commercial transactions, as
hereinbefore defined.
(d) To establish from time to time, subject to review and determination of the Federal Reserve Board, rates of discount to be charged by
the Federal reserve bank for each class of paper, which shall be fixed
with a view of accommodating commerce and business.
(e) To establish accounts with other Federal reserve banks for exchange purposes and, with the consent or upon the order and direction of
the Federal Reserve Board and under regulations to be prescribed by said
board, to open and maintain accounts in foreign countries, appoint correspondents, and establish agencies in such countries wheresoever it may
be deemed best for the purpose of purchasing, selling, and collecting bills
of exchange, and to buy and sell, with or without its indorsement, through
such correspondents or agencies, bills of exchange (or acceptances) arising
out of actual commercial transactions which have not more than 90 days to
run, exclusive of days of grace, and which bear the signature of two or
more responsible parties, and, with the consent of the Federal Reserve
Board, to open and maintain banking accounts for such foreign correspondents or agencies. Whenever any such account has been opened or agency
or correspondent has been appointed by a Federal reserve bank, with the
consent of or under the order and direction of the Federal Reserve
Board, any other Federal reserve bank may, with the consent and approval of the Federal Reserve Board, be permitted to carry on or conduct, through the Federal reserve bank opening such account or appointing
such agency or correspondent, any transaction authorized by this section
under rules and regulations to be prescribed by the board.
Of course, neither the authors of the act nor Congress itself expected
or intended that this language would permit a transaction of this character to be consummated by the Federal reserve system. This is obvious
if only for the fact that the Federal reserve system's credit comes
through the mobilization of the reserves of member banks, which reserves
are supposed to be held in trust for the purpose of supplying credit needs
in times of stress to enable them to provide credit to take care of the
business requirements of American industrial interests.
I understand, unofficially, that when the Federal reserve management
began these negotiations certain Federal reserve officials were of the
opinion that the law would have to be amended to permit the consummation of a transaction of this character. It was discovered, however, by
the counsel of the Federal Reserve Bank of New York that Section 14
could be construed in such a manner as to make this trasaction legal or to
make it appear legal. This subterfuge was resorted to because of the
fear in the minds of the management that Congress might not grant the
authority once it was known that it was the purpose of the Federal
reserve banks to make a loan of $200,000,000 of the sacred reserves of
member hanks to a foreign central bank guaranteed by its government.
Consummation of this loan gave definite assurance to European central
bank, that our Federal reserve system had been made readily available
for their assistance.
Thus was established a dangerous precedent for further co-operation
of the kind I have just described. The execution of this loan accelerated
the close working understanding between the governor of the Federal
Reserve Bank of New York and the governor of the Bank of England
in the administration of these two systems and marked the beginning of
an era of very confidential relationships, which it has since been disclosed
has caused considerable concern to the members of the Federal Reserve
Board as well as to the officers of the other 11 Federal reserve banks.
The climax of these continued relationships arrived in the summer of
1927 when the heads of these central banks came to the United States
on one of these frequent confidential missions and conferred in private
with the governor of the Federal Reserve Bank of New York for a
period of about two weeks. These conferences resulted in a definite
change of policy on the part of the Federal reserve system, causing
the lowering of the discount rate to 3% . This simultaneously resulted in the releasing, coupled with active operations in the open market,
of a large volume of credit, which during the ensuing months permitted
th shipment of over $500,000,000 worth of gold to Europe. Thus was
carried out the scheme of the foreign bankers to get a grip on our
banking system.
In order to make sure that a sufficient amount of gold would be available to cover the requirements of Europe, the Federal reserve banks
released an excess amount of credit which resulted in the beginning of
the orgy of speculation that continued unrestricted through the year of
1928 to the disastrous panic of October, 1929.
Through the perfecting of methods of communication and the frequent
exchange of visits by the heads of the co-operating central banks with
the Federal reserve banks a highly sensitized working arrangement has
been perfected. The international debt settlement has acted as an aid in
the working out of this system by bringing closer together the central
banks of the debtor and creditor countries with the treasuries of these
countries. In that connection it should be noted that the man most
responsible for the working out of the Dawes plan was the vice chairman
of the Federal Reserve Bank of New York. When that plan was put
into operation a former Under-Secretary of the United States Treasury
Department was placed in charge of its execution, a man closely allied
with Federal reserve operations. Shortly thereafter the then chairman of
the board of the Federal Reserve Bank of New York resigned to go to
Berlin to assist, apparently, the reparations agent under the Dawes plan;
the new chairman of the board of the Federal Reserve Bank of New
York was, under the Dawes plan, made a director of the Reichsbank
of Germany.
The governor of the Federal Reserve Bank of New York was permitted to have a desk and a private secretary in the Bank of England,
where frequent conferences took place concerning international financial
matters. These close-working arrangements were further enlarged by the
employment by the Bank of England of the former economist and statistician of the Federal Reserve Board. He remained in the employ of the
Bank of England until quite recently, when he was supplanted by one
of the leading economists closely associated with the Federal Reserve
Bank of New York and its former governor.
As a result of the building up of this relationship, meetings have been
held, attended by the economists of all of these banks, either independent
1059
of, or in co-operation with the economic organization of the League of
Nations, perhaps more properly known as the Genoa conferences; all of
which tends to indicate a definiteness of purpose looking toward a universal
plan of banking operations by and through the central banks and the
Federal reserve banks.
Concrete evidence of this development materialized when, at the instance of the reparations agent in the handling of the Dawes plan, a
meeting was called to consider reparations settlements in which the
United States, although it took no official part, was unofficially represented by J. P. Morgan, Owen D. Young, Thomas N. Perkins, and
Thomas W. Lamont. This meeting was held in Paris a year ago in
conjunction with the representatives of the other governments involved,
including Germany, and the plan of settlement now known as the Young
plan was consummated. In connection with this settlement plan, a plan
for the establishment of an international bank of settlements was
drafted, which plan was sponsored by Mr. Young, and, it is understood,
was adopted largely through the study of the operations of the gold
settlement fund of the Federal reserve system, with the assistance of
Mr. Young and those associated with him in the Federal Reserve Bank
of New York. This plan has now been adopted by subsequent conferences participated in by two additional unofficial representatives from
the United States, the presidents of the First National Bank of New
York and of Chicago. This institution, the International Bank of Settlements, it is now understood, has been definitely located at Basle, Switzerland, and will open for business on or about April 1, 1930, with an
authorized capital of $100,000,000, the stock of which is to be divided
equally between the central banks of each of the participating countries
and the United States,
Mr. Summers of Texas: Mr. Chairman, will the gentleman yield
there?
Mr. McFadden Yes.
Mr. Sumners of Texas What does the gentleman mean by the "central bank" of each country. Does he include the Federal reserve system
of the United States?
Mr. McFadden: I will come to that later. I referred to governmental institutions abroad, like the Bank of England and the Bank of
France, and in this instance the Federal Reserve Bank of New York,
which is acting practically as a central bank.
Mr. Cooper of Wisconsin: Mr. Chairman, will the gentleman yield?
Mr. McFadden: Yes.
Mr. Cooper of Wisconsin: I regret I did not hear the gentleman's
opening statement, but I have been much interested in what he has
just been saying. Can the gentleman approximate the aggregate amount
of those foreign loans?
Mr. McFadden: I recall that one of $200,000,000 to the Bank of
England and a loan of several millions to the Bank of Belgium. I think
loans were also made to one or two other countries.
Mr. Sloan: Mr. Chairman, will the gentleman yield?
Mr. McFadden: Yes.
Mr. Sloan: Are those loans that were made still existent?
Mr. McFadden: I understand the loan to Great Britain is not now
existent. Whether the loans that were made to the other banks are
now existent I do not know. But the Federal Reserve Board has
been co-operating with those countries that have been undertaking to
go back to the gold standard by loaning them money during an
emergency.
Mr. Stafford: Does the Federal Reserve Board or the Federal reserve system co-operate with those foreign banks, as I understand the
gentleman to say?
Mr. McFadden: Yes; chiefly through the Federal Reserve Bank
of New York.
Mr. Stafford: Are they coming into this international system?
Mr. McFadden: Most of these loans are handled by the Federal Reserve Bank of New York.
Mr. Stafford: It was done through the governor of the Federal Reserve Bank of New York?
Mr. McFadden: I think largely through the governor of the Federal
Reserve Bank of New York.
Mr. Knutson: Mr. Chairman, will the gentleman yield?
Mr. McFadden: Yes.
Mr. Knutson: Does the gentleman understand that any negotiations had between the Federal Reserve Bank of New York and these
foreign banks had the approval of the Federal Reserve Board in Washington?
Mr. McFadden: I think they should be all approved.
Mr. Knutson: Has the gentleman any information on that? That
is very interesting.
Mr. McFadden: When the members of the Federal Reserve Board
appeared before our committee in regard to this transaction they evidenced a lack of knowledge as to the details of these transactions, but
they stated that most of the arrangements had been made by the Federal
reserve bank at New York, and subsequently made known to the board.
Mr. Sloan: Mr. Chairman, will the gentleman yield?
Mr. McFadden: Yes.
Mr. Sloan: Were these Federal reserve banks informed that they
would have to contribute?
Mr. McFadden: They were informed that they would be expected
to contribute in proportion to their assets.
Mr. Briggs: Mr. Chairman, will the gentleman yield?
Mr. McFadden: Yes.
Mr. Briggs: Are the gentleman's remarks going to cover the question whether there is any relationship existing between the Federal reserve system and this establishment of the international bank for the
international loan settlements?
Mr. McFadden: I will come to that; yes.
When in May, 1929, the announcement was made of the proposed
establishment of the International Bank of Settlements the fact that
the vice chairman of the board of the Federal reserve bank, the sponsor
of the plan, and the fact that the deputy Federal reserve agent of the
Federal Reserve Bank of New York were in Paris at the time, apparently in connection with this matter, caused much concern in this
country as to what part the Federal reserve banks were to take in this
establishment. Owing to the conflicting reports coming from abroad
regarding the extent of the participation of the Federal reserve banks
in the project and the proposed election or selection of two directors
by the Federal Reserve Bank of New York, the Secretary of State announced officially that neither the New York bank nor the Federal reserve system would be formally represented on the board of the new
international bank. His statement follows:
In respect to the statements which have appeared in the press in
regard to the participation of any Federal reserve officials in the crea-
•
1060
FINANCIAL CHRONICLE
tion or management of the new proposed international bank, I wish to
make clear the position of this Government:
While we look with interest and sympathy upon the efforts being
made by the committee of experts to suggest a solution and a settlement of the vexing question of German reparations, this Government
does not desire to have any American official, directly or indirectly,
participate in the collection of German reparations through the agency
of this bank or otherwise. Ever since the close of the war the American Government has consistently taken this position; it has neveraccepted membership on the reparations commission; it declined to join
the allied powers in the confiscation of the sequestered German property
and the aplication of that property to its war claims.
The comparatively small sums which it receives under the Dawes plan
are applied solely to the settlement of the claims judicially ascertained
by the Mixed Claims Commission (United States-Germany) in fulfillment of an agreement with Germany, and to the repayment of the
expenses of the American Army of occupation in Coblenz, which remained in such occupation on the request of both the allied nations and
Germany. It does not now wish to take any step which would indicate a reversal of that attitude and for that reason it will not permit
any official of the Federal reserve system either to themselves serve or
to select American representatives as members of the proposed international bank.
Two days before this statement the New York Times reported under
a Washington headline that President Hoover, according to information obtained in a reliable quarter, was opposed to the United States
acting through the Federal reserve system in any manner in the setting
up of the International Bank of Settlements to handle German reparation payments as proposed by experts of the reparation committee
at Paris.
Objection was raised to the semiofficial inclusion of the Federal Reserve Bank of New York in organizing the bank or recommending a
director. In this the administration followed closely the policy laid
down by the Coolidge administration, namely, that the United States
has no official interest in the reparations question and will not become
involved in any way as to the terms of settlement or the program for
the collection of reparations.
Since this is an announced determination on the part of the United
States Government that no participation, directly or indirectly, shall
be had by the Federal reserve system in this International Bank of
Settlements, the Federal Reserve Board and the Federal reserve banks
disclaim any participation whatsoever in the organization or operations
of the International Bank for Settlements. There is a feeling, however, that the Federal reserve system, perhaps more particularly the
Federal Reserve Bank of New York, through the chairman and deputy
chairman of the board, as well as the deputy Federal reserve agent, are
keeping in too close touch with the organization and possible management
of the Bank of International Settlements.
The two American bankers who were chosen by J. P. Morgan and his
associates to represent the United States in the conferences leading up
to the organization of the bank have completed that work and have
returned to the United States. It is understood that the organization
committee are actively at work in Paris completing the details for he
opening of the bank; and it is commonly reported, both from Paris and
New York, that the present chairman of the Federal Reserve Bank of
New York is to be the governing head of the Bank of International
Settlements. A strange coincidence in this connection is the return
from Berlin of the former chairman of the board of the Federal Reserve Bank of New York, who, it is understood, is again to become
chairman of the Federal Reserve Bank of New York. This all tends
to indicate that the Federal reserve management are co-operating in
the establishment and operation of the Bank of International Settlements; and it all causes us to ponder over the strange announcement
by the Secretary of State that the Federal reserve system is not to be
permitted to have any part in the Bank of Internatiortal Settlements.
This apparently is the first time that the State Deparment has assumed
to speak for the Federal reserve system, a system which is not a governmental institution and whose right to participate in international
financial transactions has been established by previous actions in cooperation with the central banks of issue of the other countries of the
world, and in the granting of loans to the extent of several hundreds
of millions of dollars under the authority of section 14 of the Federal
reserve act, which loans I have referred to as being a part of the loans
negotiated by J. P. Morgan & Co.
It is well to note here, in connection with this whole situation, that
any obligation that is consummated by any bank, banker, or groups of
bankers, or business institutions in the United States, calling for the
shipment of gold out of this country, has to be fulfilled through the
operations of the Federal reserve banks, because they and the United
States Government, for whom the banks act as fiscal agents, control
practically all of the gold in the United States, which is in excess of
40% of the world's gold at the present time.
It is important to note, also, that J. P. Morgan & Co. are fiscal
agents in this country of Great Britain, France, Italy, Belgium, and
apparently are to be of Germany, through their connection with the
International Bank of Settlements; and it is understood that J. P. Morgan & Co. are to be the principal American representatives of the Bank
of International Settlements, and their nominees for directors of this
bank will be elected.
The New York Times of this morning contains a cablegram from
Paris, headed "Paris sees accord on the world bank—Believed Reichsbank will end objection to Quesnay, citing Young plan spirit." My
particular attention was called to the last paragraph, which reads:
Arrangements have been made at Basle for the bank to occupy provisional headquarters while a permanent building is being made available. A hotel near the railway station is being remodeled for the
permanent headquarters. It has three large halls and 80 rooms, which
can be prepared quickly to accommodate the bank. The annual rent
has been fixed at 200,000 Swiss francs ($40000).
Mr. Siepman, representing American Federal reserve system and the
Bank of England, with Mr. Van Zeeland, of Belgium, has gone to
Milan. There they will be joined by M. Quesnay on Tuesday for conversations with Italian financiers.
Because of the fact that that statement seemed to indicate a connection with the Federal reserve system, I took occasion to ask an official of
the Federal Reserve Board here whether Mr. Siepman was a representative of the Federal reserve system. I was told that they understood
Mr. Siepman was representing the Bank of England in this negotiation.
Mr. Dickstein: Will the gentleman yield?
Mr. McFadden: Yes.
Mr. Dickstein: Under this resolution you propose to investigate socalled branch banking. Does not the gentleman think we ought to try
to investigate our Federal reserve system?
Mr. McFadden: No; and I will say that is not in contemplation.
That is a subject by itself, and I have already, as chairman of the Corn-
[Vol,. 130.
mittee on Banking and Currency, assured the committee that all discussion in this coining study of branch, chain, and group banking
would be confined to those particular subjects.
It has recently been announced in the press that J. P. Morgan & Co.
will shortly offer for subscription in the United States the United
States allotment of the stock in the international Bank of Settlements,
which subscription was announced as guaranteed by the two bankers'
representatives on their arrival at the last conference in The Hague.
It was generally understood by this announcement that J. P. Morgan
& Co. had underwritten that portion of this subscription allotted to the
United States and will also offer America's share of the proposed
$300,000,000 of the reparation bonds which are to be issued in connection with the launching of the Young plan.
Because of the close relationship of this private banking house to the
governments and their central banks, as well as its close working agreements with the Federal Reserve Bank of New York, it is natually assumed that the Bank of International Settlements, when established,
is, so far as the United States is concerned, to be represented by the
Morgan firm. When one considers the relationships which have grown
up during the past few years in international finance between the central
banks of Europe and fiscal agents, J. P. Morgan & Co., and the Federal
reserve banks, particularly the New York Federal Reserve Bank, which
must be construed in the light of present-day developments as being
at least in the same relationship to the other central banks of the world
as though it were a central bank operating in the United States, the
question naturally arises as to whether the Federal Reserve Bank of New
York is not, after all, a central bank. That it is is made more certain
by the apparent acquiescence of the other 11 Federal reserve banks and
the Federal Reserve Board.
The action of the State Department in speaking thus openly for the
Federal reserve system is most interesting when one contemplates the
possible scope of operations which may develop through the organization
and operation of the bank of international settlements. Can it be that
the State Department has recognized the possible scope and the importance of the connection of the Federal reserve system with this international bank? Is it possible that the State Department has recognized
the fact that this bank of international settlements was to be a more
powerful influence diplomatically than a treaty, or the League of Nations, or the World Court? Can it be that the State Department, because of this fact, wanted to keep the Federal reserve system from having
any voice in the organization and management of this bank, fearing
lest Congress, and particularly the United States Senate, who have the
authority under the Constitution to act on questions of treaties involving
international situations in diplomacy, might object to the establishment
of relations of this character by the Federal reserve banks? Can it be
that the State Department felt that, through the organization and participation on the part of the Federal reserve system in the bank of international settlements, that the Federal reserve system and not the State
Department would be handling more important diplomatic relations than
are now handled by the State Department under the approval of trtaties
negotiated by the President of the United States and approved by the
United States Senate?
Can it be that the State Department sees no harm in the private banking house of J P. Morgan & Co. representing the United States in the
bank of international settlements, particularly when they must know
that these operations in international financial transactions can not be
successfully conducted except by and through the Federal Reserve Bank
of New York; and by this acquiescence are they not approving of the
possible use of the Federal reserve banks in all international financing
which may be carried on through the international bank of settlements
or the firm of J. P. Morgan & Co.? And is this not giving the Morgan
firm a valuable franchise? Is it not fair to assume such to be the case
when we review the negotiations that led up to the granting of the
recent loan of $300,000,000 by the Federal reserve banks and the Morgan firm to the Bank of England and England, wherein the Morgan
firm were paid a commission of $1,125,000 for the first year and the
credit ran for two years and the Federal reserve banks received no
nterest?
The Chairman: The time of the gentleman from Pennsylvania has
expired.
Mr. Wason: Mr. Chairman, I yield the gentleman 15 additional
minutes.
Mr. McFadden: In the light of all of these occurrences, and the
new opportunities of financing which the organization of this bank wil
open to the Morgan firm, is it not possible that in spite of the order
of the State Department that the Federal reserve system has been and
is at the present time being used; and may it not be possible that the
forbidding by the State Department of any participation by the Federal
reserve has only tended to accelerate and consummate this other relationship?
Everything is being done to minimize the importance of the establishment of this international bank. It is with the utmost difficulty that
any definite information is obtained pertaining to its purposes, its organization, or its scope. That we as a country are being involved there
is no longer any doubt. It is clearly indicated that the American
leaders in this institution are going to be the "House of Morgan."
It is clearly indicated that through this institution all of the reparations and international debts are to be handled, and the distribution to
the various governments are to be made. It is also clearly indicated
that the splitting up and making liquid of such amounts of reparation
debts as may be deemed advisable are to be handled by the international bank. It is also clear that this international bank will be given
the right to deal in gold and exchanges and perform other important
international governmental transactions. It is also intimated that there
will be a mobilization of international gold reserves, either through the
actual deposit of gold reserves in the vaults of the international bank
or by the process of earmarking, and that eventually an international
circulating medium will follow. Apparently this institution is also to
be permitted to buy and sell Government note issues and make distribution of the securities thus originating under its auspices in the
countries who participate in the organization of the bank.
While the Young plan settles the reparation issues and determines
the amount that Germany is to pay and fixes the term of payment,
there is no assurance that this is a final solution of the debt settlement; but on the contrary the organization of this International Settlements Bank affords a vehicle through which a subsequent readjustment
of the debt issue may he possible, particularly so when we already know
that the great majority of international bankers, and particularly those
associated in the International Bank of Settlements, are in favor of
debt cancellation.
FEB. 15 1930.]
FINANCIAL CHRONTCLE
1061
Let us not deceive ourselves as to the real motives, the real purposes
Offering of $50,000,000 of Treasury Bills.
behind the creation of the Bank of International Settlements. Let us
that at two recent elections the American people have
Invitations for tenders for a new issue of 90-day Treasury
recall the fact
voted 7,000.000 strong against our meddling in international affairs. bills, to the amount of $50,000,000, or thereabouts, were
We have voted down the League of Nations and now the same crowd
by Secretary of the Treasury Mellon on Feb. 10.
that are behind the international bank are behind our joining the World asked
Court under the so-called Root plan; and if we do not watch our step This is the second issue of these bills; the initial offering
the American people will be drawn into the international situation was announced Dec. 9, tenders at that time having been
through our joining the World Court and this proposed international
for an issue of $100,000,000, as was noted in these
bank in spite of the same opposition that was also manifested to the invited
cancellation of our international debts. The World Court will be the columns Dec. 14 1929, page 3733. The tenders received
judicial part of the League of Nations: and the international bank will totaled $223,901,000 and the amount accepted was $100,be the financial part of the League of Nations.
000,000. The Treasury bills, as heretofore noted, are issued
Just beat in mind that, while the American people insisted on debt
in full, there is hardly any mention of the fact that the under the authority of the amendment to the Second Liberty
settlements
United Stales, by the funding agreements, already has canceled the Loan Act, signed by President Hoover on June 17 1929.
war debts on an average of 51.2% if values are figured at 5%, or 43%
The bills, which are payable at maturity without interest,
if 4.25% interest is used. Bear in mind that most of the American
bidder. The
people themselves do not realize that such cancellations have been are sold on a discount basis to the highest
made. And is it possible now that our State Department and Federal new issue, for which tenders were asked this week, will be
reserve system are co-operating in this international entanglement in
dated Feb. 18 1930, and will mature on May 19 1930.
the face of the well-known expressed opposition of such an overwhelmThey will be issued in bearer form only and in
ing majority of American sentiment? Should we not awaken to the
fact that ire are being led by a small group of clever internationalb-ts; amounts or denominations of $1,000, $10,000 and $100,The Earl of Beaconsfield, more familiarly known as Disraeli, once 000. No tender for an amount less than $1,000 will be
said:
statement announcing the
The world is governed by very different personages from what is considered. Secretary Mellon's
imagined by those who are not behind the scenes.
new offering follows:
I doubt whether this international institution will be able to funcThe Secretary of the Treasury gives notice that tenders are invited for
tion without the co-operation of the Federal reserve banks in the United
the amount of 850,000,000 or thereabouts. The Treasury
States. In this connection, let us recall that Lord Melchett, the re- Treasury bills to
bills will be sold on a discount basis to the highest bidders. Tenders will
nowned British industrialist, said only last year:
be received at the Federal Reserve banks, or the branches thereof, up to
It will be impossible to make a success of either the scheme of repatime on Feb. 14 1930. Tenders will
ration payments or still more the Bank of International Settlements, two o'clock p. in. Eastern standard
not be received at the Treasury Department, Washington.
unless the financial power of the United States frankly, fully, and
,The Treasury bills will be dated Feb. 18 1930 and will mature on May 19
wholeheartedly comes to its assistance.
Because of this fact and the effect the building of an institution of 1930 and on the maturity date the face amount will be payable without
this magnitude might have upon the operations of our own domestic interest. They will be issued in bearer form only, and in amounts or
banking system, I feel that it is incumbent upon the administration and denominations of $1,000, 810,000, and $100000 (maturity value).
It is urged that tenders be made on the printed forms and forwarded in
the management of the Federal reserve banks to be frank with the
banks
American people in regard to what is now hieing done and how our the special envelopes which will be supplied by the Federal Reserve
or branches upon application therefor.
financial system is to be involved internationally.
will be considered. Eech
No tender for an amount less than $1,000
Upon analysis of the present dilemma, it would appear that it is
offered must be exacceptable to both the State Department and the Federal reserve system tender must be in multiples of 81,000. The price
system shall be used in pressed on the basis of 100, with not more than three decimal places,
that the entire resources of the Federal reserve
not be used.
co-operation with J. P. Morgan & Co., who are to direct the American e.g., 99.125. Fractions must
Tenders will be accepted without cash deposit from incorporated bank
participation in the Bank of International Settlements. I am not atand from responsible and recognized dealers in intempting to suggest that the Morgan firm does not possess the right to and trust companies
Tenders from others must be accompanied by a
act in this capacity. I am doubting, however, the wisdom of permitting vestment securities.
of the face amount of Treasury bills applied for, unless
the use of the Federal reserve system in this manner, and would point deposit of 10%
accompanied by an express guarantee of payment by an
out that the Morgan firm, after all, is a private bank, free from gov- the tenders are
company.
this country of several of incorporated bank or trust
ernmental control, and is the fiscal agent in
Immediately after the closing hour for receipt of tenders on Feb. 14,
the leading countries of the world.
up
all tenders received at the Federal Reserve banks or branches thereof
There is no doubt that this proposed organization is going to have
to the closing hour will be opened and public announcement of the accepta broad field of influence of a most positive character, as is indicated
thereafter, probably on the folable prices will follow as soon as possible
by a paragraph in the annual report of Barclay's Bank (Ltd.), of
the
lowing morning. The Secretary of the Treasury expressly reserves
less than
London, England. In commenting on the Bank of International Set- right
to reject any or all tenders or parts of tenders, and to allot
funal.
be
tlements, it says that the bank—
the amount applied for, and his action in any such respect shall
May have for its object not only the adjustment of payments actually Those submitting tenders will be advised of the acceptance or rejection
rising out of the war but also of playing an increasingly important part thereof. Payment at the price offered for Treasury bills allotted must be
as a supercentral bank for the regulation of gold movements and interFederal Reserve banks in cash or other immediately available
national exchange, which hitherto have been adjusted through the money made at the
markets of London and of the other international monetary centers, funds on Feb. 18 1930.
and interest
The Treasury bills will be exempt, both as to principal
but of which London had the principal share.
and inheritance taxes. The
This statement, which I take from the Jan. 25 issue of the London (discount), from all taxation, except estate
Treasury bills are originally sold by the
Economist, tends to confirm the statement that was issued in Paris on amount of discount at which the
interest for tax exemption purposes.
March 29, 1929, just prior to Secretary Stimson's statement of last United States shall be considered as
notice
Department Circular No. 418, dated Nov. 22 1929, and this
spring, by Mr. Randolph Burgess (which he has since denied), who
of the Treasury, prescribe the terms of the
represented the Federal Reserve Bank of New York at the Paris con- as issued by the Secretary
conditions of their issue. Copies of the
the
ference on the subject of the creation of the bank of international regu- Treasury bills and govern
from any Federal Reserve bank or branch thereof.
lations, in which it was declared that the project was almost completed; circular may be obtained
and further stated that—
Treasury Department Circular No. 418 was published
The Federal reserve bank will act as correspondent to the new estab- in our issue of Nov. 30, page 3410.
lishment as it does for other central banks, which will avoid the necessity of special American legislation. The Federal reserve bank will
make important deposits of gold in the international bank abroad and
will receive in New York deposits of gold from it.
Continued Improvement Reported In Condition Of William
Mr. Burgess adds that—
Howard Taft, Former Chief Justice Of the United
been prepared in such a
The statutes of the new establishment have
way as to avoid recourse to legislative measures in the various European
States Supreme Court.
countries
Continued improvement in the condition of William HowThis statement indicated clearly the reliance of the Federal Reserve
of New York upon their construction of section 14 of the Federal ard Taft is reported in press advices from Washington.
Bank
reserve act as giving them the right to participate in the organization Mr. Taft, as was indicated in our issue of Feb. 8, (page
and operations of the Bank of International Settlements.
917) resigned on Feb. 3, as Chief Justice of the United
Mr. Merritt: Will the gentleman yield?
States Supreme Court. On Feb. 12 Associated Press disMr. McFadden: Yes.
Mr. Merritt: Did I understand the gentleman to say that Mr. Bur- patches from Washington stated:
gess denied he said what the gentleman says he said?
Apparently progressing steadily toward recovery, William Howard
Mr. McFadden: He made a denial of that statement, but because
of its close relationship to the reiteration of practically the same state- Taft was reported in favorable condition today by his attending
ment by Barclay's bank, I felt it should be a part of this discussion. physicians.
the former
Because of this it is apparent, as evidenced by subsequent activities,
Just a week ago grave fears were entertained that
that they are completely ignoring Secretary Stimson's direct order,
might not survive the several maladies which had atP is understood was authorized by the President, and the same co- Chief Justice
which
has surprised physicians and
operation is apparently quietly going on, ignoring the State Department's tacked him, but ever since that time he
order on the theory that the law gives the Federal reserve banks the attendants by the vigorous way in which he has rallied.
legal right to do that which the administration has attempted to proVirtually helpless at the time of his return from Asheville, N. C.,
hibit. This, of course, raises a most interesting departmental situa- Mr. Taft now can move about without assistance. His physicians
diplomatic relations with still encourage him to remain in bed as much as possible, however,
tion. The State Department has charge of
foreign countries. The Treasury Department and the Federal reserve fearing that too much exertion would overtax his heart and bring
system are charged with financial relations, both domestic and inter- a recurrence of the serious attack which so nearly conquered him.
national, and if the State Department, in possession of diplomatic inTwo bulletins issued today by his physicians, Dr. Thomas A.
formation, issues an order forbidding international financial relation- Claytor and Dr. Francis R. Hagner, described Mr. Taft's condition
ships through the Treasury Department and the Federal reserve banks, as "very satisfactory" and apparently "much better." lie has overcertainly there must be important reasons therefor. And inasmuch as come his restlessness at night and sleep is proving beneficial. The
this whole international relationship, so far as Federal reserve banks physicians warned again that their patient was a long way from
are concerned, is being conducted under the authority of section 14 of complete recovery.
the Federal reserve act, and believing, as I do, that Congress never
The Associated Press accounts yesterday (Feb. 14) said:
intended that section 14 should convey this authority, is it not about
Former Chief Justice Taft was so much improved today that he
time that Congress took notice of this situation and ascertained the
facts and the scope of the intentions of the Federal reserve management was able to sign an important document. The nature of the docuin regard to the past, present, and future plans on international finance. ment was not made known.
1062
FINANCIAL CHRONICLE
[VOL. 130.
Senate Action on Tariff Bill—Delay on Bill With passage of an annual departmental appropriation measure
Debate on Unemployment—Reduction in Rates on was made on Feb. 8, but failed. The advices went on to say:
Four supply measures have come over from the House, but leaders
Red Lead and Carbon Black—Increase in Starch
of
both parties agreed at the outset of the session that no measure
of importTariff Rejected.
ance would be allowed to displace the tariff until the latter had been
disUnemployment conditions were injected into the tariff posed of. Senator McNary, Chairman of the Agriculture Committee,
debate in the Senate on Feb. 8, on which date, said the asked that the tariff be laid aside to enable passage of the Dopatment of
Agriculture appropriation measure, but Senator La Follette objected.
"Herald Tribune" no progress. was made on the bill. The
On Feb. 7 the combined irregular Republicans and Demopaper referred to said:
crats in the Senate forced the adoption of amendments reducFor about three hours discussion centered about an amendment by
Senator La Follette to cut the spirit varnish rate from 25 to 20%. thus ing the duty on red lead from the present rate of 23 cents to
4
reducing it below existing law. No vote was reached, and the debate was 2% cents a pound; on litharge, a lead pigment
used in glass
largely devoted to the general proposition of reduction of 1922 rates which and
pottery making, from the present rate of 2 cents to
have not been disturbed by either the House or Senate Finance Committee.
2% cents, and on carbon black from 20% to 15% ad valorem.
In indicating the discussions which took place on Feb. 8 The
"Times" in reporting this added:
the New York "Times" in its Washington dispatch that day
The Republican regulars were able to sustain by a vote of 38 to
37 the
said in part:
present rate of 23 cents a pound on white lead. The coalition amendment
Coalition members were stirred to angry retort in the tariff bill debate
to-day as Senators Goff of West Virginia and Foss of Ohio, regular Republicans, charged that attacks made on the bill by the Western insurgents
and Democrats had unsettled business, and that unless assurances were
qucikly given that the level of the 1922 industrial rates was to be maintained,
further disturbance of trade might be expected.
Senator Goff assorted that the rate cuts forced through by the coalition
would lead to an extension of unemployment.
Senator La Follette, independent Republican of Wisconsin, in a reply,
said that the Hoover Administration had done nothing to remedy unemployment except to issue "optimistic ballyhoo statements." and that it had
little accurate information on the employment situation.
Senator La Follette had offered an amendment providing that the rate
on spirit varnishes, including the so-called gold size or japan, not specially
provided for, should be fixed at 20% instead of 25% ad valorem as provided by existing law and the pending bill.
Senator Doffs attack, which followed, started a debate that precluded
any action on tariff duties during the day.
Attack Arouses La Follette.
"I am not surprised at the Senator's position," said Mr. La Follette,
addessing Senator Goff. "His reactionary record since he has been in
the Senate is a clear indication that he regards the interests of property
paramount to the interests of humanity.
"If this bill can be sent to conference without reductions below the
rates of 1922, the consumer will be bound, gagged and delivered."
Senator La Follette then referred to statements Lsued at the White House
and by the Department of Labor tending to show improvement in business
conditions. tie charged that neither President Iloover nor his party had
done anything to aid in the solution of the problem of unemployment.
Mr. hoover, while Secretary of Commerce. he said, specialized in increasing
mass production, and the effect was to bring about "technological unemployment."
Mr. Hoover. he added, was well aware of this, but had not, either as
Secretary of Commerce or as President, taken any steps to remedy the
situation.
Following the recent slump in the stock market, Mr. La Follette added,
the President had called a conference of industrial leaders to take account
of the business situation, but had not embraced the opportunity to send a
message to Congress recommending legislation on the subject of unemployment.
"Can it be," asked Mr. La Follette. "that the Republican party, which
had lived on talk about prosperity since 1922, finds itself in a more convenient position not to have facts about unemployment so that these
optimistic, ballyhooing statements may be issued to the public based upon
absolutely unreliable data collected in times of depression?"
Copeland Mentions Situation Here.
Senator Copeland, Democrat. of New York, interrupted to remark:
"Last Sunday morning I walked down Sixth Avenue, New York City,
where the unemployment bureaus are located. In front of every one of
them there were scores of men seeking work. The unemployment in my
city is terrific. There is no doubt about that."
"Probably the most reliable statistics gathered about unemployment in
this country to-day are gathered by the Government of the State of New
York," Mr. La Follette observed.
Senator Foss said an unsettling effect on business had resulted when
word went out that there was a coalition with power to reduce tariff rates
even below the present law if it desired.
Mr. Fees contended that the operations of the coalition had lent an
element of uncertainty to the business situation that was a matter of
grave concern.
"The Stock Exchange crash had to come," he said, "and I think, outside of individual losses, It has been rather a good thing for the country
and in 30 days from now probably we will not know there was such a thing.
The country is on a substantial basis.
"For nine years our purchasing power has been on a higher level than
that of any other people in the history of the world. The politicians in
this body will deny that, but nobody but politicians would have the temerity
to assert that that is not true."
Calls Accusations Unfair.
Senator Fess insisted that "because a business is prosperous," is no
reason for reducing the tariff duty without ascertaining all the facts.
"More than that," he added, "it is not fair for any one to say there
has been nothing done for business, only because the administration has
not accepted his peculiar nostrums as fundamental. This administration
will not accept Government price fixing.
"This administration will not accept unemployment allowances in the
form of doles, which was recommended at the close of the war. This administration does not propose to enter into subsidizing for the mere purpose
of subsidizing. This administration is not going to proceed to lower the
price of public service below cost and then make it up out of the treasury
of the United States.
"If the complaint that we have done nothing is based on the fact that
we have not accepted these unsound proposals, then I accept the complaint:
but it is not based upon anything that rings sound in economic judgment."
This was the fourth day that the Senate had devoted to a review of
the chemical schedule for individual amendments, and the view was expressed that if as much time was given to the 14 other schedules the tariff
bill would not go to conference until some time in March.
It was stated in Associated Press advices from Washington
that the first effort to lay aside the tariff bill temporarily for
called for a cut to 2 cents. They were also able to defeat an amendment
reducing from 30% to 25% the levy on all lead pigments not specified in
the bill.
• Cousens Leads Opposition.
Senator Couzens of Michigan started the debate by attacking the proposal to reduce the duty on red lead.
"It is unfair to pass legislation changing the rates as fixed in the law of
1922 without giving the public an opportunity to be heard," he said. He
declared he would vote against the amendment on every roll-call.
Senator Bingham of Connecticut assailed a policy of "trying to sock
the industry in the eye" for the sole reason that, apparently, it was successful and prosperous. He suggested that 30 days' notice be given by Senators
who decided to present individual amendments.
Senator Harrison, who introduced the reduction amendments. said this
would "hamstring" the Senate. Senator Swanson contended that the doctrine presented by Senators Bingham and Couzens would deprive Senators
from offering amendments to reduce the 1922 rates, many of which were
"exorbitant and indefensible."
Senator La Follette maintained that to bar amendments dealing with
industrial rates unless they had been made the subject of hearing or notice had been given that they were to be introduced, would amount to a
recognition of the theory that "beneficiaries of the tariff had vested rights
to certain duties." lie charged that the tariff bill had been drafted at secret
sessions of Republican members of the Finance Committee, after hearings
in which the spokesmen of industries concerned had
their
"Was the consumer put on notice?" Mr.La Follette asked. "Did he have
an opportunity for a hearing?"
"Many of the rates of the 1922 law are indefensible," he continued,"and
it is the duty ofthe Senate to scrutinize them,and reduce them, if necessary,
through the medium of the bill we now have before us."
lie recalled that during consideration of the tariff bill by the Finance
Committee, Charles L. Eyanson of the Connecticut Manufacturers' Association had acted as an adviser of Senator Bingham.
Senator Bingham retorted that the people had elected a "high protection
Congress," and had not given a mandate for a reduction of rates.
Senator Norris contended that farmers were vitally interested in the
duties on materials used in the manufacture of paint.
Senate leaders are trying to arrange a program that will assure adjournment some time in June but are by no means certain that such an early
adjournment can be brought about. Opinion seems to be general that the
session is likely to last at least until the first week in July.
Farm organizations seeking upward revision in rates on
agricultural products and a scaling of rates on manufactured
goods in the pending tariff bill were twice rebuffed on
Monday, Feb. 10, when the Senate voted to place common
brick on the dutiable list and rejected a proposal to increase
duties on starch. The dispatch to the New York "Times"
stated this and added:
The action of the House in making common brick, now duty free,
pay
a rate of $1.25 a thousand, a proposition that was accepted
by the Senate
Finance Committee, aroused the ire of the farm groups, which have contended that duties on brick and other Items of building material would
impose a heavy burden on the agricultural West.
The votes on brick and starch came on the heels of the demand
by the
American Farm Bureau Federation and others, printed this morning,
that unless important changes were made in the Smoot-Hawley
bill "it
would be better for agriculture to continue under the tariff Act
of 1922."
The vote on brick was polled on an amendment offered by
Senator
Barkley, Democrat, of Kentucky, providing that the rates of $1.25 a
thousand on common brick and 81.50 a thousand on glazed or ornamental
brick should be stricken from the bill. The amendment failed by
a tie
vote of 36 to 36, and the rates will stand unless later altered by the Senate
Motion on Starches Lost.
Capper's
An amendment offered by Senator Capper, Republican, of Kansas,
proposing a rate of 2% cents a pound on all starches, instead of varying rates
as provided by tho bill, was defeated by a vote of 42 to 32. Some
starches
are on the free list, and the rates on those made dutiable in the
bill are
less than that urged by Mr. Capper.
After the vote on the Capper amendment, Chester H. Gray of the
Farm
Bureau Federation said that increased duties on starches were
just as
essential to agriculture as increased duties on casein, sugar,
hides, fats
and oils, and that if the Senate continued to turn a cold
shoulder to agriculture its spokesmen would urge Western Senators to vote
finally against
the tariff bill.
The Senate completed consideration of the chemical
schedule and then
took up the earthenware schedule, which embraces brick
and other industrial
products.
Senator Watson, Republican floor leader, in a speech urged the
Senate
to expedite action, and Senator Simmons, Democratic
tariff spokesman,
supported his plea. Mr. Watson said that many Senators desire
to fill
speaking engagements on Lincoln's Birthday, but ho was
opposed to adjournment on that or any other day until the bill was completed.
In support of his motion to keep brick on the free list,
Senator Barkley
said that to do so would encourage the building of
homes. Dutiable brick.
he said was demanded only by a few brick makers
in New York and other
cities on the seaboard.
Copeland Replies to Barkley.
Senator Copeland. Democrat, of New York, supported the duty, saying it was essential to keep the brick makers of the East busy. There
was
FEB. 15 1930.]
FINANCIAL CHRONICLE
a lot of unemployment, he added, and the Senate should bear this in mind.
Referring to Mr. Barkley's statement that brick should be admitted
free to encourage home building, Mr. Copeland said less than 1% of the
population in New York owned their own homes and that bankers in the
State preferred to make loans to speculators. On the defeat of his amendment. Mr. Barkley gave notice that he would ask for another vote on it
1063
Arrangements were reported made this week for the
transfer of two New York Stock Exchange memberships
one for $398,000, an increase of $3,000 over the last preceding
sale, and the other for $399,000.
later.
In behalf of Senator Wagner of New York, who was absent, Mr. Barkley
offered an amendment proposing a duty of 35 cents a pound on vermilion
reds, instead of 22 cents a pound and 20% ad valorem as reported by the
Finance Committee. This was adopted by a viva voce vote.
The Senate reduced the duty on sulphate anhydrous from $4 a ton, as
recommended by the bill, to $2 a ton. By vote of 40 to 38, the Senate
rejected an amendment offered by Senator La Follette proposing to reduce
the duty on spirit varnishes from 25 to 20% ad valorem.
The election of Freeman C. Allen as a director of the
Central Trust Co. of Rochester, N. Y., was announced on
Feb. 11 by John H. Gregory, President of the institution,
according to the Rochester "Democrat" of Feb. 12. Mr.
Allen is connected with the credit department of the Eastman Kodak Co. and is a director of the Rochester and
Genesee Valley Railroad Co.; director of the Ohmer Fare
Register Co., Dayton, Ohio; Secretary and director of the
Rochester Credit Men's Service Corp.; Secretary and director of the Genesee Valley Club, and a member of the National Association of Credit Men.
According to the "Times," in the face of protests by
regular Republicans, the Senate coalition on Feb. 11 forced
the adoption of amendments to the tariff bill restoring the
1922 duties on window and plate glass, thus eliminating
increases on those products voted by the House and endorsed
The Central Hanover Bank & Trust Co. of New York,
by the Senate Finance Committee in line with the higher
year. announces the appointment of William C. Bennett as
duties declared by Presidential proclamation last
Bennett has been associated
Further reporting the developments on Feb. lithe "Times," Assistant Vice-President. Mr.
with the Bank since Aug. 1929 as Assistant Secretary._
said:
the Central Hanover, Mr. Bennett was
Under the flexible provisions of the present law and on recommendation Before joining
of the Tariff Commission, President Coolidge about a year ago raised the associated with Edwin Bird Wilson, Inc., financial adverduty on plate glass. President Hoover in June increased the levy on tising agents, as Vice-President in charge of the Atlanta
some classes of other window glass.
office.
The fight to reduce the duties on glass was led by Senators Barkley,
Democrat, of Kentucky, and McMaster, insurgent Republican. of South
Dakota.
Senator McMaster charged that the Pittsburgh Plate Glass Co., which he
said dominated the industry, sold products abroad at prices 20 to 25%
below those quoted in the domestic market: and this, he contended, was
proof that the corporation did not need the additional protection carried
in the bill. . . .
Three votes were taken on paragraphs of the bill dealing with glass.
By 41 to 40, the Senate adopted an amendment offered by Mr Barkley
reducing the rate on ordinary window glass, not exceeding 154 square inches,
from 1% cents to 1 g cents a pound. This eliminated the Hoover flexible
increase.
By viva voce action the Senate then cut the rates on other sizes of window glass to correspond to the duties collected under the present law. Tile
rates in this class under the Barkley amendment range from 1% to 23i
cents a pound, according to length of pieces, as against rates of from 2 1-16
to 3% cents a pound as recommended by the Finance Committee.
The McMaster amendment, adopted by a vote of 43 to 36, substituted
the 1922 duties on plate glass, ranging from 12% cents to 17 cents a square
foot, for the duties recommended by the committee of from 16 cents to 22
cents a square foot. The latter rates were put into effect on Feb. 16 1929,
by proclamation of President Coolidge.
Senators Barkley and McMaster insisted that the higher rates on glass
were not justified, that the industry was prosperous and had a big export
trade, and that under the circumstances the duties should be leveled to
those Provided by the law of 1922.
Manufacturers Trust Co. of New York, announces the
elevation of Lee S.Buckingham from the position of Assistant
Secretary to that of Assistant Vice-President, at the Columbus Circle office of the company. At the same time, announcement is also made of the promotion of Cornelius
Van Inwegen, Richard H. Morris, Ernest H. Lankenau and
William M.Stevenson to the position of Assistant Secretary.
Edward C. Delafield, President of The Bank of America
National Association and Oliver W. Birckhead, President of
the Murray Hill Trust Co. of New York announced that
stockholders of both institutions at meetings held on Feb. 10
approved the merging of the Murray Hill Trust Co. witn The
Bank of America National Association. This merger will
give the Bank of America National Association capital,
surplus, undivided profits and reserves of $79,275,300. The
Murray Hill Trust Co., after to-day, F.eb. 15, the date of the
physical merger of the two institutions, will operate as a
branch of The Bank of America National Association in
charge of Oliver W. Birchkead, former President of the
Trust Co., as Vice-President. An item regardOn Feb. 12 arguments on the nomination of Charles Murray Hill
ing the proposed consolidation appeared in our issue of Jan.
Evans Hughes,for the post of Chief Justice of the Supreme
Court of the United States served to push aside tariff debate 11, page 235.
on that day. Nothing was accomplished on the bill on Feb.
Chester D.Pugsley, Vice-Chairman of the Board of Direc13, the "Times" indicating, in part as follows the debate tors of the Westchester County National Bank at Peekskill,
which ensued that day:
N. Y. leaves on Monday, Feb. 17 for Winter Park, Florida
Prohibition,the tariff and political changes all were said to have accounted
to attend the annual trustees meeting of Rollins College there
for the election of William J. Granfield, a Democrat, to the House from the
Second District of Massachusetts, an old Republican stronghold, when the on Feb. 19.
subject got into debate on the flo9r of that body to-day.
The prohibition angle was broached by Representative La Guardia, who
said that the district had given the Democratic candidate a majority of
8,000 after having given a vote of 26,000 to a referendum for repeal of
the State prohibition Act, and having delivered a majority of 400 votes to
former Governor Smith when he ran for President.
His argument was questioned, however, by Representative Allen T.
Treadway, Republican, of Massachusetts, who agreed with another statement by the New Yorker that "there is something wrong with Massachusetts." but ascribed it to unemployment. This condition he ascribed to
the lack of action on the pending tariff bill, continuing:
Removal of Shoe Tariff Blamed.
"If there is anything under the sun that will upset business, it is a lack
of certainty regarding the tariff. It may be improper for me to say that
the Senate is to blame for that condition, but I will say it. And who is
to blame for that uncertainty in the Senate? It is the Democratic minority
aided by a few Republicans."
Representative William P. Connery, Democrat, of Massachusetts,
agreed with his Republican colleague that unemployment accounted or
the upset, saying that 6,000 People stormed the court house at Lynn
demanding work. He termed the attitude, however,one of "revolt against
Hoover prosperity."
The prediction that a Democrat would be elected to succeed Senator
Gillett also was made by Representative Connery, who blamed an action
by President Hoover, who he said was responsible in removing the tariff
on boots and shoes, for the unemployment conditions in the New England
State.
ITEMS ABOUT BANKS, TRUST COMPANIES, ETC.
Arrangements have been made for the sale of a New York
Curb Exchange membership for $160,000, an increase of
$10,090 over the last preceding sale.
•
Two New York Cotton Exchange memberships were reported sold this week, that of Pierce C. Rucker to H. Allen
Wardle for $20,000 and that of G. Abbott Middleton to E.j.
Wade for $21,000. The last preceding sale was for $21,000.
The City Deposit & Discount Co. of Bristol, Conn. established a little more than a year ago, failed to open its doors
on Feb. 13, according to a dispatch by the Associated Press
on Feb. 13 from Bristol, appearing in the New York "HeraldTribune." Losses suffered through allegedly poor investments are believed to be responsible for the bank's failure.
State Banking Commissioner Lester E. Shippee assigned the
bank's business to the Bristol Trust Co. for the purpose of
liquidation, the advices said.
Stockholders of the Medford Trust Co., Medford, Mass.,
have approved a plan to increase the authorized capital
of the bank from 25,030 to 30,000 shares of the par value
of $20 a share (from $500,000 to $600,000) and to issue the
additional 5,000 s,ares at the price of $40 a share, according
to the Boiton "Herald" of Feb. 6.
The Webster & Atlas National Bank, one of the oldest
banking institutions in Boston, announces the formation
of the Webster & Atlas Cerporation which will conduct a
general investment business at 199 Washington St., that
city. Henry P. Briggs, formerly Vice-President of the
Atlantic Corporation and at one time in charge of the
Toronto office and director of Harris, Forbes & Co., Ltd.,
has been appointed President of the new corporation, while
Elmer V. Cartledge has been made Treasurer. Raymond
B. Cox, President of the Webster & Atlas National Bank
will serve as Chairman of the Board of Directors, which includes Henry P. Briggs, Amory Eliot, Richard M. Everett,
James P. Hale, Edward Motley, Dudley P. Rogers, Frederic
S. Snyder, Robert Cl. Stone and Edward A.-Watson. Refer-
1064
FINANCIAL CHRONICLE
rvoL.
once was made to the new corporation in the "Chroin.cle"
At a meeting of the directors of the Kensington Trust
of Dec. 7 1929, page 3579, and Jan. 18 1930, page 416.
Co., Philadelphia, on Feb. 11, William H. Braehm, was
advanced to 1st Vice-President of the institution to succeed
Net earnings of $2,807,374 for the year 1929 were shown the late James Henry, and John B. S. Rex was appointed
in the annual report of the Fidelity-Philadelphia Trust Co. 2d Vice-President, according to the Philadelphia "Ledger"
of Philadelphia, submitted by William P. Gest, Chairman of Feb. 12. At the same meeting Dr. Rolla L. Smith was
of the Board of the bank, at the annual meeting of the elected a director.
stockholders on Feb. 11, according to the Philadelphia
As of Feb. 1, the Union National Bank of Huntingdon,
"Ledger" of Feb. 12. The undivided profits on Dec. 31 1929
were $4,872,021, a net gain for the year of $701,841. Four Pa., became the Union National Bank & Trust Co.
quarterly dividends of 6% each, totaling $1,608,000, were
The National Bank of Chester County, West Chester,
paid. The total individual trusts in charge of the company
at the end of the year were $846,788,081, a gain of $136,- Pa., on Feb. 1 became the National Bank of Chester County
106,823. The company is also trustee for $890,829,270 & Trust Co.
of corporate trusts. Deposits as of the end of the year were
From the Detroit "Free Press" of Feb. 6, it is learned
$80,437,392. Continuing, the paper mentioned said in part:
that the new Equitable & Central Trust Co. of Detroit,
The total number of trust accounts in the hands of the company on
Mich—formed by the union of the Equitable Trust Co. and
Dec. 31 1929 was 7,178.
The report stated that 80% of the entire Fidelity-PhiladelphiaTrustBuild- the Central Trust Co., as indicated in our issues of Dec. 21
Ing of 30 stories, which was completed for occupancy by tenants on June 1 and Jan. 4, pages 3909 and 65,
respectively—was granted
1928, is now rented. The trust company owns all of the stock of the Fidela charter on Feb. 5 by the Banking Commissioner, Rudolph
ity Building Corp., the holding company for the building.
Mr. Gest In his report said:
E. Reichert to do a general banking business and will engage
"No report for the last year would be complete without an allusion to in such activities as well as
conduc'ing a general trust
the financial disturbance through which the country has passed. During the months of November and December the efforts of the company business. The paper mentioned said: "The trust company
were largely devoted to the maintenance of margins and to the assistance in making its application for the charter took advantage
of our friends where conditions warranted the extension of help. There
of the new banking law which permits trust companies to
Is reason for congratulation to our stockholders and cheats that a time of
do a general banking business upon allocation of one-half
danger has passed with so little financial disorder."
The stockholders amended the by-laws of the company so as to confer of their banking capital for that purpose.
on the stockholders. in compliance with the Act of Feb. 19 1926, and not
"The Equitable and Central will carry both commercial
on the board of directors, as the by-laws had provided, the power to
Increase or diminish the board at any regular annual meeting or any special and savings accounts. The institution has capital of $1,000,meeting called for the purpose. Directors of the ocmpany were re-elected.
000, surplus of $500,000 and undivided profits of $196,000.
Thomas Neal is President."
At its meeting on Feb. 11 1930 the Board of Directors of
the Bankers Trust Co. of Philadelphia appointed Edwin
From Lancaster, Pa., advices by the Associated Press
Ristine Treasurer in addition to his present position as Vice- on Feb. 11, printed in the Philadelphia "Ledger" of the
President. Mr. Ristine becomes Treasurer in place of E. following day, it is learned that as a step in the liquidation
Raymond Scott, who has been Vice-President and Treasurer, of the Terra Hill National Bank, Terre Hill, Pa., the assets
and whose resignation was accepted with regret. Mr. and liabilities of the institution were on Feb. 11 taken over
Scott will assume his new duties about March 1 as President by the Blue Ball National Bank of Blue Ball, Pa. Both
of the Chester County Trust Co., West Chester, Pa. The the institutions are in Lancaster Co. The dispatch went
board also elected Reginald P. Yomer an Assistant Treasurer. on to say:
Dr. John M. Wenger, President of the Terre Hill Bank, said his insti-
The Philadelphia "Ledger" of Feb. 7 stated that J. Ever- tution lacked the confidence of the community and that it was decided to
All depositors will be paid in full, he said.
ton Ramsey, heretofore President of the Chester County liquidate. lost $200,000 through "frozen assets," but it In 1926 the Terre
11111 Bank
later was re-opened
Trust Co. of West Chester, Pa., has been made Chairman after a reorganization.
The $40.000 capital stock of the Terre Hill Bank still remains with its
of the Board of the institution, and has been succeeded in
announcement was made as to its disposition.
the Presidency by E. Raymond Scott, formerly Vice- stockholders and no
President and Treasurer of the Bankers' Trust Co. of PhilThe People's State Bank of Maywood, Ill., was closed for
adelphia, Philadelphia. Mr. Scott will assume his new
examination on Feb. 8 by State Auditor Oscar Nelson while
post on March 1, it was stated.
the institution's directors retained in voluntary custody
According to the Philadelphia "Ledger" of Feb. 12, an- Elmer P. Langguth, its President, following his alleged connouncement has been made by A. A. Jackson, President of fession of having appropriated funds of the bank for his own
the Girard Trust Co. of that city, of the purchase from the use, according to advices from Chicago on that date to the
Plaza Trust Building Corp. of the property at the Southwest New York "Times." The closed bank is capitalized at
corner of Broad St. and South Penn Square, Philadelphia. $100,000 with surplus of $10,000, while deposits are listed
The purchase price was not made public, it was stated. The at $500,000. Nels Thorhaug is Chairman of the Board of
Directors of the institution, which was organized in 1925.
paper mentioned furthermore said:
The property was for many years in the ownership of the West End The People's State Bank, the dispatch said, was the sixth
Trust Co. passing to the Plaza interests following the merger of the West Illinois bank to close its doors in 3 days, the other 5 being
End Trust Co. the Real Estate Title Insurance & Trust Co. and the Land the
H. N. Schuyler State Bank of Pana, the Rosamond State
Title & Trust Co., under the name of the Real Estate-Land Title & Trust
Bank of Rosamond, the Nokomis National Bank of Nokomis,
Co.
By acquiring the Plaza Trust Building, the Girard Trust Co. has rounded the First National Bank of Milford and the Farmers' State
out its holdings so that it is now the owner of what may be considered one Bank
of Cornell. We quote further from the dispatch as
of the most valuable properties in Philadelphia, covering the whole frontage
on the west side of Broad St. from Chestnut St. to South Penn Square, follows:
about 200 feet, the frontage on South Penn Square from the corner of Broad
St. to 1414 South Penn Square, a distance of a little less than 140 feet, and
on Chestnut St. a frontage of 140 feet from Broad St. to the Morris Building
which is owned by the Girard Trust Co. and has a frontage on Chestnut St.
of 112 feet additional.
The purchase announcement says:
"Plaza Trust Co., from whose building corporation the old West End
Trust Co. property was bought, will continue for the time being as a tenant
on the ground floor in its present offices, but it may be expected that the
Giratd Trust Co. will in due course utilize the corner by an addition to
Its present banking house in order to afford it the space needed for its busi
ness, which is growing so rapidly as to render already inadequate the accommodations given by the addition made only a few years ago on South
Penn Square."
Auditors of the People's State Bank would place no probable figure on
the amount of Langguth's alleged defalcations, merely characterizing the
amount as "considerable," though unconfirmed rumors placed the losses
from $50,000 to $175.000.
Discovery of one shortage amounting to $10,000 in a routin3 examination
of the bank's books by a representative of the State Auditor's office led to
the uncovering of the condition of Langguth's accounts, it was learned.
Funds amounting to $47.000 belonging to the village of Maywood were
tied up by the closing of the bank, which is used by the town as a depository.
Langguth is said first to have confessed his alleged defalcations to his
father and the other directors of the bank, admitting the shortages began
more than a year ago when he was village tax collector in Maywood. Later
ho repeated his confession to the State Auditor, it is said. No formal
charge had been placed against him to-day (Feb. 8).
Officials of the bank are said to be hopeful that the losses will be made
up. The bank is covered by insurance, it was said.
Just what Langguth did with the money remains a mystery. Ho so far
has persisted in throwing no light on this phase of the case, it was declared.
* * * He denied he had lost money in the recent stock market slump.
Miss Lingren, the Cashier, who is said to have had considerable to do
with the direction of the banks affairs, so far has declined to make a statement at the auditor's office, it was learned.
At the annual meeting of the stockholders of the Lehigh
National Bank of Philadelphia, held Feb. 11, five new
directors were elected, namely Frank J. Clarke, William J.
Freihofer, Frank Monahan, Hyman Freed and Howard E.
Edson, according to the Philadelphia "Ledger" of Feb. 12.
The closing of the N. H. Schuyler State Bank of Pana,
The meeting took place in the new banking quarters of
the institution at the Southeast corner of 23d St. and Lehigh mentioned above, which took place on the afternoon of
Feb.6, was reported in advices from Pana on that date to
Ave.,it was said.
the St. Louis "Globe-Democrat." This bank, which
FEB. 15 1930.]
FINANCIA1J CHRONICLE
1065
has deposits of over $2,000,000, was organized 54 years David E. Shanahan, Chairman of the board of the Terminal National
Bank
ago as a private banking institution by Henry N. Schuyler. and Central Manufacturing District Bank and Frank L. Webb,President
It was re-organized 25 years ago by its founder and of the Terminal National Bank.
several of his friends and given the name it now bears. It
The annual statement of condition of the Central Manuwas capitalized at $200,000 with surplus of 830,000. State
Auditor Nelson and his assistants, the dispatch furthermore facturing District Bank of Chicago as of Dec. 31 1929
said, had been examining the books of the institution for 3 has just recently come to hand and makes a very satisfactory
showing. After reserving $193,376.10 for taxes, interest,
days previous to the closing.
and other reserves, the net earnings for the year 1929 were
•
The respective directors of the Pennsylvania Co. of $215,205. This is equivalent to earnings of 36.3% on the
Insurances on Lives & Granting Annuities of Philadelphia average capital stock of $591,667 or 14.8% on the average
and the Colonial Trust Co. of that city at special meetings invested capital of $1,447,136, consisting of capital stock,
on Fob. 7 approved a plan for the consolidation of the surplus and undivided profits. This compares with last
institutions under the name of the former, according to year's net earnings of $206,874, which were equal to 41.3%
advices from Philadelphia on that date ,to the New York on the capital stock of $500,000 and 15.5% on the average
"Times." The merger, will, if consummated by the stock_ invested capital. In addition to a 20% stock dividend
holders, give Philadelphia a $223,000,000 bank, it is said, of $100,000 paid from undivided profits, cash dividends
as well as the oldest State-chartered banking institution in aggregating $108,000 or 50.1% of the year's net earnings
Pennsylvania. The stockholders of both institutions will were paid. The foregoing cash dividends consisted of 10%
vote on the proposed merger at special meetings on March 17, or $60,000, regular and 8% or $48,000 extra, total 18%
on the basis of the exchange of two shares of Pennsylvania or $108,000, as against 18% or $90,000 disbursed last year.
Co. stock, of a par value of $10 a share, for one share of During the year 1929, an aggregate of 847,800,082.72 in
Colonial Trust Co. stock of the par value of $50 a share. loans was handled as against $44,189,827.02 for 1928.
The assets in the custody of the Trust Department averaged
We quote from the dispatch mentioned as follows:
$1,872,985 during 1929 as against $1,000,661 and $664,919
The Pennsylvania Co. stock was quoted recently as high
as $121 and
that of the Colonial Trust at $251.
for 1928 and 1927 respectively. On Feb. 11929, the bank
Under the directors' plan the merged institutions would be known
as the paid a 20% stock dividend by transferring $100,000 from
Pennsylvania Co. for Insurances on Lives and Granting Annuities,
the
Colonial Trust losing its identity except for its title-insurance
undivided profits to capital stock, thereby increasing the
and rea
estate operations. The Pennsylvania Co. was chartered in 1812.
capital stock from $500,000 to $600,000. At the same time
"It 's the firm belief of both managements," a joint statement
says, an additional $100,000 was transferre
d from undivided
"that the consolidated company with its largely increased resources
and
with 12 well located offices, can be of the greatest usefulness
and service profits to surplus, increasing the surplus from $500,000 to
to the whole community."
8600,000. Total resources of the institution are approxThe combined balance sheets of the two companies, as of Feb. 1. show
imately $14,000,000 and deposits stand at $11,159,320.
capital and surplus of $45,136,000, deposits of $165,812,045 and total
resources of $223,189,371. Personal trusts total $702.513,718 and corporate The Central Manufacturing District Bank began business
trusts $1,847,993,886.
Oct. 7 1912. Its officers are. David E. Shanahan, Chairman
C. S. W. Packard, President of the Pennsylvania Co., would head the
of the Board of Directors; William N. Jarnagin, President;
new institution under terms of the directors' agreement, and
William
Fulton Kurtz, President of the Colonial Trust Co., would become a Vice- Frank L. Webb, Executive Vice-President; H. E.
Poronto,
President of the merged concern. C. S. Newham, Executive Vice-President
Vice-President; F. C. Hoebel, Assistant Vice-President;
of the Pennsylvania Co., would retain that position, and
William M.
Walter R. Costello, Cashier; J. R. Rolley, S. M. Goldberg,
West would continuo the title business of the Colonial Trust Co. through
the
medium of a now wholly-owned subsidiary company which is to
be or- Thomas Kekich (and Auditor) and H. P. Johnston, Assistganized when the merger is completed.
ant Cashiers; Geary V. Stibgen, Trust Officer; Walter A.
The Colonial Trust's main office at 20 South 15th St. will be
operated
as the Colonial branch of the consolidate company, the head
O'Brien, Assistant Trust Officer, and W. R. Samuel, Mand
office of the
merged institution remaining at 15th and Chestnut Sts. under the
merger ager of the industrial real estate department.
Plan.
The following in the matter comes to us this week:
The Goldman Sachs Trading Corp., through its holdings
The following resolutions were adopted at the first annual
of stock in the
Colonial Trust Co. of Philadelphia, will have an interest in the
$223,000,000 meeting of the stockholders of the Wisconsin Bankshares
banking institution resulting from the merger of that company
and the Corp., Milwaukee (the recently organized holding
company
Pennsylvania Co. of Insurance on Lives & Granting of Annuities,
according to reports current in local
banking circles recently. While no official with authorized capital of $100,000,000 of the First Wisconconfirmation of this was forthcoming either from the corporation
or from sin National Group of banks), held Tuesday, Feb. 111930:
Goldman, Sachs & Co.,
it is known that the stock of the Colonial Trust
Co. was purchased as a capital investment and
that the corporation has
maintained its position in the bank intact since acquisition
of the stock
last May.
H. S. Bowers and Sidney J. Weinberg
of Goldman, Sachs & Co. are
members of the Board of Directors of the Colonial Trust Co.
and it is understood that the Goldman Sachs interests will be represented
on the board of
directors of the merged institution.
The Madison & Kedzie Trust & Savings Bank of Chicago—
a new organization which succeeds the Madison & Kedzie
State Bank —opened on Feb. 10 in the banking quarters of
its predecessor, at Madison and Kedzie Sts., according to
the
Chicago "Journal of Commerce" of Feb. 11. New deposits
received on the first day amounted to $500,000, it was stated.
Chicago advices on Feb. 10, appearing in the "Wall Street
News" of the next day, after stating that the assets and
business of the old Madison & Kedzie State Bank were recently acquired by a syndicate having connections with
several Chicago banks, gave the following additional information regarding the new bank:
Resolved, That the Wisconsin Bankshares Corp. is an owned and directed
agency brought into existence by the member banks for their mutual
advantage;
•Resolred, That the directors of the member banks shall all be men of the
locality in which the bank operates and these directors shall have complete
freedom in choosing the bank s officers;
Resolred, That the member banks of the group shall have representation
on the board of directors of the Wisconsin Bankshares Corp.;
Resolved, That the management, policies and extended credits of a member bank shall be subject only to the control of the board of directors and
of the officers of such bank.
In addition to the 30 directors of the corporation who were
named at the first meeting, 38 additional directors were
elected at the meeting. At the close of the stockholders'
meeting the first annual directors' meeting was held. The
present oficers were all re-elected, namely: Walter Kasten,
President; Louis Schriber, Fred K. McPherson, Vice-Presidents; Edward A. Bacon, Vice-President and Treasurer;
William H. Correll, Secretary, and Francis W. Dickey and
Charles M. Scudder, Assistant Secretaries. Three additional members were elected to the executive committee,
viz.: Erwin C. Uihlein, Robert A. Uihlein, Fred K. McPherson. A co-ordinating committee was appointed to serve
in an advisory capacity only, for the benefit of the member
banks of the group. This committee consists of:
George R. Boyles, Vice-President of the Lake View State
Bank, will be
President of the reorganized bank. Other officers of the present
institution
will be retained. A new directorate, including officers of the
Central Trust
Co., Terminal National Bank, the present Madison &
Kedzie Bank and
the Central Manufacturing District State Bank among others,
will supplant
present directors, it is understood.
Commercial banking, Walter Kasten; financial position, E. A. Bacon;
The reorganized institution will have a paid in capital of
$1,000,000 and a credits and statistics, C. M. Scudder; business development, time deposits
surplus and contingent fund of $1,000,000, of which $500,000
will be surplus and foreign and travel service, R. L. Stone; distribution of securities, W. H.
and the remainder a contingent reserve. The bank activities
will be guided Brand; trusts, H. W. Grove; personnel, L. T. Crowley; interior service.
by a Board of Directors of which William N. Jaragin,
l'resident of Central S. R. Quaden; legal counsel, J. B. Blake; economics and research,Francis
Manufacturing District Bank,is to be Chairman and an advisory
committee W. Dickey.
headed by Eugene V. R. Thayer, Chairman of executive
committee of the
Central Trust Co. of Illlinols.
The advisory committee, which it is understood will
Negotiations have been concluded whereby the First Bank
virtually direct the
bank's affairs, includes several bankers and others who like
Mr. Thayer are Stock Corporation of Minneapo
lis and St. Paul is to acquire
ineligible to serve as directors under provisions of national
banking laws.
The committee consists of Mr. Thayer, Chairman, Nelson L.
Buck, Vice- the Security State Bank of Robbinsdale, according to an
President of William Wrigley, Jr. Co., David W. Clarke,
Vice-President of announcement from T. P. Howard, President
of the bank.
the bank, Alen C. Dixon, Vice-President of Terminal National
Bank,Irving The actual affiliation of the
S. Florsheim, President of Florsheim Shoe Co., Arthur Meeker,
Robbinsdale bank with the
a director of
Armour & Co., Joseph E. Otis, Chairman of board of the Central
Trust Co. group awaits the formal transfer of a susbstantial block of
of Illinois. H. E.Poronto, trustee of Central Manufacturing District
Bank, the bank's stock held by Captain W. H. Fawcett, who is
1066
-—
FINANCIAL CHRONICLE
iVoL. 130.
now in Europe. The communication in the matter by the town on Jan. 29 at the age of 81 after a prolonged illness.
Mr. Funk was born on a farm near Hagerstown and received
corporation goes on to say:
The Security State Bank of Robbinsdale will be the first IIennepin his education in the public schools of Washington County
County bank, outside of Minneapolis, to affiliate with the group. It will and the Pennsylvania State Normal School at Millersville,
continue to develop and serve the community business of Robbinsdale and Pa. In
1876 he went to Hagerstown and almost immediately
its board of directors is to be expanded to include several more representabecame interested in various business enterprises, among
tive Robbinsdale business men.
The Security State Bank is capitalized at $25,000 with surplus and un- which was the Hagerstown Steam Engine & Machine Co.
divided profits of $23,412.77. Deposits as of Dec. 31 were $354,934.15 and
He was one of the organizers of the Second National Bank
total resources $105,407.87. Officers of the bank are: President, T. P.
Howard, Secretary -manager of the Howard Lumber Co.; Vice-President, in 1889 and was chosen a director of the institution at the
W. II. Fawcett, President of Fawcett Publications, Inc.: Cashier, J. W. ofganization meeting. Four years later he became President
Roche; Assistant Cashiers, E. A. Jaenisch and L. W. Chouinard.
Mr. Howard and Mr. Roche with a group of associates organized the the office he held at the time of his death.
Security State Bank in January 1919 to provide Robbinsdale with banking
facilities. Mr. Howard had been Mayor of Robbln.sdale for several years
and Mr. Roche, who prior to the war had been with the traffic department
of the Omaha railroad, had come to Robbinsdale after his discharge from
the army. W. H. Fawcett, who had established the headquarters of his
publications in Robbinsdale, bought a substantial interest in the bank
8 years ago, and with his participation the capital was increased from its
original figure of $15,000 to $25,000.
Throughout its history, the Security State Bank has conducted a combined community and agricultural business, serving the business interests
of Robbinsdale and its adjoining farm area. The bank's deposits represent
approximately 1,800 accounts.
Spartanburg, S. C., advices on Feb. 13 to the Now York
"Journal of Commerce", reported that the American State
Bank of Gaffney, S. C., had been closed and its anairs
placed in the hands of the State Bank Examiner. The
President of the institution, D. C. Ross, the dispatch said,
was a director in the Globe Mills of Gaffney, which were
recently placed in the hands of a receiver by Court order.
The closed bank's statement of condition as of Jan. 1 1930,
showed capital of $150,000, surplus of $18,315 and deposits
On Jan. 31 the Comptroller of the Currency granted a of $953,589. The bank operated branches at Cowpens
charter to the Freeborn County National Bank & Trust Co. and Blacksburg, S. C. In conclusion the dispatch said:
Closing of the institution comes within a month of the discovery of a loss
of Albert Lea, Minn., capitalized at $100,000. WT. L.
of more than $100,000 sustained by the First National Bank of Gaffney,
Palmer is President and L. H. Peterson Cashier of the new which became known following the death of its President. Maynard Smyth,
institution, which succeeds the Freeborn County State who was found shot to death at the entrance of his garage in Gaffney about
the middle of January. The First National had a surplus of $15,000 and
Bank.
the death of its President.
has continued to operate since
Chester W. Snyder, Chairman of the board of directors
of the Topeka State Bank, Topeka, Kan., and prominent
in the financial affairs of Kansas, died at his home in Topeka
after an illness of four weeks. Mr. Snyder, who was 76 years
of age, was born in Red Creek, Wash., in 1854 and was a
graduate of Union Seminary. In 1879 he went to Kansas
and settled in Clifton, where he entered the banking business. For years he was President of the First National
Bank of Clifton; the Exchange Bank of Linn; Vice-President
of the Carbondale State Bank; Vice-President of the Bank
of Leavenworth and a stockholder of various banks in Kansas and Oklahoma. In 1894 Mr. Snyder moved to Topeka
and in 1906 organized the Topeka State Bank. He was
President of the institution until his retirement three years
ago to become Chairman of the board of directors. The
deceased banker also was interested in the Capitol Building
& Loan Association for years and was Treasurer of the
association.
Effective Feb. 1, the American-First National Bank of
Stillwater, Okla., changed its title to the First National
Bank.
The Farmers' Bank of Greenville, N. C., located in the
tobacco district of the city, was closed on Jan. 31 for the protection of its depositors, according to a press dispatch from
Greenville on that date, printed in the Raleigh "News and
Observer" of Feb. 1, which said in part:
"Frozen assets" accumulating over a period of several years of operation,
made it inadvisable to continue operation, and the suspension this morning.
according to a statement of one of the officials, was to protect the Interests
of the depositors.
While the bank has been in operation for 17 years. it was pointed out that
It had never paid a dividend, and about two years ago stockholders were required to stand a 75% assessment in the hope of bridging over the difficulties.
One or two large withdrawals immediately after opening this morning
(Jan. 31) brought the cash on hand below the legal requirements, and convinced officials that immediate action was necessary to protect the interests
of all concerned.
The bank was organized in 1913 with a capitalization of $25.000. The
capital stock was later increased to $50.000 and when the institution closed
to-day its actual capital paid-in stock was $43.550.
The published statement of the bank at the close of business Dec. 31.
showed total resources of $381.042.90, with loans and discounts of $203,169.42 and money borrowed $55.000. It was stated this morning that all public
funds on deposit in the bank were secured and that in addition thero were
deposits, time savings and checking accounts totalling $90.000. While no
definite statement could be made pending arrival of State bank examiners,
hope was exprcr,sed that in the process of liquidation enough would be
realized from the loans and discounts to repay the borrowed money and the
depositors and prevent their loss.
The name of the Planters' National Bank of Rocky
A new financial institution—the Barnett National Bank —
Mount, N. C. on Feb. 1 was changed to the Planters'
has been opened for business in Avon Park, Fla., according
National Bank & Trust Co.
to advices from that place on Feb. 13 to the "Wall Street
Journal". The new bank, which is backed by the Barnett
The Dothan National Bank, Dothan, Ala., said to be the National Bank of Jacksonville, Fla., is capitalized at $50,000
oldest bank in that place, failed to open for business on Jan. with surplus of $10,000. J. N. Greening is President;
29, according to Associated Press advices from Dothan on W. T. Coates, Vice-President and Cashier, and M. V.
that day, appearing in the New Orleans 'nines Picayune" Pilcher, Assistant Cashier. These officials together with
on Jan. 30. A sign posted on the doors stated that the action W. A. Marschall, S. J. Pendleton and C. H. Walker, all
was taken by the directors pending the arrival of a National of Avon Park, will compose the Board of Directors, the
bank examiner. The closing of the bank, which was cap- dispatch said.
italized at $400,000 with surplus of $60,000 was unexpected. Continuing the dispatch said:
Announcement was made on Feb. 8 by the directors of
Rumors began circulating that the bank was in difficulties Tuesday. A the Florida National Bank of Jacksonville, Fla., of the
small, orderly crowd was assembled for the opening to-day when the sign
I. du Pont of Delaware as President
announcing the closing was posted. The sign read: "This bank has been appointment of Alfred
closed by order of the board of directors pending the arrival of the examiner. of the institution to succeed Arthur F. Perry, resigned,
Other banks in the city opened at the accustomed hour with no display according to a dispatch by the Associated Press from Jackof excitement by their depositors.
New York "Times" of
J. L. Crawford, President of the bank, said the closing was made neces- sonville on Feb. 8, printed in the
sary by a run which started last Friday by "idle gossip among different the following day. It was stated, the advices said, that
persons."
Mr. Perry would join the Barnett National Bank organizaCrawford said more than $250,000 of the approximately $1,000,000 on
deposit had been withdrawn since the run developed. Ile said the bank tion, Jacksonville. It was furthermore stated that Mr.
was "absolutely solvent."
du Pont had accepted the Presidency.
According to the "Wall Street News" of Feb. 4 the Alabama State Banking Department has reported the suspension
According to an Associated Press dispatch from Ennis,
of business by the Clio Banking Co., Clio, and the Peoples
Texas, on Feb. 10, appearing in the New York "Times" of
Bank of Pinckard. The latter cleared its business through
the next day, the First National Bank of Ennis failed to
the Dothan National Bank.
open its doors on that day. Its affairs were placed in the
hands of a National bank examiner. The institution, it is
Jacob J. Funk, for 37 years President of the Second understood, is capitalized at $200,000 and its deposits
National Bank of Hagerstown, Md., and one of the leading approximate $550,000.
bankers of Western Maryland, died at his home in Hagers-
FEB. 15 1930.]
FINANCIAL CHRONICLE
Adviees by the Associated Press from Jefferson, Texas,
Feb. 10, printed in the New York "Times" of Feb. 11,
stated that the Commercial National Bank of that place
had failed to open for business on that date, and a bank
examiner was investigating its affairs. The institution had
suffered a "run" on Feb. 8. Reports were that the closing
was only temporary and that the bank would be open for
business again in a few days.
The Farmers' State Bank o- f Merkel, Texas, with capital
of $50,000, was not opened for business on Feb. 10, according to Associated Press adviees from Merkel on Feb. 10,
printed in the New York "Times" of the next day. An
announcement stated that its assets had been turned over
to the State Banking Department.
The directors of the Midland Bank, Ltd. of London announce that they have elected Robert Alexander MI rray, a
director of the Clydesdale Bank, Ltd., to a seat at their
board.
The New York Agency of the National Bank of Greece
has taken out a charter under the New York State Banking
Laws to transact a general banking business under the name
of the Hellenic Bank Trust Co. The new institution opened
for business on Feb. 10 at 51 Maiden Lane, this city. Further references to the new institution appears in the front
part of our paper to-day in our items under "Current Events
and Discussions."
THE WEEK ON THE NEW YORK STOCK EXCHANGE.
The stock market has displayed considerable improvement the present week and while there have been no sensational features the general trend has been toward higher
levels. The market leadership has alternated between the
public utilities and the railroad issues, but there have been
semi-occasional upward spurts in the industrial and electrical groups. The weekly statement of the Federal Reserve Bank, made public after the close of business on Thursday, showed an increase of $48,000,000 in broker's
loans. Call money renewed at 4% on Monday, advanced
to 43% at mid-session, and fluctuated between 4% and
43.% during the remainder of the week.
Renewed activity in the railroad stocks and a selected
few of the public utilities and tobacco issues, sent shorts
to cover in the final hour on Saturday. Trading was in
moderate volume and while the market was generally unsettled during most of the session, the closing prices were,
as a rule, higher. The four-for-one split-up of Canadian
Pacific on Friday stimulated trading in the rails, Union
Pacific leading the upward climb as it broke into new high
ground above 236, with a gain of eight points. New York
Central followed with a gain of 2M points to 1863/2, Chesapeake & Ohio with a sharp advance of ni points to 2352%,
Delaware & Hudson four points to 181, Delaware Lackawana & Western 62% points to 153, Atchison 23/ pointsto 2402% and Southern Pacific three points to 125. In
dustrial stocks were represented in the advances by American
Can which moved up to a new top for 1930 and closed at
138M with a gain of 33/ points. The strong stocks of the
public utilities were Western Union Telegraph which
mounted four points to 214, though it lost most of its
gain before the close, American Power & Light which gained
about two points to 9234, American Water Works which
showed about the same improvement, Peoples Gas which
gained three points to 2563 and General Public Service
4
which closed at 42 8 and registered a gain of 2% points.
Other strong stocks of the day included such issues as
American Tobacco, United Aircraft, Warner Bros. and
Paramount.
On Monday the railroad stocks again led the market and
the brisk buying sent a goodly number to new tops for
1930. The outstanding strong issues in this group were
New York Central, up two points to 143; Norfolk & Western,
3 points to 256; Canadian Pacific, which shot upward
to
226 and then dropped back to 2212% following heavy realizing
with a net loss of 332 points; Rock Island, which gained 2
points to 122, and Bangor & Aroostook, which improved
13' points to 733. Merchandising shares were freely
offered, particularly Montgomery Ward and Sears, Roebuck,
which were in supply throughout the day. The public
utilities on the side of the advance were Pacific Lighting,
Brooklyn Union Gas, and Peoples Gas, the latter running
up 63/2 points to 263. Other stocks prominent in the day's
trading were American Machine & Foundry, which surged
forward 32% points to 2432%, Auburn Auto, which advanced
1067
7 points to 232; Radio Corporation, which gained 23/i
points to 423', and United States Rubber pref., which
moved ahead 23/i points to 51%. Atlantic Refining was
also in demand and ran up 2 points to 4034. Other oils
were steady but without noteworthy gain. Early reactionary
tendencies were followed by a brisk upward movement on
Tuesday and a number of the market leaders made noteworthy advances. United States Steel, common led the
upward swing and closed with a gain of 2 points. American
Can crossed 141 to a new top with a net gain of 4 points,
and Wesitnghouse Electric registered a new peak above 170.
Railroad stocks were superseded as market leaders by public
utilities, which moved vigorously forward to higher levels.
The most conspicuous in this group were American &
Foreign Power, which improved 1% points to 96; American
Power & Light, which moved ahead 2 points to 9634, Standard Gas & Electric, which shot ahead 3 points to 1212 ;
%
Consolidated Gas, which ran ahead 22% points to 114,
Detroit Edison, which gained a point to 242, and American
Water Works, which closed at 104 with a net gain of 52%
points. Goodyear carried the rubber stocks upward as it
extended its gains nearly 9 points to 82%. Other noteworthy instances of strength were American Tobacco B, up
234 points to 22734; J. I. Case, 3 points to 241; Colorado
Fuel & Iron, 23 points to 513 ; Western Union Telegraph,
4
4
43 points to 2163 ; General Asphalt, 4 points to 59%,
4
4
and Insland Steel, 2 points to 85.
The New York Stock Exchange, Curb Market and .commodity markets were closed on Wednesday in observance of
Lincoln's birthday. While there was a brief period of irregularity after mid-session on Thursday the market closed
with many of the leaders at new tops for the movement. A
few special stocks developed considerable weakness, though
this did not, on the whole, affect the general trend of the
market. Public utilities were in urgent demand throughout
the day and with the possible exception of Western Union
practically every active member of this group showed improvement at the close. New tops were recorded by North
American, Public Service of New Jersey and American Water
Works. Substantial gains were also scored by Detroit Edison, American & Foreign Power, Federal Light & Traction
and Electric Power & Light. Other features of importance
were the strength of American Can which gained 32% points
to 1443 , New York Central which closed at 188 with a gain
4
of about 134 points. In the late afternoon trading, United
States Steel, common reached a new high on the recovery at
4
186% and closed at 1847 with a gain of nearly 2 points and
General Electric sold within a fraction of its record top for
these shares. Independent Steel stocks included in the advance were Ludlum Steel, Michigan Steel, Republic Iron &
Steel and Truscon Steel. American Tobacco "B" again displayed considerable strength and closed with a gain of 734
points at 235.
United States Steel, common assumed the leadership on
Friday and moved briskly forward 45 points to a new high
4
for the year at 18934. The stock was bought in large quantities and reached its top price late in the afternoon. Railroad stocks also moved ahead under the guidance of New
York Central which crossed 191 with a gain of 33z points.
Other strong stocks of the railroad group included Atchison
which improved 2 points, Rock Island which gained 234
points and closed at 12534 and Union Pacific which advanced
4 points to 23434. Public utilities were again in demand and
were represented on the side of the advance by Consolidated
Gas which reached 119 with a gain of 2% points and Commonwealth Power which surged forward 434 points to 16432.
The final tone was good.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY. WEEKLY AND YEARLY.
Stocks,
Week Ended Feb. 14. , Number of
' Shares.
Sales at
New York Stock
Exchange.
Stocks—No, of shares_
Bonds.
Government bonds_ _ _
State and foreign bonds
Railroad & misc. bonds
Total
State,
Municipal dc
Foreign Bonds.
81,373,000
2,499,500
2,641,000
273,000
331.000
241.000
3,668,730
3,513,860
$4,329.000
5.494,000
6.322,000
HOLIDAY
7,986,000
6,294,000
3,180,000
1,684,000
159.000
261,000
Ifi.327 4R0
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Railroad,
dcc.,
Bonds.
Inn 425 AAA
Ann
ti nAc nnn
1,657,500
3,165,670
3,321,710
Week Ended Feb. 14.
1930.
1929.
III R77
United
States
Bonds.
Jan. 1 to Feb. 14.
1930.
1929.
15,327,460
18,045,810
98,066.940
156,720,790
31,065,000
11,377,500
30,425,000
22,893,000
12,187,000
25,942,000
$12,390,100
82,759,500
211,042,000
$20,193.500
88,345,550
235,289,000
242.867.500 841.022.000
2306.191,600
$343,828,060
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE EXCHANGES.
Boston.
Week Ended
Feb. 14 1930.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Prey, week revised
[VOL. 130.
FINANCIAL CHRONICLE
1068
Philadelphia.
1
Baltimore.
Shares. Bond Sales. Shares. Bond Sales. Shares. Bond Sales.
$1,000
$10.000 a76.992
*30.667
29,000
14,000 al34,796
*53,005
17,000
*69.741
38,000 al40,234
HOLI DAY
HOL1 DAY
13,000
44,500 al39,395
77,293
5,000
32,965
15,000
57,930
b1,920
b2,432
12,733
12,651
14,664
7,114
$28,000
28.200
33.000
61,400
69.300
47,000
288.638
$121,500
524,382
$65.000
21,514
$266,900
297,381
$247,040
690,141
$83,500
26,146
$216,100
• In addition, sales of rights were: Saturday, 375; Monday, 888; Tuesday, 863:
Thursday, 1.010.
a In addition, sales of rights were: Saturday, 3,200; Tuesday, 100; Thursday, 300.
Sales of warrants were: Saturday, 1,000; Monday,2,300; Tuesday,3,500; Thursday,
2,200.
b In addition, sales of rights were: Saturday, 278; Monday,1,286; Tuesday,2,037:
Wednesday, 1,478; Thursday. 2,472.
On the 24th inst., the premium on silver for cash delivery was reduced
to 3-16d., at which it remained until to-day, when the difference between
the two quotations narrowed to ;d.
.
The following were the United Kingdom imports and exports of silver
registered from mid-day on the 20th inst. to mid-day on the 27th inst.:
X
Imports-
Germany
France
United States
Mexico
British India
Other countries
Exports
£23,176
51,445
185,781
35,012
139,354
330
£140,809
5,302
British India
Other countries
£146,111
£435.098
INDIAN CURRENCY RETURNS.
(In Lacs of Rupees)Jan. 22. Jan. 15. Jan. .
17952
17961
Notes in circulation
18000
Silver coin and bullion in India
10790
10744
10698
Silver coin and bullion out of India
5222
Gold coin and bullion in India
522
3227
Gold coin and bullion out of India
5746
Securities (Indian Government)
-6
578
3860
200
215
Securities (British Government)
215
on the 25th inst. consisted of about 87,200.000
The stock in Shanghai
ounces in sycee, 128,000,000 dollars and 8.380 silver bars, as compared
with about 86.700.000 ounces in sycee, 127,000,000 dollars and 15,700
silver bars on the 18th inst.
Quotations during the week:
-Bar Silver per Oz. Std.Bar Gold per
Cash.
2 Mos.
Ounce Fine.
20 11-16d.
84s. 10d.
20 7-16d.
Jan. 23
/
2035d.
20 9-16d.
84s. 103d.
Jan. 24
84s, lld.
2030.
20l1-16d.
Jan. 25
20 5-8d.
id.
84s. loy
20 7-16d.
Jan. 27
4
203 d.
209-16d.
84s. 11 Lid.
Jan. 28
20 9-16d.
20 7-16d.
84s. 11}0.
Jan. 29
20.646d.
84s. 10.92d.
20.458d.
Average
The silver quotations to-day for cash and two months' delivery are
respectively Yid. and Hd. below those fixed a week ago.
7
THE CURB EXCHANGE.
Despite profit' taking, prices on the Curb Exchange
continue to move upward, many issues establishing new high
records for the year. Utilities were again the centre of
interest, with Electric Bond & Share corn. the most active.
From 94% it sold up to 102% and reacted finally to 100%.
Allied Power & Light corn. advanced from 48 to 523', but
4
fell back to 503 . American Gas & Electric corn. rose
from 133 to 142 and sold finally at 136. Commonwealth
Edison improved from 2653/ to 288, the close to-day being
-PER CABLE.
ENGLISH FINANCIAL MARKET
at 284%. Long Island Lighting corn. moved up from 47 to
The daily closing quotations for securities, &c., at London,
5334 and sold finally at 51. Northern States Power corn.
reported by cable, have been as follows the past week:
advanced from 173% to 183M and ends the week at 181. as
Wed.•
Thurs.
Fri.,
Tues.,
Mon.
Sat.,
Feb. 12.
Feb. 11.
Feb. 13.
Feb. 14.
Feb. 10.
Feb. 8.
Among the investment trusts, National Investors corn. was
20 3-16
20 3-16
204
205-16
205i
20 7-16
conspicuous for an advance from 17M to 26%, the close Silver, per oz.d. 84s.l19d. 84s.11 Ad. 848.104d. 84s.11 9(d. 848.113.d. 848.113,d.
Gold, p. fine oz.
54 5,4
54 yi
to-day being at 253. Fourth National Investors improved Consols,2
1
,
545
54
10194
101%
101%
10194
from 393 to 43%. Third National Investors corn. eased British, 5%
9694
959(
9694
959i
494%_
off from 38 to 36, then sold up to 41. Deere & Co. old British.Rentes
French
89.45
89.15
88.55
corn. gained 30 points to 640, the new stock advancing from
89.80
89.30
On Parts)_fr. ---4
124% to 130%. Republic Steel corn. advanced from 713 French War L'n
102.00
101.40
102.10
101.75
101.35
(in Paris)_ fr. ---to 773r and closed to-day at 76. Oils were higher through
The price of silver in New York on the same days has been:
changes were for the most part narrow. Gulf Oil advanced Silver in N. Y. per oz.(cts.):
Holiday 4394
4394
4394
4394
Foreign
44
2
from 1343' to 1393 and ends the week at 138.
%
A complete record of Curb Exchange transactions for the
week will be found on page 1098.
COURSE OF BANK CLEARINGS.
DAILY TRANSACTIONS AT THE NEW YORK CURB EXCHANGE.
Bank clearings this week will again show a decrease as
compared with a year ago. Preliminary figures compiled
Bonds (Par Value).
by us, based upon telegraphic advices from the chief cities
Foreign
Stocks
Week Ended
Domestic. Government. of the country, indicate that for the week ended to-day
Rights.
(No. Shares).
Feb. 14.
$149,000 (Saturday, Feb. 15) bank exchanges for all the cities of the
$1,556,000
589.200
22,300
Saturday
278.000
2,503,000
964.100
13.000
Monday
it is possible to obtain weekly
345,000 United States from which
2,471.000
15,100
935.700
Tuesday
HOLIDAY
Wednesday
returns will fall 24.5% below those for the corresponding week
305,000
3.030.000
1,111,200
24.700
Thursday
368,000 last year. Our preliminary total stands at $9,596,751,543,
1,972.000
19,600
1,000.100
Friday
$11,532,000 $1,445,000 against $12,714,474,940 for the same week in 1929. At this
94,700
4,600,300
,
Total
center there is a loss for the five days ended Friday of
28.3%. Our comparative summary for the week follows:
THE ENGLISH GOLD AND SILVER MARKETS.
Per
Clearings- Returns by Telegraph.
We reprint the following from the weekly circular of
1930.
1929.
Cent.
Week Ending Feb. 15.
Samuel Montagu & Co. of London, written under date of
$4,583,000,000 $6.394,000,000 -28.3
New York
Feb. 00 1930:
442,493,811
602,2119,191 -26.5
Chicago
GOLD.
The Bank of England gold reserve against notes amounted to £151,058,475 on the 22nd inst. (as compared with £150,466,378 on the previous
Wednesday), and represents a decrease of £2,847,840 since April 29 1925
when an effective gold standard was resumed.
Gold from South Africa to the value of about £480,000 was available in
td. per fine ounce.
the open market yesterday and was realized at 84s. 11 Y
Trade requirements absorbed only £58,000; Germany secured the remain£422,000 and this was supplemented by a withdrawal of about £100,000
ing
from the Bank of England, as indicated below.
• Movements of gold as announced by the Bank of England show a net
efflux of £960,518 for the week under review. Receipts amounted to
£22,948, and of the withdrawals amounting to £983,466, £850,000 was in
sovereigns "set aside" and £102,000 in bar gold for Germany.
It has been suggested that the recent setting aside of sovereigns has
been for account of the Argentine; should this be so, the matter is, or
course, in quite a different category from the "earmarking" of gold on
behalf of British Dominions, which is normally only of a temporary nature
The following were the United Kingdom imports and exports of gold
registered from mid-day on the 20th inst. to mid-day on the 27th inst.:
ImportsFrance
British South Africa
British West Africa
Other countries
Exports
£15,281 Germany
558,935 France
45,065 British India
7,156 Other countries
£245,110
395,781
25,920
10,043
£676,854
£626,437
SILVER.
The market has ruled quietly steady during the past week and movements in quotations have been within narrower limits. Operations have
been chiefly on account of the Indian Bazaars, who have made forward
sales besides further purchases for shipment by this week's steamer, which
Is due to arrive in Bombay in time for the February settlement. The
Imminence of the China New Year holidays has tended to restrict business
with that quarter; some re-sales have been recorded, but the buying orders
have been limited as to price.
American operators have both bought and sold, but with little activity.
403,100,000
341,000,000
102,887,303
99,000,000
148,696,000
139,503,000
120,010,084
115,026,099
101,869,106
75,161,666
53,633,000
425,000,000
362,000,000
108,636,171
117,000,000
152,227.000
181,239,000
135,020,668
159,652,808
111,713,7(11
77.246,555
48,369,301
-5.2
-5.8
-5.4
-15.4
-2.4
-23.0
-11.1
-27.9
-8.9
-2.7
+10.9
Thirteen cities, 5 days
Other cities, 5 days
$6,725,380,069
938.579,550
$8,874,314,393
1,033,002,955
-24.2
-9.2
Total all cities,5 days
All cities, 1 day
$7,663,959,619
1,932,791,924
$9,907,317,348
2,807,157,592
-22.7
-31.1
min
__9AK
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Los Angeles
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
SO AAR 7A1 Ada
219 715 575
•
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 statements, however, which we
present further below, we are able to give final and complete
results for the week previous-the week ended Feb. 8. For
that week there is a decrease of 26.3%, the aggregate of
clearings for the whole country being $10,873,288,169 against
$14,751,009,941 in the same week of 1929. Outside of this
city the decrease is 12.5%, while the bank clearings at this
centre record a loss of 32.5%. We group the cities now
according to the Federal Reserve districts in which they are
located, and from this it appears that in the New York
Reserve District, including this city, there is a loss of 32.2%,
In the Boston Reserve District of 7.7% and in the Philadelphia Reserve District of 6.8%. The Cleveland Reserve
District shows a decrease of 9.0% and the Atlanta Reserve
District of 6.6%. The Richmond Reserve District has a
trifling increase, namely 0.7%. In the Chicago Reserve
District the totals show a shrinkage of 23.3% and in the
St. Louis Reserve District of 12.0%, but the Minneapolis
Reserve District has to its credit a gain of 4.0%. The
Kansas City Reserve District falls 3.2% behind, the Dallas
Reserve District 13.5% and the San Francisco Reserve District 16.1%.
In the following we furnish a summary by Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
Week Ended Feb. 8.
Clearings al
1930.
Inc.or
Dec.
1929.
1930.
1928.
1927.
3
$
Federal Reserve (Mats.
$
$
%
510,036,632
483,993,^60
641.383,604
586,360,000 -77
1st Boston_ _ _ _12 cities
6,982,102,492 10,304.614,878 -32.2 6,541.668.252 4,607,275.304
2nd New York _ i 1 "
526,295.061
448.937,685
658,837,196 -6.8
614,192,756
3rd Philadel la _10 "
406.232.405
410.285.349
451,345,455 -90
321,197,565
4th Cleveland__ 8 "
172,140.505
184,802,310
176,752,503
175,545.673 +09
5th Richmond . 6 "
181,115,999
187.421.113
189,324,161 -6.6
176,906,701
6th Atlanta_.--13 "
922,206.122
749.105,779
866,667,021 1,129,884,911 -23.3
7th Chicago ...20 "
203,144,080
215.393,186
200,985.472
228,449,243 -12.0
8th St. Louis.- 8 "
110,207,379
8 .218,090
"
115,487.302 +4.0
120,089,929
9th Minneapolis
198,460,699
196,843,514
196.054,450 -32
10th KatisasCILY 11 "
189.767.799
5 4.
78,868.953
68,760.145
73,732,790
85.252.396 -13.5
11th Dallas
561,971.506
481,328,583
12thSan Fran 17 "
528,421,753
629,854.276 -16.1
435.278.290
866,667.021 1,129.884.911 -23.3
922,208,122
749.105.770
Eighth Federa !Reserve Dis trict-St Lo uis5.904.087 -26.3
4.353.696
-Evansville.
Ind.
Mo.-St. Louis.. 124,100,000 136.700.000 -9.2
46.493.608 -22.1
36,214,124
Ky.-Louisville _
574.531 +11.1
638.178
Owensboro.
23,248.065 -8.2
-Memphis
21,331.715
Tenn.
13,829.437 -8.5
12.654.103
Ark.
-Little Rock
374.896 -41.7
218.639
III.-Jacksonville
1,324.619 +11.4
1.475,017
Quincy
5.039.283
130.500.000
41,571.454
544.343
22.192.651
13.872.623
329.285
1.343.547
4.805.590
134,800.000
30.911.429
464.696
16.787.971
13.883.567
338.855
1.151.970
228,449,243 -12.0
215.393,186
203.144,080
Ninth Federal Reserve Dis trict.-Minn eapolis
6.168.685 -17.2
5,107,865
Minn.-Duluth74,105,244 +11.9
82.935.445
Minneapolis28,507.952 -20.4
22,689.899
St. Paul
1,983,886 +4.1
2,064.701
N. Dak.-Fargo1.130.575 +1.9
1,151.338
-Aberdeen
S. D.
666,960 -4.4
636,113
Mont.-Billings 2,924,000
2.754.287
Helena
5,377,593
70,111,788
27.936.330
1,921.267
1,165.176
693.225
3,002.000
5.446.316
51.581.356
23.065.795
1,530.416
1,012.496
456,714
2.125.000
+4.0
110,207.379
85.218.090
Tenth Federal Reserve Dis trict-Kans as City
374,218
435,379 -14.0
Neb.-Fremont.
633.937 -18.4
517.233
Hastings
4,867,872 -23.8
3.710.286
Lincoln
41.049,524 +7.2
43.997.473
Omaha
37913.299 -5.8
3.686.468
Topeka
8,608.412 -11.2
7.641.980
Wichita
Kansas City -- 120.532.764 126.348.344 -4.6
7,338.246 -13.8
6.325.905
St. Joseph...1.252.6411 +8.7
1.361,495
-Col. Spgs.
Colo.
+7.5
1,506.796
1,619.977
Pueblo
484,697
481.889
5,273.618
42.213.511
3.789.068
8,134,538
128.189.512
7,403.187
1,198.054
1.292.625
366,712
399.640
3,652.189
30.997.891
3.524,673
8,231.931
140,717.476
6,665.447
990,122
1.297,453
1
189.767.799 196.054.450, -3.2
1
-Da Ilas.Eleventh Fede rid Reserve District
2,135.586 -14.2
1,831,413
Texas-Austin..
56.801,3471 -15.5
48,024.445
Dallas
14.977,347 -14.4
12,825.991
Forth Worth-6,096,000, -31.5
4,174.000
Galveston
5.242.116 +31.2
6.876,941
La -Shreveport.
198,460,699
196,843,514
1.629.151
50.116.456
16.273,908
4.260.000
6.589.438
1,454.767
40,684,683
12.007.934
8.432.000
6,180.761
85.252.396 -13.5
78.868.953
68,760.145
319.481.076
II I nIttpst
447766 9Rc
ral Ocl :171
-17.6
3,506,211,471
We now add our detailed statement, showing last week's
figures for each city separately, for the four years:
Week Ended February 8.
Clearings at
1930.
1929.
First Federal Reserve Dist rict-Boston
-Bangor__ _ _
778.977
Me.
665.750
3,972,140
Portland
3.760.030
Mass.
-Boston _ - 478,472,247 521.0(X).000
Fall River_
_
1.444,199
1,236.669
Lowell
952,499
1,432,927
New Bedford_ _
1,099,356
975,174
Springfield _ _ _
5,383,524
6,291.757
Worcester
3.862.765
3.532.118
Conn.- Hartford
14,709,882
20,637,654
New Haven_ _
7.645,302
8,287.608
-Providence
R.I.
14,770,600
17,050.400
N.H.-Mancheser
949,162
832.864
Total(12 cities)
533,383,604
586,360.000
Second Feder al Reserve D Istrict-New
-Albany._
N. Y.
6,774,699
6,529,637
Binghamton_ _ _
1,657.441
2,349.450
Buffalo
48.757.390
56.245.645
Elmira
1.200.288
1,215.058
Jamestown.._ _
1,375,043
1,698,664
New York__ _ 6,850.466,285 10154936.423
Rochester
18,313.153
19,499,996
Syracuse
5,943.290
7,220.387
Conn.-Stamford
4,699,413
4,862.191
N. J.-Montclair
781.680
877.755
Northern N.J.
49,179.672
42,133,810
Inc. or
Dec.
-14.5
5.3
-18.2
-14.4
-33.5
-11.3
-14.4
+9.3
-28 7
-7.7
-13.4
+ 11.0
-8.7
1928.
667,321
3.161,036
455.000.000
1,248.212
1.211,639
903.719
4.943.548
3,101.936
16.729.064
7.706.311
14,660.600
703,246
510,036.632
1927.
937.737
3,733.605
435.000,000
2.159.838
1,366,687
1,227,017
4.955.812
3.360.338
12.120,247
5,756,523
12,691,500
684,756
483.993,960
York
6,241,624
5,051,869
+4.8
1,438,600
895,487
-29.5
46.463,675
-13.3
39.930,800
944.883
-1.2
1,057.546
1,042,892
-19.0
1.292,445
-32.5 6.429.007.268 4.511,8 I 6.657
11,496.494
-6.1
9.600.380
5.970.109
-17.7
4.831.329
3,550.892
-3.4
3,092,803
1,157.682
-10.9
566,974
33,994,133
-14.3
29,139.014
Total(11 cities) 6,932,102,492 10304 614,878 -32.2 6,541.668.252 4,607.275.304
Third Federal Reserve Dist rict-Philad elphia1.653.742
Ps.
-Altoona-- _ _
1,614.321 -24.2
1,223,301
Bethlehem....
4,195.254
4.420.045 -11.5
3.911,551
1.272.345
Chester
2.5
1,146,180
1,175,967
Lancaster
2.366,815
1.900,845
2.407.163 --21.1
Philadelphia.... 687.000,000 624.000.000 --5.9 493,000.000
Reading
3.717.776
3,591,662
4,040.623 --11.1
Scranton
6,060.049
7.165,991 --27.8
5.172.913
Wilkes-Barre_
4.419.765
3,942,167
4,403,081 --10.5
York
1,743.758
2,222.213 -5.0
2,112,127
-Trenton
7,865.557
N.J.
7,387,792 -43.3
4.192.000
1,395,593
4,212,637
1,072,029
1,854,694
420.000.000
3,203.371
5.154.711
3.844.842
1,495,683
6,704,125
-6.8
526,295.061
Fourth Feder al Reserve D Istrict-Clev eland
Ohlo-Akron__
7.091,000 -35.0
4.539,000
5.8
Canton
4.555,470
4,291,035
Cincinnati....
76,549,875 -18.1
62.677.971
4.2
Cleveland
125,294,835 130,664.450
Columbus
16,832.100 +11.8
16,987.500
Mansfield
1.741.237
1,85,195 -5.9
Youngstown
5,325,549 -7.0
4,950,502
Pa.
-Pittsburgh. 189,803,179 208,416,816 -8.9
5,593.000
4,288,093
82,849.673
112,474,736
18.245,100
1,651,932
4.301,739
176.828,132
5,677,000
3,519,164
53.864,657
92,363,165
14.743,200
1,913,590
4,657,774
144.459,015
-9.0
406.232,405
321,197,565
Fifth Federal Reserve Dist rict-Richm ondW.Va.-11unt'g's
1,188,361
1,137,870 +4.5
Va.- Norfolk_ _ _
4,629,219 -13.3
4,012.950
Richmond
42,669,000
44,203.000 --3.5
S.C.-Charleston
2,038,669
2,093,704 --2.6
Md.-Baltimore_
93,777,420 +3.4
96,976,832
D.C.-Washing'n
26,266,102
29,704,460 -11.6
1,138,376
5.143,802
41,053,000
2,118,291
96,912,252
25,774,784
1,142,850
5,407,654
43.368.000
3,000.000
105,078,124
26,805,682
+0.7
172,140,505
184,802,310
Sixth Federal Reserve Dist rict-Atlant aTenn.-Knoxville
43,000,000
3.554,750 -15.4
Nashville
21,796,781
25,120,036 -13.3
Ga.-Atlanta__ _ _
46,353,296
53,967,017 -14.1
Augusta
2,244,293 -14.8
1,911,035
Macon
2,054,822 -24.3
1,555,590
Fla. Jack'nville
16,147,116
16,725,724 -3.5
Miami
3,594,000 +11.9
4,021,000
22,963,112 -1.0
Ala. Birming'm
22,734,367
Mobile
1,957,995 +20.0
2,348,507
Jackson
2,830.603 -27.0
2,066,607
476.128 -41.6
Vicksburg
277,914
La.-NewOrleans
54,694,488
53.835.681
+1.6
2,750,000
23,519,260
46,808,784
1,825,403
2,153,098
17,817,699
3,233,000
22,487,662
1,588,951
1,888.000
498.023
56,546,119
2,693.722
17,359,484
50,038,304
2,199,850
2,083,603
22,259.855
7,7 3,804
22,754.957
2.077.351
1,931,826
460,385
55,787,972
Total(8 cities).
Total(7 cities).
Total(8 cities).
Total(6 cities).
Total(12 cities)
614,192,756
410,285,349
176,752,503
176,906,701
658,837.196
451,345,455
175,545,673
189,324,161
-6.6
181.115,999
200.985.472
120.089,929
115,487,302
Total(11 cities)
Total(5 cities)-
73,732.790
Twelfth Feder al Reserve D istrict-San
46,802,949
40.373.969
Wash.-Seattle.11.253.000
10.396.000
Spokane
1,470,598
1.363.128
Yakima
35.539.673
32.716.257
Portland
16.138.437
16.814.531
Salt Lake City.
3,832.233
3,795.708
Calif.-Fresno.
8.829.821
7.673,886
Long Beach...
180.485.000 232.802.000
Los Angeles20,459.587
15.027.606
Oakland
9.182.672
6.596,935
Pasadena
8,207.274
7.526.460
Sacramento- -6,552.529
6,358.196
San Diego
San Francisco. 189.760.282 218.726.629
3.175,529
3,320.932
SanJose
1,927,769
2,105.343
Santa Barbara_
2,221,476
1.949.320
Santa Monica.
2,732,100
2,158.200
Stockton
Franci sco40.049,869
33.391,977
-13.7
12,121.000
10,052,000
-7.7
1.301,039
1.051,671
-7.3
30.364.267
34.404.815
-7.9
15,604.102
+4.2
12.035.397
2,741.39$
3,936.793
-1.0
7,102.897
-13.1
5.890,066
-22.5 183.733.000 169.727.000
19.484.917
16,463.160
-26.6
7,377.797
5.792.102
-28.2
8,636,263
8,089.383
-8.3
-3.0
6,108.205
6.781.933
-13.3 217,696.000 166.044.437
2.934.4221
2.351.019
+4.6
+9.2
1,613.315,
1.226,415
-12.2:1.995.000
1.725.541
-21.0
2.399,500
3.013.4011
Total(17 cities) 528.421.753 629,854.276 -16.1 561,971.506 4814128,583
Grano total (128
10.873.288169 14.751.009941 -26.3 10.424,598699 8,018.028311S
cities)
211
Outside N.Y.- 4,022.821.884,4.596,073.518 -12.5 3.995.591.431 3 506 • •471
•
Week Ended Feb. 6.
Clearings at-'
448,937.685
Total(10 cities)
1927.
212.867
899.193
115.585.053
6,032.261
1,964.000
2.140.102
23.400.000
2.198.200
6,745.895
46.427.983
2.121,551
7.393.888
5.115.221
1.305.392
1,182.789
516.719.586
1,212.116
3.623.934
2.470,108
2.355.602
8,018.028,126
Climula.
1928.
242,829
842,641
151,817,824
6.747.924
2,620,966
2.826.663
24,534.000
2,835.200
5.176.734
40.631,749
2,762,534
9.726,732
7.000.861
1.313.801
1,443,191
649.931,809
1.340,147
4.653.345
3,037.938
2,721.234
7
128 cities 10.871,288.169 14,751,009,941 -26.3 10,424.598.699
Total
4,022,821,884 4,596,073,518 -12.5 3,995.591,431
Outside N. Y. City
Inc. or
Dec.
1929.
Seventh Feder al Reserve D istrict-Chi cago
294.684 -15.7
248.475
-Adrian- Mich.
981,517 +10.6
1.085.385
Ann Arbor _ _
161,523.449 240,960,189 -33.0
Detroit
8,628.221 -37.6
5,373.917
Grand Rapids.
3,615.318 +1.2
3,658,200
Lansing
3.720.175 +3.5
3.849.873
Ind.-Ft. Wayne
24.652.000 -8.1
22,652.000
Indianapolis - 3.567.270 -11.4
3,160.279
South Bend...5.213, 78 -8.4
4,777,942
Terre Haute_
37.070.893 -4.2
35.508,702
Milwaukee _ _ 2,909,351 -11.1
3,477,851
Ia.-Ced. Rapids
9.693,992 -0.8
9,619,998
Des Moines..
7.31)3.944 +1.5
7,409,948
Sioux City- 1.430.470 +24.7
1,783.252
Waterloo
1,740.446 -0.3
1,734,477
Bloomington_ _
587,883.346 763.161.470 -32.9
Chicago
1,406.216 -20.1
1,124.801
Decatur
6.093,571 -7.3
5,650.681
Peoria
4,428.096 -25.9
3,280.168
Rockford
3,013.110 -4.9
2.865.277
Springfield- Total(20 cities)
Week End. Feb. 8 1930.
1069
FINANCIAL CHRONICLE
FEB. 15 1930.1
1 inc. or
1930.
1929.
Dec.
1928.
1927.
CanadaMontreal
Toronto
W innireg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort W illiam _
New Westminster
Medicine Hat_ _ Peterborough
Sherbrooke
Kitchener
'W indsor
Prince Albert_ Moncton
Kingston
Chatham
Sarnia
$
144.105,301
151,322.963
53,259.296
21,998,436
8,429,513
6.887,405
4,593,010
6,197,195
11,106,138
2,521,189
2,775,723
3.550,407
5,925,945
4,614,456
607.365
669,439
2,219,223
1,289,282
1,322,546
962,133
930,953
337,611
812,129
1,050,145
1,160,759
4,925,994
466.911
920,792
1,140.673
827.027
827.026
II
$
$
%
180,116,630 -20.0 141,089,741 108,944.974
98.352.036
195,921,610 -22.8 151,651.682
39,192,710
48,570.854
53,790.408 -1.0
21,327,334
15,584.839
25.011,751 -12.1
5.895.201
8,192.058
10,951,132 -23.1
5,161,144
5,506.080
8,022,092 -14.1
2,846.828
4.144,362 +10.8
2,852.788
5,484.433
4.809,081
7,606,639 -18.5
12,248,022
12,598,424 -11.9
6,929,119
2,600,320
2,394.114
3,184,699 -20.8
2,443,017
2,065.522
3,208,727 -13.5
3,183,205
3,921,095 -9.5
2,590.945
7.446.829
5,230,919
6,838.575 -13.4
4,043,079
5,043,095 -8.5
3,311,856
787.480
599,653 +1.3
481.917
635,880
630.555 +6.2
482,031
2,083,890
2,345,264 -5.4
1,608,225
1,233,334
1.348,966 -4.4
1,030,648
1,696,409 -22.1
1,244,537
1,202,864
1,092,140 -11.9
811,829
717,069
842,012 +10.6
727,692
658.716
436,376 -22.6
410,188
266,126
1,021,718 -20.5
828,529
822,420
1,063,656 -1.2
877,548
900,933
1,536,625 -24.5
1,246,800
1,077 576
5,736,423' -14.1
4,168.287
4,176,350
472,496 -1.2
437,379
335.608
1,040,195 -11.5
881,471
688,487
909.751 +25.4
782,730
611.066
994.868 -16.9
989,601
661,295
926.9771 -10.8
495,633
591,520
Total(31 cities)
447.756.985
543.053,3211 -17.6
187.421,113 I
Estimated.
435,278,290
319,481.076
1070
FINANCIAL CHRONICLE
gammertiatand Miscellaneousnews
Breadstuffs figures brought from page 1141.
-All
the statements below regarding the movement of grain
receipts, exports, visible supply, &c., are prepared by us
from figures collected by the New York Produce Exchange.
First we give the receipts at Western lake and river ports
for the week ending last Saturday and since Aug. 1 for
each of the last three years:
Receipts at- I
Flour.
Wheat.
Corn.
Oats.
Barley. I
Rye.
ibbls.1961bs.bush. 60 lbs bush. 56 lbs.bush. 32 lbs. bus. 48 lbs. bus. 56113.
Chicago
238,000
143,000 2,253,000
320,000
154,000
3,000
Minneapolis
2,023,000
412,000
247,000
306.000
04,000
Duluth
8.000
698,000
46,000
6,000;
Milwaukee _ _ 23,000,
27,000
300,000
194,000;
53,000
1,000
Toledo
62,000
232,000
26,000
4,000;
Detroit
12,000
26,0001
12,000
Indimaapolls _
43,000'
777,000
222,000
2,000,
St. Louts_ _ _ _
120,000
345,000
13,000:
'
469,000
674.000
Peoria
48,000
17,000
503,000
128,000
114,000
Kansas City
888.000
897,000
14...000
Omaha
347,000
746.000
138,000
St. Joseph_ _ _
180.000
462.000
12.000
Wichita
219,000
172,000
18.000
Sioux City_
14,000
257,000
60.000,
2,000
Total wk.1930
Sante wk.1929
Same wk.1928
429.000 5,235,000, 7,490,000
433,000 6,496.000' 8,303,000
480,000, 5,651,000, 12,993.000
1,811.000
795,000
1.803.000 1,225,000
3.378,000 1,161,000
98,000
314.000
299.000
The following shows the amount of each class of United
States bonds and certificates on deposit to secure Federal
Reserve bank notes and National bank notes Jan. 31 1930:
U. S. Bonds Held Jan. 31 103010 Secure
Bonds on Dernsit
Feb. 1 1930
Receipts at-
I
Flour.
Wheat.
I
Oats.
Corn.
Barley.
Rye.
bbla.19 'lbs. bush. 60115. bush. 56 lbs.'bush. 32 lbs. bus. 48 lbs. bus. 56 lbs.
Now York__ _
280,000
431,000
77.000
33,000
22.000
2,000
Portland, Me_
14.000
88.000
42.000
Philadelphia _
1,000
4.000
12.000
Baltimore_ ___
20.000
93,000,
18,000
14,000
3,000
Norfolk_
1,00
1
New Orleans"
36.000
78.000.
24,000,
15,000
Galveston_
83.000j
1,000
St.John. N.B.
26.000
428,000
Boston
33.000'
11,000
1,252,000;
6.455.000j
124.000;
544,000'
Week 1929._ _
473.000 4,950.000; 1,302.000;
Since Ja n.129 3,172,000 21,585,000 9,084,000
85,000
393.000
22,000
93.000
5.000
35,000
285 000
502,000
72,000
1,890,000 4,669,000 1,236,000
Exports fromNew York
Portland, Me
Ploiladelphla
Baltimore
Norfolk
Mobile
New Orleans
Galveston
St. John, N. B
Houston
Halifax
Wheat.
Corn.
Flour.
Bushels. Bushels.
507,000
83,000
Rye.
Barley.
Bushels.
Bushels.
Oats.
Barrels. Bushels.
229,711
14,000
3,000
40.000
1,000
1,000
31,000
25,000
26.000
6,000
2,000
729,000
371,000
428,000
Total week 1930_ 2,163,000
Sarre week 1929_
5.140.993 2.940.000
335,711
139.046
3,000
30.000 1.012 257
J. 311030
Dec. 31 1929
Nov. 30 1929
Oct. 31 1929
Sept. 30 1929
Aug. 31 1929
July 31 1929
June 30 1929
May 31 1929
Apr. 30 1929
Mar. 31 1929_ ._ _
Feb. 28 1929
Dec. 31 1928
Nov. 30 1928
Oct. 31 1928
Sept. 29 1928
Aug. 31 1928
July 31 1928
June 30 1928
May 31 1928
Apr. 30 1928
Mar.31 1928_-_-.
Feb. 29 1928
Jan. 31 1928
Dec. 31 1927
Nov. 30 1927
Oct. 311027
Sept.30 1927
Aug. 31 1927
667,461,790
667,774,650
667.635,650
666.736,100
667,093,770
666.864,280
666,407,040
666.199.140
666,233,140
666.221.390
666.630,890
666,432,090
667,013,340
667,508..440
667.168,440
667.318,040
666.732.700
666,64, 200
665.658.650
667.491.900
666,196,460
666.866,710
667,011,210
666,230.710
667,127,710
666.830,210
666,873,290
666,985,790
667,143,790
Legal
Tenders.
664,488,092
663,823,167
3364,115.977
661,822,047
652,823,980
649,297,990
657,764.443
662,773,570
663.328.203
663.364,517
661,924.472
659.651,580
662,904,627
663.931.957
662,705.675
660.463.912
660,518.182
658.463.423
658,732,988
661,522.450
061,127,600
062.412,992
681,481,322
659,332,017
662,380,082
603,340.675
663.167.030
862,742,593
603,747,178
$
32.115,298
34,118,073
37,465,128
38.506,763
38,564,685
38.652,573
39.707,550
41,520,872
39,651,731
38,720.772
36.750,627
35.231,759
35.877,502
36,248,802
37,446,779
37.1398.747
38,299,802
38,926,224
40.887,664
39,757,992
38,814,509
36.802,227
38,250,372
38.407,517
38,623.507
39,060,424
39,825,654
40,537,019
41,052,614
Total.
$
696,583,390
697.941.240
701,581,105
700,328,815
691.358,665
687.950.563
697.471.993
704,294,442
702,979,934
702.085,289
698,675.099
694.883.339
698,782.129
700.180,759
700,152.454
698,152,659
698,817.984
697,389.647
099,620,652
701.280,442
699,942,169
699,215,219
099,731,694
697.739.534
701.003,589
702.401.099
702.992.694
703,279,612
704,799,797
$3,388,911 Federal Reserve bank notes outstanding Feb. 1 1930, secured by
lawfal money, against 53,882,751 on Feb. 1 1929.
$697,941,240
1,357,850
Amount of bank notes afloat Feb. 1
Legal.Tender Notes
Amount on deposit to re(22em National bank notes Jan. 1
Net amount of bank notes redeemed in January
5696,583 39 .
$34.118.073
2.002.775
-Amount on deposit to redeem National hank notes Feb. 1 1550......532, 5.298
New York City Realty and Surety Companies.
(All prices dollars per share.)
Bid. I Ask.
Alliance R'Ity
Am Surety _ _
90
Bid.
100 Lawyers Mtge
521:.
Bond & Mtg
($20 par).
Lawyers Title
118 I.
L
& Guarantee 284
Lawyers Westchest 51 & T 202'
931, 96
.:
Home Title Ins
60
114
65
Mtgt, Bond__ 193
Ask.
Bid.
Ask.
95
100
N Y Inv't'rs
lot pref _ _ _ 08
290
2d pre, _
97
255
Westchester
203
Title & Tr__ 130
155
34 U 8 Casualty_
Quotations for U. S. Treas. Ctfs. of Indebtedness, &c.
Int.
Rate.
Bid.
Asked.
M aturity.
Int.
Raze
Bid.
M r. 15 1930... 534% 100.. 100s., Sept 15 1930-32 334%
June 16 1930... 434% 1001244 1001434 Mar. 15 1930-32 334%
Sept. 15 1930_ _ - 334% 09vn 991.3 Dec. 15 1930-32 334%
Asked.
99 44
,
99
,n
09'44
99"si
00"n
99 "u
,
New York City Banks and Trust Companies.
(Ail prices dollars per share).
Banks.
Ask N. Y (Con.).
135 ' ward
1115 U S par $25._
55 Yorkville _
Yorktown'...
Central
160
150
Brooklyn
Chase
17212 17312
Globe Exch.,
Chath Phenix
Nat lik & Tr 124
126 Peoples
Chemical _ _ _ 82
83
Commercial _ _ 530 540
Continental. _ 37
39
Trust Cos.
Corn Each
220 222
Banks.
New York.
Bid.
America
133
Amer Union._ 95
Bryant Park. 45
Bid
115
83
240
450
Ask.
122
84
220
200
35')
725
_
Harriman_
Letcourt
Liberty.
.1400
140
120
.300
160
140
Manhattan._ 131
National City 256
Each....1 77
Port Morris__ 50
Public
1 132
135
257
85
55
136
P9nu
New York.
anca Comle
Itallana Tr _
Bank of N Y
& Trust Co_
ankers Trust
Bronx Co Tr_
Cent Ilanover
Chelsea Bank
& Trust Co _
County
Empire
Equitable Tr_
Trust Cos.
N. Y (Con.). Bid. Ask.
Fidelity Trust
0,12 so
Fulton
59!) 630
Guaranty _ _
758
Interra-lonal_
260 Interstate_ __ _
625 Irving Trust__
45
33
59
763
49
35
5934
Lawyers Trust
Manufacturers 136
Murray lull.. 26:",
Mutual (Westchester).. ___ 380
139
280
425
335
N Y Trust_ __
75
685 695 Times Square_ 73
15312 155 Title Cu & 'Pr 150
70
80 United States_ 33's)
356
360 lh'estelies'r Tr 1000
278
83
162
:350
100
50
52
Brooklyn,
240 250 Brooklyn _
810
79
82 Kings County 29 0
,
11834 11934 Midwood _ _
190
820
050
205
• State banks. 1 New stock. s Ex-dividend.
p Ex-stock dlv.
p Ex-rights.
-The following information regarding
National Banks.
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
National Bank Circulation.
Afloat on
Bonds.
667,464,790
National Bank Notes-Total Afloat
Amour' afloat Jan. 1 1930
Net de: r^ase during January
Fifth Avenue_ :3150
First
5675
Grace
600
Bank Notes-Changes in Totals of, and in Deposited
Bonds, &c.
We give below tables which show all the monthly changes
In national bank notes and in bonds and legal tenders on
deposit therefor:
Amount Bonds
on Deposit to
Secure Circulaion for National
Bank Notes.
667.464,790
9,000
9,000
147.000
593,058,830
48,607,740
25,798,200
The following shows the amount of National bank notes
afloat and the amount of legal tender deposits Jan. 1 1930
and Feb. 1 1930 and their increase or decrease during the
month of January:
•Receipts do not include grain passing through New Orleans for foreign ports
on through bills of lading.
The exports from the several seaboard ports for the week
ending Saturday, Feb. S 1930, are shown in the annexed
statement:
Total
Held.
593.058,850
48.607.740
25,798,200
Totals
Maturity.
Total wk.1930
452,000
Since JAII 1'30. 2.706,000
.
On Deposit to On Deposit to
Secure Federal
Servre
Reserve Bank National Rare'
.Notes
Notes.
•
2s, U. S. Consols of 1930
2s, U. S. Panama of 1936
2s, U. S. Panama of 1933
Stnce Aug. 11929
1
184.000 270.238,000 147.968.000 89,116,000 50.682.000 20,088.000
1928
13,722.000 358,111,000176.524,000 92,533,000 75,013.00020.64S,000
13,465.000:33' ''72,000 170.388,000 93.031.000 53,539,000 29,352.000
1927
1
Total receipts of flour and grain at the seaboard ports for
the week ending Saturday, Feb. 8, follow:
[VoL. 130.
APPLICATION
TO
ORGANIZE RECEIVED
REQUESTED.
WITH
Feb. 7
-The First National Bank of Abbott. Texas
Correspondent, J. 0. Matejka, Abbott, Texas.
TITLE
Capital.
$25.000
CHARTERS ISSUED.
Feb. 5
-First National Bank of Lowellon, Neb
Conversion of the Bank of Lewellen. Nob. President,
S. P. Delatour; Cashier, B. C. Delatour.
Feb. 8
-The Nebraska National Bank of Grand Island, Neb._ _ _
Conversion of Nebraska State Bank, Grand Island. Neb
President, A. J. Guendel.
50,000
100.00
CHANGE OF TITLE.
Feb. 3
-First National Bank in Logan. Ohio, to "First-Rempe
National Bank of Logan."
VOLUNTARY LIQUIDATIONS.
Feb. 3
-First National Bank of Iola, Kan
Effective Feb. 1 1930. Liquidating Agents, J. C.
Benson and G. It. Gard, Iola, Kan. Absorbed by
the Iola State Bank, Iola, Kan.
Feb. 3
-The Abram Rutt National Bank of Casey, Iowa
Effective Feb. 1 1930. Liquidating Agents, Peter
Ludwig. S. Lincoln Rutt and Hullo E. Smith.
Casey, Iowa. Absorbed by Citizens Savings Bank,
Casey, Iowa.
$50,000
50,000
FEB. 15 1930.]
FINANCIAL CHRONICLE
-The City National Bank Of Davis, Okla
Feb. 3
Effective Dec.
Liquidating Agent, II. S.
Emmerson, Davis, Okla. Succeeded by City Exchange Bank of Davis, Okla.
Feb. -The Winfield National Bank, Winfield, Texas
Effective Dec.
Liquidating Committee, G. A.
Lokey, A. P. King, D. A. Maxton, R. L. Witt and
L. A. Black, all of Winfield, Texas. Absorbed by the
First National Bank of Mount Pleasant, Texas, No.
30 1929.
3
23 1929.
25,000
Name of Company.
25,000
13.257.
Feb. 4
-The First National Bank in Clifton, Texas
Effective Jan.
Liquidating Agent, R. R.
Waldrop, Care of the liquidating bank. Absorbed by
the Farmers State Bank, Clifton, Texas.
Feb. 6
-The First National Bank of Whitesboro, Texas
Effective Jan. 30
Liquidating Agent, S. B.
Cowell, Whitesboro, Texas. Absorbed by the City
National Bank of Whitesboro, No.
which
bank changed its title to "The Whitesboro National
Bank."
Feb. 8
-The First National Bank of Anaheim, Calif
Effective Jan. 16
Liquidating Agent, W. L.
Vincent, Care of the liquidating bank. Absorbed by
the Bank of America of California, Los Angeles, Calif.
Feb. 8
-The First National Bank of Crosbyton, Texas
Effective Jan. 30
\ Liquidating Agent, Wade
Cooper, Crosbyton, Texas. Absorbed by Citizens
National Bank of Crosbyton, Texas, Charter No.
25 1930.
1930.
40,000
50,000
10,634,
1930.
1930.
50,000
8,515.
1927,
300,000
7 1918,
7,781,
$500.000.
Feb. S
-The Torrington National Bank. Torrington, Conn..
Feb. 8
-The Torrington Trust Co., Torrington, Conn
Consolidated to-day under Act of Nov.
as
amended Feb.
under the charter of the Torrington National Bank, No.
and under the
corporate title of "The Torrington National Bank &
Trust Co.," with capital stock of
25 1927,
7 1918.
300,000
200,000
5.235,
$400,000.
BRANCH AUTHORIZED UNDER THE ACT OF FEB.
Feb. 6
-The industrial National Bank of New York, N. Y.
Location of Branch:
Second Ave., N. Y. City.
25 1927.
72
Auction Salcs.-Among other securities, the following
not actually dealt in at the Stock Exchange, were sold at auction
in New York, Boston, Philadelphia and Buffalo this week:
By Adrian H. Muller & Son, New York, on Thursday:
Shares. Stocks.
$ per Sh.
250 Trilby Realty Corp
100
100 No. Amer. W. W. & Elec., B
common
12
10 N. J. Title Guar. & Tr. Co.,
par $25
147
5 Servel Corp. of Del. (old) no par.$1 lot
180 Old Colony Inc.. pfd., par $10;
18 common, no par
$I lot
20 Magma Metal Corp., let pref.,
par $10, 15 corn., par $10
$2 lot
6 North Fork Co
$20 lot
1 Bklyn Rap. Trans. Issued Jan. 9
1900
$1 lot
Shares. Stocks.
$ per share.
100 Dering Coal Co., corn.; 50
British Amer. Consol. Prop.,
Ltd., corn, warrant, no par;
$17.400 Dry Dock, East B'way &
Battery RR., inc. m. ser. C,
Jan. 1 1960 and $330 scrip; $5.000
$5.000 Luna Pk. let m. Cs,
July 1 1913
$221 lot
B nds.
,
Per Cent.
$2,000 prom, note of J. P. Rosenberg dated Dec. 311925, payable
3 months after date, without
recourse
$1 lot
By Wise, Hobbs & Arnold, Boston, on Thursday:
Shares. Stocks.
S per Sh.
10 Federal Nat'l Bank, par 520_..107
1 Merchants Nat'l Bank
305
100 Griswoldville Mfg. Co., prof__ 12
10 Associated Textile Co
35%
20 Associated Textile Co
35%
10 West Point Mfg. Co
110
9 Associated Textile Co
36%
96 Naumkeag Steam Cotton CO. 88-9O
10 Associated Textile Co
36
10 Associated Textile Co
36
3 Lawton klilis
60
10 Associated Textile Co
36
25 Exeter Mfg. Co
60
20 Associated Textile Co
36%
20 Draper Corp
63%
50 Eastern Util. Assoc., cony. slis_ 13%
5 Greenfield Tap & Die Corp., pref_1015.1
30 New England Pub. Serv. Co., $6
convertible preferred
99%
Shares. Stocks.
$ per Sh.
28 Baush Machine Tool Co., corn_ 6%
10 Greenfield Tap & Die Corp..
8% preferred
101% 8r div.
25 Flintkote Co., class A corn.._ 26%
23 Brockton Gas Light Co., voting
trust certificates, par $25
38
40 Shawmut Bank Invest. Trust
27%
20 Mass. Bond.& Ins. Co., par 525.140
15 United Investment Assurance
Trust (Founders shares)
5A-6
106 Fall River Gas Works Co.,
par $25
54
11 Charleston Gas & Electric Co.,
par 825
165
25 United Elastic Corn
35
16 Charleston Gas & Electric Co.,
voting trust ctfs., par $25
165%
25 Tyer Rubber Co., common
15%
By R. L. Day & Co., Boston, on Thursday:
Shares. Stocks.
per Sh.
10 First Nat. Bank, par $20
122
10 Federal Nat. Bank, par $20
107
30 Boston National Bank
172
25 U. S. rust Co., par $25
107
73 Pepperell Mtg. Co
102%
2 Ludlow Mfg. Associates
152
26 Nashua Mfg. Co. pref
80
31 West Point Mfg. Co
109
1 Boston & Maine RR.corn. undel)- 80
10 Boston In.surance Co
753
1 Columbian Nat. Life Ins. CO--- A30
50 Shepard Stores, Inc., common
2
150 Western Massachusetts Co:..._ (12
Shares. Stocks.
$ per Sh.
50 Arnoskeag Co. preferred
70
5 Plymouth Cordage Co
93
25 United Elastic Corp
33%
25 Chain & General Equitlea con _ _ 10
2 Towle Mfg. Co
85
3 Amer. Glue Co. common
56
10 Brown Durrell Co. pref
75
50 Baush Machine Tool Co. pref..
18%
25 Tri Utilities prof
40
Note of Union Copper Mining Co.
for $82,100, dated Jan. 1 1908,
due on demand, reduced to $79,637
550 lot
By Barnes & Lofland, Philadelphia, on Tuesday:
Shares. Stocks.
$ per share. Shares. Stocks.
5 per share.
10 Delaware County National Bank,
5 Bankers Trust Co., par $50
70%
Chester, Pa., par 510
45% 5 Northwestern Trust Co., par 310_200
25 City National Bank & Trust Co 170% 5 Northwestern Tr. Co., par
$10. _200
2 Mitten Men & Management Bank
Northwestern Tr. Co., par $10„225
5
& Trust Co., par 350
37
6 Colonial Trust Co., par $50
240
9 Ninth Nat'l Bank & Trust Co.,
10 Broadway Merchants Trust Co.,
par $10
55
Camden, N. J., par $20
60
Commercial National Bank & Trust
50 Constitution Indem. Co., par $10 12
Co., par $10, as follows: 100 at
10 Plaza Trust Co
10%
26: 25 at 25; 15 at 26; 110 at 24.
5 Plaza Trust Co
10
10 Union Bank & Trust Co
2
3 Bankers Securities Corp., cons,
2 Corn Exchange Nat'l Bank & Tr.
vot. tr. etfs
63
Co., par $20
127
25 Lehigh National Bank
15
2 Corn Exchange Nat'l Bank & Tr.
Bonds.
Per Cent!
Co., par $20
125% 3000 Elec. & Peoples Trac. Co. 45... 38
65 Northern Cent. Tr. Co., par $10_ 28
5 Tradesmen National Bank
415
4-12 Market St. Title & Trust Co.,
10 Finance Co
372
par 550
408
4 Philadelphia Bourse corn
24%
100 Bankers Trust Co., par 550_ _ 71% 20 Camden Safe Dep. &
Trust _ _ _ _180
DIVIDENDS.
Dividends are grouped in two separate tables. In
first we bring together all the dividends announced the
current week. Then we follow with a second table,the
in
which we show the dividends previously announced, but
which have not yet been paid.
The dividends announced this week are:
Per
When
Cent. Payable.
*2
2%
2
•1%
*1%
*1%
*1%
$1
'1%
I%
2%
2
Borks Closed
Days Inclusive.
Mar. 31 *Holders of rec. Feb. 28
Apr. 1 Holders of rec. Feb. 28
Apr. 1 Holders of rec. Feb. 28
Mar. 31 *Holders of rec. Mar. 4
Mar. 31 *Holders of rec. Mar. 4
Apr. I 'Holders of rec. Mar. 7
Apr. 1 'Holders of rec. Mar. 7
Feb. 25 Holders of roe. Feb. 17
Mar. 1 'Holders of rec. Feb. 20
Apr. 1 Holders of rec. Feb. 24a
Apr. 1 Holders of rec. Mar. 1
Apr. 1 Holders of rec. Mar. 1
Public Utilities.
200,000
CONSOLIDATIONS.
Feb. 5
-The Central National Bank of Portsmouth, Ohio
$200,000
Feb. -The Security Bank, Portsmouth, Ohio
Consolidated to-day under Act of Nov.
as
amended Feb. 25
under the charter of the
Central National Bank of Portsmouth, No.
and
under the corporate title of "The Security Central
National Bank of Portsmouth," with capital stock of
5
Railroads (Steam).
Boston dr. Albany (quar.)
Canadian Pacific common (guar.)
Preference
Chicago 87. North Western corn.(quar.)_ _
Preferred (quar.)
N. Y. New Haven & Hartford corn.(qu.)
Preferred (quar.)
North Pennsylvania (quar.)
Pitts. Youngst. & Ashtab. pref. (quar.)_
Southern Pacific Co. common (quar.)_
Union Pacific common (quay.)
Preferred
1071
Associated Gas & Elec.$6 pref.(quar.)_ _ $1.50 Mar. 1 Holders of rec. Jan. 31
$6.50 preferred(guar.)
$1.625 Mar. I Holders of rec. Jan. 31
$5 preferred (quar.)
$1.25 Mar. 15 Holders of rec. Feb. 15
Brooklyn Union Gas(guar.)
*81.25 Apr. 1 'Holders of rec. Mar. 3
Central Indiana Power pref. (guar.)-1% Mar. 1 Holders of rec. Feb. 20
Central States Elec. Corp., corn. (qu.)_ _
10c. Apr. 1 Holders of rec. Mar. 5
f2% Apr. 1 Holders of rec. Mar. 5
Common (payable in corn.stock)
6% preferred (quar.)
1% Apr. 1 Holders of rec. Mar. 5
1% Apr. 1 Holders of rec. Mar. 5
7% preferred (guar.)
Prof.series 011928 (3-32d corn or __ _ _ $1.50 Apr. 1 'Holders of rec. Mar. 5
Preferred series 01 1929(3
-64th corn or $1.50 Apr. 1 'Holders of rec. Mar. 5
Common (1-50th share corn. stock)
(f) Apr. 1 'Holders of rec. Feb. 28
Connecticut Power common (quar.) _ _ _ _ "62%e Mar. 1 'Holders of rec. Feb. 20
Engineers Public Service common ((lu.) _ "25c. Apr. 1 Holders of rec. Feb. 28
Corn (2-100ths share corn. stock
fl
Apr. 1 Holders of rec. Feb. 23
$5 preferred (quar.)
*51 25 Apr. 1 Holders of roe. Feb. 28
.3 1.37% Apr. 1 Holders of rec. Feb. 28
$5.50 preferred (guar.)
Indianapolis Water Co., pref. A ((mar.)1% Apr. 1 Holders of rec. Mar. 12a
Intercontinents Power, vex.(guar.)
- $1.75 Mar. 1 Holders of rec. Feb. 15
Nebraska Power,7% pref.(quar.)
*1% Mar. 1 *Holders of rec. Feb. 17
6% preferred (quay.)
.1 4 Mar. 1 'Holders of roe. Feb. 17
Pennsylvania Gas & El., corn. A (quar.) *3754c Mar. 1 'Holders of rec. Fe°. 20
7% preferred (guar.)
*1% Apr. 1 'Holders of rec. Mar. 20
$7 preferred (guar.)
*51.75 Apr. 1 'Holders of rec. Mar. 20
Rochester Gas & Elec., pref. B (quar.)-1% Mar. 1 Holders of rec. Feb. 13
Preferred C & 1) (quar.)
1% Mar. 1 Holders of rec. Feb. 13
Sioux City G8-9 & Elec., 7% pref. (quar.) "1.4 Feb. 10 'Holders of rec. Jan. 31
Southern Cities Utilities Co., $6 pf (qu.) 51.50 Mar. 1 Holders of rec. Feb. 17
Southern Natural Gas Corp., Pf. (qu.).. *$1.75 Mar. I 'Holders of rec. Feb. 20
Southwestern Pow Sr Lt., pref (guar.). 1.4 Mar. 1 Holders of rec. Feo. 13
TI-State Tel. & Tel., pref. (guar.)
*15e. Mar. 1 *Holders of rec. Feb. 15
Union Natural Gas (guar.)
"35e. Mar. 10 *Holders of rec. Feb. 29
Extra
"5e. Mar. 10 'Holders of rec. Feb. 28
United Gas Co.,$7 pref.(quar.)
$1.75 Mar. 1 Holders of rec. Feb. 15
Utica Gas & Elec , pref. ((luar.)
"1% Feb. 15 *Holders of rec. Feb. 5
Virginia Elec. & Power,7% pref. ((uar.) 1% Mar. 20 Holders of rec. Feb. 28
6% preferreo (guar.)
1% Mar. 20 Holders of rec. Feb. 28
Williamsport Water V pref.(quay.) _ _
31.50 Mar. 1 Holders of rec. Feb. 20
Trust Companies.
Interstate (guar.)
"30e. Mar. 1 "Holders of rec. Feb. 14
Miscellaneous.
Alliance Realty, pref. (qual.)
13.5 Mar. 1 Holders of roe. Feb. 21
Preferred (quar.)
1% June 1 Holders of rec. May 20
Preferred (guar.)
1% Sept. 1 Holders of rec. Aug. 20
Preferred (quar.)
1% Dec. 1 Holders of rec. Nov. 20
-Brit. & Cont. Corp. 1st pf.(qu.)_ $1.50 Mar. 1 Holders of rec. Feb. 15
Amer.
-Canadian Properties Corp
Amer.
Si
Feb. 28 Holders of rec. Feb. 15
Amer. Cash Credit Corp., corn. A (qu.)..
15c. Feb. 25 Holders of rec. Feb. 8
Common A (extra)
12c Feb. 25 Holders of rec. Feb. 8
Common B (quar.)
13%c Feb. 25 Holders of roe. Feb. 8
American Chain common (guar.)
75c. Apr. 20 Holders of rec. Apr. 10
Preferred (guar.)
1% Apr. 1 Holders of rec. Mar. 21
Amer.& Gen. Secur Corp. 1st Pf. (qu.)
75c. Mar. 1 Holders of rec. Feb. 15
American International Corp ow
SI
Apr. 1 Holders of rec. Mar. 12
f2
Apr. 1 Holders of rec. Mar. 12
Corn.(payable in corn. stock)
Amer. Laundry Machinery (quar.)
"51
Mar. 1 'Holders of rec. Feb. 19
,
June 1 'Holders of rec. May 20
C1
Quarterly
Amer. St Scottish Invest. corn (qu.)_ _ _ _ *30e. Mar. 1 *Holders of rec. Feb. 15
*50c. Apr. 1 "Holders of rec. Mar. 15
American Stores common (quar.)
25e. Mar. 15 Holders of rec. Feb. 21
Atlantic Refining common (quar.)
25e. Mar. 15 Holders of roe. Feb. 21
Common (extra)
Barker Bros Corp. common (quar.)_ _ _ _
50e. Apr. 1 Holders of roe. Mar. 14
1% Apr. I Holders of roe. Mar. 14
64% preferred (guar.)
Baum Candy Co., corn.(guar.)
*10e. May 15 *Holders of rec. May 1
Common (extra)
*10e. May 15 'Holders of rec. May 1
Preferred (guar.)
*2
Apr. 1 *Holders of rec. Mar. 15
Best dr Co. common (quar.)
"50e. Mar. 15 'Holders of rec. Feb. 25
British Type Investors (bi-monthly)_ _ _ _
8e. Apr. 1 Holders of roe. Mar. 1
Brown Fence ar Wire class B (quar.) _ _ _ _
60e. Feb. 28 Feb. 15 to
Feb. 16
Class A preferred (quar.)
60c. Feb. 28 Feb. 15 to Feb. 16
Bucyrus Erie Co. common (quay.)
25e. Apr. 1 Holders of rec. Feb. 24
Preferred (quay.)
1% Apr. 1 Holders of rec. Feb. 24
Convertible preference (Cuter.)
6234e Apr. 1 Holders of roe. Feb. 24
Chicago Investors pref. (guar.)
"75e. Mar. I *Holders of rec. Feb. 20
Chicago Investors pref. (quar.)
"75e. Mar. 1 'Holders of rec. Feb. 20
Chrysler Corporation (guar.)
"75e. Mar. 31 'Holders of rec. Mar. 3
Clark Equipment common (quar.)
"75c. Mar. 15 *Holders of rec. Feb. 28
Cockshutt Plow (guar.)
37%e May 1 Holders of roe. Apr. 15
Consolidated Service pref. (quay.)
*62%c Mar. 1 *Holders of roe. Feb. 20
Continental Amer. Bankers class A-Div Idend omitted .
Como Mills (quar.)
50e. Mar. 1 Holders of rec. Feb. 20
Corrugated Paper Box (Toronto) pf.(qu) 1% Mar. 1 Holders of rec. Feb. 15
Curtis Publishing, corn.(monthly)
"50c. Apr. 2'Holders of rec. Mar. 20
Common(extra)
*50c Apr. 2'Holders of roe. Mar. 20
Dennison Mfg. deb stock (quar.)
2
May 1 Holders of rec. Apr. 19
Preferred (guar.)
1% May 1 Holders of roe. Apr. 19
Management & employee stk. (ann'l) _
Mar. 4 Holders of me Dec. 31
8
Dorn. Textile, Ltd.,corn.(quar.)
*51.25 Apr. 1 *Holders of rec. Mar. 15
Preferred (guar.)
*1% Apr. 15 "Holders of rec. Mar. 31
Duff-Norton Mfg., con). (guar.)
"62%c Feb. 15 'Holders of rec Feb. 5
Eastman Kodak, corn.(quar.)
51.25 Apr. 1 *Holders of rec. Feb. 28
Common(extra)
*75c Apr. 1 'Holders of rec. Feb. 28
Preferred (guar.)
"1% Apr. 1 'Holders of rec. Feb. 28
Ely & Walk Dry Gas.,corn.((oar.)
*50c Mar. -1 'Holders of rec. Feb. 18
Empire Corp., 53 pref.(qual.)
(z) Mar 1 Holders of rec. Feb. 20
Federal Mining & Smelting pref.(qua _ _ '1% Mar. 15 'Holders of rec. Feb. 17
Federated Capital Corp.,com.(quar.)_ _
20c Feb. 28 Holders of rec. Feb. 15a
fl
Corn.(payable in corn.stock)
Feb. 28 Holsters of rec. Feb. 15a
37%e. Feb. 28 Holders of rec. Feb. 154
Preferred ((luar.)
.1% Apr. 1 "Holders of rec. Mar. 17
Filene (William) Sons Co., pref.(qu.)_ _ _
Gerlach-Barklow Co.,corn.(quar.)
"30c. Apr. 1 'Holders of rec. Mar. 20
"50e. Apr. 1 *Holders of rec. Mar. 20
Preferred (guar.)
Goldberg (S. M.)Stores,com (guar.) _
25e. Mar. 15 Holders of rec. Mar. I
Common(guar.)
25e. June 16 Holders of rec. June 2
Preferred (quar.)
$1.75 June 16 Holders of rec. June 2
Goodyear Tire & Rubber,corn.(quar.)_ _ $1.25 May 1 Holders of rec. Apr. 1
First preferred (quar.)
1% Apr. 1 Holders of roe. Mar. 1
75e. Mar. 1 Holders of rec. Feb. 14
Grand Union Co.,cony. pref. (quar.)_ _ _
Gunthers(C. G.)Sons,corn.(guar.)._ _ _ _ '2
Feb. 15 *Holders of rec. Feb. 12
*1% Feb. 15 *Holders of rec. Feb. 12
First and second pref.((oar.)
Harbison-Walker Refract., corn. (qu.)_ _
50c. Mar. 1 Holders of rec. Feb. 20
Common (extra)
25c. Mar, 1 Holders of rec. Feb. 20
Preferred (quar.)
1% Apr. 19 Holders of rec. Apr. 9
Hazeltine Corp.((oar.)
"25c. Mar. 1 *Holders of rec. Feb. 15
Helena Rubinstein, Inc., pref.(guar.) _ _ _
The. Mar. 1 Holders of rec. Feb. 20
Holt(Henry)& Co., Inc.. partic. A (qu.) "45c. Mar. 1 'Holders of
rec. Feb. 8
Homestake Mining (monthly)
50c, Feb. 25 Holders of rec. Feb. 20a
Insuranshares Certificates. Inc.(No. 1)_ *15e. Mar. 15 *Holders
of re.e Feb. 28
International Abutrage, corn. (quar.) _ _ _ *51
Mar. 1 'Holders of rec. Feb. 20
Common (payable in corn. stock)
".16
Mar. 1 'Holders of roe. Feb. 20
Inter. Nickel of Canada,corn.(qu.)
*25e. Mar. 31 'Holders of me. Mar. 1
1072
Name of Company.
Per
When
Cent. Payable.
Books Closed,
Days Inclusive.
Miscellaneous (Continued).
Internat. Secur. Corp., corn. A (quar.)__
75e. Mar. 1 Holders of rec. Feb. 15
Common B (quar.)
124c. Mar. 1 Holders of rec. Feb. 15
7% Preferred (quar.)
134 Mar. 1 Holders of rec. Feb. 15
64% preferred (quar.)
154 Mar. 1 Holders of rec. Feb. 15
6% preferred (Quar.)
14 Mar. 1 Holders of rec. Feb. 15
Investors Equity Co., Inc., corn.(qu.)_ 50c. Apr. 1 Holders of rec. Mar. 17
Jackson (Byron) Co. (stock divIdend)-- "e2
Mar. 1 *Holders of rec. Feb. 15
Johnson-Stephens-Shnikle Shoe (quar.)_ 824c. Mar. 1 Holders of rec. Feb. 15
Kaufmann Dept. Stores, pref.(quar.)--134 Apr. 1 Holders of rec. Mar. 10
Kinley Lumber(quar.)
•iy,, Mar. 10 'Holders of rec. Feb. 4
Kirby Lumber (quar.)
"141 Mar. 10 *Holders of rec. Feb. 28
Kleinert (I. B.) Rubber,corn.(War.)
624e Mar. 1 Holders of ree. Feb. 15
Knox Hat, class A (war.)
*$1.50 Mar. 15 'Holders of rec. Feb. 15
Common (quar.)
"51.50 Mar. 15 "Holders of rec. Feb. 15
IKuppenheimer (B.) & Co.. pref. (quar.) - "144 Mar. 1 *Holders of rec. Feb. 21
Lee(H. D.) Mercantile Co
Feb. 15 "Holders of rec. Feb. 5
.$1
Lindsay (C. W.) & Co.. corn.(quar.)
25c. Mar. 1 Holders of rec. Feb. 15
Preferred (quar.)
144 Mar. 1 Holders of rec. Feb. 15
Lindsay Minn Publishing, pref. (quer.). "50e. Mar. 1 'Holders of rec. Feb 18
Mange'Stores Corp., pref.(quar.)
144 Mar. 1 Holders of rec. Feb. 20
.45c. Mar. 1 "Holners of rec. Feb. 20
Manisehewitz (B.) Co.. corn.(quar.)_
Preferred (quar.)
•141 Apr. 1 'Holders of rec. Mar. 20
Preferred (qua!'.)
.134 July 1 "Holders of ree. Mar. 20
MeCahan (W. J.) Sugar Refining dr
Molasses Co.. pref. (Quar.)
154 Mar. 1 Holders of rec. Feb. 14a
Mesta Machine, corn. (quar.)(No. I).- •40e. Apr. 1 'Holders of rec. Mar. 15
Common (extra)
510c. Apr. 1 "Holners of tee. Mar. 15
Meteor Motor Car(quar.)
"25e. Mar. 1 'Holders of rec. Feb. 20
50e. Mar. 1 Holders of rec. Feb. 14
Metropolitan Paving Brick, cool.(guar.)
Preferred (quar.)
154 Apr. 1 Holders of rec. Mar. 14
+87 4c Apr. 1 'Holders of rec Mar. 15
Miller & Hart. Inc., pref. (quar.)
$1.10 Mar. 15 Holders of rec. Feb. 21
Morrell(John) & Co.. Inc.(quar.)
Monarch Royalty Corp., pref. A (quar.) 124e. Mar. 10 Holders of rec Feb. 28
1410. Mar. 10 Holders of rec. Feb. 28
Preferred (quar.)
Motor Wheel Corp.. corn.(qua!'.)
75e. Mar. 10 Holders of rec. Feb. 20
Murphy ((I. C.) Co., new corn. (quar.) '40o. Mar. 1 'Holders of rec Feb. 19
Common (Payable In common stock). •h20 Feb. 18 'Holders of rec Feb. 18
Muskegon Motor Specialties. el. A (qu.) "500. Mar. 1 'Holders of rec. Feb. 18
Nat. Dairy Products Corp.. corn. (qu.).
50c. Apr. 1 Holders of rec. Mar. 3a
Nat. Sugar Refining (quar.)
50c. Apr. 1 Holders of rec. Mar. 3
Newberry (J. J.) Co., corn. (quer.)---- 27 4e. Apr. 1 Holders of rec. Mar. 17
N. Y. dr London Management, pref-div blend omitted
"60e. Mar. 31 'Holders of rec. Mar. 1
Nickel Holding Corp.. corn. (quer.)North Amer. 011 Consolidated (mthly.)- '10t. Mar. 1 'Holders of rec. Feb. 20
O'Connor & Moffatt.corn. A (quar.)---- "374ec Mar. 1 'Holders of rec. Feb. 15
I% Mar. 1 Holders of rec. Feb. 200
Ogilvie Flour Mills, pref.(quar.)
•45e. Mar. 1 'Holders of rec. Feb. 15
Outboard Motors, class A (qua!'.)
Pacific American Co.(quar.)
*50e. Mar. 1 *Holuers of rec. Feb. 15
Paramount Famous Lasky Corp
Common (quar.)
Mar. 29 Holaers of rec. Mar. 7
$1
Patterson-Sargent Co., corn. (quar.)_
50c. Mar. 1 Feb. 18 to Feb. 28
Plymouth 011
50c. Mar. 15 Holders of rec. Mar. 5
•151 Apr. 10 *Holders of rec. Mar. 20
Porto Rican Amer. Tobac.el. A (qu.)_
Class A (acccount accum dive.)
'h134 Apr. 10 'Holders of rec. Mar. 20
Prairie Oil dr Gas(quar.)
"50c. Mar. 31 'Holders of rec. Feb. 28
Procter dr Gamble Co.,5% pref.(quar.). •141 Mar. 15 'Holders of rec. Feb. 25
Rand Mines, Ltd., Amer.shares
'$1.52 Feb .28 *Holders of rec. Feb. 21
Rapid Electrotype (stock dividend)
•e5
July 15 'Holders of rec. July 1
Reliance Mfg. of Ills.. corn.(quar.)
"37 Ae Apr. 1 •Hoiners of rec. Mar. 20
Preferred (quar.)
"151 Apr. 1 *Holders of rec. Mar. 20
Remington Typewriter, corn. (quar.)...... *134 Apr. 1 *Holders of rec Mar. 8
First preferred (quar.)
+134 Apr. 1 'Holders of rec. Mar. 8
Second preferred (quar.)
+2
Apr. 1 'Holders of rec. Mar. 8
Richardson Co., corn. (quar.)
"40c. Feb. 15 'Holders of rec. Feb. 3
Russek'ff Fifth Ave., Inc.(qu.)(No.1)__ "40e. Mar. 1 'Holders of rec. Feb. 25
St. Mary's Mineral Land
'$2
Feb. 25 "Holders of rec. Feb. 11
Shearer (W. A.) Pen, common
Mar. 15 *Holders of rec. Feb. 25
41
Common (estra)
•50e. Mar. 15 *Holders of rec. Feb. 25
Simmons Boardman Publishing, pf. (ati) •75c. Mar. 1 'Holders of rec. Feb. 18
Simms Petroleum (quar.)
40e. Mar. 15 Holders of rec. Feb 25a
Sinclair Consol. Oil., corn. (guar.).- _ •50c. Apr. 15 'Holders of rec. Mar. 15
Smith (Howard) Paper Mills, pref. (qu.) 13-4 Mar. 1 Holders of rec. Feb. 20
Soule Mills (quar.)
'134 Feb. 15 *Heiden; of rec. Feb. 27
Standard Oil (Kansas)(quar.)
*50c. Mar. 15 'Holders of rec. Feb. 28
Stearns(Fred'k) & Co., corn.(monthly)* 16 2-3c Mar. 31 *Holderb of rec. Mar. 20
Stone & Webster. Inc. (quar.)
"21
Apr. 15 *Hoiners of rec. Mar. 14
Strom berg-Carlson Telep. Mfg.corn •(qu) "25c. Mar. 1 'Holders of rec. Feb. 14
Common (extra)
"124c Mar. 1 "Ifolaers of rec. Feb. 14
Swan Finch 011 Corp., pref. (quar.)- --- •4341c Mar. 1 'Holders of rec. Feb. 10
Sylvester Oil, pref.-dividend omitted.
Tennessee Copper & Chem. Corp.(ou )
25c. Mar. 15 Holders of rec. Feb. 28a
Underwood Elliott Fisher Co.,corn.(qu.) $1.25 Mar. 31 Holders of rec. Mar. 12a
Preferred (qua!'.)
134 Mar. 31 Holders of rec. Mar. 120
Union Mills. corn.(quar.)
•50e. Mar. 1 'Holders of rec. Feb. 15
Preferred (qua!'.)
'13-4 Mar. 1 "Holders of rec. Feb. 15
United-Ca r Fastener (qua!'.)
300 Mar. 1 Holders of rec. Feb. 18
United Fruit (qua!'.)
Apr. 1 Holders of rec. Mar. 3
51
U.S. Dairy Products, corn. A (qua!'.).. "51.25 Mar. 1 'Holders of rec. Feb. 20
First preferred (qua!'.)
*51.75 Mar. 1 'Holders of rec. Feb. 20
Second preferred (quar.).
Mar. 1 *Holders of rec. Feb. 20
"$2
.4
Mar. 1 *Holders of rec. Feb. 15
U.S. Envelope. common
Common (extra)
"4
Mar. 1 'Holders of rec. Feb. 15
Preferred
'334 Mar. 1 "Holders of rec. Feb. 15
U.S. Gypsum.corn.(qua!'.)
"400 M.r 31 "Holders of rec. Mar. 15
Preferred (qua!'.)
•151 Mar. 31 'Holders of rec. Mar. 15
United Trust Shares, series A-2
(0 Mar. 1 Holders of rec. Jan. 31
Vapor Car Heating. corn.(quar.)
.$2.50 Feb. 10'Holders of rec. Feb. 1
"141 Mar. 10 "Holders of rec. Mar. 1
Preferred (quar.)
•
Preferred (quar.)
134 June 10 'Holders of rec. June 1
Preferred (quar.)
"141 Sept. 10 'Holders of rec. Sept. 1
Preferred (guar.)
•144 Dec. 10 'Holders of rec. Dec. 1
•154 Mar. 1 'Holders of rec. Feb. 18
Vesta Battery Co., pref. (qua!'.)
•50c. Mar. 1 'Holders of rec. Feb. 15
Waitt dr Bond, class A (Qua!'.)
•
Walker (Hiram)-Gooderham & Worts,
25e. Mar. 15 Holders of rec. Feb. 21
Ltd.(quar.)
Mar. 1 Holders of rec. Feb. 8
Western Dairy Products, class A (quar.) $1
Western Pipe & Steel, corn. (quar.).... *500. Mar. 5 *Holders of rec. Feb. 25
Western Reserve Invest.. pr. pref.(qu.).. 134 Apr. 1 Holders of rec. Mar. 14
Wheeler Metal Products, corn.(guar.)._ •500. Mar. 15 *Holaers of rec. Mar. 5
50C. Mar. 31 Holders of rec. Mar. 12
White Motor Co., corn. (quar.)
134 Mar. 31 Holaere of rec. Mar. 12
White Motor Securities, pref.(quar.)
134 Apr. 1 Holders of rec. Mar. 21
Co., pref.(quar.)
Whitman (Wm.)
100 May 15 Holders of rec. May 1
Will & Baumer Candle, corn. (quar.)_...
10c May 15 Holders of rec. May 1
Common (extra)
2
Apr. 1 Holders of rec. Mar. 15
Preferred( qua!'.)
134 Mar. 1 Holders of rec. Feb. 15
Windsor Hotel, pref.(quar.)
pref., dividend omitte d
Winter (Benjamin) Inc.,
50c Apr. 1 Holders of rec. Mar. 18
Wood Chemical Products. class A (qu.).
250 Apr. 1 Holders of rec. Mar. 18
Class B (quar.)
Woods Bros. Corp.
(Chic.) corn. (In stk.) •f100 Mar. 1 'Holders of rec. Feb. 15
Below we give the dividends announced in previous weeks
and uot yet paid. This list does not include dividends announced this week, these being given in the preceding table.
Name of Company.
When
Per
Cent. Payable
Railroads (Steam).
Atchison Topeka & Santa Fe, corn. (.111.) 24 Mar. 1
Baltimore dr Ohio, corn. (guar.)
141 Mar. 1
Preferred (quar.) _
Mar. 1
1
Buffalo Rochester & Pittsburgh. corn _- 2
Feb. 15
Preferred
Feb. 15
3
Central RR. of New Jersey (quar.)
Feb. 15
2
Chicago Rock Island & Pacific com.(1111.) 13-4 Mar. 31
Cleveland & Pittsburgh guar.(quar.)... 8754c Mar. 1
Special guaranteed (quar.)
50c Mar. 1
Delaware & Hudson Co. (quar.)
234 Mar. 20
[VOL. 130.
FINANCIAL CHRONICLE
Books Closed.
Days Inclusive.
Holders of rec. Jan. 310
Holders of rec. Jan. 18o
Holders of rec. Jan. 18a
Holders of rec. Feb. 5a
Holders of rec. Feb. 5a
Holders of rec. Feb. 3a
Holders of rec. Mar. 7a
Holders of rec. Feb. 100
Holders of rec. Feb. 10a
Holders of rec. Feb. 26a
Name of Company.
Per
When
Cent. Payable.
Books Closed
Days Inclusive.
Railroads (Steam) (Concluded).
Hudson & Manhattan By.. prof
24 Feb. 15 Holders of rec. Feb. la
Illinois Central common (quar.)
154 Mar. 1 Holders of rec. Feb. 7a
Preferred
3
Mar. 1 Holders of rec. Feb. 7a
Int. Rys. of Cent. Amer., pref. (quar.)-141 Feb. 15 Holders of rec. Jan. 310
Maine Central preferred (qua!'.)
141 Mar. 1 Holders of rec. Feb. 15
Missouri-Kansas-Texas, pref. (quar.)
154 Mar. 31 Holders of rec. Mar. 150
o Nash. Chat. & St. Louis,stock div.- e60
Feb. 15 Holders of rec. Jan. r25a
New Orleans, Texas & Mexico (quar.)
154 Mar. 1 Holders of rec. Feb. 154
N.Y. Chicago & St. Louts corn. Sr pf.(Q11) 14 Apr. 1 Holders of rec. Feb. 150
Norfolk dr Western common (quar.)--- - 24 Mar. 19 Holders of rec. Feb. 28a
Adjustment preferred (qua!'
I
Feb 19 Holders of rem- Jan. 31a
Pennsylvania (guar.)
Feb. 28 Holders of rec. Feb. 10
$1
Pitts. Bessemer & Lake Erie common... .75c. Apr. 1 'Holders of rec. Mar. 15
Preferred
*$1.50 June 1 'Holders of rec. May 15
Beadle., compeny first pref. (quar I _ 50c. Mar. 13 Holders of rec. Feb. 20a
St. Louis-San Francisco corn.
2
Apr. 1 Holders of rec. Mar. la
Preferred (quar.).
14 May 1 Holden, of rec. Apr. 12a
Preferred (quar.)
134 Aug. 1 Holders of rec. July la
Preferred ((mar
1 4 'Joy 1 Holders of rec. Oct
_
la
St. Louis Southwestern pref (quar.)---- 134 Mar. 31 Holders of ree. Mar. 120
j
Feb 25 flobjerv of ref. Jan. 250
Wehesh Ity preferred A (onsr.)__-Wheeling & Lake Erie prior lien
h53.4 Feb. 15 *Holders of rec. Jan. 31
Public Utilities.
Allied Pow S. Light. S5 lot pref. (qu.)_
$1.25 Feb. 15 Holders of rec. Feb. 1
$3 preference (quart.
75. Feb. 15 Holders of rec' Feb. 1
Amer. & Foreign Pow. 2d pf. A (qu.)... $1.75 Mar. 1 Holders of tee. Feb. 104
Amer. Power & Light, corn. (qu.)
25e Mar. 1 Holders of tee.. Feb. 13a
0$1.25 Apr. 1 Holders of rec. Mar. 8a
$5 Preferred A (guar.)
$1.50 Apr. 1 Holders of rec. Mar. 84
$8 Preferred (guar.)
American Telegraph & Cable (quar.)-- 14 Mar. 1 Holders of rec. Feb.d18s
Amer V. ater V. or ks KT Her . eon' (qu.)
25, Feb. 15 Holders of rec. Jan. 24a
Conureon (I 40th shore enn,roont
(p Feb. 15 Holders of tee Jan. 240
Amer. Water Wks. dr El. $6 prof. tqu.)-- $1.50 Apr. 1 Holders of rec. Mar. 12a
50. Mar. I Homers of ref. Jan 31
uraLitiab Tr., I., & Pow urd (qua!'.)..
/1
Mar. 1 Holders of rec' Jan. 31
Ordinary (payable in ord. stock). - 2
Mar. 1 Holders of rec. Feb. 74
Brooklyn Edison Co. (qua!'.)
kiklyn -NIRO) Ti' lire! ser A MINT )
$1 MI Apr 15 Jiniml m of ree Apr. be
1 te Mar. 1 Holders of rec. Feb. 1
Canadian Hydro Elec. Corp. 1st pf.(qu.)
Cent. Arkansa.s Pub. Serv. pref.(guA__ _
134 Mar. 1 Holders of ree. Feb. 15a
quar.)...' $1 625 Mar. 1 'Holders of rec. Feb. 13
Central Gas SE El. 364 pref.(
Central Public Service, clam A (quar.).. •4334c Mar. 15 'Holders of rec. Feb. 24
$7 Preferred (quar.)
.$1.75 Apr. 1 *Holders of rec. Mar. 17
Cent & S. W Utilities. $7 pref. (quar.). $1 75 Feb. 15 Holders of tee. Jan. 31
$1 75 Feb. 15 Holders of rec Jan. 31
$7 prior lien pref (quar.)
$1.60 Feb. 15 Holders of rec Jan. 31
$6 prior lien stock (quar.)
Cent. Vermont Pub Serv.. pf. (qu.)- - - "51.50 Feb. 15 'Holder, of rec Jan. 31
Chic. Rap. Tran.(pr. pfd.ser.A(mthly.)- •65c. Mar. 1 'Holders of rec. Feb. 18
Prior preferred, swim B (monthly)
•60e Mar. I 'Holders of tee. Feb. 18
Chic. South Shore dr South Bend RR.
Clem A preferred (..uar•)
194 Mar. 1 Holders of rec. Feb. 15
Cities Service Power & Lights(' preferred (monthly)
•500. Feb. 15 *Holders of rec. Jan. 31
• 58 1-3e Feb. 15 "Holders of rec. Jan. 31
$7 preferred (monthly)
j
...14r 1 Holders 41f rye I vb 14
Cle veiiati Liec 111.,mmaiing. prof (qt.
50e Feb. 15 Holders of rec. Jan. 20a
Columbia Gas. & Electric, corn (guar.)125
Mar. 31 Holders of rec. Feb. 28
Common (payable in corn stock)....
1 4 Feb. 15 Holders of rec. Jan. 200
6% preferred. aeries A (quar.)
I (i Feb 15 Holders of rec. Jan 206
5% preferred. series A (quar.)
16 Mar 1 Hnldete of ree. Feb. 10a
,
Commonwealth & Soo Corp enm
$1.75 Mar. 1 Holders of rec Feb. 20
Community Water Service let pf.
1 4 Feb. 15 Holders of rec. Jan. 314
pf. (qu.)
Connecticut Ry. dr Ltg.. corn. &
Consol. Gas, El. L. & P ,Balt..com.(01.) *00c. Apr. 1 *Holders of rec. Mar. 15
•1, Apr. 1 "Holders of rec. Mar. 15
4
5% Preferred series A (quar.)
•1 4 Apr. 1 *Holden; of rec. Mar. 15
6% Preferred series D (oust.)
•14 Apr. 1 *Holners of rec. Mar. 15
54% preferred series E (quar.)
Mar. 15 Heider/. et rim' Feu. 75
Consolidated (/as of N V you. (quar•) 51
55c. Mar. 1 Holders of rec. Feb. 15
Consolidated Gas Util., cl. A (quer.)$1.25 Apr. 1 Holders of rec. Mar. 15
, emeuniers Poser. $5 pref. (uuar.)-- 1 4 Apr. 1 Holders of rec. Mar. 15
6% Preferred (quar.)
$1.65 Apr. 1 Holders Of rec. Mar 15
6 6% Preferred (guar.)
7% preferred (guar )
134 Apr. 1 Holders of rec. Mar. 15
50,- Mar. 1 Holders of rec. Feb. 15
6% preferred (monthly)
50e Apr. 1 Holders of rec. Mar. 15
6% preferred (monthly)
55e Mar. 1 Holders of rec. Feb. 15
6.8% preferred (monthly)
56e Apr. 1 Holders of rec. Mar. 15
- -- 6 6 4 Preferred (monthly) °
Dakota Central Telep., corn. (guar.).- •$2 Apr. 1
•I% Apr. 1
4% preferred (quer
2
Apr. 15 Holders of rec. Mar. 201
Detroit Fdison Co. (quar.)
Eastern NILLS8. St fly.
1 4 Feb. 15 Holders if rem' Jan 31
First pref and sink fund stks (quar
East Kootenay Power pref. (qiier.)
134 Mar. 15 Holders of toe. Feb. 28
•50.. Mar. 1 'Holders of rec. Feb. lb
Emulre Gas & Fuel 6% Pf. (mthly.)-634% preferred (monthly)------ - -* 54 I-3c Mar. 1 *Holders of rec. Feb. 15
• 58 1-3e Mar. 1 'Holders of rec. Feb. 15
7% preferred (monthly)
• 622 3c Mar. 1 "Holders of rec. Feb. 15
8% preferred (monthly)
145e. Feb. 15 Holders of rec. Jan. 25
Empire Public. Serv. Corp. corn. A (qu.)
Federal Licht & Trac. common (guar .- - 37 See Apr. 1 Holders of rec. Mar. 134
Apr. 1 Holders of rec. Mar. 134
Common (payable In common stock).. 11
$1.50 Mar. 1 Holders of rec. Fob. lb(
Preferred (quar.)
Federal %vater Service class A (quar.)... 010e Mar, 1 Holders of rec. Feb. 3m
10e Mar, I Holders of rec. Feb. 28
Class B
$1 80 Mar. 1 Holders of rec. Feb. 20
Gary Rys. pref. A (quar.)
m3712e Apr. 1 Holders of rec. Feb. 2$
General Gas dr El. common A dr B
d$1.75 Apr. 1 Holders of ree. Feb. 28
$7 preferred (quar.)
0$2
Apr. 1 Holders of rec. Feb. 28
$8 preferred (guar)
d$1.50 Mar. 15 Holders of rec. Feb. 15
36 cony. pref. (quar.)
$1.50 Mar. 15 Holders of era. Feb. 15
$6 pref series 13 (qua!'.)
Havana Elec. By.. preferred (guar.).
- 14 Mar. 1 Holders of rec. Feb. 106
1 4 Feb. 15 Holders of rec' Jan. 20
Havana Elee & Utilities, 1st pref (qu.)
Cnirnniliimlve prererence reeler
$I 2T. Feb 15 Holders of
Jan. 20
Indiana Service Corp.7% pref.(quar.).. 154 Mar. 1 Holders of rec. Feb. 15
1 4 Mar. 1 Holders of rec. Feb. 15
6% Preferred (guar.)
50c Mar. 1 Holders of rec. Feb. 1
Intercontinents Power, corn. A (qu.).- I 4 Feb. 15 Holders of tee. Jan. 31
Interstate Public Service. pref. (guar.).•154 Feb. 20 *Holders of rec. Feb. 1
Kentucky Utilitiee prior pref. (guar.).
Mar. 1 *Holders of rec. Feb. 19
Keystone Telephone of Phila., pf. (qu.) 'Si
Keystone Water Works & El. el. A (qu.). •75c Feb 15 "Holders of rec Feb. 5
Los Angeles Gas & Elec.. pref (quar.)- •1 4 Feb. 15 *Holders of rec. Jan. 31
Louisville Gars dr El. corn. A dr B (qe.)- -- 4334c Mar. 25 Holders of rec. Feb. 28.0
Middle Went Utilities, I ow own. (pay.
f2 Feb. 15 Holders of rec. Jan. 154
In corn stk.) (qu.)(No. 1)
131 .50 Feb. 15 Holders of me Jan. 15
$6 cony pref. ear A (quar.)
Mohawk dr Bud. Pow. 2d pref. (grin!'.).. '$1.75 Apr. 1 'Holders of rec. Mar. 20
25e. Mar. 1 Holders of rec. Feb. 14a
Nat. Power & light, corn.(quar.)
40e. Mar. 15 Holders of rec. Feb. 27
Nat. Pub. Serv. Corp.corn. A (quer.).-40c. Mar. 1 Holders of rec. Feb. 15
Common B (quar.)
750. Mar. 1 Holders of roe. Feb. 15
$3 preferred (quar.) (No. 1)
25c. Feb. 15 Holders of rec. Feb. 8
National Water Wks. common A (qu.)_.
Preferred A (quar.)
8754c Feb. 15 Holders of rec. Feb. 8
874c Feb. 15 Holders of rec. Fob. 8
Preferred B (qua!'.)
New Eng. Pub. Serv. pr. lien pf.
•$1.75 Mar. 15 'Holders of rec. Feb. 28
North American Co., corn. (quar.)
f234 Apr. 1 Holders of rec. Mar. 154
Preferred (guar.)
75c. Apr, 1 Holders of rec. Mar. 154
North American Edison, pref. (quar.).. $1.50 Mar. 1 Holders of rec. Feb. 15a
North Amer Light & Power, corn (qu.) f2
Feb. 15 Holders of roe. Jan. 20
North American Wat. Wks & El A(411.) .440. Feb. 15 *Holders of rec. Feb. 5
Northern States Power (Wisc.) pf.(qu.)_
194 Mar. 1 Holders of rec. Feb. 20
North West Utilities, 7% pref.(quar.)„ 141 Feb. 15 Holdere of rec.. Jan. 31
Ohio Edison Co., 6% pref. (guar.).-.
14 Mar. 1 'folders of rec Feb. 15
6.6% preferred (quar.)
1.66 Mar. 1 Holders of rec. Feb. 15
7% preferred (quar.)
154 Mar. 1 Holders of rec. Feb. 15
5% preferred (quar)
14 Mar. 1 Holders of ree. Feb. 15
6% preferred (monthly)
50c Mar. 1 Holders of rec. Feb. 15
fire preferred (monthly)
53e Mar 1 Holders of ree Feb. 16
Oklahoma Gas & El. pref. (guar.)
134 Mar. 15 Holders of roe. Feb. 28
Pacific Gas & Elec. 534% pref.(quar.) *344c Feb. 15 *Holders of rec. Jan. 31
6% preferred quar)
'3734c Feb. 15 *Holders of roe. Jan. 31
Pacific Lighting common (quar.)
75.' Feb. 15 Holders of rec Jan. 314
se preferred (quer
•$1.25 Feb. 15 'Holders of rec. Jan. 31
Penn-Ohio Edison Co.,7% Dr. stk.(qu.) 134 Mar. 1 Holders of ree. Feb. 15
FEB. 15 1930.]
FINANCIAL CHRONICLE
1073
:XP
Name of Company.
When
Per
Cent. Payable.
Book4 Closed,
Days Inclusive.
Public Utilities (Concluded).
Pennsylvania-Ohio Power & Lght Co.
$1.50 May 1 Holders of rec. Apr. 21
36 preferred (guar.)
194 May 1 Holders of rec. Apr. 21
7% preferred (guar.)
60c. Mar. 1 Holders of rec. Feb. 20
7.2% preferred (monthly)
60c. API'. 1 Holders of rec. Mar. 20
7.2% preferred (monthly)
60e. May 1 Holders of rec. Apr. 21
7.2% preferred (monthly)
6.6% Preferred (monthly)
55e• Mar. 1 Holders of rec. Feb. 20
55c. Apr. 1 Holders of rec. Mar. 20
6.6% preferred (monthly)
55c. May 1 Holders of rec. Apr. 21
6.6% preferred (monthly)
55c. Mar, 1 Holders of rec. Feb. 20
Penn Power, $6.60 pref.(mthly.)
$6 preferred (urea.)
Si 511 Mar. 1 Holders of rec Feb. 20
Philadelphia Company, 5% pref
$1.25 Mar. 1 Holders of rec. Feb. 10a
Philadelphia Suburban Water, pf.(quar.) 1 11 Mar. 1 Holders of rec. Feb. 8a
Preferred (guar.)
134 May 31 Holders of rec. May 12a
85c. Mar. 31 Holders of rec. Mar. la
Public Service Corp. of N.J., cons.(qu.)
2
Mar. 31 Holders of rec. Mar. la
8% preferred (quar.)
7% preferred (guar.)
154 Mar. 31 Holders of rec. Mar. la
$1.25 Mar. 31 Holders of rec. Mar. la
$5 Preferred (quar.)
% preferred (monthly)
50c. Feb. 28 Holders of rec. Feb. la
50c. Mar. 31 Holders of rec. Mar. la
6% preferred (monthly)
Public Service Flee. dt Gas.,6% pf.(qu.) 134 Mar. 31 Holders of rec. Mar. la
7% preferred (guar.)
194 Mar. 31 Holders of rec. Mar. 1
Scranton-Spring Brook Nat Serv$6 preferred (guar.)
$1.50 Feb. 15 Holders of rec. Feb 50
$5 preferred (quar.)
$1.25 Feb. 15 Holders of rec. Feb. 50
Seaboard Public Service pref. (quar.)
$1.50 Mar. 1 Holders of rec. Feb. 15
Shawinigan Water & Power (guar)
6234c Apr. 10 Holders of rec. Mar. 15
Southern calif Edison, corn. (guar.)._
50e Feb. 15 Holders of rec. Jan. 20o
Preferred A (guar.)
d4354c Mar. 15 Holders of rec. Feb. 20
Preferred series B (guar.)
d37 Mc Mar. 15 Holders of rec. Feb 20
Southern Calif Gas Co., pref.(quar.)_• $1.625 Feb. 28 "Holders of rec. Jan. 31
Souther!.
( na& Pow , con) (quar I_
25c lel) 15 Holders of rec. Jan. 31
Southern Colorado Power, corn. A (oll.)50c Feb 25 Holders of rec. Jan. 31
Preferied (guar.)
1% Mar. 15 Holders of rec. Feb. 28
Tampa Electric Co., com.(guar.)
50e. Feb. 15 holders of rec. Jan. 24
Common (1-60 share common stock)._
In Feb. 15 Holders of rec. Jan. 24
United Corporation pref. (guar.)
75c Apr. 1 Holders of rec. Mar. 6a
United Gas iinotovernent. com.(qu.)
31). Mar. 31 Hewers of rec. Feb. 215u
$5 preferred (quar.)_..
$1.25 Mar. 31 Holders of rec. Feb. 28a
West Ohio Gas pref. A (guar.)
134 Mar. 1 Holders of rec. Feb. 15
Western Continental Util., com. A (qu.)_ '32i4c Mar. 1 'Holders of rec. Feb. 10
West Penn Electric Co., 7% Pref. (qu.)_
134 Feb. 15 Holders of rec. Jan. 20a
6% preferred (quar.)
134 Feb 15 Holders of rec. Jan. 20a
WIlmineron Gas Co.. pref.
Mar. 1 Holders of rec. Feb. So
3
Wisconsin Public Sera. 7% pf (quar.).__
134 Mar. 20 Holders of rec. Feb. 28
%
6% preferred guar.)
134 Mar. 20 Holders of rec. Feb. 28
8% preferred (guar.)
134 Mar. 20 Holders of rec. Feb 28
Banks.
*Richmond National (stock dividend).* e33 1-3 Apr. 1 *Holders of rec. Mar. 25
Fire Insurance.
Bronx Fire Insurance (No. 1)
North River Insurance Co. (quar.)
United States Fire (guar.)
.
425e. Feb. 15 "Holders of rec. Jan. 31
50c. Mar. 15 Holders of rec. Mar. 5
4
.130c May 1 *Holders of rec. Apr. 22
Miscellaneous.
Acme Steel (quar.)
Al/r. I Holders of rec. Mar. 20
$1
Stock dividend
Feb. 15 Holders of rec. Feb. 1
e25
Ainsworth Manufacturing (guar.)
"6234e Mar. 1 *Holders of rec. Feb. 20
Smom a 04 id Jud (guar a
Mar. 1 *Homers of rec. Feb 211
••
stook divioeno (pair.)
June 2 'Holders of roe May 211
'el
Allegheny Steel, corn.(monthly)
15c Feb. IR Holders of tee. Jan. 31
Common (monthly)
•15c Mar. 18 *Holders of rec. Feb. 29
Preferred (guar.)
afar. 1 *Holders of rec. Feb. 15
.
41
Preferred (guar.)
•134 June 2'Holders of tee. May 15
Preferred (guar.)
"134 Sept. 1 "Holders of rec. Aug. 15
Preferred (quar.)
4
.144 Dec. 1 *Holders of rec. Nov. 15
lialmers Mfg corn (guar.)
75e Feb. 15 Holders of roe. Jan. 24a
Aluminum Co.of Amer., pref.(guar.).-- '134 Apr. 1 'Holders of rec. Mar. 15
Aluniiiium Mfrs.. Prof. aular.)
•134 June 30 *Holders of tee. June It
Preferred (guar.)
*144 Sept 80 "Holders of Fee. Sept 16
Preferred Muer
•1 *4 Dec. 31 *molders of roe Dee. IF
American Arch (guar.)
"75c. Mar. 1 *Holders of rec. Feb. 18
Amer1 11 in, m mc. (quar.
vo. 1. ar.dders
ree Jan 3 o,
51
American Chicle, corn.(guar.)
50c Apr. 1 Holders of rec. Mar. 12a
Common (extra)
25c. Apr. 1 Holders of rec. Mar. 12a
Amer. Colortype, corn. (guar.)
60c. Mar. 31 Holders of rec. Mar. 12
Preferred (guar.)
I% Mar. 1 Holders of rec. Feb. 14
Preferred (guar.)
I% June 1 Holders of rec. Mar. 14
Amer. & Cent'I Corp., com.& cl. A(spec) 50c. Mar. 1 Holders of rec. Feb. 15
American Hard Rubber, corn (guar.).- - '15.4 Feb. 15 *Holders of rec. Jan. 31
Amer. Home Products(monthly)
35o. Mar. 1 Holders of rec. Feb. 140
Amer. Maize Products, corn.(guar.)
*50c. Mar. 31 *Holders of rec. Mar. 15
Preferred (guar.)
'1% Mar. 31 *Holders of rec. Mar. 15
5
American Manufacturing, corn. (guar.)- dl
Mar. 31 Mar. 16 to Mar. 30
Common (quar.)
July 1 June 16 to June 30
dl
Common (guar.)
Oct. 1 Sept. 16 to Sept. 30
dl
Common (quar.)
Dec. 31 Dec. 16 to Dec. 30
dl
Preferred (guar.)
134 Mar. 31 Mar. 16 to Mar. 30
Preferred (guar.)
134 July 1 June 16 to June 30
Preferred (guar.)
134 Oct. 1 Sept. 16 to Sept.30
Preferred (guar.)
14 Dec. 31 Dec. 16 to Dec. 30
American Metal Co., Ltd., corn.(guar.)75c. Mar. 1 Holders of rec. Feb. 19a
Preferred (guar.)
134 Mar. 1 Holders of rec. Feb. 19a
American M tetigraph,coin.(guar.) _ _ _• 623.4c Mar. 1 *Holders of rec. Feb. 15
Amer. Radiator & Stand Sanitary Corp.
Common (guar.)
375.4o Mar. 31 Holders of rec. Mar. ha
Preferred (guar.)
134 Mar. 1 Holders of rec. Feb. 15a
American Rolling Mill, com.(guar.)- 50c. Apr. 15 Holders of rec. Mar. 31a
Amer Smelt & Refg, pref.(guar.)
134 Mar I Holders of rec. Jan. 3ma
Amer. Solvents & Chemical, pref. (qtr.)- •75c. Feb. 15 *Holders of rec. Feb. 5
American :sugar itefg., corn. (quar.)___. 1 4 Apr. 2 Holders of rec Mar. 50
Preferred (guar.)
134 Apr. 2 Holders of roe Mr. 5a
Amer.Tobacco. corn.& corn. B (guar.)
Mar. 1 Holders of rec. Feb. 10a
$2
Amoskeag Mfg., coin.(guar.)
*50c. Apr. 2 "Holders of rec. Mar. 15
Common (guar.)
•d25c. July 2 *Holders of rec. June 14
Common (guar.)
', 25c. Oct. 2'Holders of rec. Sept. 13
Anaconda Copper Mining (guar.)
$1.75 Feb. 17 Holders of rec. Jan. Ito
Angle steel stoei i51,S.
"21k. Feh. 15
Armour dr Co.(Illinois) pref.(guar.)
154
Apr. 1 Holders of tee. Mar. 10a
Armour & Co. of Delaware. pref. (guar.)
ai Apr. 1 Holders of rec. Mar. 10a
Armstrong Cork (guar.)
•50c. Apr. 1 'Holders of rec. Mar. 14
Assomaio
ote.re. industries. com.(iame Si
Apr. I H oders of rec. Mar. 20a
Assoc Dry Goods, 1st pref.(guar.)
134 Mar. 1 Holders of rec. Feb. 8a
Second preferred (guar.)
194 Mar. 1 Holders of rec. Feb. 8a
Atlantic Coast Fisheries, com.(qu.)•30c. Mar. 3 "Holders of rec. Feb. 20
Atlantic Securities Corp., pref. (quar.)_.
75c. Mar. 1 Holders of rec. Feb. 15
Atlas Acceptance Corp., A at 13 (In stk.)_ •e5
Feb. 15 *Holders of rec. Feb. 1
Atlas Elec. & General Trust Ltd.
Amer. dep. rights for ord. reg.shares__ •w2 Feb. 21 'Holders of tee. Jan. 24
Atlas Imperial Diesel Engine
Class A dr B (guar.)
•50c. Mar. 1 'Holders of rec. Feb. 20
Atlas Powder, com. (guar.)
Mar. 10 Holders of rec. Feb. 28a
$1
Atlas Stores Corp., COM.(guar.)
*25o. Mar. 1 "Holders of rec. Feb. 15
Common (payable in corn. stock)
'1134 Mar. 1 *Holders of rec. Feb. 15
Automatic Musical Instrument
Class A (guar.) (No. 1)
•25c Feb. 15 *Holders of rec. Feb. 5
Class 13 (guar.)(No. 1)
'Sc. Feb. 15 'Holders of rec. Feb. 5
Babcock & Wilcox Co.(guar.)
It% %or.
Fielders of rec. Mar. 20
Baker (Nelson)& Co.(guar.)
•15c. Mar. 15 'Holders of rec. Mar. 10
Extra
•50c. Mar. 15 'Holders of rec. Mar. 10
Katz, corn. (guar.)
Balaban &
•75.3. Mar. 29 *Holders of rec. Mar. 15
•14 Mar. 29 'Holders of rec. Mar. 15
Preferred (quar.)
Bamberger (L.) & Co., pref. (quar.)_ _
154 Mar. 1 Holders of rec. Feb. 14a
Bastian Illess)ne ('0.. common (guar m _ eau. mar. I *Holders of tee. Feb. 14
Baumann (Ludwig)& Co., 1st Pref.(qu.) 134 Feb. 15 Holders of rec. Feb. 1
4
Beacon Mfg., pref. (quar.)
.134 Feb. 15 *Holders of rec. Feb. 1
•194 Feb. 15 *Holders of rec. Feb. 10
Belden Mfg.(guar.)
Berkshire Fine Spinning Associates
Common (guar.)
75e. Mar. 1 Holders of rec. Feb. 15
134 Mar, 1 Holders of rec. Feb. 15
Preferred (quar.)
Name of Company.
When
Per
Cent. Payable.
Books Closed
Days Inclusive.
Miscellaneous (Continued).
51.50 Feb. It Holders of rem'. Jan. 18a
Bethlehem Steel common (guar.)
$1 .50 May 15 Holders of tee. Apr. 18a
Common (guar.)
1%
Apr. 1 Holders of rec. Mar la
7% preferred (guar.)
"50c. Feb. 15 *Holders of rec. Feb. 1
Blauner's, Inc., common (guar.)
4
1134 Feb. 15 *Holders of rec. Feb. 1
Common (payable in common stock)
"75c. Feb. 15 'Holders of rec .Feb. 1
Preferred (guar.)
3734c. Mar. 1 Holders of rec. Feb. 14a
Blaw-Knox Co.(guar.)
'3734c Feb. 15 'Holders of rec. Feb. 10
Bloch Bros., com.(guar.)
'
3734c May 15 *Holders of rec. May 10
Common (gust.)
"3734c Aug 15 'Holders of rec. Aug. 9
Common (quar.)_
'3734c Nov. 15 'Holders of rec. Nov. 10
Common (quar.)_
'134 Mar. 31 *Holders of rec. Mar. 28
Preferred (guar.)
•134 June 30 *Holders of rec. June 25
Preferred (guar.)
Sept. 30 'Holders of rec. Sept. 25
Preferred (guar.)
4
.1.34 Dec. 31 *Holders of rec. Dec. 26
Preferred (guar.)
(e) Mar. 1 Holders of rec. Feb. 5
Blue Ridge Corp.. pref. (guar.)
"8734c Mar. 1 *Holders of rec. Feb. 18
Blum's, Inc., $3 pref. (guar.)
.56 34c Mar. 1 'Holders of rec. Feb. 20
-Merrill Co.(guar.)
Hobbs
.564e June 1 'Holders of too. May 20
Quarterly
$1.25 Feb. 15 Holders of rec. Feb. 5
Bond & Mtge.Guarantee(guar.)
75. Mar. 1 Holders of rec. Feb. 150
Borden Company (guar-)
411.25 Feb. 15 'Holders of rec. Feb. 1
Corp., Pref. (quar.)
Borin-Vivitone
25c. Mar. 5 Holders of rec. Feb. lla
Burroughs Adding Mach. (guar.)
234 Feb. 15 Holders of rec. Jan. 31
Boss Manufacturing, com. (goar.)
1% Feb. 15 Holders of rec. Jan. 31
Preferred (guar.)
*504 m ar di5 *Holders of rec. Feb. II
6 : M ar. 1
Brach (E. J.) & Sons (guar.)
Holders of rec.dMar. 1
Brill Corp., class A (gust.)
Holders of rec.dFeb. 13
17%5e. Mard
Preferred (guar.)
Holders of rec. Feb. 20a
Mar.
Brown Shoe, coin (guar.)
25c. Feb. 15 Holders of rec. Jan. 31
Bruck Silk Mills, Ltd
Mar. 15 Holders of roe Feb. 21
Buckeye Pipe Line (guar.)
•25c. Feb. 15 *Holders of rec. Feb. 1
Buck Hills Falls(guar.)
75c. Mar. 1 Holders of rec. Feb 15a
Bulova Watch, common (guar.)
"8734c Mar. 1 'Holders of rec. Feb. 15
Preferred (gear.)
Apr. 1 'Holders of rec. Mar. 15
"2
Burger Bios., pref. (guar.)
July 1 'Holders of rec. June 16
"2
Preferred ((mar.)
Oct. 1 *Holders of rec. Sept. 15
.2
Preferred (guar.)
Burma Corp., Ltd., Am. dep. nets.
Feb. 21 "Holders of rec. Jan. 14
6 anna.s interim and I anna bonus
$2 Feb. 15 Holders of rec. Jan. 31a
Burns Bros., common class A (guar,)
.630c. Feb. 15 *Holders of rec. Feb. 4
Butler Brothers (guar.)
1% May 1 Holders of rec. Apr. 15a
Byers (A. M.) Co., Prof. (guar.)
2
Feb. 15 Holders of rec. Feb. 8
Cabot Niro. (guar.)
Mar. 15 Holders of rec. Feb 28a
$1
California Packing corn. (guar.)
Mar,31 Holders of rec. Feb. 28a
$1
Consol. Copper Co
Calumet & Heels
'500 Apr. I 'Holders of rec. Mar. 10
Campe Corp. common (guar.)
•1ai May 1 'Holders of rec. Apr. 15
Preferred (guar.)
50c. Mar. 1 Holders of rec. Feb. 15a
Camp., Wyant dr Can. Fdy., corn. (gM.)
Mar. 15 *Holder" of rec. Feb. 28
Canada Wire & Cable, class A (gust.)... 411
44c. Feb. 28 Holders of rec. Feb. 15
Canadian Car & Fdry., ordinary (qu.)....
1% Feb. 15 Holders of rec. Jan. 31
Canadian Converters (quar.)
134 Feb. 15 Holders of rec. Jan. 20
Canadian Power & Paper Inv., pref.((PO
*50c. Mar. 1 *Holders of rec. Feb. 15
Carman & Co., Ltd., class A (guar.) _
1,1% Apr. 1 "Bolders of rem'. Mar.20
Carnation Co., pref. (guar.)
75c. Mar. 15 Holders of rec. Feb. 15a
Caterpillar Tractor (guar.)
250. Mar. 15 Holders of rec Feb. 154
Extra
$1.75 Mar. I Holders of tee Feb. 10
Celluloid Corp., 1st pref. (quar.)
$1.75 Mar. 1 Holders of rec. Feb. 10
$7 preferred (guar.)
*40e. Mar. 31 *Holders of rec. Mar. 25
Central Cold Storage, corn. (gust.)
•
40e. June 30 'Holders of rec. June 25
Common (guar.)
150. Feb. 15 Holders of rec Feb. 5
Centrifugal Pipe Corp. (guar.)
15c. May 15 Holders of rec NI my 5
Quarterly
15c. Aug. 15 Holders of rec Aug. 5
Quarterly
15e. Nov. IA Holders of rec Nov. 5
Quarterly
_
18
4 Mar. 1 Holders of rem' Feb. 201I
Century Ribbon Mills, pref.
• , Feb. 15 *Holders of rec. Feb. 1
132)50
Chain Belt Mfg.,common (guar.)
35c. Mar. 3 Holders of rec. Feb. 17a
Checker Cab Mfg.(mthly.)
.
Chelsea Exchange Corp.(quarterly)
25e. Feb. 15 Holders of rec. Jan. 51
Class A & B
25c May 15 Holders of rem' may 1
Class A & (nuar.)
750. Mar. 1 Holders of rec. Feb. 15
Chicago Cotporation. cony. pref.(gIL)._
"3oc Apr. 1 *Hoiden, of ree liar 20
Chicago Fle4ible autift. (WO (quar j_
'Holder's of rec June 20
"30h. luly
ijoILIX1013 (guar.)
• T ,Ifiers of roc Sent 25
,,
Salle ,let
Goremon rouar
Chicago Railway Equip., corn. (qu.)___ *25c. Mar. 31 'Holders of rec. Mar. 20
"43%c Mar. 31 *Holders of rec. Mar.20
Preferred (guar.)
25c liar I !folders of roe Feb 194
Chicgo Yellow Cf.b (monthly)
60c. Mar. 10 Holders of rec. Feb. 21a
Childs Company, corn. (quar.)
194 Mar. 10 Holders of rec. Feb. 21a
Preferred (guar.)
8754c Mar. 31 Holders of rec. Mar. 5a
Chile Copper Co.(guar.)
2M c. Mar. 1 Holders of rec. Feb. 15
Cities Service, common (monthly)
Mar. 1 Holders of rec. Feb. 15
Common (payable in corn. stock)
50c. Mar. 1 Holders of rec. Feb. 15
Preference and pref. BB (monthly)....
Sc. Mar. 1 Holders of rec. Feb. 15
PreferenceB (monthly)
900. Feb. 28 Holders of rec. Feb. 15a
City Ice & Fuel, com. (guar.)
15% Mar. I Holders of rec. Feb. 15a
Preferred (quar.)
'eh 54 Mar. 1 'Holders of rec. Feb. 15
City Ice & Fuel, stock dividend
'e134 Sept. 1 *Holders of rec. Aug. 15
Stock dividend
Holders of rec. Dec. 300
294 Mar.
fraCIty Investing common
ea
July 1 "Hollers of rem'. Jan. 20
Claude Neon Dee. Prod , stock div_
*50c. Apr. 1 'Holders of rec. Mar. 15
Cleveland Builders Supply (guar.)
"25e. Apr. 15
Coca Cola Bottling Sec.(guar.)
•25(3 July 15
Quarterly
•25e Oct. 18
cauarterly
Collateral Trustee Shares
"3831c Feb 28
1% Mar. 1 Holders of rec. Feb. 19a
Collins & Aikman Corp., pref. Mara
Colonial Investors (extra)
"25c. Feb. 15
Colonial Investors Shares
50c. Feb. 15
Colorado Fuel & Iron, common
50c. Feb. 25 Holders of rec. Feb. 10a
Preferred (guar.)
Feb. 25 Holders of rec. Feb. 10a
2
Columbus Auto Parts Co., pref. (guar.).
50c. Mar. 1 Holders of rec. Feb. 15
Consolidated (.(gat Corp., pref. (guar.). 1% Mar. 1 Holders of rec. Feb. 15a
4,”si Feb. 20 'Holders of rec. Feb. 10
Consumers Co., preferred
Prior preferred (guar.)
'194 Apr. 1 'Holders of tee Mar. IS
.iers of rem' Fei. la
ContInerfai ii. ornmon (gust.)
62 IA,c. Feb. 15 me,
Continental Chicago Corp.(pref.) (qu.).
75c. Mar. 1 Holders of rec. Feb. 15
Continental Securities. pref. (guar.)
.$1 .25 Mar, 1 'Holders of rec Feb 15
Coty, Inc. (guar.)
50c. Mar. 31 Holders of rec Mar 14a
Stock dividend
June 30 Holders of rec June 16a
63
Crane Company, com.(quar.)
4334e Mar. 15 Holders of rec. Mar. 1
1% Mar. 15 Holders of rec. Mar. 1
Preferred (guar.)
Nt•t r to
Ceama \1)iCo.,earn (guar.)._
*50e. Mar. 31 ...Hold'',
Crown Cork & Seal, pref.(guar.)
"67c. afar. 15 'Holders of rec. Feb. 28
Crown Overall Mfg Co., pref. (quar.). "2
Mar. 1 'Holders of rec Feb. 1$
Crown Zellerbach Corp., cony. pfaqu.) $1.50 Mar, 1 Holders of rec. Feb. 131
$1.50 Mar, 1 Holders of rec. Feb. 13
Preference A & B (guar.)
Crum & Forster Insurance Shares Corp
250. Feb. 25 Holders of rec. Feb. 17
Common A & B (guar.)
Feb. 28 Holders of rec. Feb. 17
Preferred (guar.)
mar. 3, Holders of tee Mar. 20
2
Crum & Forster pref. (quar.)
'154 mar. 15 •H era of too. Mar.
Cuneo Press, nref (guar.) _
_ _
50c. Mar. d3 Holders of rec. Feb. 200
Curtis Publishing, corn. (monthly)
$1.75 Apr. 1 Holders of rec. Mar.[20a
Preferred (quar.)
.
$1
Mar. 1 'Holders of rec. Feb. 15
Cushman Sons, Inc., com.(quar.)
1% Mar. 1 Holders of rec. Feb. 15a
7% preferred (guar.)
Mar. 1 Holders of rec. Feb. 150
$2
$8 Preferred (guar.)
Decker (Alfred) & Cohn, corn.(guar.)._ "50c. Mar. 15 'Holders of rec. Mar. 5
•1% Mar. 1 'Holders of rec. Feb.
Preferred (guar.)
20
Preferred (guar.)
'134 June 2'Holders of rec. May 20
' Sept. 2 'Holders of rec. Aug. 20
Preferred (guar.)
194
Deere dr Co., common (guar.)
194 Apr. 1 Holders of rec. Mar. 15
11M Apr. 15 Holders of rec. Mar. 15
Common (payable in common stock)
1% Mar. 1 Holders of rec. Feb. 15a
Preferred (guar.)
•25c. Apr. 1 *Holders of rec. Mar. 20
Detroit Steel Products (guar.)
Detroit Steel Products
•25c. Mar, 1 'Holders of rec. Feb. 20
Dexter Co., corn.(guar.)
•35c. Mar. 1 'Holders of rec. Feb. 15
Diamond Match (guar.)
2
Mar, 15 Holders of rec. Feb. 28e
Dietaptione Corp.. common (guar.)._
.475c Mar. 1 'Holders of rec Feb. 14
Common (payable in common stock). 10 Mar. 1 'Holders of rem' Feb. 14
Preferred (guar.)
*2
Mar. 1 'Holders of rec. Feb. 14
Distillers Corp.-Seagrams. Ltd.(qu.)._
250. Feb. 15 Holders of rec. Jan. 31
Dome Mines, Ltd. (gust)
25c. Apr. 21 Holders of rec. Mar. 31a
1
1074
Name of Company.
Per
When
Cent. Payable.
Books Closed
Days Inclustre.
Miscellaneous (Continued).
Dominion Bridge (quar.)
90e. Feb. 15 Holders of rec. Jan. 31
Douglas Aircraft(No. 1)
•75c. Mar. 19 Holders of rec. Feb. 7
Dow Chemical, corn. (quar.)
50c. Feb. 15 Holders of ree. Feb. 1
Preferred (quar.)
1% Feb. 15 Holders of rec. Feb. 1
Dresser (S. R.) Mfg. class A (quar.)___, *87Sie Mar. 1 'Holders of rec. Feb. 18
Drug Incorporated (quar.)
Mar. 1 Holders of rec. Feb. 153
$1
Dunhill Internat. common. (quar.)_ _ _ _ $1
Apr. 15 Holders of rec. Apr. 13
Common (Payable in corn. stock)
Apr. 15 Holders of rec. Atir. la
fl
Duplan Silk Corp., corn
50e Feb. 15 Holders of roe Feb. la
Early & Daniels, corn. (quar.)
*50c. Mar. 31 "Holders of rec. Mar. 20
Preferred (quar.)
*1Y, Mar. 31 'Holders of rec. Mar. 20
East. Theatres, Ltd.. Toronto. com.(qu.)
50c. Mar. 1 Holders of rec. Jan. 31
Eastern Utilities Associates, corn. (qu.)50c. Feb. 15 Holders of rec. Jan. 24
Eastern Utilities Invest. $6 pf. (qu.)_..__ $1.50 Mar. 1 Holders of rec. Jan. 31
$7 Preferred (quar.)
$1.75 Mar. 1 Holders of rec. Jan. 31
$5 prior preferred (quar.)
a1.25 Apr. 1 Holders of rec. Feb. 28
Eisler Electric, corn. (qu.)(No. 1)
'37'..c Feb. 28 'Holders of rec. Feb. 18
Electric Shareholdings Corp., corn.(qua •25c. Mar. 1 'Holders of rec. Feb. 5
Corn.(payable in corn. stock)
Mar. 1 'Holders of rec. Feb. 5
"11
Pref.(cash or 1-20 sh. of corn. stock) _ _ *$1.50 Mar. 1 'Holders of rec. Feb. 5
Elec. stor oat c.tri & at. an corn stir i 100 5 ubi,to e ts ieer. meeting ans. 16
Employers Group Associates (qu.)(No.1) "25e. Mar. 15 'Holders of rec. Mar. 1
Ewa Plantations Co.(quar.)
"60e. Feb. 15 'Holders of rec. Feb. 5
Fair (The) common (quar.)
60c. May 1 Holders of rec. Apr. 210
Preferred (quar.)
1% May 1 Holders of rec. Apr. 21a
Fairbanks, Morse (lc Co., corn.(quar.)
75c. Mar. 31 Holders of rec. Mar. 12a
Preferred (quar.)
P4 Mar. 1 Holders of rec. Feb. ha
Fairfax Airports common (No. 1)
25 mar. 30 Holders of rec. Mar. 1
,
50c. Mar. 1 Holders of rec. Feb. 15
Famous Players Canadian Corp. (qu.)__
Faultless Rut,ber (quar )
Apr. 1 Holders of rec. Mar. 14
62 3.
Fifth Ave. Bus Securities, corn. (quar.)16c. Mar. 29 Holders of rec. Mar. 13a
Mar. 2
Fifty-five Park Ave., Inc., pref
Mar. 1 Feb. 16 to
3
40c. Mar. 1 Holders of ree. Feb 15
Finance Service Co.(Baltimore), corn_ _
17)e. Mar. 1 Holders of rec. Feb. 15
Preferred (elm.)
Firestone i'Ve A Rubber. 6% pre( (oil
1 SS Mar. 1 Holders of rec. Feb. 150
Fitzsimons & Connell Dredge & Dock
"50c. Mar. 3'Holders of rec. Feb. 20
Corn. (quar.)
(u) Mar. 3'Holders of rec. Feb. 20
Corn.(I-40th share corn stock)
1 SS Apr. 1 Holders of ree Mar. 15a
Florshelm st,ee. pref. (quar.)
5
Apr. 1 Holders of ree. Feb. 10
Flynn Electric Co., common A &
75c. Mar. 15 Holders of rec. Feb. 28a
Follansbee Bros. Co., corn. (quar.)
'l3. Mar. 15'Holders of rec. Feb. 28
Preferred (quar.)
*el
Food Mirehinery stock dividend
Apr. 15 'Holders of rec. Mar. '31
65c Mar. 15 Holders of rec. Mar. 5
Foote-Burt Co. (quar.)
Forelen Power Securities partic. pf.(qu.)
I ia Feb. 15 Holders of ree. Jan. 31
*50C. Apr. 1 'Holders of rec. Mar. 15
Formica insulation (quar)
"50c. July 1 *Holders of rec. June 15
Quarterly _
"50c. Oct. 1 "Holders of rec. Sept. 15
Quarterly
Quarterly
"50c Jan1'31 *Holders of rec. Dec. 15
Foster & KleLser, common (quar.)
.2.5e. Feb. 15 'Holders of rec. Feb. 1
Pref ared (quar.)
*1St Apr. 1 *Holders of rec. Mar. 27
Foundation Co. of Canada, corn. (qua
25e. Feb. 15 Holders of rec. Jan. 31
Frank (A. B.) Co., pref. (quar.)
• e Apr. 1 *Holders of rec. Mar. le
‘
Preferred (quar.)
•15: July 1 'Holders of ree. June 18
Preferred (guar.)
, Oct. 1 •1 1 sielers of ree Scot. lb
a
Franklin Process (stock dividend)
'50
Feb. 15 'Holders of rec. Feb. 1
Fuller (George A.) Co., part. pref. (qua $1.50 Apr. 1 Holders of rec. Mar. 103
Participating pref. (Partic. dividend). $1.95 Apr. 1 Holders of rec. Mar. 103
Second preferred (quar.)
$1.50 Apr. 1 Holders of rec. Mar. 103
Second pref. (panic. dividend)
$1.40 Apr. 1 Holders of rec. Mar. 103
General Alliance Corp.(quar.)
40c. Feb. 15 Holders of rec. Jan. 31a
General Ashpalt, common (quar.)
$1
Mar. 15 Holders of rec. Feb. 280
General Box Corp., preferred (guar.) _ _ '1.4 Mar. 1 'Holders of rec. Febl 15
General Bronze common (quar.)
60c. Mar. d3 Holders of rec. Feb. 14a
General Cable (.)a45 A (quar.)..
Mar. 1 Holders of rec. Feb. 130
$1
General Clear, pref. (quar.)
I .4 Mar. 1 Holders of ree. Feb. 2Ia
General Electric new com(qu.)(No. 1)_,_ "40e. Apr. 25 'Holders of rec. Mar. 7
Special stock (guar.)
*15c. Apr. 25 'Holders of rec. Mar. 7
General Industrial and Bancshares Corp
5
Mar 1 Holders of rec Feb. 20
Class A (special)
General Motors Corp., corn. (quara_ _ *75e. Mar. 12'Holders of rec. Feb. 15a
"1 % May 1 'Holders of rec. Apr. 7a
4
7% preferred (quar.)
'1.i May 1 'Holders of rec. Apr. 7a
6% Preferred (quar)
6% debenture stock (quar.)
'13.i May 1 *Holders of rec. Apr. 7a
General Outdoor Advertising, pf. (qu.)__
1 SS Feb. 15 Holders of rec. Feb. 5a
Class A (quar.)
$I
Feb. 15 Holders of rec. Feb. 5a
General Refractories (quar.)
Feb. 25 Holders of rec. Feb. 10a
51
Extra
25e. Feb. 25 Holders of rec. Feb. 10a
Gerrard (S. A.) & Co., corn. (quar.)__... '37S5e Mar. 1 'Holders of rec. Feb. 15
Gilbert (A. C.) Co.. corn. (qu.)
•25e Mar. 31 "Holders of rec Mar. 19
Common (quar.)
*25e June 30 "Holders of rec Julie 18
Gillette Safety Razor (quar.)
$1.25 Mar. 1 Holders of rec Feb
la
Globe Democrat Publishing, pref. (qu.). 1 ai Mar.' I Holders of rec. Feb. 20
Globe Grain & Milling Co.. corn.(quar.) •50e. Apr. 1 'Holders of rec. Mar. 20
First preferred (quar.)
•43qc Apr. 1 'Holders of rec. Mar. 211
Goldberg (S. M.) Stores $7 pref. (quar.). *$1.75 Mar. 15 'Holders of rec. Mar. 1
Golden Cycle Corp. (quar.)
"40e. Mar. 10 'Holders of rec. Feb. 28
Golden State Milk Products. stk. div_ _ _ •e2.6 Mar. 1 Holders of rec. Feb. 15
Goodrich (B. F.) Co. common (quara_ _ _ $1
Mar. 1 Holders of rec. Feb. 15a
Preferred (quar.)
1% Apr. 1 Holders of rec. Mar. 15a
Preferred (quar.)
1.% July 1 Holders of rec. June 14a
Gorham. Inc., pref. (quar
75c. Feb. 15 Holders of rec. Feb. 1
Gorham Sire. common (quar.)
50c Mar. 1 Holders of rec. Feb. 15
Gosnold Mills Co. pref. (quar.)
*$1.50 Feb. 15 'Holders of rec. Feb. 5
Grand Rapids Varnish (quar.)
"25e. Apr. 1 'Holders of rec. Mar. 20
Great AtI. & Pacific Tea corn.(quar.)__
$1.25 Mar. 1 'Holders of rec. Feb. 3
"I V, Mar. 1 'Holders of rec. Feb. 3
Preferred (quar.)
2,i Apr. 1 Holders of rec. Feb. 28
1
Great Britain /a Canada Invest. pref_ _ _ _
Feb. 15 Feb. 8 to
2
Feb. 15
Great Lakes Dredge & Dock (quar.)_. _ _
Feb. 15 Feb. 8 to
Feb. 15
2
Extra
.75e. Mar. 1 'Holders of rec. Feb. 20
Great Northern Paper (quar.)
Greenfield Tap de Die Corp.6% pf. (qu.) 15i Apr. 1 Holders of rec. Mar. 15
2
Apr. 1 holders of rec. Mar. 15
8% preferred (quar.)
•75c. Feb. 15'Holders of rec. Feb. 1
Greenway Corp. cons. & pref. (quar.)
'25c. Feb. 15 'Holders of rec. Feb. 1
Common and pref. (extra)
*50c Mar. 1 'Holders of rec. Feb. 18
Gruen Watch. cartoon (quar.)
Hamilton Bank Note Engraving &
875c Feb. 15 'Holders of rec. Feb. 1
Printing (quar.)
1 Si Mar. 1 Holders of rec. Feb. 10a
Hamilton Watch pref. (quer.)
Hammerm ill Paper common (quar.)--- - '25e. Feb. 15 'holders of rec. Jan. 31
• 43Sic Mar. 1 'Holders of rec. Feb. 16
Hancock Oil. pref.(quar.)
15c. Mar. 1 Holders of roe. Feb. 20
Hanes(P. H.) Knitting Co.common_ _ _ _
1% Apr. 1 Holders of rec. Mar 20
Preferred (quar.)
•50c. Mar. 1 'Holders of rec. Feb. 15
Hart-Carter Co. cony. pref.(quar.)
•75e Feb. 15 *Holders of rec. Feb. i
Hartford times pref. (quar.)
50c. Mar. 1 Holders of rec. Feb. 17a
Hartman Corp. class A (quar.)
Class B (guar.)
30c. Mar. 1 Holders of rec. Feb. 17a
Hart, Schaffner & Marx corn. (quar.)._ "2
Feb. 28 'Holders of rec. Feb. 14
Hathaway Ilakerle.s class A (quar.)
The. Mar. 1 Holders of rec. Feb. 15
Preferred (quar.)
$1.75 Mar. 1 Holders of rec. Feb. 15
Hawaiian Pineapple (quar.)
50c. Feb. 28 Holders of rec. Feb. 15a
Hercules Powaer Corp., pref. (quar.)_
1j Feb. 15 Holders of rec. Feb. 4a
Hershey Chocolate corn.(qua (No. 1) _ _ 51.25 Feb. 15 Holders of rec. Jan. 25a
Convertible preference (guar.)
Feb. 15 Holders of rec. Jan 25a
31
Convertible preference (extra)
Feb. 15 Holders of rec. Jan. 25a
51
Prior preferred (quar.)
13i Feb. 15 Holders of rec. Jan. 2.5a
Hibbard, Spencer, Bartlett & Co.
(mthly)
35e. Feb. 28 Holders of rec. Feb. 21
Monthly
350 Mar. 28 Holders of rec. Mar. 21
Higbee Co., first pref. (quar.)
1% Mar. 1 Holders of rec. Apr. 20
First preferred (quar.)
'1U Aug. 1 Holders of rec. July 20
First preferred (quar.)
"1% Nov. 1 Holders of rec. Oct. 19
Second preferred (quar.)
Mar. 1
Mar. 1 Feb. 19 to
2
Second preferred (quar.)
June 1 Holders of rec. May 20
"2
Second preferred (quar.)
"2
Sept. 1 Holders of rec. Aug. 20
Second preferred (quar.)
Dec. 1 Holders of rec. Nov. 21
"2
Hires (Charles E.) Co. class A (quar.)...
50c. Mar. 1 Holders of rec. Feb. 15
Hobart Mfg. common (quar.)
'625c Mar. 1 "Holders of rec. Feb. 18
Hollinger Cons. Gold Mines, Ltd
5c. Feb. 25 Holders of rec. Feb. 11
Holophane Co., common
'50c. Apr. 1 'Holders of rec. Mar. 15
Preferred
41.05 Apr. 1 *Holders of ree. Mar. 15
[VOL. 130.
FINANCIAL CHRONICLE
Name of Company.
Per
When
Cent. Payable.
Books Closed,
Days Inclusive.
Miscellaneous (Continued).
•
Homo Service, common (quar.)
.
373.4c Feb. 20 'Holders of rec. Feb. 1
Hormel (George A.) & Co., corn.(qu.).. •50c. Feb. 15 "Holders of rec. Feb. 1
Preferred A (quar.)
"51.50 Feb. 15 *Holders of rec. Feb. 1
Horn & Hardart, pref. (quar.)
'l I( Mar. 1 *Holders of rec. Feb. 10
Houdaille Hershey Corp. class A (qu.).. 6254c Apr. 1 "Holders of rec. Mar. 20
'
Class B (guar.)
50e. Apr. 1 Holders of rec. Mar. 200
Household Products Inc. (quar.)
87S6c Mar. 1 Holders of rec. Feb. 150
Hudson Motor Car (quar.)
$1.25 Apr. I Holders of rec. Mar. ha
Illinois Brick (quar.)
*60e. Apr. 15 'Holders of rec. Apr. 3
Quarterly
•80e. July 15 'Holders of roe. July 3
Quarterly
•60e. Oct. 15 *Holders of rec. Oct. 3
Imperial Oil, reg. shares ((Plan)
'124c Mar. 1 *Holders of rec. Feb. 15
Bearer shares(Maui
'123e Mar. 1 *Holders of coup. No. 24
Imperial Tobacco of Grt. Brit. & Ire.
Amer. dep. rcts. for ordinary shares.._ "w83.4 Mar. 7 'Holders of rec. Feb. 13
Bonus (1 shilling 6 pence)
Mar. 7 'Holders of rec. Feb. 13
Incorporated Equities (quar.)
'50c. Feb. 15 'Holders of rec. Jan. 21
indiana Pipe Line (quar.)
50c. Feb. 15 Holders of rec. Jan. 24
Extra
25c. Feb. 15 Holders of ree. Jan. 24
Industrial Credit Corp. corn.(quara_ _ _ _ 32 4e Feb. 15 Holders of rec. Jan. 20
Ingersoll-Rand Co., common (quar.)
Mar. 1 Holders of rec. Feb. 3a
$1
Inland Steel (quar.)
Mar. 1 Holders of rec. Feb. 14a
$1
Insull Utility Invest., corn. (in stock)--- 'fl SS Apr. 15 "Holders of rec. Apr. 1
Common (payable In common stock).
July 15 'Holders of rec. July 1
Common (payable in common stock). .115-i Oct. 15 'Holders of rec. Oct. 1
$6 pref. (quar.)
.$1.50 Mar. 1 'Holders of rec. Feb. 20
Interlake Steamship, corn.(guar )
Apr. 1 *Holders of rec. Mar. 20
"$1
Internat. Agric. Corp. prior pref. (qu.)..
13.1 Mar. 1 Holders of rec. Feb. 15a
Internat. Business Machines (quar.).--- $1.50 Apr. 10 Holders of rec. Mar. 22a
Internat. Educational Publishing pref._ $1
May 1 Holders of rec. Mar. 1
International Harvester, pref. (quar.)__
1
Mar, 1 Holders of rec. Feb. 5a
Internat. Mercantile Marine
Feb. 15 Holders of ree. Jan. 28a
$1
Internat. Paper common (quar.)
60c. Feb. 15 Holders of rec. Feb. la
Internat. Paper & Power corn. A (eil.)- 60e. Feb. 15 Holders of rec. Feb. is
Internat. Safety Razor, class A (quar.)..
60e. Mar. 1 Holders of rec. Feb. 14a
Class B (quar.)
50c. Mar. 1 Holders of rec. Feb. 14a
Class B (extra)
25e. afar. 1 Holders of rec. Feb. 14a
Internat. Shoe pref.(monthly)
50e. Mar, 1 Holders of rec. Feb. 15
Internat. Sliver common (truer.)
134 Mar. 1 Holders of rec. Feb. 14a
Common (extra)
2
Mar. 1 Holders of rec. Feb. 14a
Interryee (sal,,
ornmon (guar.)
10' Feb. 1 , Holders of rec. Jan. 31a
•383.ic Feb. 28
Investment Trust of NJ
Iron Fireman (quar.)
•2:A. Mar. I 'Holders of rec. Feb. 15
Extr.t
+50e Mar. 1 'Holders of rec Feb. 15
Isle Royale Copper Co. (quar.)
•50e. Mar. 31 "Holden; of rec. Feb. 28
Jaeger Machine common (quar.)
6234c Mar. 1 Holders of rec. Feb. 14
Jewel Tea common (quar.)
75e. Apr. 15 Holders of rec. Apr. 2
*13.4 Mar. 1 'Holders of rec. Feb. 13
Jones & Laughlie Steel, corn.(quar.)
1% Apr. 1 Holders of rec. Mar. 13a
Preferred (quar.)
'Sc.. Mar. 1 *Holders of rec. Feb. 10
Kendall Co., common
$1.50 Mar. 1 Holders of ree. Feb. 100
Preferred series A (quar.)
Key Boiler Equip.(guar.)
'25c. Feb. 28 'Holders if rec. Dec. 23
•e50
Holders of rec. Dec. 28
Stock dividend
'.561-(c Aug. 1 'Holders of rec. July 17
Kidder Participations, Inc., e0a1111011_
'371-4o Feb. 1
Preferred (extra)
'37-4c Apr. 1
Preferred (extra)
.
Kidder Participations No. 2, pref.(extra) "25c. Apr. 1
•
25c. Oct. 1
Preferred (extra)
.
25c. Apr. 1 Holders of rec. Mar. 17a
Kinney (G. It.) Co., common (quar.)...
afar. 1 Holders of ree. Fell. Ito
2
Preferred ((mar.)
•25c. July 1 'Holders of rec. June 15
Klein (D. Emil) Co. (quar.)(No. l)__
25c. Mar. 1 Holders of rect. Feb. 10a
KrogerGrocery & Baking common (qu.)
Mar. 1 Holders of ree Feb. lila
Kroger Grocery & Baking.stk. dividend. el
June 2 Holders of rec May 10a
el
Stock dividend
e1
Sept. 1 Holders of rev Aug. 110
Stock dividend
Lackawanna Securities
*$1
Mar. 1 'Holders of rec. Feb. 14
Lake of the Woods Milling, corn. (quar.)
80e. Mar. 1 Holders of rec. Feb. 15
1.4 Mar. 1 Holders of rec. Feb. 15
Preferred (quar.)
Landis Machine, corn. (quar.)
"75c. Feb. 15 'Holders of rec. Feb. 5
"75c. May 15 'Holders of rec. May 5
Common (quar.)
•75c. Aug. 15 'Holders of rec. Aug. 5
Common (quar.)
'75c. Nov. 15 *Holders of rec. Nov. 5
Common (quar.)
I% Feb. 28 Holders of rec. Feb. 18a
Lanston alonotype Machine (quar.)....
250. Feb. 28 *Holders of rec. Feb. 180
Extra
•25c. Mar. 30 "Holders of rec. Mar. 20
Leath & Co., common (quar.)
.25e June 30 'Holders of rec. Juno 20
Common (quar.)
•25c. Sept. 30 'Holders of rec. Sept. 20
Common (quar.)
Letcoutt Realty Corp. corn.(quar.)
40e. Feb. 15 Holders of rec. Feb. 5
25e. Feb. 15 Holders of rec. Feb. 6
Common (extra).
Lehigh Coal & Navigation (quar.)
.$1
Feb. 28 'Holders of rec. Jan. 31
75e. Mar. 1 Holders of rec. Feb. 14a
Lebo & Fink (quar.)
23c. Mar. 1 Holders of rec. Feb. 14a
Libbey-Owens Glass, corn.(quar.)
Liberty Shares Corp. stock dividend- _ _ •el
Dec. 31
•el
Stock dividend
Mar.3I
Liggett & Myers Tobacco
$1
Mar. 1 Holders of rec. Feb. 10a
Common & common B (qUar-)
$I
Mar. 1 Holders of rec. Feb. 10a
Common and common B (extra)
Lindsay Light, corn. (quar.)
'13.4 Feb. 28 'Holders of rec. Feb. 15
Link Belt Co. common (qWar.)
65c. Mar. 1 Holders of rec. Feb. 154
Lion Oil Refining (Qua )
.
50P. fan. 31 "Holders of ree Dee. 27
, ----• 20e. Mar. I 'Holders of rec. Feb. 8
Loblaw Groceteria,s, Ltd.. el. A&B (qu.) •
Lopw's Inc pref. (guar )._
------$ 1 624 Feb. 15 Ilotocrs of ree Fol). la
Lord & Taylor, 1st Pref. (quar.)
13.4 Mar, 1 Holders of reo. Feb. 17
Los Angeles Investment (qusr.)
•30e. Feb. 15 'Holders of rec. Jan. 15
miesbtris
$1 621 Feb. 15 Hewers er
Itefloltiv twef ((luar.)
('eb. la
Ludlow Mfg. Associates (guar.)
$2.54) Mar. 1 Holders of rec. Feb. 8
• Sic Mar. 15 'Holders of rec. Mar. 5
37
Lunkenheimer Co.. corn. (quar.)
Preferred (quar.)
'13.4 Apr. 1 "Holders of rec. Mar. 22
yneo (:sets msetilne corn (quar.)
•50e. ,
1 e1). 1.5 *Holders of re Pea 5
,
*SI
Macfadden Publications, corn
Apr. 15 *Holders of rec. Mar. 15
M iy it it &
600. Feb. 15 Holders of re Jau. 240
, corn.(guar.)._ _
,
WTI mon (Payable In ,
Ft.!). IS Holders of en I.mr, 24a
svo stock).- - _
/5
Magnin (I.) & Co., pref. (quar.)
'11-4 Feb. 15 'Holders of rec. Feb. 5
Preferred (quar.)
'13.4 May 15 "Holders of rec. May 5
*1 Sa Aug. 15 'Holders of rec. Aug. 5
Preferred (quar.)
*114 Nov. 15 'Holders of rec. Nov. 5
Preferred (quar.)
50c, Mar. 1 Holders of ree. Feb. 15a
Manhattan Shirt, corn. (quar.)
Mar. 1 •Iloidere of roc Feb. 20
fl
Asuiscaewitz (B.) Co., coin.
stit - •
'urn fogy In corn. stock)(quar.).
June 1 'Holders of "em' %Ns 20
'11
,
•
Marine Midland ((Plan)
300. Mar. 31 'Holders of rec. Mar. 1
Marmon Motor Car (quar.)
50c. Mar. 1 Holders of rec. Feb. 18a
Mascot 011 (monthly)
*lc. Feb. 25 'Holders of rec. Feb. 15
May Department Stores, corn. (quara -50c. Mar, 1 holder's of rec. Feb. 15a
fl.Se Mar. 1 Holders of rec. Feb. 15a
Corn.(payable in corn. stock)
Common (payable in common stock). fl 3. June 2 Holders of rec. May 15a
Common (payable in common stock)_ fl 3
Sept. 2 Holders of rec. Aug. 15a
Common (payable in common stock). fl y Dec. 1 Holders of rec. Nov. 15a
May Radio & Television (qu.)(No. 1)__ .
25c. Feb. 15 *Holders of roc. Jan. 31
McColl lerontenac Oil (quar.)
'15e. Mar. 15 'Holders of rec. Feb. 15
McCrory Sts. Corp., corn. & corn. B(qu.)
50c. Mar. 1 Holders of roe. Feb. 20a
McIntyre Porcupine Mines (guar 1
25,' Mar. 1 Holders ,)( ree Feb. 15
McKesson & Robbins, Inc., pref.(qu.).. 8734c. Mar. 15 Holders of ree. Feb. 28a
Medan (Fred) Mfg., corn
50e. Mar. 1 Holders of rec. Feb. 18
Mengel Co.common (guar.)
50c. Mar. 1 Holders of ree. Jan. 31a
Preferred (quar.)
I S‘ Mar. 1 Holders of tee Feb. 154
Mercantile Stores Co., corn. (quara_ _ _ _ "$1.25 Feb. 15 *Holders of rec. Jan. 31
Preferred (quar.)
•lai Feb. 15 *Holders of rec. Jan. 31
Merrimack Mfg. common (quar.)
3
Mar. 1 lIolders of rec. Jan. 10
Preferred (quar.)
234 Mar. 1 Holders of rec. Jan. 10
Merritt, Chapman & Scott, corn.(quar.) "40c. Mar, 1 "Holders of ree. Feb. 15
Preferred (quar.)
'$134 Mar. 1 *Holders of rec. Feb. 15
-Goldwyn Pictures, pref.(quer.).- 473.4c Mar. 15 Holders of reo. Feb. 280
Metro
Miami Copper Co. (quar.) _
$1
Feb. 15 Holders or rec. Fob. la
Mid-Continent Petroleum corn. (quar.).
50c. Feb. 15 Holders of rec. Jan. 154
Miller (I.) & Sons, corn.(quar.)
50c. Apr. 1 Holders of rec. Mar. 15
Preferred (quar.)
134 Mar. 1 holders of rec. Feb. 15
$1.50 Feb. 15 Holders of rec. Feb. 40
Mineapolls-Horreeweil 'tea- cara
Extra.
_
-------- _
50c. Feb. 15 Holders of rec. Feb. 4a
Minneapolis a loline Power Implement
Co., pref. (quar.)
$1.625 Feb. 15 Holders of rec. Jun. 25a
FEB. 15 1930.]
Name of Company.
FINANCIAL CHRONICLE
Per
When
Cent. Payable.
Books Closed
Days Inclusive.
Miscellaneous (Continued).
Miss. Vol. Utilities Invest., pref. (qu.)__ 31.75 Mar. 1 Holders of rec. Feb. 15
Missouri-Kansas Pipe Line,corn.((sue _ _ 4 Ye Feb. 15 'Holders of rec. Jan. 31
12
Missouri Portland Cement
"50c. Feb. 1 'Holders of rec. Jan. 23
Mitten Bank Securities Corp.. corn. & pf. 03%c Feb.15 Holders of rec. Dec. 310
Mock-Judson-VoehrInger. corn. (qu.)
50c. Feb. 15 Holders of rec. Feb. 1
Mohawk Mining
$1.50 Mar. 1 Holders of rec. Jan. 31
Montgomery Ward Sr. Co., corn.(quar.) _
75c. Feb. 15 Holders of rec. Feb. 4a
Moody's Invest. Service, partic. pf.(qu.)
75e Feb. 15 Holders of rec. Feb. 1
Moreland Motor Truck, pref.(quar.) _ _ _ *17 Yee Mar. 31
Morison Electrical Supply, corn. (qu.)
25e Mar. 1 Holders of rec. Feb. 15
Common (payable in corn stock)
/let Mar. 1 Holders of rec. Feb. 15
Morse Twist Drill & Mach.(quar.)
Feb. 15 'Holders of rec. Jan. 30
"2
Mortgage Bk. of Colombia, Amer.shs_ _ _ *$1.91 Feb. 15 *Holders of rec. Feb. 1
Motor Products Corp. (gear.)
Apr. 1 Holders of rec. Mar. 20
Munsingwear, Inc. (quar.)
The. Mar. 1 Holders of rec. Feb. lie
Extra
Mar. 1 Holders of rec. Feb. lie
$1
National Baking, pref. (quar.)
"lee Mar. 1 *Holders of roe. Feb. 10
National fteartne Metals, corn.(nu )- _
75e. Mar. 1 Holders of rec. Feb. 15
National Hellas Hess Co.. Pref.(quer.)_ _
1% Mar. 1 Holders of rec. Feb. 18a
National Biscuit, corn. ($10 par) (quar.)
70e. Apr. 15 Holders of rec. Mar. 20a
National Biscuit, corn.($25 Par) (guar.)- $1.75 Apr. 15 Holders of rec. Mar. 200
Preferred (Qum.)
13.( Feb. 28 Holders of rec Feb. 14a
National Dairy Products Co.
Corn.(payable in com.stock (quer.)_ _ 11
Apr. 1 Holders of rec. Mar. 3n
Corn.(payable in corn. stock) (Qual.). fl
July 1 Holders of rec. June 33
Corn (payable in eom stock) lunar.)
Oct. 1 Holders of rec. Sept 3a
!I
Nat. Dept. Stores, 2d pref. (quar.)
+1% Mar. 1 'Holders of rec. Feb. 15
Nat. Enaineline& Stpg. (quar.)
50c. Mar. 31 Holders of rec. Feb. 2Sa
Nat. Family Stores, corn.(quar.)
40c. Mar. 1 Holders of rec. Feb. 20
Preferred (quar.)
50c. Mar. 1 Holders of rec. Feb. 20
Nat. Food Products Corp. el. A (qu.)
62 tic. Feb. 15 Holders of rec. Feb. 3a
National Lead, class A (quar.)
15( Mar. 15 Holders of rec. Feb. 28a
National Refining, corn. (quar.)
37eic Feb. 15 Holders of rec. Jan. 31
Nat. Securities Investment, pref.(qu.)_ _ '81 00 Feb. 10 *Holders of ree. Jan. 20
National Steel (quar.) (No. 1)
50e. Mar. 10 Holders of rec. Mar. 3
National Supply common (quar.)
$1.25 Feb. 15 Holders of rec. Feb. 5a
Nehl Corp., corn.(quar.)
321c Mar. 1 Holders of rec. Feb. 13
Need Mfg.(qual.)
"1 Ye Feb. 15 'Holders of rec. Feb 6
Newport Co, corn.(quar.)
•50c. Mar. I *Holders of rec. Feb. 21
Chem A (guar.)
75c Mar. 1 Holders of rec. Feb. 21a
N. Y Tran.sportation. (quar.)
*50c. Mar. 28 'Holders of rec. Mar. 13
Nineteen Hundred Corp. (guar.)
50c. Feb. 15 Holders of rec. Feb. 1
Nobilit sparks Industries tin stock)__ _ 'el 3..
1 *1-loklers of rec. Mar. 20
Apr
Stock dividend
'el Ye luly 1 *Holders of rec. June 20
Stock dividend
"el
Oet. 1 *Holders of ree Sept 20
North Central Texas 011 (quar.)
15c. Mar. 1 Holders of rec. Feb. 10
Northam Warren Corp. pref. (quer.).
.75c. Mar. 1 'Holders of rec Feb. 15
Ogglesby Paper pref.(quar.)
'1.50 May 1 'Holders of rec. Apr. 20
Preferred (quar.)
411.50 Aug. 1 *Holders of rec. July 20
Preferred (quar.)
411.50 Nov. 1 'Holders of rec. Oct. 20
Ohio Oil (quar.)
4,50e. Mar. 15 'Holders of rec. Feb. 14
Extra
•50c. Mar. 15 "Holders of rec. Feb. 14
Ohio Seamless Tube (quar.)
50c Feb. 15 Feb. 6 to
Feb. le
Oilroyalty invest., pref. (monthly)
•10c Feb. 15 'Holders of rec. Jan. 31
Olistre•ks. 1 td . ememon A Ar B (quar.) "12 Ye, Fele I. siloldrr of rec .1:11 31
,
Omnibus Corp.. pref. (quar.)
Apr. 1 Holders of rec Mar. 14a
2
Ontario Mfg , corn. (quar.)
075c Apr. 1 'Holders of rec. Mar 20
Preferred (quar.)
•I le Apr. 1 *Holders of rec. Mar 20
Ontario Steel Products, corn. (quar.) ___
40c. Feb. 15 Holders of rec. Jan. 30
Preferred (guar.)
1 % Feb. 15 Holders of rec. Jan. 30
Oppenhelm, I 'oillos&co., Inc., corn .(qii
,
+1 27. Feb. 1, ItoMers of rw• I•oi 31a
Orange Crush Co. (quar.)
"37 eic Feb. 25 'Holders of rec. Feb. 15
Oshkosh Overall. pref. (quer.)
•50e. Mar. 1 'Holders of rec. Feb. 21
Otis Company, common
Feb. 15 Holders of rec. Feb
$1
1
Owens Illinois Glass, common (quer.) _ _ .
Feb. 15 Holders of rec. Jan. 31a
$1
Preferred ((iuer.)
lye Apr. 1 Holders of rec. Mar. 16
Pacific Aesoelatre otter.)
•50,. Feb 15 .If 'piers of re'.. .Tan. 31
Pacific Cotton Seed Products, corn.(clue •1
Mar. 1 'Holders of rec. Feb. 20
Packard Motor Car (quar.)
25e Mar. 12 Holders of rec. Feb. 15a
Peewee Corp., corn (floor.)
*1 te Feb IF. 'Holders of rec. Feb. 8
Parker Pen common (quar.)
62 tie Feb. 15 Holders of rec. Feb. 1
Parker Rust Proof (quar.)
•50c. Feb. 20 *Holders of rec. Feb. 10
Extra
'125e Feb. 20 *Holders of rec. Feb. 10
Park & Teford, Inc. (quar.)
75 Apr. 1, Holders of rec. Mar. 290
Stork Me Wend
A or Pr Holders of ree. Mar. 206
1
Pender (D.) Grocery, clams A (qu.)
•87Yec Mar. 1 *Holders of
Pennsylvania I n eestine. class A (quar.) (12 Sir Mar. 1 Holders of rec. Feb. 20
rec. Jan. 310
Phillips-Jones Corp., corn. (quar.)
The. Mar. 1 Holders of rec. Feb 20a
Phoenix Hosiery, 1st pref. (quar.)
1% Mar. 1 Holders of
Pickwick Corp.. 7% preferred (guar.)._ .17 yec Feb. 25 'Holders of rec. Feb.d15a
rec. Feb. 15
8% preferred (Misr
"20c. Mar 25 'Holders ci ree Mar 15
Pierce-Arrow Motor Car, pref. (qu,)__
1 le Mar. 1 Holders of rec. Feb. 10a
Pillsbury Flour Mills, corn. (quer.)
50c. Mar. 1 Holdres of rec. Feb 15a
Pines Winterfront Co. (quar.)
+25c Mar. 1 'Holders of rec. Feb 15
Stock dividend
Mar. 1 'Holders of rec. Feb 15
"e2
Pittsburgh Steel pref. (guar.)
1% Mar. 1 Holders of rec. Feb. 8a
Poor Ar Co., clase A & B (guar.)
50c. Mar. 1 Holders of rec. Feb. 15a
Powdrell & Alexander Co. corn. (guar.). '87 Yee Feb. 15 'Holders of rec.
Feb. 1
Common (extra)
'37 Yee Feb. 15 'Holders of rec. Feb. 1
Preferred (guar.)
•15,i Apr. 1 'Holders of rec Mar.
15
Pratt & lambert, Inc (quar.)
Apr. 1 'Holders of rec. Mar. 15
111
Pressed Steel Car, prof. (guar.)
1( Mar. 31 Holders of rec. Mar. la
Prorter k
room on (quar.)
500.11
Feb. I:,
.11(ler, of rer .11m 25a
Public Investing Co. (quar.)
25e. Mar. 15 Holders of rec Feb. 15
Extra
be. Mar. 15 Holders of rec. Feb 15
Pullman, Inc.(quar.)
Feb. 15 Holders of ree. Jan 240
SI
Pure 011 common (quar.)
37Yee Mar. 1 Holders of rec. Feb. 10a
Purity Bakeries common (quar.)
Mar 1 Holders of rec. Feb.
$1
Quaker Oats pref (quar.)
el re Feb. 25 *Holders of rec Feb. 15a
la
Quissett Mill (quar )
15 Feb. 15 Holders of rec. Feb. 5
Radio Corp. of Amer., pref. A (quar.).... enie. Apr. 1 Holders of rec.
Mar. la
Preferred B (guar.)
$1.25 Apr. 1 Holders of rec. Mar. la
Railroad Shares Corp.(No. 1)
123.c Mar. 15 'Holders of rec.
Rainier Pulp & Paper, class A (qu.)--- - •50c Mar. 1 'Holders of rec. Feb. 17
Feb. 10
Class B tquar.)
"25e. Mar. 1 *Holders of rec Feb. 10
Rapid Electrotype (quar.)
.37).0 Mar. 15 'Holders of rec. Mar. 1
Helium, International Corp., pref. (qu.)
Mar. 1 Holders of rec. Feb. 20
75e
Republic Iron & Steel common (quar
1
Mar. 1 Holders of rec. Feb. ha
Preferred (quar.)
1 Holders of rec. Mar. 12a
l3 Apr
Republic Supply (quer.)
•75c. Apr. 15 •Holders of tee Apr. 1
Quarterly
"75e. filly 15 'Holders of rec. July 1
Quarterly
.7ee. Oct. 15.•Holdera of ree Oct. 1
Reymer Bros. (quar.)
•25e. Feb. 15 'Holders of rec. Feb. 1
Reynolds Metals (quar.)
•60e. Mar. 1 'Holders of rec. Feb. 15
Richfield Oil common (qoar.)
500. Feb. 15 Holders of rec. Jan. 20a
Rolland Paper, Ltd.. pref. (quar.)
1 Ye Mar. 1 Holders of rec. Feb. 15
Rosy Theatres Corp., corn. A (quar.)..,. •87eec Mar. 1 'Holders
of rec. Feb. 15
Russ Bldg., San Francisco, Prof. (qu.)
'1)ea Feb. 15 'Holders of rec. Jan. 31
St. Joseph Lead Co. ((peva
50e. Mar. 20 Mar. 8 to
Mar. 20
Extra
25c. Mar 2(1 Mar. 8 to
Mar. 20
Quarterly
50c Juno 20 June 10 to
June 20
Extra
25c June 20 June 10 to
June 20
Quarterly
hOe ;opt. 2e Sept. 10 to Sept 21
Extra
25e. eept. 20 Sept. 10 to
Sept. 21
Quarterly
Cele. Dec. 20 Dec. 10 to
Dec. 21
Extra
25e Dec. 20 Dec 10 to
Dec.
St. Louis Car Co., corn
y*50e mar. 1 'Holders of roe. Feb. 31
1
Savage Arms common (guar.)
50c. Mar. 1 Holders of rec. Feb. 15a
Preferred (guar.)
'l3e May 15 "Holders of rec. May
1
Second preferred (quar.)
•1 ,, Feb. 10 'Holders of rec. ken. i
1
Schletter dt Zander. pref. (guar.)
*873ee Feb. 15 'Holders of ree. Jan.
31
Preferred ((mar 1
'874e May 15 'Holders of rec. Apr. 30
Schumacher Wall Paper. pref. (maze _ _ *50c. Feb. 15 *Holders
of rec. Feb. 5
Scotten-Dillon Co. common (guar.)._ •30e. Feb. 15 "Holders
of rec. Feb.
Common (extra)
•20c. Feb. 15 'Holders of rec. Feb. 7
7
Seaboard Surety (quar.)
11e Feb. 15 Holders of rec. Jan. 31
Seaboard Utilities Shares Corp..Del.(qu.) i25.c Apr. 1 Holders of
rec. Mar. 10
Sears. Roebuck dr Co.,stock div.
ei
may 1 Holders of rec.
Apr. 14a
Seth Thomas Clock (quar.)
'371'(c Feb. 15 'Holders of rec. Feb.
5
Extra
*25c. Feb. 15 'Holders of rec. Feb.
5
Name of Company.
1075
Per
When
Cent. Payable.
Books Closed,
Days Inclusive.
Miscellaneous (Continued).
Sherwin-Williams Co., corn. (quer.).--$1
Feb. 15 Holders of rec. Jan. 31
Common (extra)
1254c Feb. 15 Holders of rec. Jan. 31
Preferred (quar.)
1.ei Mar. 1 Holders of rec. Feb. 14
Shippers Car Line, class A (quar.)
50c. Feb. 28 Holders of rec. Feb. 14
Preferred (quar.)
1% Feb. 28 Holders of rec. Feb. 14
Simon (Franklin) & Co., pref. (quar.)......
13( Mar. 1 Holders of rec. Feb. 18a
Simon (Ile & Sons, Montreal, corn.(gu.) 623.c. Mar. 1 Holders of rec. Feb. 18
Preferred (curse.)
1% Mar. 1 Holders of rec. Feb. 18
Sinclair Consol. Oil, 8% pref. (quar.)
2
Feb. 15 Holders of roe. Feb. la
Skelly 011 ,quar.)
50c. Mar. 15 Holders of rec. Feb. 14a
SmAh (A. 0.) Corp. common (quar.).... _
50c. Feb. 15 Holders of rec. Feb. 1
Preferred (quar.)
1% Feb. 15 Holders of rec. Feb. 1
Solvay American Investment. pf. (qu.).. $1.375 Feb. 15 Holders or rec. Ja,n. 15a
Southern Ice & Utilities, pref. (quar.)
$1.75 Mar. 1 Holders of rec. Feb. 15
Participating preferred (guar.)
$1.75 Mar. 1 Holders of rec. Feb. 15
Southern Pacific Golden Gate Ferries
Class A & B (quar.)
'37)c Feb. 15'Holders of rec. Jan. 31
'13i Feb. 15 *Holders of rec. Jan. 31
Preferred (quar.)
Spalding (A. G.) & Bros. corn. (qu.)
50e. Apr. 15 Holders of rec. Apr. la
First pref. (quar.)
1% Mar. 1 Holders of rec. Feb. 15a
Second preferred (quar.)
Mar. 1 Holders of rec. Feb. 15
2
Spear & Co. 1st & 25 pref. (quar.)
19.-i Mar. dl Holders of rec. Feb. 150
Standard Cap & Seal (quar.)
'11
Feb. 15 'Holders of rec. Feb. 1
Standard Dredging corn. (qu.) (No. I)
15e. Mar. 1 Holders of rec. Feb. 15a
Common (1-80th share corn. stock)....- (I) Mar. 1 Hdlders of rec. Feb. 15a
Standard i nveting Corp , Prof. (qu.)
31.375 Feb. 15 Holders of rec. Jan. 27
Standard 011 (Calif.) (quar.)
62 tic Mar. 15 Holders of rec. Feb. 15a
Standard 011 (Indiana) (quar.)
'62 tic Mar. 15 'Holders of rec. Feb. 5
Standard Oil (Nebraska) (quar.)
62Sc Mar. 20 Feb. 26 to Mar. 20
Extra
25c. Mar. 20 Feb. 26 to Mar. 20
Standard 011 01 N. J. $100 par (quar.)
Mar. 15 Holders of rec. Feb. 150
1
$100 par stock (extra)
Mar. 15 Holders of rec. Feb. 15e
1
$25 par stock (quar.)
25c. Mar. 15 Holders of rec. Feb. 15a
$25 par stock (extra)
25c. Mar. 15 Holders of rec. Feb. 150
Standard Oil of N. Y.(quar.)
40e. Mar. 15 Holders of rec. Mar. la
Standard 011 of Ohio, pref. (quar.)
13 Mar. 1 Holders of rec. Feb. 7
Standard Paving Materials, Ltd. Me
50c. Feb. 15 Holders of rec. Feb. 1
Stand Royalties Wetumka pf. (mthly.)lc. Feb. 15 Holders of rec. Jan. 31
Stand Royalties Wewoka pf. (mthly.).
le. Feb. 15 Holders of rec. Jan. 31
he.
Stand. Royalties Wichita pf. (mthly)
lc. Feb. 15 Holders of rec. Jan. 31
Stearns (Fred'k) & Co.. corn. (mthly.)_• 16 2-3c Feb. 28 'Holders of rec. Feb. 21
Stein (A.) & Co. common (guar.)._
40e. Feb. 15 Holders of rec. Jan. 31
Sterchl Bros Stores, Inc., corn. (quar.)
'30c. Feb 15 'Holders of rec. Jan. 31
Sterling Securities, preference (quar.).
30c. Mar. 1 Holders of rec. Feb. 161
Convertible first pref. (quar.)
75c. Mar. 1 Holders of rec. Feb. 15a
Stewart-‘S artier Corp.vew $ifi oar stock (in stock)
e2
' b. 15 Holders of rec. Feb. Go
1,,
Stewart-Warner Corp.(quar.)
873.c Feb. 15 Holders of rec. Feb. 5a
Stlx. Baer & Fuller, corn. (quar.)
.37 tic Mar. 1 'Holders of rec. Feb. 15
Common (quar.)
'37 tic June 1 "Holders of rec. May 15
Common (quer.)
*37 tic Sept. 1 'Holders of rec. Aug. 15
Common (quar.)
*37 Sec Dec. 1 'Holders of rec. Nov. 15
Studebaker Corp. common (quar.)
$1.25 Mar, 1 Holders of rec. Feb. 10a
Preferred (quar.)
1 % Mar. 1 Holders of rec. Feb. 10a
Sun Oil 1 er.eommon (quar.)
25c. Mar. 15 Holders of rec. Feb. 25a
1 Ye Mar. 1 Holders of rec. Feb. 10a
Preferred (guar.)
Superior Portland Cement class A (que- "273ec Mar. 1 'Holders of rec. Feb. 23
ewiit I Titernati01 .
el.25 Feb. 15 1-folders of roe. Jan. 1h
1010 Fifth Avenue, Inc., pref
Feb. 15 Feb
3
1 to
Feb. 16
Thatcher Mfg. pref. (guar.)
90e. Feb. 15 Holders of rec. Feb. Zgi
enompson (3 R. Co (monthly)
311e Mar. 1 Holders of rec. Feb. 21e
Thompson Products pref boar
•lq Mar. 1 *Holders of rec. Feb 20
Thompson-Starrett Co., Inc., Pref. 1311.) 875c Apr. 1 Holders of rec. Mar. lba
(
Tide Water Associated 011
30e. Feb. 15 Holders of rec. Jan. 310
30e. Aug. 15 Holders of rec. July 31a
Semi-annual
The Wrarr Oil. 5% pref. (quar
11
4 Feb. 15 Holders of rec. Jan. 17e
TImken-Detrolt Axle pref. ((Mare
Mar, 1 Holders of rec. Feb. 200
15
Timken Roller Bearing common (guar.) _
75e. Mar. 5 Holders of rec. Feb. 18a
Transcontinental Oil (new)
"30c. May 1 'Holders of rec. Apr. lb
Tel-Utilities Corp., corn. (qu.)(No. 1)
"300. Apr. 1 'Holders of rec. Mar. 16
Apr. 1 'Holders of rec. Mar. 15
Common (payable in common stock)- sfl
-tee. ,s(o -k dividend)
e6
Mar. 6 Holders of r, Jan
em
lee Mar.' 1 Holders of rec. Feb. 11.1
PrefeeredfOrme
Tudor City Sixth Unit, Inc.. prof
Feb. 15 Feb. 1 to
3
Feb. 16
Union Storage Co.(qual.)
'62(4c Feb. 15 'Holders of rec. Feb. 1
Quarterly
'6214c May 15 *Holders of rec. May 1
Quarterly
'62 tic Aug. 15'Holders of rec. Aug. 1
"62 tic Nov. 15 'Holders of rec. Nov. 1
Quarterly.
Union Tank Car new stk. (qu.)(No. 1)_ _
418'. Mar. 1 Holders of rec. Feb. 150
United Biscuit common (quar.)
40e. Mar. 1 Holders of rec. Feb. 17a
United Chemicals panic. pref. (quar.)
"75c. Mar. 1 'Holders of rec. Feb. 15
United Engineering & Fdy corn. (qu.)
"40e. Feb. 14 *Holders of rec. Feb. 4
Common (extra)
"35c. Feb. 14 'Holders of rec. Feb. 4
'1% Feb. 14 'Holders of rec. Feb. 4
Preferred (Qum.)
United Piece Dye Works, corn. (quar.)_ _
50c. May 1 Holders of rec. Apr. 154
Common (quar.)
50c. Aug. 1 Holders of rec. July 15a
Common (guar.)
50e. Nov. 1 Holders of rec. Oet. 156
Preferred (attar.)
1 ee Apr. 1 Holders of rec. Mar. 30a
Preferred (quar,)
lei July1 1 Holders of rec. June 20a
Preferred (quar.)
1(. Oct. 1 Holders of rec. Sept. 206
1(e Jan 2'31 Holders of rec. Dee. 20e
Preferred (quar.)
U S. Freight common (quar.)
75c Mar. 10 Holders of rec. Feb. 10e
U. S. Hoffman Machinery (quar.)
50c. Mar. 1 Iloiders of rec. Feb. 18a
U. S. Pipe & Foundry. corn. (quar.)
2te Apr. 20 Holders of rec. Mar. 314
Common (utter.)
2ke July 20 Holders of rec. June 300
Common (quar.)
21
4 Oct. 20 Holders of rec. Sept. 30a
Common ((Plan)
21e Jr. 20'31 Holders of rec. I)ec. 31a
First preferred (quar.)
300. Apr. 20 Holders of rec. Mar. 31e
First preferred (quar.)
30c. July 20 Holders of rec. June 300
First preferred (quar.)
30c. Oct. 20 Holders of rec. Sept. 30a
First preferred (quar.)
30c. Jo. 20'31 Holders of rec. Dec. 3Ia
Second preferred (guar.)
t30c. Apr. 20 Holders of rec. Mar. 31a
Second preferred (guar.)
130c. July 20 Holders of rec. June 300
Second preferred (quar.)
130c. Oct. 20 Holders of rec. Sept. 300
Second preferred (quar.)
130c. Ja 20'31 Holders of rec. Dec. 31a
U S Realty & Iflint (quar.)-$120 Mar 15 Wildem of rec. Feb 144
United States Steel Corp. corn. (quar.). _
1% Mar, 29 Holders of rec. Feb. 27a
Preferred (qual.)
lei Feb. 27 Holders of rec. Feb. la
U.S.Stores Corp. new 1st pf (qu.)
(No.1) $1.75 Mar. 1 Holders of rec. Feb. 20a
& Industrial Corp., pref. (guar.) 37;ur Fee. 20 Holders of rec. Jan. 31
,
Vacuum Oil (quar.)
Mar. 20 Holders of rec. Feb. 28
$1
Vanadium Corp of America ((ware
75r Feb. 15 Holders of rec. Feb. la
Veeder R.00t, Inc., quar.)
"62c. Feb. 15 'Holders of rec. Jan. 31
Venezuelan Petroleum (qual.)
'Sc. Feb. 15 'Holders of rec. Jan. 31
Va-Carolina Chemical, prior pref. (qu.) 1% Mar. 1 Holders of rec. Feb. 14a
mtg (wins u
•50c Apr
1 'Holders of rec. Mar 15
Vulcan Detinning corn. & corn. A
1
Apr. 19 Holders of rec. Apr. 10a
Preferred and pref. A (guar.)
1q Apr. 19 Holders of rec. Apr. 100
Wagner Electric Co. common (quar.)...... 37 Yee Mar. 1 Holders of rec. Feb. 12
Common (extra)
50e. Mar. 1 Holders of rec. Feb. 12
Warner Bros. Pictures corn. (quar.)
$1
Mar. 1 Holders of rec. Feb. los
Preferred (quar.)
550. Mar. 1 Holders of rec. Feb. 30a
Warren (S. D.) Co.common (quar.)....
iq Feb. 15 Holders of rec. Jan. 31
Wayne Pump pref. (quar.)
'8754c Mar. 1 'Holders of rec. Feb. 15
Welch Grape Juice common (qual.)
25c. Feb. 28 Holders of rec. Feb. 15
Common (extra)
25c. Feb. 28 Holders of rec. Feb. 15
Preferred (quar.)
1% Feb. 28 Holders of rec. Feb. 15
Wesson Oil & Snowdrift, Inc., pf. (qu.), 51
Mar. 1 Holders of rec. Feb. 15e
Western Auto Supply corn. A dc B (qu.),
750. Mar, 1 Holders of rec. Feb. 18
%cower!. ineurame securities
*2.5e Mar. 1 *Holders of ree. eu
15
Westfield Mfg. (quar.)
•50c. Feb. 15 *Holders of rec. Jan. 31
Westinghouse Elec. & Mfg.
Common and preferred (quar.)
51.25 Apr. 30 Holders of rec.
Mar. lba
Westvaco Chlorine Products corn. (Qtl.)50c. Mar. 1 Holders
West Va. Pulp & Paper. coin. (in stock) _ f331 Feb. 26 *Holders of rec. Feb. 15a
4
of rec. Jan. 14
Wheatsworth. Inc., corn. (timer.)
"25c. Apr. 1 *Holders of rec.
Mar. 20
8% preferred (qesr.)
"2
Mar. I "Hoidens of rec. Feb. 15
Wheeling Steel (quar.)
*$1
Mar. 1 *Holders of rec. Feb. 12
Whitaker Paper, common (quar,)
'
431.50 Apr, 1 "Holden of rec. Mar.
.1% A
2
0
Preferred (quar.)
"Holders of rec. Mar. 20
Name of Company.
Per
(Viten
Cent. Payable
Books Closed
Days /whist's.
Miscellaneous (Concluded).
Feb. 15 Holders of rec. Jan. 31
6
White (J G.) & Co. common
13-5 Mar. 1 Holders of rec. Feb. 15
Preferred (quar.)
Mar. 1 Holders of rec. Feb. 15
White (J. G.) Engineering Corp. pf.(qu.)
1
10c Feb. 15 Holders of rec Feb
Will tv Baumer candie eommon (qu
5 Feb. 15 Feb. 4 to Feb. 15
Willcox & Gibbs Sewing Machine
1)( Apr. 1 Holders of rec. Mar. 18a
Willys-Overland Co., pref.(quar.)
Wilson & Co. pref (acct. accuru. divs.)- h1X Apr. 1 Holders of rec. Mar. 10
*5(k. Apr. 1
Wilson (Perry) & Co (No. 1)
$3.51) Feb 15 Holders of rec. Jan. 15
Wilson line. Inc., preferred
*236 May 1 *Holders of rec. Apr. 15
Winsted Hosiery (guar.)
550c May 1 *Holders of rec. Apr. 15
Extra
*234 Aug. 1 *Holders of rec. July 15
Quarterly
*50c. Aug. 1 *Holders of rec. July 15
Extra
*234 Nov. 1 *Holders of rec. Oct. 15
Quarterly
550c. Nov. 1 *Holders of rec. Oct. 15
Extra
Mar. 1 *Holders of roe. Feb. 20
*51
Winton Engine common (quar.)
*75c. Mar. 1 *Holders of rec. Feb. 20
Preferred (quar.)
15c. Feb. 15 Holders of rec. Feb 5
Wolverine Portland Cement (quar.)___ _
•pki Mar. 1 *Holders of rec. Feb. 14
Wolverine Tube, pref. (quar.)
Mar. 1 *Holders of rec. Feb. 10
Woolworth (F. W.) Co. corn. (quar.)_
50c Mar. 1 Holders of rec. Feb. 20a
Wrigley (Win.) Jr., Co. (monthly)
25c Apr. 1 Holders of rec. Mar. 20a
Monthly
,
25 vSay 1 Holders of rec. Apr. 19a
Monthly
_
Mar. 1
•12
Yellow Cab Co.(Pitts.)(mthly.)
75c. Apr. 1 Holders of rec. Mar. 13a
Young (L. A.) Spring & Wire, mom.(qu.)
Youngstown Sheer & Tube, corn. (qu.)- $1.25 Apr. 1 Holders of rec. Mar. 14a
1 X Apr. 1 Holders of rec. Mar. 14
Preferred (quar.)
40e. Feb. 25 Holders of rec. Feb. 15
Unite Products Corp. (quar.)
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. I The
New York Curb Market Association has ruled that stock will not be quoted exdividend on this date and not until further notice.
I Subject to approval of stockholders.
Transfer books not closed for this dividend.
e Payable in stock.
f Payable in common stock. g Payable In scrip.
dividends. j Payable in preferred stock.
4 Correction.
h On account of accumulated
f Middle West Utilities $6 pref stock dividend payable at option of holder either
$1.50 cash or 3-80ths share common stock.
k Payable either in cash or 1-40th share class A stock for each share held.
I Empire Public Service Corp. stockholders have option of applying dividend to
Purchase of class A stock at $18 per share.
m General Gas & Electric common A & B dividend will be applied to the purchase
of common A stock at rate of $25 per share unless written notice of their desire to
take cash is given by stockholders prior to March 22.
n Richmond National Bank dividend to be ratified by stockholders at meeting
on Feb. 23.
o Nashville Chattanooga dr St. Louis stock dividend approved at board of directors' meeting on Jan. 14.
p Blue Ridge Corp. dividend is payable at rate of 1-32d share common stock
for each share of preferred unless written notice is received on or before Feb. 15 of
stockholder's desire to take cash-75c. per share.
q Butler Bros. voted to suspend dividends for the balance of 1930.
r N. Y. Stock Exchange rules Nashville Chattanooga & St. Louis be quoted exam 60% stock dividend on Feb. 17.
a Holders of Federal Water Service class A stock may apply 50c. of the quarterly
dividend to purchase of additional class A stock at $27 per share. Unless notified
to the contrary on or before Feb. 13, 50c. of the dividend will be paid In class A stock
aad 10c. in cash.
I Payments on 2d pref. stock of U. S Pipe & Fdy. Co. subject to discontinuance
In the event of the redemption of that stock before all dividends are paid.
w Fitzsimons & Connell Dredge & Dock declared a stock dividend of one-tenth
stare common stock payable in quarterly installment of one-fortieth of a share.
Central Public Service dividend 43Xc. casn or 1-40th share of class A stock.
-438S deduction for expenses of depositary.
ti I
z Empire Corp. pref. dividend is 1-16th share corn. stock or at option of bolder
75c. In cash.
7 St. Louis Car Co. payable 50c. cash or in corn. stock at $16 per share at option
of bolder.
z United Trust Shares dividend is $.055449.
ac City Investing common stock dividend reported on previous issues as payable
in common stock was an error. The dividend is payable in cash.
Weekly Return of New York City Clearing House.
Beginning with Mar. 31 1928. the New York City Clearing
House Association discontinued giving out all statements
previously issued and now makes only the barest kind of a
report. The new returns show nothing but the deposits,
along with the capital and surplus. We give it below in full:
STATEMENT OF MEMBERS OF THE NEW YORK CLEARING HOUSE
ASSOCIATION FOR THE WEEK ENDED SATURDAY. FEB. 8 1930.
Clearing House
Members.
'Capital.
•Surplus and Net Demand
Deposits
Undivided
,4verage.
Profits.
Time
DerosUs
A rerage
A
S
62,106.000
14.297.300
43.209.600 183,983,000
38.653,000 157.30:4,000
129.650.200a 991.926.000
22.017.700 206,136.000
202.6:16.000 b831 010.000
19.466.100 156.129.000
84.117,700 35:3.180.0110
22.604,000 178.057.000
103.359 800 239.172.000
83,741.000 375.368.000
9.079.000
11.280,300
136.305,100 c 741,737,000
25.612,000
3,627.700
63.611.000 d 449.226.000
82,631,400 e 380.978,000
35,155.000
24.321.600
39.813,000
5.659,200
20.400.000
4.615.100
34,276.600 153.727.000
45,093.000
8,790,500
35.261,000
f2,509,700
10.278,000
40.521 000
5(1,216 000
222;179.000
21.0 1.000
90.812.000
36.3:10,000
40.048,000
3:3.159.000
13.49:3.000
54,412,000
770.000
84,651.000
1.421,000
61.019.000
67.328.000
1,473.000
5,165.00(1
1.952.000
25.874.000
6.627.000
5,717.000
5,401.000
2,889.000
1.706.000
5,431.000
625.825.300 1.154.490 f100 5.678.741.000
881.022.000
S
6,000,000
Bank of N. Y.& Tr. Co__
22.250,000
Bk. of Manhattan Tr. Co_
35,775.300
Bank of Amer. Nat. Ass'n
110.000.000
National City Bank
15,000.000
Chem. Bk. & Trust Co__ _
90.000,000
Guaranty Trust Co
16,200.000
Chat.Ph.Nat.Bk.&Tr.Co.
21,000,000
Cent. Han. Bk. & Tr. Co_
12.100.000
Corn Exch. Bk. Trust Co_
10,000.000
First National Bank
50.000.000
Irving Trust Co
6,000,000
Continental Bk. & Tr. Co.
105,000.000
Chase National Bank..
500.000
Fifth Avenue Bank
50.000.000
Equitable Trust Co
25.000.000
Bankers Trust Co
Title Guar. & Trust Co_ _
10.000.000
.
Fidelity Trust Co
6,000,000
Lawyers Trust Co
3,000,000
New York Trust Co
12,500.000
Corn'l Nat. Bk. Ar Tr. Co_
7.000,000
Harriman Nat. Bk. & Tr_
(2,000,000
Clearing Non-Members
City Bk. Farmers Tr. Co_
Mech. Tr. Co.. Bayonne_
Totals
[VOL. 130.
FINANCIAL CHRONICLE
1016
10.000,000
500,000
12.187.700
888.300
*As per official reports: National, Dec. 31 1929: State, Dec. 31 1929; trust companies, Dec. 31 1929. t As of Jan. 20 1930.
Includes deposits in foreign branches: (a) $303,332,000, (b) $151,237,000.
(C) 413,031,000, (d) $114,155,000, (e) $64,505,000.
The New York "Times" publishes regularly each week
returns of a number of banks and trust companies which are
not members of the New York Clearing House. The following are the figures for the week ending Feb. 7.
INSTITUTIONS NOT IN CLEARING HOUSE WITH CLOSING OF BUSINESS
FOR THE WEEK ENDED FRIDAY FEB, 7 1930.
NATIONAL AND STATE BANKS-Average Figures
OtherCash Res., Dep., Dep. Other
Including N. Y. and Banks and
Gold. Bk.Notes. Elsewhere. Trust Cos.
Loans.
Gross
Deposits.
A
Manhattan$
$
$
$
$
Bank of U. S____ 213,232.000 19,000 3,935,000 30,135,000 2.094,000 207.077,000
2.165,400
2,647,000
Bryant Park Bk_
182.000
358.700
92.876 1,984,058 1,955,991 20,050,460
Grace National__ 21,864,926 6.000
3.375.200 31,500
96 700
2,965,500
Port Morris
176.300
Public National _ 145.457,000 30,000 1.912,000 9,683.000 28.303.000 155,211,000
Brooklun49.400
8.342.100 11.200
422.300 5,337,800
519.800
Brooklyn Nat'l_
7 nnn on0
124 (111(I
509 non
7.200.000 5.000 109.000
Peonies Nat'l_
TRUST COMPANIES-Average Figures
Loans.
Cash.
Res're Dep., !)epos .Other
N. Y and Banks and
Elsewhere. Trust Cos
8
Manhattan
50.064.000 10.661 400 1,143.900
American
809,864
186,105
Bank of Europe SE Tr. 15.465.100
26.038.000
713.780 1.917.914
Bronx County
1.262.000 1,573.000
Chelsea Exch Bk_ _ _ - 22.286.000
82.54:3.600 *5,115.000 5,732.900
Empire
10.5.826 1,331,998
17.413.136
Federation
19.685.000 *2,191,800
426.600
Fulton
360.845.660 3.009.000 45.204 000
Nlanufacturers
75,973.634 4.0)6.667 8,097,179
United States
Bronklun119.420.400 2,259,000 22.774.100
Brooklyn
29,034,290 1,810.516 2,350,692
Kings County
Bayonne. N. ..1.
746,571
203,297
8.778.778
Mechanics
Gross
Deposits.
23.700 51.089.900
19.954.655
26 182.747
19.438 000
2,962.100 82.202.000
128,988 17.341,178
16,896,900
2.699 000 335,I 97.000
60.246,060
119,693,800
26.617,049
292,999
8,698,997
*Includes amount with Federal Reserve Bank as follows: Empire, $3,484,600:
Fulton, $2,086,100.
-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.
Feb. 12.
1930.
I Changes from
,Previous Week.
Feb 5
1030.
Jan. 29
1930.
3
96,075,000
96.975,000 Unchanged
96,975,000
Capital
106.487.000 Unchanged
106,487,000 106,487,000
Surplus and profits
Loans, disc'ts & investls 1,105.051,000, -15,322.000 1,120.373,000 1,125,876,000
666.048,000 -20,349,000 686,397.000 682.650.000
Individual deposits
142.246,000, -4,824,000 147.070.000 1:37,873,000
Due to banks
270,719.000; -7,042.000 277.761.0(10 286,518,000
'rime deposits
2.489,000
-942,000
1.300,000
2,242.000
United States deposits_ 30,690,000
26.880,000; -8,061,000
34,941.000
Exchanges for CI'g House
72,505,000
70.142,000 -10,356.000
80,498.000
Due from other banks_ _ 84,421,000
83.780.000 -83,780,000
85.773,000
Res've in legal deposit's_ 7,524,000
7,503,000
+217.000
7,286,000
Cash in bank
985,000
1,435,000
-226,000
1,661,000
Res've excess In F. R. Bk
-The Philadelphia Clearing House
Philadelphia Banks.
return for the week ending Feb. 8, with comparative figures
for the two weeks preceding, is given below. Reserve
requirements for members of the Federal Reserve System
are 10% on demand deposits and 3% on time deposits, all
to be kept with the Federal Reserve Bank. "Cash in vaults"
is not a part of legal reserve. For trust companies not
members of the Federal Reserve System the reserve required
is 10% on demand deposits and includes "Reserve with
legal depositaries" and "Cash in vaults."
Beginning with the return for the week ending May 14 1928,
the Philadelphia Clearing house Association discontinued showing the reserves and whether reserves held are above or below
requirements. This will account for the queries at the end
of the table.
Week Ended Feb. 8 1930.
Two Ciphers (00)
Omitted,
Trust
Members of
F.R. System Companies.
61,498.0
Capital
Surplus and profits__ - 214,256.0
Loans, discts. & invest. 1,066,335,0
Exch. for Clear. House
41,097,0
Due for banks
87,178,0
142,048,0
Bank deposits
Individual deposits_ - - 601,186,0
Time deposits
235,153.0
Total deposits
978.337,0
Res. with legal depos_ 70.320,0
Res with F. R. Bank
Cash in vault*
9.771,0
Total res. & cash held _
80,100,0
Reserve required
7
Excess reserve and cash
In vault
Feb. 1.
1930.
Jan. 25
1930.
Total.
3
68,991,0
68,991,0
7,500,0
68,998,0
16,869,0 231,125,0 231.125,0 231,125,0
64,685,0 1,131.020,0 1.127,724,0 1,130,444,0
37.747,0
40,206,0
41,399,0
302,0
88,179,0
87,191,0
87.659,0
13,0
1,709,0 143,757,0 134.631,0 136,623,0
30,198,0 631,384.0 635.494,0 640,833,0
14,867.0 250,020.0 248,476,0 247,502.0
46,774,0 1,025,161,0 1.018,601.0 1,024.958.0
69.922,0
70,329.0
70,130.0
4,816,0
5,024,0
4,890,0
4,890.0
12,066,0
11,78:3.0
11,458,0
1,687,0
86,803,0
80,937,0
6,377,0
86,677,0
7
• Cash in vault not counted as reserve for Federal Reserve members.
FEB. 15 1930.]
FINANCIAL CHRONICLE
1077
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon, Feb.13, 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 w-431c 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 1051, being the first item in our department of "Current Events and Discussions."
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS FEB. 12 1930
Feb. 12 1930. Feb. 5 1930. Jan. 29 1930. Jan. 22 1930. Jan. 15 1930. Jan.8 1930. Dec. 31 1929. Dec. 24 1929. Feb. 13 1929.
RESOURCES.
$
Gold with Federal Reserve agents
1,646,634,000 1,646.264.000 1,654.164.000 1,680.014,000 1.690.879,000 1,685,479,000 1.676.918.000 1,732.160.000 1.124,425,000
Gold redemption fund with U. S. Treas..
57,558,000
58.258.000
73.287,000
58,258.000
61.627.000
73.787.000
59,758.000
73.787.000
60,347,000
Gold held exclusively agst. F. R. notes 1,704,192.000 1,704.522.000 1,712.422.000 1.739,772.000 1,752,506,000 1,759,266.000 1,750.205.000 1,805.947.000 1.274,772.009
Gold settlement fund with F. R. Board_ _ 664,423,000 661,780.000 645,447.000 608.940,000 558.243,000 534,305.000 511.243,000 489,879.000 752,817,000
Gold and gold certificates held by banks_ 606.363,000 610.261.000 627,343,000 626,503.000 650.303.000 635.776.000 595,603.000 525.814.000 658.632,000
Total gold reserves
Reserves other than gold
2,974,978,000 2.976.563.000 2.985.212.000 2.975,215.000 2,961.052.000 2,929.347,000 2,857.051.000 2.821,640.000 2,686,221.000
198,479,000 199.872.000 203.144,000 196.303,000 193,465,000 175,783.000 153.877.000 129,106,000 161,928,000
Total reserves
3,173.457,000 3,176,435.000 3,188.356,000 3,171,518.000 3354.517,000 3,105330.000 3.010.928.000 2.950,746,000 2,848,149,000
Non-reserve cash
68,031.000
69.144,000
74,988,000
81,909,000
85,674,000
61,310,000
81,967,000
76,354.000
84,466.000
Bills discounted:
Secured by U. S. Govt. obligations-- 212,650,000 197,928.000 220,312,000 239.394.000 235.064,000 319,217,000 353.559.000 430,556.000 617,744.000
Other bills discounted
169,264,000 183.494.000 186,629.000 193,829.000 207,272.000 248,398,000 278,862,000 332.225,000 286.205,000
Total bills discounted
Bills bought in open market
U. S. Government securities:
Bonds
Treasury notes
Certificates and bills
Total U. S. Government securities-Other securities (see note)
Foreign loans on gold
381,914.000
276,084,000
381,422.000
295.791,000
406,941,000
258,472.000
433.223.000
298,389,000
442.336.000
323.347,000
567,615,000
319,167,000
632.421,000
392,209,000
762.781.000
354.943.000
903,949.000
391,058,000
69,592.000
186.182.000
222.786.000
69.679.000
171,226.000
236.939,000
69,570,000
170.252.000
236,714,000
69,610,000
170.213.000
236,839,000
69.629,000
176,223,000
233.208,000
72.304.000
180,624,000
231,914.000
76.817,000
215.604.000
218,166.000
68.837.000
201.082.000
215.124,000
51.592.00
96,843.000
28.735,000
478.560.000
11,280,000
477.844.000
12,180,000
476,536.000
12,430,000
476.662.000
14,530.000
479,060.000
14.880.000
484.842.000
12,700,000
510,587.000
12.300.000
485,043.000
9.770,000
177.170.000
9.075.000
Total bills and securities (see note)..... 1,147,838.000 1,167.237,000 1.154,379,000 1.222,804.000 1.259.623.000
1.384,324.000 1.547.517.000 1.612.537.000 1,481,252.000
Goldheld abroad
Due from foreign banks (see note)
722.000
721,000
721,000
721.000
725.000
725.000
731,000
724.000
721.000
Uncollected Items
650,812.000 594.478.000 573,020.000 660.316.000 744.923,000 674.493.000 748.736.000 776.546.000 665,350,000
Bank premises
58.267,000
58,311,000
58.260.090
57.359.000
58.213.000
58.149.000
58.149.000
58,656.000
59.329.000
All other resources
13.479,000
13,802.000
12,810,000
12.231.000
12.263,000
11.275.000
11.788,000
11.089.000
7.830.000
Total resources
5,112,972.000 5,079.762,000 5.062,534.000 5,202,161.000 5,314,666.000 5.320.282.000 5.458.445.000 5.472.278.000 5,143.935.000
1.14 RrLITIES.
F. R. notes in actual circulation
1.682.444,000 1,683.481,000 1.701,901.000 1.739.241.000 1,782,371.000 1,836.854,000 1.909,723.000 1.989.159.000 1,659,777.000
Deposits:
Member banks-reserve account
2,307.658,000 2,338.845.000 2.307,948,000 2.359.801.000 2.357.650,000 2,367,250.000 2.355,263.000 2,320.118.000 2,372,622,000
Government
11.743.000
25,552,000
35.075,000
16,573.000
26,071.000
28,852.000
23.871.000
20,862.000
30.671.000
Foreign banks (see note)
6,305.000
5,669.000
5,718.000
6,958.000
7.011,000
5.710.000
6.048.000
5,371,000
5,539,000
Other deposits
63,165,000
19,226.000
20.272.000
22,645.000
22,148.000
23.850.000
25,130,000
22.667.000
18.883,000
Total deposits
2,388.871,000 2.389,301.000 2.369,013.000 2.414.978.000 2,403,879.000 2.422.299,000 2.413.675.000 2.375.211,000 2,421,522,000
Deferred availability items
576.719.000 542.446.000 527.238.000 584.189,000 665.037.000 598.980.000 672.922.000 634.746,000 640,560,000
Capital paid in
171,434.000 171,547.000 171,416.000 171,253.000 171,107,000 170,367.000 170.973,000 170.760.000 149,764.000
Surplus
276,936,000 276.936.000 276,936.000 276,936.000 276,936.000 276.936.000 276,936,000 254.398.000 254.398,000
All other liabilities
16,051,000
16.568,000
16,030,000
15,336,000
15.564.000
14,216.000
14.846.000
17,914,000
48.004,000
Total liabilities
5,112,972.000 5,079,762.000 5,062,534,000 5.202,161,000 5.314.666,000 5,320,282,000 5,458,445,000 5.472,278,000 5,143,935,000
Ratio of gold reserves to deposits and
F. R. note liabilities combined
73.0%
73.7%
73.3%
68.4%
70.7%
69.0%
71.6%
64.6%
65.8%
Ratio of total reserves to deposits and
F. R. note liabilities combined
78.0%
77.9%
78.3%
69.6%
76.3%
75.4%
72.9%
69.8%
67.6%
Contingent liability on bills purchased
for foreign correspondents
523,891.000 526.924.000 535,229,000 530,600,000 527,435,000 527,816,000 547.962,000 540.863,000 312.893,000
Distribution by Maturities
1-15 day bills bought in open market
146,001.000 146.963,000 119,202,000 154.156,000 190,321.000 207.684.000 280,459,000 258.148,000 140,202.000
1-15 days bills discounted
281,658,000 275,883.000 304,177,000 326,283,000 328.701.000 439,800.000 508,072,000 619,597.000 767,210,000
1-15 days U. S. certif. of Indebtedness_
130.000
630,000
190,000
160,000
706,000
1-15 days municipal warrants
103,000
103,000
150,000
16-30 days bills bought in open market-68,485.000
69,096,000
48,576,000
45.814,000
41,457,000
34,104.000
42,908,000
55,742,000
89,121,000
16-30 days bills discounted
27,426,000
28,299.000
26,116,000 28.139,000
36,331,000
30,395,000
34,874,000
45.414,000
35,609,000
16-30 days U. S. certif. of Indebtedness_
7,779,000
16-30 days municipal warrants
103,000
31-60 days bills bought in open market_
49,840,000
60,674,000
67.917,000
70,537,000
65.473.000
47.422,000
45,823.000
30,234.000 135,951,000
31-60 days bills discounted
39,968,000
42,472,000
41,030,000 42,550,000
43.374.000
48,742,000
45,295,000
54,317,000
56,914,000
31-60 days U. S. certif. of indebtedness_
61,516,000
76,531,000
76.517.000
79,979.000
26,864.000
4,000
31-60 days municipal warrants
61-90 days bills bou4lit in open market
11,551.000
18,651,000
22,088,000
31,355,000
32,273,000
22,684,000
18,310,000
10,344.000
23,381,000
61-90 days bills discounted
24,070,000
25,415.000
25,263,000
25,169,000
28,358.000
30.247,000
25,932,000
29,578.000
33,905,000
61-90 days U. S. certif. of indebtedness
87.793.000
61.450.000
81,338,000
80.409.000
1,000
61-90 days municipal warrants
30.000
30,000
Over 90 days bills bought in open market
207,000
407.000
1,177,000
689,000
884.000
596,000
204.000
475,000
2,403,000
Over 90 days bills discounted
8,792.000
9,353,000
10.355,000
11,508,000
11,082.000
12,871,000
13,340,000
13,875,000
10,311,000
Over 90 days certif. of indebtedness
160,640,000 160,278,000 160,197,000 156,860.000 144,704.000 144,121.000 136,828,000 134,555,000
20,245,000
Over 90 days municipal warrants
30,000
30,000
30.000
47,000
47,000
17,000
F.R. notes received from Comptroller._. 3,459.900,000 3,459,114,000 3,442,565,000
3,450.558.000 3,515,476,000 3,588,714,000 3,644,332,000 3.672,456.000 2,911,668,000
F.R.notes held by P. It. Agent
1,411,803.000 1,403.314,000 1,345,486,000 1,28i.274.000 1,250.703.000 1,225,186,000 1,217,748,000 1.166.538.000 857,443,000
Issued to Federal Reserve Banks
2.048.097,000 2,055,800,000 2,097.079,000 2,169,284.000 2,264,773.000 2.363,528,000 2,426,584,000 2,505.918.000 2,054,225,000
How Secured
By gold and gold certificates
421,114,000 421,744.000 425.744,000 420,894,000 413,959,000 413.959,000 414.048,000 455.090,000 360,145,000
Gold redemption fund
93,611,000
Gold fund-Federal Iteserve Board
1,225,520,000 1,224,520.000 1,228,420,000 1,259,120.000 1.276.920.000 1,271.520,000 1,262,870,000 1,277,070,000 760,669,000
By eligible paper
625,288,000 654,526,000 648,725,000 712,598,000 734,927.000 854,099,000 920,462,000 1.084.535,000
1,244,987,000
Total
2,271,922,000 2,300,790,000 2,302,889,000 2,392,612,000 2.425.806.000 2.539,578,000 2,647,380.000 2.816.695.000 2.459,412,000
NOTE.
-Beginning with the statement of Oct. 7 1325, two new items were added in order to show separate
to foreign correspondents. In addition, the caption.'All other earning assets," previously made up of Foreigny the amount of balances held abroad and amounts due
"Other securities," and the caption, "Total earning assets" to "Total bills and securities." The latter item was Intermediate Credit Bank debentures, was changed to
adopted as a more accurate description of the total of
the discounts, acceptances and securities acquired under the provision of Sections 13 and 14 of the Federal
Reserve Act, which, it was stated, are the only items included
therein.
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS
AT CLOSE OF BUSINESS FEB. 12 1930.
Two ciphers (00) omitted.
Boston. New York. Phila. Cleveland. Richmond Atlanta. Chicago. St. Louis. minneap. Kou.City.
Total.
Federal Reserve Bank of
Dallas. San Fran.
RESOURCES.
$
$
$
$
$
$
$
$
$
$
$
$
Gold with Federal Reserve Agents 1,646,634,0 189,917,0 238,594,0 120,000,0 138,750,0 71,401,0
$
118,470,0 309,564,0 73,045,0
Gold red'n fund with U.S. Treas.
16,154,0 4,520,0 4,313,0 1,760,0 2,440,0 11,280,0 1,734,0 61,157,0 80,000,0 28,973,0 216,763,0
57,558,0 1,728,0
3,970,0 1,741,0 1,459,0 6,459,0
Gold held excl.agst.F.R. notes
192 0 191,645,0 254,748,0 124,520,0 143,063,0 73,161,0
Gold settle't fund with F.R.I3oard 1.704' ' 26,747,0 243,597,0 42,177,0 86.406,0 17,383,0 120,910,0 320,844,0 74,779,0 65,127,0 81,741,0 30,432,0 223,222,0
6644230
Gold and gold ctfe.held by banks. 606:363:0 25,539,0 362,521,0 26,289,0 39,541,0 12,125,0 7,659,0 87,394,0 25,336,0 12,498,0 41,991,0 14,600,0 58,635,0
4,964,0 76,762.0 8,171.0 5,944,0 8,530,0 9,267,0
26,710,0
Totalgold reserves
2,974,978,0 243,931,0 860,866,0 192,986,0 269,010,0 102,669,0 133,533,0 485,000,0 108,286,0 83,569,0
Reserve other than gold
198,479,0 22,603,0
57,072,0 19,203,0 13,133,0 10,208,0 16,130,0 17,614,0 11.872,0 3,869,0 132,262,0 54,299,0 308,567,0
8,855,0 6,505,0 11,415,0
Total reserves.
3,173,457,0 266,534,0 917,938,0 212,189,0 282,143,0 112,877,0 149,663,0 502,614,0 120,158,0 87,438,0
Non-reserve cash
68,031,0 5,940,0
14,766,0 3,678,0 3,774,0 5,007,0 4,221,0 9,160,0 7,683,0 1,962,0 141,117,0 60,804,0 319 982 0
2,265,0 4,416,0 5,15 :0
Bills discounted:
9
Sec. by U. S. Govt. obligations 212,650,0 11,969,0
64,133,0 24,438,0 34,035,0 5,792,0 2.884,0 42,390,0 8,152,0
288,0 12,117,0 1,832,0 4
Other bills discounted
169,264,0 8,376.0
15,165,0 26,114,0 20.555,0 15,223,0 22,501,0 23,549,0 7,037,0
620 0
2,169,0 13,926,0 9,265,0
5:384:0
Total bills discounted
381,914,0 20,345,0
79,298,0 50,552,0 54,590,0 21,015,0 25,385,0 65,939,0 15,189,0
2,457,0 26,043,0 11 097 0 10
Bills bought in open market
276,084,0 15,022,0
89,691,0 9,798,0 28,001,0 13,536,0 19,350,0 28,090,0 16,889,0
004 0
9,594,0
271,0 13:138:0
U. S. Government securities:
32:684:0
Bonds
69,592,0 3,676,0
11,383,0 3,792,0 4,151,0 3,483,0
39,0 25,680,0 1,821,0 5,963,0
186,182,0 7,737,0
Treasury notes
93,409,0 15,574,0 13,486.0 1,994,0 3,716,0 14,991,0 11,056,0
9,584,0
6,226,0
429,0
Certificates of indebtedness
222,786,0 15,478,0 107,558,0 25,532,0 12,629,0 4,425,0 5,036,0
30,210,0 6,389,0 4,592,0 2,6340 6 846 0 10 718 0
9,205,0 1:0 8,0
9
478,560,0 26,891,0 212,350,0 42,898,0 30,266,0 9,902,0 7,791,0
Total U. S.Gov't securities
70,881,0 19,268.0 16.801.0 3 flea n 9, ale n 11 oia n
[VOL. 130.
FINANCIAL CHRONICLE
1078
RESOURCES (Concluded)-Two Ciphers (00) omitted.
Total.
Total bills and securities
Due from foreign banks
Uncollected items
Bank premises
All other resources
Phila.
s
Cleveland. Richmond Atlanta. Chicago. St. Louis. ltfinneap. Kan.Citu.
San Fran,
$
$
1,000,0
11,280,0
Other securities
Foreign loans on gold
New York.
Boston.
$
6,230,0
1,000,0
1,500,0
1,500,0
30,0
387,589,0 104,248,0 114,357,0 44,473,0 53,526,0 166,410,0 51,374,0 28,852,0 29,377,0 49,870.0 54,504,0
70,0
30,0
237,0
22,0
22,0
50,0
26,0
26,0
16,0
97,0
152,620.0 48,826,0 56,616,0 62.324.0 29,032,0 70,211,0 37,991,0 11,786,0 41,727,0 23,705,0 30,217,0
15,664,0 1,762,0 7,058,0 3,194,0 2,658,0 8,295,0 3,811,0 2,018,0 3,972,0 1,876,0 4,423,0
209,0 1,077,0
4,289,0
795.0 4,035,0
389,0
724,0
370,0
524,0
218,0 1,089,0
1,147,838,0 63,258,0
721,0
53,0
650,812,0 85,757,0
58,311.0 3,580,0
13,802,0
83,0
Total resources
5,112,972.0 425,205,0 1,493,103,0 370,982.0 465,097,0 228,700,0 243,161,0 757,511,0 221,413,0 132,156,0 218,698,0 141,782,0 414,724,0
LIABILITIES.
F. R. notes in actual circulation_ 1,682,444,0 160,737,0 250,183,0 146,886,0 180,211,0 79,605,0 131.327,0 297,475,0 84,644,0 61,756,0 80,840,0 40,367,0 168,413,0
Deposits:
Member bank-reserve acc't 2,307,658,0 147,695,0 942,921.0 132,207,0 182,647,0 62,386,0 62,315,0 330,168,0 74,159,0 49,060,0 84,923,0 63,116.0 176,161,0
730,0 1,352,0
830.0
1,914,0
996,0
634.0 1,440,0
932,0
11.743,0
807.0
538.0
681.0
Government
880.0
556,0
573,0
241,0
2,459,0
206,0
424,0
206,0
768,0
132,0
396,0
6,305,0
172,0
172,0
Foreign bank
117,0
738,0
8,371,0
126,0 7.507,0
499,0 10,114,0
185,0 6.299,0
63,165,0 20,358,0
67,0 8,784,0
Other deposits
Total deposits
Deferred availability Items
Capital paid in
Surplus
All other liabilities
955,665,0 133,710,0
135,427,0 46,448,0
67.387,0 16,467,0
80,001,0 26,965,0
4,440,0
506.0
2,388,871,0 169,473,0
576,719.0 61,391,0
171.434,0 11,606.0
276,936,0 21,731,0
247,0
16,568,0
184,688,0 64,105,0 70,735,0 332,069,0 85,919,0 49,915,0 92,075,0 64,244,0 186,273,0
53,810,0 65,468,0 22,841,0 64,953,0 33,253,0 9,862,0 31,833,0 23,076,0 28,357,0
15,810,0 6,052,0 5,418,0 20,211,0 5,254,0 3,085,0 4,314,0 4,411,0 11,419,0
29,141,0 12,496,0 10,857,0 40,094,0 10,877,0 7,143,0 9,162.0 8,935,0 19,514,0
1,437,0
974,0 1,983,0 2,709,0 1,466,0
835,0
474,0
748,0
749.0
5,112,972.0 425,205,0 1,493,103,0 370,982,0 465,097,0 228,700,0 243,161,0 757,511,0 221,413,0 132,596,0 218,698,0 141,782.0 414,724,0
Total liabilities
Memoranda.
77.3
75.6
76.1
79.8
70.4
S0.7
78.5
74.1
78.3
81.6
90.2
77.9
58.1
Reserve ratio (per cent)
Contingent liability on bills purchased for foreign correspondls 523,891,0 38,915,0 171,029,0 51,010,0 52,588,0 22,087.0 18,932,0 70,467,0 18,931,0 12,093,0 15,776,0 15,776,0 36,285,0
F. It. notes on hand (notes reed
from F. It. Agent less notes in
69,387,0 22,159,0 24,415,0 19,628,0 29,310,0 52,087,0 17,387,0 6,133,0 11,717,0 9,742,0 59,444,0
365.653.0 44.244,0
circulation)
FEDERAL RESERVE NOTE ACCOUNTS OF FEDERAL RESERVE AGENTS AT CLOSE OF BUSINESS FEB. 12 1930.
New York.
Boston.
Total.
Federal Reserve Agent at
Phila.
Cleveland Richmond Atlanta. Chicago. St. Louis. Mtnneap. Kan.City. Dallas. San Fran.
5
Two Ciphers (00) omittedP.R. notes rec'd from Comptroller 3,459,900,0 333,431.0
F.R. notes held by F. R. Agent-- 1,411,803,0 128,450,0
5
5
$
5
$
862.094,0 210,345,0 291,806,0 158,149,0 269,421,0 551,262,0 1213.251,0 118,351,0 134,677,0 68,456,0 335.657,0
542,524,0 41,300,0 87,180,0 58.916,0 108,784,0'201,700.0 24.220,0 50,462,0 42,120,0 18,347,0 107,800,0
F. R. notes Issued to F.It. Bank _ 2,048,097,0 204,981,0
Collateral held as security for
F. It. notes issued by F. R. Bk.
Gold and gold certificates__ 421,114,0 35,300,0
Gold redemption fund
1,225,520,0 154,617,0
Gold fund-F.R. Board
625,288,0 35,288,0
Eligible paper
319,570,0 169,045,0 204,626,0 99,233,0 160,637,0 349,562,0 102,031,0 67,889,0 92,557.0 50,109,0 227,857,0
2,271,922,0 225,205,0
388,174,0 169,713,0 221,191,0 103,526,0 162,581,0 403,402,0 104.971,0 72,895,0 105,990,0 53,026,0 259,238,0
Total collateral
229,968,0 39,900,0 18,750,0 16,401,0
7,945,0 14,157,0
7,220,0
16,473,0 35,000,0
8,626,0 80,100.0 120.000.0 55,000,0 111,250,0 309,564,0 65,100,0 47,000,0 80,000,0 12,500.0 181.763,0
149,580,0 49,713,0 82.441,0 34,135,0 44,111,0 93,838.0 31,926,0 11,738,0 25,990,0 24.053,0 42,475,0
Weekly Return for the Member Banks of the Federal Reserve System.
Following is the weekly statement issued by the Federal Reserve Board, giving the principal items of the resources
and liabilities of the member banks in 101 cities from which weekly returns are obtained. These figures are always a week
behind those for the Reserve banks themselves. Definitions of the different items in the statement were given in the statement of Dec. 12 1917, published in the "Chronicle" of Dec. 29 1917, page 3475. The comment of the Reserve Board upon
the figures for the latest week appears in our department of "Current Events and Discussions," on page 1052, immediately preceding which we also give the figures of New York and Chicago reporting member banks for a week later.
Beginning with the statement of Jan. 9 1929, the loan figures exclude "Acceptances of other banks and bills of exchange or drafts sold with endorsement, and Include all real estate mortgages and mortgage loans held by the bank. Previously acceptances of other banks and bills sold with
endorsement were included with loans, and some of the banks included mortgages in investments. Loans secured by U. S. Government obligations are
no longer shown separately, only the total of loans on securities being given. Furthermore, borrowing at the Federal Reserve are not any more subdivided to show the amount secured by U. S. obligations and those secured by commercial paper, only a lump total being given. The number of report In
banks is now omitted, in its Place the number of cities included has been substituted. The figures have also been revised to exclude a bank to the San
Francisco district with loans and investments of $135.000,000 on Jan.2 which recently merged with a non-member bank. The figures are now given in
round millions instead of in thousands.
PRINCIPAL RESOURCES AND LIABILITIES OF ALL REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT AS AT CI.OSE OF
BUSINESS FEB. 5 1930 (In millions of dollars).
Federal Reserve District
Total.
Bostoil. New York
Phila.
Cleveland. Richmond Atlanta. Chicago. St. Louis.
Dallas. San Fran
$
1,495
8,790
1,207
2.130
630
621
3.151
666
362
655
460
1,939
1,168
6.586
924
1,523
495
497
2,502
516
248
441
357
1,368
7,691
8,934
503
666
3,378
3,207
492
432
728
795
192
303
158
339
1,237
1,265
230
285
86
162
133
308
107
250
446
922
5,502
327
2,204
284
607
154
125
649
150
114
214
103
571
2,724
2,777
164
163
1,192
1,013
81
203
289
318
70
85
61
64
287
361
37
113
64
50
94
121
63
40
323
248
1,701
222
99
15
809
61
78
13
129
26
42
11
40
9
245
37
44
6
23
Is
52
10
32
9
108
19
13,007
6,860
18
901
478
1
5,871
1,799
4
704
295
1
1,002
942
2
351
239
1
332
242
2
1,775
1.177
2
370
229
----
208
133
471
174
284
142
2
739
1,010
4
1,109
2,898
54
135
114
1.013
58
172
90
209
51
102
73
119
210
423
59
137
51
77
116
205
61
100
171
206
5
17
11
33
45
4
14
7
11
s
-total__
Loans and Investments
Loans
-total
16,625
On securities
All other
nvestments-total
U. S. Government securities _ _ _ Other securities
Reserve with F. R. Bank
Cash in vault
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
173
Borrowines from F. R. Bank
s
Inrzeap. Kan. City
$
$
22,127
$
$
9
s
15
$
$
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 Feb. 11 1930
In comparison with the previous week and the corresponding date last year:
Feb. 11 1930. Feb. 5 1930. Feb. 13 1929.
Resources
Gold with Federal Reserve Agent
Gold redemp. fund with U. S. Treasury-
238,594,000
16,154,000
238,594,000
16,254,C00
242,072,000
11,441,000
Gold held exclusively agst. F. R. notes
Gold settlement fund with F. It. Board_
Gold and gold certificates held by bank_
254,78,000e
243,597,000
362,521,000
254,848,000
269,317,000
359,762,000
253,513,000
269,467,000
414,398,000
Total gold reserves
Reserves other than gold
860,866,000
57,072,000
883.827,000
55,673,000
937,378,000
40,970,000
917,938.000
Total reserves
14,766,000
Non-reserve cash
Bills discounted
- 64,133,000
Secured by U. S. Govt. obligations
15.165,000
Other bills discounted
939,600,000
14,200,000
978,348,000
33,531,000
36,793,000
17,927,000
197,399,000
55.294,000
79,298,000
89,691.000
54,720,000
109,563,000
252,693,000
94.598,000
11,383,000
93,409,000
107,558,000
11,383,000
88,239,000
112,318,000
1,384,000
11,682,000
5,603,000
212,350.000
6,250,000
211,940,000
7.130.000
18,669,000
Total bills discounted
Bills bought in open market
U. S. Government securities
Bonds
Treasury notes
Certificates and bills
Total U. S. Government securities-Other securities (see note)
Foreign loans on gold
Resources (Concluded)Gold held abroad
Due from foreign banks (See Note)
Uncollected items
Bank premises
All other resources
Total resources
Feb. 11 1930 Feb. 5 1930. Feb. 131929.
$
$
$
237,000
152,620,000
15,664,000
4,289,000
238,000
160,399,000
15,664.000
4,109.000
222,000
177,457,000
16,0/37.000
973,000
1,493,103,000 1,517,563,000 1,572,578,000
LtabillttesFedi Reserve notes In actualcirculation _
Deposits
-Member bank, reserve acct__
Government
Foreign bank (See Note)
Other deposits
250,183,000
258,575,000
315,709,000
942,921,000
1,914.000
2,459,000
8,371,000
956,483,000
4,745,000
1,822,000
7,116,000
947,151,000
4,687,000
1,228,000
7,384,000
Total deposits
Deferred avallabilitY Items
Capital paid in
Surplus
All other liabilities
955,665,000
135,427,000
67,387,000
80,001,000
4,440,000
970,166,000
137,256,000
67,405,000
80,001.000
4,180.000
960,250,000
168,140,000
52,524,000
71.282,000
4,673,000
Total liabilities
1,493.103,000 1,517,5/13,000 1,571,578,000
Ratio of total reserves to deposit and
Fed'I Res've note liabilities combined76.7%
76.1%
76.5%
Contingent liability on bills purchased
for foreign correspondence
96,285,000
171,029,000 174,062.000
Total bills and securities (See Note).- 387,589,000 383,373,000 365,960,000
NOTE.
-Beginning with the statement of Oct. 7 1923, two new items were ad ied in order to show separately the amount of balances held abroad and ainounts due to
foreign correspondents. In addition, the caption "All other earning assets." Previously made up of Federal Intermediate Credit bank debentures, was changed to
'other securities." and the caption "Total earning assets" to "Total bills and securities." The latter term was adopted as a more accurate description of the total of the
%count acceptances and securities acquired under the provislons of Sections 13 and 14 of the Federal Reserve Act, which,It was stated,are the only items Included therein.
FEB. 15 1930.]
Vankers'
FINANCIAL CHRONICLE
azette.
STOCKS.
Week Ended Feb. 14.
Sales
for
1Week.
1079
Range for Week.
Lowest.
Highest.
Range Since Jan. 1.
Lowest,
Highest.
Par.1 Shares. $ Per share. IS per share. $ per share.$
per share
Indus. & Misc.(Cone.)1
Second Nat Investors.* 4,000 11% Feb 10 17 Feb 14 9%
Jan 17
Feb
Preferred
*
500 69 Feb 10 69% Feb 13 58% Jan 69% Feb
Servel Inc
* 34,3001 9% Feb 11 10% Feb 13 7% Jan
103,1 Feb
Sharp & Dohrne
500, 17 Feb 8 17 Feb 8 17
Jan 18
Jan
Preferred
300 56% Feb 11 5654 Feb 111 54
Jan 56% Jan
Shell Transp & Trad _
20 45% Feb 11 45% Feb 11 45
Jan 47
Shell Union Oil pref _100
600 10151 Feb 14 103 Feb 101013,1 Feb104% Jan
Jan
Solvay Am Inv Tr pf100 1,100 104 Feb 8104% Feb 14
9594 Jan 104,1 Feb
So Porto Rico Sug pf100
40 117 Feb 10 117 Feb 10 117
Jan 122
Jan
Stand Brands
* 126,800 27 Feb 14 2931 Feb 8' 26% Jan 2951 Feb
Preferred
*
700,119 Feb 11(119% Feb
STOCKS.
Sales
Range for Week.
Stand Oil Export pf 100 8,500 98 Feb 8 99 Feb 11117% Feb 119% Feb
Range Since Jan. 1.
Feb 99
Feb
Week Ended Feb. 14.
for
Stanley Co of Amer *,
1 40% Feb 13 40% Feb 13 25
Jan 4051 Feb
Week.
Lowest.
Sterling Specis cl A * 21,200 14% Feb 8 16% Feb 13,
highest.
Lowest.
Highest.
154 Jan 16% Feb
10%
Preferred
20 1,600 14 Feb 10 14% Feb 14 12
Jan 14% Feb
RailroadsPar.I Shares. $ per share.
Cony pref
share. S per share.$ per share.
50 2,100 41% Feb 8 42% Feb 13 36% Jan 42% Feb
Baltimore & Ohio rights 156,430 1 Feb 14 $ per Feb
1%
1
Feb 1% Feb
Bklyn & Queens Tran_.
600 11% Feb 10 11% Feb 10 10
Jan 1351 Jan Thompson Products... 6,200 343-4 Feb 14 38 Feb 14 34% Feb 38
Feb
Preferred
100 61% Feb 13 61% Feb 13 54
Jan 61% Feb Thompson Starrett _ __.• 1,300 13% Feb 13 13% Feb 11 11% Jan 15
Jan
Canada Southern.
..,100
30 59 Feb 8 59 Feb
Preferred
59
. 500 41% Feb 14, 42% Feb 11 40
Feb 59
Feb
Jan 42% Feb
Central RR of N J._100
200 300 Feb 14305 Feb 10 279
United Carbon
• 11.200 46% Feb 141 5154 Feb 8 44% Jan 54% Jan
Jan 315
Feb
C C C & St L pref..-100
30 105 Feb 10 105 Feb 10 98
Jan 105
Feb United Dye wood _..100 1,780 8 Feb 10 11 Feb 11 551 Jan 11
Feb
Erie RR rights
33,300
8 Feb 10
Preferred
100
X Feb: % Jan
31 Feb s'
150 56 Feb 11 57 Feb 11 55
Jan 57
Feb
Market St Ry
100
200 I% Feb 11 1% Feb 14 1% Jan; 1% Feb United Gas Impt
191.600 37% Feb 10 40 Feb 13 31% Jan 40
Feb
N Y State Rys
100
410 2 Feb 8 2% Feb 13' 1% Jan; 2% Feb
Preferred
*,
100 99% Feb 13 99% Feb
Jan 100
Jan
Preferred
100
140 3 Feb 14 3% Feb 13; 2% Jan 334 Feb United Piece Dye Wks *, 2,700 26% Feb 10 28 Feb 13 97
14 25
Jan 29% Jan
Northern Central__ _ _50
10 86 Feb 13 86 Feb 13 85
*
Jan 86
500 9% Feb 14 10 Feb 8
Feb United Stores A
Jan 12
Jan
Pacific Coast
100
200 13 Feb 8 14 Feb 8 7
Preferred
Jan 14
*
600 29% Feb 10 30% Feb 10 15% Jan 36% Jan
Feb
1st preferred
100
110 24 Feb 13 25% Feb 11 17% Jan 25% Feb U S & Foreign Secs...* 7,900 25% Feb 8 26% Feb
13 18% Jan 27% Jan
2d preferred
100
80 16 Feb 13 18 Feb
Preferred
15
Febi 18
* 1,200 89% Feb 14 90% Feb 11 853-4 Jan 90% Feb
Feb
U S Freight
* 4,900 89% Feb 14 94% Feb 10 89% Feb 101% Jan
Indus. & Miscell.
Va El & Pow pf (6).l00
20 101% Feb 13 102 Feb 13 100% Jan 102
Alpha Portl Cement__.
Feb
500 2934 Feb 10 30 Feb 14 29
Febl 32
10 60 Feb 8 60 Feb 8 511,1 Jan' 60
Jan Webster Eisenlohr pf100
Feb
Amalg Leather prof.
.100 1,100 22% Feb 13 26 Feb 10 20
Jan 26% Feb Zenith R tdio Corp...' 22,200 7% Feb 8 11% Feb 13
Jan 11% Feb
Amer Rolling Mills rt-s_ 51,300
% Feb 13 1% Feb 14
% Jan 151 Feb
*No par value.
Artloom Corp pref._100
30100 Feb 10100 Feb 10 90
Jan 100
Feb
Art Metal Construct.10 1,300 27% Feb 11 28% Feb 11 24%
Jan 28% Feb
Assoc Dr Gds 2d pf.
_100
100 88 Feb 10 88 Feb 10 85
Jan 88
Feb
Aviation Corp
New York City Realty and Surety Companies.
59,600 54 Feb 8 7
Feb
-p. 1070.
Beatrice Creamery._50 1,100 73% Feb 8 75 Feb 14 4% Jan 7
Feb 13 674 Jan: 77
Jan
New York City Banks and Trust Companies.
Preferred
100
10010231 Feb 11102% Feb 11 1028% Feb 104% Jan
-p. 1070.
,
Briggs & Stratton....'
900 28 Feb 10 29% Feb 13 21% Jan; 29
Feb Quotations for U.S.Treas.Ctfs. of Indebtedness.
Budd (E 0) Mfg
-p.1070.
2,200 11% Feb 14 12 Feb 8 9% Jan: 12% Feb
Budd Wheel
23,000 12% Feb 13 3% Feb 8 8% Jam 14% Feb
Bulova
atch
1,500 28% Feb 10 29% Feb 13 26% Jan' 30% Jan
Camp W & C Fdry _
500 23% Feb
United States Liberty Loan Bonds and Treasury
Jan 27
Feb
Capital Adrian's A . 3,500 22 Feb 13 24% Feb 11 19
8 27% Feb 13 18% Jan, 27% Feb
Preferred A
Certificates on the New York Stock Exchange.
50
200 35 Feb 8 35 Feb 8 31
JaM 35
Feb
Caterpillar Tractor_ _
9,800 65% Feb 14 68% Feb 10 54
Jan 68% Feb Below we furnish a daily
Central Alloy Steel ctts
record of the transactions in Lib700 31% Feb 10 3334 Feb 14
Checker Cab Mfg.__.* 66,600 41% Feb 8 50 Feb 14 3194 Feb 333-4 Feb erty
36
Jan 50
Loan and Treasury certificates on the New York
Feb
Colum G & E roe pt paid
400 88% Feb 10 90 Feb 11 719.4 Jan 90% Feb
Receipts full paid _ _
400, 89 Feb 11 89 Feb 11 71% Jan 89
Feb Stock Exchange. The transactions in registered bonds are
Columbia Carbon rts__ 35,000, 1 Feb 14 2% Feb
1
Feb 3% Jan given
Clark Equipment____. 1,000 36 Feb 11 3834 Feb 10 33
in a footnote at the end of the tabulation.
14
Jan 38% Feb
Comml Credit el A._50 1,700 38% Feb 10 40 Feb 13 31%
Jan 40
Feb
Commonwealth Pow_
700154% Feb 8164% Feb 14 123
Jan 164% Feb Daily Record of U. S. Bond Prices. Feb. 8
Consol Cigar pref(7)10
Feb. 10 Feb. 11 Feb. 12 Feb. 13 Feb. 14
60, 84 Feb 8 84 Feb. 8 76% Jan 84% Feb
-Pref ex-warrants.
20 68 Feb
69 Feb 14
Feb First Liberty Loan
High 9976a 996a
COTIS01 Film Industry.• 5,300' 20% Feb 14 21% Feb 11 60% Feb 70
99832
99.22
99622
15% Jan 23
8
Jan
3% %
bonds of 1923-47_ _{Low- 99721
9983
, 99
Cont Diamond Fibre __. 30,40d 30 Feb 13 31%
99222
997a
Feb 10 28
Jan 34% Feb
(First 334)
Close 99632
Continental Oil
996a
9921
20,800 21 Feb 14 22% Feb 10 21
99622
996a
Feb 23% Jan
Total sales in $1,000 units...
14
Continental Shares_ _
29
44
37,2001 32% Feb 8 38% Feb 14 27% Jan 38% Feb
13
27
Converted 4% bonds of(High
Cream of Wheat
99
1,700 27% Feb 11 28% Feb 14 25% Jan 2994 Jan
1932-47 (First 4s) Cuba Cane Sugar ctfs__
i Lew99
10O
% Feb 10
% Feb 10
3,1
Jan
(Close
Preferred certlfs
99
100 13-4 Feb 14 I% Feb 14
j II 1 5i Jan
Ja
7'
1
Total sales in $1,000 antis...
1
Converted 434% bonds: High 1008O
Dupl n Silk
101
337
100143; 100223,
40O 15% Feb 8 15% Feb 10 15
Jan 16% Jan
of 1932-47 (First 451s)iLow- 10030,2 100,17a
Preferred
100
10077in 100,632
50 98 Feb 10 98 Feb 10 97% Jan 100% Jan
Close 100,0,1 1016a
Durham Hos 111111pf 100
10027a 100,632
20 44% Feb 141 45 Feb 10 44% Feb 20
55
Jan
Total sales in $1,000 units. _ _
Eastern Rolling Mill__*
8
400, 24 Feb 14 24% Feb 11 2054 Jan
1
13
Jan
Second converted 434 %(High
Emporium Capwell_ __•
101 18% Feb 10 18% Feb 10 17% Jan 20
Feb
bonds of 1932-47 (First{ LowEng Pub Serv pf(53-s)_.
500 98% Feb 8 102 Feb 13 94% Jan 102
Feb
Second 4 51s)- Fairbanks Co
1Close
. 1,300 4% Feb 10 6 Feb 11
Jan 9%
Total sales in $1,000 units
Preferred
25 1,210 15% Feb 11 20% Feb 13 15% Feb 39% Jan
Jan Fourth Liberty Loan
{High 1016a 1016a 10131 Holi- 1016n
Federated Dept Stores *
400
101"n
Jan
Feb
Federal Water Serv A.. 2,100 323( Feb 11 36% Feb 8 29
434% bonds of 1933-38_ _ Low- 1016
. 10168, 1017a
day
1018a 101232
35
(Fourth 451s)
Close 1011, 10122 1016a
Firestone T & Rub- -10 7,800 28 Feb 101 38 Feb 13 32% Jan 37% Jan
101621 1012,2
Feb 10 30% Feb 13 28
Feb 335'
Total sales in $1,000 units __ _
Preferred
30
143
99
100 7,600 80% Feb 11 82% Feb 13 8054 Feb 86% Jan
89
111
Jan Treasury
Fisk Rub 1st prof cony'
High 11163, 1101012 11076a
270 17 Feb 11 18% Feb 11 12% Jan 19% Jan
111
111
Foster Wheeler
4948. 1947-52
Low. 1116a 1102032 1107%,
* 0,000 63% Feb 8 68% Feb 14 60% Jan 68% Feb
110.
71n 1102182
Franklin Simon pfd_100
Close 1116a 11070,2 1107%2
1106722 110"31
20 9754 Feb 14 97% Feb 14 94% Jan 97% Jan
Total sales in $1,000 units _ _ _
Garnewell Co
8
1
5
*
501 74%
15
86
Jan
Gen Amer Investors... 8,100 13% Feb 13 76 Feb 13 69% Jan 76
(IIigh 1076a
107
Feb 8 14% Feb 14 12
Jan 14% Feb
48, 1944-1954
Preferred
Low.1
1076a
100 - 200 96 Feb 14, 96 Feb 14 90
107
Jan 96
Feb
Gen'l Baking prof....'50123
[Close 1076a
Feb 13125 Feb 111199,1 Jan 125
107
Jan
Total sales in $1,000 antis...
Gen'l Foods
10
• 84,400 51% Feb 8 55% Feb 11,1 46% Jan 55% Feb
4
Geier Motors deb (6)100
(High
1011;3; 10- -6;;
4
100105% Feb 8105% Feb 8;104
Feb 105% Feb
334s, 1946-1956
Gen'l Italian Edison w I 2,70d 44
{Low.
10-1.3.2 1046a
Feb 44% Feb
Gen'l Public Service... 78,500, 40% Feb 13 449-4 Feb 10, 44
(Close
1041.32 1046a
Feb 8 49% Feb 1311 32% Jan 49% Feb
Total sales in $1,000 units. _ _
Gerel Ry Sigma pfd _100
25
75
710
Gen'l Theatres Equip.. 192,70d 102% Feb 8102%Feb 8100% Jan 102% Jan
High 99 - 992832 9976a
- -2133
42% Feb 8 478% Feb 14 39% Jan 47% Feb
,
3%s, 1943-1947
Gold Dust pref
{Low _
992,32 991"st 9926a
"
200,104 Feb 14 104 Feb 14 100
99,0t2
Jan 106% Jan
Grand Silver StoresClose 99163
992"n 9976a
11,600; 34 Feb 8 41% Feb 14' 32% Jam 41% Feb
99,5n
Total sales in 51,000 units _ __
Grand Stores pref _ _100
100
7
100', 89 Feb 10 89 Feb 10, 86
1
Jan 89% Jan
Grigsby-Grunow
High
992422 9976a
" 27,700, 14% Feb 14 15% Feb 10 12% Jan 22% Jan
9922, 99;;;t
334s,Low.
1940-1943
9976a 9976a
99.2
991 ht
1
Hall Printing
(Clove
99,6,2 991G
900 27 Feb 13 27 Feb 13 26
991,
Feb, 29% Jan
23 991.31
Total sales in 81,000 units
Hanna prof new
25
*
80, 8934 Feb 11 89% Feb 111 85
15
Jan 89% Feb
17
Hercules Motors
•
400 26 Feb 10 27% Feb 10 22
Jan 27% Feb
Note.
-The above table includes only sales of coupon
Hercules Powder
•
100 78% Feb 8 78% Feb 81 78% Feb 85
Jan bonds. Transac
Household Fin part pf50
200 51 Feb 8 51% Feb 111 50% Jan 51% Jan
tions in registered bonds were:
Ind Motocycle pref_100
370 55 Feb 10 80 Feb 14' 30
Jan' 60
Feb
1 1st 451s
Ingersoll Rand pref 100
20 120 Feb
111112
10016a to 100861,
Feb 10 4th 451s
Insuranshares Corp...'7,500 15% Feb 11 120 Feb 14 13% Jan 120
8 16% Feb
1007732 to 101*..,
Jan' 16% Feb
1 Treas.4 51,13
Interlake Iron
• 4,700 26
110188, to 1103%
Jan' 28% Feb
lot Hydro-El Sys A_. 44,500 38% Feb 8 27 Feb 11 25
Feb 8 41% Feb 13 31% Jan' 41% Feb
International Shoe_ _ -•
600 61 Feb 13 61% Feb 10 61
Jan 62
Jan
I-S Dept St pf w-war100
Foreign Exchange.
100 75 Feb 10 75% Feb 4 72% Feb 75% Feb
Investors Equity
* 35,800 23 Feb 8 27% Feb 14 19
To-day's (Friday's) actual rates for sterling exchange
Jan 27% Feb
Island Creek Coal pfd _1
20 105 Feb 11 105 Feb 111105
4.86% for checks and 4.86 7-1604.86% for cables. were 4.86 1-16@
Jan 105
Jan
Karstadt Rudolph
Commercial on
300 12%
Jan 13% Jan banks, sight, 4.85 9-1604.85%; sixty days, 4.82%; ninety
Libby-Owens Glass_ _ _• 2,400 24% Feb 10 12% Feb s' 12
days, 4.80%,
Feb 14 26% Feb 111 19% Jan' 27%
and documents for payment,
Ligg-Myers Tob rts
66,520 13% Feb 10 13% Feb 14 13% Feb' 13% Feb and grain for payment, 4.84 4.82%. Cotton for payment, 4.84 15-16,
Feb
15-16.
Loew's Inc pref
•
200 92 Feb 13 93 Feb 13 85% Jan' 93
To-day's (Friday's) actual rates for Paris bankers' francs
Feb
Frei x-warr
were 3.91%0
•
100 85% Feb 14 85% Feb 14 84
3.91% for short. Amsterdam bankers' guilders were
Jan"
McLellan Stores
40.07040.08 for
* 4,40 14% Feb 14 17 Feb 8 14% Feb 85% Feb short.
203,1 Jan
Mengel Co, prof..._100
140 91 Feb 8 9255 Feb 10 83
Jan' 92% Feb
Exchange for Paris on London, 124.17; week's range,
Milw El Ry & Lt pf.
_100
124.19 francs
20104
Jan 110
Jan high and 124.12 francs low.
Minn Mol Pow Impl . 7,000 14% Feb 14,108% Feb 10 103
Feb
Sterling. ActualMonsanto Chem Wks.' 2,800 58 Feb 8 16% Feb 11 1234 Jan 19% Jan
Checks.
Cables.
10 58% Feb 10 49
High for the week
Jan' 60
Jan
Myers(F & E) Bros..* 1,4001 40%
4.86%
4.86%
Feb
Nat Biscuit. new _ _ _10 14,50 83% Feb 11 42% Feb 13 35% Jan 42% Jan Low for the week
'4.85 11-16
4.86 5-32
14 85 Feb
71
Paris Bankers' Francs
Jan 87
Feb
Nat Supply pref__100
30114 Feb 10114 Feb 10 114
Jan 115
Jan High for the week
Neisner Bros
3.91%
• 1,40(1 44% Feb 14 46 Feb 13 43
3.91 15-16
Jan 50
Jan Low for the week
Norwalk T & R pfd_100
3.91%
40 0 Feb 10 9 Feb 10 9
3.919-4
Amsterdam Bankers' Guilders
Jan' 9
Jan
Outlet Co
10 55 Feb 13 55 Feb 13 53
•
Jan High for the week
Penney (J C)
40.12
• 2,700 74 Feb 10 76% Feb 8 63% Jan 09
40.13%
Jan 80
Jan Low for the week
Preferred
40.04%
100
21 94% Feb 8 95 Feb 11 93
40.08
Germany Bankers' Marks
Jan
Jan
Pitts Screw & Bolt....
80 20 Feb 10 20% Feb 13 17% Jan 95
21
Feb High for the week
Pitts Steel pref _ _ _ _100
23.89
10100% Feb 14 100% Feb 14 100
23.89%
Low for the week
Jan 103
Jan
Pittston Co w I
23.84
•
3001 20% Feb 14 20% Feb 14 20
23.87
Proctor & Gamble_
• 3.900, 65% Feb 13 67% Feb 10 52% Feb 21% Jan
Jan 69% Feb
Pub Ser of N J pf (5)
300 92% Feb 8 92% Feb
92
Jan 93
Jan
Radio Corp pref B • 2,800; 69 Feb 13 72% Feb 13 68
The Curb Exchange.
-The review of the Curb
Jan 73% Jan
Raybestos Manhattan
Exchange is
4,20(k 3851 Feb 14 40% Feb 10 33
Jan 43% Feb given this week on page 1068.
Reynolds Tobacco A.10
540' 72% Feb 10 75 Feb 10 72% Jan
80
Jan
Republic Ir & Steel Ws 1,200' 73% Feb 10 79 Feb 14
A complete record of Curb Exchange
73% Feb
Feb
Preferred etts
200109% Feb 11109% Feb 11 109% Feb 79
transactions for the
109% Feb
week will be found on page
Wall Street, Friday Night, Feb. 14 1930.
Railroad and Miscellaneous Stocks.
-The review of the
Stock Market is given this week on page 1067.
The following are sales made at the Stock Exchange this
week of shares not represented in our detailed list on the
pages which follow:
I
1068.
Report of Stock Sales-New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Eight Pages-Page One
see preceding page.
For sales during the week of stocks not recorded here,
PER SHARE
PER SHARE
Range for Previous
STOCKS
Range Since Jan. 1.
Sales
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Year 1929
NEW YORK STOCK
for
On basis of 106-share lots
EXCHANGE.
the
Friday.
iiighest.
Wednesday. Thursday.
Lowest.
Highest.
Tuesday.
Lowest.
Monday.
Saturday.
Week.
Feb. 14.
Feb. 13.
Feb. 12.
Feb. 11.
Feb. 10.
Feb. 8.
share $ per share
Par $ per share $ per share $ Per
Railroads
share $ Per share $ per share Shares
Mar 298% Aug
$ Per share $ per share $ per share $ per
13,900 Atch Topeka & Santa Fe_ -100 21938 Jan 6 24014 Feb 8 l9518 May 1047s Dec
4
236 2393 236 238
8
99
23712 2397
100 10233 Jan 3 101 Feb 13
23612 24014 239 240
10312 10312 1,000 Preferred
10312 104
4
4
100 166 Jan 11 171 Feb 10 161 Nov 20912 July
10312 10312 *1033 10414 10312 1033
2.100 Atlantic Coast Line RR
170
168
*168 170
168 168
170 171
100 115 Jan 2 119% Jan 14 10514 Nov 14518 Sept
170 170
26.400 Baltimore & Ohio
4
11712 11812 1173 119
75 June 81 Dec
8
100 781 F b 1,1 81 Jan 2'
11712 11812 11734 1187 11714 11814
800 Preferred
8018
79
80,8 *80
55 0 t 9033 Sept
4
4
50 63 Jan 3 7514 Feu 14
4 7814 7814 793 793
4
793 793
Bangor & Aroostook
8
7414 737 7514 14,800
73
Jan 22 112 Jan 9 510314 OA 115 Sept
7314 7218 73
4
100 110
8 713
8
703 715
20 Preferred
*11014 11112 11018 110%
85 Atm 145 July'
11012 11012
100 99 Jan 14 112 Feb 8
*11012 11112 *11014 111
10912 10912 1,500 Boston & Maine
*108 112
8
40 01 817 Feb
10934 111 *107 111
105 112
71
9,700 Bklyn-Manh Tran v t c_No par 63 Jan 2 71% Jan 30
4 70
6812 703
7612 Nov 9258 Feb
4
3 683 70
697
8
No par 847 Jan 6 872 Poo 11
8 69
68% 693
600 Preferred v t c
8712 8712 *8712 88
412 OfA 4418 Jan
87,2 8712
87
*8612 8712 87
1,200 Brunswick Term & Ry Sec_100 15 Jan 3 23% Jan 16
1912 195
8
4
193 20
5434 Jan 85 Mar
8
2012 197 2012
2078 20
*20
Buffalo & Susquehanna_ __100 71 Jan 2 71 Jan 2
82
*75
82
*75
75
5118 July 8112 Aug
*60
82
100 75 Jan 2 78 FoL 5
*60
85
*70
Preferred
*7512 84
*7512 84
8
85
*70
*7512 84
100 18733 Jan 3 2264 Feb 10 185 Der 2697 Feb
•7512 81
Pacific
215 21712 215-8 22034 59.600 Canadian
9012 Sept 10112 Mar
4
Jan 3
97% Jan 21
2263 216 221
4
219 2253 22114
30 Caro Clinch & Ohio ctfs st'd100 96
9612 9612,
99
*95
*9514 99
100 203 Jan 7 23712 F b 10 160 Nov 27934 Sept
*9514 99
*9514 99
23514 12,400 Chesapeake dr Ohio
231
233 235
1934 Feb
4 Nov
8
63 Jan 22
100
414 Jan 8
234 23712 231 235
230 236
5,000 Chicago & Alton
6
6
4
312 Nov 2534 Feb
4 53
53
878 Jan 21
618 6,8
512 638
512 512
534 Jan 20
100
4 1,700 Preferred
73
8
7,
2
7,
*7
15 Dec 43 Feb
714 714
8 7,2
73
712
100 Chic & East Illinois RR_ _ 100 1414 Jan 7 22 Jan 25
*7
1814 1814
*1814 20
20
363 Dec 667 Feb
4
*19
21
.19
100 36 Jan 2 47 Jan 24
21
.19
400 Preferred
4212 4212
43
*42
7 Nov 237 Feb
8
1333 Jan 17 157 Jan 8
4
43% 433 *4212 4334 *4212 4312
14% 1518 12,400 Chicago Great Western_ 100
14% 1514
8
1712 Nov 635 Jan
8
8 147 1558
4
8
100 36% Jan 7 403 Jan 14
1538 145 155
15
4
3814 3934 10.900 Preferred
383 40
16 Nov 448 Aug
8
397
24 FA 1 26% Feb 7
3912 408 39
8
387 40
4
2514 26, 13.500 Chicago Milw St Paul & Pac__
2512 26
4
8
253 268 253 263
263
26
2812 Nov 6833 Aug
8
417 Jan 29 4614 Feb 10
8
4412 4514 437 45% 33,900 Preferred new
445 447
75 Nov 10812 Sept
8
8
84 Jan 3 897 Feb 8
4414 4514 4412 4614
4
8712 88% 873 8878 6,700 Chicago & North Western _100 13814 FO) 11 140 Jan 16 134 Apr 145 Feb
8 8734 8834
897
100
8978 89
89
100 Preferred
*137 139 *137 193
13814
6 1258 Feb 14 101 Nov 14312 Sept
*13814 139 .13814 13912 13814
124 12518 8,300 Chicago Rock Isl & Pacif1c_100 114 Jan 2 1071 Jan 14 100 Nov 109
Oct
12212 1231s
12314 124
s
122 125
100 107 Jan
1193 121
100 7% preferred
10712 10712 *10712 108
948 Nov 10314 Nov
100 99% Jan 6 108 F b 7
*107 10814 *107 10814 *107 108
700 6% preferred _
10218 10214 10212 10212
8614 Dee 135 July
102 102
102 102
100 83 Jan 15 95 Feb 13
*10134 102
& Southern
400 Colorado
94
91
95
95
6512 01 80 Jan
4
973
0334 *95
•88
4
100 683 Jan 3 74 Feb 11
90
90
110 First preferred
7512 7512
74
74
64 Apr 7212 Mar
74
74
*7318 74
100 55 Jan 23 6512 Feb 7
*7318 74
Second preferred
*6512 70
*6512 70
45 Nov 7058 Jan
*6512 70
70 •____ 70
100 49 Jan 2 57 Jan 24
pref
400,Consol RR of Cuba
57
57
57
July
*56
56
56
*5412 57
100 16112 Jan 3 181 Feb 8 14112 OA 226 4 Sept
*5412 57
4 3,400'Delaware & IIudson
178 178% 17712 1793
8
Feb 8 12014 June 1693
180% 1808 17614 1783
177 181
ware Lack & Western.100 13; Jan '28 153 Feb 10
4
14714 14912 146 14812 16.800,Dela
49 0-t 773 Feb
8
4
1483 15233 150 15134
60 Jan 2 757
153
147
47 Feb
4 3.700 Deny. & Rio Gr %Vest Pre- 100
753
4 7412 743
75
133 Dec
4
753
3 Jan 15
8 75
757
75
134 Jan 2
75
75
100
100 Duluth So Shore & Atl
134
1%
4
4 23
*13
712 Feb
2 Nov
4
212 Feb 6
4 23
4 *13
4 23
2,2 Feb 6
4 *13
4 23
100
*13
Preferred
Stock
•212 3% •212 338
4112 Nov 9312 Sept
4
314 *212 338 *212 3 8
Jan 7 633 Feb 14
"212
100 56,8
613 628 6112 6334 40,500 Erie
4
5512 Nov 6614 July
6114 6233
8
100 613 Jan 10 66 Feb 14
611s 6212 615 63
6.900 First preferred
66
6512 6512
65
1
52 Nov 6378 ROY
4
100 5712 Jan 2 6112 Feb 14
6418 644 643 6412 6414 6412 Exchange *5812 5912 5912 6112 1,400 Second preferred
8514 Nov 12814 July
Feb 21
59 2
6014 6012 5912 5912 *59
20,800 Great Northern preferred 100 95 Jan 13 10014 Feb 13
9914 9712 99
93
8
997 Closed8512 Nov 12214 July
100 9014 Jan 3 9612
9914 99 10014 99
*99
9612 3,900 Pref certificates
9612 96
96
59 Feb
18 Nov
96
100 3812 Jan 2 4434 Jan 10
9412 9412 9112 9512 96
43% 17,200 Gulf Mobile & Northern
4012 4114 40
70 Nov 103 Jan
100 94 Jan 14 98 Jan 15
8 4118 4114 4112 4112 Lincoln's
4
413 417
200 Preferred
9412 9412
*9412 96
612 Dec 1112 Apr
*9412 96
818 Jan 17
*941, 96
8 Jan 2
96
Ry___No par
*9412
Havana Electric
*818 9
8 9
Birthday
•87
8 9
4`8,
*813 9
*818 9
55 Feb 7334 Dec
100 6818 Jan 14 72 Jan 2
7412
10 Preferred
7412 *70
•70
70
- 70
*70
100 450 Jan 25 520 Feb 14 370 Nov 600 Oct
*7312 _
20 Hocking Valley
520 520
*48012 520
3412 May 588 Jan
8
100 463 Jan 16 5118 Feb 1
490 490 *48014 520 *48014 520
Manhattan_
4912 4912 4.300 Hudson &
49
49
Oct 84 Jan
GO
8
8 4912 495
8 498 503
100 78 Jan 29 7912 Jan 30
4912 505
Preferred
*7612 7812 *7612 7812
July
4
4
100 128,8 Feb I 131 Jan 6 116 Nov 15312 July
4
*753 7812 *753 7812 *753 7812
2,500 Illinois Central
129
130 13018 129
Oct 15112
120
8
128 1307 *130 131
100
131
12934
Preferred
.128 140 *128 140
8018 Feb
70 Nov
*128 140
74
*128 140 *128 140
10 RR Sec Stock certificates-- 70 Jan 2 34 Jan 18
*71
7212 *7012 7212
15 0.1 5838 Feb
Feb 7
8
c_100 203 Jan 3
7212 7012 7012 *7012 74
.70
4
3058 3114 293 3078 14,400 Interboro Rapid Tran v t
2914 3112
25 Nov 59 Jan
Jan 16
3014 32
32
31
100 Int Rys of Cent Arnerica__100 29,8 Jan 10 3212 Feb 11
34
*31
34
*31
31
23 Dec 5912 Jan
3118 3118 *2934
No par 2714 Jan 15 2812
*2912 31
100 Certificates
32
__ 32 *_-_6114 Dec 8014 Jan
*2812 2812
*2812 35
4
100 613 Jan 2 71 Feb 5
*2812 35
10 Preferred
*6612 71
71
71
8
60 Oct 1087 July
*6614 71
82 Jan 2
*6614 7412 *6614 71
800 Kansas City Southern_ _100 77 Jan 30 69 Feb 4
8012
8 78
*777 807
8
8
63 Nov 7012 Jan
813
8112 *78
100 6718 Jan 6
8012 8012 81
300 Preferred
68% 6718 6718
*67
684
65 Nov 10214 Feb
8
4
8
4 677 677 *67
50 70,4 Jan 27 773 Feb 8
683
*67
8 7.400 Lehigh Valley
8
4
753 7634 757 773
76
7758 76
4 77
100 128 Jan 3 138 Jan 22 110 Oct 15414 Sept
4
753 773
4 1,800 Louisville & Nashville
4
1363 1363
*132 137
Oct 5712 Jan
24
31
137 13712 136 137
1344 135
2,200 Manhat Eiew modified guar 100 3014 Jan 3 39 Jan 13
37
36
36
36
3012 Jan
4
1412 Nov
3614 348 36,
16
3612 36
36
700 Market St Ry prior pref 100 17 Jan 11 2512 Feb 7
2812
2512 2512 *24
25
334 Jan
114 Nov
25
2 Jan
29
I% Feb
2812 "25
*25
100 Minneapolis & St. Louis__.100
4
13
13
8
4 *158
*15
35 May 6112 Sept
4
133 158
30 Feb 3 35 Feb 7
*112 178 *133 13
3312 3,500 Minn St Paul & SS Marle_100
33
32
32
Jan
4
66 Dec 87
*32
333
34
3412 *32
100
*32
Preferred
61
*56
61
*56
Jan
66
*56
51 Dec 66
I
61
*56
60
100 54 Jan -5 57 Feb *57
20 Leased lines
62
4
4
553 553 *56
56
4
2718 Nov 653 July
2 5812 Feb 13
5514 5514 *55
8
par 467 Jan
*5514 56
5712 58,2 5618 5812,133,100 Me-Kan-Texas RR____No 100 103 Jan 3 10512 Feb 13
9378 Nov 10712 Apr
5433 5438 5612 5618 58
54
2,800 Preferred
106 10612 10614 106141
106 106
106 106
10512 106
46 Nov 10138 July
100 87 Jan 2 93 Feb 14
913 93
10,500 Missouri Pacific
92
91
Oct
9014 92.8 8958 91%
901s 92
100 134 Jan 7 140 Jan 25 105 Nov 149
4
4
1363 1373 13618 13818 2,000 Preferred
7538 Oct 8633 Jan
50 81% Jan 29 83 Jan 13
13514 137 *136 13734 13618 13633
00 Morris & Essex
4
4 813
813
82
82
4
4 813 8134
4
Louis__ __100 190 Jan 8 210 Feb 14 173 Nov 210 Aug
*813 84% *8134 833
20 Nash Chatt & St
210 210
35 Jan
*20412 215
1
Oct
4
1, Jan 11
1 Feb 5
*200 210 *203 215 *203 205
700 Nat Rys of Mexico 2d pref_100
118
Ils
118
118
118
hg
118
11a
118
100 167 Jan 8 19234 Feb 14 160 Nov 25'112 Aug
*1
4
4
18712 1883 18814 1923 85,200 New York Central
186 187%
186 188
130 Jan 6 144 Feb 10 110 Nov 19233 Aug
18312 18612
1,500 NY Chic & St Louis Co_ 100
143 14318 x143 143
8
1433 14334
140 144
4
100 1083 Jan 7 10934 Jan 17 100 May 110 Dec
14012 141
300 Preferred
1094 1094 *10912 110
10912
Oct 379 Jan
4
50 180 Jan 6 324 Feb 3 155
4
109% 1093 *109 1093 10912 278
240 N Y & Harlem
275 293
276 276
8
807 Jan 13212 Oct
278
290
280
100 105% Jan 20 12218 Feb 14
290 290
8
4
1193 1207 12033 12233 49,680 N Y N H & Hartford
4
1183 12014
122 Jan 23 12712 Feb 13 11433 Jan 1343 Aug
113% 11614 11612 119
12 2.200 Preferred
12712 12712 *127 127
32 Feb
8 Nov
Feb 14
8
8
1247 1257 125 126
*123 125
12,200 N Y Ontario & Western__ _100 1318 Jan 2 16 Jan 16
1412 1412 1418 16
112 Dec
98 Feb
418
8 1412 14%
2 Jan 7
8 1458 147
14% 147
200 N Y Railways pref____No par
4
8 23
28 233 *23
1412 Dec 4812 Feb
8
8 27
8 *25
258 25
4
100 163 Jan 8 3312 Feb 14
*214 212
2618 3312 14,300 Norfolk Southern
2512 28
Jan 290 Sept
20% 2038 2512
Jan 4 259 Feb 11 191
100 226
1612 1912 20%
5,100 Norfolk & Western
252 255
*252 255
82 Nov 8714 May
4
4
2523 2573 258 259
100 83 Feb 3 8512 Jan 2
24512 253
150 Preferred
*8412 86
84
84
86
7518 Nov 1187 July
*84
86
100 81 Jan 21 93% Feb 10
8418 *84
84
8
4 9214 937 16,100 Northern Pacific
9212 923
75 Nov 1145 July
8
927
91
7
8
100 8212 Jan 23 9238 Feb 14
8 915 93 8
917
91
9218 11,600 Certificates
9033 91
8912
7212 Mar 110 Aug
8812 90% 8912 90%
50 7218 Jan 8 8478 Feb It
8734 89
4
828 8312 8233 843 107,500 Pennsylvania
17 Dec 35 J.Ily
4
823 8312
Feb 7 21 Feb 11
4
100 1734
8 823 8414
800 Peoria & Eastern
20
8012 847
*18
20
*18
21
18
18
*17
100 150 Jan 30 160 Jan 7 140 Nov 250 Aug
20
*14
800 Pere Marquette
160 160 *156 167
94 Nov 101 M
4
157 157 *160 167
100 943 Jan 31 98 Jan 21
110 Prior preferred
158 158
97
*96
96
96
90 Nov 97 .7a
100 95 Jan 7 96 Jan 25
8
06% 965 *96% 9714 *96% 9714
Preferred
*9512 96
•9512 96
-- *9512 9612 *9512 96
8
*947
90 Nov 11834 Jan
4
100 116 Jan 4 1213 Feb 11
600 Pittsburgh & West Va
*90 122
*100 121
4
12112 1213
50 121 Jan 4 14112 Feb 6 10112 May 14734 Sept
121 12114 *118 121
3,800 Reading
13314 13411 132 135
4112 Apr 50 Sept
135
6
50 47 Jan 2 5012 Fob
138 13814 136 138% 135
5,300 First preferred
50
50
50
50
50
50
4333 May 603 Sept
50
50 4734 Jan 4 57 Feb 6
4 50
*48
503
200 Second preferred
56
*52
56
*52
497 Oct 7414 Sept
56
5578 *53
5012 Feb 1 65 Feb 6
8
557
100
56
"53
Rutland RR pref
70
*60
70
*60
70
*60
70
*60
100 107% Jan 3 11438 Feb 10 101 Nov 13334 Aug
70
*60
3,000 St Louis-San Francisco_
8
1127 113
11312 11312
87 Nov 9612 Feb
100 92 Jan 2 9514 Feb 14
11214 11314 11438 112 112
112
8
947 9514 2,100 1st pref paid
95
95
50 Nov 11534 Feb
4
4 943 9434
100 5914 Jan 20 6938 Feb 11
9418 9414 9412 943
68% 3,500 St. Louis Southwestern
8 68
687
*68
Oct 94 Apr
84
8
100 87 Jan 4 8834 Feb 10
6712 6712 6914 685 69%
66
200 Preferred
93
*89
93
*89
918 Dee 2134 Mar
93
*89
Jan 15 1212 Feb 15
9%
100
8812 8812 8834
*83
1112 1212 23,000 Seaboard Air Line
1112 1214
1614 June 4133 Oct
100 2214 Jan 30 28 Feb 7
8
115 12
4
113 1212 121s 1212
2,000 Preferred
4
273 28
29
*28
2714 2714
2714 28
28
28
100 11914 Jan 8 127 Feb 10 105 Nov 15712 Sept
4 9,300 Southern Pacific Co
4
123 1243 122 1243
12312 125
12578 127
123 125
100 131 Feb 10 13634 Jan 13 109 Nov 16218 Sept
5,600 Southern Railway
13218 133
131% 132
93 June 100 Dec
4
13212 13234 131 13214 131 13178
100 98 Jan 2 1003 Jan 20
400 Preferred
4
*983 100
99
99
74 Nov 1407 Jan
99
9812 9812 99
99
.9812
Mobile & Ohio certifs___100 90 Jan 23 95 Jan 31
94
*90
94
*90
9414
9414 *90
9414 *90
.90
100 117 Jan 6 12312 Jan 14 115 Nov 181 May
Texas & Pacific
*120 129
*120 129
612 Nov 39 Feb
*118 129 *118 129 *120 129
9 Jan 14 13% Feb 7
100
1212 1,600 Third Avenue
12
12
12
12
2014 Dec 5314 Jan
12
*1112 12
1178 12
1,600 Twin City Rapid Transit 100 2412 Jan 28 3112 Jan 29
28
28
28
28
Jan
75 Dec 100
4
283 283
4
28
•27% 2812 28
100 70 Jan 23 79 Feb 3
30 Preferred
76
76
78
78
85
*76
.76
79
78
.23714 Feb 10 200 Nov 29758 Aug
.75
100 215 Jan
227 23412 9,200 Union Pacific
23012 235
80 Nov 8512 Sept
8
22814 23612 234 23714 226 235
100 8214 Jan 17 835 Feb 5
1,200 Preferred
82% 83
8
*825 83
4
3
823 8238 823 83
83
83
y Ex-rights.
" Bid and asked prices; no sales on this day. x Ex-dividend.
New York Stock Record-Continued-Page 2
1081
For sales during the week of stocks not recorded here, see second page preceding
HIGH AND LOW SALE PRICES
-PER SHQRE, NOT PER CENT.
Saturday.
Feb. 8.
Monday.
Feb. 10.
$ per share
59
5912
86
.83
81
83
273 29
4
2712 29
263 263
4
4
4
4
503 503
$ per share
5912 60
85
8618
*78
85
28
2914
*27
30
*2612 274
*49
497
8
Tuesday.
Feb. 11.
Wednesday. Thursday.
Feb. 12.
Feb. 13.
Friday.
Feb. 14.
Sales
for
the
Week.
5 per share $ per share 5 Per share $ per share Shares
Railroads (Con.)
5812 5812
58
5812 58
595
8 4,000 Wabash
*85
8512 8512 1,000 Preferred A
85
85
87
*80
85
.80
86
*80
85
200 Preferred B
28
287
28
8
2918 28
29
39,500 Western Maryland
*2712 29
283 283
4
4 29
29
900 Second preferred
27
2718
2512 2612 26
27
1,500 Western Pacific
493 493
4
8 4614 4912 1,900 Preferred
4712 497
4
8 2718 2718 271* 285s
2638 263
*72
7234 723 723
4
4 723 74
4
503 50-38 5012 51
8
.50
57
•108 110 *109 110
109 110
305 3118 31
8
3158 3114 3158
884 8814 *8612 90
*86
90
*2112 2412 2312 2438 2478 2512
16
17
16
1612 17
1712
31
32
31
32
33
3334
as
7
a
3
4
3
4
3
4
3
4
12312 1253 12518 12718 12414 12612
s
28'2 2918 284 293s 2812 2914
2
2
178 2
2
2 14
84 818
8
83
8
8
814
*1014 11
*1013 11
1112 1112
3018 3138 3158 3314 3218 323
4
.
10218 104
10414 105.2 106 10712
*9114 96
*9114 96
92 92
.
270 279
274 276
276 27612
123 123
123 123
123 123
5814 60
5818 5912 585 597
8
8
*234 3
*23
4 3
*234 3
1912 2014 195 20
8
19
20
7
7
612 64
7
714
2812 2812 29
2934 *2812 293
4
843 843 *84
4
4
8412 83 83
*61
62
*61
62
*61
62
7
8
*718 814 *718 8
36
36
*35
37
*35
37
4758 483
4 49
514 49
51
*50
5038 50
503
8 50
50
.
122 126
126 12612 12612 12612
137 1418 133 1414 1418 15
8
4
6614 6614 663 663
4
4 667 71
8
13438 1383 13534 13838 13612 14134
8
•14118 144 *14118 144
14112 14112
80
80
794 80
7934 80
*111 112 *111 112 *11114 112
85
85
84
84
84
85
4312 4312 44
4558 4434 4558
2814 2812 2812 29
28
283
4
*27
273 *273 28
8
4
*2718 273
4
4714 4712 4814 49
483 4914
4
9312 9514 9314 9534 94
9612
108 108 .10712 108 .108 109
*9712 99
z96
96
9612 97
2118 218 2112 22
217 2214
8
*4
47
8 *4
43
8
43
8 43
8
*277 2812 28
8
2814 .2814 2912
5838 58% 5812 587s *58
5812
354 353
8 36
3618 36
363
8
*85
88
.85
88
*8612 88
4112 4214 4138 4238 4118 421
23
4 23
4 *25
8 273
234 27
8
34
34
34
34
*34
35
100 100
99
99
9912 1004
113 113
113 113
113 113
*238 242
242 24334 244 247
5038 5058 4912 5012 49
491s
•110 11214 *11114 11214 *11114 11214
*72
74
*72
74
7214 7214
58
5
8
5
8
5
5
8
5
8
*438 512 *418 512
438 41
9012 9214 9112 947
8 94
9712
10014 10014 10014 10014 10014 10014
*7818 8012 *7818 8012 79
79
8312 837
8 8414 8414 8412 843
4
345 353
8
4 353 3618 3514 36
8
13434 135 *132 134 *132 135
233 23 4 234 247
4
3
8 2312 2412
893 893
4
4 8814 893
8 8712 893
4
*6214 6212 6214 6214 *62
6214
21
21
2014 2014 2014 2018
*17
8 2
112 17
8 *134
178
9418 9412 95
95
*9518 987
8
765 77
8
755 7714 7558 763
8
8
*13312 134
13312 1331* 1337 1337
8
8
43
433
8 43
43
4314 4314
*101 102 *10212 1043 *10212 1043
8
4812 4912 4912 50
50
5114
113 113
114 114
114 114
48 48
473 48
8
47
4712
*6512 66
6458 6512 64
6412
1067 1067 *10634 107
8
8
10634 1063
4
2412 253
4 2512 263
4 2512 264
2712 2712 *27
2712 2712 2712
22818 230
228 230
2283 23018
4
225 230 z225 227 *223 224
2273 2307 z225 22814 22412 22712
4
8
*12012 121
12012 121
12012 1201
13212 13212 132 132 *132 136
*108 10912 *108 10912 10914 1091
973 99
8
97 10012 9818 104
103 103 *10012 10212 1023 1023
8
8
1412 1512 1434 18
1612 173
8
35
367
8 35
36
3618 387
8
*6
67
8 *6
67
8
63
4 63
4
41
41
4178 42
42
42
16
1614 16
1638 153 16
4
•74
78
*74
78
•74
78
784 79
77
787
8 77
774
53
53
501s 5114 504 507
8
4412 447
8 4312 44
4314 4378
*10512 110 *10538 110 *106 110
3512 351 *35
3618 3518 3518
2612 263
4 2614 267 *2614 263
8
4
*7912 797s 7912 7958 *79
793
4
64 618
6
618
57s 6
3
314
314 34
315 33
8
*61
6112 *61
6112 6034 GI
638 7
714 738
712 734
171s 1718 18
187
8 20
20
4212 4278 4218 4212 42
4212
4
333 3418 3412 3434 333 3412
4
*34
35
34
3438 3312 3312
7412 76
74
7418 7312 7458
6212 62
.
60
6212 *61
6214
4
373 383
4 3912 41
4012 4112
8712 8712 *853 87
4
*8612 87
*102 104
1037 1037 *102 104
8
7
7
*63
4 7
7
7
22214 225
227 238
231 23512
Stock
Exchange
Closed
Lincoln's
Birthday
Lowest.
Par $ per
100 51
100 83
100 75
100 2414
100 2112
100 21
100 4012
Industrial & Miscellaneous
28
28
28
2814 2,200 Abitibi Pow & Par.
No par
74
77
*76
77
1,000 Preferred
100
5012 5012 *50
55
500 Abraham Sr Strauss_ _ No par
110 110
110 110
80 Preferred
100
3212 323 3314 80,000 Adams Express new__ __No par
3112
8
*8512 90
*8512 90
100 Preferred
100
2558 26
26
2612 1,500 Adams Millis
No par
17
17
172 17
6,600 Advance Rumely
100
*3112 32
*31
34
1,000 Preferred
100
3
7
4
8
7
7
8 1,900 Ahumada Lead
8
1
12558 129
1304 1337 26,900 Air Reduction, Inc
8
No par
3158 9,100 Air-Way Eke ApplianceNo par
8
287 3118 31
2
214
2
2 14 7,100 Max Rubber, Inc
No par
778 8
8
814
7,400 Alaska Juneau Gold Min__ _10
1158 1212 1212 1212
900 Albany Pert Wrap Pap_No par
3318 3258 3418 451,900 Alleghany Corp
3238
No par
106 10612 106 10612 3,200 Preferred
100
*92
96
*92
96
200 Preferred ex-warrants
27312 27612 274 276
3,100 Allied Chemical & Dye_No par
122 123 *122 123
800 Preferred
100
587 595
8
8
8
8 585 605 50,900 Allis-Chalmers Mfg new No par
*234 3
*23
4 3
Amalgamated Leather_No par
*1914 197
8 1812 19
1,700 Amerada Corp
No par
63
4 63
4
718 718 1,100 Amer Agricultural Chem_100
*2812 293 *2812 2934
4
300 Preferred
100
84
85
857
85
8 1,700 Amer Bank Note
10
*61
*61
62
62
Preferred
50
800 American Beet Sugar _No Par
*Vs 814 *712 8
*35
37
37
*35
100 Preferred
100
533 547 26,500 Amer Bosch Magneto_No par
8
4
8
507 54
8
497 497
4912 50
8
800 Am Brake Shoe & F__ _ _No par
126 126
1263 128
4
190t Preferred
100
1512 1714 165s 173 42,400,Amer Brown Boveri El_No par
8
7514 1,510 Preferred
71
7314 73
100
14112 14538 14212 14638 227,500 American Can
25
*14118 143
14114 14114
400 Preferred
100
7912 793
4 2,000 American Car & Fdy__No par
8
795 797
8
11114 112
*11114 112
200 Preferred
100
8912 2,300 American Chain pref
*86
86
86
100
443 453
4 4412 4512 13,700 American Chicle
4
No par
2714 2812 2712 2934 6,200 Am Cornm'l Alcohol__ _No par
27
2718 2712 27
300 Amer Encaustic Tiling_No par
4812 4914 48
4933 3,900 Amer European See's No par
96
8 9518 9838 211,600 Amer & For'n Power
987
No par
10812 109
108 108
400 Preferred
No par
975 975
8
*9712 99
8
800 2d preferred
No par
8 26
28
2214 257
9,100 Am Hawaiian SS Co
10
438 438
438 438
600 American Hide & Leather_100
2914
283 283
s 29
8
700 Preferred
100
r587 587
8
5812 58'z
8 1,000 Amer Home Products__No par
3612 37
37
36
8,700 American Ice
No par
*8612 88
8612 8612
100 Preferred
100
4214 433
4
8
8 423 437 25,800 Amer Internat Corp___No par
234 27
8
*23
4 3
600 Amer La France & Foamite_10
35
*34
35
35
60 Preferred
100
100 1001s 1,900 American Locomotive_No par
100 100
11278 11312 11312 11312 1,600 Preferred
100
2463 257
4
*245 247
3,000 Amer Machine & Fdy__No par
47
4712 2,000 Amer Metal Co Ltd-.No par
47
47
11214 11214 *11214 11414
100 Preferred (6%)
100
7012 72
74
*72
50 Amer Nat Gas pref____No par
12
5
8
5
8 5,500 American Plano
5
8
No par
*412 51,
412 412
110 Preferred
100
x941, 9712 95
9612 31,400 Ara Power & Light_No par
s
1007 10114 1,700 Preferred
8
1003 101
No par
8012 8012 81
8012
500 Preferred A
No par
8412 85
843 8512 1,400 Pref A stamped
8
No par
8
357 375
8
8 365 38
98,500 Am Had & Stand San'ry No par
*132 135 *132 135
100 Preferred
100
2358 235
8 2338 2438 1,500 American Republics___No par
8
887 9214 914 96
27,400 Amer Rolling Mill
25
6112 6238 1,300 American Safety Razor_No par
62
62
2012 2012 *2014 21
500 Amer Seating v t c
No par
114
13
178 *158
4 2,300 Amer Ship & Comm_ _ .No par
97
98
95
95
430 American Shipbuilding.___100
8
8
7518 7614 735 753 18,300 Am Smelting & Refining_ 100
8
1337 134 *13378 13412
GOO Preferred
100
43
43
43
43
1,000 American Snuff
25
*10212 1043 *10212 1043
8
8
Preferred
100
5018 503
5012 51
4 7,000 Amer Steel Foundries__No par
*114 115
110 Preferred
100
*4474 148
1 163 15
8
*4658 48
1,300 American Stores
par
No ro00
6312 64
6112 63
2,300 Amer Sugar Refining
107 10714 107 107
300 Preferred
2518 2534 20,900 Am Sum Tob
8
253 2614
2712 2712 2712 2712
190 Amer Telegraph & Cabie _
No
22958 2323 23014 23214 46,000 Amer Telep & Teleg
4
108
r
231 235
224 231
7,500 American Tobacco com____50
233 23812 39,400 Common class B
22612 235
50
*1203 12112 1203 1203
4
4
4
800 Preferred
100
*132 13612 132 132
300 American Type Founders_ _100
*108 110 *108 110
30 Preferred
100
10412 1073 10312 1063 76,700 Am %Vat Wks & El_ __No par
8
8
*1005 10212 *10058 10212
8
200 1st preferred
16
1578 17
1614 18,700 American Woolen
100
3612 3712 22,400 Preferred
3714 39
100
*6
67
8 *6
634
300 Am Writing Paper ctfs_No par
4
4212 4212 423 423
4 1,300 Preferred certificate_ __ _100
154 165s 1518 1512 4,600 Amer Zinc, Lead & Smelt_ _ _25
*74
76
76
743
4
100 Preferred
25
755 7814 743 76
4
8
78,400 Anaconda Copper Min new_50
5114 5114 5018 5012 1,100 Anaconda Wire & Cable No par
pr4312 447
4314 4478 8,800 Anchor Cap
No par
*10512 110 .1057 110
8
Preferred
No par
35
347 347
35
8
s
500 Andes Copper M ining_ _No par
.26
2578 26
263
8 1,700 Archer, Dan'Is, Midld_No par
4
4 77
783 783
78
600 Armour & Co (Del) pref._.100
57
8 6
57
8 6
4,900 Armour of Illinois class A__ _25
3
3 1s
318 318 7,900 Class B
25
6118 6014 6014
61
600 Preferred
100
73
4 73
4
712 75
8 2,600 Arnold Constable Corp_No par
*1658 203 *175 203
8
4
4 1,100 Artloom Corp
No par
4112 4212 40
411. 4,300 Associated Apparel Ind No par
3312 333
4 3314 333
4 5,800 Assoc Dry Goods
No par
34
34
343 3438
8
240 Associated Oil
25
7212 735s 6912 72
4,100 AU G & %V IS S Line_ __No par
623 623 *6112 62
4
4
500 Preferred
100
4158 427
8 4018 411 66,700 Atlantic Refining
25
864 8912 .88
89
1,200 Atlas Powder
No pa
104 104 *102 105
80 Preferred
100
*7
10
*7
10
200 Atlas Tack
No pa
*226 230
22512 227
5,200 Auburn Automobile-No par
• Bid and asked prices: no sales on this day. z Ex-dividend. y
Ex-rights,
PER SHARE
Range Since Jan. 1.
On basis of 100-share tots
STOCKS
NEW YORK STOCK
EXCHANGE
Highest.
PER SHARE
Range for Previous
Year 1929.
Lowest.
Highest.
share $ per share $ per share $ per share
Jan 6 60 Feb 10
40 Nov
8
813 Jan
Jan 7 873 Jan 6
82 Nov 10478 Jan
s
Jan 3 86 Jan 20
75 Dec 91
Jan
10 Oct 54 Feb
Jan 18 2914 Feb 10
1458 Nov
Jan 18 29 Feb 8
5312 Feb
Jan 2 285 Feb 5
15
Oct 417s Mar
8
Jan 2 507s Feb 7
3712 Nov 673 July
4
3414 Dec 571s Aug
22 Jan 18 333 Jan 3
4
69 Nov 8858 Jan
8
647 Jan 17 77 Feb 13
43 Dec 15912 Jan
45 Jan 2 5712 Feb 1
104 Jan 11 110 Feb 11 10012 Nov 11212 Oct
20 Nov 34 Nov
231s Jan 20 3314 Feb 14
84 Nov 96
Jan
8514 Feb 4 8814 Feb 8
19 Nov 357 Jan
8
23 Jan 23 2612 Feb 14
7 Oct 10478 May
1112 Jan 6 2314 Jan 24
15
Oct 119 May
22 Jan 4 4114 Jan 29
12 Jan 4
38 Dec
78 Feb 5
es Feb
77 Nov 22338 Oct
8
118 Jan 22 1337 Feb 14
1818 Dec 487s May
72 Jan 2
211 Jan 13 32 Jan 30
Ja
1 Dec 1114 Jan
138 Jan 2
212 Jan 9
1014 Jan
414 Nov
918 Jan 7
5 Oct25 Jan
1212 Feb 13
814 Jan 21
17 Nov 5612 Sept
23 Jan 8 3418 Feb 14
90 Nov 11834 July
9512 Jan 3 10712 Feb 11
Oct
8018 Sept 92
8914 Jan 27 92 Feb 11
2553 Jan 3 282 Feb 1 197 Nov 3543 Aug
4
4
14914 Jan 2 123 Feb 7 11812 Nov 125 Apr
21
3518 Nov 7512 Sept
Jan 3 6214 Feb 6
1118 Jan
2 Nov
25 Jan 6
8
3 Jan 11
1712 Oct 425s Jan
2178 Jan 7
2671,42 FebJan 211601
18 Jan
4 Oct 235 Jan
8
77 Jan 28
8
7334 Jan
18 Nov
4
323 Jan 27
65 Nov 157
Oct
77 Jan 2 88 Feb 5
4
61 Feb 3 663 Jan 31
57 July 653 June
4
514 Dec 2012 Jan
7 Jan 4 12 Jan 16
3412 Dec 6014 Feb
36 Feb 8 3912 Jan 21
7612 Sept
27 Nov
8
4018 Jan 17 547 Feb 14
4012 Nov 62 Feb
47 Jan 9 5012 Feb 5
11814 Jan 14 128 Feb 13 113 Nov 12612 Mar
8
83 Jan 16 173 Feb 14
8
418 Oct 3434 June
4934 Jan 104 June
6012 Jan 3 7514 Feb 14
11714 Jan 2 1463 Feb 14
86 Nov 18412 Aug
8
14014 Jan 27 144 Jan 8 13318 Nov 145 Dec
7812 Jan 2 8212 Feb 6
75 Nov 10612 Jan
110 Jan 27 116 Jan 4 11012 Oct 120 Jan
757 Jan 3 86 Feb 13
8
7014 May 9518 Oct
365 Jan 2 46 Jan 27
27 Nov 8158 Sept
8
263 Jan 22 33 Jan 16
4
Oct 55 May
20
2358 Jan 17 2712 Feb 7
1814 Nov 4734 Feb
35 Jan 8 4938 Feb 14
23 Nov 9812 Sept
8858 Jan 18 9912 Feb 5
50 Oct 19914 Sept
107 Jan 3 109 Feb 14 10112 Nov 10812 Feb
9518 Jan 7 99 Feb 7
8614 Oct 103 Feb
197 Jan 2 28 Feb 14
8
1712 Dec 42 Apr
44 Jan 30
434 Jan 13
312 Dec 10 Jan
2718 Feb 7 304 Jan 4
2314 Nov 5214 Aug
553 Jan 11 59 Jan 28
40 Nov 85 8 Jan
8
5
3518 Feb 7 3912 Jan
29
Oct 5312 Aug
86 Jan 3 87 2 Jan 6
,
8
837 Dec 96 Mar
8
353 Jan 20 437 Feb 14
2912 Nov 9634 Sept
8
24 Feb 11
2 Jan 20
878 Jan
212 Oct
2712 Nov 75 Feb
30 Jan 9 35 Feb 14
944 Feb 5 105 Jan 6
90 Nov 136 July
11112 Feb 3 11458 Jan 10 11114 Nov 120 Dec
210 Jan 10 257 Feb 14 142 Nov 2793 Oct
4
3112 Nov 8118 Feb
44 Jan 21 5112 Feb 7
110 Feb 6 11214 Feb 13 106 Nov 135 Feb
65 Jan 23 74 Feb 7
58 Nov 9814 Jan
1778 Jan
1 Jan 4
12 Feb 7
3 Dec
4
312 Jan 9
4 Dec 55 Jan
45 Jan 21
8
6414 Nov 17534 Sept
77 Jan 2 9712 Feb 11
9214 Oct 105 Feb
100 Jan 28 10158 Jan 10
70 May 80 Feb
75 Jan 8 81 Feb 14
80 Jan 6 8512 Feb 14
7278 Nov 8418 Feb
Oct 553 Sept
301s Jan 3 38 Feb 14
28
8
1264 Jan 7 135 Feb 8 125 Nov 139 Sept
201* Jan 21 274 Feb 5
1212 Nov 643 Jan
4
805 Jan 2 96 Feb 14
8
60 Nov 1445 Sept
8
59 Jan 16 63 Feb 4
44 Nov 743 Jan
4
173 Jan 3 23 Jan 9
8
17 Dec 417 Mar
8
238 Jan 24
114 Jan 16
38 Oct
7 Feb
83 Jan 24 98 Feb 14
70 Oct 1124 Aug
697 Jan 22 7812 Feb 6
s
62 Nov 13014 Sept
13312 Feb 6 138 Jan 16 12318 Nov 138 Jan
4218 Jan 21 437 Jan 27
8
38
Oct 49 Jul
10018 Jan 3 102 Jan 13
98 Nov 112 Jan
4412 Jan 2 5114 Feb 11
3534 Oct 7978 Feb
11012 Jan 7 115 Feb 14 110 June 114 Mar
4612 Jan 2 494 Feb 1
40
Oct 85 Apr
6018 Jan 3 67 Feb 5
56 Nov 9434 Jan
104 Jan 6 10714 Feb 13
99 Nov 111 Feb
1912 Jan 2 2634 Feb 10
18 Nov 60 Jan
2618 Feb 5 2712 Feb 8
17 Jan 327 Mar
8
216 Jan 2 23234 Feb 13 19314 Jan 31014 Sept
197 Jan 8 235 Feb 14 160 Mar 23212 Oct
197 Jan 8 2381* Feb 14 160
Oct 235 Oct
120 Feb 3 121 Feb 10 11458 Nov 12114 Jan
125 Jan 22 135 Feb 4 115 Nov 181 Sept
106 Feb 5 111 Jan 3 103 Nov 112 Apr
8812 Jan 2 1073 Feb 13
8
50 Nov 199 Sept
0912 Jan 4 103 Feb 8
Jan
Jan 104
97
712 Jan 2 1738 Feb 11
54 Oct 274 Jan
1934 Jan 2 39 Feb 13
1512 Nov
8
5S3 Jan
5 Jan 20
712 Jan 31
4 Nov
1618 July
2912 Jan 17 4312 Jan 16
28 Nov 46 Mar
812 Jan 2 177 Feb 3
8
7 Nov
4914 Mar
56 Jan 6 7978 Jan 20
4934 Nov 11114 Mar
695 Jan 17 803 Feb 7
8
3
6714 Dec 140 Mar
40 Jan 22 5314 Feb 6
46 Dec 893 Sept
4
35 Jan 2 464 Jan 27
25 Oct 80 Oct
105 Jan 2 111 Jan 27
96 Nov 15412 Oct
3114 Jan 17 3718 Feb 7
30 Oct 683 Mar
8
4
243 Jan 2 2738 Jan 9
1812 Nov 4912 Mar
77 Feb 14 8138 Jan 3
75
Oct 95 Jan
514 Jan 16
63 Feb 3
4
518 Oct
1818 Jan
258 Jan 20
312 Jan 6
234 Nov
1014 Jan
60 Feb 1 64 Jan 9
57 Nov 86
Jan
638 Feb 8
87 Jan 27
8
614 Dec 407 .1a a
8
1718 Feb 8 20 Feb 6
1658 Nov 30 Feb
3618 Jan 4 427 Feb 8
s
34 Nov
583 June
4
28 Jan 4 317 Jan 31
8
25 Nov
703 Jan
4
3312 Jan 2 373 Jan 14
8
3412 Dec 4714 Apr
6912 Feb 14 803 Jan 30
8
321s Feb 8612 Oct
59 Jan 7 624 Feb 6
453 Feb
4
6278 Sept
3614 Jan 17 4278 Feb 13
30 Oct 7778 July
8112 Jan 17 90 Jan 11
67 Nov 140 Sept
101 Jan 20 1047 Jan 18
8
90 Nov 10612 Jan
614 Jan 2
7 Feb 10
5 Nov
177s July
17512 Jan 18 238 Feb 10 120
Oct 514 Sept
1082
New York Stock Record-continued--Page 3
For sales d (ring the week of stocks not recorded here, see third page preceding.
111011 AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday.
Feb. 8.
Monday.
Feb. 10.
Tuesday.
Feb. 11.
$ Per share $ per share $ Per share
.418 412
418 418
4
4 ,8
.29
30
.2914 31
*2914 31
.5614 60
.5614 (10
5614 5014
.512 6
515 578
5
512
15
15
15
15 .15
16
4412 4412 .44
45
445 445*
8
3312 3414 33/8 3414 3318 3418
11514 11514
115 115
115 115
.109 110
10912 110
10812 108.2
.1713 1812 1712 1712 1712 1712
.7312 7612 .7312 80
774 7312
.3
418 $
414 *5
414
223 227
8
8 211g 227
8
8 215 2258
.66
68
65
65
65
65
.9814 99
*9812 99
9814 9814
.1412 15
144 1412 .14
1414
.63
69
68 .64
68
.63
7
5
512 512 *5 8 5 8 .534 57
.8214 8373 .824 824 824 8212
39
394 3912 4034 3913 4038
35
3618 353 3678 3814 37
4
995 1013
8
8 994 1004 9958 10112
.126 12614 126 12614 12618 1264
.26
26
29 .28
26
30
.102 10212 10212 10212 .101 10212
78
75 .75
75
.74
78
5313 53,3 53
4 5214 5214
543
72
.70
72
.70
72 .70
4
*4
4
412
33
4 33
4
28
.20
.20
28
28
.20
6612 654 674
65-2 6612 65
413
8
4
40
4014 393 4012 40
.3
*3
4
4
3:4 33
8
1614 164 1612 1634 1614 163
4
4 253
3 *13
17
17
.18
4 2
4 5
478 4% *43
.458 5
147 15
143 15
4
.144 15
75
.71)
.70
76
75
.70
4
147 15112 1503 15414
145 146
4
8
*4012 4112 .407 4112 .403 414
1414 1414 1418 1413 1418 1418
8
2518 254 253 254
254 251
8
3613 3634 3612 364 364 367
8
.10818 111 .1077s 111 .1077 111
44
394 44
4512
3912 40
10014 10014 10018 10018
*100 101
23
*22
23
23
24
.23
95
95
*9314 99
*9314 99
4
4612 4718 463 484 147113 484
434 *4112 43
4212 4334 42
1063 10634 1061 1077 106 106
4
4
8
.112 1124 10913 110 .109 114
47
47
.47
5
.434 473
*313 31
8
34 372
312 33
4
223 224 2012 224 .2012 2134
8
8
823 8514 837 8518 8312 857
8
4
.109 116 .109 112 .109 116
.___
_
_
_
693 7014 694 697,5
697 697
4
2958 *28
294
294 .28
.28
134
112
14
14
134
13
4
8514 853
85
85
4 8614 87
8
8
3118 3112
314 3112 31, 317
7034 71
7012 71
704 71
323
8
3112 3214 3214 3214 32
229 23914 23912 243
23018 232
120 120 .120 122
12112 122
.10
11
11
.10
.10
1012
7412 .74
7413 *74
.74
7412
4
523 537
4
8 523 5414 53
557k
79
79 .78
79 .78
*76
.24
25
24
244
24 .24
3113 314 314 3178 314 32
1054 106
10512 10713 107.2 10712
412 434 .4
5
414
4
5812 5812 59
59 .57
5812
634 6412 63
63% 84
634
1414 1412 1414 145
8 1434 1478
.4214 5913 .40
5912 .40
5912
46% 464 .46
4634 46
4612
.9712 98
.9712 99
98 4 983
3
4
-ii30
.54
2718
2612
63
id
-78 -iii2 -- -, '--- --- ii
i
'8
2934
168
.47
1714
534
3012 3018
1713 z173
8
48
47
1712 1718
544 51
307
3 30
307
8 303 307
8
8
55
54
54
54
54
2714 .274 277
2718 27
2612 2612 2713 2612 2814
6414 6212 6313 63
6538
.5618 65 .564 65
74
.60
39
3914 4f
40
3813 3914
.371s 4(
.374 40 .3713 42
1358 878
8
511 9
858 87
37
3712 373 38 .3714 33
4
.97
9812 9812 9312
9812 .97
14412 14412 144 1447 14358 14438
494 493
4 495 80 .4953 50
8
3012 3113 3018 324 32
344
83 .85
83 .85
88
.85
4812 4858 r4712 434 494 524
181 18412
181 186
18214 181
8818 8912 8812 9013 894 924
105 105
105 105
*10413 105
8 2878 303
4 3018 3114
284 293
3014 294 3114
3014 3012 30
2412
24 .23
.23
23
23
23
24 .234 2418
24
.23
8434
84
88
85
*8314 85
8 454 4612
3
4513 45 4 4658 473
100 100 .100 10012 .100 10012
.90
93
93 .90
93 .90
*1412 15
8
1413 1412 .143 29
*12
5
4
*12
31
1814
47
178
55
3
4
537 5414 5212 535
8
73
7318 7314 7314
2318 2318 234 237
8
1104 11214 111 11258
100 100
10014 10014
14 178
112
134
18
18
1758 1758
614 64
65
8 67
8
45
4512 4418 45 4
3
54 6
54 6
907 91
8
91
92
578 60
5938 604
697 7112
8
684 69
61
: 64
03
4 64
2934
1758
4613
1718
5412
314
18
4634
174
55
*12
ss
5433
53
7314 7412
.2313 237
112 11438
10014 10012
.15*
134
.1712 18
612 63
4
45
463*
54 6
9212 9312
583 608
4
68
69
612 612
Wednesday. Thursday.
Feb. 13.
Feb. 12.
1i Per share $ Per share $ per share
414
414
414
414
2914
29
.2914 31
•5614 60 .5614 60
512 6
512 512
•1518 16
16
.15
4 443 4514
4434 443
4
3318 337
8 335 3418
8
115 11514
116 116
*10812 110 .10812 110
1712 1712 1712
•17
.7313 87 .7312 87
414
318 318 *314
4
8 21 14 213
2134 217
.6312 65
65
.60
*9814 983 *9814 99
4
144
144 14
14
6814 6812
*641,3 69
478 53
8
4
45
8 45
•8212 8318 8212 8211
8
3913 404 3813 397
364 3714 3614 37
4
10014 1013 101 18 10212
4
12614 1263 12614 1284
*2614 29
30
*26
103 103 *10113 103
*7713 78
4
773 78
5312 51 14 5214
52
72
.70
71
71
*312 412 *334 412
30
*22
28
.20
6614
66
6712 165
8
404 411s 4018 407
*314 4
*314 4
1573 1612 154 16
.14 212 *13
4 212
.43
4 44 .3
44 5
1518 154 1514 1513
70
70
75
*70
4
153 1563 15618 163
*4114 41 12 4113 4112
143
8
8 14
1418 143
8
2614 2512 263
25
8
3712 365 37
37
110 110
.10818 111
4318 444
4414 45
•100 103 .101 103
24
.22
23
.22
'9314 987g *9314 984
4718 4778 47% 474
3914 40
42
40
1067 1064 *10613 107
8
.109 114 .109 114
41
5
5
8
47
312 312
4
•34 33
.203 2112 2012 21
4
4
843 874 8612 8778
Stock
112 112 .110 113
_
_-_- ____ ____ ____
4
7313 7313 743
70
Exchange
294
294 .28
*28
1t2 112
Closed112
112
8512
84
.8512 87
8
3114 314 3013 313
Lincoln's
704
7012 7114 70
32
Birthday
313 3214 32
4
241 2464 240 24512
.120 122 *120 122
10
4
10
*93 1012
7412 .74
•74
7412
554
8 53
5312 557
77
77
79
.78
4
243
243 244 .24
4
32
3412
4
313 32
4
1073 108
108 108
418
418
414
4
5812
5812 .57
•57
6218 635
8
6318 64
1418 1414 .14
1413
5912 *40
.40
5912
14412 4412
4514 46
99
9812 .98
93
PER SHARE
Range Since Jan. 1.
On basis of 100
-share lots.
STOCKS
NEW YORK STOCK
EXCHANGE.
Lowest.
shares Indus. & Memel. (Con.) Par
900 Austin, Nichols & Co--No par
200 Preferred non-voting-AO°
100 Austrian Credit Anstalt
2,600 Autosales Corp
No par
200 Preferred
50
900 Autostr Sat Razor A._ No par
23,900 Baldwin Loco Wks new No par
100 Preferred
100
130 Baniberger (L) & Co pref 100
No par
50 Barker Brothers
100
10 Preferred
No par
100 Barnett Leather
46,600 13arnsdall Corp class A
25
200 Bayuk Cigars, Inc
No par
100
10 First preferred
1,300 Beacon Oil
No par
20
200 Beech Nut Packing
900 Belding Hern'may CoNo par
300 Belgian Nat Rys part pref____
25,70013endix Aviation
No par
10.300 Best & Co
No par
78,800,Bethlehem Steel Corp
100
1,900 Beth Steel Corp of(7%)
100
1001Bloomingdale Bros_ ___No par
100
30 Preferred
120 Blumenthal & Co pref
100
2,600 Bohn Aluminum & Br__No par
1,100Hon Ami class A
No par
200'Booth Fisheries
No par
1 1st preferred
100
24.700Horden Co
25
10
5,600 Borg-Warner Corp
100 Botany Cons Mills class A_ _50
20.600 Briggs Manufacturing_No par
200 British Empire Steel
100
100
100 2d preferred
No par
2.200 Brockway Mot Tr
101 Preferred 7%
100
No par
35,800 Bklyn Union Ckl.9
No par
100 Brown Shoe Co
1.300 Bruns-Balke-ColiJider_No par
10
5,000,13ucyrus-Erie Co
2,200 Preferred
10
100
10 Preferred (7)
16,800 Bullard Co
No Par
400 Burns Bros newel AcomNo par
No par
100 New class B coin _
100
30 Preferred
5.500 Burroughs Add Mach_ _No par
2,900 Bush Terminal
No par
240 Debenture
100
100
80 Bush Term Bldgs pref
400 Butte & Superior Mining
10
5
20.700 Butte Copper & Zinc
3,100 Butterick Co
100
No par
20,500 Byers & Co(A M)
100
10 Preferred
______ By-Products Coke
No par
5,900 California packing___ _No par
25
California, Petroleum
10
2.200 Callahan Zlne-Lead
1,300 Calumet & Arizona Mining_20
25
5.500 Calumet & Heels
3,000 Canada Dry Ginger Ale No par
1,300 Cannon Mills
No par
13,700 Case Thresh Machine ctfs_100
150 Preferred certlficates-100
100 Cavannagh-Dobbs Inc_No par
100
Preferred
No par
29,200 Celotex Corp
100
100 Preferred
700 Central Aguirre Asso__No par
18,600 Central Alloy Steel____No par
100
670 Preferred
1,700 Century Ribbon hillls_No par
100
30 Preferred
6.100 , erro de Pasco Copper_No par
2.100 Certain-Teed Products_No par
100
7% preferred
No par
800 City Ice dr Fuel
200 Preferred
100
No pa
Corto Corp
No par
14,600 Chesapeake Corp
3,100 Chicago Pneumat Tool_No par
No par
200 Preferred
190 Chicago Yellow Cab_ No par
1,800 Chickasha Cotton 011
10
No par
20,500 Childs Co
7534
7412 73
304 294 3012
55
.54
55
28
27% 28
2712 2712 2712
4
667
8 644 653
25
Chile Copper
.5618 65
65
No par
384 136.100 Chrysler Corp
37
39
City Stores class A____No par
40 .3718 40
834
038
4,400 New
878 9
No par
1,600 Cluett Peabody & CoNO par
37
37
37
36
200 Preferred
100
*9312 100
9812 100
8 6,700 Coca Cola Co
No par
8
14412 1465 146 1473
50
700 Class A
No par
8
495 4958 50
4
No par
4 313 3412 16,400 Collins tic Alkman
353
34
___
Preferred non-voting.__100
*85
88
•85
34.800 Colorado Fuel & Iron
100
57
513 53% 544 884
17914 1814 16,000 C0111mblan Carbon v t cNo par
18014 186
4
No par
913 9312 9018 923 190,800 Colum Gas & Elec
s
600 Preferred
100
10414 10412 105 10518
8
293 314 2912 3012 280,200 Columbia Graphophone
304 328 26,000 Commercial Cr,idit____No par
3113 33
25
8
60 Preferred
2412 243 2413
.24
2413
140 Preferred B
25
2418 2418 24
290 1st preferred (6t%)..100
85% .854 86
85
474 461 4712 11,400 Com Invest Trust new_No par
46
10 7% Preferred
100
.100 10012.100 10012
93
*90
100
Preferred (6'4%)
93
•90
500 Warrants
100
1612 19
15
15
3118 117,500 Comm Solvents new __No par
3014 3114 30
175* 174 353,300 Commonwealth&Sou'rnNo par
173 18
4
600 Conde Nast Publica. __No par
4614 4614 4814
46
4 1714 177 17,600 Congoleurn-Nairn Ine_No par
1714 173
4 2,800 Congress Cigar
543 543
4
No par
54
53
58
.12
12
100 Comley Tin Foil stpd_No par
12
63
534 533 533
No par
3
8 4,800 ConsoUdated Cigar_
140 Prior preferred
100
7212 7314 .7314 74
8 1,100 Consol Film Ind pref-No par
2312 2312 234 235
114 11612 115 119 282,300 Consolidated Gas(N Y)No par
No par
100 10014 .100 10012 2,100 Preferred_
112 5,600 Consolidated Textile__ _No par
112
15*
113
8 2,600 Container Corp A vot No par
18
184 1818 183
73
3 6,800 Class B voting
No par
714
65
8 74
4
463 4813 18,500 Continental Baking el ANo par
4613 48
612
618 638 12,400 Class B
6
No Par
2,000 Preferred
100
9312 94
9314 94
74,000 Continental Can Inc_ _No par
6012 6278 6114 63
10
7113 10,500 Dontinental Ins
6918 69
6834
No par
614 612 9,100 Dontinento Motors
614 612
74
301
8
.54
278
2712
66
.5618
3813
*3718
• Bid and asked prices; no sales on this day. z Ex-dividend.
Friday.
Feb. 14.
Sales
for
the
Week.
g Ex-dividend and ex-rights. z Ex-dividend
Highest.
PER SHARE
Range for Previous
Year 1929.
Lowest.
Highest.
$ per share $ per share $ per share $ per char,
1134 Aui
618 Jan 28
314 Oct
33 Jan 22
4
4218 Jai
18 Nov
24 Jan 2 3114 Feb 3
Jai
4912 Nov 65
56 Jan 10 61) Jan 13
4 Dec 3513 Aut
412 Jan 20 ;
Jan 3
15 Jan 11 21 Jan 3
13 Dec 457 Aui
37 Jan 2 4514 Feb 14
34 Nov 50 Jat
Oct 664 Atli
15
3012 Jan 2 3514 Feb 8
111 Jan 13 116 Jan 21 10912 Nov 125 API
107 Jan 3 11012 Feb 4
9312 Nov 11012 Fel
1618 Jan 15 20 Jan 23
16 Dec 3334 Jot
70 Nov 97 JIB
7312 Feb 11 77 Feb 1
27 Jan 6
212 Dec 294 Jo!
44 Jan 30
2114 Feb 14 2414 Jan 14
20 Oct 4918 Ma!
65 Jan 24 68 Feb 4
55 Nov 11334 Jan
9712 Jan 28 9912 Jan 3
95 Oct 10634 Jan
14 Jan 18 164 Jan 4
8
1212 Dec 327 Jul!
Jon
6012 Jan 2 7i,18 Jan 28
45 Nov 101
438 Jan 3
1734 Ap:
413 Dec
63 Jan 17
8
80 Jan 3 8312 Feb 3
75 Nov 847 Jan
32% Jan 18 417 Feb 3
25 Nov 10433 Jul]
3118 Jan 8 3714 Feb 13
25 Nov 12312 Ser
,
92 Jan 2 10212 Feb 6
7814 Nov 14034 Aut
12214 Jan 13 127 Jan 17 1165 May 128 Sep
8
23 Jan 4 29 Jan 31
2234 Dec 617 All
101 Feb 6 10212 Feb 10 100 Oct 111
Jan
74 Feb 7 79 Jan 22
Ja!
704 Dec 118
474 Jan 22 563 Feb 3
4
8
37 Nov 1363 Ma!
70 8 Jan 8 72 Jan 6
3
70 Oct 8912 Jan
358 Jan 3
47 Feb 1
3 Dec 1134 Jan
2838 Jan 2 334 Jan 3
3
18 Dec 63 4 Ja!
605* Jan 8 68,8 Feb 7
53 Oct 10012 Jul]
327 Jan 2 42 Feb 5
8
28 Nov 1434 Ma!
3 Jan 14
1512 Fel
212 Dec
43 Jan 20
8
1412 Jan 17 174 Feb 5
84 Nov 6318 Jal
158 Jan 30
678 Jon
2,8 Jan 25
113 Der
37 Nov
413 Jan 8
47 Feb 6
8
1312 Jat
13 Jan 3 1614 Jan 3
14 Nov 73 8 Jai
7
68 Jan 11 75 Jan 2.
7114 Dee 145 Jan
131 Jan 6 163 Feb 14
99 Nov 24812 Aul
40 Jan 3() 4113 Feb 14
36
Oct 5112 Sep
1318 Jan 15 20 8 Jan 2
5
5514 Jai
1614 Nov
2218 Jan 24 263 Feb 3
14
4
4
Oct 423 Jai
2612 Oct 50 Fel
3318 Jan 7 377 Feb 1
1073 Jan 3 112 Jan 14 1073 Dec 117 Ap
4
4
25 Nov 5458 Jul;
298 Jan 16 4513 Feb 11
88 Nov 127
9913 Jan 13 1O54 Jan 30
Jai
23 Feb 1(1 26 Jan 15
224 June 39 Jai
88 Nov 10514 Jai
93 Feb 7 9912 Jan 29
29 Oct 32934 Ma:
8
4314 Jan 7 507 Jan 30
3114 Nov 8918 Fel
36 Jan 4 4434 Jan 27
91 13 Nov 11012 Ma
10014 Jan 2 108 Jan 23
10 08 Feb 10 114 Jan 28 1053 Nov 11812 Fel
4
514 Jan 6
43 Dec
412 Jan 7
1238 Ja:
8
2 Oct
4 Feb 3
912 Jill
3 Jan 24
1712 Dec 41
1613 Jan 17 224 Feb 4
Jai
8)1* Feb 4 955 Jan 10
50 Nov 1927 Jai
8
8
109 Jan 27 114 Jan 25 105 Apr 12114 Jai
20 Oct 4718 Oc
254 Jan 4 2614 Jan 2
6312 Oct 847 Au
664 Jan 3 743 Feb It
4
28 Jan 22 28 Jan 22
25 June 3412 Au
2:8 Feb 3
1 Jan 2
1
Oct
4 Ja
7312 Nov 13634 Au
814 Jan 23 891 Jan 9
29 Jan 23 333 Jan 7
8
25 Oct 617 Ma
8
833 Jan 3 714 Fob 3
4
45 Oct 984 Jul
27 Jan 7 3212 Feb 3
27 Dec 483 Sep
4
19214 Jan 2 2497 Jan 29 130 Nov 467 Sell
115 Jan 16 122 Feb 1, 113 Nov 12312 Di
812 Jan 2 131 Jan 11
614 Dee 4218 Fe
62 Jan 2 75 Jan 18
58 Dec 10,512 Ms
3513 Jan 2 564 Feb 6
31
Oct 7938 Fe
71 Jan 22 83 Jan 30
72 Dec 9312 Fe
24 Feb 3 2714 Jan 16
21
Oct 483 Ja
4
30 4 Jan 2 3434 Jan 27
3
2618 Nov 5934 Oc
105,4 Feb 7 110 Jan 3 1053 Apr 11212 Jo
4
33 Feb 4
4
5 Jan 23
3 Oct 2018 Ja
533 Jan 24 60 J in 11
8
5014 Dec 82 Jo
5918 Jan 17 654 Jan 6
5214 Nov 120 Ma
11 Jan 15 157 Feb 6
8
104 Dec 32 Jul
-----------------452 Dec 8112 Jo
_
1
4018 Jan 3 49 Feb 4
3912 Dec 624 Jo
90 Jan 15 983 Feb 11
4
96 Sept 10514 Ja
563 Mar 9214 Ja
4
6312 Jan 3 76 Feb 8
4218 Nov 112 Jul
2212 Jan 20 328 Feb 5
2178 Oct 4712 Sep
5112 Jan 3 54 Feb 5
47 Nov 61 Sell
1634 Feb 1 283 Jan 4
4
217 Oct 36
Jo
25 Jan 4 2814 Feb 5
25 Dec 50
Ja
Oh Jan 8
6738 Feb 5
4412 Nov 758 Set
65 Feb 6 65 Feb 6
53 Nov 12712 Mc
3314 Jan 18 4134 Feb 6
26 Nov 135
Ja
38 Jan 16 38 Jan 10
38
Oct 52
Ja
84 Jan 30 1014 Jan 2
714 Oct 27 Fe
30 Feb 1 41 Jan 14
3412 Dec 723 Ja
4
914 Jan 2 100 Feb 13
9012 Dec 119
Ja
13314 Jan 8 14738 Feb 14 101 Nov 15412 Au
4812 Jan 8 59 Jan 20
4434 Oct tiO Fe
1458 Jan 2 3534 Feb 13
10 Nov
7214 Ma
73 Jan 3 8418 Feb 4
65 Dec 10312 Fe
2734 Nov
3812 Jan 2 57 Feb 14
7812 Ma
16818 Jan 18 19514 Feb 3 105 Nov 344
Oc
52 Nov 140 Sep
70, Jan 2 9313 Feb 13
2
9912 Nov 109 Jul
10414 Jan 31 107 Jan 3
4
1618 Nov 883 Ja
243 Jan 17 313 Jan 6
8
4
18 Nov 624 Ja
234 Jan 2 33 Feb 13
20 Nov 264 Jun
2214 Jan 25 2412 Feb 14
204 Nov 28 Jun
22 Jan 6 2412 Feb 14
8
7614 Jan 18 857 Feb 13
70 Oct 1054 Ja
3618 Jan 21 474 Jan 30
2818 Nov
79
or
99 Jan 4 10012 Jan 2
96 Nov 109 Fe
89 Jan 3 924 Feb 7
87 Nov 99
Ja
11 Jan 3 19 Feb 14
9 Dec 6912 Ser
2714 Jan 22 324 Feb 8
2018 Oct 63 Or
1234 Jan 2 18,4 Feb 0
10 114ct
2484 Or
48 Feb 13 494 Jan 8
35 Nov 93 Ja
1312 Jo., 2 183 Feb 5
4
11
Oct 3534 Ja
45 Jan 14 55 Feb 10
43 Nov 923 Fe
8
12 Feb 1
14 Nov
3* Jan 16
112 Fe
44 Jan 2 55 Feb 3
40 Oct 9014 Ja
67 Jan 22 7412 Feb 4
63 Nov 96
Ja
18 Jan 3 25 Jan 21
1518 Oct 304 Al:
8
965 Jan 2 11!) Feb 14
8018 Nov 18314 Set
9912 Jan 28 1002 Feb 4
9212 Nov 1004 Be
1 Jan 2
2 Jan 27
4 Dec
64 Ja
12 Jan 2 143 le.ib 13
8
12 May 2312 Ja
7 3 Feb 13
414 Jan 2
6
318 Nov
1112 Ja
39 Jan 20 482 Feb 5
2514 Oct 90 Jul
55 Jan 13
8
614 Feb 3
45 Oct
8
1514 Jul
7912 Nov 100 Jut
88 Jan 17 94 Feb 13
5018 Jan 2 53 Feb 11
4012 Oct 92 Set
59 Jan 4 412 Feb 10
4618 Nov 11014 Set
57 Jan 2
558 Jan 3
818 Dec 283 Ja
8
y Ex-rights
New York Stock Record-Continued-Page 4
1083
For sales during the week of stocks not recorded here, see fourth page preceding.
-PER SJARE. NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday.
Feb. 8.
Monday.
Feb. 10.
Tuesday. 1Wednesday. Thursday.
Feb. 13.
Feb. 12.
Feb. 11.
Friday.
Feb. 14.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1.
-share lots
On basis of 100
Highest.
Lowest.
PER SHARE
Range for Preview
Year 1920.
Highest.
Lowest.
$ per share $ per share $ per share $ per share Shares Indus. & Miscel. (Con.) Par $ per share $ per share $ per share $ per shale
70 Nov 12632 Oct
8
963 9712 9538 967 12,800 Corn Products Refining ____25 8712 Jan 3 9938 Feb 5
96
9734
4
100 140 Feb 10 14212 Jan 2 137 Nov 1443 Jan
.141 14112 141 141
141 141
230 Preferred
18 Dec 8214 Jan
No par 2414 Jan 2 33 Feb 3
3112 2938 3012 17.700 CotY Inc
3014 31
2938
15 Dec 5758 Apr
9 Jan 22 14 Feb 6
100
.14
15
15
.14
14
14
100 Crex Carpet
16 Dec 125 Feb
1014 Jan 17 22 Jan 2
8 161s 164 1,300 Crosiey Radio Corp___No par
1612 167
16
163
4
79 Aug
3718 Nov
8
51
5012 5112 .50
1,600 Crown Cork & Seal____No par 43 Jan 2 537 Jan 25
503 5038
90 Nov 10114 Jan
.9312 95
95
95
10 Crown Will Pap 1st pf_No par 94 Jan 22 95 Jan 16
*9318 98
Oct 25% Jan
17
17 Jan 8 18 Jan 13
No par
.16% 1714 .167 1714
1714 174
8
400 Crown Zellerbach
4
71 Nov 1213 Aug
8 5.100 Crucible Steel of America..100 8612 Jan 21 9212 Jan 14
89
885* 8914 8914 907
9014
100 109% Feb 7 11414 Feb 8 103 Nov 11634 Feb
114 114
480 Preferred
114 11412 114 11418
5 Nov 2412 Jan
9 Jan 2 133 Feb 14
No par
123
1312 1318 1338 2,400 Cuba Co
4
123
4
1314
1
.7
8
512 Jan
7
5
1
34 Aug
118 Feb 5
34 Jan 2
No par
1
1.200 Cuba Cane Sugar
78
33 Jan 16
1873 Jan
1% Dec
213 21t
2 Jan 7
100
25
3
3
3
.
1,800 Preferred
17
678 Dee
Jan
818 818
9 Feb 4
.10 718 Jan 2
314
8
8
814 2,000 Cuban-American Sugar
56 De( 95 Jan
100 5312 Jan 3 658 Feb 11
6512 6512
*6512 70
380 Preferred
6512 85
6s
1 Nov
6% Jan
218 Jan 2
134
.158
112 Jan 2
Cuban Dorn'can Sug__No par
.
13 .
13
4
4
138
15*
36 Nov 67% Jan
4518 4512
8
60 45 Jan 28 48 Jan 2
4518 4514 453 4538 1,400 Cudahy Packing
50 Dec 17312 Feb
Curtiss Aer & Mot Co_No par
Oct
Jan 27 120 Feb 10 100 Nov 132
119. 120i.3
4
20.115i2 1115'2 fir'115 11912
1,000 Curtis Publishing Co___No par 113
.115 118
8
1153 118 .1153 11614
11614 1163
No par 1147s Jan 20 1163 Feb 14 11218 Nov 12134 May
s 1.100 Preferred
1157 116
4
2
.1154 116
3018 Aug
(53 Dec
8
612 Jan 31 1012 Feb 3
No par
103 188.100 Curtiss-Wright
8
1012 10
9
714 Ps
83
T's 91
4 938
1314 Dec 377 Aug
173 Feb 13
8
8
137 1614 1538 165*
s
1414
100 1338 Feb 1
16
14
173
8 1634 173 47 300 Class A
72
*70
72
71
7214 7212 7312 2,300 Cutler-Hammer affg___N,) par 64 Jan 25 7312 Feb 14
73
70
73
1- 2 -Oct
261
.97 106
Cuyamel Fruit
.97 106
.97 106
No par 101 Jan 9 101 Jan 9
.
•97 106
97 108
2114 Oct 6918 Jan
34
3334 3412 34
34
3478
No par 235* Jan 2 36 Feb 5
3312 34% 3318 33% 5,900 Davison Chemical
20 Dec 467 Jan
.2434 27
27
58 23 Jan 3 27 Jan 20
.2434 27
2434 24% .24
100 Debenham Securities
.2414 27
Jan
125 126
126 126
470 Deere & Co pref
.125 126
100 117 Jan 4 12712 Feb 13 109 Nov 128
12712 12712 126 126
Aug
241 242
241 242
1.200 Detroit Edison
.244 248
100 1953 Jan 3 25012 Feb 7 151 Nov 385
242 244% •240 243
8
.4 Nov 64% Feb
3434 35
35
35% 2,400 Devoe & Raynolds A-No par 3078 Jan 24 357 Feb 5
*34
35
*34
3312 3514 35
11012 11012 *10412 11012 *105 11012
120 1st preferred
100 1063 Jan 14 11012 Feb 8 la • Dec 11512 Jan
*10738 11012 10713 10712
,
145 147
150 150
1,330 Dianaond Match
8
145 145
100 139 Jan 13 158 Feb 14 117 • v 16412 Jan
151 12 15612 1567 158
1114 Aug
6 Nov
500 Dome Mines, Ltd
8 7%
*71
83 Jan 27
77
8
8
712 713
No par
*712 7% *73
712 7 2
,
638 Jan 3
12 Oct 5414 July
8 2211 2312 2334 24
8
227 227
2318 23 8 3,100 Dominion Stores
No par 2014 Jan 2 2412 Feb 7
,
23% 24
69 Nov 12618 Feb
8212 8012 8114
2803 82
8112 81 12 81
5,900 Drug Inc
4
82
No par 76 Jan 2 84 Feb 3
81
*33
92 Jan
3412 .33
25 0.
37
37
Dunhill International_ _No par 34% Jan 6 4114 Jan 13
*33
*33
37
37
•33
4912 Jan 100% Mar
_ •10012 ____ *10012 ___
.10012
100 Duquesne Light 1st pref___100 100 Jan 7 101 Jan 3
10013 10012 •10012 101
1112 Mar
212 Nov
Durham Hosiery Mills B _50
1:14 2
0
66
19213 19338 193 2 - 17,300 Eastman Kodak Co..
18 4 19 -i- 191 1- -1- 601.2 112
.
93. - - 8
-.No par 17538 Jan 9 205 Feb 14' 150 Nov 2648 Oct
8
.1203 126 .1203 126 .1207 126
8
1207 1207s
8
20 Preferred
8
100 1217 Feb 14 12078 Feb 14 117 Nov 128 Mar
'12073 126
7634 Feb
18 Nov
3413 3514 3518 3512 3414 3638
3573 3518 3512 6,100,Eaton Axle & Spring.....No par 27% Jan 2 367 Jan 25
8
35
8
12538 1273 12512 128.2 12634 128
4
80 Oct 231 Sept
8
8
8
20 112, Jan 11 131 Feb 5
12714 1287 1263 1287 19,4001E I du Pont de Nero
4
11514 11514 .1145 11514 11514 11514
8
11512 11512 11512
7001 6% non-vol deb
100 11412 Feb 4 11712 Jan 3 10712 Nov 1193 Aug
11538
4 Dec 3984 Jan
efo d 6 i
87
8 87s
8
9% 97
97g 97
900 Eiting enSeb11d %
7% Jan 24
1(17 Feb 61
s
9
9 18
No pad
9
9
Jan
.5218 571.
58
39 Dec 113
*5818 50
Preferred 61%
.5816 597 .5418 59
*55
41 Jan 7 62 Feb 5
8
No par 81 Jan 7 105 Feb 6
50 Oct 174 July
4 9813 101
101 103
10118 10314 10178 10338
25.200 Electric Autolite
99 1023
4
100 10614 Jan 6 1103 Jan 7 1024 Nov 115 Apr
10712 10811 10912 10912 .109 110
8
270 Preferred
614 633 .6 2 638
1083 109 .10 113 109
314 Oct 1838 Mar
*55
3,800 Electric Boat
8 6
412 Jan 4
4
63 Feb 10
No par
4
614 612
538 63
6412 6613 102,100 Electric Power & Lt___No par 49 4 Jan 2 66'2 Feb 14
66
2918 Nov 8638 Sept
604 6214 613 63 8 63% 651
64
8
,
,
98 Nov 10914 Feb
.109 110
4
10918 10918 1093 10938
500 Preferred
No par 10612 Jan 3 10912 Feb :5
10912 10912 .10918 1093
140 140
.
120 140 *13712 140 *138 110
200 Certificates 50% paid
.138 140
12614 Jan 9 140 Feb 14 106 Nov 14012 June
77
6,500 Else Storage Battery__No par 6954 Jan 2 7914 Feb 10
74
76
64 Nov 10412 Oct
7614 7914 773 787
7712 7812 •76
4
318 June 1012 Oct
5
.4
4 Jan 30
5
Elk Horn Coal Corp___No par
.
*4
4
5
5 Jan 14
*4
5
*4
5
554
512 612 *511 6
.512 6
314 Oct 2212 Feb
334 Jan 6
7% Jan 24
300 Emerson-Brant class A_No par
513 512 *512
5614 1,600 Endicott-Johnson Corp___ -50 5212 Jan 9 5938 Jan 22
4914 Nov 8338 Jan
•57
58
•57
5614 5614 64
58 .5614 63
.
100 10713 Jan 7 109% Jan 29 10814 Sept 12414 Feb
•110 11212 .110 11212
10912 11212 *10912 11212 .110 11212
Preferred
8
31
Oct 7958 Aug
4
4918 51
50
5134 515 5334
553 5734 553 5714 118.800 Engineers Public Serv-No par 3914 Jan 2 573 Feb 13
8
98
98
No par 9438 Jan 8 99 Jan 23
80 Nov 12314 Aug
98
.9814 99
1,000 Preferred 15
09
98
99
Stock
99
09
43% 44
4212 42
42
3114 Jan 41 May
43
4,200 Equitable Office Bldg._No par 3934 Jan 3 44 Feb 6
437
42
8 42
427
8
3734 *37
373
383 38% .38
a
100 Eureka Vacuum Clean_No par 35 Jan 27 391 2 Feb 5
3512 Dec 54 Feb
3814 •37
38 Exchange .37
4
4
15 Nov 733 Mar
2514 28
5 1138 Jan 20 2812 Feb 14
2514 2512 245 2512
2514 248 '2812 8,700 Evans Auto Loading
25
•26
263
26
8 26
2214 Jan 2712 July
26
263
8 26
90 Exchange Buffet Corp_No par 22 Jan 2 2614 Feb 3
Closed
26
26
26
- •
21 84 Oct 5478 Sept
,
.36
373
37
4 3612 3612 3612 3612
35
2,890 Fairbanks Morse
36
No par 3412 Jan 6 38 Jan 29
36
.105 10914 10712 10712 .10314 109
8
100 102 Jan 7 108 Jan 3 10112. Dec 1107 Jan
10 Preferred
Lincoln's .106 10914 .106 10914
244 24
.24
8
24
23
22 Dec 726 Mar
.24
1.800 Fashion Park Assoc___No par 20 Jan 8 2512 Jan 9
244
2312 21
20
73 Dec 10115 Mar
.70
85 .75
85 .75
*75
90Preferred
85
100 61 Jan 21 70 Jan -5
Birthday .75
90
6012 Nov 109 June
71
67
6712 6812 60
7214 71
6734 687
15 59% Feb 6 7214 Feb 13
3,9001Federal Light & Trac
8
68
90 Nov 104 Feb
*93
95
95
99
*94
99
99 .95 9910 Preferred
No par 91 Jan 13 95 Jan 3
•95
170 Dec 310 Feb
•140 185 .140 185 .140 185
Federal Mining & Smelt'g_100
•140 185 .140 185
95 Oct 102 July
.98
.98 100 .99 100
99
100 93 Jan 16 99 Feb 3
•98 100 .98 100Preferred
9
912
9
5 Oct 2238 Feb
9
*914 95
734 Jan 17 1018 Feb 14
958 938
938 1038 3,200 Federal Motor Truck __No par
793 80
7912 305
4
4712 Nov 123 Sept
8 80% 803
4 2,900 Fidel Phen Fire Ins N Y -10 6512 Jan 2 s078 Feb 13
80% 7814 803
80
4
4
Oct 133 Mar
6
9 Feb 14
4
*714 73
7 4 714
,
7
7 Feb 11
7
No par
Fifth Ave Bus
9
330
812
*714 812
38 .34
38
*34
38
30 Dec 9812 Feb
•34
.34
38
38
1Filene's Sons
.34
No par 3414 Feb 5 4012 Jan 22
•95
95
Jan
98
05
96
84 Dec 107
.95
96
96
96
100 93 Jan 16 96 Jan 11
*95
20: Preferred
57
4412 Nov 90 Sept
57
565
8 6,100 First National Stores.
5638 57
5634 5714
.No par 5038 Jan 2 61% Jan 30
5712 55
57
334 32
4
312 334
35
8 4
414 Jan 24
218 Dec 201 Jan
378
33
4 4
4
3 Jan 2
13,500 Fisk Rubber
No par
1712 1712 *174 18
8 Dec 7212 Jan
1713 1812
100 13 Jan 2 20 Jan 24
181* 184 1812 1838
490
1st preferred
.4112 45
.4112 45
•4112 45
38 Nov
54 Jan
•411244
.4112 45
Florsh eined 6 oclass A.No par 4212 Jan 4 44% Feb 6
preferri Sh oe
.95 100 .95 100
.05 100
9018 Oct 10218 Jan
100 97 Jan 16 100 Feb 3
•95 100 .95 100
413 42
41
41
4112 4212
.40
42
3218 Nov 823 Aug
8
4113
4
No par 37 Jan 2 437 Feb 5
42
700 Follansbee Bro.;
1714 1812 1718 1718
18
•
17
17
1712 1.300 Foundation Co
1234 Nov 6938 Apr
No par 1518 Jan 6 20 Jan 22
17% 18
8 3334 3634 30
1918 Dec 10558 Sept
3411 367
343
3012 3314 3013 3212 419.900 Fox Film class A
1618 Jan 3 3912 Feb 6
.V, var
4
547 Jan
4113 4134 4118 4112
4112 4113
4114 4,000 Freeport Texas Co
4114 4138 41
s
234 Nov
No par 387 Jan 18 44 Jan 14
.
90
90
90
95
85
.90
85
95
05
60 Fuller Co prior pref__ No par 85 Feb 14 95 Jan 2
8212 Nov 10712 May
.90
914 Feb 11
7
73
4
712 8
314 87
8
812 6.200 Gabriel Snubber A
8
753 914
514
No par
5 Oct 3378 Feb
5 Jan 2
414 438
43 Feb II
8 2.509 Gardner Motor
484 41*
412 434
412 45
4
4
312 Jan 16
3 Dec 25 Jan
5
438 43
10538 1063 10518 1067 1051s 10718
4
8
8
75 Nov 12312 Oct
4
10538 10712 105% 1063 25,600 Gen Amer Tank Car. No par 998 Jan 2 1083 Feb 6
4
5412 5518 533 55 8 553 59 4
5
4
4
5912 5638 583 28,100,General Asphalt
3
4214 Nov 944 Aug
100 4912 Jan 7 593 Feb 11
4
58
10412 Mar 133 Aug
100
Preferred
31
"FioTs 31 - -31- 31
31
124 Nov 6034 June
31 348 ;5i13 351, 7,500 General Bronze
No par 2512 Jan 7 3612 Feb 14
31
31
30
30
30 30
30 4 29% 30
23 Nov 61 Feb
,
No par 26 Jan 7 3218 Feb 6
30
1,500 General Cable
ill
71
7312 7138 7112 71
71
71
271
7134
1.600 Class A
No par 6538 Jan 4 743 Feb 5
631g Dec 12012 Feb
4
.
- 106 106 •105 10318
100 10412 Jan 17 107 Jan 15 102 Nov 10712 Jan
•105 10818 .105 10818
100 Preferred
105-- 3
5618 5t 4 5812 50
59
59
Oct 71 Feb
No par 51 Jan 2 5912 Feb 13
42
535s 59% 5814 5878 8,900 General Cigar Inc
743 757
8 7438 7714 7514 77%
7718 329,500 General Electric
4
763 7812 75
No par 6 64% Jan 29 7814 Feb (3 16818 Nov 403 Aug
1112 1112 1138 1138 11% 1112
8
1112 11% 113 11% 5,000 Special
1134 Feb
11
10 1138 Jan 2 11% Jan 13
Jan
713 7312 7418 7612 74
74
75% 15,100 General Gas & Elec A __No par 6412 Jan 20 7612 Feb 10
4
7412 76
753
8
59 4 Nov 112 Sept
8
____
__
_ .91
91
--- .91
.
__
.91
Jan 116
No par 91 Feb 7 91 Feb 7
76
Class B
Oct
•118 120
.91- 120 126
120 120
.120 126 .
30 Preferred A (8)
12012 1'2012
14
No par 117 Jan 9 12012 Feb 11 11112 July 135 Feb
•10318 109
108 108
4
.105 108% .105 1083
108 108
99 Oct 11612 Jan
70 Preferred A (7%)_ No par 10412 Jan 20 109 Feb 3
99 June 115 Feb
No par
Preferred B
;Li- -Kits 5212 5212 52 5213
;5
.21t 1313 ;5212 531,
200 General Mills
50 Oct 8918 Jan
No par 50 Jan 2 5514 Jan 30
94 .92
94
92
92
94
94 .92
.92
Jan
94
200 Preferred
873 Dec 100
100 9014 Jan 17 94 Feb 10
4
43
4
4378 4312 4438 433 4414
43% 4414 x423 43% 150,000 General Motors Corp
8
10 3712 Jan 16 45 Feb 3
:3312 Oct 9134 Mar
1207 121
8
100 11712 Jan 24 122 Feb 10 112 Nov 12812 Jan
1201 122
4
120 2 1213
12134 1213 12112 12112 1.500 7% preferred
4
3512 :1512 3538 3618 .3512 36
3612 3612 1,000 Gen Outdoor Adv A___No par 35 Jan 6 38 Feb 3
36
36
Jan
30 Oct 52
.
1712 173
4 1712 171:. 1712 175s
•16114 1712 .16% 1714
400 Trust certificates____No par
16 Jan 6 17% Jan 27
912 Oct 41 Mar
9412 9412 9314 953
94
94
92% 9418 29318 94
70 Oct 12612 Aug
4,400 Gen Ry Signal
No par 8618 Jan 7 97 Feb 5
4
7418 743 2733 743
753 76
8
76
4
4
8 733 74
74
4,300 General Refractories_ _ _No par 67 Jan 2 76 Feb 13
4
51 Oct 8812 Aug
943 97
8
8714 91 155,700 Gillette Safety Razor 2% o par 8714 Feb 14 10618 Jan 16
95
9512 965
8 94% 96%
89
SO Nov 143
Oct
4 121a 127
123 123
1212 12% 15,300 Gimbel Bros
4
1213 12%
8 12% 123
4
1012 Nov 4818 Jan
16 Jan 9
No Par 1112 Jan 20
68
6812' .67
881. 67
.67
68
68
68
67
500 Preferred
56 Dec 94
100 637 Jan 30 70 Jan 2
Oct
8
3412 35% 35
3414 35
8
3412 351s 3414 :35
3518
4,500 Glidden Co
Oct 641 July
26
No par 31 Jan 18 36% Feb 5
101i2 1017 *10112 102
4
*10112 10134 101% 1013 102 102
8
260 Prior preferred
95 Nov 10618 Apr
100 9812 Jan 13 102 Jan 7
918 Nov 66 Feb
17% 14% 17% 187
1718 1778 1718 173 24,000 Gobel(Adolf)
8 1712 1838
4
13 Jan 16 19 Feb 7
No par
8 4312 44% 67,000 Gold Dust Corp v t c....No par 373 Jan 2 46% Feb 5
8 4514 4614 45% 4638
4514 483
4418 457
3112 Oct 82
4
Jan
8
4612 47% 467 47
463 603
5014 5134 x47
4
493 30.000 Goodrich Co (B F)__ No par 4014 Jan 17 5134 Feb 13
4
3314 Dec 1053 Jan
4
4
.993 102
4
*993 102
99% 100
4
10014 100% .9912 1003
400 Preferred
9512 Dec 11518 Feb
4
4
100 9538 Jan 7 1003 Feb 13
7
73% 73 8 74714 75
73
833
85% 8113 84
8
83
66,500 Goodyear T & Rub...
60 Oct 15412 Mar
8
.No par 62 Jan 2 853 Feb 13
98
9914 9814 9814 1,000 1st preferred
98
9814 99
9(313 98
99
87 Nov 104% Feb
No par 90 Jan 3 9914 Feb 13
2458 24
23
23
2412
23
2414 2478 2418 24% 6,600 Gotham Sil Hos new No par 2112 Jan 18 2538 Jan 29
14 Nov 60 Apr
.7512 7712 *7512 7712 .7513 7712
7712 7712 77
77
20 Preferred new
68 Dec 10114 Jan
100 70 Jan 10 7712 Feb 13
70
70
75 .70
70
70
.65
.70
75
120 Preferred ex-warrants...100 65 Jan 10 70 Feb 11
84, Oct 100
8
Jan
1014 .8
*8
103
4 1012 1012 .8
.8
1014
1014
200 Gould Coupler A
4
712 Jan 2 12 Jan 14
No par
Oct 14 May
8
1014 10% 10
s 103 1012 1014 105s
1014 103
1014 6,700 Graham-Paige MotorsiVo par
918 Jan 16
1114 Jan 4
73 Oct 54
8
Jan
.9% 1018
.9% 1014 .9% 1014 3,000 Certificates
9% 9
34 .9% 10
No par
7 Nov 4912 Jan
838 Jan 10 111 1s Feb 6
586
8 57
5812 57
671
57
.58
587
58% 2,700 Granby Cons M Sin & Pr_100 51 Jan IS 593 Jan 7
8 57
4
4614 Nov 102% Mar
.3312 36
*3412 37
*35
39 • -_ 4434
37
37
400 Grand Stores
100 3312 Feb 6 39 Feb 13
33 Dec 9612 Mar
8
2038 18
s 1612 18%
18
1614 1614 163 163
1912 11 600 Grand Union Co
No par
1338 Jan 18 21% Feb 13
9% Nov 32% Jan
403
8 39
8
40 [405 x3914 40
3914 3914 393
39
2600 Preferred
No par 37 Jan 2 40% Feb 11
30
Oct 5438 Jan
403
8 4014 4014
40
4012 40% 403
4018 40% 40
4 1,600 Granite City Steel
No par 37 Jan 3 41 Feb 5
32 Nov 63% Sept
$ per share I $ per share
4
8' 973 985
*
9R3
97
140 141
.140 141
8
305 3034 3014 31
15
*14
15
*14
153 16
4
•1512 17
4
4914 503
50
50
*9318 95 .1318 95
4
1712 1712 .1714 173
89
8914 89% 89
11412 11412 11418 11418
.1212 1234 1238 12%
78
1
7
1
8
212 212
258 278
814 814
.814 812
*6512 6553
64% 65
17
158
178 .15*
.
4514 4512 4514 4512
• Bid and naked prices; no sales on this day. x Ex-dividend. b Ex-d vidend ex-rights.
b 3 additional shares for each share held.
New York Stock Record-Continued-Page 5
1084
For sales during the week of stocks not recorded here, see fifth page preceding
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday.
Feb. 8.
Monday.
Feb. 10.
Tuesday.
Feb. 11.
Wednesday. Thursday.
Feb. 13.
Feb. 12.
$ per share $ per share $ Per share $ per share
•37
37
37
38
*3612 38
227 23
2212 23
2234 23
2912 2972 2918 2912 291g 2914
*11614 117 *11614 117
1163 1168
*102 118 *102 141
*90 199
2
*178 2
2
*178 2
*25
*26
45
40
*26
45
*5814 5934 *58
/ 605* 59 4 63
1
4
3
*102 183 *102 103
103 103
.24
26
*24
26
*24
26
*28
28 4 *28
3
28 4 *28
3
283
4
*27
28
*27
28
*27
2712
15
/ 1514 1518 18
1
4
155* 1614
797 797 *783 7912 7878 787
8
4
104 104 *102__ *102 104
11314 11312 *11358 11412 1143p 11412
61
*58
60
*58
60
*58
17
/ 1778 1734 1913
1
4
4
173 187
*58
72
5912 1305s
*54 8 65
5
77
8
8
8 18
8
8
9112 9113
92
9114 92
90
797 797
797 803
8
* 797 80
865*
8514 86
857 8614 86
1045* 10458
*10413 106 *10412 106
18
*1712 1812 *15
*17
18
33
3212 *32
*3018 35
31
9
/
1
914 914
84 94 *8
80
*76
80
*76
80 80
263
8 26
2612
2534 2614 26
5512 56
*5434 5514 *5534 557
4
683
4 68713 683
6512 6712 66
8 40
4012
41
3
415* 39 4 407
5918 575* eo
/
1
577 594 58
4
225* 2278 2212 2258 2212 223
2134 2134 213 217
4
8
2178 22
88 914
813 918
814 9
2134 2112 2158
21
2034 21
2014 205* 2018 205*
195* 20
98
90
98
*90
*95 100
174 175 *172 176
0174 176
85
85
85
*84
8312 85
*
/
1
4
8
297 30
29 8 30
3
303
30
514 514 *514 512
*
514 512
53
57
7
54
3
6
618
*5
57
*55
57
57
*50
60
167 1697
16214 166
s
163 163
3 5912
59
4
583 5812 583 60
s
4
812 68
6% 67
8
812 63
51
491 4912 50
/
4
503* 5012
8712 8812 8712 9012 90
907
8
014038 14112 14012 14013 14012 14013
7814 7618 77
76
75
/ 76
1
4
*25 4 2612 2612 2612 26
3
Ms
-58is I94 -3812 itili 51 I84
*55
65
*56
65
63
*56
8278
*81
*81
83
81
81
2812 2814 29
•2734 28.2 28
18
1814 *17
*18
1812 '
018
1414 1358 1438 13.8 145*
14
80
8012 80
*80
80 80
*51
5313 *5218 55
*5014 52
9413
*93
94
94
933* 94
74 4 7514
3
7312 76
*7315 74
'114 118 *114 118 *114 118
0110 114 *110 114 *111 114
8
645* 6714 665 685*
6412 68
3312 3514 3414 3412
34
34
2512 2812
*2512 28
*2513 28
4178 4178
4134 42
42
*41
513 53 4
4
3
5116 52
5112 52
1393 -1437
13912 144
4
13912 143
8
121 12112 *120 12012
.12113 122
11912 120 *11912 120
120 120
234
234
25g 27g
25* 278
3107 10812 *107 108 Z *10718 10812
19
19
*1812 20
*1812 20
347 3812 37
38
343 347
4
/ 3112 *2812 3112
1
4
*28
3113 *28
1001 10014 *100 10212 *100 10112
/
4
47
45
45* 558
458 47
35
35
3714
*33
35
35
/
1
3014 31
304 304 3014 303
4
1114 1158 • 1112 123s 12
127
8
*83
84
4
*813 84
*8314 84
6214 5934 603*
61
614 60
s
*51
5178 517 518 51
511
/
4
2212 2212
•20
21
2118 22
*88
89
8818 9012 893 91
8
212 234
234 312
25* 278
47
4838 474 4914 4712 4814
/
1
*98 100
*95
98
*9514 10014
325* 323
/ 325* 3218 3212
1
4
4 32
gll 114 *111 114 *111 114
*812 913 *812 913 *812 912
62
62
*60
*50
62
*50
67
68 8 *65
5
695 *67
8
*88
3012 303
3014 3014 31
4
30
8
4318 438
45
455* 2433 45
2218 2212 2212
22
23
•22
102 10414 10214 1033*
1021 104
/
4
878
8
8
8
*81 812
/
4
3714
36
37
*36
37
*36
107 107
106 106 *106 107
1212 12
125
8
*1212 1234 12
4
4
8 323 323
327 327
8
33
33
3218 3318
/
1
*334 34
33
33
917 917s
s
g91% 93
10634 108
7
913 9314
4
10734 109% 09112 93
8
13712 1397 *13812 1397 13813 13812
8
413 417
4
s
4134 4178 417 417
50
4212 *43
42
42
42
8312
4 63
63 84 . 63 613
/
1
611 6314 6118 644 6314 84
/
4
414 45*
414 412
414 43*
8
*1014 135* *1014 135* *1178 123
6112 613
627
8 6112 63
4 61
__ 119 119 *119
-245* 2614 24% 25% 2412 -25
'119-95
95
*94
95
*94
95
83
4 88
7
84 88
3
7
812 83
4
•85
89
85
85
*85
88
4058 4212 413 433
405* 41
*
4012 4112 41
42
/ 4218 4312
1
4
*9012 98
*9018 98
*901s 98
*30
32
30
30
30
30
100
95
98
---8234 838 82
8234 81 12
153 153
1501 1528 15034 152
/
4
*1214 13
13
1312 1312 13
7
495* 51513 497 5012 14912 5012
Stock
Exchange
ClosedLincoln's
Birthday
Friday.
Feb. 14.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1.
On basis of 100
-share lots.
Highest.
Lowest.
Shares Indus. & Mace!.(Con.) Par $ per share $ per share
1,000 Grant (W T)
No par 3258 Jan 2 43 Jan 9
2,500 Gt Nor Iron Ore Prop--No par
4
197 Jan 3 233 Jan 30
5,500 Great Western Sugar No par 28% Feb 14 3412 Jan 16
40 Preferred
100
1
1
Greene Cananea Copper_ _100 -------- -----------300 Guantanamo Sugar___No par
4 Feb 4
112 Jan 23
Preferred
100
2,700 Gulf States Steel
100 517 Jan 2 6812 Feb 14
50 Preferred
100 9812 Jan 17 104 Feb 14
290 Hackensack Water
25 26 Jan 4 26 Jan 4
30 Preferred
25 28 Jan 2 283 Jan 21
4
10 Preferred A
25 26 Jan 6 27 Jan 6
15,900 Hahn Dept Stores
No par
125* Jan 2 1712 Jan 31
400 Preferred
100 7118 Jan 3 815* Jan 31
20 Hamilton Watch pref
100 99 Jan 7 104 Feb 8
70 Hanna 1st pref class A
100 100 Jan 10 11413 Feb 11
/
1
4
10 Harbison-Walk Refrac_No par 60 Jan 6 61 Jan 25
14,800 Hartman Corp class B_No par
133 Jan 15 20 Feb 5
4
20 54 Jan 14 61 Feb 13
1,600 Hawaiian Pineapple
3,000I Hayes Body Corp
914 Feb 3
No Par
63* Jan 10
25 87 Jan 17 92 Feb 10
1.100 Helme (G W)
11,100 Hershey Chocolate_-__No par 70 Jan 2 85 Feb 14
No par 8312 Jan 2 9013 Jan 6
3,400 Preferred
100 1045* Jan 27 106 Jan 13
100 Prior preferred
No par 15 Jan 15 20 Jan 2,
200 Hoe (10 & Co
No par 2614 Jan 14 3212 Feb 10
900 Holland Furnace
2,700 Hollander & Sons (A) No par
7 Jan 9 125* Jan 29
100 80 Feb 1 80 Feb 1
100 Homestake Mining
29,400 Houdaille-Hershey elB'No par 19 Jan 2 29 Feb 5
1.100 Household Prod Ine___No Par 5212 Jan 25 5712 Feb 3
14,400 Houston Oil of Tex tem etfs 100 5214 Jan 17 703 Feb 6
s
No par 353 Jan 18 4178 Feb 7
6,100 Howe Sound
4
No par 535 Jan 16 827 Jan 6
15,900 Hudson Motor Car
s
10 2014 Jan 18 243 Jan 6
10,900 HUPP Motor Car Corp
4
5.900 Independent 011 dr Gaa_No par 2114 Jan 18 2312 Jan 7
5 Jan 3 10 Feb 13
No par
33,700 Indian Motocycle
10 1734 Jan 2 233 Feb 3
19,500 Indian Refining
4
10 16 Jan 2 2238 Feb 1
8,100 Certificates
No par 90 Feb 11 124 Jan 10
1,100 Industrial Rayon
No par 15414 Jan 8 175 Feb 4
600 Ingersoll Rand
No par 705* Jan 6 85 Feb 11
300 Inland Steel
6,200 Inspiration Cons Copper-20 2614 Jan 17 30% Feb 7
414 Jan 2
No par
512 Feb 13
2,600 Intercont'l Rubber
412 Jan 2
No par
7 Jan 18
/
1
4
800 Internat Agricul
100 57 Jan 16 58 Feb 6
d
500 Priorf
4
/
4
6,800 Int Business Machines_No par 1521 Jan 18 1743 Feb 13
2,800 International Cement No par 565* Jan 8 615* Jan 28
5 Jan 2
878 Jan 28
6,800 Inter Comb Eng Corp__No par
100 30 Jan 2 56 Jan 28
1,100 Preferred
16.700 Internat Harvester____No par 783* Jan 7 9214 Jan 29
100 14012 Feb 10 14214 Feb 7
200 Preferred
9,900 International Match pref_ 35 8513 Jan 3 81 Feb 14
3,800 Int Mercantile Marine ctfs_100 25 Jan 2 305* Jan 6
100
Preferred
4
381 38% 373 3812 80,400 Int Nickel of Canada__No par 315* Jan 2 4013 Feb 8
/
4
65
*58
International Paper--No par 58 Jan 6 60 Feb 4
70
*60
100 80 Jan 23 85 Jan 16
500 Preferred (7%)
80
80
815* 815*
4
4
29
293
4 283 2912 4,500 Inter Pap & Pow cl A__No par 26 Jan 7 293 Feb 13
4
No par 1514 Jan 8 183 Feb 4
/
4
173 185
4
s 181 1812 1,400 Class B
No par 1218 Jan 7 15 Feb 5
8
8 1414 147 10,700 Class C
143 177
100 7914 Jan 31 82 Jan 16
80
8012 2.400 Preferred
803* 80
200 Jut Printing Ink Corp__No par 4614 Jan 17 53 Feb 14
53
53
53
*51
100 9312 Feb 7 953 Jan 8
4
180 Preferred
9412 9412 9412 9413
100 69 Jan 30 77 Jan 7
75
1,440 International Salt
743 7518 75
4
100 105 Jan 4 119 Feb 1
/
1
400 International Silver
4
116 1183 x11412 1144
100 10612 Jan 2 111 Feb 4
Preferred
*111 114 *111 114
3
8
6618 69
673 697 196,300 Internat Telep & Teleg_No par 6238 Jan 30 75 4 Jan 2
8
5.000 Interstate Dept Storea_No par 30 Jan 24 40 Feb 4
34
357
8 3312 357
No par 23 Jan 2 2534 Feb 13
300 Intertype Corp
253 253 *2512 263
4
4
4
1 40 Feb 14 425* Feb 1
40
4113 2,600 Island Creek Coal
4178 417
No par 43 Jan 20 54 Feb 1
503 5113 4,100 Jewel Tea Inc
4
53
53
8
No par 117 Jan 2 1483 Feb 5
4
141 1453 14012 1433* 37,400 Johns-Manville
100 120 Jan 13 122 Feb 6
870 Preferred
120 12013
120 121
140 Jones & Laugh Steel pref 100 11813 Jan 6 120 Jan 8
4
*11912 1193 1193 1193
4
4
2 Jan 22
No par
3 Feb 6
213 25* 1,400 Jordan Motor Car
25
8 25*
Kan City P&L 1st pf B_No par 108 Jan 4 10812 Jan 4
*10718 10812 *10718 10812
200 Kaufmann Dept Stores_$12 50 18 Jan 7 20 Feb 7
19
19
*1912 20
No par 31 Jan 23 4112 Jan 2
38
397
383 398 25,800 Kayser (J) Co v t c
4
Keith-Albee-Orpheum _No par 21 Jan 8 30 Feb 5
33
*2812 3212 *30
100 85 Jan 7 101 Feb 13
400 Preferred 7%
101 101 *101 103
314 Jan 2
53 Jan 24
4
4% 55* 16,100 Kelly-Springfield Tire-No par
5
55*
100 2018 Jan 3 42 Jan 24
37
80 8% preferred
•33
.33
37
4
3014 305* 30
3012 5,600 KelseyHayesWheel new No par 2218 Jan 3 313 Feb 7
712 Jan 2 1414 Feb 14
No par
1414 49,700 Kelvinator Corp
8 14
123 137
4
No Par 8212 Jan 4 84 Jan 10
Kendall Co pref
84 •
84
*83
*83
No par 5514 Jan 17 6234 Feb 7
5914 603
4 573 595* 50.100 Kennecott Copper
4
No par 49 Jan 7 5212 Jan 31
600 Kimberley-Clark
4
•533 5134 .503 513
4
4
No par 20 Jan 29 23 Jan 3
600 Kinney Co
s
227 227
8
2278 23
100 8712 Jan 11 91 Feb 11
110 Preferred
*9012 91
9012 91
14 Jan 18
414 Jan 14
318
314 14,300 Kolster Radio Corp___No par
338
3
/
4
No par 381 Jan 6 4914 Feb 10
4
4612 4734 4612 463 18,900 Kraft Cheese
100 98 Feb 6 101 Jan 3
Preferred
*98 100
*96 100
10 3118 Feb 14 363 Jan 2
4
4
3134 3214 3118 313 12,500 Kresge (S 5) Co
100 110 Jan 3 113 Feb 14
10 Preferred
113 113
*113 114
812 Jan 7
88 Jan 30
Kresge Dept Stores____No par
*812 913 *812 912
100 80 Jan 8 82 Jan 27
62
*60
Preferred
62
*60
Kress Co
No par 8114 Jan 15 70 Jan 24
67
*65
67
*65
2334 Jan 2 31 Feb 10
305 307
8
s 303* 304 59,100 Kreuger dr Toll
42,800 Kroger Grocery & Bkg_No par 4114 Feb 14 4818 Jan 23
42
443* 4114 42
2218 2212 221 221
/
4
/
4
900 La80 Oil dr Transport-No par 2114 Jan 11 2213 Jan 30
No par 97 Jan 2 10578 Feb 3
10314 10512 10318 10412 12,500 Lambert Co
9 Jan 24
614 Jan 2
No par
818 818 3,600 Lee Rubber & Tire
81 9
/
4
900 Lehigh Portland Cement---50 . 34 Jan 4 3713 Feb 13
3712 3712 - 374 3712
/
1
100 105 Jan 2 107 Feb 11
230 Preferred 7%
107 107 *107 10712
1212 1212 1234 6,000 Lehigh Valley Coal_-No par 12 Feb 10 15 Jan 2
12
8
50 3218 Feb 13 367 Jan 16
33
600 Preferred
3218 3212 33
s
No par 297 Jan 21 34 Jan 27
800 Lehn & Fink
325* 325* *3114 32
9112 9212 9212 9412 8,000 Liggett & Myers Tobacco_-_25 09112 Feb 13 108 Feb 8
25 D9112 Feb 10 1094 Feb 8
933 958 87.500 Series B
4
9218 947
100 138 Jan 16 1383* Jan 2
400 Preferred
13813 13813 *138 13813
6.800 Lima Locomot Works__No par 357 Jan 2 437 Feb 14
4114 42% 415* 437
No par 39 Jan 14 45 Feb 14
/
1
4
700 Link Belt Co
43
4318 24518 4518
No par 523 Jan 3 647 Feb 7
643
4 7,700 Liquid Carbonic
63
647
63
673 39,500 Loew's Incorporated.._ _No par 4218 Jan 2 874 Feb 14
4
66
6314 66711
313 Jan 27
No par
412 Jan 6
414 412 7.300 Loft Incorporated
414 43*
Long Bell Lumber A__.No par 12 Jan 21 1278 Feb 3
123
•12
123* *12
25 5012 Jan 4 6414 Feb 1
4 8,800 Loose-Wiles Biscuit
625* 605* 613
61
100 11814 Jan 18 119 Feb 10
10 1st preferred
_
___ •119
*119
25 1618 Jan 2 2614 Feb 8
--4
8 2514 23% 243 142,800 Lorillard
243 100 9218 Jan 9 95 Feb 8
700 Preferred
95
•94
95
*94
No par
812 Jan 22
4 2,800 Louisiana Oil
912 Jan 6
85* 83
83
4 878
100 84 Jan 7 8912 Feb 8
10 Preferred
88
88 .85
*85
/
4
455* 62,500 Louisville0 dr El A----No par 381 Jan 18 453 Feb 14
4318 4413 44
No par 325* Jan 2 437 Jan 30
4234 4312 18,000 Ludlum Steel
424 433
/
1
No par 90 Jan 20 98 Feb 13
100 Preferred
Ms
•90
98
98
1,900 MacAndrews dr Forbes_No par 30 Jan 20 3112 Jan 15
30
30
30
30
100 95 Feb 10 98 Feb 10
100 Preferred
'96-- _ *96 -- No par 70 Jan 2 847 Feb 7
8012 81 12,900 Mack Trucks Inc
8
8012 82
No par 13713 Jan 7 15914 Feb 3
- 150 15012 150 1541s 2,700 Macy Co
/
4
135* 141 2,500 Madison Sq Garden-No par 12 Jan 2 1418 Feb 14
137 14
8
No par 45 Jan 15 523 Jan 7
1,600 Magma Copper
50
4
•4818 5012 50
$ Per share $ per share
363 378 368 37
4
4
223 223
4
2278 23
s
4
29
291 285 283
/
4
*11612 11712 11614 1168
*90 190
*99 199
8
1%
17
8 *13
4 17
45
*26
45
*28
6812
65
65
64
104 104
*103 104
26
28
25
*24
28
•28
283
4 28
*27
2712
27
27
/
4
8
1534 1815 157 161
8
8
787 787 *787 79
8
•102 104 *102 104
11412 11412 11412 11412
60
60
60
*58
18( 185* 1778 185*
8
x60
60
61
59
77
73
4
73
7
4
4
89
883 883
89
8314 85
80
843
4
883
4 8818 883
87
8
*1045* 105 *1045 105
19
*17
18
18
32
*30
32
32
98 1018
8% 97
*76
80
80
•78
/
4
254 265* 251 257
/
1
8
5512 2533 5414
55
6512
6513 6712 63
40
40
4034 39
eels eols 57% 585*
2212 2178 225*
22
21% 22
2112 217
8
912 10
8% 10
215
197 205
8
21
183 1914
4
1914 20
94
94
97
*94
4
1744 1743 172 175
82
282
85
*82
8
/
4
2914 3014 273 291
812 812
512 812
55* 6
55
8 534
57
*55
57
*55
8
17014 1743 172 1727
4
5914
5812 5918 59
658 68
65* 67
8
497 497
4878 495*
9112
9012 9113 90
/
1
*14012 141 *1404 141
7818 7738 81
77
263 28
4
264 28
/
1
•Bld and asked prices; no sales on this day. g Ex-dly.-Ex-rights.
Sales
for
the
Week.
PER SHARE
Range for Previous
Year 1929.
Highest.
Lowest.
$ per share $ Per Am
3212 Dec 1445 Fe
19
Oct 3914 Fe
28 Nov 44 Ja
105 Nov 11912 Fe
106 Nov 20012 Set
512 Ja
1 Nov
44 Sept 90 Ja
42 Nov 79 Ma
9934 Dec 109 Fe
2312 Nov 35 Au
2334 Nov 31 Ma
26 Jan 30 Au
4
Oct 563 Jo
12
4
713 Dec 115 Jo
99 Nov 1055* Jo
Jan 11312 Oc
91
54 Jan 87% Oc
13 Oct 4178 Au
55 Dec 7218 Au
513 Nov 685* Ma
84 Nov 11812 Ja:
45 Nov 1437 Oc
6058 Nov 14314 Oc
Jan 1065* Oc
104
1234 Dec 33 Au.
21 Nov 51 Ma
1312 May 245* Auk
65 Nov 93 Au:
13 Nov 5234 Ma:
40 Oct 7912 Jai
26
Oct 109 Ap
343 Nov 8212 Ma
4
38 Nov 93 Ma
/
1
4
Jai
18 Nov 82
8
173 Oct 393 Ma:
4
312 Oct 3212 Jai
1318 Oct 53 Aut
1112 Oct 5114 Aui
6812 Nov 135 Jai
120 Jan 22312 Oc
71 Dec 113 Aui
22 Oct 6612 Ma
2 Nov
1414 Ja]
4 Oct 177 Jai
40 Nov 8812 Jai
109 Nov 255 Oc
48 Nov 10234 Fel
414 Dec 10313 Fel
1812 Dec 121 Fel
85 Nov 142 Au(
137 Aug 145 Jai
47 Nov 10213 Jai
1818 Nov 3918 Oc
3812 Feb 5114 AP
25 Nov 7234 Jar
57 Dec 112 Oc
77 Nov 9412 Jai
20 Nov 4414 Oc
337 0e12 Nov
9 Nov 2618 0c,
77 Nov 95 Oc'
40 Nov 683* 00917 Nov 106 Ma:
5513 Jan 90 4 Fel
3
95 Nov 15912 Aui
10314 Oct 119 Jar
53 Nov 14914 Sepi
25 Oct 9312 Jai
/
1
4
17 Nov 3878 Jul3
39 Oct 69 Mal
39 Nov 16214 Fel
90 Nov 24234 Fel
118 Nov 123 Mai
117 June 126
Oci
112 Oct 1613 Jar
106 Feb 11234 Jar
1714 Dec 3718 Feb
30 Nov 5812 Jut)
1512 Nov 46 Jar
70 Nov 138 Jar
3 Dec 23% Jar
18 Dec 9478 Jar
185 Nov 593 Ma)
8
4
5 Oct 1914 Feb
75 Nov 96 Feb
4938 Nov 1047 Mai
8
4514- May 573 Oct
214 Nov 4412 July
/
1
80 Oct 10934 Mal
312 Dec 785 Jar
27 Nov 7614 Oct
95 Apr 10578 Oct
28 ' Nov 5712 Mai
10312 Nov 116 Jun(
85 Dec 23 Jar
60 Dec 76 Sept
5314 Nov 114 Jar
221 Nov 483 Mai
/
4
8
3814 Nov 12212 Jan
1612 Nov 3838 June
' 8018 Nov 15714 Mai
5 Oct 25 Jan
30 Nov 65 Feb
100 Nov 1103 MaY
4
10 Oct 32 Oct
31 Dec 443 July
4
28 Nov 6813 Feb
8014 Nov 106 Oct
80 Nov 10614 Oct
125 July 140 Dec
30 Nov 57 4 Jull
5
375* Nov 81 Feb
40 Oct 1137 Jan
s
32 Oct 8413 Feb
3 Dec 1112 Apr
/
1
4
12 Dec 324 Jan
/
1
3918 Nov 877 Sept
11534June 12112 Apr
1414 Oct 3113 May
67 Nov 9914 Oct
7 Oct 18 Jan
80 Nov 10014 Feb
28 Oct 7258 Sept
22 Nov 1087 July
70 Nov 18 June
3014 Oct 46 Jan
4
104 Jan 1073 Apr
5518 Nov 11434 Feb
110 Nov 25512 Sept
1112 Nov 24 Feb
35 Nov 8212 Mar
New York Stock Record-Continued-Page 6
1085
page preceding
For sales during the week of stocks not recorded here, see sixth
PER SHARE
PER SHARE
Range or Previous
STOCKS
Sales
Range Since Jan. 1.
-PER SHARE, NOT PER CENT.
HIGH AND WW SALE PRICES
Year 1929.
NEW YORK STOCK
for
-share lots
On basis of 100
EXCHANGE.
the
Friday.
Wednesday. Thursday.
Tuesday.
Highest.
Lowest.
Monday.
Highest.
Saturday.
Lowest.
Week.
Feb. 14.
Feb. 13.
Feb. 12.
Feb. 11.
Feb. 10.
Feb. 8.
per share
Miscel. (Con.) Par $ Per share $ per share $ per share $ 39% Jan
$ per share $ Per share Shares Indus. &
6 Nov
834 Jan 22
$ per share $ per share $ per share $ per share
8 Jan 15
200 Mallison (H R) & Co_ No par
8 14 *712
8
812 812
76 Nov 10513 Jan
.814 819 .814 91z
100 80 Jan 17 80 Jan 17
Preferred
91
*76
91
*76
Jan
91
.76
91
3 Dec 26
.76
91
8 Jan 29
.76
5 Jan 21
100
*612 7
660 Manati Sugar
7
7
3
74
6
1973 Dec 5012 Jan
534 6
6
6
100 23 Jan 16 50 Jan 28
10 Preferred
30
.28
30
30
38
Oct 38% Mar
14
.29
8
35, .29
38
.28
14 Jan 16 15 Jan 14
No par
200 Mandel Bros
15
1412 1412 •1412
4
373 Jan
19% Nov
8 1418 1418
8
.1414 147 *14% 147
No par 25% Jan 3 33 Feb 13
10,400 Manh Elec Supply
3234 33
32% 33
8
317 32%
1914 Dec 35% Jan
8 3118 32
313
8
31
25 207 Jan 6 245 Jan 10
8
300 Manhattan Shirt
2212 2212 •2234 23
2212 2212
1812 Apr
518 Dec
4
2278 22% *2212 23
63 Jan 23
518 Jan 3
300 Maracaibo Oil Expl__ __No par
,
,
5 3 5 4 *518 512
518 518
514
3318 May 4718 Jan
.518 512 *5
No par
Marland Oil
Oct 897 May
30
No par 39% Jan 2 4712 Feb 13
2 3;566 Marlin-Rockwell
453 4712 -4512 I55- -8
447
437- 433.8 - 8 44 - 41119 Nov 104 May
8
4
No par 203 Jan 17 273 Jan 6
8
Marmon Motor Car
2418 2,700
2418 2412 24
24
18
Jan
24% 24
212 Nov
2412 24
4 Feb 11
*24
3 Jan 6
600 Martin-Parry Corp._ No par
4
4
4
4
314
3% 4
29
Oct 218 Feb
312 .3
.3
3712 Jan 2 4638 Feb 5
44% 4314 4514 17,100 Mathieson Alkali WorksNo par
43
Jan
44% 4234 44%
Jan 125
4 43
433
43
4
100 115 Jan 24 1203 Feb 14 120
150 Preferred
4
4
1203 1203
4
.1203 121
4512 Dec 10812 Jan
120 120 .11914 121 *11914 121
8
25 49 Jan 15 613 Jan 31
4,300 May Dept Stores
56
55% 5612 x54
4
573
56
57
55
15% Oct 2912 Aug
.5712 58
1613 Jan 2 1934 Jan 30
No par
1,600 Maytag Co
4
*1814 183
19%
18
1838 1812
2814 Dec 4914 July
1818 181s
18
18
No par 2914 Jan 2 3412 Jan 14
600 Preferred
4
•3312 333
34
3312
34
7512 Nov 9018 Jan
33 33 18 33
No par 76 Jan 7 8312 Feb 11
200 Prior preferred
83
83 .81
*81
Oct
,2 83-2 8312
83
3914 Dec 108
8112 8112 .81
No par 40% Jan 14 45 Feb 14
1,800 McCall Corp
4 45
4 443
443
44
43
43
4312 43
44
44
74 Dec 11334 Feb
McCrory Stores class A No par 6514 Jan 8 74 Jan 2
70
*68
70
68
.
70
•68
70
.68
70 Dec 11512 Feb
70
.68
Feb 14 70 Jan 16
No par 65
100 Class B
65
65
.6518 69
*6513 69
.6514 69
8612 Nov 120 Feb
.6512 69
100 92 Feb 4 95 Feb 14
500 Preferred
*94
9414 9413 95
9414
9412 •94
Oct 48 Feb
9412 .94
30
•94
200 McGraw-Hill Publica's No par 35 Jan 15 38 Feb 5
3712
37 .36
37
38
.36
38
2312 Jan
.36
1213 Nov
36
36
1813 Feb 13
4
1812 1812 1812 1812 1,000 McIntyre Porcupine Mines. 5 143 Jan 2
Jan
1712 1712 1712 1814
54 Nov 82
18
18
7
687 6912 4,800 McKeesport Tin Plate_No par 61 Jan 2 71 Feb 9
8
6953
69
70
6912 69
2118 Oct 89 Mar
6912 69
69
4
No par 313 Feb 10 35 Jan
33
3,500 McKesson dr Robbins.
33
3212 33
8
4
Oct 63 July
,
40
33 33 12 313 33 4 3212 327
Jan 2
3
50 4414 Jan 9 467
4614
1,600 Preferred
46
.4518 46
4538 46
Jan
46
261g Dec 72
4612 45
.46
No par 2614 Feb 8 33 Jan 6
2814 1,400 Melville Shoe
2712 2712 28
261. 2712
3
Oct 347 Jan
9
2614 2712 261z 27
18 Jan 6
1518 Jan 15
No par
4
1,300 Mengel Co (The)
1618 1618
1612 163t 1612 163
161.1 17
•1613 163
2112 Oct 27 Feb
4
10
300 Met-o-Goldwyn Pictures pf_27 2312 Jan 2 2513 Feb
25
2512 25
.25
614 Oct 693 Jan
3
25 18 .25
25 4
3
25
25
.24
1618 Jan 18 2134 Jan 27
19
23,000 Mexican Seaboard 011_ _No par
8 18
191s 195
1914 193
4
1912 20
1914 1912
Oct 5412 Mar
20
5 26% Jan 2 33% Feb 6
3112 3134 3012 31% 4,700 Miami Copper
32
32
33
32
32% 33
44 Dec 122% July
3
No par 53 Jan 6 74 4 Jan 13
4 5,400 Michigan Steel
70
723
3
657 70
6312 6312 63-2 6312
64
39% Jan
.63
2218 Nov
No par 25 Jan 22 28 Jan 6
2514 6,200 Mid-Cant Petrol
2514 25% 25
358 July
34 Nov
2512 2512 2512 2578 25% 2531
118 Jan 3
1 Jan 8
1
1
4,100 Middle States Oil Corp ctfs_ _ _
118
118
1
1
1
l's
1
115
59 Nov 12314 Sept
70
100 Minn-Honeywell Regu_No par 61 Jan 10 75 Feb 3 135
*66
70
*66
69 69
70
•66
73
Oct 321 Aug
.66
Midland Steel Prod pref__-100 165 Jan 15 18012 Feb 5
189
•175 189 .175
.175 181 •175 181 .174 181
314 Dec 28% Mar
412 Jan 13
8
37 Jan 23
No par
411 9,000 Miller Rubber
4
8 412
43
412
418
41s
4
4
4
35 Nov 8014 Mar
4
343 35
6,500 Mohawk Carpet Mills_No par 3438 Feb 11 40 Jan 27
3512 36
8
3614 3412 34% 34% 36
36
4253 Dec 1567 Jan
8
Mont Ward &Co Ill Corp No par 385 Jan 15 49% Jan 2
42% 269,800
s 41
41% 44,
Oct
44% 45% 4253 4514 42% 4414
5
112 Oct
914 Feb 14
4
33 Jan 22
,
77,
712 9 4 12,500 Moon Motor Car new_No par
714
712
,
74
4
73
8
7
714
773
Oct 813 Oc
42
No par 5818 Jan 7 72 Feb 3
70
70% 3,200 Morrell (J) dr Co
6934 70
69% 7012 7012 71'8 6912 70%
612 Mar
112 Oct
2 Jan 2
1% Jan 18
800 Mother Lode Coalitlon_No par
4 1%
1%
13
*134
178
178
8
8 2
8
•17
17
1212 Jan 603 June
1%
No par
Motion Picture
--- _
3134 Aug
314 Oct
5
7 8 Feb 4
413 Jan 16
634 4,800 Moto Meter Gauge &DIN° par
8
67
634 6%
, 67
6 4 -- s
8
6% V136 Nov 206 Mar
.No par 54 Feb 14 65 Jan 6
Motor Products Corp.
54
58
1,700
59
56
60
*59
50
5518 Aug
5912 59 2 .59
21 Nov
,
No par 2612 Jan 2 3012 Feb 7
30
2,700 Motor Wheel
3014 30
30
8
817 Jan
3018 3014 2978 301, 29% 29%
Oc
10
8
127 Jan 2 20% Feb 14
No par
1938 203 11,300 Mullins Mfg Co
2014
4
19
18
,
18 4 2058
•1712 1734 18
55 Dec 10214 Jan
8
No par 5712 Jan 3 647 Jan 31
60
60
850 Preferred
62
60
6312 .61
61
6312 60
6134 May
•61
38 Nov
No par 46 Jan 3 5312 Feb 10
54
1,000 Munsingwear Inc
4 51
533 .
.51
5312 *4912 523.1
,
450
53
53
1478 Nov 100% June
18 Jan 17 2414 Jan 27
No par
12,300 Murray Body
211s 2112 2014 21
2112 2214 2158 21%
2112 22
8
40 Oct 1187 Jan
8
No par 51, Jan 18 5812 Jan 6
4
s
517 52% 5138 513 17,700 Nash Motors Co
5212
4 5212 53 4 52
3
533
53
14% Nov 41% July
2514 2614 16,900 National Acme stamped__.l0 18% Jan 18 2614 Feb 14
241s 25
2414
8 2418
8 2418 245
8
243 243
10 Dec 4814 May
8
11 Jan 13 155 Jan 31
No par
8
1414 147 31,200 Nat Air Transport
1353 1434
14
4 13% 1418 1314 14
143
913 Dec 71 Mar
958 Jan 13 15% Feb 4
No par
13%
2,900 Nat Bellas Hess
1314 1312 13
1312 13%
1312 13%
14
Jan
14
5612 Dec 118
100 66 Jan 9 82 Jan 20
65
741.
7412 .
Preferred
*65
7412
.65
75
76 .65
•65
25 177 Jan 2 21412 Feb 3 140 Nov 23634 Oct
8 207
3,100 National Biscuit
207 207
2051
Stock
2073 20912
4
208 210
Oct
*208 211
145 Jan 8 140 Aug 146
100 14213 Jan 23
200 Preferred
*143 144 .143 144
14414 14414
143 143
•I43 145
59 Nov 14834 Mar
8014 775g 7914 18,800 Nat Cash Register A WI No par 731 Jan 2 8312 Feb 3
77
,
7918 79% 7814 80% 77 4 7618'Exchange
38
Oct 8612 Aug
No par 45 4 Jan 20 5212 Feb 11
51
Nat Dairy Prod
76,700
5012 52
5212
51
50% 5118 50% 52
20 Dec 3734 Mar
20
5
2012 1,800 Nat Department Stores No par 20 Jan 15 2134 Jan 4
2012 .0
20
Closed
20
21
.20
2013 2018 20
89 Dec 96 June
100 88 Feb 4 90 Jan 27
90
10 1st preferred
.88
90
•88
.88
90
88
.88
88
90
Oct 58 June
15
Nat Distill Prod ctfs_ _.No par 29 Jan 2 3912 Feb 6
3812 3,500
3812 37
38
38% Lincoln's
8 38
3714 38% 3713 383
6712 Feb 110.58 Aug
Preferred temp ctfs_ No par
2512 Dec 6214 Jan
283 If8; - 4:7E6 Nat Enam & Stamping__ -100 2712 Feb 3 3138 Feb 14
4
29
2 . 1 21;4
275 27* 2812 W1- i27 4 - - 3- Birthday
Oct
100 137 Jan 2 18912 Feb 7 12914 Nov 210
180 18412 18412 18412 3,600 National Lead
184 1841.
185 18712 •180 184
100 13818 Jan 3 14058 Feb 11 138 Nov 14112 Feb
390 Preferred A
14012 14012 14012 14012
8
14012 14012 14012 1405
•140 141
Oct 12334 Apr
100 116 Jan 17 117 Jan 8 115
120 Preferred B
116 116
116 116
116 116 *116 1161.
.116 11612
7134 Aug
23 Nov
32 Jan 2 4238 Feb 14
No par
4114 x4034 4238 127,300 National Pr & Lt
40
,
3712 38 4 37% 3914 3818 4014
Jan
17
112 Dec
412 Jan 15
134 Jan 7
No par
314
400 National Radiator
8 312
3%
,
34
314
312 312
,
Jan
•3% 3 2 •33.
112 Dec 41
4 Jan 2 11 Jan 15
No par
712
100 Preferred
712 .6
•6
812
712
8
*7%
8
Jan
.8
9812 Nov 144
50 102 Jan 10 114 Feb 14
113 114
2,600 National Supply
11212 113
110 11234
109 110
105 105
7014 Dec 155 Feb
50 7012 Jan 7 9212 Jan 30
86
1,000 National Surety
8612 86
85
86
8513 86
.84
87
.83
9138 Mar
3118 Nov
8
4
No par 353 Jan 20 417 Feb 4
3714 38
2,000 National Tea Co
39
39
39
.3914 3973 *391g 3912 39
8
2314 Nov 627 Mar
2914 30
16,300 Nevada Canso' Copper_No par 2714 Jan 17 3238 Jan 7
3
305
30
3014 305
3 3014 31
8
30% 313
43 Mar 103 Sept
9 5812 Jan 22
50 51 Jan
•57l2 59
600 Newport Co class A
58
58
59
5713 5712 5813 5812 .58
35 Dec 113 July
8
No par 40 Jan 2 573 Feb 6
5612 4,700 Newton Steel
55
55
.54
54
54%
5514 5614 5413 56
4
3512 Oct 493 Mar
No par 4414 Jan 2 46.2 Feb 14
451s 461s 4614 4612 1,600 N Y Air Brake
45
45% •45
4534 45
45
8
583 Feb
33 Nov
100 35 Jan 9 40 Jan 31
40
400 New York Dock
39% 39
•35
no 3934 *35 3934 .36 3934
90 Apr
82% July
100 80 Feb 8 84 Feb 14
84
84
200 Preferred
86
•82
85
85
.80
•80
80
80
Jan
9312 Nov 103
160 NY Steam pref (6).___No par 100 Jan 2 10212 Jan 13
10012 10012 101 101
10012 101
•10013 101 .10013 101
Aug
No par 110 Feb 5 112 Jan 9 107 Nov 115
1st preferred (7)
110 110
120
110 110
111 11134 •110 111
•11I 112
661. Nov 18634 Sept
3
8
10618 10834 67,000 North American Co_ _ _.No par 933 Jan 18 108 4 Feb 14
106% 108311
101% 102% 102 10414 103 10612
5414 Jan
48 Nov
50 51 Jan 13 54 Feb 6
800 Preferred
,
53 4 53% 53% 54
54
*53
53 53
54
.53
3
98 Nov 103 4 Jan
4
.No par 1003 Jan 23 10214 Jan 10
1.100 No Amer Edison pref.
102 10214 z101 101
10158 10152 101% 102 .101% 102
4112 Dec 6414 Jan
45 Jan 7 5114 Feb 4
•4914 50 4
,
400 North German Lloyd
,
4914 49 4
52
50% 50% 50 50
.51
4012 Dec 50 Mr
42 Jan 2 4912 Feb 9
4912
*49
10 Northwestern Telegraph-50
49
49
•47
49
.4512 49
.4512 49
614 Feb
118 Feb 13
% Oct
% Jan 9
118
118
200 Norwalk Tire & Rubber._..l0
1%
113
118
11s •1
112
*1
•1
8 Feb
2 Dec
2 Feb 3
2 Feb 3
•212 5
Nunnally Co (The)____No par
*213 5
421,
.212 5
4 5
.23
Jan
32
7% D
918 Jan 3 1112 Jan 16
25
10
400 Oil Well Supply
1012 1012 10
8
101t 103 10% .914 1012
•10
4
883 Dec 10612 Jan
13 89 Jan 2
100 87 Feb
8712
•87
20 Preferred
87
87
8712
8734 •87
4
873 .87
•87
6413 Apr
Oc
8
1378 Jan 2 23% Jan 30
2115 2112 2113 2153 5,600 Oliver Farm Equip----No Par
,
20% 2012 A:1 4 21% 2118 2214
6938 Apr
17
Oc
8
4134 5,200 Cony participating-No par 31% Jan 3 425 Feb 10
4253 41
41
42% 4114 4178
4112 4153 41
8412 Dec 99'z May
No par 70 Jan 2 8112 Jan 30
8112 8112
300 Preferred A
82
•81
82
81
81% 811s .81
10% Feb
81
212 Oct
3
3 4 Feb 10
214 Jan 3
No par
31,
•
312 312 1,900 Omnibus Corp
3%
2
.31.
312 334
31a
353
34
3
65 Nov 90 Feb
100
83
•75
Preferred A
83
•75
8458 Apr
75 83 .75 83 .75 83
45 D
4714 Jan 3 54 Jan 8
•4914 50
Oppenheim Collins & CoNo par
4714 50
•
50
•4813
•4714 50
9534 Jan
.4713 50
5013 Oc
71
71
10 Orpheum Circuit, Inc pref_100 83 Jan 6 71 Feb 14
71
•70
74
74
•70
Oct
74
.70
.70
50 280 Jan 3 321 Feb 5 195 Nov 450
315 315
900 Otis Elevator
315 315
317 317
Jan
.313 31712 316 217
100 118% Jan 23 125 Jan 8 11872 Oct 125
30 Preferred
122 122 •122 123
Oct
55
22% No
•122 12314 121 121 .122 12334
No par 3012 Jan 2 36 Feb 1
34% 3414 35% 5,300 Otis Steel
34
3412
34
35
34
8934 Nov 108 Feb
3412 35
0
100 91 Jan 10 97 Feb 5
94
98
300 Prior preferred
9418 9413 •
9512
9512 *94
95
43 Nov 8912 Sept
*94
95
6012
700 Owens-Illinois Glass Co___25 5314 Jan 6 60% Feb 7
8014 6014 •60
60
4
983 Sept
6012 60
42 Nov
60% 60% *60
25 5218 Jan 2 6214 Feb 13
6234 6114 6212 35,100 Pacific Gas & Elec
60
14612 Sent
59
8112 5914 6012
58% No
e
575 59
No par 72 Jan 2 9358 Feb 11
9012 9212 891: 9112 51,700 Pacific Ltg Corp
9358
37 Apr
9114 88% 9312 91
87
1712 No%
100 21 Jan 7 30 Feb 8
130 Pacific Mills
2712 2712 •2712 28
30
112 Jan
8
,
.27 4 297 .28
58 Oct
2912 30
114 Jan 22
1 Jas 2
Vo par
11
118 .16518 169 8 2,700 Pacific Oil
1
118
114
118
113
1. 1s •118
118
100 150 Jan 2 170 Feb 3 131 Nov 220 July
30 Pacific Telep & Teleg
165 16813
Oct
•16312 170 •16312 16812 •16312 16812
100 11612 Jan 6 138 Feb 13 11634 Jan 138
20 Preferred
138 138 •13812 140
3212 Sept
13 Nov
.138 139 •I38 139 •138 139%
1778 Jan 61
15% Jan 18
8
16% 167 x1613 16% 48,400 Packard Motor Car_ __-No Par
8
4 16% 167
161s 163
4014 Feb 69 Aug
16% 1634
Jan 28 6018 Jan 4
53
200 Pan-Amer Petr ac Trans-50 52
•5314 541.2 53
54%
*54
57
.53
47
.53
4012 Feb 6914 Aug
50 50% Jan 25 6014 Jan 8
54% 5434 52% 53% 4,400 Class B
55
5312 5458
Dee
1512 Dec 21
5315 5318 54
8
175 Jan 14 23 Jan 28
1914
3,200 Parmelee Transporta'n_No par
8 19
193
19
1918
19
3 Nov
191s 1914
1514 Jan
1914
19
8
53 Jan 25
418 Feb 14
par
.No
418
418
600 Panhandle Prod & ref.
413 4%
4 .412 5
434 43
76
Jan
4712 Fe
4 5
043
100 4712 Jan 14 4712 Jan 14
*40
50
Preferred
50
.40
50
*40
50
38
•40
Oct 7512 Oct
50
Feb 14
.40
6518 6613 132,100 Paramount Fern Lasky_No par 4858 Jan 2 6612 Jan 3
6414 66
6512
6314 6514 64
23 Or
s
877 Jan
,
63 8 65
Jan 11 29
No par 25
4
300 Park & Tilford
4
25% 253 .253 27
2534 25
34
1378 Feb
3 Dec
02512 274 •25% 26
3
3 8 Jan 2
212 Jan 31
1
8 3,900 Park Utah C M
2%
27
3 2%
27
278
2%
214 2 8
7
8
212 Dec 14% Jan
4 27
*20
8
43 Jan 28
214 Jan 3
No par
418 20,600 Pathe Exchange
4
3% 418
41s
378
378 418
Jan
412 Dec 30
334 4
8% Jan 28
Jan 2
5
No par
7% 8
6,000 Class A
753 8
718
7% 8
714
4
24% Oct 4734 Mar
,
7 4 8,
4 32% Feb 5
30 .
3013 3012 1,700 Patina Mines & Enternr-..20 2814 Jan
30
8
,
3178 3014 307 *30 4 31
58 Oct 2212 Jan
•31
618 Jan 7 14 Feb 3
50
1314
12% 13
13
12,900 Peerless Motor Car
1312 1234 13%
13
3
22 Nov 607 Sept
12% 13
No par 2618 Jan 7 3714 Feb 11
36% 14,300 Penick & Ford
3613 3714 36
3612 3714
Jan
3512 3512 37
35
100 107 Jan 3 110 Jan 20 100 Apr 110
*107
20 Preferred
-*107
10714 10714
_ _ _ _ •107 - 14 Sept
514 Nov
•107
838 Jan 20 10 Jan 28
50
81, )76
•
Penn Coal & Coke
$88, 10
•813 10
*812 10
312 Nov
Jan
27
8% Jan 28
.812 10
618 Jan 4
71 1
1,600 Penn-Dixie Cement-._.No par
7
,
,
72 72
612
8
73
4
7
,
7 2 73
Jan
2018 Nov 94
612
100 30% Jan 2 4234 Jan 23
.42
46
45
.42
300 Preferred
40
8 40
407
.39
40
40
Jan 404 Aug
230 Jan 17 263 Feb 10 208
25912 260
25012 259
5,700 People's G L & C (Chic)_ _100
256 260
8
4
4512 Jan
4
2493 2563 2587 263
1818 Dee
18% Jan 21 20% Jan 31
No par
*1914 20 2 •19, 2012
4
,
300 Pet Milk
*1912 2012
19% 20
20
8
797 May
31 Nov
20
8
25 385 Jan 23 4312 Jan 7
4012 4012 40
4012 1,800 Phelps-Dodge Corp
4012 41
Oct
4118 41% 401: 41
50 2213 Jan 10 246 Feb 14 15712 Apr 285
4
243 246 •242 246
800 Philadelphia Co (Pitt5b)
51 May
47% Aug
235 240 .240 245 .240 245
50 47 Jan 3 47 Jan 3
•
Preferred
49
49
5%
49
48
49
54 Mar
4712 Nov
50 50% Jan 15 53 Feb 7
*52
*5218 53
300 6% preferred
5218
53
53
8
527 53
.5214 53
• Bid and asked prices no sales m this day
S I
ldend and ex-rights
z El-dividend
0 Ex -dividend distributed 1 addlt101,,,1 shire rwr ,-,. 1 iti-tre bei-1
1086
New York Stock Record-Continued-Page 7
For sales during the week of stocks not recorded here, see seventh page preceding
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday.
Feb. 8.
Monday.
Feb. 10.
Tuesday.
Feb. 11.
Wednesday. Thursday.
Feb. 12.
Feb. 13.
Friday.
Feb. 14.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
rElt SI1 illCt5
Range Since Jan. 1.
On t 1813 Of 100
-share lots.
Lowest.
Highest.
i per share $ per hsare $ per share $ per share
1414 1412 1414 15
1453 164
1012 118
11J34 1112 .1053 1138
.24
26
.24
26
253 253
4
4
.70
75
70
70
75
75
32 3 3318 3234 3313 321 4 327
7
*13
15, •13
2
1512 *13
1512
0 --- 83 *____ 83 •__ 83
;23
24 .22
2313 *22
233
4
.68
7112 7113 7112 .6914 7112
113 14
Ils 14
1
1
18
22
22
*21
2412 *21/3 22
.212 253
212 253
212 212
*353 3612 353 35 4 357 357
4
3
3
4812 4834 483 4914 483 4914
2
4
*65
69 .65
69 .65
69
*99 103
99
99 .95 103
.11
15
*11
15
.11
16
*--- 50 *____ 50 *____ 50
8114 1117. 21
21
207. 2212
PER SHARE
Range for Previous
Year 1929.
Lowest.
Highest,
$ per share $ per share Shares Indus.& Miscell.(Con.) Par $ per share $ per share
per share $ p6r share
1513 163
8 1512 1612 35,300 Plana & Read C dr I---No par
1138 Jan 17 1612 Feb 11
Jan
34
918 Nov
11
1114 107 11
4,600 Phillip Morris & Co.. Ltd _ _10
s
814 Jan 8 1173 Jan 31
3
5 4 Oct 2314 Feb
2512 2512 .20
26
300 Phillips Jones Corp_ __No par 204 Jan 24 26 Feb li
1912 Nov
73 May
•7014 80 .7014 80
50 Phillips Jones pref
100 70 Feb 4 75 Feb 11
65 Nov
96 May
8
313 325
4
8 3012 313 11,300 Phillips Petroleum____No par 3012 Feb 14 35 Jan 2
2414 Nov 47 Jan
.13
1519
1512 .13
Phoenix Hosiery
5 13 Jan 31 13 Jan 31
10% Oct 3753 Jan
•___ _ 83 ._ -- 83
Preferred
100
9112 Aug 100 Jan
.23
2312
2312 .23
Pierce-Arrow Class A__IsTo par 2112 Jan 13 26 Jan 4
18 Nov
37% Jan
•6914 7112 .6914 7112
100 Preferred
100 71 Jan 2 7312 Jan (
67% Dec 8712 June
113
114
Ps
118 1,600 Pierce 011 Corporation
25
1 Jan 4
114 Jan 1
1
333 Mar
Oct
22
.21
22
22
400 Preferred
100 2012 Jan 10 22 Feb C
20 Oct 5112 Mar
212 253
23
8 2% 1,700 Pierce Petrol'm
No par
214 Jan 3
273 Jan 11
57 Jan
8
12 Oct
3573 3578 x343.4 357
1,300 Pillsbury Flour Mills-No par 34 Jan 3 374 Jan 2:
30 Oct 63% Jan
48
4814 .473 4818 3,200 Pirelli Co of Italy
4
45 Jan 4 5013 Jan 31
4314 Oct 68 Aug
.65
6812 60
683
4 1,900 Pittsburgh Coal of Pa ._.100 60 Feb 14 7812 Jan 1
54 Nov 83% Jan
•95 103 .95 103
100 Preferred
100 99 Feb 10 110 Jan 1
8312 June 110
Oct
•11
16 .11
16
Pitts Terminal Coal
100 157 Jan 28 1573 Jan 2£
16 Dec 343 Jan
3
•--- 50 *--- 50
Preferred
100 45 Jan 2 45 Jan 1
42 Dec 78 4 Jan
,
305s 317a :30's 313
3 5,300 Poor & Co class B
No par 275 Jan 23 333 Jan 31
8
20 Nov 43 8 Aug
4
7
6812 704 69
7014 70
7112
7012 72% 7112 72
3.300 Porto Rican-Am Tob cl A_1
593 Jan 14 72% Feb 13
61 Nor 9534 Mar
4
19 3 2114 21
5
23
23
253
2114 2434 22
3
2338 60,800 Cl as I)
No par
12 Jan 10 253 Feb 11
8 Nov
3
5034 Jan
101% 1013 101 101
4
10014 1004
100 10014
•100 102
800 Postal Tel & Cable pref- _100 97 Jan 8 103 Jan 21
93 Nov 105 Jan
Poeturn Co., Inc
No par
623 Mar 81% May
4
5113 5138 .
5 5138 49 b(13.64
50 i61- -45; 497 1- :505 Prairie 011 & Gas
4
2
4
25 4812 Jan 24
4012 Oct 6553 Jan
114 Feb 4
2 Feb 7
.3912 60
594 60
3
5918 597
5913 5973 5858 5914 5,200 Prairie Pipe & Line
25 58 Jan 15
45 Oct 65 Aug
1312 1334 135 13 3 133 1412
1412 1414 1412 15,400 Pressed Steel Car
14
4
8
7
No par
773 Jan 2 1513 Feb 1
613 Nov 2533 Mar
*71
73
73
•73
.71
74
723 733
4
4
74
7612 1,400 Preferred
100 52 Jan 2 7613 Feb 14
50 Dec 81 Mar
812
8
8
8
8
713 8
7
*8
738 1,700 Producers & Refiners Corp_50
7 Feb 14 533213 J an 31
9342
4 Oct 257 Jan
b 8
3
*31
32
.31
32
32
.31
31
32 .31
32
190 Preferred
50 31 Jan 7
2512 Nov 4634 Mar
5253 523 .5214 54
•53
4
3
5214 53 4
53
5312 52
130 Pro-phy-lac-tic Brush__No par 46 Jan 2
Feb 11
35 Oct 8234 Jan
9033 9234
895 91
88% 903
8
923 9414 927 94
4
3
8
62,800 Pub Ser Corp of N J__No par 8112 Jan 2 9414 Feb 13
54 Nov 13734 Sept
*10814 10812 10414 10814 108 2 109
,
10914 10914 10918 10914 1,100 6% preferred
100 10612 Jan 3 10912 Jan IS
98 Nov 10818 Feb
123 12514 125% 1257 126 126
3
•12513 126 .
12512 126
500 7% preferred
100 121 Jan 10 12612 Jan 29 105 Nov 124% Jan
151 151 .152 15414.
152 155
152 152 .152 155
200 8% preferred
100 143 Jan 2 155% Feb 6 13912 Nov 151 Sept
*10713 10834 108 108
1073 1073
4
4
1073 10814 .1073 1083
4
4
4
600 Pub Serv Elea & Gas prof.100 1074 Feb 5 10812 Feb 5 10412 Nov 109% Jan
8314 8412 83! 804 844 863
3
8418 855
8512 15,200 Pullman. Inc
8 84
No par 8218 Jan 17 8938 Jan 3
73 Nov 9914 Sept
6'2 6I
• 8 612
57
7
614 612
7
63
4 7
1,000 Punta Alegre Sugar
50
6 Jan 2 2438 Jan 17
812
6 Dec 2112 July
2314 2312 223
234 23
2314
23
2318 223 2212 11,100 Pure 011 (The)
8
25 223 Jan 16
3
j n 15
Ja b 2
20 Nov
30 4 May
3
•
113 11312 11312 11312 11314 11312
•11312 11338 11312 11312
60 8% Preferred
100 11214 Jan 2 11334
108 Nov 116 Feb
82% 83
82
34 1 24 83
4
82
82% 8414 x833 863 14,500 Purity Bakeries
4
4
77 Jan 2 87% Jan 31
55 Oct 1485 Aug
8
38 3 404 4014 4258 4114 43
3
4113 4258 405 4318 668.200 Radio Corp of Amer.._ No par 343 Jan 29 4514 Jan 2
3
26
Oct 11434 Sept
53 4 5334 *53
54
54
3
54
54
54
54
54
500 Preferred
50 53 Feb 4 55 Jan 6
50 Nov
57
Jan
2914 303
3 293 3012 2914 3013
3
2953 3113 3012 313 157,100 Radio Keith-Orp cl A__No par
4
19 Jan 2 313 Feb 14
12
4
Oct 46% Jail
544 547
3
8 543 5512 5412 5412
5433 563
8
4 545 57
9,200 Real Silk Hosiery
10 4434 Jan 15 57 Feb 14
364 Nov
8438 Mar
.9212 96
•92
90
90 • 92
.9012 92
90
90
120 Preferred
100 88 Jan 13 92 Feb 11
8614 Dee 10212 Feb
4,6t„ 512
513 513 *5
513
44 43
4
5
4 2.100 Reis (Robt) cli Co
No par
314 Jan 16
57 Feb 3
3
3% Dee
1614 Feb
.31
3931 .31
393 *31
4
37
3114 •30
31
3512
200 First preferred
100 30 Jan 27 37 Jan 28
40 Dec 10812 Feb
3,54 3612 3573 363
8 35% 3612
353 3713 3612 37
4
49,300 Remington-Rand
No Par 25% Jan 2 3712 Feb 13
2038 Nov
5734 Oct
*91
% 964 97
97
9712
963 963 •9634 973
4
4
8
700 First preferred
100 92 Jan 3 9712 Feb 11
SI Nov
9612 Oct
_
.10314
101 101
101 101
56 Second preferred
100 95 Jan 4 101 Feb 13
93 Mar 101
Apr
-2
96121- -112 12% 125
,
8 1213 123
4
1213 134 1313 1413 19,300 Reo Motor Car
10 1038 Jan 24 141$ Feb 14
1018 Oct 31% Jan
733 74 8 73
4
,
734 :73
73%
7234 733
73
8
795 23,400 Republic Iron & Steel
8
100 7212 Jan 2 79% Jan 10
6214 Nov 14614 Sept
110 1107 109 110
8
109 10912
10914 11012 1094 111 14 7.100 Preferred
100 107 Jan 3 114 Jan 28 103 4 Nov 11512 Feb
3
.26
29
.26
23 .23
28
274 277
.23
28
8
100 Revere Copper & Brass No par 26 Feb 1
30 Jan 3
25 Dec
3112 Nov
_
- •102 103 •102 103
Preferred
100 102 Jan 16 103 Jan 28 103 Nov 10512 Dec
;55 il
.65
71 .
71
65
- 8 .; 0 3 ;55
757 / 171
100 Class A
No Par 70 Jan 15 72 Jan 24
70 Dec 78 Nov
57
3 54
55, 655 1,500 Reynolds Spring
54 6
53
4 5%
Stock
513 53
4
No par
4 Jan 10
3% Nov
1214 Jan
712 Jan 29
54
15 4 5453 55 8 547 5513
3
5
8
5412 553
4 5412 55
95,300 Reynolds(R J) Top class B _10 4913 Jan 3 553 Feb 8
39 Nov 66
4
Jan
*425 433 .43
8
4
433
4 424 42% Exchange .
.4234 43
4234 43
200 Rhine Westphalia Elec. Pow_ _
41 Jan 7 453 Jan 21
8
4278 Dec 64
Jan
2312 24
8 2353 2373
23% 243
233 23% 2312 234 7.600 Richfield 011 of California_ 25 227 Jan 9 2612 Jan 16
4
8
22% Dec 49% Jan
177 1814 17% 1814 17 8 1814 Closed
3
7
177 18
3
8,000 Rio Grande 011
1738 18
17% Feb 14
No par
1912 Jan 6
15
Oct 4212 Mar
*54
557
8 55 4 573
3
4 553 56%
4
55% 56
56
5673 1,300 Ritter Dental Mfg
No par 4478 Jan 13 593 Feb 5
4
40 Nov
70 June
4118 425
42% 41% 423 Lincoln's
8 42
s
41% 42% 41
4212 11.400 Rossia Insurance Co
10 3718 Jan IS 4458 Feb 3
28 Nov 06 May
*
- 55 •_ 55 •
55
55 *
_ 55
Royal Baking Powder__No par
26 Nov
4312 Sept
.
i6i
Birthday .108
.i5A ____
Preferred
100 110 Jan 22 110 Jan 22
95 June 1147 Sept
8
4 238 51% 5214 51/2 51%
511
5153 52
513 5214 14.700 Royal Dutch Co (N Y shares) 5112 Feb 14 5453 Jan 10
4
4318 Oct' 64 Sept
.55
55,2 544 55
5518 55%
3 55
554 563
554 3,500 St. Joseph Lead
10 4812 Jan 2 574 Feb 6
3812 Nov 94 Jan
112 114
*113 116
11212 11414
10511 11512 10514 109
16,500 Safeway Stores
No par 10514 Feb 13 12233 Jan 23
9018 Nov 19514 Jan
084 99 3 9712 984 98
3
99
8 9712 9812
9813 993
9501 Preferred (6)
100 96 Jan 2 99% Feb 7
85 Oct 101 Sept
*108 109
108 108 .10813 109
108 109
109 109
80 Preferred (7)
100 1054 Jun 14 109 Jan 25 100 Oct 10912 Dec
.2812 2912 28
2812 *2813 29
28
2812 *27
28
800 Savage Arms Corp____No par 2412 Jan 17 313 Jan 30
8
2012 Nov
517 Jan
8
94 11
10
1013 10
1014
93 10
4
7,500 Schulte Retail Stores_No par
4
93 10
414 Jan 2 1312 Jan 23
312 Dec 4112 Jan
.65
693
4 65
6512 .64
65
65
65
64
64
180 Preferred
100 35 Jan 2 75 Jan 21
30 Dec 11812 Jan
.1013 11
101: 1012 *1012 103
*1012 11
4
11
113
4 1.200 Seagrave Corp
No par
/101 Jan 24 1134 Feb 14
10 Dec 2214 Apr
9412 96
9114 95- 8 91
1
93
9014 93
8853 9113 66,300 Sears, Roebuck ct Co No par 8212 Jan 15 EMI Jan 31
80 Nov 181
Jan
4.3
31
314 314
3
3
3
3
3
3
2,100 Seneca Copper
212 Jan 3
No par
312 Jan 29
2 Nov
1012 Mar
46
46
46
49
45 4 46%
3
453 463
4
4 4512 4612 9,100 Shattuck (F G)
No par 363 Jan 2 49 Feb 10
4
2518 Oct 194 Aug
30
30
30
30
3018 3134
313 323
8
4 31
3212 4,300 Sharon Steel Hoop
No par 2214 Jan 18 32% Feb 13
20 Nov
5334 July
2334 23
2218 227
8 213 '22%
3
213 2214 21% 2214 21,100 Shell Union Oil
4
No par 213 Jan2I 23% Jan 2
8
19.. Oct 31% Apr
1113 1112 •11
114 1012 1113
10% 107 •104 11
8
900 Shubert Theatre Corp-No Par
8% Jan 2 14% Jan 27
8 Dec 7412 Jan
713 • 733
3
4 7314 76
72
75
6614 7212 654 6853 185.300 Simmons Co
No par 6518 Feb 14 94% Jan 2
5912 Nov 188 Sept
•2514 27. .2514 2512 2514 2513
.25
2512 25
25
500 Simms Petroleum
10 227 Jan 22 2814 Jan 31 . 15 Nov 4013 Aug
8
2334 2414 23 4 2414 233 24
3
4
2312 237
8 2313 2312 48,400 Sinclair Cons 011 Corp_ No pa
2318 Feb 14 253 Jan 27
4
21 Nov 45 Jan
*10912 110 3 •110 11031 110 110
3
.110 1103 110 110
8
200 Preferred
100 109 Jan 15 111 Jan 29 103 , Oct 111
Jan
3013 3012 30 3 3012 3014 3012
3
3014 3012 Z20' 30
3,000 Skelly Oil Co
25 2938 Feb 14 3214 Feb 1 28 Oct 4612 May
*40
45
*38
44
44
45
443 443 *4434 45
4
4
550 Sims-Sheffield Steel & Iron 100 35 Jan 2 45 Feb 11
21 Nov 125 Jan
.6712 .70 .671 70 .68
70
.68
*68
I Preferred
70
70
100 6814 Jan 29 6514 Jan 29
6212 Nov 112. Jan
•714 75
713 712
8
Pe _ 7
7% 73
8
7
7
1,000 Snider Parking
No par
512 Jan 2
8 Jan 9
1614 Feb
,
3 8 Nov
•'33
34
•33
3312 .32
3213
•31
33 .31
33
Preferred
No par 23% Jan 2 347 Jan 14
3
14 Nov
64,2 July
25
25•
25
2513 25
25%
2514 253
8 25
2614 5,350 So Porto Rico Sug
No par 24% Jan 2 303 Jan 16
4
22% Dee 45 May
6214 6414 623 6212
61% 6238
3
6453 63
63
6433 56,300 Southern Calif Edison
25 5618 Jan 2 64% Feb 13
4513 Nov
9314 Sept
.1814 22. .19
22
22
*19
22
21
2412 26
900 Southern Dairies el A No par
1814 Jan 6 26 Feb 14
18 Dec 5018 June
.413 5.
5
53
,
512 513
5 3 612
5
7
7 14 2.000 Class 11
312 Jan 4
No par
212 Nov
15-33 Jan
714 Feb 14
35
*34
.34
35
3413 35
•34
*34
35
35
400 Spalding Bros
No par 33 Jan 8 36 Jan 7 30 Nov 6312 May
*110 111 *110 111 *11012 111
.110 III .110 111
Spalding Bros 1st pref___100 108 Jan 13 110 Jan 11 107 Nov 117 . Feb
*2813 1297
4
2912 307
3
8 293 30
2913 304 2813 29
4.600 Spans Chalfant &Co IncNo par
19% Jan 2 31 Feb 5
15• Oct 5214 Jan
*94
941: .94
9412 *94
9412
9-11 9412 •9412 95
200 Preferred
100 92 Jan 20 96 Jan 2
89 Mar 98 -Oct
17
167 17
3
1773 1714 173
4
1714 1734 1612 1714 8,300 Sparks Withington___No par
1318 Jan 18 18% Jan 27
1313 Nov 73 Aug
.8
.7
9
9
*713
9
9
*9
913
10 Spear dr Co
No par
6 Jan 6
9% Jan 28
2
Oct 1434 Feb
*76
79 .
793 .78
34 7812 793
4
4
793 793 *7913 81.1
4
4
20 Preferred
100 71 Jan 20 80 Jan 29
70 Aug 8013 Jan
214 1:114 2113 2112 2131 2178
217 22
3
8
217 22
1,200 Spencer Kellogg & Sons No par 2078 Feb 1 23 Jan 2
20.. Nov 45 Aug
3512 3538 344 353 *3213 34.3
3
*3314 34
33% 343
4 2.100 Spicer Mfg Co
No par 21 12 Jan 2 3612 Feb 4
2013 Dec 6634 Mar
4413 4412 4412 4412
*4413 45
*44
4412 *44
4412
500 Preferred A
No pa
3914 Jan 15 4412 Feb 10
38 Nov
557 Mar
8
4758 48
4714 4912 4814 49
47
48
4734 4734 4,600 Spiegel-May-Stern Co_ No par 3512 Jan 4 52 Feb 3
34 Dec 1177s Feb
.7
74 714
7
78
7
712 *7
7
*7
74
300 Stand Comm Tobacco_No par
5 Jan 2
714 Feb 11
313 Dec 43% Jan
11812 1194 11812 120,3 1184 12234
12214 1243 12113 124
4
84,500 Standard Gas & El Co_No Par 10914 Jan 18 1243 Feb 13
7312 Nov 24334 Sept
6418 6418 6414 643
4 6414 6458
6414 6453 643 6412 2,800 Preferred
8
50 64 Feb 6 6514 Jan 211
5812 Nov
67 Feb
_
Standard Milling
Jan
1112
---•10
12
1213
lila 11'!
-1114 - 1312 800 Stand Investing Corp_ _No 100 10 Jan 2 14 Jan 27 10212 Aug 10314 Sept
par
4 Dee
48
59
8
5914 5914 597
593 5973
593 593
3
4 58% 591 4 11,200 Standard 011 of Cal_ -No par 583 Feb 14 61% Jan
8
8
5112 Oct 817 May
3
61% 623
6214 6314 :613 623 61.890 Standard 011 of New Jersey _25 61% Feb 14 667 Jan 2
8
3
4 6212 6312 6213 627
8
8
2
48 Feb 83 Sep t
32% 3273 3214 3253 3214 3212
3 3218 3214 23,300 Standard Oil of New York 25 32 Jan 17 33% Jan 2
3218 323
4818 Sept
3134 Nov
*17
3 2
•173 2
2
'2
14 17
14 1%
3
500 Stand Plate Glass Co .NoPar
13 Jan 3
4
214 Jun 10
13.4 Nov
638 Jan
*45
. 513
434 5 3 *5
3
5
6
512
5
5 73
210 Preferred
100
4 Jan 6
6% Jan 10
312 Dec 31
Jan
3812 39
3834 3834 38% 383
3812 387
8 383 383
4
4
4 1,900 Starrett Co (The L 5)_ _No par 33 Jan 23 3912 Feb 4
3013 Oct 4773 Oct
40 4 41% 4018 40% 4013 403
3
3853 4013 38
3912 12,100 Stewart-Warn Sp Corp_ ___10 38 Jan 3 44 Feb
3
3
30 Oct 77 May
9754 103
100 1023
4 98 101 13
9513 983
4 9512 9834 52,500 Stone & Webster
par 77 Jan 22 103 Feb 8
No
64 Nov 20112 Aug
4614 47
245
4512
46
45
414 453
9,400 Studeb'r Corp (The)...No par V% Jan 18 47, Feb
3 4413 45
4
6
3814 Nov
Jan
98
.120 123 •11814 123 •11814 123
•120 123 *120 123
Preferred
100 116 Jan 21 12214 Jan 8 115 Nov 126 June
12
32
3
3
3,
12
12
3
8
3
3
*%
12 2,200 Submarine Boat
No par
3 Jan 4
3
34 Jan 2
3 Oct
8
412 Mar
567 5(14 56'2 565 85612 565
8
8
5653 5653 5613 5612
700 Sun Oil
8
No par 5613 Jan 31 59% Jan 2
55 Dec 86% Oct
.
10414 10614 105 105
103 1034 .103 10312
10314 10314
90 Preferred
100 10213 Jan 13 105% Feb 6 100 Jan 10512 Jan
6
6
6
6
53
4 54 2,600 Superior 011 new
6
6
54 613
No par
5% Feb 14
733 Jan 2
24 Aug
54 Nov
*2334 2412 2312 2312 23 4 243
3
4
8 2,500 Superior Steel
243 2433 223 237
8
4
100 20 Jan 2 2613 Feb 5
15 Nov
733 Apr
4
1013 1013 .10
11
.1014 11
10
1013 1018 10
600 Sweets Co of America
50
812 Jan 24 1033 Feb 4
2214 Apr
4
4
5,8 Nov
*4
43
4 .4
412 •4
400 Symington
.4
43
4
412
No par
234 Jan 3
5 Jan 14
9 May
2, Dec
2
1011 11
1012 10% 105 107
8
.1013 11
8
103 11
3,000 Class A
4
No par
813 Jan 3 12 Feb 3
614 Nov
19% May
17
17
164 17
1673 16%
1,800 TelautograPh Corp
17
17
8
167 17
No par 15% Jan 25 18 Feb 4
14% Dec 2512 Mar
1514 1512 15
1553 14% 1514
1518 153
3 1514 153
3 2,900 Tenn Copp dr Chem No par 13 Jan 3 1612 Feb 6
20% Apr
59 Nov
53
5312 52% 5312 5'1
535
8
17,200 Texas Corporation
8
52% 5314 523 53
25 52% Feb 14 564 Jan 2
3
717 Sept
4012 Nov
8
633 6413 6312 643
3 6312 64
6313 6412 63% 63% 23,400 Texas Gulf Sulphur___No par 54% Jan 2 64% Feb 7
8514 Apr
212 Nov
95
3 9%
912 912
958 10
94 10
913 93
4 8,600 Texas Pacific Coal & 011_10
914 Jan 17 10% Jan 2
23% Mar
1513 1512 1514 163
912 NOV
3 157 16%
8
1512 1613 15% 157 17,500 Texas Pac Land Trust
3
1
1358 Jan 2 167 Jan 10
8
614 Oct 2412 Jan
69
• Bid and asked prices: no sales on this day. z Ex-dividend. y E -rights. 4 Ex-div.
200% in common stock.
New York Stock Record-Concluded-Page 8
1087
For sales during the week of stocks not recorded here, see eighth page preceding
-PER SHARE, NOT PER CENT.
111011 AND WW SALE PRICES
Saturday.
Feb. 4.
Monday.
Feb. 10.
Tuesday.
Feb. 11.
Wednesday. Thursday.
Feb. 13.
Feb. 12.
Friday.
Feb. 14.
STOCKS
NEW YORK STOCK
EXCHANGE
Sales
for
the
Week.
PER SHARE
Range Since Jan. 1.
-share lots
On basis of 100
Highest.
Lowest.
PER SI1ARE
Range for Previous
Year 1929.
Highest.
Lowest.
per share
per share $ per share
Per share $ per share $ per share Shares Indus. & Miscell. (Con.) Par $ per share $
1612 Mar 35 Sept
19 Jan 17 23% Feb 14
No par
2213 223
4 225 237
8 2.800 Thatcher Mfg
8
35 Mar 4973 Sept
Vo par 4014 Jan 2 4414 Feb 4
Preferred
.4114 44 .4114 44
2512 Dec 517g Jan
No par 2734 Jan 2 32 Jan 18
29 '2812 29300 The Fair
29
100 102 Jan 21 110 Feb 13 102 Nov 11014 Oct
20 Preferred 7%
110 110 *110 115
Jan
30 Oct 62
Jan 21 40 Jan 31
25 3612
800 Thompson (J R) Co
3812 39
39
39
2312 June
10 Nov
1114 Feb 10 13 Jan 10
8
1114 1112 11 14 115 15.400 Tidewater Assoc Oil___No par
9078 Aug
7418 Nov
100 78 Feb 13 84 Jan 8
1,800 Preferred
7818 7814 82
78
40 June
14 Nov
8
100 1912 Jan 31 217 Jan 2
Tide Water 011
.1712 20 .1712 20
9712 Jan
3518 Nov
100 861s Feb 13 90 Jan 14
3618 8618 *8612 88500 Preferred
1112 Oct 3438 Sept
10 1413 Jan 17 1814 Jan 31
1,500,Timken Detroit Axle
17
17
17
17
Jan
58.3 Nov 150
6
8
7958 32,400'Timken Roller Bearing_No par 703 Jan 18 8012 Jan 23
7612 7758 78
Oct 2218 Mar
1
612 Jan
214 Jan 3
6,900 Tobacco Products Corp__20
431 5
48 5
2258 Mar
514 Nov
Jan 23
758 Jan 2 1034
20
6,400 Class A
8 •912 10
912 95
18 Feb
3
2 4 Dec
612 Jan 23
278 Jan 7
Div ctfs A
*1
78
78 *1
8
25 Dec 20 Mar
312 Jan 21
612 Jan 23
Div ctfs B
'114 4
'114 4
212 Dec 1912 Jan
5 Jan 22
234 Jan 20
Div ctfs C
758 '114 218
•114
51 Oct 1514 Aug
838 Jan 3 1018 Jan 15
81a 858 36,300 Transcont'l 011 tern ctf_No par
813 8%
8
1538 Dec 533 Apr
16 Jan 4 2858 Jan 31
3,400 Transue & Williams St'l No par
25
8 24
255
24
30 Dec 63 July
8
4
363 3758 1,500 Trico Products Corp___No par 305 Jan 2 39 Feb 5
'3614 37
1312 Dec 3178 Jan
4
15 Jan 2 193 Jan 18
No par
Truax Truer Coal
8
.173 177 .173 1778
3018 Nov 6158 Jan
10 3318 Jan 28 3712 Jan 3
1,000 Truscon Steel
38
36 .35
36
82 Nov 13134 Oct
12012 1223.4 12012 12214 27,400 tinder Elliott Fisher Co No par 9714 Jan 2 12234 Feb 13 120 Dec 125 Jan
100 121 Feb 4 121 Feb 4
Preferred
____ .122
•122
7 Nov 43 Jan
20 Union Bag dr Paper Corp.._ 100 10 Jan 8 14 Feb 3
13
"12
"1258 13
59 Nov 140 Sept
8 9214 9458 109,900 Union Carbide & Carb_No par 76 Jan 2 9452 Feb 14
943
92
42% Nov
57 Sept
25 4258 Feb 8 4614 Jan 15
8,400 Union 011 California
43
4358 427 43
No par 34 Jan 30 3614 Jan 23
3513 3614 x3513 3512 2.000 Union Tank Car
United Aircraft & Tran_No par 4312 Jan 31 53 Jan 16 11 Nov iii Fiii
3
4812 50 4 4858 5014 68.000
8
447 Nov 10912 13,1 ay
50 58 Jan 31 64 Jan 9
61
1,800 Preferred
61% 61
60
Oct
3312 Dec 60
No par 36 Jan 7 45 Feb 7
nited
45
500 United Biscuit
4412 4434 45
Oct
114 Feb 6 118 Feb 6 11412June 136
____ "118 ----001
.118
3 Dec 2712 Jan
9 Jan 22
4 Jan 4
10
7
7
7;i55 United Cigar Stores
_7
718
7
Jan
197 Dec 104
100 26 Jan 2 5418 Jan 23
50
50
300 Preferred
50
.47
19 Nov 75% May
No par 3018 Jan 2 4053 Feb 13
4
4
393 401 328.900 United Corp
397 407
4212 Nov 498 July
8
No par 4658 Jan 6 497 Feb 13
4958 49% 3,700 Preferred
8
495 497
6 Dec 8118 Feb
10 Jan 2 1712 Feb 7
No par
1514 2.300 United Electric Coal
1518 1612 15
99 Oct 15812 Jan
No par 96 Feb 14 105 Jan 13
17,900 United Fruit
9912 10011 96 100
7 Nov 2658 Jan
7
7 8 Jan 4 13 Feb 15
5,400 United Paperboard _____ -100
13
8 13
1212 127
8578 May
2518 Nov
1,000 Universal Leaf Tobacco No par 3212 Jan 7 3514 Feb 11
35
35
35
35
Jan
28 Dec 93
38
10 Universal Pictures 151 pfd 100 30 Jan 3 398 Feb 7
37 .37
37
21s Dec 2214 Jan
213 Jan 9
58 Jan 23
Rad_No par
8 2,600 Unlversal Pipe &
4% 47
458
4
50 Dec 10012 Jan
100
80
Preferred
80
Oct 55% Mar
12
71,900 U S Cast Iron Pipe & Fdy--20 1812 Jan 2 32 Feb14
2712 29% 2958 32
2713 277
8 27
2753 2718 2712
Jan
15 Oct 19
8
155 Jan 7 1758 Feb 6
No par
171,
400 1st preferred
1712 1714 1714
17
.17
17
•17
1712 17
1814 Nov 20 June
1812 Jan 3 19 Jan 17
No par
100 2d preferred
8
.18% 1918 *185 191s
8
4
1858 185
4
.193 ---- *183 19
9 Oct 23 Sept
No par
1514 Jan 6 2058 Jan 17
16
16
500 U S Distrib Corp
16
16
1578 16
4
1534 153 "1514 18
7114 Mar 97 Sept
100 8812 Jan 9 95 Jan 18
90
Preferred
90 .88
.88
'75
92 .88
92
*88
901g
10 Apr
2 Jan
4
33 Feb 1
4
23 Jan 13
100
4
U S Express
"318 33
318 33.
.
*318 3 4 *31s 3 4 *318 33
3
3
4
8
1712 Dec 497 Jan
19 Jan 2 27 Jan 20
25
U S Hoff Mach Corp_ _ No par
25
600
4
253
25
.2312 26
24
24
.2312 2512
95 Nov 24353 Oct
8
100 11014 Jan 22 1393 Jan 2
11734 12418 23.900 U S Industrial Alcolaol
11713 119
117 120
11814 11978 1175 1183
8
4
3512 Jan
5 Nov
4
93 Jan 7
718 Jan 2
No par
858 83
900 U S Leather
4 83
83
8 8 8%
834 83
8 87
87
4
8
7
1414 Dec 6178 Jan
No par 1518 Jan 2 1918 Jan 4
17
3001 Class A
1718 1718 17
18
.17
17
17 .17
18
8114 Dec 107 Feb
34
100 8014 Jan 22 89 Jan 9
82
100 Prior preferred
.81
82
.81
•8014 85
8014 8014 *8014 8214
5012 Nov 11912 Feb
x6714 6818 6.600 U S Realty & linot____No par 60 Jan 3 6078 Feb 5
634 6958
'67
6814 677g 68
8
677 69
15 Oct 65 Mar
10 2118 Jan 17 2018 Feb 13
4
273 2918 2718 2818 52.700 United States Rubber
25
2614 2538 265
8 2614 2858
4015 Nov 9212 Jan
8
4
100 473 Jan 17 535 Feb 11
53 .5114 5212 7.9001 1st preferred
52
4914 50
50
5138 51
5358
8
297 Oct 727 Mar
Ref & Min__ -50 3212 Jan 7 3612 Jan 6
8
327 338 4,400 U S Smelting
4
333 34
3334 34
3378 34
38
Stock
34
Jan
58
48 Nov
5312 Jan 7
50 5238 Feb 1 l
500 Preferred
"52
8
5234 .52
523 5258 523g 5258
523
8 5213 523
8
4
18378 18638 185 18914 424.500 United States Steel Corp__100 166 Jan 2 18914 Feb 14 150 Nov 2613 Sept
181% 1827 1813 1833 18112 1843 Exchange
8
4
4
4
100 141 Jan 4 1423 Jan 30 137 Nov 14414 Mar
141 14112 5,200 Preferred
1417 14214 1413 1413 14134 14218
4
s
1413 142
4
4
7134 Nov
5512 Nov
No par 6014 Jan 6 63 Feb 10
500U S Tobacco new
6613 663
4 67
Closed- '6612 68 '6612 68
67
68
67
100 12412 Jan 2 12412 Jan 2 12514 Nov 143 May
Preferred
•12412 144 *12412 144 "12412 144
*12413 144 .12112 144
10 195 Jan 30 225 Jan 9 22478 Nov 353 Mar
Utah Copper
8
8
•1997 250 "1997 250 "21058 250
Lincla's .21012 250 '21012 250
5812 Aug
2418 Nov
3418 3153 3418 35
3434 355
8
3652 3614 3712 43,600 Utilities Pow & Lt A.. No par 3118 Jan 4 3712 Feb 14
35
1312 Jan
3 Nov
8
55 Jan 11
4 Jan 7
No par
8001Vadsco Sales
*4 3 43
4
5
4
434 434
458 43
4
8 43 Birthday
45
4
458 43
50 Nov 82 Jan
64 Jan 11 64 Jan 11
100
63
Preferred
.57
63 .57
6114 .57
63
*57
.57
60
11612 Feb
3713 Nov
No par 497 Jan 2 7358 Feb 14
667 738 51.900 Vanadium Corp
6312 647g 6318 64
677
65
6312 6534
17 Dec 42 Sept
No par 1812 Feb 10 22 Jan 24
•1812 2112 1812 1812 *1412 20
20 Van Raalte
•1812 20 .1812 20
50 Nov 83 Apr
100 5312 Jan 16 5412 Jan 11
1st preferred
"4718 65
.4714 60
"4814 60
•431.1 60 '4814 60
33 Oct 109 May
3712 Jan 18 4112 Jan 28
No par
3812 3813 1,500 Vick Chemical
3312 3812 3812 3412 38
4
373 381s
3814
8
110 Mar 1157 July
Vic Talk Mach 7% pr pref_100
2
_
... T2 61_
4
313 Oct 243 Jan
758 Jan 24
512 Jan 2
678 _ -2:iiii Virginia-Caro Chem_No par
8
67
614 614
614 -64
18
8
63 -18
515 Oct 6512 Jan
3
100 2612 Jan 17 307 Jan 24
30
2812 2812 *2812 29
600 6% preferred
29
2914 2914 "29
2918
9712 Feb
69 Nov
100 78 Jan 2 80 Jan 31
"7614 80200 7% preferred
80
4
793 80
*7813 8(1
"78
•79
80
Nov 110 Sept
•10814 10912 10814 10912 '108 10812
90 Virginia El & Pow pf (7)_ _100 105% Jan 8 10912 Feb 10 102 Dec 48 Jan
8
.1083 10812 10813 10812
39
41
'39
Virg Iron Coal & Coke pt..A00 39 Feb 3 39 Feb 3
41
48
'39
*39
48
.39
•39
43
8
38 Nov 1497 Aug
100 65 Jan 7 1213 Feb 14
94
9213 95
4
9514 9638 98
2,760 Vulcan Detinning
98 1073 105 126
81 Nov 110 Apr
100 85 Jan 24 95 Jan 8
95
Preferred
.91
.90
95 .90
95
98
"91
*91
95
40 Jan 142 Sept
100 68 Jan 22 114 Feb 14
102 114
*78
98 '78
310 Class A
97
97 101
95
96
20 Nov 3612 Oct
No par 2414 Jan 6 2812 Jan 28
2578 257
8 2512 27
263i 9.500 Waldorf System
8
26% 26
255 2612
26
Jan
Oct 106
100 97 Jan 8 100 Jan 25 100
9058 9058 100 100
98% 9413
300 Walgreen Co prof
99 8
. 5 100
•97 101
22 Nov 497 Oct
No par 26 Jan 3 343 Feb 6
3218 3218 32
3214 *3213 33
3318 3318 3112 3212 2,000 Walworth Co
20 Dec 8434 Jan
2112 Jan 7 31 Jan 23
Ward Bakeries class A_No par
26
26
26
990
26
251.3 2512
26
2512 2512
25
112 Oct 2114 Jan
63 Feb 5
4
418 Jan 2
No par
618 612 3,700 Class B
6
6
618 614
6
6
50 Nov 8712 Jan
100 53 Jan 2 6834 Jan 24
*64
66
6612 6612 *6612 68800 Preferred
65
65
133 65 8
new -- 385 Jan 2 6258 Feb 14. 30 Nov 6412 Aug
6114 6258 377.800 Warner Bros Pictures
8
5918 62
5758 605 r5818 598 5312 6012
No par 3612 Jan 2 547 Feb 14! 2514 Oct 5914 Jan
5113 53 3513 5234 5218 5214
8
4 5314 5453 5,200 Preferred
5234 543
15 Oct . 4'2% Jan
1653 Jan 23 20% Jan 21
No par
185 183
8
4 185s 187
18% 1918 1914 197g 8,500 Warner Quinlan
8 1834 19%
4
No par 132 Jan 18 I574 Feb 6 115 Nov 2073 Oct
153 153
4
15214 15512 15312 15512
1543 15512 152 15413 2,100 Warren Bros
39. Aug 6318 Oct
50 48 Jan 15 51 Feb 13
"5012 51
4
150 1st preferred
503 51
503 503 •51 . 52
52
4
.51
4
15% Mar .3414 Jan
26
.2513 26
3,400 Warren Fdy dr Pipe____No par 2314 Jan 2 27 Jan 30
2512 2614 26
2513 26
2534 26%
514 Jan 2
4 Oct 11358 Feb
25
858 Jan 22
8 2,990 Webster Eisenlobr
75
714
712 73t
714 814 *63
4 712
8 73t
75
20 Oct 48 Mar
2511 2612 2613 28
•2513 26
5,100 Wesson Oil & Snowdrift No par 22,2 Jan 23 23 Feb 13
26
26
2518 25%
7212 Mar
4918 Nov
No par 5012 Jan 15 547g Feb 14
533 5312 x54
5478
990 Preferred
5318 5318 •53
5312 5338 5312
8
2107 21458 43,300 Western Union Telegraph 100 190 Jan 7 217 Feb 11 160 . Nov .27214 Oct
210% 215
21014 2147 21012 214
21034 217
3612 Oct -.6734 Aug
49
4812 4912 48
4758 4814 4713 4812 47
20,200 WestIngh'se Air 13rake_No Par 4358 Jan 17 4912 Feb 13
49
169% 1734 17314 17612 147,300 Westinghouse El & Mfg-__50 140 Jan 2 17613 Feb 30 100 Oct 29258 Aug
s
16118 16378 16218 1647 16312 17114
50 133 Jan 2 174 Feb30 103 Nov 284 Aug
168% 174
165 169
340 1st preferred
•160 163
161 161
163 168
1918 Nov 64% Sept
4
3714 4,700 Weston Elec Instruml_No par 293 Jan 18 38 Feb 7
3634 3714 36
3714 3712 3712 377
8 3658 3712
3212 Aug 3612 Apr
No par 3312 Jan 27 36 Jan 28
35
35 '34
.34
100 Class A
34
34
*3312 35
.3:312 35
103 103
.10212 103
10 West Penn Elec class A_No Par 98 Jan 3 105 Jan 15 • 90 Nov 110 Feb
•1021 103 .1021! 103 .10212 103
97 Nov 11114 Jan
100 10534 Jan 2 110 Jan 30
"10814 10912 10812 10912
280 Preferred
10834 10334 1083 110
8
10912 10912
Jan
8818 Nov 102
100 9714 Jan 2 10012 Jan 14
*0913 10012
9912 100
130 Preferred (6)
99
8
99
8
997 100
9978 1397
100 11312 Jan 3 11658 Jan 29 110 Nov 117 Mar
pref
11512 11512 11512 116
240 West Penn Power
11512 11512 11513 116
11512 11512
100 10458 Jan 23 10712 Jan 8 102 Sept 11012 Jan
105 10514
105 105
280 8% preferred
105 105
105 105
105 105
3612 Nov 60 Sept
4612 '44
4578
*44
46
.
4613 46
500 West Dairy Prod cl A_No par 44 Jan 11 46 Jan 29
46
413
46
7 Nov 40 Sept
131. Jan 3 1914 Feb 10
No par
18
4
183 184 18
1734 18
2,200 Class B
11418 1914 18
188
30 Oct 941s May
£493 56
49
4
48
4818 4814 463 47
4
3.100 Westvaco Chlorine ProdNo par 37 Jan 2 56 Feb 14
4
463 47
25 Oct • 38 Feb
271s 2718 2718 1.100 White Eagle Oil & Refg No par 26 Jan 17 28 Jan 31
2718
•273g 2712 2714 2714 •27
2758
2714 Nov • 5312 Mar
No par
3518 4,700 White Motor
31 Jan 2 3612 Feb 5
3518 3553 35
3512 3614 3514 357
3514 3534
3
,
4238 6,700 White Rock Min Spring ctf_50 3618 Jan 21 4238 Feb 14
277 Nov 55 4 Sept
4014 4158 41
*3834 39
3914 40
3914 40
Oct 48 Jan
1
8
10
718 Jan 14 115 Feb 6
4 1014 103
1014 1012
1018 1018 103 103
4
1,100 White Sewing Machine. No par
913
4
27 Dec 5778 Jan
No par 2712 Jan 11 3714 Feb 5
35
3512 3512 *35
•35
3512
35
3614 *35
200 Preferred
3512
2934 Feb
15 Jan 14
127 Nov
1312 Feb 14
No par
.1312 1414
1312 1312
14
1334 1412 *1312 1418 14
800 Wilcox Oil & Gas
19 Oct 6114 May
_No par 27 Jan 3 3414 Jan 29
32
3234 3314 33% 3314
32
*32% 3314
32
1,400 Wilcox-Rich class A__
32
4
No par
8 7,400 Class 11
1912 Jan 17 26 Jan 30
251t 25% 243 255
2434 2538 2514 253
1234 Oct 62 May
8
8
245 25
Jan
514 Oct 35
712 Jan 2 10% Feb 6
9% 1018 10
.,
1014 14,600 Willys-Overland (The)
8 1018 1012
1012 1058 1058 105
Jan
65 Dec 103
80
100 6714 Jan 2 84 Jan 29
80
80
80
82 .7834 7973
400 Preferred
7912 7912 .75
312 Jan 14
1313 Jan
43 Feb 5
3 Dec
4
.Vo par
4% 438
414
414
*414 412
*414 412 *414 412
200 Wilson & Co Inc
Jan
8
65 Nov 27
No par
718 Jan 13 1014 Feb 5
10
10
8 '918 10
200 Class A
9% 918
*Ws 97
'914 10
3
35 4 Nov 79 Jan
100 42 Jan 13 52 Feb 6
51
46
•46
51
.
51
50
51
52
50
900 Preferred
•51
In 6258 Feb 14 723 Jan 2
3
5214 Nov 112 Sept
6418 6612 62% 637, 39.900 Woolworth (F W) Co
4
8
663
6714 3657 6658 66
67
43 Mar 13758 Sept
101 6714 Ja, 17 8712 Feb 5
8314 8312 83
85
83
84
8312 84
2,400 Worthington P & M
84
84
100 88 Jan 17 95 Feb 6
95
75 Nov 10012 Sept
•93
*9214 95
.9214 101
Preferred A
.9214 101
*9214 101
4
66 Apr 9012 Sept
100 78 Jan 3 833 Feb 3
84 .82
82
.
84
.82
Preferred B
84
.82
84
84
'82
30 Nov 299 Feb
49% 50
49
4513 *4213 50
50
1,200 Wright Aeronautical___No par 3558 Jan 23 50 Feb 13
3512 3512 *36
No par 6818 Jan 9 7014 Jan 22
8 683 69
65 Nov 80% Jan
4,
69 695
.
3
70
3
300 Wrigley(Wm Jr)
4 697 697 '69
693
*69
25 7212 Feb 1 7512 Jan 6
613 Feb 88 Aug
•7312 75
"7312 75
*7312 75
Yale & Towne
*7312 75
*7313 75
712 Nov 6114 Apr
8
2014 2113 207 2214 110,900 Yellow Truck & Coach cl 11_10 123 Jan 16 2213 Feb 14
2014 211.
4 1912 21
1918 193
100 72 Jan 27 85 Feb 6
May
80 Mar
10 Preferred
8312 8312
4
4212 12 8 42
-53312 Oct 96314 Aug
59 s
4234 4,000 Young Spring & Wire __No par 3612 Jan 17 443 Feb 7
4358 012 4217
-45F24358 4212 125 7 . 127
91 Nov 175 Sept
127 12712 130 134
12512
3,700 Youngstown Sheet & T_No par 108 Jan 11 134 Feb 14
12712 125
•125
$ per share $ per share $ per share
22
4 22
4
213 213
*2118 22
.4114 44 .4114 44
'4114 44
30
8
307 '29
*29
2918 30
*106 115 .110 115 *110 115
.3312 39
39
3912 3912 39
s 1114 1112
1113 1158 1114 117
80
80
81
80
84
.82
*1713 20
20
20 .18
•18
*8614 8712
88
8712 88 .87
17
17
17
4 17
1634 163
8
7518 75% 7558 7612 7512 763
434 518
518
5
48 514
914
9
9 1s
9
918 91s
773
6
*1
678 *1
.1
.318 6
.114 773
*318 65
•114 638 *114 6
*114 758
858 834
8 853
85
8
Si 85
8 2413 257
2638 2638 247 265
8
*3612 3712 3513 3612 36
3
37 4
177
7 *17
8
177 .17
17
.17
8 3512 3512
357
3412 3534 *35
4
117 1173 11812 1197 11814 122
____ '122 ___ *122 ____
*121
13
1312 13
13 .11
*13
4 8912 9158 89
8312 903
917g
4258 4258 4258 4314 427 437g
3
3513
*3518 3512 3512 3512 35
453 4758 473 498 481.1 4958
4
60 12 6013 6113
60
60 60
*4212 45 .4214 447g .43
44
*117
___- "117
_-__ .117
8 73
67
8 73
67
8
8
7
7
*40
•40
48
43
48
50
4
373 383
8 38% 3914 38% 40
4958 4953 4914 4912 4914 4958
1612 1612 1612 1612 1612 1658
10014 1003 10018 1003
4
4 9812 100%
8 11% 13
8
912 105
125
11
337 3.1
8
35
35
35
3514
4
.383 40
*3614 33 .37
38
.
4
414
414 41
4
41s
SO
80
*-- 75
1
• Bid and asked prices: no sales on this day. 12 Ex-dIv. 20% In stock
z Ex-dividend. y Ex-rights.
New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
Jan. 1 1909 the Exchange method of Quoted bon,ls was changed and prices are now "and interest"—except
for income and defaulted bondt.
BONDS
N. Y. STOCK EXCHANGE.
Week Ended Feb. 14.
ts
Price
Friday.
Feb. 14.
I
Week's
Range or
Last Sale.
2c1
U. S. Government.
Ask Low
Btd
High No
First Liberty Loan
3H% of 1932-1947
J D 91834 Sale 99
992032 114
Cony 4% of 1932-47
ID
1
99
99
Cony 43. % of 1932-47
J D 1002432 Sale 1002432 101 232 54
2d cony 4 % of 1932-47
J D
992233Feb'30 -Fourth Liberty Loan
43j% of 1933-1938
AO 101132 Sale 101233 101232 462
Treasury 4s
1947-1952 AO 1101631 Sale 1101431 111432 113
Treasury 4s
1944-1954 J D 107
14
Sale 107
107432
Treasury 3gs
1946-1956 MS 104 104123: 104432 104133, 100
Treasury 3Hs
1943-1947 ID 991432 992432 932532 992433 108
Treasury 35is June 15 1940-1943 J D 991432 Sale 99243, 994432 43
Range
Since
Jan, 1.
Low
BONDS
N. Y. STOCK EXCHANGE. 13-8
Week Enden Feb. 14.
Price
Friday,
Feb. 14.
Week's
Range or
Last Sale.
;3'
Range
Since
Jan. 1.
High
Bid
Ask Low
High
High No Low
Danish Cons Municip 88 A_1946 FA 10912 Sale 10914
11612 15 109 111
s f 8s Series B
981132991438
1946 FA 1083 Sale 10834
4
16 10812c112
109
Denmark 20
981423994232
-year extl 6s...1942 J J 10414 Sale 10414
1043
4 39 10312 1043
4
100'
432101 Iu
External g 554s
1955 FA 100 Sale 100
9912 101
10012 26
External g 454s.
9824339921u
.Apr 15 1962 AO 9114 Sale 9114
9158 52
9012 92
Deutsche 13k Am part ctf 6s.1932 SI S 953 Sale 9812
9 4 o6
8
68
99
99
97
10024321011243 Dominican Rep Gust Ad 554s '42 MS
9312 9618
1
9512
9512
1st aer 534s of 1926
10924221111453
1940 AO 93 Sale 9114
5
9014 9612
93
2d series sinking fund 5548 1940 AO
105143,10715n
Sale 93
5
94
92
96
103 1042433 Dresden (City) external 78_1945 SI N 973
_
0812
4 9812 97
96
99132 100
Dutch East Indies exti 65_1947 J J 10134 102 10134 Feb'30 22
1013 103
8
10214
40
98"3399241:
-year external 6s
1962 M
102 Sale 102
10212 20 10112 10314
30
-year external 554s_ _..1953 MS 10158
7 101% 102%
10158
1015
8
State and City Securities.
30
-year external 554s_ _ _ _1953 MN 10158
93
1 1015 1023
8
4
N YC3H% Corp st Nov 1954 MN
1015s
8558 Oct'29
El Salvador (Republic) 8s_ _1948 J J 10512 Sale 10158
2 10334 10617
105
3H% Corporate st_ _May 1954 MN
ICZ13
8814 Aug'29
Estonia (Republic of) 78_..l967 J J
7712 787 77
3
8
75
771s
45 registered
7718
1936 MN
4
Finland (Republic) extl 68..1945 MS 96 Sale 9334
993 Mar'28
96
4
913 96
48 registered
1956 MN
94
94 Feb'30
External sinking fund 7s.1950 MS 99 Sale 9838
9912 41
97 4 9913
,
4% corporate stock
99
1957 MN
95 Nov'29
External sinking fund 6548 1956 M S 96 Sale 9478
22
96
9112 96
4H% corporate stock_ _ _ _1957 MN
104 10214 Jan'30
External sinking fund 554s 1958 FA 8518 Sale 85
8
8518
8418 87
4H% corporate stock _ _ _ _1957 MN
10212 Dee'29
Finnish Stun Loan 654s A _ _1954 AO 95 Sale 9478
20
97
9278 97
4% corporate stock
1958 MN
9414 Nov'29
External 654s series B...1954 AD 9478 Sale 9478
2
9478
923 947
4
.3
4% corporate stock
1959 MN
9534 June'29
French Republic exti 7;0_1941 J D 12112 Sale 12058
403 1175 123
122
8
4H% corporate stock _ _ _ _1931 AO
Oct'29
96
External 75 of 1924
1949 J D 115 Sale 11413
11534 339 11218 116
4g % corporate stock.._ _1960 MS
Jan'30
95
German Republic extl 7s
1949 AO , Sale 107
10738 ,14
8
10712 71 10614 10717
43.‘% corporate stock ._1964 MS 99
99 Mar'29
Gras (Municipality) tis
1954• N
9878
8
94 c1001.2
4X % corporate stock _ _ _ _1966 AO
101 Mar'29
Gt Brit & Irel(UK of) 5 AS- 1937 FA 10412 Sale 1037 c10012 170
8
10212 104 4
10413
,
43(% corporate stock. _ _ _1972 AO
9912 Oct'29
Registered
FA
4H% corporate stock _ _ _ _1971 J D
10034 Sept'29
64% fund loan £ opt 1960_1990 MN 8312 85 10312 Dec'29
8 ;822- 14
8312
23
83.2
4
43i% corporate stock _ _ _ _1963 MS
103 10134 Jan'30
e5% War Loan £ opt 1929_1947 J D C9714 99
4 e9714 971!
c9714
9714
434% corporate stock _ _ _ _1965 ID
106 102 Nov'29
Greater Prague (City) 7;0_1952 MN c106/8 Sale c10658
6 1023 107
107
4
4A% corporate stock July 1967 J J
10134 Nov'29
Greek Governments 18cc 75 1964 MN 99
9914 9812
991,2 22
9814 100
New York State Canal 4s_ _ _1960
10114 May'29
Sinking fund sec 6s
1968 FA 9514 Se 85
87 2 S:
le
94
86
81
86
4s Canal
Mar 1958 MS
10114 July'29
Haiti (Republic) s f 68
1952 AO
9712
9834 36
9714 10014
4s
1964 J j
109
Jan'30
hamburg (State) 6s
1946 AO 9614 Sale 95
9614
91
96 4 22
,
Ileidelberg(Germany)ext17Hs'50 J J 100 102 101
1 101 102
101
Foreign Govt. &Municipals.
Hungarian Munic Loan 754s 1945 J J
9134 93
903
4
9212 35
9034 921g
Agrie Mtge Bank s f 6s
1947 FA
7018 7212 70
1
70
6312 747
8
External s f 7s
Sept 1 1946 J J
8612 8758 8714
6
86
9012
8714
Sinking fund 6s A _ _Apr 15 1948 AO 70 Sale 70
5
70
6312 70
Hungarian Land M Inst 754s '61 MN
91
9212 9112
2
9118
91
96
Akershus (Dept) extl Is. _1963 MN 92 Sale 92
9214 25
87
93
Sinking fund 754s ser B_ _1961 MN 9112 9212 91:2
9112
1
9012 911
:
Antioquia (Dept) col 7s A _ _1945 J J
74 Sale 7214
10
74
71
Hungary (Kingd of) s f 754s 1944 FA 1003 101 1003
75
4
4
101
100 102
External s I 7s eer B
73 Sale 7212
1945 J J
2
73
7012 7412 Irish Free State extis s f 5s_1960 SIN 965 Sale 96
8
7
965
8
96
9712
External s f 7s ser C
1945 J J 7212 /9
2
724
75
Italy (King(iom of) exti 7s_ _1951 J D 9878 Sale 9814
70
75
9918 216
9414 99,
8
External s f 7s ser D
/21z Sale 72
1945 J J
725
8 26
70
723 Italian Cred Consortium 7s A1937 M
4
987 9612 9518
9612
8
6
93
9612
External s f 7s 1st ser_ _ _ _1957 AO 7212 Sale 71
7212 18
70
7312
External sec s f 7s ser 11_ _1947 MS 96 Sale 9478
10
9614
923 9614
4
External sec s f 7s 2d ser_1957 AO 7278 Sale 72
4
727
8
67
727 Italian Public Utility exti 7s 1952 J J 9514 Sale 9418
8
27
9434
92
9434
External sec s f 7s 3d ser_1957 AO 7212 Sale 71
7212 10
67
7212 Japanese Govt £ loan 45_ _1931 J J 9618 Sale 96
96 14 289
943 96 4
4
Antwerp (City) external 53_1958 J D
,
94.4 95
9414
943
4 36
30
9214 947
-year s f 654s
8
1954 FA 10314 Sale 103
10312 111 10112 104
Argentine Govt Pub Wks 68.1960 AO 96 Sale 96
14
967
8
9518 9814 Jugoslavia (State Mtge Bank)—
Argentine Nation (Govt of)—
Secured s f g 78
1957 AO 9718 ,
7 / Bale 7714
84
7978
10
7714 82
Sink fund 6s of June 1925-1959 J D 96 Sale 9558
9614 90
95
9814 Leipzig (Germany) a f 7s_..1947 FA
96.8
8
96 8
947 9(Vx
,
5
Extl s f 6s of Oct 1925_ _ _ _1959 AO 9614 Sale 96
30
97
9512 98
Lower Austria (Prov) 73.0_1950 J D 9712 9934 98
5
98
9313 98
Sink fund 6s series A
92
1957 MS 96 Sale 9558
97
9458 983 Lyons (City of) 15
4
-year 6s_ _1934 SIN 10312 Sale 10312
1033
4 36 10212 10418
External 6s series B._Dec 1958 J D 9612 Sale 9434
40
97
9812
95
Eat' s I 6s of May 1926...1960 MN 9614 Sale 9618
9
97%
9558 983 Marseilles (City of) 15-yr Os 1934 M N 10312 Sale 10312
8
10378 22 10212 104
External s f as (State Ry)_1960 MS 9578 Sale 96
963
4 41
95 c983 Medellin (Colombia) 6 Hs_ _1954 J D
4
25
6858
70
70
65
Eat'68 Sanitary Works_ _ _1981 FA
96 Sale 9538
9618 76
95
98
Mexican Irrigat Asstng 4548 1943
70 8ale 13
1218 15
151z
5
123 1513
4
Extl th: pub wks(May'27).1961 MN 963 Sale 96
4
19
97
943 98 4 Mexico(U 5) esti 5s of 1899 £'45 QJ
4
,
4934 Jan'28
Public Works exti 5 Hs._ _1962 FA
96
1
9214
97
92,
4
89
923
Assenting Is of 1899
4
1945
20 - -1-- 19
2
Jan'30 -17
2013
Argentine Treasury 58 £_ _ _ _1945 M S 8914 Sale 89
4
8914
8512 8914
Assenting Is large
1312 14 1518 Dee'29
Australia 30-yr 5s_ _July 15 1955• J
88 Sale 8712
8812 240
8712 9414
Assenting 4s 01 1904
_ 1212
12
13
hI5 132
,
External Is of 1927_ _Sept 1957 MS 877 Sale 8712
52
8
89
9414
87
Assenting 48 of 1910 large_ _ _ _
1312 Sale 13.2
1414
16
1112 1412
External g 434s of 1928 1956 MN 82 Sale 8014
8212 60
80
85
Assenting 4s of 1910 small... _
Sale 1312
14
7
5
10 8 14
Austrian (Govt) s f 7s
10414 Sale 10314
1943 J D
10412 27 10234 105
Trees 8801'13 assent (large)'33 JJ 2313 2
12 2
24 Feb'30 - --25
18
Bavaria (Free State) 63.0_1945 FA
96 Sale 95
27
96
96
91
Small
2414 8
Sale 24
11
2514
19
2514
Belgium 25-yr ext s f 73.0 g_1945 J D 11614 Sale 11534
11612 79 115 c118
Milan (City, Italy) extl 654s '52 AO 9118
89
9118 68
9118
20
85
-year s f 8s
1941 FA 1103 Sale 110
11114 24 10912 11114 Minas Geraes (State) Brazil—
8
25
-year external 6Hs
1949 MS 107 Sale 107
10812 26 10534 1093
1958 MS 74 Sale 7312' 7413 22
External a f 630
4
65
741
:
External s f 6s
8
1955 J J 1025 Sale 10258
1033 209 10118 1033
4
Extl sec 654s series A _ _ _ _1959 SI S 73
4
74
7312
74
44
External 30
091, 74
-year s f 7s_..1955 J D 11012 Sale 11034
51 10914 111
111
1952 J I) 1003 Sale 9912 10013
Montevideo (City of) 7s
8
7
983 101
4
Stabilization loan 7s
1956 MN 108 Sale 10714
10814 63 107 10812
N
9218 9414 9414
External s I 6s series A. 1959
9412 23
91
941
Bergen (Norway)s f 8s
1 110 11212 Netherlands 6s (flat prices). 1972 M
1945 MN 110 Sale 110
110
106 Sale 106
2 10414 107
107
15
-year sinking fund 6s...._1949 AO 100 10014 10012 10012
5
New So Wales(State) extl 58 1957 F A
993 101
4
85 Sale 8434
8514 21
8434 90
Berlin (Germany) s I 6H5..1950 AO 94 Sale 94
9:12
6
9213 943
Apr 1958 AO 85 Sale 84
External 81 5s
4
85% 53
84
90
External sink fund Os_ _ _1958 J D 88 Sale 8778
88 4 28
,
8538 9218 Norway 20
-year extl Os....1943 FA 103 Sale 10278
10312 39 102% 104
Bogota (City) exti s f 8s_ .._1945 AO 93
11
93
95
91
20
9212 9834
1944 FA 10312 Sale 102 8
-year external as
,
10313 34 102% 104
Bolivia (Republic of) esti 815_1947 MN 9014 Sale 893
8
9014 23
30
88
1952 AO 10218 Sale 102i8
9.514
-year external 6s
10'212 29 102 104
7413 Sale 73
External securities Te
33
75
1958 J J
40
7212 7812
1965 J D 101 Sale 101
-year s 1 5;0
101% 40 1003 1017
8
4
External et 7s
38
1969 MS 7412 Sale 7312
75
72
77
Externals I be__ _ _Mar 15 1963 M
9718 Sale 97
9713 68
96% 97 8
Bordeaux (City of) 15-yr 6s_1934 MN 10312 Sale 10312 1037
7
8 44 10214 104%
Municipal Bank extl
Is 1967 J D 9612 Sale 9534
902
4 28
9434 96%
Brazil(U S of) external 8s_ _1941 J D 9613 Sale 96 z
,
59
98
94
9814 Nuremburg (City) extl 6s-1952 FA 8778 Sale 86
8778 27
84
8774
External a f 6
of 1936_ _1957 AO 7678 Sale 7514
767 148
8
721z 7718 Oslo (City) 30
1955 MN 102 Sale 101
-year s f 6s
102
38 10058 10234
Extl a f 6.4s of 1927
7612 64
1957 AO 7614 Sale 75
7214 773
1946 FA 10014 10114 10014
Sinking fund 5348
4
13
10012
98% 101
7s (Central Railway)
1952 ID 84 Sale 8212
84
15
8614 Panama (Rep) extl 554s.. — 1953 J D 10212 Sale 10114
80
10212
10 1001s 10213
7 Ha (coffee socur) (flat) 1952 AD 100 105
9812 1"eb'30
_
95 101
9013 Hale 90
Extl a f laser A _ _May 15 1963 MN
9013 39
Bremen (State of) ext1 7a
891g 9112
1935 MS 101 Sale 1001. '101
70
9812 101
Pernambuco (State of) ext.' 7s '47 MS 76
7712 74
7414
3
7112 85
Brisbane (City) s f Is
8
1957 MS 833 Sale 8338
8412 19
Peru (Rep of) external 73_1959 MS 9312 Sale 9254
83
90
9333
12
91
Sinking fund gold Is
9434
8312 Sale 8312
1958 FA
85
12
8312 8834
Nat Loan extl s f 6. 1st ser 1960 J D 78 Sale 7484
76
50
69
76
Budapest (City) extl a f fls. _1962 J D
7714 Sale 761z
775
8 39
Nat Loan exti a f Os 2d ser 1961 AO 953 Sale 7414
73
7758
4
7514 33
69
7612
Buenos Aires (City) 610_1955 J J
9558 98% 99 Feb'30
9512 WW2 Poland (Rep of) gold 65.-1940 AO 7518 Sale 7518
76
12
74
7712
External If 6s ser C-3_ _ _ _1960 AO 9533 100
951z
9512
1 9212 98
AO 84 Sale 83
Stabilization loan s f 7s-1947
84
112
79
8414
External it f 641 ser C-3_ _ ..1960 AO 9558 98
9
9512
9634
90
9634
External sink fund g 80-1950 J J
9434 Sale 94
95
48
931 951/
Buenos Aires (Pray) exti 64_1961 ▪ B 85 Sale 85
8
8512 53
84 c863 Porto Alegre (City of) 8s_..1961 J D 96 Sale 96
4
96
1
91
96
Bulgaria (Kingdom) a f 75..1967 J j 78 Sale 78
.
1
7812
7634 7818
Exti guar sink fund 7 A11- 111136 ii 8412 Sale 8412
8418
:
3
84
85
Stabil'n ins I 7 Ha Nov 15 '68
78 Sale 84
44
86
86
82
Queensland (State) call e f 7e 1941 AO 106 Sale 106
107
11 Iowa 10811
Caidaa Dept of(Colombia)7343
6
.46 JJ 85 Sale 8412
89
89
25
81
FA 10014 Sale 9934
1947
-year external 65
10614 40
99% 104,
Canada (Dominion of) be._ _1931 AO 10018 Sale 100131
4
100 4 24 100 100 4 Rio Grande do Sul extl a f 85 1946 AO 9614 Sale
3
5
95
9614
7
90
9614
be
1952 ▪ N 10311 Sale 1027
8
1035s 52 10214 103%
External sinking fund 65-1968 J I) 67 Sale 87
681
26
6414 68%
98 Sale 977
1936 FA
9812 40
8
448
9734 993
8
External s f 7s of 1926-1966 MN
78 Sale 78
80
10
74
8314
Carlsbad (City) a f 8a
10614 1073 106
1954 J
4 103 10612
s
10613
External a 1 7s munic loan 1967 J D 77 Sale 77
4
KO
73
80
Cauca Val (Dept) Colom 734a '46 AO 86
90
8612
45
90
831g 90
Rio de Janeiro 25
9954 10
-years! Si.1946 AO 9912 Sale 9912
9211 10018
Central Agric Bank (Germany)—
1953 FA
76 Sale 7414
Externals I 854s
76
50
7014 76
Farm Loans f 75 Sept 15 1950 MS 94 Sale 94
5
9412
9212 95
Rome (City) extl 8541
1952 AO 9012 Sale 8834
901 270
87
901 2
825 Sale 82
8
Farm Loan s f Si July 15 1960 J J
8412 24
7714 8412 Rotterdam (City) exti 63)-1964 MN 10311 10414 10314
1045
8 28 10314 10511
Farm Loan a f 6.1 Oct 15 1960 AO 82 Sale 8134
8212 77
7734 c8414 Saarbruecken (City) 63_ _ _ _1953 J J 80 8 83
4
82
Jan'30
80% 85
4
Farm Loan 6a ser A Apr 15 1938 AO 8918 Sale 883
8914 53
8412 90
Sao I'aulo (City) a f 8s_Mar 1952 MN 100 Sale 99
10012 22
95 101
Chile (Republic on
75 Sale 74
External a! 854s of 1927,1967 MN
75
4
70
77
23
102
-year externals I
20
trPt .100 - Sale 100
9912 102
San Paulo (State) exti 3f 8s_1936 ii 9813 Sale 98
99
12
9712 102
4
8878 43
External sinking fund 65_1960 AO 883 Sale 8814
8814 90 4
,
External sec s f his
1950 ii 9034 Sale 90
11
901
4
90
9414
88 Sale 88
8912 23
1961 FA
External s f as
88
9112
External is f 7s Water L'n_1956 M S 84
843 85
4
85
3
7934 90
8958 18
1961 J J 89 Sale 8812
Ry ref esti s f as
88
9018
External a I Os int rcts_ _1968 J J 67 Sale 67
6958 31
65
7018
8958 28
1961 M S 89 Sale 8812
Ext1 sinking fund 63
88
92
Santa Fe (Prov Arg Itep) 75 1942 M S 94 Sale 93
94
7
87
94
8912
8812 Sale 8813
7
1962 MS
Extl sinking fund 6$
88
90
Saxon State Mtge flat 73..1945 J D 99 Sale 9712
99
10
93
99
94 Sale 9214
22
94
Chile Mtge Bk 6 Hs June 30 1957 J D
9214 9512
Sinking fund g 8 Hs_ _Dec 1946 J D 9014 Sale 9014
9014
5
86
9014
9512 Sale 9434
18
96
f 8s of 1926_ _June 30 1961 J D
94
9734 Seine. Dept of(France) extl 7s'42 J J 10758 Sale 10714
108
78 1065 10814
8
24
88
Guar s f 63
Apr 30 1961 AO 8734 Sale 8712
861g 8812 Serbs, Croats & Slovenes his '62 MN
8913 Sale 8838
90
ao 87 90
15
26
28
2634
2678
Chinese (Hukuang By) 521_1951 JD
235s 267
8
External sec 75 ser 11_ _ _ _1962 MN
7914 Sale 7818
$.0
86
7514 SO
101
2 101 10218 Silesia (Prov of)
Christiania (Oslo) 30-yr i f as '54 M S 101 Sale 101
extl 75... _ _1958• D
73 Sale 7234
73
38
70
7334
9414
9334 94
9412
Cologne(City)Germany6 Hs 1950 M
9018 9412 Silesian Landowners Assn as 1947 FA
76 Sale 75
78
5
72
76
7712 36
77 Sale 7614
Colombia (Republic) 65_ _ _ _1961 J J
6678 7717 Solssons (City of) extl Os__ _1936 MN 104 Sale 103
104
62 1015 104%
8
40
External if 6s of 1928_ _ _1961 AO 7658 Sale 7512
77
68
77
Styria (Prov) external 7s_ _ _1946 FA
88
93
9012
93
8
93
86
23
Colombia Mtg Bank 6 Hs of 1947 AO 70 Sale 68
70
6514 70
Sweden external loan 5 Hs_ _1954 MN 10334 Sale 103.34
104 ,
20 10314 10614
7414 Sale 73
Sinking fund 73 of 1926...1946 MN
7512 18
71
7512 Swiss (.2onted'n 20-yr sf 8s..1940 J J 108 Sale 108
10818 159 10712 10858
5
Sinking fund 7s of 1927_ _1947 FA
7518 7712 7314
75
70
75
Switzerland Govt extl 5548_1946 A 0 103 Sale 10258
10334 86 10213 10434
Copenhagen (City) 58
971: 40
4
1952 J D 97 Sale 963
963 98
4
Tokyo City Is loan of 1912_1952 M S 77 Sale 76
77
25
8
747 7512
25
-year g 4 Hs
923
1953 MN 9118 Sale 91,
4 28
8
8818 9234
External a f 534a guar_ _ _1961 AO 8858 Sale 883
8
895s 5:1
8714 9078
Cordoba (City) call s f 78_ _1957 FA 80
81
1
81
90
7614 83
Tolima (Dept of) exti 7s...1947 M N
7314 Sale 7314
7312
7
6711 731.,
External a f 7s___ Nov 15 1937 M N
1
85
85
853: 85
82
85
TrondhJem (City) 1st 5;0_1957 MN
96
971. 9612
961z
2
9313 96%
Cordoba (Prov) Argentina 751942 J J
9512
9512 963 95 2
8
,
93
971.. Upper Austria (Prov) 7s_ _ _1945 JD 9514 97
97
97
2
9234 97,2
Costa Rica (Repub) exti 73_1951 MN
5
87
87 Sale 86
86
881s
Externals f 854s.June 15 1957 J D 8712 8812 85
87
20
8114 87
Cuba (Republic) 5s of 1904_1944 MS 9912 100
9912
29
100
9912 101
Uruguay (Republic) extl 83_1946• A 10612 107 10534
106
7 105 107
External Is of 1914 ser A.1949 FA 100 Sale 1003
4
10112 37 1003 102
4
External a f (is
1960 MN
9638 Sale 9412
9312 c98
90% 42
External loan 4 Hs ser C._1949 FA
14
93
935g
935 93 4
8
,
93
953 Venetian Prov Mtge Bank 78 '52 AO
4
9012 Sale 90
16
0013
88
94
Sinking fund 5lis_Jan 15 1953 J j 100 Sale 9914
10014 272
99,4 10114 Vienna (City of) est! a I Os_ _1952 M N
8
855 Sale 8518
14
855
82
8
8678
Cundinamarca (Dept) ColombiaWarsaw (City) external 7a..1958 FA
7612 Sale 76
27
78
73
78
External s f 654..
73 Sale 7212
1959 MN
7312 35
65
7312 Yokohama (City) extl 6s...._11)61 J I) 96 Sale 9518
21
96
95
98
Csechoelovakia (Rep of) 88_1951 AO 11012 Sale 11014
10012 10 10938 Ill
Sinking fund Os ser B _ _1952 AO 11018 Sale 1101s
11112 28 109 11117
o Cash sale. a On the basis of 85 to the £ sterling.
1089
New York Bond Record—Continued—Page 2
BONDS
N. Y. STOCK EXCHANGE
Week Ended Feb. 14.
"t •e;
t
Q.
Price
Friday,
Feb. 14.
Range
Since
Jan, 1.
Week's
Range or
Last Sale.
High
High No Low
Ask Low
Bid
Railroad
8
8
-- 1013 Jan'30 ____ 10114 1013
Ala Gt Sou let cons A 5s_ _ _ _1943 J D
92
92
1943 J D 102-923 94 92 Jan'30 ---4
1st cons 48 ser B
8378 85
8
837 Jan'30 - 86
Alb & Susq 1st guar 3 s..A946 AO 84
85
85
3
Alleg & West 1st g gu 4s_ _ _ _1998 AO _854 85 Jan'30 ---1
9212 94
9312
1942 MS 9
-3i2 -- 9312
Alleg Val gen guar g 4s
1
76
773
4
773
4
4
773 Sale 773
4
Ann Arbor 1st g 4s____July 1995 Q
62
915 94
8
94
Atch Top & S Fe—Gen g 4s_ 199' AO 9212 Sale 9214
91
91
Jan'30
AO
_ - 91
Registered
8712 91
89
89
91
Adjustment gold 4s_ _July 1995 Nov 87
29
877 93
8
89
July 1995 MN 8812 8912 89
Stamped
8538 853
8
8
MN 8514 8814 853 Jan'30 ____
Registered
87
9114
J D 0018 92 9012 Jan'30
1955
Cony gold 4s of 1909
88
90
1955 J D 9018 92 90 Feb'30
Cony 4s of 1905
1
8914 8934
_ 8912
8912
Cony g 4s issue of 1910_ _1960 J D 8912
14012 532 128 14010
1948 J D 140 glfe 139
Cony deb 40
9012 9012
887 9012 Jan'30 ---8
Rocky Mtn Div 1st 4s_.A965 J J 85
9114 913
4
9134 Jan'30 -Trans-Con Short L 1st 4s_1958 J J 8912 91
97
9912
9912 10
4
4
Cal-Ariz 1st & ref 450 A _ 1962 MS 973 Sale 973
8
At! Knoxv & Nor 1st g 5s__ _1946 J D 1025 1057 10238 Jan'30 ___- 10214 10238
s
95
96
Atl & Char! A List 40 A _ _1944 J J 9538 _ - 96 Feb'30
- 1st 30
-year 5s series B _ _ _ _1944 J J 101 10214 10012 Feb'30 - - 10012 1114
87
87
Jan'30
1951 J J 87
87
Atlantic City let cons 4s
7
91
9412
92
At!Coast Line let cons 48 July'52 M S 9112 927- 9112
8
M S
9014 June'29
Registered
o
9 2
1964 J D 9712 Sale 9614
General unified 430
9712 25 -- ars --859318
90
3
91
L & N coil gold 43_ _ _ Oct 1952 MN 88
90 91
3
58
60
60
1948 J J 60
62 60
Atl & Dan lst g 4s
5318 55
Jan'30
54
1948 J J
2d 4s
57
8218 8412
1949 AO 8312 893 8278 Jan'30
At! & Yad 1st guar 4s
4
99
99
Austin & N W 1st gu g 5s _ _ _1941 J J 99 _ _ _ _ 99 Feb'30
Balt & Ohio 1st g 4s _ _July 1948 AO
Registered
July 1948 Q J
20
-year cony 4;is
1933 MS
MS
Registered
Refund & gen 5s series A _ _1995 J D
S D
Registered
1st gold 5s
July 1948 AO
Ref & gen Gs series C
1995 J D
PLE&W Va Sys ref 4s_ _1941 MN
Southw Div 1st 5s
1950 J J
To!& Cin Div 1st ref 4s A A959 J J
Ref & gen 5s series D_ _ _ _2000 MS
Bangor & Aroostook let 5s_ _1943 J J
Con ref 4s
1951 J J
Battle Crk & Stur 1st gu 3s_ A989 J D
Beech Creek 1st gu g 4s_ _ _ _1936 J J
J J
Registered
2d guar g 55
1936 J J
Beech Crk Ext 1st g 3 As_ _ _ _1951 AO
Belvidere Del cons gu 330_1943 J J
Big Sandy 1st 4s guar
1944 J D
Bolivia Ry 1st 5s
1927 J J
Boston & Maine 1st 5s A C _ _1967 M S
Boston & N Y Air Line 1st Is 1955 FA
Bruns & West 1st gu g 4s_ _1938 J J
Buff Roch & Pitts gen g 5s- - 1937 NI
Consol40
1957 MN
Burl C It & Nor 1st & coil 5s_1934 AO
Canada Sou cons gu 53 A.._ _1962 A 0
Canadian Nat 4;is_Sept 15 1954 NI S
5
-year gold 4;s-..Feb 15 1930 F A
30
-year gold 4;is
1957 J J
Gold 4;is
1968 J D
Guaranteed gold 58
1969 J J
Canadian North deb s f 7s_ A940 J D
25-years f deb 60
1946 J J
Registered
10-yr gold 4 As_ _ _ _Feb 15 1935 F A
Canadian Pac lty 4% deb stock
J J
Col tr 4;is
1946 M S
58 equip tr temp ctfs
1944 J J
Carbondale & Shaw 1st g 4s_1932 M S
Caro Cent ist cons g 42
1949 J J
Caro Clinch &0 lst 30-yr 5s_ 1938 J D
1st & con g 6s ser ADec 15 '52 J D
Cart & Ad 1st gu g 4s
1981 J D
Cent Branch U P 1st g 4s_.._1948 J D
9112 9358
9212 46
913 9214 92
4
9312 9312
9312 Jan'30
983 9914
8
Sale 987
8
9914 161
9818 9818
9818 Jan'30
10178 gale 10118
10214 37 101 10212
9914 June'28
f6i1;
10314 104 10318 104 13
10914 Sale 109 10938 65 10812c111
8
91
943
8
8
923
4
9238 Sale 923
8
8 10218 42 10012 1027
102 Sale 1015
8
84
87
8558
84
8514 8412
3
102 Sale 10114
10214 3_ 10114 10212
4
1,5 1013 103
103
102 Sale 102
84
8612
8612 Feb'30 -863 87
8
6812 Feb'28
9414 Dec'29 - 9512 96
95 Aug'28 - 100- 100
Jan'30
_ 100
100
78
78
78
78
_ _ _ _ 78
825 ---8
-.5r2 . 17
8
16 3
89
99
-8912
1j73 Sale_ 97
2184
973
4
1
8114
8112 827 8114
s
9012 Oct'20 --- 1
100
100 16
-i 100
913 Sale 91
4
8
1
100516
92;
8
8
1007 101 1005
1033
8
9352
997
8
923
4
93
10012
10934
114
11314
9914
8312
078
8
10118
9818
75
10012
1073
4
4
853
8212
10414
9534
Feb'30
933
4
931
10034
11401
11
14
38
48
126
02
Jan'30
9914
8418
0812
102
Nlar'29
Jan'30
Feb'30
4
1073
Feb'30
8212
- -7
24
12
60
-2
1
103
102
100
104
99
8412
10112
98
01
18033
5
10314
2
10212
Feb'30
104
993
4 69
Jan'30
Feb'30
Jan'30 - Feb'30 --8
9912
9714
10918
10714
0038
023
8
89
-9114 - 2 9138
9138
1027 Sale 101?8
2
9912
Jan'30 - -Feb'30 -Jan'30 --- _3
Dec'29 —3
9258
Nov'29
913
s 20
s 21
1027
10338
9334
9978
03
9314
10012
110
114
Sale
9418
10014
Sale
933
4
Sale
Sale
Sale
-55T4 gtife"
8312 Sale
9812 Sale
102 Sale
7414
100
1073
4
8514
8212
80
102
Sale
Sale
Central of Ga 1st g 5s__Nov 1945 F A
Consol gold 58
1945 M N
Registered
MN
Ref & gen 5;0 series B_ _ _1959 A 0
Ref & gen 5s series C
1959 A 0
Chatt Div pur money g 4s_ 1951 J D
Mac & Nor Div 1st g 58_ _ _ 19465 J
Mid Ga & At! Div pur m 58'47 J J
Mobile Div 1st g 5s
1946
Cent New Eng 1st gu 4s_ _ _ _1961 J J
Central Ohio reorg lst 4;is_ _1930 M
Cent RR & Bkg of Ga coil 53 1937 M N
Central of NJ gen gold 55_ _ _1987 J J
Registered
1987 Q
General 4s
1987 J J
Cent Pac 1st ref gu g 4s
1949 F A
Registered
F A
Through Short L 1st gu 43_1954 A 0
Guaranteed g 5s
1960 F A
10312-10214 104
Charleston & Say'h 1st 7s_ _1936 J J
Ches & Ohio 1st con g 5s_ ___1939 M N
Registered
1939 MN
General gold 430
1992 MS
Registered
•S
20
-year cony 430
1930 FA
Ref & impt 40
1993 AO
FA
Registered
Ref & linnt 41 ser B__ - -1995 J J
0
,
Craig Valley 1st 53_ May 1 '40 J J
Potts Creek Branch 1st 4s_1946 J J
R & A Div 1stcong4s.1989 J J
2d consol gold 4s
1989 J J
Warm Spring V 1st g 53_1941 MS
Chump Corp cony 5s_ Nlay 15'47 MN
Chic & Alton RR ref g 3s_ _ _1949 AO
Ctf dep stpd Oct 1929 int
Railway first lien 3;is _ _ _ 1950 Si
Certificates of deposit
Chic Burl & Q-111 Div 3 Me_1949 Si
Registered
S i
Illinois Division 4/1
1944) J J
General 4s
1958 MS
Registered
•S
1st & ref 4;is ser B
1977 FA
1971 FA
1st & ref 5e series A
Chicago & East Ill let 6s_ _ _1934 AO
C & E Ill Ry (new co) con 5s_ 1951 MN
1982 MN
Chic & Erie let gold 56
Chicago Great West 1st 46_ _1959 M
Chic Ind & Louiev—Ref 6s.. _ 1947 S i
1947 J J
Refunding gold 5e
_ 1947 S i
Refunding 4.9 series C
1966 MN
1st & gen 5e series A
1st & gen 6s ser B_ __May 1966 J J
-year 4s_ _1956 J J
Chic Ind & Sou 50
Chic L S & East 1st 4;0._ 1969 S D
_8
102 1023 108 Dec'29
2
8
1033
8
1033 Sale 103
,4
917
_
- 1071: Jan'30 - - - 22
Sale
98
_
Jan'30
96
9978 Jan'30 -9912 100
9419 24
9414 Sale 94
4
903 Sept'29
9418 166
9418 Sale 04
_
9914 101 10112 Jan'30
Jan'30 ____
8634 8812 88
8818 Feb'30
88
8512 Feb'30 ---8412 87
_
9614
-- 99 Dec'29
1003 284
s
10014 Sale 100
6514 Feb'30
653 70
8
3
65
65 Sale 65
65
70 65 Feb'30
2
66
65
67
66
9
851s
8518 Sale 8518
84 Apr'28
9334 97 93 Feb'30 — - 11
s
917
9112 Sale 9112
913 Sept'29
4
9718 Sale 9718
9714 36
105 1053 10512 10512 12
4
c105
2
10218 _ _ _ 104
8
777
8 34
777 Sale 765
8
_
102 10314 102 Feb'30
80
8
66
65 Sale 647
1123 — -- 11234 Jan'30
4
10218 10318 10154 Jan'30 __
8918
_
89 Dec'29
100
3
100 10012 100
9
10612
10612 10612
87 __ -- 9118 Jan'30 --__
_
9334 -- -- 9312 Oct'29
Cash sale.
1041s 105 991, Sale
8412 _ _ _ _
100
9818 160 - .
100
813 Sale
8
02
973 987
4
8
10914
10718 110
90
023
4
9112 9218
96
81
BONDS
N. Y. STOCK EXCHANGE
Week Ended Feb. 14.
t
Price
Friday,
Feb. 14.
Week's
Range or
Last Sale.
High
Ask Low
Bid
8414
8414
Ch M & St P gen 43 A-May 1989 J J 8378 85
Q J
Oct'29
80
Registered
7258 Feb'30
_Nlay 1986 J J 7258 74
Gen g 330 ser B
93
8
Gen 450 series C_ _ _May 1989 J J 923 Sale 9238
100 May'28
Registered
9314
Gen 4;is series E _ __ _May 1989 JJ 9238 9412 9314
93
8
Chic Nlilw St P & Pac 5s_ -- -1975 FA 92 Sale 915
7414
Jan 1 2000 A0 7414 Sale 7358
Cony ad) 58
8012 7778 Jan'30
Chic & N'west gen g 3;is_.1987 SIN 77
Q F
Jan'30
- 75
Registered
8778
8938 8778
1987 SIN 88
General 4s
Q F
---- 84 Apr'29
Registered
8818
8818
Stpd 4s non-p Fed in tax '87 SIN 88
1
Gen 4Us stpd Fed Inc tax_ 1987 SIN 102 1- :6 102 Feb'30
Gen 5s stpd Fed Inc tax_ _1987 SIN 10712 Sale 10712 10712
SIN
101 Apr'29
Registered
101 Feb'30
101
1933 M
Sinking fund deb 55
MN
Oct'29
98
Registered
10
1930 S D io5i2 Sale 10012 10012
-year secured g 7s
8
8 1085
15
-year secured g 63.0_ _ _ _1936 MS 10814 10812 1083
1053
8
4
1st ref g 58
May 2037 S D 10512 106 1043
9614
1st & ref 4;0
May 2037 S D 9514 Sale 9514
8
4
1949 SIN 100 Sale 993 c1005
Cony 4%e series A
9912
9912
Subs rets part paid
89
89 89
Chic R I & P Railway gen 48_1988 iS 88
J J Registered
---- 87 Feb'30
9614
8
1934 AO 96 Sale 957
Refunding gold 43
AO
_ 95 Jan'30
Registered
94
Secured 4;0 series A
1952 SI S 94 Sale 9312
8812
8812
Ch St L& NO Nlem Div 48_1951 S D 8812 90
8
8
Gold 55
June 15 1951 S D 1035 10412 1035 J3n'30
S D
107 Apr'28
Registered
81 July'29
Gold 33
0
June 15 1951 J D 7718
,
S D
_ 78 Apr'29
Registered
100 Dec'29
Ch St L & P lst cons g 5s_ _ _ _1932 A0 10W4
A0
8
1015 June'2
Registered
1003
8
ChicStPSI&Ocons6s_ _ _ _1930 S D 10014 10012 10014
9914 Dec'29
Cons 6s reduced to 3;is _ 1930 S D 993
8
9978 Feb'30
Debenture 58
1930 MS 9978 100
MS
10018 Dec'29
Stamped
Chic T H & So East 1st 5s_ _ _1960 ▪ D 9614 98
973
4
973
4
SI S 893 937 9212
94
Inc gu 55
4
8
Dec 1 1960
9712
98
Chic Un Sta'n 1st gu 4;is A _1963 S i 8912 97
let 5s series B
10312
1963 J J 10312 104 10314
103
1944 S D 10214 103 103
Guaranteed g 55
let guar 6;0 series C___1963 S i 11412 Sale 11412 11412
Chic & West Ind gen 6s_Dec 1932 QM
_ 101 Feb'20
8614
8612
8618 87
Consol 50
-year 4s
1952 S i 101--10414
1st ref 53.0 series A
1962 M S 104 Sale 104
MN 100 1023 10012 Jan'30
Choc Okla & Gulf cons 5s _ _..1952
_ 9512 Jan'30
Cin H & D 2d gold 4;is_ _ _ _1937 J J 9512
96
C I St L & C 1st g 4s_Aug 2 1936 Q F 9514 --- 9514 Jan'30
925 Sept'29
8
Registered
Aug 2 1936 @ F
885 Jan'30
8
Gin Leb & Nor 1st con gu 43_1942 SI N 8912 9
18 4
-3J
8114 Clearfield NI Mah 1st gu 55_ _1943
Cleve Gin Ch & St L gen 4s_ _1993 ▪ D
J J
1931
20
-year deb 43s
100" foi
General 5s series B
1993 J D
90
933
4
1941 J J
Ref & impt 6s ser C
10012 101
Ref & impt 5s ser D
1963 J J
Ref & impt 4;0 ser E_ ....1977 j j
10212 10414
Cairo Div 1st gold 43
9318 96
1939 j
Cin W & NI Div 1st g 4s_ _1991 S i
9934 100
9214 9414
St L Div 1st coll tr g 4s_ _ _1990 SIN
9214 9434
SPr & Col Div 1st g 4s_ _ _ _1940 NI
9914 10114
W W Val Div 1st g 4s- - -1940 S i
10934 1113 CCC&I gen cons g 6s_ _ _ _1934 ▪ J
4
113 1147 Clev Lor & W con 1st g 5s_ --1933 A0
8
_1938 J J
11314 11314 Cleve & Mahon Val g 5s
9818 9912 Ci & Mar 1st gu g 4;is_
1935 MN
8312 853 Cleve & P gen gu 4;is ser B _1942 A0
4
965 9912
8
Series B 330
1942 A0
Series A 430
1942• J
100 4 102
3
Series C 3)is
1048 SIN
74
Series D 3;is
1950 FA
75
9912 1011s Cleve Shin' Line 1st gu 40_1961 AO
10712 10812 Cleve Union Term 1st 5;0_ _1972 AO
AO
853 853
4
Registered
4
1st s f 5s series B
82
8212
1973 AO
lets! guar 4;is ser C _ _ _ _1977 A0
10214 10314
Coal River Ry 1st gy 4s_ _ _ _1945 S D
101 104
Colo & South ref & ext 4;0_1935 MN
100 100
104 1053 Col & H V 1st ext g 4s
1948 A0
4
1955 FA
9818 1005 Col & Tol 1st ext 4s
8
8412 8412 Conn & Possum Riv let 4s_ _1943 AO
1007 10112 Consol Ry deb 4s
1930 FA
8
Non-cony 4s
98
1954 S i
98
Non-cony deb 4s
100 100
1955 J& J
Non-cony deb 48
1955 A0
8118 853
8
Non-cony debenture 4s _ _1956 ii
9912 9912
9512 9812 Cuba Nor Ry let 5)4s
1942 S D
1073 10914 Cuba RR lst 50
4
-year 5s g_ _ _1952 J J
1st ref 730 series A
107 108
1936 S D
1st lien & ref 6s ser B__ _.i936 J D
-5ir4 932
Day & Mich 1st cons 40...1931 J J
-5632 c--21 Del & Hudson 1st & ref 4s_ _ _1943 MN
9 -2
30-year cony 5s
1935 AO
1003 1027
4
8
15-year 5s
1937 MN
10
-year secured 7s
1930 SD
D RR & Bridge 1st gu g 4s _ _ 1936 FA
1023
.,
10112 104
0
;2 Den & HG 1st cons g 48_ _ _ _1936 J J
9714 9914
Consol gold 43.0
1936 J J
96
Den & HG West gen 5s_ Aug 1955 SIN
96
Ref & impt 5s ser B_Apr 1978 MN
9978 10018
Des NI & Ft D 1st gu 4s
94
1935 is
95
Certificates of deposit
94
9412 Des Plaines Val 1st gen 4;0_1947 MS
965 10112 Det & Mac 1st lien g 48
8
1955 J D
Gold 4s
8612 88
1995 S D
8614 882 Detroit River Tunnel 450_ _1961 MN
Dul Missabe & Nor gen 5s_ _1941 J J
8312 87
Dul & Iron Range 1st 5s_ _ _ _1937 A0
A0
98 1664 Registered
651.4 6514 Dul Sou Shore & AU g 5s_ _ _1937 J J
(1414 65
East Ry Minn Nor Div 1st 4s '48 AO
East T Va & Ga Div g 5s_ 1930• .1
59
65
6112 66
Consol 1st gold 5s
1956 SI N
8518 87
Elgin Joliet & East 1st g 5s_ _1941 MN
El Paso & S W 1st 5s
1965 A0
9214 9414
89
Erie 1st consol gold 7s ext_ _1930 SI S
93
1996 is
1st cons g 4s prior
1996 J J
96
Registered
99
105 10618
1st consol gen lien g 4s_ __ _1996 J J
1996 J J
10158c105
Registered
72
Penn coil trust gold 4s_ _ _ _ 1951 FA
782
102 10312
-year cony 4s series A _ _ _ 1953 A0
50
1953 AO
64
Series 13
6638
1953 AO
11234 113
Gen cony 4s series D
1967 MN
10134 1013
Ref & impt 58
4
Erie & Jersey 1st s I 6s_ _ _ _1955 S i
-59- 1621- Genessee River 1st 5 f 5s_ _1957 S i
2
106 10612 Erie & Pitts gu g 3;0 ser B.1940 S i
1940 S i
9118 9118
Series C 330
1954 SIN
Est RR extl s f 75
9258
_ 100 July'28
895
8
883 - 4 895s
4 0
9912
9912 10014 9912
10478 Nov'29
1073
8
105
10518 foi 103
4
6
1023
4
,14 10312 1023
10232 ,
2
957 Feb'30
8
92
943 92 Feb'30
8
8412 8614 8614 Feb'30
8418 Jan'30
8514 89
9218 Mar'29
9118
93 Jan'30
9114 2
10312 114 103 Feb'30
- 12
9878 Jan'30
993
8
9819 _ _ _ _ 96 Dec'29
4
9614
_ 1003 Mar'28
4
9718
-- 1003 Mar'28
97 Mar'29
863
4
9512 Nov'29
9718
85 _ _ _ _ 8518 Jan'30
4
893 Jan'29
85
9812
9714 -9814 9738
10612 107 10612 10612
Oct'28
107
104
1
.
1 12 LO312 104
,1
Jan'30
96
8818 91
985 Sale
8
_
903
4853 8-i
8
85
68
7312
6712
72 4
7214
66
8014
97
85
Range
Since
Jan, 1.
Z,4
No Low
High
8414 8712
5
11
2
170
268
-
2
3
- Ifit 4
923 9512
8
923
s
9058
7114
775
8
75
877
8
96
94
7414
775
8
75
9138
881s 93
100 10214
10718 1077
s
10138
10012iooi2 10114
10734 10853
160E8
2
9
9
7
751
1
6
_
127
61
2
10434 106
95
9612
9814c1005s
99
9912
8912
88
8512 87
9512 9614
95
95
923 9414
s
8814 8812
10318 10355
_
f6634
6552 100
_
1 -9538 98
56
10018
5
5
6
5
3
____
94
89
9712 100
10318 105
10134 104
114 115111
00
10178 10112
99
24
103 104 4
8512 893
9514 951
9 1 3 95
!
-88E2 1855
5
11
9634
-9914 993
4
5 19572 19512
03 07
1
102
10418
92
92
8614 8614
8418 8418
0g
193: 16 7
66 8 - 9 0
, 94 8
98
-
28
5
89 Feb'30 ---9818
983
4 43
:,
04% Dee23
80 Feb 0
Apr'29 -- --88
9412 June'29
Jan'30
73
-75
____ 70 Jan'30
_ __1_ 73 Dec'29
7 2
6
Feb'30 - _
14
68
69 67
43
82
4
8212 803
1
97
Sale 97
Jan'30
90
87
-
98
-9718 112
110618 10714
ioii2f6E96 96
89
88
97
983
4
8818 90 4
3
----
70
70
70
6012
77
97
87
732
75
84
9914
907
s
9918
9218
101
10378
1005
8
9614
93
96
9612
89
26
25
925
8
GO
60
9618
101
10014
97
74
73
76
0212 Sale 9212
100 10514 100
10412 10412 10414
102 10514 102
101 102 102
Dec'29
20
93
Feb'30
10378
5
1003
4
Aug'28
9314 40
9
96
9918 160
59
90
1
26
26
Feb'29
Oct'29
60
9614
Feb'30
Feb'30
Oct'29
Jan'30
921
Jan'30
Feb'30
Jan'30
Jan'30
10114 Sale 101
853 Sale 853
4
4
8218
803 Sale 8038
4
77
loi 10112 101
8234 8332 8278
8234 8332 8278
8112
_ 8312
9512 Sale 9512
111 115 112
110 Sale 110
8
8614 -- 857
8614 _ _ _ 8578
10518 gale
105
4
19 101 1013
10114
22
8534 c89
86
821s 821s
Jan'30
79 c83
89
81
2
77
77
77
10 101 101
101
827 85
s
833
4 20
7
8
8312
827 867
8
Dec'29
941 98
9614 141
1 11034 112
112
2 110 11112
11012
Nov'29
Oct'29
10512 31 16,
1=4
99 101
9218 Sale
102 107
10314 104
1003 Sale
4
9514
9314 Sale
9614 904
9812 Sale
893 Sale
4
35
26
25
35
92
__
63 _70
60 Sale
96
98
10114 - -9912 10034
-
-9114
931
100 107
1007 10414
s
1005 101
8
-2
-92Es 931955s 9714
9918
9214 96
87 2 20
23
1
25
26
-65" 60
9534 97
101 101
10014 101
75
74
92l 9212
9938
100
102
102
100
10412
102
102
1090
New York Bond Record-Continued-Page 3
BONDS
N. Y. STOCK EXCHANGE
Week Ended Feb. 14.
Price
Friday,
Feb. 14.
Week's
Range or
Last Sale.
5,
:4 4
Range
Since
Jan, 1.
High
Bid
Ask Low
High No Low
Fla Cent & Pen 1st cons g 55 1943 J J 975
1
97
98
97
97
8
Florida East Coast 1st 4%s_1959 JD
7912 87
8418 84
90
8418 25
1st & ref 5s series A
50
1974 SI S 58 4 Sale 56
583
4
,
58 4 70
,
Fonda Johns & Glov 1st 4%81952 MN
12
2512 30
30
28 4
,
32
30
Fort St U D Co 1st g 4349_ _1941 J J
4
933 Sept'29
Ft W & Den C 1st g 5
-651196I Jo 10512 10614 10512 10512
1o812 1 2
Frem Elk & Nlo Val 1st 65 1933 AO 103,
10218 103
Jan'30
4
- - 103
G El dr BA M &P 1st 5s
99 100
1931 MN 100 10012 993 Feb'30
4
2d extens bs guar
4
99 8 100
,
1931 J J 100 Sale 99 4
, 100
Galv Hoes & Hend 1st 5s_ _ _1933 AO 94 4 9614 9478 Feb'30
94 4 963
,
8
,
Ga & Ala Ry 1st cons 5s Oct 1945 J J ____ 83
86 Nov'29
Ga Caro At Nor 1st gu g 5s- -1929 J J
Extended at 6% to July 1_1934 J J
1
99 100
100
100
6512 6512
Georgia Midland 1st 3s
72-12 6512 Jan'30 -1946 AO 65 Gouv & Oswego 1st 5s
,
1942 JD
98 4 Feb'24
Gr R & I ext 1st gu g 4%s 1941 J J
9612 V6 2
-19612 Jan'30 -.
9612
Grand Trunk of Can deb 78_1940 AO 11012 Sale 110
11012
3 10912 11012
15
-year s f es
4 10518 25 104 10512
1936 M S 104% 105 1043
Grays Point Term 1st 5s_ 1947 JD
9712 Oct'29
Great Nor gen 7s series A
1936 .T
j J
Registered
15t & ref 4'is series A ___1961 j J
General 54s series B_._1952 J J
General 55 serles C
1973 J J
General 4 %s series D___ _1976 J J
General 4345 series E__ 1977 j
Green Bay & West deb ctfs A..- - Feb
Feb
Debentures etts 13
Greenbrier fly 1st go 4s__ _ _1940 Si N
Gulf Mob & Nor 1st 54s1950 AO
1st M Ss series C
1950 AO
Gulf & S I 1st ref & ter 5s _b_1952 JJ
Hocking Val 181 cons g 4348_1999
Registered
1999 J J
Housatonle Ity cons g 5s___1937_ 51 N
H & T C 1st g
Int guar_ 1937 J J
Waco & N W div 1st 65_ _1930 MN
Houston Belt & Term 1st 5s..1937 J J
Houston E & W Tex 1st g 5s_ 1933 MN
1st guar 5.9 redcemab'e
1933 MN
Hud & Mantua 1st 5s ser A _1957 FA
Adjustment income 58 Feb 1957 AO
70
20
12
5
2
3
1113
8
11014 Sale 11014
10812 Dec'29
9418
9418
9414 95
10914
109 Sale 109
10434
104 8 Sale 10378
,
96
9514 96
96
9612
9412 9614 9612
Oct'28
78
86
1
2558 -- -14 2734
26
273
4
Jan'30 -92
92% _
2
10214 1031- 10214
- 2
10214
Jan'30 - -96
97
96
1
103
103 Sale 103
,
9614 97 4 9612
9731
19
94
Jan'30 -9714 166- 9714 Jan'30 -1001s
99 4 Jan'30 - - _ _
,
100 -Jan'30 9978
5
913
98 100
98
98
9914 Dec'29
100 103
997 Feb'30---.
8
97
180
9512 Sale 9512
4 42
7714 Sale 7718
773
Jan'30
Illinois 'entre! 1st gold 4s_ _ _ 195 I J J 93
(
__
93
J J
Oct'29
Registered
87
1st gold 3%s
8412 Sale 8412
8412
1951
.1- -.I
- .
Registered
84 Nov'28
Extended 1st gold 3%s---1951 A 0 83
Jan'30
8614 85
1st gold 3s sterling
S 68
Jan'30
73
68
1951
Collateral trust gold 4s_ 1952 A 0 8912 9112 9018 Feb'30
M N
Registered
Oct'28
81
1st refunding 4s
-- 9158 9158
1955 51 N -65- V2
Purchased lines 334s
82
8218
84% 8218
1952
J J
Registered
87 Nov'28
Collateral trust gold 4s_ _ _1953 SIN
8914
8818 Sale 8812
M N
Registered
8712 Jan'30
Refunding 5.9
10512
1955 M N 10418 10514 10512
15
-year secured 6345 g _ _1936 J J 108 109 10712 108
40
-year 4%s
A
98%
98 4 Sale 9812
,
Aug 1 1966
Cairo Bridge gold 4s
Oct'29
87
94
1950
Litchfield Div 1st gold 3s_ 1951
7411
7412 Oct'29
Louisv Div & Term g 334s 1953
8212 Sale 8212
8212
Omaha Div 1st gold 3s_ _ _1951
A
747 Sale 74 4
8
,
75
St Louis Div & Term g 3s_1951
7414 _- 7414 Nov'29
Gold 334s
81 8 85
,
82 Dec'29
1951
Registered
-- 76 July'29
Springfield Div 1st g 334s _ _1951
775 -- -- 72 Sept'29
8
Western Lines 1st g 4s
8912 92
A
Jan'30
91
1951
F A
Registered
92 Apr'29
Ill Cent and ('hie St L & N()Joint 1st ref 51 series A ___1963
8
1027
102 4 103 10258
,
1st & ref 4 jis series C____1963
Feb'30
95
95
96
Ind Bloom & West 1st ext 4s 1940 A 0 865 - _ _ - 91
8
Ind Ill & Iowa 1st g 4s
9012 95
90
Ind At Louisville 1st gu 4s_ 195° ‘1 j 81 8 89
,
85
56
19 1 J
Ind Union Icy gen 5s ser A 1965 J J 100
_ _ 100
Gen & ref 55 series 11
100
1965 J J 100
Int & Grt Nor 1st es ser A _ 1952 J J 10378 10412 1023
4
Adjustment 6a ser A July 1952
89 Sale 8714
1st 5s series13
9214 89 4 927
8
1956 J J
,
1st g 5s series C
9214 9312
1956 J J 91
Jet Rys Cent Amer 1st 5s_1972 M N
7414 7412 7412
1st cod tr 6% notes
9312 9512 9312
1st lien & ref 6%s
96
95
r A
r
MI j N 95
Iowa Central 1st gold 5s_
3118 35
D
30
1938
Certificates of deposit---------3014 Sale 3014
---- -Refunding gold 4s
1951 Ni-S
814 914 9
James Frank & Clear 1st 43_1959 J D 88
4
883
90
Kan A & Gil 1st gu g 5s_ _ I938 J J 96 8
,
_ 10114
Kan & M 1st gu g 4s
1990 A 0 83
_--- 8312
Nov'28
Jan'30
Jan'30
100
Jan'30
10312
8912
Jan'30
9319
7412
94
9512
30
30'4
Jan'30
Feb'30
Apr'28
8312
K C Ft S & 51 Ry ref g 4s1936 A 0 9512 Sale 95
9512
San City Sou 1st gold 3s_ 1950 A 0 75 8 757 75 8
,
,
7512
8
Ref & impt 5s
,
s
Apr 1950 J J 100 8 Sale 99. 1003
Kansas City Term 1st 48_1960 J J
89%
89 Sale 89
Kentucky Central gold 4s_ _1987 J J
89
_ _ _ 8814
82
Kentucky & Ind Term 4%s_1961 .1 J 8794 Dec'29
85
Stamped
8814 Jan'30
1961 .1 J 8814 95
Plain
1961 .1 J 91
833€ Nov'29
Lake Erie & West 1st g 5s__ _1937 J J 10012 10112 10012 Feb'30
Jan'30
2d gold 54
1941J .1 99 102 100
7912
8112 7912
Lake Sh & Mich So g 3%s_ _1997 .1 D 79
Registered
1997 J D 78 4 79% 7734 Feb'30
,
993
8
1931 rA N 9914 Sale 9918
M
-year gold 43
25
9934 Apr'29
Registered
104
Leh Val Harbor Term gu 5s_1954 F A 104 Sale 10312
4
963 Jan'30
,
Leh Val N Y 1st gu g 4 %s_ _1940 J J 98 4 100
8814
Lehigh Val (Pa) cons g 4s___2003 M N 8714 87 2 8712
,
Jan'30
M N
86
Registered
9712
7 M
9i12 97
2003 RI N 9'
General eons 43.4s
99 Nov'29
Registered
N
Lehi Valley RR gen 5s series 2003
Lela V Term Ry 1st gu g 5s_ _1941 AO
AO
Registered
Leb & N Y 1st guar gold 4s_ _1945 NI S
Lox & East 1st 50-yr 5s gu _ _1965 AO
Little Miami gen 4s series A_1962 51 N
Long Dock consul g 6s
1935 AO
Long lead Int eon gold bs July1931 Q J
1st consol gold 4s_ ___July 1931 Q J
General gold 4s
1938 .1 13
Gold 4s
1932 JD
Unified gold 4s
1949 MS
Debenture gold 53
1934 JD
20
-year p in deb 56
1937 MN
Guar ref gold 4s
1949 MS
Nor Sh B 1st con gu 5s Oct '32 Q J
outs At Jeff Bdge Co gd g 42 _ 1945 MS
Louisville 04 Nashville 5s
1937 MN
Unified gold 4s
1940 J J
RegPtered
Collateral trust gold 5s.._ 1931
N
10
-year sec 7s_ _ _May 15 1930 MN
Cash sale
b D :a Feb.
1
10
3
23
2
38
1
12
12
2
19
57
10
2
7
31
1
8
1
37
11
28
40
10
3
56
26
11
1067
8
- 107 Feb'30
10214 10314 1014 Feb'30
1053 Feb'28
8
90 873€ Jan'30
108
108 1083 108
4
Jan'30
8218 ---- 88
Jan'30
107
1027
8
100 -- 9914 Jan'30
97 Sept'29
9778
9338 8812 Jan'30
92
8
97
- 965 Dec'29
87
89 2 9014 Feb'30
,
991.. Feb'30
9914
9
9912
99 Sale 9814
Feb'30
89
9012 89
99 4 ---b
,
,
99% Sale 99 4
8
89 8 9012 895 Jan'30
5
1017 Jan'30
8
10214 -94s 46
,
94s Sale 94 8
92% Jan'30
9934 Feb'30
loois
1003.1 10034 10034 - 3
110
9418
108
103,
4
95
957
8
8
1113
-- 614
9
10912
105
98 4
,
9714
274
25
91% 92
98 1021,
911
98
103 103
96, 9812
4
9378 94
9714 9812
,
99 4 99 4
,
100 100
95 4 98
,
BONDS
N. Y. STOCK EXCHANGE
Week Ended Feb. 14.
Price
Friday,
Feb. 14.
Range
Since
Jan. 1.
(Feek's
Range or
Last Sale.
Bid
High
Ask Low
High No Low
Louisville & Nashv (Concluded)
1st refund 53-45 series A__2003 AO 10418 1043 106
10 105 107
106
8
1st & ref 5s series B
6
2003 A0 10438 Sale 10418
9912 105
104;8
1
1st & ref 434s series C
22
2003 A0 96 Sale 95
97 8
7
95
96
Paducah & Stem Div 4s 1946 FA
9118 9212
9212 Jan'30
St Louis Div 2d gold 3s_ _1980 MS 66
73
66
6712
66 Feb'30
Nfob & Montg 1st g 4%s_ _1945 51 S 97
973 973
4
4
973 Jan'30
4
South Ry joint Nlonon 4s_1952 J J 89189024 8918
33
89
0014
90
Atl Knoxv &(In Div 4s_ _1955 MN
3
9114 Sale 9114
9114 9112
9112
Louisv Cm & Lox Div g 43.4*'31 NM
7
9914 Sale 98 8
983 994
,
4
9914
Mahon Coal RR 1st 5s
1934 J J
9958
99 Nov'29
Manila RR (South Lines) 45_1939
N
7512
74 i6 74
7312 76
1st ext 4s
2
1950 MN 61
73
67
67
60
67
Manitoba SW Coloniza'n bs 1934 .JD 9812 9912 9812 Feb'30
9812 9912
Man GB&NW 1st 3 Ms_ 194I J J
Mex Internet 1st 4s asstd_ _1977 51 S
Mich Cent Det & Bay City 55_ '31 MS
Registered
Q 5-1
Mich Air Line 4s
1940 ▪ j
▪ j
Registered
Jack Lens & Sag 3%s____1951 51 S
1st gold 334s
N
1952
Mid of N J 1st ext 5s
1940 AO
Mil & Nor 1st ext 4%s(1880)1934 J
Cons ext 43-4s (1884)_1934 J D
Mil Spar & N W 1st gu 4s 1947
Milw & State Line let 3%s_ _1941 J J
Minn & St Louis 1st eons 58_1934 NI N
Temp ctfs of deposit_ 1934 NI N
1st & refunding gold 4
5-1949 MS
Ref & ext 50-yr bs ser A _ _1962(j F
Certificates of deposit
M St P & SS M eon g 45 int gu '38
J
151 cons 5*
1938 J J
1st cons 58 gu as to i11t
1938 J .1
10
-year coil trust 6%s__1931 NI S
1st & ref 6s series A
1946 J J
25
-year 534s
S
1949
1st Chicago Term s f 4s 1941 NI N
90
,
85 8 Sept'29
Jan'30
5
99 Nov'29
Jan'30
100
9418
9418
9218 July'29
79 Mar'26
85
Jan'30
9ii2 - 6 4 9014 Dec'29
g2
9-r;32g
96
96 4 9614 Jan'30
,
034 9658 Dec'29
90 104
9514 ,
90 Jan'30
835
8
_
90 Apr'28
38 161- 3812 Feb'30
8
39 Sale 39
39
15
14
14 Feb'30
15
20
1518
1518
15
15
Jan'30
895 Sale 8912
8
8958
9412 Sale 9378
9412
9714 Sale 9718
99
99 4 Sale 9912
,
99 4
,
99 100
98 Feb'30
83 4 Sale 8212
,
83 1
,
91
92 Feb'30
5
160- -_-_-_-_
4
-831s 85
_9_6_ 1_4 9614
90
40
8
11
31
18
66"
-493, 1-
Mississippi Central 1st 5s_ _ _1949 J J
9518 99
95
Jan'30
93
9712 Nlo Kan & Tex 1st gold 4s_ _1990 J 1) 8618 Sale 8618
8612
Mo-K-T RIt pr lien 5s ser A _1962 ▪ j 101 Sale 10018
7614 79
10114
40
-year 4s series II
1962• j 8512 87
Prior lieu 434s ser I)
94
93
05:81
8
18
1978• j 9214 94 4 11,5144 Fe0314
:0
ll ' 2
9
7
73
:
,
, 93 3 :,4
Cum adjust 5s ser A Jan 1967 AO 10512 Sale
81 16
-14 Alo Pac 1st & ref 55 ser A_ _ _ 1965 FA 10018 Sale 99.4
10014
General 4s
-_
1975 MS 75 Sale 7412
7512
1st & ref 5s series F
85
83
,
1977 MS 98 4 Sale
1st & ref g 5s ser G
68
68
9914
1978 51 N 09 Sale 9878
Cony gold 53-4s
1 12
90,s 9112
114
1949 51 N , Sale
510 Par 3d 7s ext at 4% July 1938• N
9413 91
Jan'30
97 100 4 10 Fe .
90 ii3;4 Mob & Bir prior lien g bs_.1945 J J
, 1101)300
30
▪ j 95
Small
84
82
Dec9'129
j
1st AI gold 4s
91
91
1945
1.
Small
1945 J J
801s
8018
,
87 s 89 4
8712 871 Mobile & Ohio gen gold 45_ _1938 NI S
9258 Jan'30
104,8 107
99
Jan'30
Montgomery Div 1st g 55_ 1997 FA
Ref & impt 434s
10712 110
95
95
1977 MS 9413 95
97
9912 Moh & Mal 1st gu gold 4s_ _ 1991 51 S
88 Feb'30
510111 C 1st gu 6s
184181 Saal- - 8 00
1 0 -- 7
:I-011-iee- 108 8 Dee'29
095
899
,
1937
-0
1st guar gold 5s
'29
0ct7
7
1937• J
77
8212 14 4 Morris & Essex 1st gu 330-.2009 J o 77
-1777
8
7413 791.1
l'; asb 4s ist,g ug5. ser A 1978 F A
f t (hatt&St 1.4s
la ;
9018 91
9012
-9012
-100 -.-- 99 Aug'29
Nat Ry of Alex pr lien 4 %s_1937 JJ
_ 18 July'28
1957 F A
-J J
July 1914 coupon on
4
,
7 2 8 4 73 July'28
,
Assent cash war rct No 4 on
01
89
A- Guar 70-year s f 4s
0A
ssent cash war rct No 5o7
5I9
10
197n
85,j:18
37 22 A aun.27
9 it :9
92
3
2
1- 1
10214 10412 Nat RR Mex pr lien 434s Oct'26 .--.95
Assent
14
975
1434 1314 Jan'30
8
war rct No 4 on
lst cs8 tist Ic4€
A
0
no
22
Apr'28
1951 ;%.- Assent cash war rct No 49on
72 Sale
4
1 51
712
73
4
Naugatuck jut 1st g 4s
90
14 79
90
86
_1954 ii 76 Sept'29
New E ogIatttd ItR Cons 5s _ _1945 J 3 9614 105
consn igia r u
85
8.
.
0614 Jan'30
100 10112
8714 88
8614 Jan'30
NJ June RR guar 1st 4s_ 1946,1 A
100 101
985 F i
88
Jan'30
102 10412 N 0.1xNE 1st ref & Imp 4jis A '52 i J 9358 ____ 9258 Nov'28
New Orleans Term 1st 4s_ _ _1953 J J
84
8912
8738 90
88
Feb 30
1st rm ss ies 0
8
927 941,2 N 0Texaerdz Alex n-e Inc 5s 1935 A 0 9_6_3_4 9912 0632
97
96 14
96,2
9
712
04
91
6
54
8
96
, A 0A
19455 FA C) 96 Sale 927
1st 5s series C
7212 75
1st 4%s series D
9012 04
-9012 9212 02 Feb'30
1st 534s series A
93
95 2
,
195654
102 4
19 F A 10234 Sale 102
,
95
9512 9514 Jan'30
8
325 N & C Bdge gen guar 434€,. 19 J J
30
3014 32
NYB& 51 B lstcong 5s 1935 A 0 97 100 100
Jan'31
N Y Reisteed
CentR
g
8
9
rReony deb 6s..1935 M N 10614 Sale 10614
10612
8758 883
M N
4
106
F A
Consol 4s series A
88
89
89
.1'u '23
/19 9
8
Ref & imp 4%s series A _ _209 A 0 9712 98
8318312 - 2
9814
19 1
9814
Ref egi m trt 53 series C
R& lsteie0
8
2013 A 0 1055 Sale 10512
103
9658
95
A 0
106 Mar'28
75
765
8
Cent Ie ud
99 100 4 N Yitegistrd RN NI 334s 1997
,
l
7814
80
J J 7812 79
7812
8814 90
1997 J J
7812
89
88
Debenture gold 4s
09 8 Sale 97
,
977
8
Registered
04 July'29
30
88 - 4
Sg1-year debenture 4s
95
94
93 1"eb'30
Lakegisted gold 3 As
Re Shore
76
recoll
-19993944281F' 76 Sale 76
4) '
''j
10012 1-6634
AF is.:
F A
8
763 75 Dec'29
75
N Mica Ceir etdi11 istlg 42 s_ i:1937
y Rcehiri eis t co go d 3%..
100 100
A
77
s ,
7718 7978 77
1 99
,8
1 9
8
7912 8212
7118 79
1998 F A
75 Sept'29
77 4 77 4
,
,
o 95 9528 0514 9612
8
987 995
8
9214 Sept'29
Registered
25
-year debenture 4s
9938
,
-49 4 - - -1- 99 s
1 99 2
2d 6s series A BC
6i
103 1102
102 Sale 10118
9634 9812
0
N1
107
8
Refunding 534s series A 19 1
11 (1 1065 Sale 10618
111
itefu ndItig5isseries B 1975 J i 10618 1065 10612
Ref 4 s
865 895
8
8
8
1063
4
c
1978 51 S 933 9434 9458
86
8612
95,8
series
4
guarect lst gu 4
9612 987 N Y Con n 5s series 0 %s A _ _1953 F A 97
9718 97 Feb'30
s
1st
1003 ____ 10112 1"eb'30
4
N 3d& lt le llst %t
1. ex, o d 4 sgold 4s.. 1957 MN
"
8834 ____ 89
Jan'30
Irg
943 F A
106 1075
8
96 100
9812 Nlar'28
33
1013 10212
4
4th ext gold 5s
985 ____ 99 Aug'29
8
2E1 T
T
wIA
V)
N Y dt Greenw gu g 5s _ _1946 MN
90
N Y & Ilarlem gold 334s,..2000 MN
109
MN
88
Registered
N Y Lack & W 1st & ref gu 5s'73 MN
107
1st & ref gu 434s ser B _ _1973 MN
10018
NYLE& W 1st 7s ext_ _ _1930 MS
-gf372 9313 N Y & Jersey 1st 5s
1932 FA
N.Y & Long Branch 4s_ _ _1941 51 S
-8718 93171 NY&NE Bost Term 4s _ _ _1939 * 0
Y N II & II n-e. b 4s_ _ _1947 MS
9914 99 1
,
Non-cony debenture 3%8_1947 MS
,
98
99 4
89
Non-cony debenture 3%0_1954 * 0
87
9914 99 4
,
Non-cony debenture 45_ ..1955 J J
8912 89,8
Non-cony debenture 4s_.1956 MN
1017s 102
Cony debenture 3348
1956 J J
94 8 96
,
Cony debenture 6s
1948 J J
92 4 94
,
J J
Registered
99 4 100 s
,
,
Collateral trust 6s
1940 A 0
N
10012 101
Debenture 4s
1957
1st & ref 43.4s ser of 1927_1967 Jo
IIarlem R & Pt Ches 1st 4s 1954 ▪ N
8634
10414
88
107
99,
4
94 4 96
,
80 s
,
1143;9418 9418
100
3
23
47
32
117
140
254
116
-- 06
377 3812
36
40
16
14
1518 1518
8818 85 s
15
197
93 4 9412
,
117.8 9912
99
99 4
,
98 100
87
81
92
92
05
99
8512 8712
9 112 102
8512 88
9212 95
10:112 106
9914 1017
8
7412 7612
97 100
961 99 4
4
,
10758 113
91
91
100 100
1
3
91
2
92'8
11618
9414
804
80)8
91
8018
94
99
96 4
,
83
12
77
80 2
,
22
90
91
--(15, -- 2
814
-7 74
7,
.
"ff14
36
Lig
7
-111
9614 961.4
8614 8614
88
85
21
8714
9558
93
96
9012
102
9514
1:0
105
19
22
63
97
105
2
5
13
78
2
59
W3
8
9712
99'
9912
94
103
9514
100
10612
-13AT,9
10012
10612
--
7814 8112
79
75
97
977
93
76
94's
79%
3
77
78
13
94
981z
4
59
53
3
16
-15§i4
10118 102
10512 10714
10512 107
9358 9734
9618 10018
10112 101 12
89
90
--
96
Jan'30
06
95
8518 1)ec'29 _ _ _ _
_
7514 Oct'29
97[8 Oct'29
__
9812
_ _ 9834 Jan'30
4
-984 "981
100_ 10058 Dec'29
1001s la 10018 1 eb'30 _ _ 1001€ 101
,
'
8618 -87 Sept'211
_
9512 July'28
8212 14; 8578 Jan'30 _
-7
_ 545 857
7614 79
'78Is Jan'30
7814 784
8
74
1
74 Sale 735
73
/ 76
1
4
84
8214 83,s 83
13
812 84
8214 84
13
84
83
8112 88
7414 76
767 7812
7678 Jan'30
s
13312 116 121 13312
132 4 Salo 129
,
_ 125
125 125
Jan'30
14 1043 10614
10512 Sale 105 8
, 10512
4
77
26
78
78
77
77
7834
9012 Sale 9012
93 4
,
91 4 63
,
90
8712 90
873 10
8
8
872 Jan'30
_
New York Bond Recor d—Continued--Page 4
BONDS
N. Y. STOCK EXCHANGE
Week Ended Feb. 14.
32,
4
Price
Friday,
Feb. 14.
Week's
Range or
Last Sale.
•
Range
.Since
Jan. 1.
High Vo Low
High
Bid
Ask Low
17
60
5812 6112
8
N Y 0& W ref let g 43_June 1992 81 S 597 Sale 5812
Apr'28
_
70
Reg 5,000 only __June 1992 MS
1 -45 16
45
1955 in 45 Sale 45
General 48
N Y Providence & Boston 4s 1942 A0 8512 ---- 9012 June'29
AO ____
8914 Jan'28
Registered
2 -8513
88
N Y & Putnam let con gu 4s 1933 AO 8514 0212 88
3
85
847
8
85
83
8612
N Y Susq & West 1st ref 5s_1937 J J 83
Jan'30
75
75
80
75
1937 FA
75
2d gold 4(0
12
78
75
1940 FA
79
7518 783 7712
General gold 55
4
1
94 s 993
,
,
4
1943 MN 9712 99 4 993
Terminal 1st gold Eis
4
993
4
8612 8912
8912 48
8858 Sale 8812
NY W-ches & B let ser 1430'46 J J
1043
4 16 10212 10512
Nord Ry ext'l s 6;is
1950 AO 10418 Sale 10418
18
5812 71
72
70 Sale 70
Norfolk South 1st & ref A 5s_1961 FA
Feb'30
99
99
99
99
Norfolk & South let gold 5s_1941 MN 85
Norfolk & West gen gold 63_1931 MN
Improvement & ext 6s
1934 FA
New River let gold 6s_
1932 AO
N& W Ry 1st cons g 4s 1996 AO
Registered
1996 AO
Div'l let lien & gen g 4s_ A944 J J
Pocah C & C joint 48
1941 J O
North Cent gen & ref 58 A 1974 MS
Gen & ref 4 ;is ser A stpd _1974 MS
North Ohio 1st guar g 5s_ _ _1945 AO
North Pacific prior lien 4s 1997 Q J
Registered
1997 Q
Gen lien ry & Id g 3s_Jan 2047 Q F
Registered
Jan 2047 Q F
Ref & linpt 4 Yis series A _ _2047 J J
Ref & impti3s series B___ _2047 ii
Ref & impt 5s series C__ _ _2047 J J
Ref & impt 5s series D____2047 J J
Nor Pee Term Co 1st g 6s__1933 J J
Nor Ry of Calif guar g 5s___1938 AO
101
Og & L Chan) 1st gu g 4s_1948 J J
Ohio Connecting Ry 1st 4s__1943 M S
Ohio River 1111 1st g Ss
1936 J D
General gold 5s
1937 AO
Oregon RR & Nay con g 48_1946 J 1)
Ore Short Line let eons g 53_1946 J J
Guar stpd eons &s
1946 J J
Oregon-Wash let & ref 4s _ 1961 J J
Pacific Coast co ha, g Ss
1946 J D
Pac RR of Nio tat ext g 48 1938 FA
2d extended gold 5s
193% ii
Paducah & his 1st e f 4;is_ _11)55 J J
Paris-Lyons-Med RR exti 6s 1958 FA
Sinking fund external 78 1958 M S
Paris-Orlea us 1111 ext. 514s_ _1968 MS
Paulista Ity let & ref s f 7s 1942 MS
7718 90
92
_ __ _
100 10412
98 10212
9118 923
4
10358 105
104 105
887 Sale
8
60
65
9414 95
9912 100
9514
10338 Sale
106 Sale
10114 Sale
95
97
Pennsylvania RR eons g 4s_ 1943 MN
Consul gold 48
194% MN
4s sterl etiai dollar_ May 1194% MN
Registered
Conmol sink fund 430 _ __1960 FA
General 4(is series A
1965 J I)
General 5,4 series Ii
1968 J O
10-year secured 78
1930 A ()
15
-year secured 6;is
1936 F A
Itegletered
P A
40-year secured gold 5s_ __1964 NI N
Ca Co gu 3 Si9 coil tr A reg - - 1937 NI S
Guar 31is coil trust ser 13_1941 FA
Guar 3(is trust ars C____1942 J
Guar 3 qs trust etfs 5____1944 J O
Guar I5-25
-year gold 48_1931 AO
Guar 48 tier E trust etts___1952 MN
Secured gold 442s
1963 NI N
Pa Ohio & Det 1st & ref 43-6e Al? AO
Peoria & Eastern 1st cons 45_ 1940 AO
Income 4s
April 1990 Apr.
Peoria & Pekin Un let 630-1974 F A
Pere Marquette 1st ser A 5s_1956 J J
1st 4s series 11
1956 J J
Plana Halt & Wash 1st g 4s_ _1943 81 N
General Sc series II
1974 FA
9418 Jan'30
937 9418
8
Jan'30
93
93
95
92 8 93
4114
6
9214 95
925s
0214 9258 9214
9212 9212
9212 Jan'30
2 100 101 12
100
10014 10012 100
63
99
9712 9912
9814 Sale 98
1065
8 19 106 108
10618 Sale 106
10014 59 1001sclOpz
10018 Sale 10018
61 1081s 1003
109
8
1085 Sale 10818
8
Apr'28
_ 112
10312 83 16254 164 4
10212
Sale
-384 Aug'29
— 8414 Nov'29
835 Sept'29
8
8414
8212 Nov'29
83,2
98is 19 i
9918 27
9918 g;-- 991s
1e
-1
90
9014 60
8638 9014 9014
9034
9814 112
97
9814 Sale 97'4
9914
1
95
953
4
4
9714
_ 9618 953
843 86
8
8312 8412 8412 Feb'30
1
31
32
31
31
101 1023
10212 Feb'30
102i.4
4
13 1023 104
104
4
4
10334 Sale 1033
2
91
9012 91
9014_ _ 91
9312 Jan'30
93 2 931•
,
4
1063 1063
4
1035 -9-4 1063 Jan'30
9%
68
4
1
2814
2814
28
30
29
30
Jan'30
102 102
102
___ _ 102
1
9212
9212
9212 925
8
92
_
Feb'30
92
94
92
937 92
8
9714 9714
97
_ _ _ _ 9714 Feb'30
Feb'30
9612 99
98
98 100
9712 Dec'29
96 2
,
4
9414 9414
9414 9414
9414
1
9353
03% 93%
93% Sale 9358
9478
963 MaY'
4
29
94 Nov'29
9412
94% 60
8
04 8 94
945
,
9412
%
1 I 97
971s
9718 Sale 9718
9718
963 -.- 98 Sept'29
4
12 10614 10771071s
10614 Sale 10614
8
_
102 June'29
14 106l 108
1067
8
10612 Sale 10612
11312 Jan'29
Philippine Ry it 30-yr 5 f 4s '37 J J
Pine Creek registered tat 6s_1932 JO
Pitts & W Va 1st 41is ser A_1958 J O
let 81 4;is series 13
1959 AO
PC & St L gu 4(is A
(
1940 AO
Series B 4(is guar
1942 A (5
Series C 4(is guar.
1942 NI N
Series I) 4s guar
1945 81 N
Series E 3(is guar gold_ __1949 F A
Series F 4s guar gold
1953 J O
Series 0 4e guar
1957 MN
Series El con guar 4s
1960 FA
Series I cons guar 4 yis
1963 FA
Series J cons guar 4;is_ 1964 MN
General M Sc series A__ 1970 J I)
Registered
J D
Gen mtge guar 58 ser
__1975 AO
Registered
AO
Pitts McK & Y let gu 68___1932 J J
2d guar 68
1934 J J
Pitts Sh & L E Ist g 5.9
1940 w 0
let consol gold 58
1943 J J
Pitts Va &("liar let 4s
1943 NI N
Pitts Y & Ash let 4s ser A 1948 J 1)
let gen 5s series 13
1962 P A
let gen 58 series C
1974 J D
Providence Secur deb ts
1957 MN
Providence Term 1st 4s
1966 MS
Reading Co Jersey Cen coil 48 '61 AO
Registered
AO
Gen & ref 484e series A_ _1997 J J
Rensselaer & Saratoga 6e
194l MN
Rich & Meek 1st g 48
1948 81 N
Richm Term Ry 1st gu 5s
1952 J .1
Rio Grande June let gu 5e 1939 J O
Rio Grande Sou 1st gold 48_1940 J J
Guar 4s (Jan 1922 coupon)'40 J J
Rio Grande West let gold 4s.1939 J J
let eon & coil trust 48 A 1949 A
It I Ark & Louis let 4(is_ 1934 MS
Rut
-Canada 1st go g 48
1949 J J
Rutland let con g 434s
1941 ii
St Jos & Grand lel let 4s1947
St Lawr & Adir 1st g Ss
1996
2d gold fla
1906
L & Ca lro guar g 4s
1931
St L Ir Mt & S gen eon g 5s_1931
Stamped guar 5s
1931
let g 4s
Itiv & G
1933
St L M Bridge Ter gu g 5.3._1930
St L-Sati Fran pr lien 48 A 1960
Con M 4 WI series A
1978
Prior lien 58 series B
1950
es:t Louis & San Fr Ry gen (13_1931
General gold Gs
1931
L Peor & NW 1st gu 5s_ _1948
__
10133 Jan'30
10314 Jan'30
10214 -_-_-_-_ 10214 Jan'30
03
2
3
917
s
9178 Sale 913
90 Feb'30
6
93
9312
9312
9312 25
9312 9412 9312
90 Nov'29
101
Jan'30
06
_ _ 99
4
943
4
94
9478 94
9014 52
893 Sale 8914
8
3
8612 8812 86%
8714
6512 68
6514 Sale 6453
6213 Feb'30
9712 Feb'30
95
97
1133 107
8
112 Sale 112
25
8
1033 10412 1045 1045s
4
1
104
104 10412 104
10218 109 10512 Jan'30
Jan'30
9938 ____ 101
1013
8
10314
10214
9012
90
4
913
9314
77
9558
100
99
9114
105
105
883
4
60
91
100
9512
8
1033
106
101
97
77
Feb'30 ---Nov'28 - -- Jan'30 ____
1
99
9114
2
2
105
105
8
8912 43
60
2
Nov'29 --- Jan'30 ---Dec'29 ---49
104
10612 29
00
102
Feb'30 ----
10112 Feb'30
1035 July'28
8
100 Dec'29
10014 Aug'28
9918 Sept'28
9112 Jan'30
10214 Jan'30
102
9953
87
92%
10238 105
1023
8
-i5-76
80 Nov'29
84
013
4
91 Sale 91
9414 July'28
983
4
98 Sale 98
10018 Mar'21
105
797 7818 Nlay'28
100 Dec'29
I001g
- 6 94 Jan'30
6
97
6 Nlay'28
5
1
712 Apr'28
1
9112
0114 Sale 9114
84
84
83
84
975
8
9712 9758 9712
Feb'30
75
75
81
86
86
S6
85
96
A 0 97
983
4
A
100 4
,
A
- -- :1614
A 0 9978
8812
893
4
10138
10114
100
10218
87
99,
4
Sale
Sale
10018
Sale
Sale
Sale
Sale-
85
9(33
4
101
983
4
10018
1013
4
9618
997
s
88 4
,
8912
100 4
3
10114
100
993
3
5
2
21
2
Feb'30
Nov'29
Jan'30
Jan'30
10014 36
Dec'28
9633 139
11
10013
8912 222
0018 264
10112 47
Feb'30
100
10
Nov'29
c Cash sale. d Due May. k Due August. e Due June
80
10158
10314
10214
927
8
90
9312
9414
-55- .-"99
93
943
4
89
91
865 88
8
637 653
8
4
62
6212
97
985
8
112 11412
1035 10512
8
10312 1043
4
10512 19512
101 101
SO
166- 16609
91
19418
1037
8
883
4
60
09
9138
105
105
913
8
6112
-5 i 166
4 - .
-102 10412
-- --10412 107
9934 102
95
9978
BONDS
N. Y. STOCK EXCHANGE
Week Ended Feb. 14.
13.2
t
1091
Price
Friday
Feb. 14.
Rance
Since
Jan. 1.
Week's
Range or
Last Sale,
IRA
HLoh Vo. Low
Bid
Ask Low
941g 9514
St Louis Sou let gu g 4s___1931 81 5 9638 0812 9418 Jan'30
8714 Sale 86
14
8812
8714
85
St L S W 1st g 4s bond ctfs_1989 MN
10
767 78 s
s
7718
,
77
79
7718
2d g 4s Inc bond etre Nov 1989 J J
9814 34
9714 9514
98 Sale 98
1932 J
Consol gold 48
7
9712
9812
1)712 99 4
,
1st terminal & unifying 5s_1952 3J 9714 98
11
9441 95%
9434 Sale 943
4
95
St Paul & K C Sh L let 450_1941 FA
1004 100%
10018 Feb'30
1931 FA 10018 _ _
St Paul & Duluth let 5s
8818 Nov'29
1968 3D 8414 93
1st consol gold 4s
9713 Jan'28
St Paul E Gr Trunk 1st 430_1947 J J 02
9(3
VtiK
Jan'30
St Paul Minn & Man eon 48_1933 J J 96% 9778 96
10314 10312
1933 J J 10212 105 103 Feb'30
1st consol g 6s
J J
10018 Dec'29
Registered
4
981s 991
99
6
6s reduced to gold 4;is_ __1933 J J 0814 - 6 99
• J
05 Dec'28
Registered
935 -911-8
9458 Feb'30
1E8
Mont ext 1st gold 48
1937 J D -6,
8812 92 9012 Jan'30 2 9012 9012
Pacific ext guar 48 (sterling)'40 J J
10514
10478 10533
St Paul Un Dep let & ref 5s_1972 J J 10514 Sale 10514
3
02
,
92
90 s 9314
SA & Ar Pass 1st gu g 4s
1943 J J
9118 92
9912 Feb'30
99%2 100
,
Santa Fe Free & Plien let 513_1942 81 S 9958 101
10212 Dec'29
Say Fla & West let g 6s
1934 AO 1021s
995 - 3. 4 66 4
993 Jan'30
4
let gold 5s
1934 A0 100
8814 - 6 90 Oct'29
6
Scioto V & N E let gu g 4s_ _1989 81 N
65 - -68
Jan'30
65
4
Seaboard Air Line 1st g 4.s 1950 AO 653 80
32
65
6614
66
66
Gold 4s stamped
1950 AO 6614 71
5412 5912
5912 20
58 Sale 58
Adjustment 5s
Oct 1(149 FA
52
GO12
6012 64
Refunding 48
1959 A0 6012 Sale 59
65
7512 156
751
let di cons 63 series A
1945 1V1 S 7512 Sale 74
Si
75 Mar'29
_
Registered
12
5412 S5l
8512
2
Ati & Birm 30-yr lst g 4s_d1033 MS 8112 - 51- 85
40
72
61
72
7012 Sale 6912
Seaboard All Fla let gu 6s A _1935 FA
5
62
72
71
FA 69
72
71
Series 13
1935
98 Dec'29
98
Seaboard & Roan let 5sextd 1931 J3
i0oi4 1624
3
S& N Ala cons gu g 53
s
1936 FA 1003 -- 100 4 Jan'30
10718
10558 10734
Gen cons guar 50-yr 55_ 1963 A0 10718 -- -- 10718
So Pac coil 4s (Cent Pee col) '49 J O
• D
Registered
1st 4;is(Oregon Lines) A.1977 MS
20
-year cony 5s
1934 .1 1)
Gold 4;is
1968 M
Gold 4(is
May 1 1969 MN
San Fran Term 1st 4s_...1950 A
A
Registered
So Pee of Cal let con gu g 52_1937
So Pac Coast 1st gu g 48____1937
go Pee RR let ref 48
1955
.1
Registered
Southern It) 1st cons g 5,9 1994
,
Registered
Devi & gen 4s series A _ _1956 A
A
Registered
Develop & gen (Is
1956 A
Develop & gen 634s
195(1 A
Mere Div let g 5s
1996
St Louis Div 1st g 4s
1951
East Tenn retire lien g 58.193% NI S
Mob & Ohio coil tr 4s____I938 NI 5
Spokane Internet 1st g 58__1955 J J
Staten Island Ity let 430_1943 .1 1)
Sunbury & Lewiston let 4s__1936 ii
Superior Short Line let 55_ _e193() NI
Term Assn of St I. lst g 4 hs-1930 AO
1st cons gold 58
1944 FA
Gen refund s f g 4s
1953 33
Texarkana & Ft S 1st 5;is A 1950 FA
Tex & N 0 corn gold 5s
1943 J J
Texas & Pee 1st gold 5s
2000• D
2d ine5s(Mar2gep on)Dec 2000 Nlar
Gen 'Cu ref 5s series B
1977 A 0
Gen & ref 5s series C
1979 A0
La Div 13 I, 1st g 5s
1931 J J
Tex Pac-Mo Pac Ter 5 is 1964 81
Vol & Ohio Cent 1st gu 53 1935 ii
Western Div 1st g 58
1935 A0
Gen gold 53
1935 J J
Toledo Peoria & West 1st 43.1917 J J
Tol St L & W 50-yr g 48—.1950 A0
Tol W V & 0 go 4 ;is A
1931 J J
let guar 43e series B_1933 J J
let guar 4s series C
1942 NI 5
Toronto Ham & Buff 1st g 4s 1946 3D
Ulster & Del let cons g 5s___1928 3D
Stigl as to Dec'28 & June'29 let
1st cony fis etfs of dep
1st refunding g 43
1952
Union Par 1st RR & Id get4
s1199427 J J
.1
Registered
G lien 4
let
4 &.;ef 48
June 2008 SiS
1967 J J
let lien & ref 5s
June 2008 Si S
40
-year gold 4s
U N J RR & ('an gen 4s_ _ __1948 j D
1964 M S
Utah & Nor 1st ext 4s
Vandalla eons g 4s series A 1935 3 A
1953 F 3
Cons 91 48 series B
Vera Cruz & P assent 4;is 1957 M N
9
34
Virginia Mid 53 series F.
1931 M S
10112 10112
General 5s
1936 M
Va & Southw'n let gu 513.._ _2003 J J
1 3
6
let eons 50
-year 5s
195s A0
Virginian Ry let 5s series A_1962 MN
Wabetsh RR let gold 53
1939 MN
-6112 9113 2d gold 5s
1939 P A
9
10214 10214 Ref & gen s f 53is ser A 1975 MS
Debenture B 6s registered _ 1939 J J
76 16'let lien 50-yr g term 48_ I954 j
Det & Chle ext 1st 55
1041 J J
91 9234 Dee Nit:lines Div 1st g 4s 1949 J J
31
Omaha Div let g 330
1941 A0
991.,
1J71
1941 MS
Toi&'Chlcl)tvg43
Wabash Ry ref & gen 5s B 1976 A 0
Ref & gen 4;is series C
1978 FA
Warren let ref go g 3 As__2000 FA
94
94
Wash Cent let gold 45
1948 QM
Wash Term 1st gu 33is
1199445 TA
5
1st 40-year guar 48
P A
91
- -i1- W Mtn W & N W let gu 5e 1930 FA
9 4
8112 85`.8 W Maryland let g 4s
1952 AO
9534 9753
let & ref 530 series A._ _ 1977 J 3
75
West N Y & Pa 1st g 5s
75
1937 3J
SG
Gen gold 4s
A 0
86
Western Pac 1st ser A 5s.._ ..:1 1943 MS
946
85
MS
85
Regist ered
West Shore 1st 4s guar
'361 • J
101 101
Registered
2331 33
1960
98 4 991
,
. Wheeling & Lake Erle—
100 1004
P A
Ext'n & Impt gold 5s
_
Refunding 45s series A_ _1966 MS
95 4 9812
,
1966 NI
RefundIng 5s series B
997a 10018
RR 1st consol 42
1949 NI
•D
4
8712 893 Wilk & East 1st gu g 56
3D
8812 9114 Will & S F let gold re
100 10214 Winston-Salem S glst
ws cent 59_y, I
J
1960
109 3432
11,4g
en
1001a 101%
J J
et
100 10112
Sup &. Dul div & term 1st 4s'36 MN
Wor & Conn East let 40_1943 ▪ J
887 91 Feb'30
88 Dec'29
945
8
Sale 9458
_
Feb'30
101 101
9534 37
Sale 9412
142
Sale 973
4
08
'4
6
90
91
90
83 MaY'29
87
Feb'30
_ 10212
Jan'30
_ _ 96
8
Sale 915
92 2 48
,
Jan'30
91
-2 - -31094 15
107 4 168 4 108
Jan'30
8912 106
89
8934 105
8912 Sale 89
_
8714 Sept.'2S
116- Sale 11578 11614 38
1225 Sale 12214
12312 33
8
107
10612
Jan'30
89
89
S9
9534 July'28
100
9114
913
4
913 93
4
87
8
945
10012
9412
9814
90
____
99
9512
9212
68
Jan'30
8612 Feb'30
95
Apr'28
-- 99 Mar'29
Jan'30
98
Jan'30
161 102
- 12
8
8812
8812 875
Sale 10538
10612
98 Dec'29
10712
108 10713
95 Mar'29
-- 9878 Feb'30
1( 61 1-61
3
1005
8
1005 Sale 100
8
1005
8
100 Sale 100
1053 1077 10512 Jan'30
8
4
997
8
8
100
- 997
Jan'30
98
997
8
Jan'30
9
6 98
97 - 12 Sept'29
12
91
91 Sale 91
9812 Jan'30
0834
8
985
8
985 Sale 985
3
92 Dec'29
91
89 88 Jan'30
70
8112
9013
99
973
4
1013
4
8718
10612
97
10714
9012 923s
945 1- 6f
100 Ica
9414 99
11615 99
89
92
10133 10A
96
96
91
9212
91
91
10614 11011
108 106
8812 9012
122 125
10612 107
8718 89
-9018
68
70
8212 861,
80
14
18
-5/ 98
c993 102
8714 89%
10412 10611
9
10612 16814
82
16
7
1
084 1618
- 1987 10134
s
99 8 101
,
10412 10512
9912 103
98
98
98
98
-61-
9133
9812 9812
9818 98%
—
88- II-
99 Dec'29 - - - _
95
184 if4
8
8714 39
85 Sale 847
74 Nov'29 — _
05
90
2 -. 2- 15
55
-55
5
55
51
9458 113
93% 95
923 Sale 9353
4
Jan'30
93
9114 93
9112 93
8,7 913
8
4
8
9014
887 Sale 887
8
18
97
10
98
96
97 Sale 9614
10718 10812 10812 10812 10 10612 110
8812 20
8714 891
8814 Sale 88
4
94 Sept'29 - 91
9514
96 Nov'28 - 89
8714 Oct'29 - - -90 -9S 8212 Nlay'29
714
9
8
83
4 714
714
5
9818 9814
_ 9818 Jan'30
993
4
Jan'30
_ 100 100 4
3
10038 10112 100
95
1
95
9.5
95 Sale 95
847 87
8
Jan'30
87
8512 88
36 10215 106
104
103 Sale 103
19 101, 102
102
8
102 Sale 10114
9912 1011
/
2
7
10018
99 103 100
23 101 4 104
104
,
1033 Sale 10318
4
9818 Nlay'29
86
_84
Jan'30
-12 85
8212 84
100
98 Nov'29 8818 -- - - 87 Nov'29
92
1/14
8112 833 8114 Jan'30
4
8814 90
90
90
5
885
8
1-97% 100 4
99
,
65
99 g;e 99
8834 9322
9114 31
9012 Sale 9014
2
7212
7458 7212
71
72,2 722
85
8714 88
Jan'30
8328 884
86
Jan'30 -- 8414 85
8414 86
8314 Jan'30 _
803 90
8
8314 8.314
9914 Jan'30
9934 99 4
_993 100
4
,
8114 Sale 81
8112 69
80
8112
96 Sale 96
23
97
94% 97
10112
8
10014 Sale 10014
98 102
9212 26
9012 Sale 9012
881a 9212
98
27
98 Sale 9712
9712 99
1
97
97
97
97
87% Sale 8714
8853 27
88% 8918
86
1
86 Sale 86
8
852 88
-8113
99,
3
9114
100
88%
65
99
8518
8112
91
83
--101
8914
653
8
9112
Sale
_-- 9378
9912
90
100
89
65
98
82
8112
91
79
Nov'29
Jan'30
Jan'30
Feb'30
6538
Nov'29
Nov'29
8218
Feb'30
Oct'29
-oo- 90
9834 100
3
10
88 4 149
,
6214 67
12
-7 9 - C57
82 s
893 915
4
8
....„
1092
BONDS
N.Y.STOCK EXCHANGE
Week Ended Feb. 14.
New York Bond Record—Continued—Page 5
Price
Friday,
Feb. 14.
Week's
Range or
Last Sale.
•.1 •
$41,
2
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Feb. 14.
Price
Friday.
Feb. 14.
Week's
Range or
Last Sale.
Range
Since
Jan. 1.
INDUSTRIALS
Bid
Ask Low
High
High No Low
Bid
Ask Low
High
High No Low
Abitibi Pow & Pap 1st 5s___ _1953 JD 83 Sale 825
99
Detroit Edison 1st coll tr 58_1933 J J 10014 10012 10014
8214 84
8
83
3 10014 101
10012
Abraham & Straus deb 5;0-1943
1st & ref 5s series A _July 194 MS 10214 10212 10214
940
9
3 10112 1034
103
AO 99 Sale 983
With warrants
9912
25
98
9912
Gen & ref 58 series A
4
AO 1023 Sale 10214
4
4
1023
4
4 46 1013 1023
Adriatic Elec Co exti 7s
1952 AO 99 Sale 99
6
1st & ref Os series B_ _July 1940 MS 10718 Sale 1063
96 100
99
10718 12 106 10714
4
Adams Express coil tr g 4s_ ...1948 MS 84 Sale 8314
1
Gen & ref 58 series B
82
84
8414
1955'ID 10212 Sale 10212 10212
5 102 10314
Ajax Rubber 1st 15-yr s I 8s_ 1936 JD 50
52 60 Dec'29
Series C
1902 FA 1023 10314 1023 Feb'29
8
8
8
1023 103
S
Alaska Gold M deb 6s A_ _ —1925
Det United lst cons g 430--1
514 9
514 Dec'29
9
1940 J J 9612 Sale 963
98
96
8
32
9612
Cony deb 65 series B
514
1926 MS
Dodge Bros deb 85
514 Dec'29
MN 9412 Sale 94
9212 9412
0412 95
Albany Pefor Wrap Pap 138-1948 AO 91 Sale 90
9
85
917 Dold (Jacob) Pack 1st 6s_ _ _ _1942 MN 68 Sale 67
9118
8
9
70
67
68
Alleghany Corp col tr &L....1944 FA 10218 Sale 10112 10212 288
99 102
Dominion Iron & Steel 53__ _1939 M S 90
92 10112 Dec'29
Coil&cony5s
1949 JD 102 Sale 10112 10212 154
99 10212 Donner Steel 1st ref 7s
1942 Si 10212
4 10112 1022
10212 10212
Allis-Chalmers Mfg deb 5s_ _1937 MN 10018 1005 1005
663 101'4 Duke-Price Pow 1st Os ser A.1966
4
8
s 1007
s 66
N 10414 Sale 1033
19 10318 10414
4 10414
Alpine-Montan Steel 1st 7s_ -1955 MS 9414 Sale 9334
91
95
Duquesne Light 1st 4 Ms A _ _1987 AO 977 Sale 9712
94 4 11
,
48
8
98
9614 100
Am Agric Chem 1st ref sf 7 Hs'41 FA 10312 Sale 103
10312 19 103 c1043 East Cuba Sug 15-yr s f g 754B '37 M S 8312 84
4
8312
28
66 c86
c86
Amer Beet Bug cony deb 6s_ -1935 FA 79
2
75
80 80
Ed El 111 Bkln lst eon g 48.-193 is 953 9612
80
80
1999
s
5
945 953
8
4
0514 Jan'30
American Chain deb s f 6s._ _1933 A0 9912 Sale 9912 100
17
97 10018 Ed Elec Ill 1st cons g 5s
Si 10814
109
Jan'30
109 109
Am Cot011 debenture 58_ _ _ _1931
N 993 10014 993
8
7
8
Edith Rockefeller McCormick
99 100
993
8
Am Cynamid deb 55
1942 AO 9512 Sale 9612
10
97
96
Trust coll tr 6% notes_ _1934 45 J 101 10112 101 Feb'30
9812
10012 1013
4
Amer Ices f deb 5s
1953 JD 87
Jan'30
89 87
863 8914 Elec Pow Corp(Germany)8Ms'50 MS
4
6
8912 92
9112
Amer I G Chem cony 5s_ _1949 MN 101 Sale 10012 10112 90 100 1047 Elk Horn Coal lst & ref 8 Ms 1931 JD 9012 9112 9012
s
8314 90 8314
1
82
84
8314
Amer Internat Corp cony 5s'49 J J 95 Sale 943
252
93
9658
96
4
(Deb 7% notee(with warr)1931 SD 657 75 66
s
86
Jan'30
86
Am Mach & Fdy s I 6s
1939 A0 1037 -- 1057 Feb'30 ---- 1033 1057 Eqult Gas Light 1st con 58.1932
8
8
4
8
S
827 100 Dec'29
8
Am Nat Gas 6 Hs(with war)1942 A0 7312 Sale 7258
7412 18
70
Ernesto Breda Co 1st m 75_ _1954
75
Am Sm & R 1st 30-yr 58 ser A '47 A0 100 4 Sale 10012 c102
003
85
994c102
With stk purch warrants
3
FA 7714 793 7712 177142
3
752 80
4
4
Amer Sugar Ref 15-yr 6s _ _ _ _1937 J j 104 Sale 104
1043
8 63 10314 1055 Federal Light dr Tr 1st 58_..1942 MS
8
95 Feb'30
S 945 Sale 943
Am Telep &Teleg cony 4s_ _ _1936
8
9
943
4
4
1st lien $ f 58 stamped_ ___1942 MS 9518 _ _ 9514 Feb'30
945 98
8
9
942 953
41 9814
2
S 10018
30
-year cony 4Hs
1933
9938 Jan'30
1st lien Os stamped
9918 100
S 9518 10218 10034
1942
-96
-12
1005 10212
8
30
-year coil tr 53
1946 JD 1037 Sale 10314
8
1037
8 58 103 1043
30
-year deb (is series B _.....1954 JD 9458 96
4
9412
6412
1
9218 9412
JD 103 Sale 103
Registered
103
1 103 103
Federated Metals s f 7s
'ID 10112 102 102 Feb'30 ---- 100 102
1939
35-yr e f deb 5s
10112 381 1008 104
1960 J j 10118 Sale 101
Fiat deb Ts (with warr)
1946 Si 10614 110 10614
10612
3 10
4 107
.
20
-year 515Hs
1943 MN 10512 Sale 105
1057
8 72 1043 10714
4
Without stock purch warrants_
93
92 Sale 6112
64
90 9.
Cony deb 454s
1939 J J 15012 Sale 14738
152 2047 13714 152
Fisk Rubber 1st s f 8s
MS 8314 85
8478
8534 20
75
884
FA 10114 Sale 10034 10114 699 1004 1014 Framerican
35-yr deb &
1965
Ind Dev 20-yr 7Hs'41 is 107 Sale 10612 107
1942
12 10312 1073
4
Am Type Found deb 613
1940 AO 103 104 104
104
7 103 105
Francisco Sugar 1st s f 7 Ms_ _1942
N 96
97 96
97
97
13
98
Am Wat Wks & El col tr 5s_ _1934 A0 10014 Sale 100
1003
36
8
993
French Nat Mail SS Lines 761949 J
4
187 Sale 10312 10378
0312 8
8
8 1023 104
4
MN 1053 Sale 10518 10512 35 10414 101
Deb g 6s series A
1975
8
10512 Gannett Co deb Os----- --- 1943 FA
8672
998
968
87
912
1
1
8 18 9 78
9 4 88
, 9
67
Am Writ Pap 1st g 68
1947 J J 79
80 78
21
79
69
Gas& El of Berg Co cons g 58 1949'ID
81
_
Anglo-Chilean s f deb 7s_ _ _ _1945 MN 87 Sale 864
87
15
Genl Amer Investors deb 58 _1952 FA 1004-- - 8312
8312 87
84
85
82 85
26
85
Antilla(Comp Azuc)7;0_ _ _1939 J J 50
52
50
50
5
Gen Cable 1st s 5 Ms A__ _ _1947 Si 104 Sale 101
49
52
1
9 9 34
101
26
99 1014
S 99 _ _ _ _ 100
Ark & Mem Bridge & Ter 58.1964
100
6
Gen Electric deb g 354s
984 100
FA
94
94
2
94
94
Armour & Co 1st 434s
1939 JD 89 Sale 89
895
s 45
88
1945
895s Gen Elec(Germany)78 Jan 15'42'IS 10212 Sale 1024 10214 10
9914 1023
4
Armour & Co of Del 5;0_ _1943 J J 84 Sale 84
855s 36
S f deb 6 Hs with warr_ _ _ _1940 SD
8214 855s
120 Feb'30 ---- 109 124
Associated 0116% gold notes 1935 MS 1025s 1034 1023
2 102 103
4 1023
4
Without warets attach'd_1940 SD 99 Sale 98
9914 31
9512 99
Atlanta Gas L 1st 5s
1947 JD 10214
1013 Jan'30
4
20
1013 1013
4
N 9234 Sale 923
-year s 1 deb 6s
1948
4
9312 43
9218 94
4
Atlantic Fruit 75 ctfs dep_..1934 SD
125s May'28
Gen Mot Accept deb (is
1937 FA 103 Sale 1023
4 10318 94 10012 10314
JD
Stamped ctfs of deposit
125s May'29
Genl Petrol 1st $ f 58
1940 FA 107 Sale 10034
9118
997 1017
10118 14
8
8
All Gulf & WI SS L col tr 58 1959 J
7512 Sale 7512
36
77
7318 773 Gen Pub Serv deb 554s
s
1939 Si
Sale 9534
9312 98
9778 34
Atlantic Refg deb 55
1937 J J 10012 Sale 10012 1003
4 20 100 10118 Gen'l Steel Cast 554s with war '49 Si 103 Sale 1921
06
10 34 62 192 103
14
1 ,
3
7
0113 9778
MN 10818 107 107
Baldw Loco Works 1st 55.. _1940
Jan'30 ---- 105 107
Good Hope Steel & I sec 75-.1945 AO 97 Sale
Baragua (Comp Az) 7Hs
1937 J J 86 Sale 86
88
6
86
Goodrich(B F)Co 1st8 Ms_ _1947 J J 10612 Sale 106
91
1067
8 38 105 1064
Batavian Pete gen deb 4Hs _ _ 1942 J J 9312 Sale 93 4
9312 72
9234 933 Goodyear Tire & Itub 1st 58_1957 MN 9134 Sale 9158
,
4
9214 144
90 924
Belding-Hemingway 6s
1936'IS 70
74
_
70 Jan'30
Gotham Silk Hosiery deb 85_1936 JD 9012 95 90 Feb'29
70
75
87 90
Bell Telep of Pa 58 series B_ _1948'IS 103 105 1033
17 10312 106
4
10512
Gould Coupler 1st s f 6s
1940 FA 67
71
7112
71
4
69
73
AO 10512 Sale 10512 106
1st & ref 55 series C
1960
6 10514 1063 Gt Cons El Power (Japan) 781944 FA 997 Sale 9918
4
8
997
8 34
974 100
Berlin City Elec Co deb 6;481951 JD 90 4 Sale 90
3
9112 43
88
lst & gen s f()Ms
Si 94 Sale 93 4
9112
1950
9412 46
3
9118 9412
Deb sink fund 6Hs
1959 FA 89 Sale 88
30
Gulf States Steel deb 554s...1942'ID
8434 90
89
Sale 98
9814
10
97
99
Berlin Elec El & Undg 6 Hs_ _1956 AO 92 Sale 905s
86
9214 25
9214 Hackensack Water 1st 48_ _ _1952 Si 98 Sale 85
85
e
85
3
8758
85
Beth Steel 1st & ref 58 guar A '42
N 103 Sale 1027
104
8
15 10112 104
Harpen Mining 6s with stk purch
30-yr p m& imp s f 56_ _ _1936 J J 102 Sale 102
6634 104
1025s 32
war for com stock or Am shs'49
93 Sale 93
93
8718 93
7
Bing & Bing deb °Hs
S 89
1950
90 90 Feb'30
8814 90
Hartford St Ry 1st 48
1930 MS 9612 Sale 9612 Aue'29-Botany Cons Mills6 Hs
1934 A0 40 44
42
41
12
40
Havana Elec consol g 58_ __ _1952 FA 84 Sale 84
47
9 84
1412
Bowman-Blit Hotels 75
1934 MS 104 Sale 104
104
17 101 105
Deb 53.4s series of 1926_ _1951 M S 8514 6812 6614
6614
5
6214 65 4
,
B'way & 7th Av lst cons 5s _ _ 1943 SD 3712 Sale 3712
2
3712
35
4412 Hoe(R)& Co 1st 6;0ser A _1934 AO 80 Sale 7912
80
3
75
80
Brooklyn City RR 1st 5s _ _ _ _1941 J J 83 Sale 83
2
83
8212 86
Holland-Amer Line 13s (flat) _1947
N 81
82 85 Jan'30 --9218
85
Bklyn Edison Inc gen 5s A _.._1949'IS 104 Sale 104
23 103.2 1054
105
Coalas Is f5sser A _1962'ID 71 Sale 703
G lstst g 8s
7134 28
4
6512 711
4
Bklyn-Man R T sec 65
1968 Si 97 Sale 97
9712 132
9412 9712 Hudson Co
1940 MN 10178 1033 1017
4
2 10118 103
8 10178
Bklyn Qu Co & Sub con gtd 55'41 MN 71
2
71
7514 Hu m olgo & Refining 554s_ 1932 Si 10112 Sale 101
73
71
71
Deb e Oil
1013 120 101 10214
4
1st 5s stamped
1941 J J 7412 92
7312 Dec'29
AO 100 10014 100
1937
10014 39 100 1007
s
Brooklyn R Tr 1st cony g 4s_2002 J J
9212 June'29
Illinois Bell Telephone 58_ _.195O 'ID 1037 Sale 1033
8
23 103 1043
4 104
4
3-yr 7%s ecured notes ...1921 J J 105
10614 Nov'28
Illinois Steel deb 434s
1940 AO 977 983 9814
8
4
9812 16
97 102
Bklyn Un El 1st g 4-5s
1950 FA 8712 88
87 Feb'30 _ _
Ilseder Steel Corp mtge 13s_ _ _1948 FA 8612 Sale 86
26
87
82
87
FA 8712 88
Stamped guar 4-58
1950
8712
8712
7
85
8712 Indiana Limestone ist s f 68_1941 MN 7014 Sale 70
7012 10
88
7012
Bklyn Un Gas 1st cons g 5s_ _1945
N 10412 ____ 105 Feb'30
_ 10412 10514 Ind Nat Gas & 011 53
1936 MN 100 101 10012 10012
1 100 101
1st lien & ref 68 series A.._ _1947
N 114 Sale 114
114
AO 92 Sale 9134
Inland Steel 1st 454s
2 114 117
9214
18
91
9412
Cony deb g 54s
1936 J J
Oct'29
_ _ 255
Inspiration Con Copper 654s 119381 MS 1005s 101 10012
97
10012
7 10018 100%
Buff& Susq Iron 1st s f 5s_ _ _1932'ID 200-Jan'30 _ _ _
9414 96
96
A0
Interboro Metrop 454s
912 20
96
96
912 Feb'30
94 9 2
,
Bush Terminal 1st 4s
1952 A0 873 89 8712 Feb'30
8
8714 8912 Interboro Rap Tran 1st 5a_ _1961 J J 8614 Sale 6814
9
68
73
8112 6814
Consol 56
1955 J J 9712 977 97
98
4
s
94
98
'Is 664 Sale 66
Stamped
6814 171
6112 8854
Bush Term Bldgs 58 gu tax-ex '60 A0 101 1013 1003 Feb'30
4
4
8
- 10014 1025
Registered
6034 Jan'30 _ _ _ _
803 60 4
4
3
By-Prod Coke 1st 5Hs A _ _ _1945 MN 101 Sale 101
10112 14 1003 1021s
10-year Os
4
A-0 56 Sale 56
57
12
51
57
Cal G & E Corp mai& ref 5s.1937 MN 100 8 101 10012 1027
4 10012 1027s
3
10
8
-year cony 7% notes_ _ _ 1932 M S 9114 Sale 9114
932
92
26
84
92
Cal Petroleum cony deb sf581939 FA 9414 94 2 9414
95
tat Agric Corp 1st 20-yr 58_ _1932
4
94
,
95
N 9114 92 9312 Jan'30
9312 9312
_
Cony deb s 1 g 554s
_1938 MN 100 101
99
10014 25
6812 10014
Stamped extended to 1942_ _ _ _ MN 73 8 743 73
7
4
733
4 10
7214 73 4
3
Camaguey Bug 1st s f g 7s_ _ _1942 AO 5918 62 59 Feb'30 ---Int Cement cony deb 58_ ..1948
58
60
N 95 Sale 9334
44
95
91
95
Canada SS L 1st & gen 6s_ _ _1941 AO 9478 9512 95 Feb'30 ---8
947 9512 Internat Match s f deb 55 _1947 MN 9734 Sale 9714
79 34 153
977
88
97
98
Cent Dist Tel 1st 30-yr 58.._1943 JD 1025 10314 104 Feb'30 ---- 10218 104
8
Inter Mercan Marine s f 6s_ _1941 AO 0714 9812
11
963 987
4
s
Cent Foundry 1st s 6s May 1931 FA 7912 85 80 Jan'30 -8112 Internat Paper 5s ser A & B.1947'IS 85
H
80
t
iPaper
se
86
85
8512
4
83 9012
Cent Mid G & E 5s
Jan 1957 MS 1025 10312 10212 Feb'30
s
10214 1021.
1955 MS 86 Sale 85
86
26
85
90
Central Steel 1st g $ f 88_ _1941 MN 12212 12312 12314
Inconlep ebT4 eg deb g 4Hs 1952 Si 90 Sale 90
t fey d dc
12314
'
3 121 12314
ls
i
9018 37
8912 94
Certain-teed Prod 53s A_..1948 MS 5912 Sale 59
6012 14
54
61
1939 55 1185s Sale 116
11978 236 116 125
Cespedes Sugar Co 1st af 7 Hs'39 MS 7912 82
78
78
Deb 5s when issued
1
78
78
19391959 FA 9812 Sale 0612
6658 1233
9638 965
s
Chic City & Conn Rys Wan 1927 AO
5312 83 July'29
_
Kansas City Pow & Lt 5s_ _ _1952 M S 104 Sale 104
1 9
10414
5 103 105
Ch G L & Coke ist gu g 5s_ _ _1937 Si (Ws _ _ _ _ 1005 Feb'30 — -- ioo8
1st gold 454s series B
fol
1957'IS 954 ____ 9812 Dec'29
.
Chicago Rys 1st 58 stamped
Kansas Gas & Electric 6s_..1952 MS 105 Sale 10412 105
16
1662
- Aug 1 1929int 10% paid_ _1927 FA 693 Sale 693
4
7112 31
4
693 7512 Karstadt(Rudolph) 13s 4
1943 MN 7534 Sale 7812
7614 28
6914 764
Chile Copper Co deb 58
1947 J J 95 Sale 95
9512 52
9412 9614 Keith(B F)Corp 1st(is
1946 MS 80
813 79
4
80
22
74
80
CinG&Elstm 48A
1968 AO 873 Sale 873
4
13
8814
4
8618 895 Kendall Co 534s with wan% _ 1948 MS 8912 90 90
s
46
90
1
89
90
Clearfield Bit Coal 1st 4s_ __ _1940 J J 6312 77 63 Jan'30
83 63
Keystone Telep Co 1st 58_ _1935 Si 70
80 75
7512
6
75
7512
Colon Oil cony deb Os
1938 FA 8312 85
7812
873 213
4
71
8734 Kings County El dr P g 58- — 193 AO 10012 1025 10014 Feb'30 --- 10014 102
8
7
ColoF&ICogensf 5s
1943 J J 9712 981s 98 Feb'30
95
98's
AO 12638 Sale 12638
Purchase money 8s
12638
4 125 12658
Col Indus 1st & coll 58 gu _ _ _1934 FA 94
95
943 95
2
4
9212 953 Kings County Eiev 1st g 48_ _1997 F A 76
8
1949
77
7512
76
9
7512 777
s
Columbia G & E deb 58 May 1952
N 9912 Sale 9912 10014 109
985s 10012
FA 74
guar 4s
78
78 Feb'30 ____
7512 78
Debentures 55_ _ _ _Apr 15 1952 AO 100 Sale 100
4
100
l rst dc ref
nics County
9834 100 4 Kings County Lighting 56 _ _1959'IS 102 Sale 102
3
,
1944
102
2 l001 102
Columbus Gas 1st gold 58 _ _ _1932 Si 953 98
4
9512 Jan'30
95 9512
11318
J J
115 Jan'30 ____ 115 115
Columbus Ry P& L 1st 4Hs 1957 J J 92 Sale 91
39
92
94
90
Kinney(OR)& Co 7;4% notes 6
D 101 102 102 Feb'30 ____ 101 1031s
'34
19 6
Commercial Creditsf 6s_ _.1934 MN 983 987 983
99
1
4
4
s
9334 99
Kresge Found'n coil tr (is_ 1936'ID 103 1033 103
s
103
1 10214 10314
Col tr s f 5Hs notes
1935 J J 9718 Sale 9512
9718 97
85
9718 Kreuger & Toll 58 with war_ _1959 MS 953 Sale 661
/
4
4
6638 457
92
9838
S 917 Sale 907
Comm'l Invest Tr deb 6s_ _ _ _1948
92
8
13
8
94
86
Lackawanna Steel 1st 58 A._1950 MS 10112 Sale 10112 102
7 100 102
Cony deb 5Hs
1949 FA 87 Sale 86
8812 173
83
882 Ladl Gas of St L ref&ext 58 _1934 AO 100 Bale 100
101
13
99 101
Computing-Tab-Rec s f 6s.. _1941 J J
_ _ 10414 1043
7 10312 1044
4
Col & ref 5Hs series C__ _ _1953 FA 1024 Sale 102
10278 20 100 4 10458
3
Conn Ry & L 1st & ref g 401951 J J 104-_
944 9918 9512 Jan'30
9512 9512 Lautaro Nitrate Co cony 65_1954
Stamped guar 4Hs
4
1951'IS 94
9612
953 94
4
9312 961.
,
Without warrants
Si 81 Sale 80 4
3
8112 52
74
8112
D 8412 Sale 835
Consol Agricul Loan 6 Hs__ A958
81
85
8
7612 8512 Lehigh C dr Nay sf 4Hs A _ _1954 ii 95
97 Feb'30
98
944 97
Consolidated Hydro-Elec Works
Lehigh Valley Coal 1st g 58.1933'IS 100 Sale 100
100
9
994 100
J
Feb'30
894 91
of Upper Wuertemberg 75_1956
89
92
89
t .3, of sfai red to 4% _ 1933'Is 9512 --49-ryr gu fnt
98
Oct'29
Cons Coal of Md lst&ref 58_1950 JD 623 Sale 62
4
023
4 29
60 623
1st
4
1934 FA
101 101 Dec'29 _
Congo'Gas(NY)deb 554s _ _1945 FA 10514 Sale 10514
1057 125 10514 108
8
15t dc ref s f 5s
119974 FA 8114 Sale 81 4
44
1 -8012
8114
,
Consumers Gas of Chic gu 581936 JD 993 1004 99 Feb'30
4
9812 1001s
1st & ref s f 58
1954 FA 74
93
74
Jan'30 ____
74
74
15 10214 1035
Consumers Power 1st
103
4
_ _1952 MN 1023 Sale 1023
4
lst & refs f 5s
8
FA 71
72
7018
704
1
701s 7614
1
Container Corp 1st 6s
D 90
91
9278 91
1946
891s 9212
1st & ref s f 5s
FA ____ 70
7012
70'2
1
7012 75
15-yr deb 5s with warr_ _ _ _1943'ID 78
23
79
77
80
77
79
Liggett & Myers Tobacco 7s..19°4 AO 11912 Sale 119
194
11912
4 11712 11912
20
Copenhagen Telep 5s Feb 15 1954 FA 94
94
943 94
4
913 94
4
58
FA 101 Sale 1004 10178 21
993 1014
4
Corn Prod Refg 1st 25-yr sf 5a'34
N 1005 1021s 98 Feb'30
8
9712 102
Loew's Inc deb (is with warr_1961 AO 1087 Bale 107
4
19 1
8
1087
8 36 10112 1084
Crown Cork & Seal s!es_ _ _1947
9712
D 9612 9812 9512
9512 99
Without stocks purch warrants AO 94 Sale 934
9412 18
4
913 943
4
8 10033 102
Crown-Williamette Pap 6s_ _1951 J J 101 Sale 1003
10112
4
Lombard Elec 1st 7s with war '52
D 98
9712 9714
9714
3
93
9714
Cuba Cane Sugar cony 7s_ _ _1930 J
Jan'30
38
50
41
3512 38
Without warrants
957
'ID
9612 12
9612
93
Certificates of deposit
54
41
4012 45 40
38
43
Lorilliard (P) Co 7s
1 44
193
1944 AO ioi- 10812 108
7
104:2 (11 1047 10812
88 2
8
Cony deben stamped 8%..1930 J J 41
10
40
3618 4312
45 40
Registered
AO
10234 Dec'29 _ _ _
Ctfs of deposit
16
41
4012 Sale 397
36
4314
8
Se
FA 8312 Sale 83
27
- 1a4
Cuban Am Sugar 1st coll 88_1931 MS 100 Sale 9938
25
100
9912 1001s
eDeb 5H8
Si 89 Sale 89
9012 52
84
9012
Cuban Dom Bug 1st 754s....1944 MN 4412 47 4414 Feb'30
3918 47
Louisville Gas & El(Ky) 50_1951 MN 100 4 101 101
52
19
3
101
12 100 1013
4
Certificates of deposit
21
40
44
39
39 Sale 39
Louisville Ry lst cons
_ _ _1930 ii 87 Sale 87
87
87
87
1
Cumb T & T 1st & gen 5s._ _1937 J J 100 4 Sale 1003
4
3 10014c1023 Lower Austria Hydro El Pow—
1003
3
4
4
Cnyamel Fruit 1st f 68 A _ _ -1940 AO 10312 Sale 10212 10312
8 10214 104
'stet8Ms
FA 83
843 83
84
4
4
80
847
s
Demver C01213Tramw lat 58_ _1933 AO
76 Dec'27
McCrory Stores Corp deb 53481944
D 98 Sale 97
9612 98
23
98
'
41
Den Gas ScE L 1st & ref sf g5s'51 MN 9812 foo
7 -io- W- Menet' Sugar let a f 7 Hs_ _ _1942 A0 86 Sale 8214
9914
101
9
36
Stamped as to Pa tax
2
1951 MN 10012 Sale 1001t
8812 10012 Manhat Ry(N Y)cons g 48.1990 AO 5912 Sale 5912 86 32 7014 60
10012
54
60
Dery Corp(D G) 1st s f 7s 1942 MS ___ 43 81
Oct'29
26 4s
2013'ID 47
Jan'30
47
54
47
47
Second stamped
343 40 Jan'30
4
47
40
d Cash yak
New York Bond Record-Concluded-Page 6
BONDS
N. Y. STOCK EXCHANGE
Week Ended Feb. 14.
TO
Price
t'Z'
. Fr ay.
.-.. a, Feb. 14.
Week's
Range or
Last Sale.
Zi'
g ,,
e
;
....
alvs
Range
Since
Jan. 1.
BONDS
Na Y. STOCK EXCHANGE
Week Ended Feb. 14.
.NE
.-, a.
-
1093
Price
Friday.
Feb. 14.
Week's
Range or
Last Sale.
'3'4
c2,75
!
s
Ra, le
it
Jan. 1.
Bid
Ask Low
High No Low
Bid
High
High
High No Low
Ask Low
106
Reinelbe Union 7s with war 1946 i J 105 Sale 10212
31
94
9934 1061
94
Jan'30 ---Manila Elec Ry & Lt $ f 55_ -1953 M S 9012 95
94
76
9712 42
9714 Sale 9612
Without stk purch warr_ _1946 J J
76
6
76
9234 9712
76
80
Marlon Steam Shovel s f 6s-1947 A 0 75
Rhine-Main-Danube 78 A _ _1950 M S 10112 1027 100
12 100 103
8
102
Mfrs Tr Co ctfs of panic in
1
98
Rhine-Westphalia El Pow 7s 1950 M N 100 10114 100 8
98
97
98
3
98
10114
4
3 100 1021
A I Namm & Son 1st 6s_ _1943 J D 97
903
1952 M N
91 Sale 91
90 Sale 8912
9212 11
Direct mtge 63
21
86
91
90
94
Market St Ry 75 ser A _April 1940 0 J
9212 Sale 9238
9812
9278 46
Meridional° Elec 1st 7s_ ___1957 A 0 983 99
j
Cons M 6s of'28 with war_1953 F A
83
6
98
4
9714 100
927
____
8712
90
1013
Without warrants
85
8714
4
7 101 103
5
8714
Melt Ed 1st & ref 5s ser C__1953 J J 1013 10212 10112
4
1944 M N 96 Sale 953
6612 Jan'30 ---95 c9712
6512 69
6612 6814 Richfield 011 of Calif 6s
9612 43
4
Metr West Side El(Chic) 48_1938 F A
1955 f_ A
81
Jan'30 ---96 Sale 9314
Rima Steel 1st $ f 7s
11
81
8812 c96
c96
9912 81
Mktg NIII1Mach 75 with War.1956 J D
.1 D 8512 Sale 8512
10 10634 108%
86
10734
Rochester Gas & El 7s ser B_1946 M S 10712 1073 10712
Without warrants
4
80
8512
1
10034 39
Feb'30 - - - i 1N 113
Midvale St & 0 cony s f 58-1936 M S 10014 Sale 10014
99% 101Gen mtge 5;0 series C._ _1948 M S 10518 ____ 105
97
Gen mtge 40series D_ __1977 M 5 97 Sale 97
ilw El Ry & Lt ref & ext 43-s'31 J J 993 Sale 9912
993
4
4
9712 9934
M
10014 23 10014 100 4 Roch dr Pitts C & 1 p m 5s_ _1946 M N
General Sr ref 5s series A_ _1951 J D 993 10012 10014
89
90 Nov'29 --3
87
4
9838
16
1961 J D 9734 9818 973
61
91Jan'30 - -- - -6:i- - 2
1st & ref 5s series 11
__ 94
963 9912 St Jos Ry Lt H & Pr 1st 5s-1937 M N 94
4
1st & ref 55 ser B temp_ _ 196I J D 988 Sale 98
@ 9812 131 9712 9912 St L Rock Mt & P 5s stmpd_1955 J J 6134 -- 61 Jan'30 ---64
0
61
Montana Power 1st 5s A _ _ _1943 J J 10018 100 8 100
10014 24 100 10338 St Paul City Cable cons 5s_ _1937 J J
75
827 90 Nov'29 -- 8
,
4
1962 J D 983 9912 9912
12512 -5 ia- 1- 2
Deb 5s series A
65993
4
7
9818 1008 San Antonio Pub Sery 1st 6s _1952 J J 105 Sale 104
8
29
Montecatini Min dr Agile92% 9812
Saxon Pub Wks(Germany) 7s'45 F A
983 Sale 97
8
1937 J J 106 108 10618
108
72 10112 108
1951 M N
Deb 7s with warrants
8 61
Gen ref guar 6 Ms
86
9012
907
9078 Sale 893
4
1
28 N
n
F
8,2 Schulco Co guar 6 Ms
212
18
J J
without warrants
12 :g
9634 9712 97
61
1946 J .1 60 Sale 6
Montreal Tram lot & ref 5s_ 1941 J J 955 Sale 9514
e
61
Guar s 1 630 series B_ _ _ _ 1946 A 0 ,338 Sale 955314
61
9
9712
95
9712
Gen & ref s I 5s series A__ 1955 A 0 9012 913 92 Dec'29 ---3
___
9712 Sale 9712
Sharon Steel Hoops I 5 Ms.s _1948 M N
Series 18
1955 A 0 9012
9212 96
15
8
94
-9178 - --- Shell Pipe Lines f deb 5s_ _ _1952 M N
9178 Jan'30
917
Morris & Co 1st s f 4 Ms_ _ _ _1939 J ./ 81 Sale 81
9312 9614
9514 118
81
8212 Shell Union Oils f deb 5s___1947 M N
9434 Sale 9412
3
81
Mortgage-Bond Co 4s ser 2_1966 A 0 73
184
99
9712 99
90
1949 A 0 99 Sale 9812
7314 7314
7314 Jan'30 - --Deb 5s with warr
Feb'30 ____
10 -year 5s series 3- - - -1932 J J 9612 963 97
-25
9612 97
8518 02
14
91
Shinyetsu El Pow lot 6;is_ _1952 J D 9012 Sale 00
4
4712
41
Murray Body 1st 6;is
4512 10
1934 J D 94
Jan'30 ---95
89
Shubert Theatre 6s_June 15 1942 J D 45 Sale 45
9514 95
Mutual Fuel Gas 1st gu g 55-1947 M N 10012 103 10018 Feb'30 ---1 101 103
102
4
997 10018 Siemens & Halske $ f 7s.._1935 J J 10178 1023 102
8
Nlut Un Tel gtd 6s ext at 5% 1941 MN 99
1951 M S 10514 Sale 10414
10514 93 10112c10614
Deb s f 63s
____ 985 Jan'30 ---98% 985*
8
9712 10
Namm (A I) & .Ion-See Mfrs Tr
4
963 9914
Sierra & San Fran Power 5s_1949 F A
97
9712 97
Nassau Elec guar gold 4s _ _ _1951 J J
8012 83
5334 54
8212 8712 8212 Feb'30 ---5012 5378 Silesia Elec Corps I 6 Ms__ _1946 F A
5312
5312
1
Nat Acme 1st s f 6s
1942 J D 1013 10218 102
9012 927
921. 13
4
92 Sale 9138
.i
4
102
17 1013 1023 Silesian-Am Exp coil tr 7s_ -1941 F A
Nat Dairy Prod deb 55s_1948 F A
9878 164
4
9734 9914 Sinclair Cons Oil 15-year 7s_1937 M S 1017 Sale 10112 10178 114 1003 102
8
983 Sale 983
8
8
Nat Radiator deb 6 Ms
1947 F A
9958 1001 2
478 9814
31
lien
24
30
30 Sale 2618
10012 43
40
s sies D D _1930 M S 1003 Sale 100
er eries
8
Nat Starch 20
-year deb 55_ _1930 J J
1st
Jan'30 ---9958 10012
10012 48
99 10018 99
1938 J D 1003 Sale 100
997 100
8s
/3
8
Newark Consol Gas cons .53_1948 J D 10212 103 10214 Jan'30
94
10218 10214 Sinclair Crude Oil 5;is ser A-1938 J J 98 Sale
New Engl Tel & Tel 5s A...1952 J D 10414 105 1043
9412 957
957
9 14 23
88
9
5
4
104 4 ----1 104 10612 Sinclair Pipe Line s 1 M_ _ _ _1942 A 0 9518 Sale 9478
1st g 4).s series 11
1961 M N 983 Sale 983
4
9818 993 Skelly Oil deb 53-s
9914 30
929
4
A939 M S 9112 9212 92
4
New Orl Pub Serv 1st 5s A_ _1952 A 0 8614 Sale 8434
91
2
Z 10112 28
8612 19
82
8612 Smith (A 0) Corp 1st 6;0...1933 M N 10134 102 1013
12
4
102
First & ref 5s series B_._1955 J D 86 Sale 86
5612 South Porto Rico Sugar 7s_ _1941 J D 10414 10512 10512 Feb'30 ---- 105 107
83
8612 10
N Y Dock 5()
-year 1st g 4s_ _1951 1' A
8
Feb'30 ---10212 48 1015 10212
Sale 102
8012 8212 South Bell Tel & Tel 1st s I 58 '41 J J
8014 80 2 81
,
Serial 5% notes
3
---- lots f 5s temporary
15 1017 10238
1938 A 0 7614 783 783
8
2
10214
70
791,
4
-10218
4
783
4
NY Edison 1st & ref 65s A.1941 A 0 11234 11434 11234
11314 32 11112 114
Southern Colo power 65 A 1947 j .1 ii2 104 102
9 1J
103
13 10112 HA
let lien & ref 5s series B_ _1944 A 0 1023 10312 1023
9514
17
19421M 5 9412 95 95
9378 9514
10312 15 1023 104
Solvay Am Invest 5s
4
4
4
NY Gas El Lt H & Pr g M_ _1948 J D 10518 Sale 10518
8 10434 10612 S'west Bell Tel 1st & ref 5s 1954 F A 10418 Sale 10418
11 102 10434
10434
10514
5
Purchase money gold 4s_ _1949 F A
0
93
8 , 8 , Sfaing V aN 1illing 1 t g 5s..-1943 M N
927 94
,
9
s prndard I Water 1:t5s
8
993 9912
8
93 Sale 93
9938 100
993
8
993
8
N Y L E & W Coal & RR 5 Ms'42 M N 99
997 99
9978 10018
13
1930 M N 10018 Sale 100
10018
N Y L E & W Dock & Imp 5s'43 J J
1st & ref Ss
1945 M S 10112 10212 100 Feb'30 --- - 100 10238
925 9812 9712 Sept'29 ---8
N Y & Q El L & P 1st g 5s-1930 F A 100 10012 100
Feb'30 ___ _ 100- 1-00-4 Stand Oil of N J deb 5.9 Dec 15'46 F A 10214 Sale 102
34
10234 89 100 10312
NY Rye 1st RE & ref 4s..1942 J J 4318 50
Jan'29 --- - ____ ____ Stand Oil of N Y deb 430..1951 J D 9512 Sale 9538
56
9578 21
95
9714
Certificates of deposit
9
4318 _ __ 5614 Nlar'29 _--- ____ ____ Stevens Hotel 1st 6s ser A _ _1945 J .1 89 Sale 8878
90
30
-year ad)Inc 5s_ _Jan 1942 A 0 ____
Sugar Estates (Oriente) 7s__1942 MS 41
1 Aug'29 ---978
82
48
Jan'30 ____
45
98
49
42
____ ____ Syracuse Lighting 1st g 5s-1951 .1 D 1033 105 10334 Feb'30 ____ 10312 103 4
Certificates of deposit48
1 July'29 -- - _
3
7
4
4
4
N Y Rye Corp Inc 6s_ __Jan 1965 Apr
9
Tenn Coal Iron & RR gen M-1951 J J 10218 _ --- 10214 Jan'30 --- - 10214 10214
514 612 514 612
Prior lien 68 series A
64
9712 101
14
7012 Tenn Cop & Chem deb 6s BA944 M 5 10014 Sale 991. 100
71
7412 70 Feb'30 _--1965 J J
NY & Richm Gas 1st 6s A _ _1951 M N 10418 105 104
Feb'30 -- - - 104 105
Tenn Elec Power 1st 6s
1947 J D 10614 Sale 1053
10612 21 10412 10612
4
NY State Rys 1st cons 430_1962 M N
23
34
429 100 4 102
1944 A 0 10178 Sale 10118
20
2412 Texas Corp cony deb M _
3
23 Sale 2234
102
Jan'30 ---17
17
Registered
MN
51 Sale 51
"fhird Ave 1st ref 4s
13
1960 .1 J
17
45
5212
52
3212
1st cons 6).s series IL..1962 NI N
28
2234 2278 23 Feb'30
20 c2414
Ad)Inc 5s tax-ex NY Jan 1960 A 0 3212 Sale 3112
3212 39
N Y Steam 1st 25-yr 6s ser A 1947 M N 1063 107 10614
Third Ave Ity 1st g 5s
10518 107
92
92
Jan'30 ---95
92
97
1937 J J
10612
8
NY Telep 1st & gen s f 40_1939 NI N 9958 Sale 9912
Toho Elec Power 1st 78
6
1955 M S 9914 100
985* 100
9912
985* 100
995* 19
30
-year deben s f 6s_ _Feb 1949 F A 11012 111 110 2
8 11014 111
9838
2.1
8
%
_ 1932 J J
9634 9831
98% Sale 9914
,
111
6% gold notes
30
-year ref gold 6s_
1941 A 0 10658 Sale 10612
107
24 10618 10512 Tokyo Elec Light Co, Ltd
N Y Trap Itock 1st 6s
2
95
8958 76
901!
93
1953 J D 8912 Sale 8918
9534
1st as dollar series
1946 J D 9512 97
94
Niagara Falls Power 1st 5s_ _1932 J J 10012 Sale 10012
12 100 10051
10078
14 100 4 10112 Toledo Tr L & P5% nos 1930 J J 100 Sale 100
858
7
notes
,
10018
M
Ref & gen 65
37
9814 100
100
10 10012 10212 Transeont 011 6;is y;itb war_1938 J J
10134
Jan 1932 A 0 1015* Sale 10012
995* Sale 9912
Nlag Lock & 0 Pr 1st .58 A _ _1955 A 0 103 Sale 103
3 10158 103
1
8712 91
01
94
91
103
Without warrants
---- 91
Norddeutsche Lloyd (Bremen)-- 10214 Jan'30 ---- 10214 10214
Trenton G & El 1st g 5s- _ - _1949 M S 10212
20
-years f 6s
7912 8512
Feb'30 ---8918
17
8
8
1947 NI N 883 Sale 8812
871 2 98
5014 51
84
Truax-Traer Coal cony 6 Ms_1943 MN 84 -.
4
Nor Amer Cern deb 6 Ms A _ _1940 M S 56 Sale 55
10314
19 102 1033
4
Trumbull Steel 1st s 1 6s_ _ _1940 NI N 102% Sale 102%
oN Aln Edison deb 58 ser A .1957 M 5 1003 sale 997
8
8
12 8 g ?lir Twenty-third St Ry ref 5s__1962 J J
497
5
n12 47
40
Jan' -30
38
Deb 5 Ms ser IL _ _ _Aug 15 1963 F A 10012 Sale 10038
50
9714
94
9714 Sale 9614
101
Tyrol rIsee 8 f 7sc Pow 7 M5_1955 M N
G ual ydro-Ele
97,
4
9
Nor Ohio '1'rac & Light 6s_ _1947 M S 10014 Sale 100
5
85
89
10012 14
89
88
89
1952 F A
8712
99 101
Nor States Pow 25-yr 5s A _1941 A 0 10012 Sale 10012
7
9712 997
8
8
14 100 10112 UJIgawa Elec Pow $ f 7s_ _ _ _1945 M S 9912 Sale 9912
1007
9912
1st & ref 5-yr 65 ser B_ _ _ _1941 A 0 105 Sale 105
10514
8 105 10534 Union & .5s Pr (Nlo) 5s_1932 NI S 10014 ____ 10014
100 4 26 100 10034
3
Elect t &
e L
North W T 1st fd g 4 Ms gtd _1934 J J
2 100 100.4
Oct'29 __-10014
3
1933 M N 10014 Sale 10014
96
98
95
Norweg Hydro-El Nit 5 Ms_1957 NI N
14 101 10212
102
9212 46 -8.E8 -91172 Un E L & P(111)1st g 5Ms A.1954 J J 10112 102 10112
8
92 Sale 9134
Ohio Public Service 7 Ms A_ _1946 A 0 III 113 111
4 110 112
Jan'30 ---_
70
70
111
Union Elev Ry (Chic) M_ _ _1945 A 0 _ c4 79 _ 70
1st & ref 7s series II
9912 10118
10118
9
9912
113
1947 F A 11112 Sale 11112
Union 011 1st liens f 58_ _ _ _1931 .1 J 101
3 1 15 10
100
16
3
Ohio River Edison lot 6s_ _ _1948 J J 105 Sale 105
14
Feb'30 ---- 10612 107 2
106
- -12
,
30-yr 6s series A_...May 1942 F A 107 107 107
Old Ben Coal 1st Os
5
75
7313 78
9934
9978
1944 F A
98
lot liens f 5s ser C_ _Feb 1935 A 0 9912 Sale 9912
7514
75 4
,
3
71
Ontario Power N F lst 5s_ _ _1943 F A 100 100% 100
1 100 101
Jan'30 ---100
99 100
993 100 100
4
United Biscuit of Am deb 68_1942 M N
Ontario Transmission 1st 55_1945 M N 98 100 100
9212 9478
9334 41
Jan'30 ---- 100 100 8 United Drug 25-yr M
4
1953 M S 933 Sale 9018
5
9712 33
Oriental Devel guar 6s
95
7
9
732 9412
1953 M 5 9714 Sale 97
7
9712 United Rys St L 1st g 4s_ _ _ _1934 J J 6934 Sale 70
90
Extl deb 534s9914 997 99
4 66
1958 M N
883
1937 M N
8812 Sale 88
44 N
7
United SS Co 15-yr 6s
8634 90
Oslo Gas & El Wks extl 5s.1963 m 5 93 sale 9114
93
18
90
8514 89
883
4 61
93
Un Steel Works Corp 6;0 A _1951 J D 88% Sale 88
Otis Steel 1st NI 6s ser A._1941 M S 102 Sale 1013
102
16 10014 10214
1951 J D 8734 Sale 8714
4
4
Sec 51 63s series C
853 89
885* 66
Pacific Gas & El gen & ref 5s_ 1942 J J10112 Sale 10112
10214 32 101 103
United Steel Wks of Burbach
Pad Pow & Lt 1st & ref 20-yr 55'30 F A 100 10018 100
, 82
5
10018
87
9931001274 10212 10512
4
1033
4
Esch-Dudelange 5 f 7s_ _ _1951 A 0 10334 104 10334
Pacific Tel & Tel 1st 5s
11 1013 103
1937 J J 1017 10212 1017
102
8
8712
U S Rubber 1st dr ref 5s ser A 1947 J J 87 Sale 8512
8
4
Ref mtge .5s series A
1952 M N c 10414 Sale 10258 c10414
51 10018 101
101
19 1015* 105
4
4
10-yr 734% secured notes.1930 F A 1003 Sale 1003
Pan-Amer P & T cony s f 6E1_1934 NI N 10212 Sale 10212
103
6212
61
6212 Jan'30 _--75
7 10214 10314 Universal Pipe & Rad deb 6s 1936 J D 61
1st lien cony 10-yr 7s _ _ _1930 F A 100 10312 101
.
1 101 1044 Unterelbe Pow & It 6s
101
,
86
3
14
6
9212 96
81
8334
1953 A 0 8512 Sale 8414
Pan-Am Pet Co(of Cal)conv 6s'40 J D 91
04
6
89
935* 92
94
Utah Lt & Trac 1st dr. ref 5s_1944 A 0 93 Sale 92,8
Paramount-B'way 1st 5 Ms_ _1951 J J 100 Sale 99
977 993
10012 31
76
9811
98 Sale 9778
99 102
Utah Power & Lt 1st 5s_ _ _ _1944 F A
4
Paramount
-Fern's-Lasky 13s.1947 J D912 5 472 99
9f3
00ica Elec1 1st s) 58_1950 J J 102
, m
99% 47
8
g
_ _ _ 99
Jan'30 _ _
8Ie
a
99
99
99
7
Elec L & ,
Park-Lex 1st leasehold 6;0_1953 J J
1
80
2 10214 1033
80
Utica Gas & Elec ref & ext 5s 1957 J J 10334 __ _ 10334
7512 SO
4
1033
4
Parmelee Trans deb 6s
79
1944 A 0 78 Sale 77
89
86
8612 46
9
75
Util Power & Light 54s_ _ -.1947 J D 86 Sale 86
80
Pat & Passaic G & El cons 55 1949 M S ____ ____ 1013 Feb'30 ____ 101
4
61
60
61
1014 Vertlentes Sugar 1st ref 7s_ _1942 J D 60
Pathe Exch deb 78 with warr 1937 M N
47
16
_
57
21
8
21
Jan'30 _8
45 Sale 45
1953 J .1
36 c52
21
2212 25
Victor Fuel 1st s 1 58
Penn-Dixie Cement 6s A._194l NI S 8012 Sale 80
81
15
70
Jan'30 __-_
70
72
70
2
Va Iron Coal & Coke 1st g 5s 1949 M S 70
731
82
Peop Gas & C 1st cons g 6s-1943 A 0 11134 Sale 1113
1113
4
10 1113 11134 Va Ry & Pow 1st & ref 5s_ _1934 J J 100 Sale 100
4
18 100 101
101
4
Refunding gold 53
1015*
1947 NI S 1015 Sale 101
9318 97
4 101 104
10
8
98
97
Walworth deb 6;0 with war 1935 A 0 96
Registered
100 Dec'29 _ _
NI S
87
88%
Feb'30 ___ _
Without warrants
Phila Co sec 5s ser A
8914
7
8512 90
9812 107
1967 J D 9812 Sale 97%
lot sink fund 6s series A _ _1945 A 0 8912 Sale 889834
87
96 .- g.34
Min Elec Co 1st 43s
98
9712
7
1967 NI N
95
97 2
9714 Sale 98
,
Warner Co lot 6s with warr.
I
97
99
A 0 971 Sale 97
Phila & Reading C dr I ref 58_1973 J J
8
2
87
87 Sale 865
35
89
A 0 ---- ----89
84
Without warrants
87
Cony deb 6s
97
273
4
1949 M S 965 Sale 933
0) 2
(
2
;
8
91
Warner Sugar Refin 1st 7s_ _1941 J D
5 1051 10514 10512 4 18912 18912
97
Phillips Petrol deb 5Ms_ __ _1930 . D 92 Sale 9134
9214 29
Jan'30 ---5
90
52
93
48
Warner Sugar Corp lot 7s_ _1939 J J
60
Plerce-Arrow blot Car deb 8s 43 M S
_ 10512 Sept'28
5112
50
15
50
48
52
50
Stamped
2
Pierce 011 deb s f 8s_ _Dec 15 1931 J D ioij 1-66 104
Feb'30 -_-_-_-_ HA- 1-0i- Warner-Qulnlan deb 6s
8612 88
19
87
1939 M 5 8614 863 8612
4
Pillsbury Fl Nlills 20-yr 6s_ _1943 A 0 10412 1043 104%
10412
5 10012 105
4
7 103 105
Wash Water Powers f 5s_ _ _1939 J .1 10112 102 10112
10112
Pirelli Co (Italy) cony 7s..1952 M N 11014 11212 112
11214
10 ...,...--4 ... 4 Westchest Ltg g 5s stpd gtd_1950 J D 10334 105
in, 3 ii'.
.
Jan'30 ___ _ 1043a 104%
52
Pocah Con Collieries 1st 5 f 55'57 J J 9412 9512 9412 Jan'303
___10134 10312
9412 9412 West Penn Power ser A 5s_ _1946 M S 10238 Sale 102
102%
Port Arthur Can & Dk 6s A _1953 F A 104 105 105
Feb'30 ____ 10212 105
11 102 104
103%
1963 M S 10338 Sale 102
1st 5s series E
1st M 6s series B
1953 F A 10218
9912
9912
1
4 10412 105%
1953 A 0 10478 _ _ 105
9912 1044
1st 53s series F
105%
Portland Elec Pow lot Os B.1947 M N
100
26
9834
99 100
8
9612 100
1st sec 5s series G
4 - -5
1956 J D 1023 103 8 1023
1035* 28 1017 10414
4
Portland Gen Eke 1st 5s_ _ _1935 J .1 9934 Sale 9912
9912
4
99 103
1118 20
Feb'30 -.-.
1950 J J
13
%Vest Va C & C 1st 6s
15
15
993
Portland Ity 1s1 & re) 5s_ _ ..1930 m N
9914 sale 9918
11
96
17 10112 10312
,7
1023
8
_ _1944 A 0 101 10214 102
98 %
,912 Western Electric deb 5s_ _
Portland Ity L & P 1st ref 55_1942 F A
98
2
9814 9912 98
3 10012 10212
Western Union coll trconv 58 1938 .1 J 10012 Sale 10012
10012
1st lien & ref 6s series II_ _1947 M N
9812
9812
9734 99
9838
9512 43
1
95
95 Sale 95
9618 99
Fund & real est g 4 Ms__ _ _1950 MN
1st lien & ref 7 Ms ser A ._1940 M N 1053 10614 105%
106
4
1 104% 106
1936 F A 109 Sale 1083
10 108 110
109
15-year 6 Ms
4
Porto Rican Am Tob cony 6s 1942 J J
92
9
91 Sale 91
1951 J D 10012 Sale 10018
91
9212
25
-year gold 5s
1015* 88 10018 103
Postal Teleg & Cable coil 54_1953 J J 9411 Sale 94
9414 64
8314 Sale 823
835*
9312 9412 Westphalia Un El Pow 6s_ _ _1953 J J
76
835 112
8
Pressed Steel Car cony g 5s _1933 J J
88
88
8814 89
11
81
4
4
10114 34 1003 102
89
Wheeling Steel Corp 1st 5 Ms 1948 J J 10114 Sale 1003
Pub Sep/ Corp NJ deb 4 Ms_ 1948 F A
Jan'30 _-_- 181 194
_ _ _ 190
1st & ref 4;is series IL _ _ _1953 A 0 8814 Sale 877
15
87
8
8814
3814
Pub Sem El & Gas 1st & ref 5s'65 J D la5. gale 1025*
,
1023
4
3
11 10218 104
White Eagle Oil& Ref deb 5;is'37
1st & ref 4;is
1967 J D 9512 Sale 9512
97
33
9512 953,
1037
With stock purch warrants_ _ _ _ M S 10318 Sale 103
43 10214 106
1st & ref 418s w I
1970 F A
9534 313
9512 Sale 9.512
79 100
9512 9534 White Sew Mach Os with warr '36 J J
81
81
81
90
I
Punta Alegre Sugar deb 7s_ _1937 J J
5418 Sale 5418
5418
9
77
81
7512
50
76
3
75
7712
Without warrants. ________
55
Certificates of deposit
51
Jan'30 _--7314 Sale 73
.4
51
7314
Panic a f del, 6s_ __ _ _ __1940 i "1.6
73
75
51
Pure Oils f 5M% notes
.1937 le A 100 Sale 997
10018 69
36 Sale 30
0912 10012 Wickwire Spen St'l 1st ?L. _1935 .1 J
36
2512 36
5
Purity Bakeries s 1 deb 5s_ _1948 j j 9512 Sale 9512
96
36 Sale 29
39
95
36
Ctf dep Chase Nat Bank ____
24
2518 36
9612
Remington Arms 6s
1937 M N
97
963 Sale 95
8
34 Sale 29
5
34
35
19314 97
25
34
Wickwire Sp St'l Co 7s_Jan 1935 1%,- I
Item Rand deb 55s with war '47 M N 97 Sale 9614
9712 126
38 Sale 29
38
46
9112 97'2.
Ctf dep Chase Nat Bank
25
38
Republic Brass (Is
July 1948 M S 10312 Sale 102
10312 37 101 103
9812
4
10014 39
WillYs-Overland 5 f 6 Ms_ _ _1933 NI S 983 100
98 10014
Repub I & S 10-30-yr 55 s 1-1940 A 0 10112 10214 10112 Feb'30 ____ 10114 10214 Wilson & co 1st 25-yr $ f 68_1941 A 0 100 Sale 100
10034
19 100 101
s 22 1001s 1047 Winchester Repeat Arms 7 Ms'41 A 0 100 Sale 100
Ref & gen 550 series A_ _ _1953 .1 J 10312 10412 103
1047
100
10 100 102
8
vn,,,,tn‘rn Sheet & Tube 54'78 .1 J 1011s Sale 101
1011, 61 Mut 10111
0 Cash sale.
1094
FINANCIAL CHRONICLE
[VoL. 130.
Outside Stock Exchanges
Boston Stock Exchange.
-Record of transactions at
the Boston Stock Exchange, Feb. 8 to Feb. 14, both inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Week.
Sale
of Prices
Par. Price, Low. High. Shares.
Railroad
Boston & Albany
100
Boston Elevated
100
Preferred
100
let preferred
100
2nd preferred
100
Boston & Maine
Common
100
Prior preferred stral 100
Series A let pfd stpd_100
Ser B 1st pref arid_ _ .100
Ser B 1st pfd stpd
100
Boston At Prov
100
East Mass St Ry com100
Adjustment
100
100
Pre felled B
1st preferred?
100
100
Maine Central
NYNH& Hartford_ _100
100
Old Colony
Pennsylvania RR
50
Providence & worcester100
100
Vermont & Ma.ss
175% 1754 17855
74% 754
75
91
91
10651 106%
93
93
92
113
619
15
10
118
110
110
79
125
160
171
10
264
41
41
86
122%
127
8455
171%
116
221
1,158
70
160
52
20
107
400
50
15
25
1,217
100
1,464
20
a
1094
105
109
77
125
160
159
17055
171
8
8
2555
40%
41
41
85
85
1154
122
127
83% 80%
171%
116
79
155
15-4
3035 3135
15% 164
13.1
14
25c
25e
25c
4055 42
4055
105 105
1035 11
1% 24
1
1
47
48
46
lb o
15e
60
60
4
34 455
9
955
9
15
1155 15
25
24
25%
z25
2755
50
Sc
5e
231234
55c
55c 60c
3034
16
Range Since Jan. 1.
igh.
Low.
Amer Tel & Te1448_ _1939
1484 148%
4
2.000 139, Jan 14855 Feb
Amoskeag Mfg 68
1948 82
82
83% 15,-00 79% Jan 84
Feb
Range Since Jan. 1.
Brown Co 555s
1946
96
96
1,000 96
Jan
97% Jan
Chic Jet Ry U S Y 58_1940
1004 1004 2,000 9834 Jen 101% Jan
Low.
High.
45
1940 8834 87% 8834
6.00(1 86
Jan 884 Feb
E Mass St RR 4 kis A.1948 47
46
47
15,000 42
Jan 47
Feb
100 100
5,000 100
Feb
Feb 100
Feb EurElecCorpLtd6 48 _11165
17555 Jan 179
Hood Rubber 7s ____ 1936
90% 95
95
Feb
4.000 904 Feb
Jan
78
Jan Int'l
67
100 1004 13,000 98
Jan 100% Feb
Jan 91
Feb Kan Hydro-Elec Sys es '44
85
117
97
Fen
1,000 97
97
Feb
Jan MassCity INI&BInc5s _1934
105% Jan 108
99
5,000 98
Jan
9934 Jan
9934
Jan 93
Feb I Miss Gas Co 4'48. _ _ _1931
89
River Pow Co 58_1951
9955 9955
2,000 9834 Jan
99% Fl b
New River 5s
1934
92
02
Jan
Feb
1,000 89
92
Feb 110
Feb /
105
New
100 100
13.000 9914 Jan 1(304 Jan
Jan 110
Feb PC Engl Tel & Tel 5s 1932
104
Pocahontas 7s. __ _1935 110
104
110
15,030 100
Jan 110
Feb
Jan 80
77
Jan
Swift & Co 58
1944
101
101
2,000 1(8)1-4 Jan 10155 Jan
Jan 12531 Jan
125
Western Tel & Tel 5.s_ _1932 100
100 00014
8,000 99% Feb 100% Jan
Feb 160
Feb
159
Jan 172
170
Feb
• No par value. y Ex-r ghts.
1()
Feb
655 Jan
2534 Jan 2655 Jan
Chicago Stock Exchange.
-Record of transactions at
Jan
37
Jan
46
Chicago Stock Exchange, Feb.8 to Feb. 14, both inclusive,
41
Feb
Jan
48
84% Jan 86
Jan compiled from official sales lists:
1084 Jai 122% Feb
125
Ja
Jan
130
Friday
Sales
Jan 8454 Feb
72
Last
eek's Range for
Range Since Jan. 1.
Jan 175
171
Feb
sate
of Prices.
IVeek.
Jan 117
116
Feb
Par. Price. Low
StocksHigh. Shares.
Low.
nigh.
Miscellaneous
34 34
355 Feb
1,000
Air Investors Inc
34 Feb
27% 28,378 26
Feb 3235 Jan
26
Am Founders Corp corn stk
731
20
54 Jan
Amer Pneumatic Serv_ _25
Jan
9
22%
22
25
552 20% Jan 2455 Jan
Preferred
50
48
90 48
50 50
Jan
1st preferred
Feb
50
100 231% 228% 2324
1.716 216% Jan 232% Feb
Amer Tel & Tel
• 1655
1,723 12% Jan
164 174
Amoakeag Mfg Co
Feb
6
7
Feb
Aviation See of New Eng_
505
5
Feb
7
75
Blgelow-sai,ford Carpet--• 75
245 75
7755
Feb 80
Jan
100
101
101
Preferred
10 100
Jan 101
Jan
Trust 254
2535 26
Boston Personal Prop
115 22
Jan
Feb
27
84% 84%
20 ao
Feb 85
Brown Co preferred
Jan
28% 31%
Columbia Graphophone__•
1.001 24% Jan 31% Feb
15% 17
164
Credit Alliance Corp cl A__
2.945 12% Jan
1855 Jan
Crown Cork & Intl Corp__
114 104 1154 6,967 104 Feb 12% Jan
335
10
334 3%
East Boston Land
25
3% Feb
434 Jan
33% 2755 3455
East Gas & Euel Assn corn_
1,988 26
Jan
3434 Feb
100 77
77
784
455% prior pref
Jan 79
108 76
Jan
6% cum pref
100 94
93
94
330 92
Jan 94
Feb
Eastern S S Lines Inc new. 30
28
30
2,850 254 Jan
Jan
30
Preferred
100
4514 46
Jan
125 44
Feb
46
EastUtInvestCorpel A
13% 13%
24
13% Feb
134 Feb
Economy Grocery Stores-- 364 36
3655
210 3055 Jan 3634 Feb
Edison Elec Ilium
100 24255 241
244
913 237
Jan 245
Jan
25
Empl Group Assoc
2431 254
1,460 2134 Feb 254 Jan
European Elec CorpLtd 10
19
1934
Feb
110
19
1955 Feb
Galveston Hous Elec _ _100
41
5 5
44 Feb
170
Jan
9
Galveston Mous Elec p1100 164
15% 17
Jan
324
15
Jan
24
5031
General Capital Corp
4955 52
1,450 43
Jan 52
Feb
General Theatres Eq
44% 45%
165 44% Feb
4535 Feb
Georgian (The) Inc pf A20
93
,
5
955
100
Feb
94 Jan
10
Gilchrist Co
15
• 15
15
144 1434 Feb
19
Jan
Gillette Safety Razor Co.*
89
96%
2,973 89
Feb 105% Jan
Greenfield Tap & Die Corp
1655 17%
Jan
120 14
17% Feb
Hathaway Bakeries el B......
194
194 194
350 194 Jon 20% Jan
Clam A
38%
Jan
106 38
3831 39%
4034 Jan
Preferred
106 106
5 104
Jan 108% Jan
Hygrade Lamp Co
3055
29
95 29
Jan
Jan
31
92
KYgrade Lamp Co pref--------92
15 00
Jan 93
Jan
Intl Hydro Elec Sys cl A
10
10
-----3 10
Feb
Feb
10
Internat Carriers Ltd corn_
17% 20,835 154 Jan
16
1734
17% Feb
International Corn
635 6%
130
5% Jan
8% Jan
Jenkins Television corn _
10
334 3%
2% Jan
34 Jan
Libby McNeil dt Libby-10 1855
352 1734 Jan
18% 18%
Jan
19
Loew's Theatres
9
25
855
9
124
715 Jan
9
Jan
Marine Midland Corp _10
40
40
Feb 40
50 40
Feb
Mass Utilities ASSOC COM 9
7% 9
8,575
6% Jan
034 Jan
Mergenthaler Linotype 100 108
443 1054 Jan 10854 Feb
10731 108%
National Leather
155
135
14
33
10
14 Jan
Jan
2
National Service Co
5
5
90
5 Jan
Jan
8
Nelson (IIenn,) Corp
28
_
28
Feb 28
5 28
Feb
New Eng Equity Corp.......... 30
30
45 2934 Feb 374 Jan
New Engl Tel &Tel100 145
143 145
502 143
Feb 159
Jan
Rights
8%
81
% 3,802
8
Jan
7
Jan
Nor Texas Elee com-- _100
650 65c
39 50c
Jan 90c
Jan
Pacific Mills
100 29
28
2955
780 204 Jan 29% Feb
Public Utility Hold com___
22
22
2355
,
7,920 17% Jaa 234 Feb
Railway Light Ser Co
78
78
85 7251 Jan
Feb
78
Reece Button Hole
15
10 1 •
30 15
16
Jan 16
Feb
Reece Folding Mach Co_10
1%
135
1,105
I%
155 Feb
1% Jan
Second Inc Equity
6
5
140
44 Jan
Feb
6
19%
19
Shawmut A8s'n Corn Stk __
1,559 16
19%
Jan 19% Feb
Stone & Webster Inc
954 103
773 82
Jan 103
Feb
Swift & Co
100 133% 13231 133%
90 1274 Jan 13655 Jan
Swift & Co new
34
34
12 3255 Jan
345; Jan
62
644
62
Torrington Co
380 62
Feb 67
Jan
1% 1%
445
Tower Mfg
Jan
1
155 Jan
1155
io 11%
Traveler Shoe Stores Corp_
565 10
Feb 1155 Jan
33
290 32
3455
5 34
Union Twist Drill
Feb 51
Jan
United Founders Corp-- 43% 4235 43% 36,320 36% Jan 4331 Feb
644 65% 5,142 59% Jan 664 Jan
United Shoe Mach Corp_25 65
31
166 30
31
Preferred
25
Jan 3135 Feb
2155
2235 14,603 18
18
Feb 23
S Elec Power Corp
Jan
88
88
5 88
S & For Ser 1st pfd _
Feb 88
Feb
16
15% 16
95 10
Jan 194 Jan
US At Int'l Sec pref
174 3,353 16
17
1734
Jan 184 Jan
US& Overseas Corp corn
18
18
10 104 Jan 18
Utility Equities Corp
•
Feb
82
630 71
80
Jan 82
• 80
Preferred
Jan
1
1
50
Varguela Holding Corp _ _ _
Feb
1
15; Jan
410
9
21
Feb 7855 Jan
Venea Mex 011 Corp_ _10
7
27
27
100 25% Feb 274 Jan
Waldorf System Inc
153% 155
62 1484 Jan 155
Warren Bros Co
Feb
224 234 2,002 22
Westfield Mfg Co corn__Feb 2735 Jan
,
1% 255
600
Whittlesey Mfg class A..--- --134
235 Feb
134 Jan
Mining
Arizona Commercial
5
Calumet At Heels
25
Copper Range Co
25
East Butte Copper M1n_10
Hardy Coal Co
1
Island Creek Coal
1
Preferred
100
Isle Royal Copper
25
Keweenaw Copper
25
La Salle Copper Co
-25
Mohawk
25
New Dominion Copper_ _1
New River preferred- 100
North Butte
15
Old Dominion Co
25
P C Pocahontas Co
•
Quincy
25
St Mary's Mineral Land _25
Sup Aston Copper
10
Utah Apex I511ning
5
Utah Metal de Tunnel____1
Bonds
-
Friday
Last Week's Range Sales
Sale
of Prices.
for
Price Low. High. Week.
900
151
260 2051
540 144
61
100 25c
391 404
10 105
303 10
250
100 95c
267 44
253 Ile
100 55
9,645
3
325
834
2,045 10
3,068 1555
125 25
100
Sc
100
255
650 550
Jan
131
Jan 32%
Jan 16%
Jan
1%
Feb
50o
Feb 43
Jan 105
Jan
124
Feb
2%
Jan
1
Jan
52
Jan
150
Jan 64
Jan
534
Jan
10
Jan
15
Jon 264
Jan 28
Feb
50
Jan
3
Jan
70o
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Abbott Laboratories corn •
3731 38%
Acme Steel Co cap stk. 25
064 98
Adams (J I)) Mfg COM_ •
29
30
Adams Royalty Co corn.' 11 34
4 11%
91
Addressogr Int Corp corn • • 32
29
3255
Ainsworth NI rg 'orp ••0111
274
27
2755
All American Mohawk A.5
2
Allied Motor Ind Inc corn • 174
1555 17%
Allied Products Corp A _ .• 42
43%
39
Altorler Bros Co cony pf •
40
39
Amer Colortype Co corn' 2735 27% 28%
Amer Commonw Power(2ommon A
254 264
• 2655
87
87
$64 Preferred A
Amer Equities Co corn_ .• 17%
16% 18
Amer Pub Serv pref.. _104) 99
99
9951
Am Pub Util part pre1.100 93(5
934 93)
4
Amer Radio & Tel St Corp.
1%
2
10
Amer Service Co corn_ _• 10
10%
Art Metal Wks Inc corn... 2555
2534 27%
coM •
Assoc Appar .tal
4255 424
59% 61%
Assoc Investment Co-...*
ASSOC Tel & Tel el A
• 604 60
6134
Assoc Tel Util Co corn_ • 20 g
2834 29%
Atlas Stores Corp corn - -• 123
24
23
Auburn Auto Co com___• 228
2214 238
Automatic W asher cony pr.
15
15
72
75
Balaban d: Katz v t c__ _25
20
Baneoky Co (The) corn.10 20
20%
Bastlan-Blessing cum_
• r37
37
38
94 1055
Baxter Laundries Inc A.,'
Bendix Aviation corn_
• 394 39
40%
'links Mfg Co el A cv pf • 233-4
254 254
Blunts Inc common
• 15
15
17
Borg-Warner Corp corn _10 40% 3931 4151
Brach & Sons(I J) corn_ •
174 174
Bright Star Elec Co A._ -•
2
3%
Class B
•
1
31
1%
Brown Fence & Wire cl A 1 :22
2155 25
• :1734
Class B
14
17%
Bruce Co(E L)common_ • 414 40
42
Bulova Watch Co $3 k2 pr* r37
37
37
Bunte Bros corn
10 '28
28
28
Burnham Trad Corp al ctf• 33
31
33%
Butler Brothers
12
20
11% 124
CeCo Mfg Co Inc
• 16
15
18
corn_Central Gas & El $7 pref.•
90
90
Cent Illinois Sec Co ctfs
30
294 304
Central Ill l' 14 pref
9454 96
96
Cent Ind Power pref
92
90 55 92
Cent Pub Serv class A..' 3731
36
38
Common_
__ • 100
96
100
Cent S NV Util coin new
25% 30%
30
Prior lien pref
• 9831
9.834 9935
Preferred
• 95% 94
9575
,
Cent States P & L Corp of•
92
94
Cent States UM $7 pref'
88
90
Chain Belt Co corn
•
4755 48
Cherry Burrell Corp corn.* 39
384 39
Chic City & Cons Ry Part sit common
134
114
Part preferred
• 10
10
1055
Chicago Corp corn
144 15%
• 15
Convertible Preferred- -• z40% 40
41
Chicago Elec alfg A _ .• 1.5
15
8
Chic Flexible Shaft corn.
.5
15
16
Chic Investors Corp coin.•
8
855
8%
36%
Preferred
• 3635 35
Chic No sh & NIII pr 1)1_100
0654 98
40
Preferred
40
100
Chic Rap 'Fran pr pf A.101, 98
98
06
Chic Rys part etf ser 1.100
15
10
15
Cities Service Co corn _
3155 32%
:3255
Club Alum Uten Co
455
415
,
•
37
37
Colem'n Lamp & St corn...
263 292
Commonwealth Edison.100 280
Community Water Sort'..'
13% 13%
194 20
Construction Material...' 20
3951
• 3831 38
Preferred
Consumers Co common_ _5
654 (154
Cent Chic Corp allot ctfs_• z6651 66
67
17
17
Continental Steel corn_ _ -• 17
92
92
Preferred
100
12% 13%
Cord Corp
5 1234
Corp Sec of Chic allot ctf_• 7055
6955 71
43
43
Crane Co corn
25 43
Curtis Mfg Co corn
21
23
5
Curtis Light'g Inc corn •
1855 19
Davis Industries Inc A.100
3
3
3
14
Decker (Alf) & Cohn A _ _• 15
15
De Meta Inc pref w
1955 19%
*
Dexter Co (The) corn...1535 1555
.
Eddy Paper Corp (The)..' 173-4
17
1755
El Household Util Corp-10 46
41
47
14 135
Elec Research Lab Inc--•
1%
Empire Gas & Fuel Co
7% preferred
100 86% 864 8631
8% Preferred
100 100
100
64% preferred
100
SI% 814
Fabrics Finish Corp corn..'
34 34
Fitz S & CODS D Az D corn.'
48% 504
Foote Bros G & M Co..-5 18%
19
18
Gardner-Denver Co corn.* 5855
58% 5835
Gen Theatre Equip v t
42% 4754
47
General Water Works Corp
87
88
Preferred $7
• 88
15% 15%
Gerlach-Barklow corn
•
450
450
1,200
4,200
1,150
110
350
6.900
7,350
389
400
35
00
29
9
2215
21
1
15
3431
38
21
Jan
Jun
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
38%
99
314
11%
32 4
27%
2%
17%
43%
40
28 34
Feb
Jun
Jan
Feb
Feb
Feb
Jan
Feb
Feb
Jan
Feb
1,450 2334
10 81
555
650
125 1(0
10 9014
300
1%
2.125
5
22.000 17%
250 35
,
100 5 455
222 58
16,300 2155
1,400 175;
2,700 172
12 12
7
55 66 ,5
2,450 19
350 37
9(4
1,021
16,350 33
100 254
420 15
21,200 3255
300 16
750
31
1,350
54
10,500 17%
8,900
934
500 40
10 3434
10 28
6.450 25
5,650 1015
Feb 2715
Jan 87
19
Jan
JUN '(934
Jan 934
Jan
234
Jan
11
Jan
27%
Jan
43
Jan 61%
Jan 614
Jan
2834
Jan
24%
Jan 238
Jan
15
Jan
75
22
Jan
39
Jan
Feb
12
41%
Feb 26%
1831
Jan
Jan
4151
Jan
Feb
3%
Feb
134
25
Jan
Jan
1731
Feb 4755
Jan 'J7
2.8
Feb
Jan
33%
1735
Feb
Feb
Jun
Jami
Feb
Feb
Jan
Jan
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Fob
Feb
Feb
Feb
Jan
Feb
Feb
Feb
Jan
3.050
15
4,400
385
84
4,000
85
77,100
400
1,100
25
20
51
40
Jan
20%
Feb 90
Jati 33
Jan 06
Jan
95
Jan
18
Jan 100
Jan 30%
993i
Jan
95%
Jar
Jan 944
Feb 96
48
Jan
40
Jan
Feb
Feb
Jan
Jan
Feb
Feb
Feb
Jan
Feb
Jan
Jan
Feb
Jan
Jan
1
134
116
Fob
1215
420 10
53.850 124 Jan
1555
23,550 3 41
Jan
Feb 15
3,756
8
Jan
16
644 15
0,150
6
Jan
834
5,500 3234 Jan 364
61,130 91)
Jan
98
10 40
Feb 40
159 96
Feb 98
164 10
Feb
25
30,300 26% Jan
324
450
355 Jan
534
300 35
Jan 40
3.275 2354 Jan 292
70 12% Jan
14
700 14
Jan
20
1,100 3654 Jan
40
50
54 Jan
6%
21,100 6255 Jan 68
50 15
21'
Feb
50 92
Feb 93
10,500 11
Jan
14
5,600 54
Jan
71
58 43
44
Jan
230 20
Jun
23
200 17
1935
Jan
100
3
335
Jan
150 104 Jan
15
20 1035 Feb 20
25 15
16
Jan
105 17g Jan
18
10,550 41
Feb 47
1,800
3-4 Jun 1%
Jan
Jan
Feb
Feb
Feb
Jan
Feb
Jan
Jan
Fob
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Feb
Jan
Feb
Jan
Feb
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Jan
100
50
100
100
150
3,600
50
7,650
100
100
14
90
26
934
88
35
60
214
98
94
90
88
4455
34%
8651
98%
8131
254
474
16%
5835
3131
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
80
13
Jan
Jan
87
Jan
100
I Jan
Jan
82
354 Feb
514 Feb
Jan
20
61
Jan
473i Feb
88
1631
Feb
Jan
FEB. 15 1930.]
FINANCIAL CHRONICLE
Sales
Friday
' Range Since Jan. 1.
Lag Week's Range for
of Prices
Sale
Week.
Low.
Iligh.
Stocks (Continued) Par. Price. Low. High. Shares.
Gleaner Corn liar corn__
Great Lakes Aircraft A....•
Great Lakes D & D___100
Greyhound Corp corn_ ___*
Grigsby-Grunow Co corn.'
Hall Printing Co corn ___10
Harnischfeger Corp corn_ _•
Hart-Carter Co cony pfd •
Hibbard Spen Bartl corn _25
Hormel & Co(Geo) corn A •
Honda',le-Hershey Corp A•
Class B
25
Illinois Brick Co
Illinois Nor Util pref. _..100
Inland Mil Inc class A___.
Insull Util Invest Inc.....'
•
2d preferred
Iron Fireman Mfg Co v t c•
Jefferson Elec Co corn _ _ _•
Kalamazoo Stove corn. _•
1
Katz Drug Co corn
Kellogg Switchb'd corn _10
Ken Radio Tube & Lt
•
Common A
Kentucky Itil jr rum 14_50
Keystone St & Wire corn.*
•
Lane Drug corn v t c
Cum preferred
Leath & Co cam
Libby MeNelil & Libby_10
Lincoln Printing corn_ _ _ •
.
7% preferred
Lindsay light corn
10
Lindsay Nunn $2 cony pf_.
Lion Oil Ref Co corn__ _ _•
8,800 1934
32
26
1,570
4
4% 6
25 150
175 175
12% 13
800 12%
14% 1654 25,550 12%
27%
26
2534
-464 2734
28%
28
150 20
24%
24
210 5154
55
55
50 34
34
34
2.800 21
274 29
25
2634 9,600 19
2431 254
2434
461
20 95
9754 98
6,650 29
24% 25
704 54,050 533.4
67
94
984 2,050 81
23% 24%
1.250 22
45
16.550 30
48
644 6,900 58
61
700 36
38
39
44
400
551 5%
3055
6
50
13
1434
2735
28
55
28
2531
24%
24%
694
97%
23%
98%
61%
384
8
8
50
50
19 • 20
4%
454
124 13
10% 104
1855 19%
214 24
42% 42%
7
7
2651 26%
204 21
20
4%
19%
2355
261g
21
McGraw Elec Co corn...._• 2654
McQuay-Norris Mfg
• 47
Mark lin.s 'rhea 4.01Iv pf •
Manhattan-Dearborn corn• 36
Material Serv Corp com_10
Meadow Mfg Co corn...
335
Mercantile Disct Corp A _•
Mer & Mfrs Sec Co A com.• 21%
Middle %% au Tel Co corn _• 26%
Middle West Utilities new • 34
•
$6 cum Preferred
Warrants A
455
Warrants 15
654
Mid-Cent Lawiul class A _*
1011
Midland United Co corn..' 29
Midland IRO 6% pr In.100 87
100
7% Prior lien
. loo
68 preferred A.
87
Miller & Hart Inc cony pf • 35
Miss Val iltil Inv 7% pf A •
6% prior lien pref
• 9234
Mo-Kan Pipe Line corn. _5 224
Madill,. Mfg corn
• 5755
Mohawk Rubber Co corn
' 12
Monighan Mfg Corp A_ *
Monroe Chem Co corn.. •
Preferred
•
Morgan Lithograph corn.' 17%
man. a. Gear common
•
Class A
•
Muskeg Mot Spec cony A •
'
1,550
90
950
350
150
100
5.800
6,400
250
500
450
1,150
25
47
12
36
21
34
22
21
25
31%
27%
2.000
49
125
4.967
16%
1.550
37
22
100
4
5,100
22
100
3.620
22%
328
26%
34% 329.100
•100% 1024 8.350
5.800
5
3%
4,100
64 8
420
10
10%
25% 29% 45,750
430
8611 90
59
994
99
240
86% 90
600
36%
35
50
98
98
300
93
91
21% 22% 15.000
1,60(
60
55
70
12
11
100
17
17
25
134 134
50
2755 27%
164 184 5.550
100
34
31-'i
150
354 34
18
150
18%
Nachman Springf'd
20
Nat Battery Co pref.
•
Nat Flee Power A part_-_• 3855
National Leather corn_ _10
1%
Nat'l Republic Inv tr_ ___• 50
Nat Secur Invest Co corn
' 1955
Certificates
• 93
Nati sharnholders corn_ *
Nat'l Standard corn
•
Nat Term Corp part pfd •
Nat Un Radio Corp corn •
Nobblitt-Sparks Ind corn.' 49%
North American Car corn.' 384
North Amer G & El cl A •
No Am Lt & Pr Co corn_
70
N & S Am Corp A corn...' 20%
Northwest Bancorp com.50 50%
Northwest Eng Co
• 284
Northwest Util pr l'n p1100 99
corn_7% preferred
100
Ontario Mfg Co corn
• 35
Oshkosh Overall Co corn..'
6
Convertible preferred...' 1855
Pac Pub Serv Co cl A corn • 3335
Parker Pen(The) Co corn 10 304
Perfect Circle (The) Co _ _• 32
Pines Winterfront emu
5 x38
Polymet Mfg Corp corn.... 15
Potter Co (The) corn
• 14
Process Corp common
•
Pub Serv of Nor Ill corn_ •
Common
100
7% preferred
100
6% preferred
100
Q-R-S De Vry corn
• 19
Quaker Oats (The) pref 100
Common
734 Jan
50
Jan
19
Feb
4
Feb
1294 Feb
1034 Jun
.lan
18
19
Jan
Jan
42
531 Jan
Jan
26
1854 Jan
Feb
Feb
Jan
Feb
Jan
Jan
Jan
Feb
Feb
Jan
Feb
Feb
.rati
Feb
Jan
Feb
Feb
.1;in
Feb
Feb
Feb
Jan
101.-f
503.4
22
6
15
11
20%
2455
4334
754
27 15
213-4
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan l
2734
23
5054
Jan
45
9
Jan
16 %
Jan
33
38
20
Jar, 23
Jan
2
41.4
Jan
22
10
1734 Jan 2534
Feb 264
25
2234 Jan
Os
Jan 102%
5
154 Jan
3
Jan
8
10
Jan
12
214 Jan
4
81
Jar. 90
94 3
1 Jan 100
8414 Jan 90
3434 Feb 3634
98
9-6% Jar
Feb 96
91
2234
1854 Jun
60
Jan
48
84 Jar
13
Jan
10
19
15
123.4 Feb
30 55
Feb
27
Jot
10
1855
254 Feb
334
2
Jar,
4
193.4
Jan
16
Feb
Jan
Feb
Fb
.1 a n
Feb
Feb
Feb
3434
Feb
Feb
Feb
Feb
Jan
Feb
Feb
Jan
Feb
Jan
J1111
On
Feb
Feb
Feb
Jan
Jan
Jan,
Feb
Feb
Jan
Jan
Van Sicklen Corp part A...
Viking Pump Co pref
•
Common
Vorclone Corp part pref--•
Vortex Mfg
Class A
•
174
535
23
2855
36%
21%
214
8%
25
29
29
454
9%
5
1934
2634
34%
20%
19
5,610
32%
5,750
514
750
10
535
1,650
23% 25,500
8,050
29
2,825
37%
21%
650
21% 3,300
17
26
14
83-4
24
28%
17%
26
14%
9
25
29
Wahl Co common
8
634
•
22
Warchel Corp cony P14)..'
Common
10%
115
Waukesha Motor Co eorn.• 115
Wayne Pump cony pref * x305,
30
5
Common
124
•
We,4 con 11111 ID,' el A__ •
1754
Western Grocer Co com.25
1155
Western Pr Lt & Tel A_ _* 273
4 2514
Wextark find Sts Inc corn •
144
Williams 011-0-alatic corn'
834
Winton Engine Co corn _ ..• 5055
474
Convertible preferred_ •
50
Wisconsin Bank Shs corn 10 113-4
1134
Wolverine Portland Cem 10
41.1
4%
Woodruff & Edw Inc tit A •
13
Yates-Arner Maeh lit pfd _• 174
134
Yellow Cab Co inert'hic) _• 27% 27%
Zenith Radio Corp corn,...' 1055
7%
a Ex-dividend
High.
32% Feb
514 Feb
134 Jan
7
Jan
23% Feb
29
Feb
373.4 Feb
2134 Feb
21% Feb
16
25
12
7
20%
264
IS
27
14%
15
2t1
30
Jan
Feb
Jan
Jan
Feb
Feb
8%
SOO
8
Jan
5
100 21
Jan
234
300
1055
03-4 Jan
10%
Jan 125
50 110
116
Jar
324
545 28
31
124
124
10
Jan
8,800
21%
18
121.4 J
14
692 1134 Jan
14
28
973 24% Jan
28
24
10
300
15
50
8 Jan 81.4
8%
52
12,200 45%
52
100 50
Feb so
50
1,800 11%
11%
111.4
534
300
411 Feb
15
Jan
440 12
14
17%
17% 10,766 124 Jan
2
,
900 2694 Feb
27%
10%
1155 12,550
5% Jan
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Feb
Jan
Jan
Feb
Feb
.lan
Jan
Jan
Feb
400
100
100
1,355
1.250
1,200
Jan
Jan
Jan
Feb
Jan
Jan
22%
9
Bonds
Chic City & Con fly 5s '27
52
52
Chic Rys 5e; series A_ _1927 414
4154 4155
1st nage 5s
714 7155
1927
Certificates of depos 1927 70
70
70 1 5
5s series 15
1927 33% 3334 33%
Instill 1. III Inv 6s
194,1 10811 106% 1114
Mel
Fl Tty 4s 'RS
66
66
Northwest Elev 5s
1941
79
79
Swift & Co 1st s f g 58.1944 101
101
101%
• No par value
Low.
19% Jan
39% Jan
8
Jan
43-4 Jan
1734 Jan
2434 Jan
31% Jan
20% Feb
14% Jan
$5,000 52
27,000 -1(134
71%
2000.
20.000 70
5,000 32
686.000 99 4
1.000 654
1,000 77
11,000 101
Jan
56
95%
Feb
Feb
JiiII
751.4
7034
Jan
111%
Feb
Jan
Feb
79
102
70
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Feb
.1 an
Feb
Jan
p Ex-rights.
Philadelphia Stock Exchange.
-Record of transactions
at Philadelphia Stock Exchange, Feb. 8 to Feb. 14, both
inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
of Prices.
Week.
Sale
Par. Price, Low. High. Shares.
Range Since Jan. 1.
Low.
High.
Feb
Feb
Jan
Feb
Jan
Feb
754
8% 12,800
500 20
22
1,050 17
2451
2,700 14
164
43
450 90
1,900 29
3734
35
700 31
40 1455
1535
2,400 30
40
755 10,500
6
60
347 50
35
500 34
24
30 234
55 93
98/1
124 82
8755
1,400 25%
2855
26%
204
65
1255
95 11
89
20 8751
5,300
335
1%
175 244
26
28
1,050 24
50 1235
1534
1,850 4935
5294
1034
100 10%
350 130
133
1,450 3255
333-4
334
2,700 3155
200 13
16
25 85
86
40
500 36
2574
250 24
47
100 47
1351
185 13
55
155
34
18
3.500 10*1
Jan
Feb
9% Jan
2355 Jan
27
Jan
1755 Jan
44
Jan
37% Feb
3855 Jan
17
Jan
40
Feb
734 Jan
CO
Feb
35
Feb
20
Jan
99
Feb
88 Feb
28% Feb
27
Feb
15
Jan
89
Feb
34 Feb
26
Feb
28% Jan
18
Jan
53% Feb
11
Jan
137
Jan
3351 Feb
35% Jan
16
Jan
86
Feb
4034 Jan
26
Jan
47
Feb
135( Jan
1
Jan
18
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Feb
Jan
Feb
Feb
Jan
Feb
Jan
31%
47
720 3831 Jan 40%
39
4014
50
Feb Cambr a Iron
3,300 2211 Jan 24
221-4 24
Feb Camden Fire Insurance-- 23%
5
600
355 Feb
Central Airport
355
39-4
Jun
Jan
27
1,200 20
254 27
Feb Commonwealth ('as Co 10
25 484 Feb 50
484 484
Feb Consol Trac of N J.. _100
100
55 Feb
54
55
94
Feb Cramp Ship & Eng_ _100
Jun
Jan
Jan I Electric Stor Battery__100
455 70
7854
7455 78%
Jan
9
3,065
14
104
101.4 11
Feb Empire Corp
,
1,800 3655 Jan
3835
10 3855 37% 38%
Feb Fire Association
Jan
4454
Horn & Ilardart(NY)com •
600 40
43% 443-4
Jan
38 97% Feb 102
9711 102
Preferred
100
Feb
180 145
Jan 16055
160 16034
Feb Horn & liardart(Phil)com*
3,100 69
Jan
78%
77
7955
.10 78%
Feb Insur Co of N A
13% 15% 10,600 10% Jan
1454
Lake Superior Corp_ _ ...100
15%
Jan
Lehigh Coal & Nay
Jan 132
128
1,000 101
132
50 132
Feb
444 43
44%
3,900 43
New w
Feb 4454
Jan
Jan
200 33
Jan
3311 33%
37
Feb Mfrs Casualty Insurance...
Mark(Louis) Shoes Inc.. •
4 Feb
300
4
55
94
Jan
Minehill & Schuyi Ilav__50
54
54
9 54
Feb 544
Feb
Mitten Bank pref
25 18%
1,456 16
Jan
1711 184
20
Feb
2615 26%
100 26% Feb 27%
Feb Mock Jud Voehringer Co__
77% 7755
60 7555 Jan
78
Feb Penn Cent L & P cum pfd.'
15% 1655 89.500 1355 Jan
164
J21t1 Penroad Corp
Pennsylvania RR
8055 84% 19,700 7231 Jan 844
50
,
Feb
994 984 100%
2,200 983.4 Feb looq
Jan Phila Elec $5 pref
Phila Elec Pow pref____25 32%
324 32%
1,500 31% Jan 32%
Jan
49% 49%
Jan 504
200 49
Feb Phila Inquirer pref
55
55
100 55
Feb 55
Feb Phila. Insulated Wire____• 55
3911
39
Jan 40
1,045 38
Jan Phila Rapid Transit....„50 3934
38% 39%
890 38
50
Jan 44
7% Preferred
Feb
1455 1615
3,000 11% Jan
1615
Feb Mita & Read C I CO42
4255
300 41
Jan 44
50 42
Jan Phila Traction
Ctfs of deposit
38% 38%
39
200 37
Jan
Jan
235
31
3834
2
52
2154
93
2514
36
16
555
504
40%
223.4
7014
23
553.4
293-4
99
9
854
35
6
20
34
3634
3355
45
1554
17
9
2543.4
253
12534
1233.4
22
115
270
Jan
•
United Gas Co corn
U S Gypsum
20
U S Radio & Telev corn •
Utah Radio Prod corn _ _ _•
Util & Ind Corp corn _
Convertible preferred..'
Util Pow & I.t Corp A___.
Class Bvt c
Common non-voting....'
Range Since Jan. 1.
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Jul
Jar
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Feb
JanJan
Jan
Jan
Jan
Feb
Feb
1,800
100
8,650
150
400
1.650
1,100
200
850
125
500
3,750
450
700
2.150
4.300
1,650
2,290
39
18
1,250
180
160
1,588
800
300
850
600
200
340
711
120
65
110
3,400
27
23
Friday
Sales
Lag Week's Range
for
of Prices.
Sale
Week.
Stocks (Concluded) Par. Price, Low. High. Shares.
1,674
3
Jan
4%
41-4
1.500 45
Jan 40%
47%
44%
Jan 4434
1,200 36
765 113 15 Jan 117
11614
200
44
435 Feb
12
8.850
955 Jan
1215
118 60
Jan 69
69
14%
13% 13,500
854 Jan
155 90
Feb 100
100
IS
28
IS
135
47
1355
75
25
31%
12%
3%
4655
35
19%
6755
16
4934
21
9751
92%
31
5
18
27%
3355
30
38
955
12
534
213
21514
120
115
18
110
252
1854 213.4
29
30
34
3855
1%
13-4
50
50%
1855 1954
90
93
25
2555
34
35
134 14
434 44
4855 504
384 39%
21
22
6855 7054
20
2135
5034 5355
2735 294
99
99
9834 9855
34
35
511 6
1855 20
2955 34
35
3655
32
3355
38
41
1255 1534
14
15
655 7
290 2544
240 253
12234 124
120 123%
1855 20%
110 110
252 252
Railroad Shares Corp corn •
834
8%
Rath Packing Co corn_ _10 2155
2155
Raytheon Mfg Co
• 21
2234
Reliance Mfg Co com-_-10 16%
15%
Rollins llos Mills cony Pf-• 43
41%
Rosa Gear & Tool corn_ •
35
Ryerson & Son Inc corn...' 3455
3454
Sally Frocks Inc corn
15
•
Sangamo Electric Co
364
• 39
Seaboard Util Shares Corp*
734
734
Sheffield Steel Corp corn • 59%
52
Sivyer Steel Casting
35
34
So Colo Pr Elec A corn...25
24
Sp'west Gas& El 7% p1100
9854
Southwest L & P pref_
•
85
Standard Dredge cony pt.. 28
274
Common
2555
•
Standard Pub Service A_..• 124
12
Standard Tel pref $7
89
•
251
Stelnite Radio Co
191
26
Sterling Motor Truck p1_30
25%
Stone & Co (11 0) corn......' 2735
27
Stor kline Fur cony pref_25
1555
1534
50
Super Maid Corp corn_ _• 50%
Sutherland Paper Co court()
104
133
100
Swift dr Co
Certificates
25 324
3255
3255
,
15 3255
Swift International
•
14
Tenn Prod Corp corn
85
Texas-La Power pref.- _100
38%
Thomson Co (J R) com_25 39
25
Time-O-Stat Controls A_ •
47
Tri-Utilltles Corp com___• 47
13
Twelfth Street Storer;
55
Stock purch warrants...._
--1634 1434
Unit Corn of Amer orpf_
Jan
32
Feb
6
Jan 188
Feb
13
Jan
2234
Jan
2934
Jan
29
Jan
2734
Jan
55
Feb 364
Jan
31
Jan
284
27
Feb
Jan 9854
Jar. 2534
Jan
704
Jan
9834
25
Jan
Jan
48
Jan 6434
Jan
41
Jan
555
1095
Jan
3(4
Airrar Stores
335
Aireriean Stores
464
• 4635
Ba n hers Seeur Corp prof _50 4394 43
Bell Tel Goof Pa pref__100 116% 116
Brill II
455
4%
Budd (E (1) Mfg Co
1154
• 11%
Preferred
65
69
Budd 1.1. lice' Co
124
12%
Preferred
97
Jan
------
Scott Paper Co
7% A
Sentry Safety Control_
Shaffer Stores
Tacony-Pairnyra Bridge_ •
Tono-Belmont
Tonopah Mining
1
Union Traction
50
Certificates of deposit_
United Gas Improve new.'
Preferred
S Dairy Prod corn c113.•
Victory Insurance Co..
West Jer & Seash RR_
Westmoreland Coal..
Westmoreland Corp
York Railways pref-
_10
_50
_50
_50
23%
3-4
2914
39%
51
104
714
23
35%
51
1%
2934
27%
37%
9911
IS
17
60
12
18
35
51
8 50%
104
21 104
2,300
834
2,150 22%
2355
,
6 34
35%
100
3-4
%
400 1 1-16
1%
1,200 254
30
200 27%
27%
40 172,105 3131
1,375 96%
99%
1,800 14
18%
17
60
12%
20
3555
200
500
200
380
230
16
57
12
18
35
Feb
51
Feb 104
84
Feb
Jan 23%
Jan 40
Jan
5-16
2%
Feb
Jan
30
Feb 27%
Jan
40
Jan 100
Jan
18%
Jan
Jan
Feb
Jan
Feb
Bonds844 85
7,000 82
Consol Trac N J let 56 1932
Jan
384 389-4
2,000 34
Elec & Peoples tr ctfs 4s '45
Jan
2555 2555
3,000 25% Jan
Inter-State Rys coil tr 4s'48 254
95
95
1,000 95
Lehigh C & N cons 4548 '54
Feb
2,000 10834 Feb
Penn 64s
10814 108%
Phila Electric (Fa)
101% 105
1st lien & ref 5s____1960 105
5,000 10314 Jan
10411 104% 11,000 10355 Jan
1966
1st 5s
106 106
1st lien & ref 5558_1947
1,000 105% Jan
106
106
1st lien & ref 548-1953
1,000 103
Jan
105 10535 10,000 105
Phrila Elec Pow Co 5548 '72
Feb
Reading Traction 6s _1933
95
95
11,000 95
Jan
Strawbridge & Cloth 58 '48
9655 98
7,000 9551 Jan
46
Un Rys & El (Bait) 48 1949 46
46
1,000 46
Feb
York Railways 1st 58..1937
939-4 9334
2,000 91
Jan
• No par value.
Feb
Feb
Jan
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Feb
Feb
Jan
Jan
Feb
Jan
Feb
Feb
Feb
Feb
Jan
Jan
Feb
Jan
Feb
Feb
Feb
Jan
Feb
17% Jan
61
Jan
13
Jan
20
Feb
3555 Feb
85
40
25%
95
10854
Feb
Jan
Feb
Feb
Feb
105
105
6%
10
1003-4
105%
95
98
48
93%
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Baltimore Stock Exchange.
-Record of transactions at
Baltimore Stock Exchange, Feb. 8 to Feb. 14, both inclusive, compiled from official sales lists:
Stocks-
Friday
sates
Last Week's Range for
Week.
Sale
of Prices.
Par. Price. Low. High. Shares.
Appalachian Corp
* 43
Arundel Corp
Atl Coast Line (Conn)__50 173
Bait Trust Co new
10 36%
Baltimore Tube
100
Benesch (I) dr Sons com_ *
Black & Decker corn
* 51
Central Fire Insurance__10 4056
10 4036
Voting trust ctfs
Ches & Po Tel of Balt Pf100
Commercial Credit
* 32
Preferred
25 25
Preferred B
25 24'4
636% 1st preferred....100
Corn Credit of N 0 pref
Consol Gas, E L & Pow--* 11136
6% preferred ser D__100
5% Preferred ser A_ _100
Consolidation Coal_ _ _ -100 1334
Delion Tire & Rubber_ *
5
5
42
44
173 173
3634 3736
1134 1131
12
12
52
50
40
45
40
44
11436 115
32%
30
23
25
24
25
86
83
22
23
104 112
110 110
10034 101
1331 1331
25c
25c
10
2,201
50
795
4
10
1,877
390
195
16
538
300
242
24
170
254
3
290
20
1,300
Range Since Jan. 1.
Low.
5
4031
170
3634
1131
10
40
2934
3034
11334
2334
2234
23
7936
22
93
10931
10034
12%
258
High.
5
4434
173
3834
1134
12
52
45
44
117
3234
25
25
86
23
112
110
101
1336
50c
Feb
Feb
Jan
Jan
Jan
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Jan 2534
Jan 2631
Jan 33
Feb 180
Jan 45
Jan 51
Jan 81
Jan 1734
Jan 1436
Jan 97
Jan 47
Jan 2436
Jan 20
Jan 15
Jan 75
Jan 4234
Jan
Jan
Jan
Feb
Feb
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Feb
Feb
Jan
Jan
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Jan
24
* 2334 23
Eastern Rolling Mill
23
25
23
Scrip
Emer Bromo Seltzer cl A
3234 33
50 177
17134 180
Fidelity & Deposit
45
42
45
F & G Fire Corp
4936 50
First Nat Bank w 1
81
78
Houston 011 pref v t ctfs100
1736 1734
Mfrs Finance 1st pref_ _25
25
1434 1434
2d preferred
923 97
Maryland Casualty Co_25 96
46
47
Merch & Miners Transp_* 46
2436 2434
Monon W Penn P S pref_25
1934 1936
Mortgage Bond & Title w 1
14
15
Mt Vern-Wood Mills v t100
100
74
74
Preferred
3831 4234
New Amsterdam Cas Co 10 42
79 21
89-50 20
78 30
168 168
221 39
128 49
3
40 77%
14 1736
5 13
431 87%
216 44
175 2334
50 19
200 1134
50 74
2,012 38
10
Park Bank
Penns Water & Power..__*
Real Estate Trustee_ _-100
Roland Park Homel'd _100
Un Porto Rican Sug corn*
*
Preferred
50
Union Trust Co
United Rye & Electric- _50
U 8 Fidelity & Guar_ _ - _50
West Md Dairy Inc pret*
50
Prior preferred
RightsBalt dz Ohio RR
Baltimore City Bonds
1961
4s Sewer loan
1958
4s Water loan
......1958
4s Conduit
1951
46 Paving loan
1951
46 Annex impt
354s New sewer--_ -1980
Bait Sparrows P&C436s'53
Cons Gas, E L & Power....
Consol Gas gen 4%s_ _1954
Consol G E L & P 436s1985
Fair & Clarks Trac 58_1938
Fairmont Coal 1st 5s_1931
I Benesch dz Sons 6%
Lexington RR 1st 5s
Md Electric Ry 1st 58_1931
let & ref 6348 ser A..1957
1962
63-4s
North Ave Market 68_1940
Un Porto Rican Sugar
1937
636% notes
United Ry & E let 4s_1949
1949
Income 46
1936
Funding Ss
1930
6% notes
1949
1st 6s
Wash Balt & Annan 5s1941
Jan 30
Jan
177 29
Jan 91
Feb
375 72
Jan 120
Jan
10 120
25 11736 Feb 11734 Feb
Jan 40
Feb
530 30
Jan 43
Jan
200 36
Feb 7431 Jan
679 61
592
83-4 Jan 13% Jan
2,663 4034 Feb 4831 Jan
Jan 85
Jan
10 80
Jan 5234 Jan
36 48
30
82
120
11736
3836
3736
89
4134
6231
1336
46
52
1
5
85
843-4
4894
62
82
61
1336
4136
8034
5136
1
30
89
120
11736
40
42
63
1356
4634
8034
52
1
Feb
9636
9634
9634
9634
9634
8136
68
334
9831
9836
87
9594
80
9936
9634
84
8434
86
9636
800
1,200
963-4
200
9634
9636
300
9636
1,200
8136 4,700
68
1,000
5,896
5
9831 2,000
983-4 102,000
87
1,000
9631 2,000
15,000
85
9936
1,000
9634 1,000
2,000
84
8434 4,000
86
1,000
1%
9634
9634
9634
9634
9636
,
8131
66
334
973-(
9734
87
95%
75
99
94
80
8434
86
Feb
Feb
Feb
Feb
Feb
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Jan
86
63
4834
62
9934
82
66
87
64
4936
62
9934
83
66
79
Jan
5534 Jan
Jan
34
4936 Jan
9934 Jan
67
Jan
65
Feb
5,467
12.000
21,000
32,000
2,000
17,500
20,000
10.000
154 Feb
98
98
9734
9634
97
8134
68
5
9834
9834
8736
9636
85
9934
9634
84
8431
86
Jan
Jan
Jan
Feb
Jan
Feb
J n
Feb
Feb
Feb
Jan
Feb
Jan
Feb
Feb
Feb
Feb
Jan
8934 Jan
Jan
65
493.4 Feb
6434 Jan
9934 Jan
84
Jan
6734 Jan
•No par value.
Pittsburgh Stock Exchange.
-Record of transactions at
Pittsburgh Stock Exchange, Feb. 8 to Feb. 14, both inclusive, compiled from official sales lists:
Stocks-
Friaay
sates
Last Week's Range for
of Prices.
Sale
Week.
Par. Price. Low. High. Shares.
Range Since Jan. 1.
Low.
High.
Allegheny Steel
* 60
60
62
American Austin Car.._....8
6
634
Arkansas Gas Corp, com_* 1334
1234 14
100
Preferred
8
734 8
Armstrong Cork Co
60
60
25 3334 3334 34
Blaw-Knox Co
10
7
Carnegie Metals Co
5% 736
* 15
1456 15
Clark (D L) Co
Consolidated Ice, pref_ _50
25
25
10
93-4
Devonian 011
934 10
16
*
16
Donohoe, class A
400 400
First National Bank..__100
92
93
Follansbee Bros, pref__100
34
34
Hachmeister, Lind, pref_ _* 34
60
*
60
Harb-Walker Refr
101 101
Koppers Gas & Coke pf 100 101
* 26
24
27
Liberty Dairy Prod
25 38
373-4 383-6
Lone Star Gas
605 58
965
536
420
9
697
734
60 60
928 2136
1,150
5
185 13
10 2431
210
93-4
70 16
6 400
20 92
100 34
100 593-4
105 9934
1,850 23
3,035 3436
Jan 62
Jan
736
Jan
1434
Jan
8
Jan 62
Jan 35
Jan
735
Jan 15
Jan 25
Feb 12
Feb 18
Jan 400
Jan 93
Feb 35
Jan 60
Jan 101
Jan 2856
Jan 3934
Jan
Jan
Feb
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Feb
Penn Federal Corp,com *
100
Preferred
Petroleum Exploration- _25
Pittsburgh Forging
Pittsburgh Oil & Gas.. _25
Pittsburgh Plate Glass_100
Pitts Screw & Bolt Corp_ _*
Pruett Schaffer Chem____*
5
Plymouth 011
Ruud Manufacturing
*
1
San Toy Mining
Shamrock Oh & Gas
Standard Steel Springs.. *
Union National Bank 100
United Engine & Fdy ___ _*
United States Glass
Westinghouse Air Brake _ _
.
625
336 Jan
534
85 88
Feb 88
Jan 30
70 30
5,380 12
Jan 20
3
Jan
3
100
Jan 5934
240 53
1,460 18
Jan 23
1936
2,345 1736 Jan
Jr n 2734
300 25
Jan 343-4
100 31
Jan
3c
4c I
2,000
2,490 1734 Jan 1834
Jan 47
20 38
Jan 500
6 500
295 3834 Jan 50
Jan
5
536
25
Jan 48
50 44
Feb
Feb
Jan
Feb
Jan
Jan
Jan
Feb
Feb
Feb
Feb
Jan
Feb
Jan
Jan
Feb
Feb
Unlisted
American Fruit Growers
Preferred
Central Tube Co
Copper Welding Steel
Donner Steel, corn ctfs__ _ _
Preferred certificates__ _
Internat Rustless Iron....__
tons Star Gas orpf
[Vol.. 130.
FINANCIAL CHRONICLE
1096
5
534
88
88
30
30
20
20
18
3
3
55
5634
55
20
21
21
183.6 1936
,
1936
,
263,4
2636 26
3436 3436
4c
4c
1734 18
18
46
46
500 500
4034 4034 4134
536 536
48
48
1034
65
25
4336
28
95
95
23-4
17.4
InAt.4 inctc
11
90 1036 Feb
Jan
20 60
65
250 243-4 Jan
2534
80 4234 Jan
4334
Feb
222 28
28
Feb
126 95
95
3 155,972
136 Jan
incu
7n IAA
Tan
11
65
2534
45
28
95
3
107
Feb
Jan
Feb
Jan
Feb
Feb
Feb
Tan
Friday
Saks
Last Week's Range for
Week.
Sale
of Prices.
Stocks (Concluded) Par. Price. Low. High. Shares.
Mesta Machine Co
Nat Fireproofing, corn
Preferred
West Public Serv v t c
28
43
43
2631
28
41%
43
26
28%
42
44
26%
1,054
325
285
2,608
Range Since Jan. 1.
Low.
Jan
Jan
Jan
Jan
25
30
35
2334
High.
Feb
Feb
Feb
Feb
29%
4236
4436
26%
Bonds
Jan 80
79
80
1,000 79
Pittsburgh Brewing 65 1049
• No par value. t Includes also record for period when in unlisted dept.
Feb
Cleveland Stock Exchange.
-Record of transactions at
Cleveland Stock Exchange, Feb. 8 to Feb. 14, both inclusive, compiled from official sales lists:
Stocks-
Friday
Saks
Last Week's Range for
of Prices.
Week.
Sale
Par. Price. Low. High. Shares.
Aetna Rubber corn
Akron Rubber Red corn..*
Allen Industries corn
Amer Fork & Hoe pref
*
Amer Multigraph corn - *
Amer Vitro Products
Apex
100
Preferred
Bessemer Lime & Cem corn*
Cabs Auto Parts
Central Alloy Steel pref 100
20
Central United
City Ice & Fuel
*
Cleve Builders Realty_
Cleve-Cliffs Iron corn _ -*
Cleve Electric Ill 6% p1100
100
Cleve Ry com
certificates of deposit. 10
Cleve & Sandusky Brwg100
Cleve Securities p 1 pref_10
Cleve Quarry
100
Cleve Trust
Cleve Wors'd Mills corn 100
*
Cliffs Corp
*
Com'l Book
*
Dow Chemical corn
*
Faultless Rubber corn_
Federal Knitt Mills corn..*
•
Ferry Cap & Screw
Firestone T&R 6% Pf-100
*
Foote-Burt corn
1656
130
16
74
307
33%
19
82%
24
110
200
100
25
530
40
665
95
215
95
501
510
45
15
100
159
20
147
20
104
10
10
115
110
140
210
110
40
75
165
20
150 150
42
42
430 430
98% 98%
105% 105%
15
16
82
82
29
43
43
5
5
28
2836
35
35
44
44
32
32
31
33
23
23
1134 12
400 401
41% 41%
2634 26%
131% 13136
131
131
28
29
5% 7
25
25
93
93
60
95
33
55
5
365
112
15
70
5
188
20
140
105
1,335
20
50
38
100
100
36
106
276
200
80
5
636 7%
4% 436
736 7%
110 110
110
3834 38% 39
15
15
12
14%
92
92
100
32
3236
32
23
23
106 108
108
85
85
85
467 46%
4
17
17
93
93
93
11136 112
10136 10136 10134
93%
9336 92
8
8
3
3
68
68
15
125
16
73
305
33%
18%
8136 81%
24
General Tire dz R com_ 25
Greif Bros Cooper com--* 42
100
Guardian Trust
100
Halle Bros pref
100
Higbee let pref
India Tire & Rubb corn.. *
Interlake Steamship corn ..8 82
*
Jaeger Machine corn
Kelley Isld Lime & Tr corn*
5
*
Korach (S) corn
•
Lamson-Sessions
•
Leland Electric
McKee A 0 & Co corn--• 44
Metrop Paving Brick corn •
Miller Rubber pref____100 31
MillerWholesale D •ug corn*
Mohawk Rubber corn _ _ _ -* 12
100
Midland Bank
*
Myers Pump corn
10 2631
Nat Acme corn
100
Nat Carbon pref
100
Nat Refining pref
*
Nat Tile corn
*
Nestle-LeMur corn
1900 Washer corn
Nor Ohio P&L 6% Pf-100 93
110% Ill
Ohio Bell Teleph pref--100
74
7536
* 75
Ohio Brass B
3734 3736
Ohio Seamless Tube com •
Packard Electric com-__* 2136 2136 22
8
8
Paragon Refining corn_ *
26
•
27
Patterson-Sargent
45
* 47
47%
Reliance Mfg corn
91
88
* 91
Richman Bros corn
4
4
4
River Raisin Paper corn-*
751 756
Myers No 1_ *
Robbins &
7% 7%
*
No 2
12
12
25 12
Preferred
8
10
*
Scher-Hirst class A
1436 18%
Seiberling Rubber corn-' 1734
70
78
100 78
Preferred
16
17
* 16
Selby Shoe corn
81
82
Sherwin-Williams corn __25
106% 106%
100
Preferred
3
3
Stand Textile Prod corn 100
56
58
100 56
Preferred A
31
36
Thompson Products corn_* 36
Trumbull-Cliffs Furnace
103 103
100
Preferred
92
94
100 93
Union Trust
836 8%
834
Van Dorn Iron Wks corn*
19% 1936
,
*
Vicheck
39
38
*
Weinberger Drug
8736 90
Wellman-Seaver-M Of-100 90
Bonds
Cleve SW R&L G&C 55 '54
1954
Steel & Tube
9636
Range Since Jan. 1.
Low.
High.
Jan
n
8
5% Jan
7% Feb
n
3195
Jan
Jan
15
14% Feb
Feb
92
23236 Feb
Feb
23
18 %
0
9
6
Jan
74
Feb
Jan
95
Feb
112
10134 Feb
93% Feb
Feb
jee
8
3
44
Jan
69
Jan
591
n
1634 Feb
Feb
130
1736 Jan
35
77
Fen
jab
Feb
34
1936 Feb
Jan
85
24
n
Feb
Jan
150
Jan 160
Feb
39% Jan 43
415
Jan 43234 Feb
Jan
9894 Jan 99
Jan 105% Jan
105
836 Jan 18
Jan
80
Feb 8451 Jan
25
Jan 2936 Feb
42% Jan 44
Jan
2736 Jan
27
Jan
Jan
41
Jan
30
Jan
20
23
Feb
8% Jan
2936
37
4434
32
33
25
14
Jan
Feb
Jan
Feb
Feb
Jan
Feb
39% Jan 41% Feb
21% Jan 2834 Feb
131% Jan 13136 Jan
Feb
Jan 131
130
Feb
2634 Jan 29
Jan
5% Feb
9
Jan
2436 Jan 25
Jan
Jan 93
90
29 110
526 70
60 3736
110 21%
957
8
960 23
255 39
400 79%
40
4
75
5%
100
531
25 10
50
8
2,291
1034
658 647
4
375 16
195 80
90 105
150
3
75 47
900 23
56 101
111 92
220
736
20 1936
,
367 314
7
144 80
2434 2494 $10.600
23,100
96% 97
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Jan
Feb
Feb
Jan
636
434
6
15
34
15
12
92
29%
23
106
85
41
15
92
110
99
90
8
2%
68
495
13
125
106
7236
34%
30%
18%
81%
22
Feb 113
Jan 7536
Feb 45
Jan 23%
11
Jan
Jan 27%
Jan 473 6
3
Jan 91
4
Feb
736
Jan
Jan
734
Jan
1494
Jan 12
Jan
1836
Jan 78
Feb 20
Jan 85
Jan 107
Jan
394
Jan 58
Jan 36
Jan
Feb
Jan
Feb
Jan
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Feb
Feb
Jan 103% Jan
Jan
Jan 95
Jan
9
Jan
Feb 20% Jan
Jan 39
Feb
Jan 90
Feb
2434
9551
Jan
Jan
25
97
Jan
Jan
•No par value.
-Record of transactions at
Cincinnati Stock Exchange.
Cincinnati Stock Exchange, Feb. 8 to Feb. 14, both inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
of Prices.
Week.
Sale
Low. High. Shares.
Par.
Ahrens-Fox A
Aluminum Indus Inc....-* 28%
Amer Laund Mach com_20 67
Amer Products common_ _*
Amer Rolling Mill com _ _25 95%
Amer Thermos Bot A......-* 1636
50
Preferred
Amrad Corp
• 18
Biltmore Mfg
• 27
Carey (Philip) corn_ .._ _100 280
Central Trust
100
Champ Coat Pap 1st pf 100 106
Champ Fibre pref
100 10454
Churngold Corp
19
Cinc Adv Products
60
Cincinnati Car B
36
Preferred
20
CNO&TPpref
100
Cln Gas & Eiec pref._ __100 97
14% 14%
28
2834
6436 70
17
17
88
9536
16
16%
48% 49
15
isq
27
28
280 280
265 265
106 106
104% 104%
18
19
60
50
36
1
2% 256
110 110
97
973
4
100
80
1.454
210
532
54
500
912
120
20
16
90
50
87
686
2,015
94
50
382
Range Since Jan. 1.
Low.
1436
24
64
1656
80%
15
4834
12
23
280
265
105
104%
18
50
36
134
105%
95
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
High.
Jan
15
3 x Feb
1034 ja
7
Jan
75
9534
1634
49
23
28
280
250
110
105
20
60
1
0,
2%
110
Feb
Feb
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Feb
Jan
bates
vrtaay
Last Week's Range for
Week.
of Prices.
Sale
Stocks (Concluded) Par. Price. Low. High. Shares.
50
Cinc Street Ily
50
On & Sub Tel
*
Cln Union Stock YcLs_
*
City Ice & Fuel
Cohen (Dan) Co
*
Crosley Radio A
Crown Overall pref____100
*
Dow Drug common
100
Preferred
Eagle-Picher Lead com20
Early & Daniel common_ *
423% 433%
118 119
27
27
47
46
243% 25
163%
153% 17
104 104
17
17
17
107 107
1211 12%
263% 263%
43
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Stocks (Concluded) Par. Price, Low, High. Shares.
Range Since Jan. 1.
High.
Lou.
105 423%
114 110
192 223%
37 42
55 19%
343 113%
9 104
220 15
1 105
330 123%
36 2336.
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jan 44
Jan 119
Jan 30
Jan 49
Jan 25
Jan 20
Jan 106
18
Jan
Jan 107
Jan 13
Jan 43
300 310
Fifth-Third-Union Tr100
100
415 415
First National
Formica Insulation
* 483% 463% 49
* _20
20
Gerrard S A
203%
* 463% 463% 47
Gibson Art common
*
Goldsmith Sons Co
213% 22
Gruen Watch common_ * 403% 403% 413%
100 110% 110% 112
Preferred
*
Hobart Mfg
453% 46
*
51
nt Print Ink
51
100
95
Preferred
94
* 20
20
Julian & Kokenge
20
15 300
Jan
Jan 315
Jan
Jan 420
48 415
Jan 533% Feb
250 40
Jan
Jan 24
410 20
Jan
Jan 50
671 38
Jan
Jan 25
25 19
Jan
127 403% Feb 423
Feb
36 1103.4 F b 112
Jan
Jan 47
530 43
Jan 51
Feb
10 45
Jan
Feb 97
76 94
Jar
Jan 21
53 19
40
Kahn participating
*
Kodel Elec & Mfg A
*
Kroger common
100 94%
Lazarus pre erred
*
Leland Electric
Leonard ,
Lunkenheirner
*
Manischewitz common_ _ _* 39
*
McLaren Cons A
Mead Pulp
* 67%
Special preferred ....100 100
*
Meteor Motor
*
Moores Coney A
Nat Recording Pump----* 36
*
Newman Mfg Co
100 112
Ohio 13ell Tel pref
5 29
280
5%
267 41
145 94%
20 34
300 17
106 39
10 38
19
151
28 59%
30 96
7
25
145 20
335 32%
125 26%
15 110%
Feb 30
Jan
7
Feb 47%
Feb 96
Feb 34
Jan 23
Jan 443%
Jan 39
Jan 21
Jan 67%
Jan 100
Jan 10
Jan 22
Jan 38%
Feb 30
Feb 113
Feb
Feb
Jar
Jar
Fet
Feb
jar
Fet
Jar
Fel
Fel
Jai
Fel
Jar
Fel
Jai
1,338 533%
10 160
30 104%
92 983%
221 13%
5
210
3
25 39%
50 17%
165 Is!,
412 85
75 30
74 50
3%
100
9
93
10 54
Jan 69%
Jan 169
Jan 107%
Jan 100%
Jan
16
Jan
7
Jan 42%
Jan 23
Jan 19%
Jan 91
Jan 33
Jan 523%
Jan
3%
Jan 10
Jan 72
Jar
Jar
Fel
Jar
Fel
Fel
Fel
Fel
Jal
Jai
Ja
Ja
Ja
Ja
Ja
29%
5%
41
94%
34
21%
43
39
21
61%
993%
9
203.1
34%
26%
111
29%
7
45
96
34
22%
44
39
21
67%
100
9
21
36
27
112
Proc & Gamble corn new_* 66% 66
68
100
8% preferred
162 162
5% preferred
100
107% 107%
100 100% 100% 100%
Pure 011 6% pref
Randall A
16
15% 16
B
7
6% 7
Rapid Electrotype
42% 42%
*
21%
Richardson common
21
United Milk Crate A
18% 18%
10 91
89% 91
US Playing Card
31
31%
U S Ptg & L com new 100
51
Preferred new
100
50
3% 3%
U S Shoe common
9
9
*
Waco Aircraft
66
*
66
Whitaker Paper corn
InA1/ mil/
Inn
1
,...),
,
1 IAA
1 AC
Schlesinger corn
Preferred
Shell Union corn
So Pac Golden Gate "A" _
Spring Valley Water Co _
Stand Oil of Calif
_
Tidewater Assd Oil pfd
Transamerica Corp
Rights
Union Oil Assoc
Union Oil of Calif
Union Sugar Co corn
West Coast Bancorpn _
Western Pipe & Steel Clo
Stocks-
Low.
Fageol Motors corn
Preferred
Fireinans Fund Insur
Food Mach Corp corn ____
Foster & KleLser corn
Galland Mere Laundry
General Paint Corp A coin
Golden State Milk Prod __
Great West Pow 6% pfd__
7% preferred
4%
3
63% 7%
99% 100
40% 39% 41
8
8
34
34
34
21% 21%
25% 25% 27%
100
99% 100
106% 106% 106%
Hale Bros
123%
Hawaiian C & 8, Ltd
493%
Hawaiian Pineapple
553.4
Home F dr M Insur Co _ -39
39
Honolulu Cons Oil
33
3234
Honolulu Plantation
62
Hunt Bros A corn
'21%
111Pac GI A
25% 2334
Investors ASSOC
40%
Jantzen Knitting Mills____ ___ _
43
Kolster corn
3
2%
Leighton Ind "A"
9%
4)4
4%
Los Angeles G & E Corp__
101
Magnavox
Magnin (I) corn
March Calcu new corn_ ___
No Amer Inv corn
534% Preferred
No Amer Oil Cons
Oliver Filters "A"
123%
503.4
63
39
3334
62
213-4
27
40%
3
44%
3%
9%
4%
101
.
•
High.
Jan
Feb
Feb
Jan
Jan
Jan
Feb
Jan
Feb
Feb
Jan
Feb
Feb
Feb
Feb
Feb
Feb
Jan
Jan
man
Jan
Jan
2%
2,870
425
63%
75 98
2,181 37'4
315
73.4
150 34
295 21
028 23%
35 99
180 1043.4
Jan
4% Feb
Feb
7% Feb
Jan 102% Jan
Jan 41
Feb
Jan
8
Jan
Feb 38% Jan
Jan 21% Feb
Jan 31% Jan
Jan 100
Jan
Jan 106)1 Feb
225 12%
180 493%
2,372 52%
338 38%
655 32%,
25 62
215 21
2,040 19%
250 373%
665 40
2
850
40
934
90
4%
70 100%
Feb 14
Jan 51
Jan 63
Jan 39%
3
Feb 33%
Feb 62%
Jan 22
Jan 27
Jan 40%
Jan 44%
Jan
4%
Feb
9%
Feb
5
Feb 103%
Jan
Jac
Feb
Jan
Jan
Jar
Jar
Feb
Feb
Feb
Jar
Fel
Jar
Jar
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Jan
3%
22;4
25
113
91
16%
31
29)1
'
62;2
263%
93
101%
34%
170
140
78
14
293%
26;4
113%
Inn
in
)
Fel
Jar
Jut
Jar
Jar
Jar
Jar
)
Jar
Fel
)
Fel
)
)
Fel
Jar
Feb
)
Fel
Jan
Jar
Jar
Jar
)
Jar
Jar
Feb
234
3%
3% 3% 19,008
690 20%
213% 213%
859 203%
21% 21% 21%
60 105
105
105 106
25 91
91
91
91
15;4
15
1,380 15
153%
28;4 28% 293%
783 26
27% 27% 28
546 25
61% 583% 62% 30,755 51)1
Pac CI dr E corn
1st preferred
1,812 26
26% 26% 26)1
90% 90
8,463 743%
Pac Light Corp corn
93
6% preferred
100% 100% 1003%
225 100
33% 3034 34% 53,120 2834
Pac Pub Service "A"
50 150
Pac Tel & Tel corn
170 170
Preferred
139
205 120
138% 140
77
76bf, 773%
Paraffin° Co corn
965 7594
13%
210 13
Pig'n Whistle pfd
133% 1331
26% 27
338 26%
Rainer Pulp & Pap Co_ _ _ _ ___
23% 23% 24
Richfield corn
6,802 223%
67 111%
San Jose L & Pwr pr pfd_ 112% 112% 113
100
27 Inn
100 101
6% pr preferred
2.80 2.90
2.80
1.17% 1.05 1.25
213%
21% 21
1133% 113 1133%
943% 943% 943.4
110 110
433% 433% 45
133% 15
20
19
20
420 420
420
High.
Low.
8
61
2114
16%
82%
58%
80
42
lc
42
42%
5%
173%
23%
Feb
Feb
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Feb
Feb
Jan
Feb
Jan
103%
70
23%
17
81
61%
84%
47%
Sc
4
53%
46
8%
18%
28
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Pacific Amer. Fre Ins Col0
Pacific Fin. Corp com__10
Pacific Finance series D.10
Pacific Gas & Elec corn _25
Pacific Lighting com ____.
*
6% Preferred
25
Pacific Nations Co_
Pacific Pub Serv A corn _ _*
Pacific Western Oil Co...5
10
Pickwick Corp corn
54
3834
934
5934
90
10034
6
3334 31
13
7%
383%
93.4
6134
90
Range ¬ J.1.
Hia0,
Lau?.
3
1% Jan
SOO
7,500 99s Feb 1.45
2,200 173.4 Jan 2234
Feb 129
47 113
Jan 95
70 98
Jan 112%
500 110
10,000 4334 Feb 45
2,100 123% Jan lb
Jan 25
800 19
Jan 420
40 420
Jan
Jan
Feb
Jan
Feb
Jan
Feb
Feb
Jan
Jan
Jan 143%
Jan 96
Jan 95
Feb 03
Jan 473%
Feb 444
Jan 96
Feb 103
Jan 2034
Ja.n, 2n
ti)i
Feb
Feb
Jan
Jan
Jan
Feb
Feb
Jan
Jan
San
Jan
Feb
Jan 65
250 50
3,500 38% Jan 43
954
9% Feb
100
1,155 523% Jan 623%
2,300 8234 Jan 9254
30 10034 Jan 101%
7%
Feb
6
400
Jan 3434
4,800 28
Jan 14
1,700 13
754 Jan
800
8%
Feb
Jan
Feb
Feb
Feb
Jan
Jan
Feb
Jar
1334 143%
8
Gilmore Oil Co
95
95
Goody Tire & Rub pfd 100
95
95
Goodyear Textile pfd_ _100
30
30
Holly Sugar corn
* 30
473%
Inter Re-insur Corp_ _ .,j0 4634 46
43
*
443.4
JantzenKnitt'afillscom
95
95
Los Aug Biltmore pfd .100
Los AngGas&.Elec pfd .A00 1013.4 101% 10134
20
20
Los Aug Investm't Co_ _10 20
20
2034
MacMillan Petro Co _ _ _25 20
634 634
634
Moreland Motors pre _10
Range Since Jan, 1.
7
Associated Insur Fund Inc
6% Jan
1,319
7
7%
7%
Associated 011 Co
Feb 34
100 34
34
34
Jan 34
Atlas Imp Diesel Eng A __
4,405 28
323.4 3131 34
Aviation Corp of Calif_
200
6
5% 534
5% Jan
Bank of Calif
5 285% Jan 300
290 290
Bond & Share Co, Ltd_ _ _ _
13
420 11% Jan 14%
13
13
Byron Jackson Co
21% 8,292 17% Jan 22%
21% 21
Calamba Sugar corn
Feb 19
150 17
18
18
Preferred
16
Feb 16
100 16
16
16
Calaveras Cement Co pfd
25 84% Jan 85%
853% 85% 85%
California Copper
2% Jan
1,090
2% 2%
3
23%
Calif Cotton Mills corn
41
25
41
41
Calif Ore Pow 7% pfd__
Jan 110
__ __ 110 110
10 106
California Packing
2,900 67% Jan 74
73% 6994 7
Caterpillar
66
66
68% 19,110 533% Jan 68%
Clorox Chem
353'1 3434 38% 10,649 29% Jan 38%
Coast Cos G & E 1st pfd
•110 9894 Jan 99%
99% 99%
Cons Chem Indus A
31
3 355 25% Jan 31
27% 31
Jan 82%
Crown Zeller Corp pfd B._
234 80
82
82
V tc
17% 17
Feb 18%
17% 2,612 17
Douglas Aircraft
100 13% Feb 1434
14% 14%
Eldorado Oil Works
440 24% Feb 25%
24% 24%
Emporium Capwell Corp__
19
250 17% Jan 20
19
19
48%
2c
42
42%
8
17%
26
740
8%
36
61%
2.894
22%
428
16%
900
87
59% 7,346
50
80
47% 34,912
Sc 48,756
3,581
43
43% 3,386
100
8
350
17%
190
26
zates
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par. Price. Low. High, Shares.
*
Aero Corp Calif Inc
1
Bolsa Chica Oil "A"
*
Byron Jackson
25
California Bank
Central Investm't Co_ _100
_20
Citizens Nat Bank
*
Claude Neon De,
*
Douglass Aircraft Inc_
Erase° Der & Eq Co ____*
Farm & Mer Natl Bk A00
-Record of transacSan Francisco Stock Exchange.
tions at San Francisco Stock Exchange, Feb. 8 to Feb. 14,
both inclusive, compiled from official sales lists:
Friday
Sales
Last Week's Range for
Sale
Week.
of Prices.
Par, Price. Low, High. Shares.
60
22
16%
85%
58%
8
60
22
16%
84
58%
80
413%
2c
42
42%
8
17%
26
Range Since Jan. 1.
-Record of transactions
Los Angeles Stock Exchange.
at the Los Angeles Stock Exchange, Feb. 8 to Feb. 14,
both inclusive, compiled from official sales lists:
* No par value.
Stocks-
1097
FINANCIAL CHRONICLE
FEB. 1.5 1930.]
5434
39
9%
62
923%
101
6
3434
1334
7%
1,100 13
20 93
50 94
100 30
2,800 41
300 42
45 95
20 101
1,100 163%
500 18
200
63%
Jan
Feb
4
Fel
22
720; Jan
2134 Jar
1934 Jar
112% Feb
3
3.05
Republic Petroleum Cob0
30
*
Republic Supply Co
2334
Richfield Oil Co corn__ _25 233%
21%
25
Preferred
173%
Rio Grande Oil com_ __ _25 1734
112%
San Joaq L&P 7% pr p 100
6% prior preferred_ _100 101% 101%
Secur First Nat Bk o LA25 11034 110
Shell Union Oil Co com _25 223% 223%
So Calif Edison com____25 6334 623%
64
Original preferred_ _25
25 29% 29
7% Preferred
26
25 26
6% Preferred
24
25 24
534% Preferred
97%
So Counties Gas 6% pf 25
3.35 3.35
Rights
Standard 011 of Calif__ __* 583% 5834
2.10
3.10 2,900
100 30
30
4,800 . 223%
24
700 213%
213%
3,800 173%
18
57 1103%
1123%
10
101%
1.800 119
110%
250 223%
223%
643% 9,400 563.4
30 57
643%
500 273%
2931
2634 4,200 243%
1,400 2234
24
10 97
973.4
2.80
3.70 88,000
5934 2,900 583%
Jan
Jan
Jan
Feb.
Feb
Jan
2534
463%
2c,
44c,
42
4234
325
3334
353%
900 243'4
2734
18,800 423%
47
lc.
4e. 18,600
39e.
513
46c.
4,100 42
43
43% 4,800 423%
89 325
325
1,000 22
36%
Jan 273%
Jan 474
Jan
Sc.
48Q,
Jan
Feb 4534
Feb 46
Jan 325
Jan 363%
Feb
Feb
Jan
Feb
96%
Jan
Feb
*
Taylor Mellowy
Trans-America Corp___25
Rights
New scr p
Union Oil Associates___25
25
Union Oil of Calif
Union Bank & Trust Co100
Western Air Express____10
Bonds
Richfield 6s
1 • E'.11,,,,,
C,-. r, i
273%
4694
2c.
43c.
42
4234
9594 9534 10,000 95
1 nn 3,..' 1 n (WI 1 °Iry
1944
_
Mil t?
1 n ,,)
Jan 1123.4 Jan
Feb 22% Feb
Jan 643% Feb
Jan 6434 Feb
Jan 293% Feb
Jan 263.4 Feb
Jan 2434 Feb
Jan 983% Jan
3.70 Feb
Jan
Feb 613.4 Jan
Jan
wan
lACIU
Jar
Jan
Jar
Feb
* No par value.
-Record of transactions at
St. Louis Stock Exchange.
St. Louis Stock Exchange, Feb.8 to Feb. 14, both inclusive,
compiled from official sales lists:
Stocks-
Sales
Friday
Last Week's Range for
1Week.
of Prices.
Sale
l'ar. Price. Low. High. Shares.
Range Since Jan. 1.
High,
Low,
Bank Stocks
First National Bank.._100 90
Mercantile-Commerce _100 290
88
288
90
295
8 86% Feb 90
Jan 301
258 284
Feb
Jan
Trust Co. Stocks
Franklin-Amer. Trust_100 297
Miss Val-Merch State_ _100 298
St Louis Union Trust_ 100
274
294
540
297
298
540
223 259
60 290
1 525
Jan 297
Jan 300
Jan 540
Feb
Jan
Feb
34%
97
12%
12%
39
41% 41
4
110
22
20
42
41
5%
26%
35
97
13
39
41%
4
110
27%
42
6
26%
140 34
10 96
407 11
95 38
135 40%
3
100
15 104
255 14
19 38%
5%
135
15 25
Jan 35%
Jan 97%
Jan 13
Feb 40%
Feb 42
4
Feb
Jan 110
Jan 27%
Jan 47%
6%
Jan
Jan 29%
Feb
Feb
Feb
Jan
Jan
Feb
Feb
Feb
Jan
Jan
Jan
27%
98%
25
2%
112
8%
20
36
60%
106
40
35
27%
98%
25
2%
114
8%
20
36
61%
106
40
37
Jan 23
J
6
2
2" 97
100
53
i
Jan 25
25 2
2%
10
2% Jan
Feb 114
25 112
8%
Jan
45
7'4 Feb 23
25 20
38
20
jn
60 i,
439 32/4 Feb 63
32 104% Jan 106%
Feb 40
65 40
Jan 37
142 34
Jan
Jan
Feb
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Feb
Feb
33
40
41
49%
45
33
40
48
49%
45
Miscellaneous Stocks.
AS Aloe Co common__ 20
100
Preferred
Bentley Chain Stores corn *
Boyd-Welsh Shoe
Brown Shoe common 100
.
Burkart Nifg common
.100
Century Electric Co..
Chicago Ry Equip corn __25
..1
Coca-Cola Bottling Sec.
*
Consol Lead & Zinc A
Corno Mills Co
Ely Sr Walker D G corn_ _25
100
1st preferred
Fred Medan Mfg corn... _*
Fulton Iron Works corn ....t
Globe-Democrat prof. A00
Hamilton-Brown Shoe _25
Hussman Refr common *
Hydraulic Press Brk p1.100
Internat.' Shoe corn
100
Preferred
*
Knapp-Monarch corn
Preferred
Laclede-Christy Clay Prod
20
Common
20
Laclede Steel Co
Landis Machine cons.. 25
McQuay-Norris
Meletio Sea Food corn _ _ _ _*
25
36
61
47
5
60
295
40
45
30
40
40
49%
45
Jan
Feb
Feb
Feb
Feb
35
45
64
50
45
Feb
Jan
Jae
Jan
Feb
1098
[VoL. 130.
FINANCIAL CHRONICLE
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Continued) Par. Price. Low. High. Shares.
Moloney Electric A.------*
Mo Portland Cement_ 25
Nat Candy common
Pedigo-Weber Shoe
Rice--Stlx D Gds corn__*
2d prof
ino
Scruggs
-V-B D 0 corn.
.25
Scullin Steel pref
•
Securities Inv corn
Skouras Bros A
•
So'western Bell Tel pfd _100
Stix, Baer & Fuller corn .
St Louis Pub Ser corn_ _ _ _ •
Sunset Stores pref
50
574
15%
85
12%
304
9%
464
564
33
23
15
154
85
124
294
33
21
118
24
935
48
57
35
244
15
15%
85
12 35
304
3334
24
118%
24
94
46%
Sales
Friday
Last Week's Range for
of Prices.
Sale
Week.
Stocks (Concluded) Par. Price. Low. High. Shares.
Range Since Jan, 1.
Low.
High.
Jan 60
255 52
Jan 35
113 31
Feb 26%
260 23
18
Feb
525 15
16
166 14% Jan
Feb 86
8 85
750 124 Feb 144
330 28% Jan 314
Jan 33%
125 31
Feb 25
510 21
14 1164 Jan 119
Jan 24
5 20
10
94 Feb
40
Feb 464
750 45
Jan
Feb
Jan
Feb
Feb
Feb
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Feb
Wagner Electric corn. _ _ _15
St L Bank Bldg Equip_ •
29
Street Ry. Bonds
United Rye 4s
1934
Miscellaneous Bonds
Houston 011 534s
1938
Moloney Elec 515s. _1943
Nat'l Bearing Metals 6.9 '47
Scruggs-V-B 75
serial
Scullin Steel 6.s
1941
* No par value.
2815 2951
11
11
70
9315
93
100
91:3q
904 90
93%
70
745
10
10
Range Since Jan. 1.
Low.
High.
25% Jan
Feb
11
31
12
Feb
Jan
Feb
74
Jan
70
9354 $12,500 9131 Jan 93% Feb
Feb
Jan 94
6,500 92
94
Feb 10031 Feb
10011 3,000 100
9631
1,000 9531 Jan 9811 Feb
Feb 9331 Jan
904 2,500 89
New York Curb Exchange Weekly and Yearly Record
In the following extensive list we furnish a complete record of the transactions on the New York Curb Exchange for
the week beginning on Saturday last (Feb. 8 1930) and ending the present Friday (Feb. 14 1930).
It is compiled entirely
from the daily reports of the Curb Exchange itself and is intended to include every security, whether stock or bonds,in
which any dealings occurred during the week covered.
Sales
Friday
Last Week's Range for
Week.
Of Prices.
Sale
Par. Price. Low. High. Shares.
Week Ended Feb. 14.
Stocks-
Indus. &Miscellaneous.
Acetol Products cony A.-'
25 50%
Acme Wire v t c
Aeolian Co pref
100
Aeronautical Industries-.
Warrants
Aero Supply Mfg class B_*
931
Aero Underwriters CorpAgfa Ansco Corp pref_ _100 834
10 27%
Ainsworth Mfg coin
*
Air Investors corn v t
. 114
Convertible preferenceAirstocks Inc v t c
49
50
Ala Gt Sou RR ord
Alexander Industries
All Amer General Corp_ _20 164
Allied Aviation Industries_
With stock purch warr_.
34
Allied Internal Inv corn_...
$3 convertible pref_
Allied Mills Inc
Allison Drug Sts class B *
Aluminum Co corn
345
100
Preferred
Aluminum Goods Mfrs .
Aluminum Ltd
American Arch Co
Amer Beverage Corp_
*
Amer Brit & Cont Corp...
5%
Amer Brown Boverie Elec
Founders shares
Amer Chain corn
• 43
Amer Cyanamid corn cl B_. 27%
Amer Dept. Stores Corp..'
4%
American Equities corn.... 1735
Amer Investors cl B corn.' 1434
NVarrants
64
Am Laund Mach corn....'
American Mfg Co eom _100 53
Preferred
100
Amer Phenix Corp
50
Amer Salamandra Corp.25 56
Amer Solvents & Chem
Common
1314
53 turn cony part pref..' 264
American Thread pref_ _5
Amer Yvette Co con'_ _ _ _*
Amrad Corp corn
Amsterdam Trading Corp
American shares
Anchor Post Fence com__. 14
Anglo-Chile Nitrate Corp.' 19%
Anglo-Norweg Hold coin_*
2%
Apex Elec Mfg
Arcturus Radio Tube_
Armstrong Cork ecnn_
*
Art Metal Works corn__ * 26
Associated Dyeing & Prints
Assoc Elec Industries
Amer dep rets ord sirs_ £1
631
Associated Laundries__
1
Associated Rayon corn •
6% preferred
100 49
Atlantic Coast Fish torn..
2635
All Fruit & Sug sr
• 5-16
Atlantic &cur Corp corn •
Atlas Plywood
• 24
Atlas Stores Corp
•
Automatic Music Instru A
144
Automatic Voting Mach--•
831
Cony prior partic
17
Aviation Corp of the Amer. 33
Aviation Credit Corp.-. 144
Aviation Securities Corp..
Axton-Fisher Tob corn A 10
6
Babcock & Wilcox Co_ _100
Bahia Corp corn
Bancomit Corp
Baumann (Ludwig) it Co
Cony 7% 1st pref___100
Benson & Hedges corn.
..5
Bently Chain Sts corn....'
Bickford's Inc pref
Blew-Knox Co
•
Bliss (E W) Co corn
•
Blue Ridge Corp corn
Opt 6% cony prof..
..50
Blumenthal (8) & Co corn
Bohack (H C) & Co pf_100
Botany Cons Mills cona__.
BourioLs Inc
Brill Corp class A
•
Class B
Brillo Mfg COM
British American Tobacco
Am dep rots ord bearerEl
British Celanese Ltd
Am Sep rcts ord re^.
Brown Fence & W corn B_.
Bulova Watch cony pref_
Burco Inc corn
•
6% Prat with warr -50
Warrants
Burma Corp Amerdep rots
Cable Radio Tube v t c_ •
Can Pee Ry new w I
Corman & Co cony A _ _ _ _•
Celanese Corp of Am corn.'
First preferred
100
132
30%
934
39%
40%
101
8
14
1435
27%
3%
554
2635
Range Since Jan. 1.
Low.
High.
9
9
48% 5034
35
35
9
7
1% 1%
8;1 10
15
15
83
83%
25
27%
3% 334
11% 13
47
49
122 125
24 231
164 1735
200
8
1,600 44
75 3435
1,500
7
134
100
2,100
8
300 13%
200 81
1,200 2135
500
311
900 1135
200 43
400 11935
155
400
3,600 16
Jan
9%
Jan 50%
Feb 35
9%
Feb
1%
Jan
Feb log
Jan 16
Jan 84
Jan 27%
355
Jan
Jan
16
49
Jan
Jan 125
235
Jan
Jan 1735
Jan
Feb
Feb
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Feb
1
34
6
6
3535 3535
14
1435
34
55
321 345
1064 107
22
22
158 156
39% 40
54 534
53.4 535
500
54
54
400
100 33
900 12.4
200
3-4
1,600 275
300 106%
500 21%
200 108
400 36%
51-4
100
4%
1,900
234
Jan
Jan
64
Jan 354
Jan 1534
351
Jan
Jan 345
Jan 10835
Jan 2351
Jan 156
Jan 41%
Feb 10
Jan
Jan
Feb
Feb
Feb
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Jan
10%
3955
27
4%
17
12%
6%
67
50
70
44
5534
12
400
44
2,600
2854 26,800
1,200
534
4,800
18
14% 7,100
6% 2,100
67
50
525
53
70
125
44
100
56
1,100
7%
37
25%
3
15%
10
4%
62%
45
65%
44
55%
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
12
Feb
Feb
44
29% Jan
6 Feb
1935 Jan
144 Feb
6% Feb
7135 Feb
Jan
53
704 Feb
48
Jan
Jan
56
1154 13%
2635 27
3% 355
5%, 6
17
17
800
400
600
1,800
100
Jan
10
24% Jan
3% Jan
5% Jan
Feb
17
1334
29%
334
73.4
19
Feb
Feb
Feb
Jan
Feb
284
13
183.4
234
1235
14
5835
25%
2%
28%
14%
1954
254
1534
14
5855
2731
351
100
4,600
200
500
400
200
100
2,900
700
2754
1111
1531
231
12%
934
5835
18
2
Jan
Jan
.an
Jan
Jan
Jan
Feb
Jan
Jan
28%
1434
21
3
15%
14%
60
27%
331
Feb
Feb
Jan
.lan
Feb
Jan
Feb
Feb
Feb
631
1
5
49
25
51
1915
234
23%
14
8
14
31
1335
10
39%
635 4,400
1% 5,600
5
100
4955 1,400
284 1,800
% 1,800
20% 3,600
24
1,100
23%
200
15
7,900
834
800
1715 3,700
33
2,200
14% 11,300
10
100
41%
700
64
1
434
3935
2234
51
1535
2235
18
14
6%
14
2454
12%
734
36
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Jan
7
2
5%
4955
284
35
204
24
244
1555
8%
174
3455
15
10
41%
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Jan
Feb
130 132
235 24
4935 50
300 122
Jan 132
Feb
200
24 Jan
334 Jan
600 46
Jan 50% Feb
Jan 80
80
80
50 80
Jan
Feb
5
5
100
5
5
Feb
10% 1031
200 10% Feb 104 Feb
Jan 324 Feb
3054 3054
100 28
33% 3434
600 01% Jan 35
Jan
26% 27
200 2335 Jan 3055 Feb
911 9% 15,100
631 Jan
94 Feb
384 4035 14,000 334 Jan 40% Feb
1,300 27% Jan 41
33% 41
Feb
Feb 10115 Jan
101
101
100 101
5/4 Jan
300
3-4 Jan
%
34
Feb
8
5,900
7
7
Feb
8
1455 Feb
14%
14
700 1031 Jan
44 Feb
434 4%
2% Jan
800
1435 14%
300 144 Jan 164 Jan
2734 27%
354
14
3635
84
40
3
33.4
331
544
23
2635
824
900
354 1,100
400
174
384 1,000
835
100
40
100
3
200
33.4 1,300
3%
200
58 194,800
23
100
28
600
83
400
274 Feb
28%
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Jan
434
174
3835
10
41
e335
,
355
535
58
23
35
89
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
335
14
32%
8
40
3
34
335
544
23
2635
80
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Continued) Par Price. Low. High. Shares.
Celluloid Co corn
Centrifugal Pipe Corp....*
Chain Stores Stocks Inc..'
Churls Corp corn
Ches & Ohio RR new___25
Childs Co pref
100
Cities Service common...'
•
Preferred
Preferred B
Preferred BB
Clark Lighter Co. cony A.'
Cleveland Tractor corn _ _.•
Cohn & Rosenberger Inc_.
Colgate-Palm O(ive-Peet_.
Colombia Syndicate
Columbia Pictures corn...'
Consolidated Aircraft_
•
Consol Automatic
Merchandising corn v IC*
$3.5() preferred
Consol Dairy Products...'
Consol Gas Util class A...'
Consol Instrument corn.....
Consol Laundries corn _ _ _ _•
Cons Retail St's Inc corn_ •
Cooper-I lesserner Corp
Common
•
Copeland Products Inc
Class A without warr *
Cord Corp
5
Corroon & Reynolds corn.*
•
56 preferred A
Coty Societe AnonymeAmer dep rcts bear shs_ _
Courtaulds Ltd Amer dep
rots for ord she reg_ _ _ _.£1
Crocker Wheeler corn.- _ _•
Crosse & Blackwell Inc
8350 pref with wan**
Curtiss Airports v t
•
Curtiss Flying Service corn*
Curtiss-Wright Corp warr_
20
634
60%
32%
26%
13
58%
5-16
27%
34
154
2811
431
1415
Range Since Jan. 1.
Low.
High.
20
20
Jan 20
100 14
Feb
64
6
600
431 Jan
631 Jan
14
15
1,000 12% Jan 154 Feb
274 274
100 22% Jan 2751 Feb
5811 61
14,500 53% Jan 61
Feb
113 113
10 1(1634 Jan 113% Feb
3131 3255 158,200 26% Jan 32% Feb
8815 89
600 88
Jan 8955 Jan
84 831
200
84 Jan
84 Jan
82
82
100 82
Jan 82
Jan
14 1% 1,900
114 Jan
35 Jan
25% 28
4,800 18
Jan 28
Feb
13
13%
200 1235 Feb
1334 Feb
54% 58%
1,800 52
'Tan
5814 Feb
3-16
Feb
34 30,300
54 Jan
27% 2934
200 24
Jan
Jan 32
15
15
100 15
Jan 16% Jan
7-16
234
15
2834
43.4
12%
11%
15
24
1651
29h
531
14%
11%
5.600
100
1,300
1,500
4,500
8,400
400
Jan
Jan
Jan
Jan
Jan
Jan
Jan
34
2%
19
29%
511
1431
11%
Jan
Jan
Jan
Feb
Feb
Feb
Jan
28
Jan
3234
Jan
5
11%
12%
74
Jan
Jan
Jan
Jan
6% Feb
13% Jan
1435 Feb
76
Jan
3.4
154
1334
214
3
10
1054
30% 304
100
6%
124
1431
74%
534 6%
12% 1355
14%
14
744 75
1,100
5,000
1,000
300
3931
3034 39%
300
3934 Feb
39% Feb
1231
25
1234 1255 1,300
1934 27% 14,600
12'4 Feb
1831 Feb
134 Feb
2734 Feb
435
3654 36%
100
3% 435
200
754 84 1,400
235 3
12,200
36% Feb
254 Jan
514 Jan
1% Jan
3911 Jars
435 Feb
834 Feb
3
Feb
234
19
1,200 1854 Jan 21% Jan
20
Davenport Hoe Mills corn * 20
24 24
Davis 1)rug Stores allot ctf _
2
100
254
Jan
Jan
3
4% 814 2,300
Dayton Aeropl Eiag
3
755
Jan
84 Feb
610 640
425 435
Deere & Co common_..100 640
Jan 650
Jan
New corn when Issued..' 130% 12431 130% 8,100 123
Feb 13155 Jan
44 44 4,700
De Forest Radio corn ___ -*
4%
44 Feb
2% Jun
5% 6
Detroit Aircraft Corp....'
2,800
5%
Jan
5
74 Jan
254 2535
Detroit Gasket & Mfg corn *
100 2434 Feb 2535 Feb
28
2835
300 28
Donner Steel Co corn....'
Fen 32
Jan
98
First preferred
99
300 98% Fob 99
100 98
Feb
1434 12% 15
Douglas Aircraft Inc
.3,100 12% Jan 15
Feb
75
75
60 75
Douglas(G L) Shoe pfd 100 75
Feb 75
Feb
Dow Chemical corn
72
72
100 72
Jan 75
Jan
38
383/4
200 31
Dresser(SR) Mfg Co cl A * 38
Jan 3834 Feb
53
Driver-Harris Co corn__ _10 6031
62
2,900 41
Jan 62
Feb
14,200
Dubilier Condenser Corp.' 11% 10% 12
8% Feb 1335 Jan
4% 535 3,100
54
Durant Motors Inc
434 Jan
7
Jan
17
Duval Texas Sulphur....' 1755
1,100 13% Jan 194 Jan
18
East Utll Invest corn A_ _ _• 14% 1355 15
3,500
7% Jan
15
Feb
1655 1734 4,900 14
Eisler Electric corn
16%,
Jan
18
Jan
Elec Power Associates com• 33% 3115 34% 14,965 2455 Jan 34% Feb
2831 32% 16,900 22% Jan 3254 Feb
Class A
• 32
Elec Shareholdings corn..' 2531 234 2531 7,500 15% Jan 2531 Feb
Cony pref with warr--• 96% 96% 99% 1,300 82
Jan 0931 Feb
Emerion Bronio ScItzer_i*
3331 33%
200 30% Jan
3334 Feb
Empire Fire Insurance__10 1535 144 15% 1,100 14
Jan 154 Feb
1031 104
100 loq Feb 1334
Empire Steel corn
Jan
2335 24
700 224 Jan 25
Employers Re-Ins Corp-10 24
Jan
100 204 Feb 204 Feb
Emsco Derrick & Equip..'
204 2015
Enron El Corp Ltd cl A w
15,700 184 Feb 20
19% 18% 20
Feb
Fabrics Finishing corn....'
3,000
335
34 4
2
Jan
4
Jan
Fageol Motors corn
555 8,500
3
3%
0
234 Jan
535 Feb
400
Fairchild Aviation coin...'
3% 4
4
3
Jan
4% Jan
10
SOO
1135
Fansteel Products Inc....' 1135
7
Jan 11% Jan
35
100 334 Jan 3855 Jan
Federal Screw Works--- -•
35
• 244 22% 2431
700 224 Feb 2431 Feb
Federated Metals
Flat. Amer dep receipts__
2035
1,900 1715 Jan 2035 Feb
20
20
Finance Invest Corp____10
3% 4
355 Jan
200
3%
6
Jan
264 27
300 26
Flintkote Co corn A
Jan 2735 Jan
Fokker Air Corp of Amer.' 18
1735 1835 2,000 1331 Jan 19% Feb
Ford Motor Co Ltd
Amer dep rcts ord reg_ £1
14
1234 1415 29,500 104 Jars 144 Feb
Ford Motor of Can cl A-- • 3031 29% 30% 2,600 294 Jan 3331 Jan
Ford of France Am dep rcis
614
734
731 7,300
6% Jan
735 Feb
Foremost Dairy Prod corn
9
9
200
Feb 104 Jan
Cony preferred
1634 164
100 1635 Feb 18
•
Jan
Foundation Co
Foreign shares class A •
5%
5
900
235 Jan
7% Jan
Fourth Nat Investors Corp
Corn (with purch. warr)• 4335 3931 43% 8,700 33
Jan 4354 Feb
Fox Theatres class A corn.'
28,300
235 Jan
654 8
734
931 Jan
Franklin (II 11) Mfg corn.*
300 16% Jars
1631 17
23
Jan
Garlock Packing corn
253,1 27
• 27
1,000 20
Jan 27
Feb
General Baking corn
3
3
•
354 32,000
Feb
3
455 Jan
Preferred
• 4131 4134 44yg 12,900 40% Jan 544 Jan
Gen Elec Co of Gt Britain
American deposit rcts_ £1 114 1134 11h 3,100 1131 Jan
1135 Jan
General Empire Corp
2374 25
700 21
• 25
Jan 25
Feb
Gen Indust Alcohol v t c_ -•
1334 1434
400 1035 Jan 14% Jan
Gen Laund Mach corn_
8
•
300
854
Jan 10% Jan
8
Gen'l Realty & ULU corn _ _• 12% 1214 143.4 5,000
93-4 Jan 1435 Jaa
Pfwith corn purch war..' 83
83
400 69
Jan 8455 Feb
8434
Gerrard (S A) Co corn_ _ _
20
20
2055
700 20
Feb e2334 Jan
Gilbert (A C) Co corn_
1531 1534 1834
500 1555 Feb
Jan
20
Preferred
42
400 39
Jan 4315 Feb
4334
Gleaner Comb Harvester.. 30% 263,4 31
1,100 21
Jan
Feb
31
• 115
Glen Alden Coal
113 11634 2,700 113
Feb 12154 Jan
FEB. 15 1930.]
1099
FINANCIAL CHRONICLE
Soles
Friaay
Last Week's Ramie for
Week.
of Prices.
Sale
Stocks (Continued) Par. Price. Low. High Shares.
Range Since Jan. 1.
Low.
High.
Sales.
Friday
Last Week's Range for
Week.
Sale
of Prices.
Stocks (Continued) Par. Price. Low. High. Shares.
Pacific Coast Biscuit pf_.*
Pacific Commercial
Paramount Cab Mfg corn _•
*
Parke Davis & Co
Patterson Sargent Co corn*
Pender (D) Grocery ci A *
Class B
Pennroad Corp com v t e_•
Peoples Drug Store Inc- •
lig)
Pepperell NI ft:
Perryman Eiec Co Inc_ _ _*
Phillipre (Louts) el A_ *
•
Phil Morris Con Inc corn.
25
Class A
Pick (Albert) Barth & Co-1
pi:r7Boonwetv,tpcostage
Pilot Radio & Tube el A _ -•
534
134
113',
364
25
4291
35
158/',
45
10?
100
534
200
134
1254 2,500
379-', 1,500
200
26
100
4231
100
3534
1634 230,500
300
45%
10
240
4
10734
Range for Year 1929.
Low.
49
1334
11
3634
22%
424
35
134
45
94
64
11%
%
54
High.
Jan
53% Feb
14% Jan
Feb
Feb 13% Jan
4254 Jan
Fe
Jan 23
Feb
Feb 4234 Feb
Jan 354 Feb
Jan 164 Feb
Feb 4-1
Feb
Jan 10431 Feb
Jan
Jan
8
Jan
Feb
14
Jan
Jan
Jan
634 Jan
164 3,900 113-', Jan
163', Feb
Globe Underwrit Exch..-• 164 16
1334
Jan 41% Jan
16,600 35
41
Goldman-Sachs Trading..' 394 39
113',
3
Feb
3
34
,
431 Jan
33.1 2,000
Gold Seal Electrical Co3791
Jan
100 37
383', Feb
389', 3836
Gorham Mfg coin v t c_
14 Jan
24 3% 4,000
2%
334 Feb
Gotham Knitbac Mach,..'
Feb
600 2091 Feb 22
Gramophone Co Ltd
203.', 224
•
Jan
700 314 Jan 39
38
37
Graymur Corp
16
Jan
50 11534 Jan 122
116 117%
Tea 1st pf 100 116
Gt Atl Sr Pac
45
Feb 254
Jan
210 235
235 24934
• 235
1
, Non vot com stock
17
184 1,000 124 Jan
1835 Feb
183
Greenfield Tap & Die corn*
7
Feb
Feb 90
50 90
90
90
Greif (T.) & Bros prof X 100
100
14
14
2,200 12% Jan 1434 Feb
134 14
Grocery Stores Prod v t c_• 14
.i
54 5Li, 4,400gs
1,200 2454 Jan 27% Jan
Ground Gripper Shoe corn • 244 244 254
32% Feb
100 264 Jan
29
29
p. $3 preferred
Jan 46
Feb
100 38
424 424
Guardian Fire Assurance 10 423.
1% Feb
200
14 Feb
134
1%
14
Jan
100 2834 Feb 29
29
29
Guenther(Rud) Russ Law5
Jan 13% Feb
12% 134 5,600 10
13
Jan
Feb 56
100 47
47
47
Hambleton Corp allot Ws_
n1 4 Feb
4 Jan
100
1 4 14
Ilappinera Candy St coin'
Jan 15% Jan
SOO 10
13% 14%
Jan
15
• I3U
Meter Co
934 Feb
300
94 124
Hartman Tobacco corn_ _10
Jan
18% Jan
100 13
18% 1831
•
23% 1,300 184 Jan 234 Feb Pittsburgh Forgings
• 234 21
Hazeltine Corp
Jan 11835 Feb
300 111
6% Jan Pitts & I. Erie RR eoln_50 11856 1149-1 1184
Jan
5
400
5% 634
Rub'stein Inc corn •
63.1
Helena
Jan 584 Jan
55 53
55
55
21
Feb Pitts Plate Glass corn. 25 55
Feb
21
100 21
21
Holt (Henry) & Co A_--• 21
Jan
9
15% Jan
2
3
934 14% 11, 00
: 144
•
GOO 414 Jan 454 Feb Poiymet Mfg
44% 454
Horn & Hardart corn
Feb
10
64 Jan
10
9
Feb Potrero Sugar corn
100
25 9991 Jan 101
101 101
pk 7% preferred
Feb 63% Jan
500 55
Powdrell & Alexander- •
Houdaille Hershey Corp200 554 Jan 5734 Jan
5
•
55
55% 59%
Jan Pratt & Lambert Co
100 224 Jan 29
PlConvertible pref el A..' 2635 264 264
1034 Jan
834 Jan
9% 2,500
9
94
10
Jan
Feb
8
1,700
8
Prince &Whitely Trad com.
8
Huyier of Del corn
35% Jan 384 Feb
• 37% 364 384
Jan
• 424 404 43% 16,400 374 Jan 44
Hydro-Elee See corn
$3 cony pref A
Feb
Jan 100
3SS 93
3, '
98 - 100
Jan Prudence Co 7% ore( _100 100 HYgrade Food Prod corn..' 124 113i 1291 2,700 1034 Feb 13
Jan 193-4 Feb
19% 16,600 14
Prudential Investors corn.' 1891 17
Imperial Chem Industries7
Feb Public Utility Holding Corp
6% Feb
100
64 634
Am dep rcts ord reg £1
2234 20,100 174 Jan 2291 Feb
22
• 22
Jan 2491 Feb
2491 1,100 17
corn with warrants
Indus Finance corn v t c_10 243', 21
300
7% Jan
834 Jan
8
8
10
Feb Pyrene Mfg corn
69
5,800 544 Jan 71
71
67
Insult Utility Investm
Feb
400 8291 Jan 98
954 98
$6 2d pref with warr. *
Feb
Feb
23
100 21
Feb Q-R-S-De Vry Corp corn.'
1,000 694 Jan 79
Insur Co of North Amer_10 78
774 78
1434 Feb
Feb
8
500
144
23
13
144 23
Insurance Securities_ ___10 1791 174 1891 2,500 1791 Feb 204 Jan Ry & Utilitlei Inv Corp A_
Jan
834 Jan
9
94 1,100
9
Jan 2391 Feb RainbowLuminous ProdA •
Trading corn..' 2234 224 22%
500 204
Intercoast
Feb
5
3% Jan
1,700
•
434 5
791 Jan
•
Common class B
500
Internat Products cern
64 64
63.4 Jan
491
Jan
Jan 50
100 50
50
50
124 134
300 114 Jan 1335 Jan Raymond Concrete Pile Pi*
Internat Safety Razor B__.
174 Jan 19% Jan
18
18
1334 Feb Reliable Stores Corp
11
134 3,900 104 Jan
Interstate Equities coin._• 12%
Feb
3,300 164 Jan 19
20
4491 44
600 4034 Jan 45% Feb Reliance Management...' 1991 318
Convertible preferred
457',
Jan
Vs Jan
%
300
%
9% Jan Repetti Inc
5
834 Feb
Hosiery Mills •
300
8% 954
Interstate
14% Feb Repub Steel Corp (new col
Irving Air Chute corn...,' 1434 1391 144 2,100 124 Jan
Jan
Jan 78
• 76
30
Com when issued
200 28% Jan 31
30
Feb
7191 774 5,700 71
Johnson Motor Co corn.. _• 30
234 Jan
Feb
100 924 9191 92% 7,900 904 Feb 9331 Jan
2
2
6% cum pref w 1
500
24
'2
Jonas & Naumbcrg corn_ _•
Jan
7
54 Jan
2,500
63-4
Jan Reynolds Bros Inc__ _67.50
Feb 20
100 16
16
Klein (II L)& Co pref._ _20 16
6
16
6%
284 2,100 224 Jan 28% Feb
• 27
27
800 2391 Jan 254 Jan Reynolds Metals corn _ _ _.
25
25
Kleinert (J B) Rub corn_ •
Jan
12
934 Feb
100
991 93/s
•
2891 Feb Richmond Radiator pref_*
100 239', Jan
Knott Corp corn
27
27
Jan
400 264 Jan 29
Rike-Kurnier Co corn--• 284 274 284
KoLster-Brandes, Ltd
Feb
18
Feb
200 15
18
14 Jan Rolls Royce of Amer pf 100
15
4 Jan
Ll
2,100
1
American shares
/
74
91
Feb
4
Jan
2
1,700
34 4
4
•
Lackawanna Securities- - _• 403i 4034 4334 3,400 354 Jan 4334 Jan Roosevelt Field Inc
Jan n234 Jan
1
•
1
14
14 1,800
84 Jan n94 Jan Roes Stores Inc
200
9
9
Lakey Fdy & Mach corn...*
9
Feb
800 524 Jan 58
1491 Feb Ruberoid Co
55% 58
_100 57
100
1454 14%
Lake Superior Corp
1094 Jan
1754 Feb
600 1434 Jan
17%
Jan Russeks Fifth Ave Inc....' 17% 16
200 224 Jan 29
254
*
25
Lane Bryant Inc corn_
Jan
225 12034 Feb 137
-' 21% 214 21% 1,900 14% Jan 22% Jan Safety Car Ilt &
1314 137
Lefconrt Realty Corp.-LWC)
Jan
Feb 210
70 151
151 180
warr- 151
Jan 374 Jan Safeway Storas 2d ser 354 363-4 2,400 29
Preferred
• 36
1034 Feb
100 1034 Jan
Jan 132
loq log
•
Feb St Law Pap Mills corn
200 103
Lehigh Coal & Navigation
1284 1283-1
300 66% Jan 67% Feb
6734
Feb
444 435', 4434 1,400 3891 Jan 45100 6734 664
When issued
R6%
Feb
Feb St egpre raperdCo corn_ _10 2591 224 254 55,400 194 Jan 25
is Perre
12,000 7534 Jan 87
• 8591 854 87
Lehman Corp
Jan 107% Feb
50 106
4
107", 1073
Feb
200 354 Feb 40100
•
7% cum pref
354 3531
'Aland Electric corn
Jan
Jan
4
Jan Schulte-United 5c to $1 St•
34 3% 2,200
34
900 384 Jan 55
49
Lerner Stores Corp corn_ •
5091
Jan 2034 Jan Schutter-Johnson Candy
Libby. McNeil & Libby_10 19
189.4 194 1,700 18
Jan
Jan
4
4
500
4
4
4
*
•
184 Jan
200 1734 Feb
Lily-Tulip Cup Corp
Class A
18
18
200
731 Jan
654 Jan
64 6%
731 Feb Segal Lock & Hardware- •
1,000
Loew's Inc stock purchwarr
391 Jan
6% 751
731
700 10% Jan 174 Feb
5
• 174 15% 1734
34 Jan
Jan Seiberling Rubber
2,800
Louisiana Land & Explor_•
34 4
34
104 Jan
Jan
11,600
74
93<, 1031
Selected Industries coin... 10
Jan
76
Jan
71% 749<1 1,500 66
Feb 244 Jan
MacMarr Stores corn.. _ _ _ • 20
20
Allot etfs 1st & 2nd paid 72
214 1,900 20
Jan 64% Feb
900 59
• 15
Jan 15% Jan
Mange' Stores coin
154 4,200 15
15
Prior preferred644 62% 64%
8% Feb
8,200
4% Feb
Feb
64 8%
64% pref with war_ _100 75
774 Feb Sentry Safety Control...-.
73/s
200 75
75
774
56
Feb
700 5134 Jan
17
Manning llowm & Co cl A •
Jan Sheaffer (W A) Pen Co... 5591 55% 56
100 1591 Feb
154 154
12% Feb
8% Jan
Marine Midland Corp_ _10 4091 3891 4034 29,200 324 Jan 4091 Feb Shenandoah Corp corn...* 124 104 12% 12,100
Feb
Jan 43
22,100 33
4034 43
Jan 13
50 43
Marion Steam Shovel corn *
Jan
13
12
600 10
6% cony pref
Jan 29% Feb
Jan 93
Maryland Casualty
25
Jan Silica Gel Corp com v t c_ • 29% 254 29% 6,400 18
50 90
92
92
16030 465 Jan 500 Feb
500 500
Massey-Harris Co corn_ _..*
Jan Singer Mfg
100 3934 Feb 45
3934 394
Jan
591 Feb
4
400
4% 5%
5%
Cl
Mavis Bottling Co of Am..
1 4 Feb Singer Mfg Ltd
Jan
1%
14 1% 59,400
1
24% 1,600 164 Jan 24% Feb
• 24% 23
Jan 62
Mayflower Associates Inc_. 60
GO
800 48
'Feb Sisto Financial Corp
61
Feb
Jan
32
100 30
Mead Johnson & Co coin.*
Jan Skinner Organ
100 554 Feb 58
5534 5534
3corn
Feb
270 1374 Jan 165
5
139% 35
Mercantile Stores corn_._5
•2 162
Jan Smith (A 0) Corp corn___• 165
100 574 Feb 59
5734 57k',
Jan
91 Jan
13,100
31
7n,
Merchants & Mfra Secur A•
he
%
900 154 Jan 23
Feb Sonora Products Corp...•
2091 2191
Feb
17
Jan
5
1,700
17
Feb 109
• 124 10
/Mergenthaler Linotype *
400 107
Feb South Coast Co com
107 109
Feb
451 Jan
64 83-4 8,200
Merritt Chaoman & Scott•
20
500 174 Jan
Feb Southern Corp com
19% 1934
791 Feb
Jan
200
74
7
*
Mesabi Iron
77"
234 Jan Southern Ice & U4Il corn Bs
1% Jan
800
24
2
600 1034 Feb 1234 Jan
Feb 294 Feb Southwest Dairy Prod--• 104 1034 11
Mesta Machine Co
5 28% 28
600 28
2891
Metal & Min Shares coin.' 104
8% Jan 11
94 11
3,300
Feb Spanish & Gen Corp Ltd134 Jan
Jan
1
1,200
14 1%
1%
Metal Textile partic pref.*
100 364 Feb 414 Jan
36% 354
Arner dep rets ord reg .£1
Jan
200 204 Jan 28
*
Metropol Chain Stores__ _• 28
26% 2631
1,000 2491 Jan 30
Jan Standard Dredging
25% 28
200 2734 Jan 294 Feb
Feb 29
Metrop Sc to 50c Sts pf 100 26
Jan28% 28%
26
800 26
2634
Convertible preferred_ •
1% Feb
3-1 Jan
Midland Royalty $2 pref.'
191 1% 2,300
100 1394 Jan 20
194 1934
13-4
Feb Stand Mot Construct_ _100
Jan 24% Jan
600 20
• 22
214 224
Midland Steel Prod corn..' 75
Feb 75
Feb Starrett Corp com
100 75
75
75
Jan
394 Jan
500 '34
Midland United Co corn • 29
Jan 294 Feb
373', 38
6% cum preferred____50 38
244 29% 4,500 22
Jan 14% Feb
•
Midvale Co
• 144 104 147/, 1,800 10
440 5091 Feb 5094 Feb Stein Cosmetics corn
50% 509-1
Feb
19
500 164 Jan
11% jail Stein(A)& Co com
Milgrim (H) dr Bros corn.'
Jan
184 19
500 10
1034
10
18% Jan
Jan
200 18
Jan 32
18
Miller (I) A: Sons cool
18
100 29
Jan Sterchl Bros Stores corn...* 18
30
30
Jan
10
84 Jan
200
Miller Rubber Co pref.100
34 Feb8% 8%
525 3031 Feb
Stinnes (Hugo) Corp....'
3051 34
Feb
11
Feb
300 10
Miss Riv Fuel Corp warr_ _ 224 20
Jan 2491 Feb Strauss-Roth Stores Inc_ _* 104 104 II
244 1,300 13
Jan
Jan 29
200 28
28
Mock,Jude & Voehringer_.
28
600 1934 Jan 2591 Jan Stromberg-Cario Eiec Mfg.
24%
24
Jan
I% Jan
Montecatinl M & Agr-2% 231 4,200
2%
•
Stutz Motor Car
Jan 4334 Feb
100 39
42
Warrants
134 Jan
42
234 1,800
24 Feb Sun Investing 63 cony pf_•
2
Jan
Feb 41
Feb 55
Moore Drop Forg ci A_ _ _•
50
3934 3,400 38
100
Jan Superheater Co
38
50
.
25 39
50
200 323,4 Jan 344 Jan
Feb 434 Jan Swift & Co new
Morrison Elec Supply....'
200 38
33
33
4191
41
Feb
Jan 136% Jan
Mtge Bk of Colomb Am sits
200 130
100 2491 Jan 32
32
100 130% 1304 13331
32
Odd stock
Murphy (G C) Co com___• 70
400 314 Jan 354 Jan
200 6236 Jan 70
Jan Swift International
15 3291 3231 33
70
70
8% Jan
Jan
8
Feb 27
Nachmann-Spgfd Corp_ •
1754 2154 2,600 18
8% 8
Syrac Wash Mach B corn_•
Jan4 100
74 Jan 1294 Jan
Nat American Co Inc_ __ _•
834 4,200
84
84
Jan 2391 Feb
Nat Aviation Corp
134
84 144 9,700
• 23% 2134 23% 1,800 19
891 Jan 144 Feb Taggart Corp
Jan 2634 Feb
Feb 183
Nat Casket Co corn
100 21
500 162
• 183
171 183
Feb
corn_. 264 264 2631
144 Jan
Jan
Jan 105
Nat Dairy Prod pref A_100 105
200 105
100 14
14
Jan Tennessee Products*
14
105 105
Feb
Nat Family Stores corn_ _
600 1954 Jan 24
18%
1854 1894 1,000 1791 Jan 194 Jan Thermold Co corn
• 23% 22% 234
Feb
Feb 26
100 24
12 pref with warrants_25
2,100 2834 Jan 41
41
36%
24
Jan Third Nat Investors corn.' 41
24
Feb
35
Jan
3
Nat Food Prod class B _ •
4% Jan Thompson Prod Inc cl A_ •
200
3,300 2291 Jan
3054 35
354 3%
3734 Feb
Nat Investors corn
600 30% Feb
• 2534 1734 269', 26,600 1254 Jan 2631 Feb
374
34
New common
•
Jan 374 Feb
National Leather
400 24
100
374
191 Jan
2
10
2
35
2
Feb Tobacco & Allied Stocks--•
Feb
1
Nat Mfrs & Stores
300 1394 Jan
154 Feb Tobacco Prod Export
1
700
15
15
I
• 15
4 Jan
Nat Rubber Mach'y corn.* 1934 19
1991 Feb4
600 189-1 Jan
45
194
300 4434 Jan 4634 Feb
46%
Todd Shipyards Corp- •
Nat Screen Serv Corp....'
100 1591 Jan
18
18
4731 18,400 41% Jan 47% Feb
25 46% 46
1854 Feb Transamerica Corp
Jan
Jan
Jan 5634 Feb Transcont Air Trans9---Nat Steel without warr_ _• 56% 54
6
5631 5,600 50
•
7%
73
6% 61 8,600
6
64 Feb
Nat Sugar Refg
Jan 3394 Jan
1,900 29
294 3131
1,400
• 31
491 Jan
•
Voting trust ctfs
Nat 'roll Bridge corn A...'
8
100
Feb
8
8
8
Feb Trans-Lux Pict Screen
734 Feb
Nat Trade Journal
34 Feb
300
44
334 44.
44 Jan
634 Jan
•
531
594 794 31,900
Class A connnon
Jan
Nebel (Oscar) Co corn
•
100 10
10
10
1034 Jan Tri-Continental Corp corn • 16% 1554 164 17,000 114 Jan 16% Jan
Jan 834 Feb
Nehl Corp common
• 2351 23 e2331 1,300 164 Jan c235( Feb
83
83% 3,300 75
6% cum pref with war100 83
Feb
8
Nelson (Herman) Corp__ _5
Jan
400 2734 Jan 284 Feb
2834
28
4
64 77', 7,400
7%
Warrants
634
34 64 4,200
New "Mexico & Ariz Land _1
334 Jan
634 Feb Triplex Safety Glass
Jan
n8
300 24
•
Jan 2934 Feb
Newport Co coin
28
634 Feb
634 63-4
2834
Ll
400
American shares
• 47
Jan 474 Feb
300
N Y Auction common._ _ _•
7
6% Jan
7
9% Jan Tr -Utilities Corp
4531 4791 3,500 40
Jan
200 154 Jan 244 Feb Trunz Park Stores
N Y Hamburg Corp___ _50
2434
Jan 26
23
• 25% 2531 2591
700 24
• 264 2691 2754 2,800 2234 Jan 274 Jan Tubize Artificial Silk el B.• 14094 140 144
N Y Investors corn
Feb 1783,1 Jan
210 138
Jan 23% Feb
94 10%
1,200
Jan 13% Jan Tung Sol Lamp Wks com-. 23% 21
N Y Rio & Bu'os Aires AL* 10%
8
2391 2,400 20
Jan
35
Jan
Jan
Niagara Share of Maryland 16% 144 16% 3,400 12
1691 Feb
35
35
• 35
100 34
$3 curn cony pref
•
Nilos-Bein't-Pond corn..,' 3834 3534 38% 6,600 2794 Jan 3891 Feb Uien & Co com
20
20
100 17% Jan 20% Jan
700 12% Jan
Norma Eke Corp corn..,' 1334
14
Jan
139- , 1334
'
Ungerleider Finan Corp..' 354 34% 3634 5,600 264 Jan 364 Feb
7%
Frb
6
734 40,600
54 Jan
North American Aviation_•
34
35
1,000 2734 Jan 35
74 Feb Union Amer Investing...' 35
.iti
•
100 32
Jan
Feb 33
33
Northam Warren Corp PL.
33
4
ai 3,700
Feb Unlon Tobacco com
% Jan
1,100 2134 Jan 2934 Feb United Carbon, pref_ _100
Feb
105 105
Northw Engineering corn •
100 101
Jan 105
2754 2991
284 294 1,000 224 Jan 2934 Feb
Novadel Agana common_ •
1,800 11
Jan 164 Jan
United-Carr Fastner cow.. 154 144 153-4
• 76
50 74
76
Feb
Jan
76
Ohio Brass chars B
500 194 Feb 32
6
9
7
Feb
ptef Chd
Unirederre emicala cora_ _.• 244 244, 32
•
800 s8 9j Jan
834 8%
• 35% 354 36
600 32
Onstocks Ltd ci A
Jan 36% Feb
Jan
834
834 84
100
834 Feb
214 20
Class B
84 Feb
2254 10,600 14% Jan 22% Feb
United Corp warrants
• 31
100 29
31
31
Jan 31
700
74
8% Jan
74 74
Jan
Orange-Crush Co
Feb
United Dry Docks com-_•
• 7891 7854 80
5,100 69
Jan 8191 Feb United Molasses Co Ltd
Otis Elevator corn
534 54,
100
2934 Jan
25% 2594
33', Jan
200 254 Feb
Outboard MotCorp corn B•
Am dep rta for;ord reg il
734 Feb
144
• 14
14
700 1054 Jan 15
2
234
500
134 Jan
Cony pref el A
234 Jan
United Profit Shar corn__ _•
Feb
1100
FINANCIAL CHRONICLE
Friday
I Sales
Last Week's Range for
Sale
of Prices
Week.
Stocks (Concluded) Par. Price. Low. High. Shares.
Unit Retail Chem pref_ •
Class A v tc
•
Class B v tc
•
United Shoe Machinery _25 65%
United Wall Paper
*
S Cold Storage
4051
US Dairy Prod class A_ •
Class B
• 18
U S Finishing corn
• 22
U Foil class B
• 24%
U S Gypsum commor._ 20
US dr. Int Sec Corp al ctfs _
6751
Common
•
let pref with warr
U S Lines pref
• 15%
U S Radiator common
*
Common v t e
45%
U S Rubber Reclaiming •
U S Shares Financial Corp
With warrants
•
Utility Equities Corp._ ' 17%
Utility & Ind Corp corn _ _ _• 22%
Preferred
• 2851
Van Camp Packing
•
7% preferred
25
Veeder-Rost Inc
•
Vick Financial Corp
10
Vogt Mfg Corp
•
Waitt & Bond Inc class B.
Walgreen Co common----•
Warrants
Walker(IIiram) Gooderham
& Worts common
•
Watson (John W) Co_
•
Wayne Pump common_ _ _•
Western Air Express-_ - _10
West Auto Supply cl A
•
West Pipe & Steel
West Tablet dr Stationary_
Williams (R C) Co Inc.. •
Wilson-Jones Co corn _ _ _ _•
Winter (Ben)) Inc corn _ _ _•
Zonite Products Corp com •
Rights
Associated G & El deb rte._
Consol GEL&P (Balt)_
Crocker Wheeler El Mfg_ _
Fiat
Liggett & Myers Tob w 1
Locw's Inc deb rights
New Eng Telep & Teleg__
Newport Co
Southern Calif Edison
Transamerica Corp_
10
12%
38
2734
33
1851
9
4%
2%
31
3%
3c
600
100
300
700
100
200
200
4,000
1,700
5,900
700
5,700
200
200
1,000
700
700
200
755
51
A
60
10
40
52
13%
20
17)1
42
60%
3)1
60%
14
4234
42
551
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Feb
6551
1351
40)1
58)1
18)1
25
24 15
49%
88
5
61
1735
46
46
6%
1,000
73‘ 8
16% 1831 12,800
19% 23% 25,800
26
29% 5,600
10%
1751
24%
Jan
Jan
Jan
Jan
Jan
18% Feb
23% Feb
29% Feb
12
13%
37%
8%
21%
11
5351
3251
22
12
5631
32%
600
SOO
200
6,600
200
600
3,900
100
10%
12%
3731
8
16
8%
5351
25
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Jan
14%
14%
38
95-1
22
12
61
35
931
2
12%
36
36
27%
33
18
53
4
1751
10
2%
13
38
39%
27%
33
18
53
4%
19
2,600
800
1,000
1,800
900
200
100
200
800
3,000
5,200
u 34
Feb
856
18%
34
2715
33
1551
51
35-8
1751
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Feb
11
Jan
2% Jan
13
Feb
38
Feb
39)1 Feb
2731 Feb
33
Feb
20
Jan
Jan
55
5
Jan
20% Jan
3,600
25,800
42,000
2,000
12,100
1,400
600
800
10,600
12,700
455
51
64%
13%
40
.58
17%
20
23%
48
65
5
61
1411
45
45
551
8
%
31
6551
13%
4011
58%
18%
23%
24%
49%
68
5
61
15%
46
46
554
12%
14%
38
Jan
7
Jan
3% Feb
Feb
1% Jan
12% Jan
12% Jan
7 31 Jan
as/ Feb
Jan
lc
Jan
Public Utilities
Alabama Power $7 pt. •
114% 114%
50 111
Allegheny Gas Corp corn _•
5%
5% 755 4,900
4
Allied Pow & Lt corn
• 50% 48
52)1 36,000 35%
85 1st preferred
• 8231 8131 82% 2,700 76%
$3 Preference
• 49% 48% 49% 1,500 45
Am Cities Pw & Lt cl A._50 43)1 42% 44
8,300 37%
Class B
• 24
1931 2431 13,670 14
Am Com'vrith P corn A_
26% 25% 27
14,700 23%
Cormnon B
• 3931 36N 40
2,200 3434
Warrants
4% 4%
600
3%
Amer & Foreign Pow warr_
69% 74
71
8,100 65 34
Amer Gas & Mee corn_ _ _
133 142% 16,900 113%
136
Preferred
• 106% 106% 106%
100 10531
Amer Lt & Trac corn_..100 260% 26031 270
250 225
Amer Nat Gas cons v
10%
9% 10% 1,200
751
Am States Pub Seri/ cl A.* 19
19
200 18
19
Amer Superpower Corp
Corn, new
3131 28% 32% 269.700 23%
First preferred
• 97
1,500 94%
96% 97
$6 cum pref
• 9251 92% 9251
400 87%
Arkansas Pow & Lt 87 pf_* 1074 10751 10751
70 102
Assoc Gas & Elec class A
44% 4451 46% 43,000 36%
Brazillian Tr Lt dr Pow ord* 36)1 36
37% 3,400 36
Buff Meg dr East Pr pf__25 2551 2535 25% 1,200 2411
Cables & Wireless
Am dep rcts A ord sh._£1
2% 2%
500
Am dep rcts B ord slas_ £1
158
1% 4,200
151
Carolina Pr dr Lt $7 pref _*
110 110
50 108%
Cent Atl States Serv v t c_.
5
100
6
6
Cent Pub Serv class A
• 3755 35% 3751 13,800 34%
Cent (Sr Southwest Util_ _ _• 30% 26
31% 3,400 22%
$7 Preferred
• 94
94
94
100 94
Cent States Elec com__* 27
24% 2731 20,700 19
7% preferred
97% 9755
100 97
Cin Gas & Elec pref A
97% 97%
100 97
Cities Serf P & L 7% pf 100
9331 93%
100 93
Cleveland Elee Ill corn. *
71)1 74
1,300 53
Com'w'lth Edison Co_ _100 2844 26555 288
710 234
Com'w'Ith Pow Corp p1100 100
98% 100
4,800 94
Cornm'wealth & Sou Corp•
6% Preferred
12,300 94%
98% 100
Warrants
5% 651 143,800
531
351
Community Water Serv__• 14
13% 14
3,100 12%
Conn Else Service corn. _
92
95
300 8551
Cons GEL&T halt corn _• 111% 103% 118% 3,700 90%
Preferred class A.._100
100% 100%
50 100%
Dixie Gas Zic Util corn__ • 16)1 14% 16% 2,500 10%
100 188% 180 194
Duke Power Co
725 145
Eastern Gas & Fuel Assn_• 33% 28
35
3,300 25%
East States Pow B corn _ _• 27% 2655 2811 2,000 1831
Elec Bond & Sh Co corn...' 100)1 945% 10231 283,400 80)1
• 105% 105 105% 1,600 10335
Preferred
Elec Pow & Lt 2d pref A. •
100% 101%
600 9951
Option warrant
40
41% 2,800 2851
37
Emp Gas & Fuel 8% pf 100
o10051 100%
200 100
100
7% corn pref
100 86%
87% 87%
Empire Pow Corp part stk•
2,200 40
50% 55
Empire Pub Serv corn ci A• 24
4,500 19%
20% 25
Engineers P 5 opt warr.
29
300 16
29
Warr detached from pfstk
3,000 20
34
23
ioo
Fla Pow & Lt $7 pref
•
Gen Gas & El cl A
•
Convertible preferred- -.
Georgia Pow $6 pref
Indianapolis P & L pref 100
Internet Superpower
Internet Util class A
•
Class B
•
Warrants
Italian Super Power cl A.
Warrants
Jer Cern P& L
p1.11)0
K C Pub Serv corn v t c__•
Pref class A vtc
Long Island Light com_•
7% preferred
Marconi internat MarineCommun Am dep rcts..
Marconi Wire'T of Can_ _1
Marconi Wirel Tel London
Am dep rcts for ord bear
shares
£1
Memphis Nat Gag
•
ioo
High.
8% 9%
3% 5
1
3
2% 3%
13% 13%
2654 33
8% 831
$16
%
3% 3)1
3e
6c
831
11
53%
53
8
Range Since Jan, 1.
Low.
11
5
3
351
13%
33
8%
51
3%
10c
Jan
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Jan
11451
7%
52%
82%
49%
44
2431
27%
40
5A
75
14251
107%
274
ICS
22%
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Jan
Feb
Jan
Feb
Feb
Jan
Jan 3234
Jan 97
Jan 9234
Jan 10751
Jan 46%
Feb 44%
Jan 25%
Feb
Jan
Feb
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Feb
2
Jan
Jan 1104 Jan
Jun
6)1 Jan
Jan 37% Feb
Jan 31% Feb
Feb 9451 Jan
Jan 274 Feb
Jan 9732 Feb
Feb 974 Feb
Jan 9534 Jan
Jan 7551 Feb
Jan 288
Feb
Jan 10251 Jan
Jan 100
Jan
63-I
Jan
14%
Jan 95
Jan 118%
Feb 102
Jan 17%
Jan 200
Jan 35
Jan 28%
Jan 102%
Jan 105%
Jan 101%
Jah 41%
Feb 100%
Jan 87%
Jan 55
Jan 25
Jan 29
Feb 34
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
10034
15%
288
100
102
39%
3931
12%
2%
16%
9)1
1(654
3%
2611
53%
110%
1014 10%
100
355 3% 13,000
10% Feb
3% Jan
1214
4%
11
11
11% 12
10)1
10%
Jan
Jan
12%
124,
100)1 10031
200 100
14% 14% 1555 38,300 13
100 288
288 288
288
300 98%
99% 100
100
300 98
100 102
37
35)1 391 2,600 3215
600 34
38% 3931
6%
11% 10% 11% 13,200
1%
231 24 2,200
211
9%
1451 16% 12,600
1455
5
754
734 8% 2,000
106% 106%
50 100%
3
3
3
200
3
25
25
200 25
51
47
535-1 4,400 40
110 110%
80 107%
11%
100
2,400
Jan
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Jan
Feb
Feb
Jan
Feb
Feb
Jan
Feb
Feb
Jan
Jan
Feb
Feb
Jan
Feb
Feb
Jan
Jan
[VOL. 130.
Friaag
Salts
Last Week's Range
for
Public Utilities(Cond.) Sale
of Prices
Week.
Par. Price. Low. thigh. Shares.
Middle West Mil corn____* 3334
$6 cony pref series A
•
A warrants
B warrants
611
Mohawk & Bud Pr 1st pt. 107%
Montreal I.t Ht & Pr corn *
Mount States Tel & Tel 100
Nat Elec. Power cl A
Nat Pow & Lt 87 pref__ --• 110
Nat Pub Serv corn class A
2511
New Eng Pr Assn 6% p1100 8934
New Eng Tel & Tel_ ....100
N Y Pr & Lt 7% pref _ _100 108%
NY Telep 6)1% pref__100
Niag Hudson 1'r corn_ ___10 1754
Class A opt warr
554
B warr (1 warr for 1 sh)_ _
10%
Nor Amer Lt dr Pr corn
•
Nor Amer Util Sec corn_ _•
Nor Ind Pub Serv
p1100 103%
Nor States P Corp cons_100 181
100 10731
7% Preferred
Okla Gas .3; El 7% Pref 100
Pacific Gas & El 1st pref.
_25 26%
Pacific Pub Seri/ cl A coin_• 34%
Penn Ohio Edison eons
*
7% prior prof
100
$6 preferred
•
Series B warrants
Pa Ohio Pow & It $6 pf_ •
7% preferred
100
Pa Water Sr Power
• 87%
Peoples Lt & Pow com A..' 32%
Power Securities coin
•
2nd preferred
• 7131
Puget Sd P dr L6% pf_ _100 100
Railway & Light Sec corn_.
Rochester Cent Pow corn.* 35%
Rockland Light & Power 10 2455
Sierra Pacific Elec com_100
6% preferred
100 94
Sioux City G & E 7% p1100
Southeast Pow & Lt corn.*
$7 preferred
117
Partic preferred
• 9915
Sou Calif Edison 6% 01132.5 2631
534.7, preferred el C
24
Southern Colo P w cl A_25 24
So'west Deli Tell 7% pf_100 118%
Sou West Gas Util corn _• 12
So'west Pow & Lt 7% pf100
Stand Pow & Lt new
7731
Series 11
75%
Preferred
• 10151
Swiss
-Amer Elec $6 pf _ _100
Tampa Electric Co
• 73
Union Nat Gas of Can
•
Un Elec Sem" purch warr__
United Gas corn
• --31)1
United Lt dr Pow cons A....• 3918
6% com lett pref
• 105
13(4 Elec Pow with warr_.• 21%
UM Pow & Lt corn
• 20
Class 13 v t c
60
Western Power pref _ _ _100
3154 3451 45,700
100% 102
1,200
334 45.4 3,800
6)1 8
2,200
10731 108
250
e138 2138
100
136 136
10
35
35
400
109 110
400
24% 25% 7,100
89
8931
80
144 145
300
108% 10851
50
11554 116
75
14% 1734 169,100
451 5% 29,500
8% 10% 11,400
693', 70)1
600
8% 93-1 1,500
10215 103 14
120
1739-1 18351
1,900
107 107%
150
109 109
200
265% 2634
600
30
3454 5,100
70
70
100
11551 116%
900
98% 9991
500
1434 15
300
9831 10055
150
105 105
25
85
800
87%
32
32%
900
25
32
700
69
75
1,000
993-8100
60
75% 77
350
351
4 3554
200
2214 24% 1,700
49% 5034
600
92
94
1,040
9951 9951
100
92)1 9234
100
114% 117
1,800
9851 9931 3,500
254 2631
1,600
2394 24
800
300
2394 24
118% 118%
150
1155 125-1 2,700
10811 108%
100
71
77% 7,500
71
7631 5,600
10158 10154
50
95% 9551
200
73
74
900
29
29
200
% 1
1,200
2955 32% 57,100
37% 4031 107,400
10351 105
3,100
1834 2234 45,300
18% 21% 26,400
5534 60
900
10111 104
200
Range Since Jan. 1.
Low.
25%
97
19j
3
104
135
136
211
10834
2251
8834
144
10551
114
1134
3
65-1
67
5)1
10234
170
954
1084
26%
2734
52
105
94
11%
9831
105
73
32
1434
38
99
69
3534
1951
41
92
993-4
70
108
88
2434
22%
23
11734
7%
108
62
61
994
90
543-8
25
31
1931
27%
9751
1831
14q
n3.4
100%
Jan
Feb
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Former Standard Oil
Subsidiaries
Par
Anglo-American 011Vot shs ctfs of dep. 1:1
153-1 154
100 15
Feb
Non-vot siss etf of del) £1
1534 1634 1,100 1554 Feb
Borne-Scrymser Co_ _ _ -100
2431 2434
100 2434 Feb
Buckeye Pipe Line
50 66
66
67
500 66
Feb
Cheobrough Mfg
25 1624 16231 16234
100 155
Jan
Contln Oil (710) V t c__ _10 12% 125% 12%
200 125% Feb
Cumberland Pipe Line_ _50
50
50
50 43
Jan
Humble Oil& Rfinfing_ _25 8551 84
8751 5,200 78
Jan
Illinois Pipe Line
100 30931 308 3095%
1.100 305
Jan
Imperial Oil(Canada)_ _ -* 24% 24% 2514 3,500 2434 Feb
Indiana Pip Line
40
4015
,
500 3855 Jan
National Transit_ _12.50 21% 2154 2134
500 2034 Feb
Northern Pipe Line
48
50 49
50
250 48
Feb
Ohio 011
25 68% 6894 70% 2,600 68% Feb
Penn Mex Fuel
25 20% 2051 22
400 194 Jan
Solar Refining
25 33
33
33
100 32
Jan
95 38
South Penn 011
3734 3834 1,100 3734 Feb
Southern Pine Line
10 15
15
16
300 13
Jan
Standard 011 (Indiana)_ _25 5131 51% 5251 26,300 5194 Fob
Standard 011 (Kansas)
-25 2831 28
2931 3,200 28
Feb
Standard 011(Ky)
10 3611 3451 3734 12,100 3351 Jan
Standard 011 (Neb)
48% 4834
25
400 4454 Jan
Standard 011(0) corn.....25 86
84% 86
400 81
Jan
Preferred
100
120 121
100 117% Jan
Swan-Finch 011 Corp_ _ _25 -10
10
100 10
Feb
Vacuum Oil
25 0291 9234 95
2,500 9254 Feb
io
Other Oil Stocks
Amer Contr 011Flelds.._ _ _1
Amer Maracaibo Co
5
Arkans Nat Gas Corp corn •
Preferred
10
Class A
•
Atlantic Lobos pref
50
Carib Syndicate corn
Colon Oil Corp common..'
Con.sol Royalty 011
1
Cosden 011common
•
Preferred
100
Creole Syndicate
•
Crown Cent Petroleum
•
Darby Petroleum Corp....'
Derby Oil & Ref cons
•
Gulf 011 Corp of Penne...25
IIomaokla Oil Co
Houston Gulf Gas
•
Indian Ter Ill 011
1
Intercontinental Petrol_ _10
Internet Petroleum
•
Jan Kirby Petroleum
•
Feb Leonard 011 Developm't_25
Feb Lion 011 Refining
•
Feb Lone Star Gas Corp
•
Feb Magdalena Syndicate_ ....1
Feb Marland 011 of Mexica _1
Feb Mo Kansas Pipe Line_ _5
Feb Mountain dr Gulf Oil_
_1
Feb Mountain Prod Corp..
..i0
Feb Nat Fuel Gas
•
Feb New Bradford 011 Co_ _5
Feb North Cent Texas 011_
•
Jan Pacific Western 011
•
Jan Panden 011 Corp
•
Feb Panetpec 01101 Venezuela •
Feb Petroleum Corp of Amer.*
Plymouth Oil Co
Jan Reiter Foster 011 Corp..- _•
Jan Ryan Consol Petrol
•
Salt Creek Consol 011_ 10
Salt Creek Producers_ -10
Jan Southland Royalty Co.....'
Feb Sunray 011 corn
5
Feb
Feb
Jan
Feb
Feb
Feb
Jan
Jan
Feb
Feb
Feb
Jan
Jan
Feb
Feb
Feb
Feb
Feb
Feb
Feb
5
558
2%
13
7%
12%
134
%
64
6
8
5
138
1551
35%
1
19%
20%
811
33
13%
154
33-8
22
26%
4
10
65-1
55
136
23-4 234
12% 14
7% 8
11% 135%
131
134
% 155
7
831
4% 434
64
67
64% 6455
6
615
11
%
7% 851
45-1 5
13455 13931
%
15
1554
31% 3634
54
134
1951 197%
2% 23-4
1)1 1%
20% 21%
38
39
51
51
1
1
2151 22%
e
3-8
8
8
2954 354
25% 294
734 8
1354 1494
1% 1%
354 3%
21% 2231
2654 267%
218 235
4
4%
2
2
1034 107%
10
1055
634 7
2,700
3,600
15,400
1,500
51,900
200
10,500
12,500
100
2,100
100
7,400
500
1,100
1,400
7,500
200
200
48,600
24,500
4,400
1,600
2,000
700
200
900
1,500
12,700
500
2,000
7,300
100
200
1,900
10,800
2,100
10,200
600
1,500
700
200
1,200
4,800
2.000
%
1)1
8%
754
85%
111
31
551
411
64
61
6
51
731
43-8
133
351
95-4
2034
%
1934
134
1
18%
3451
54
'it
18%
51
8
25%
254
75-1
1211
1
1%
19
2511
234
3%
2
1034
10
654
High.
Jan 3434
Jan 102
Jan
4%
Jan
8
Jars 108
Jan 2136
Feb 13834
Jan
35
Jan 110
Jan 2534
Jan 9115
Feb 158
Jan 10851
Jan 116
Jan 1731
Jan
5%
Jan
1034
Jan 709-1
Jan
95%
Feb 103%
Jan 18334
Jan 10731
Jan 110
Jan 267%
Jan 34%
Jan
70
Jan 116%
Jan 99%
Jan
15
Feb 10051
Feb 105
Jan 8934
Feb 35
Jan 32
Jan
75
Jan 100
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Fob
Feb
Jan
Jan
Feb
Fob
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
77
3851
24%
50%
95
993-8
9251
117
100
26)1
24
2434
118%
1531
110
773.1
76%
103
95%
82
3051
1
3234
4051
10334
22%
21)1
65
104
17%
1734
25
69
16654
1551
53
8751
310
2734
41
2231
54
7151
223.4
33
41%
1631
545%
30
3734
48%
88%
121
10
96%
Feb
Feb
Feb
Feb
Jan
Feb
Feb
Feb
Feb
Jan
Jan
Jan
Feb
Feb
Feb
Feb
Feb
Fob
Feb
Feb
Feb
Jan
Jan
Jan
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Jan
Feb
Feb
Feb
Feb
Jan
Feb
Jan
Jan
Feb
Feb
Feb
Jan
Feb
Feb
Feb
Jan
Feb
Jan
Feb
Feb
Jan
Feb
Jan
Fob
Feb
Feb
Feb
Feb
Feb
Feb
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Feb
Fob
Feb
hi Feb
35( Feb
14
Feb
8
Jan
1451 Feb
131 Jan
134 Feb
851 Feb
55-4 Jan
7434 Jan
6454 Fob
6% Jan
% Jan
8% Jan
55-8 Jan
144
Jan
35% Feb
1551 Feb
3634 Feb
111 Jan
22
Jan
211 Jan
15% Feb
22
Jan
3934 Feb
Ise Jan
19-1 Jan
24
Jan
% Jan
935 Jan
3531 Feb
2% Jan
83.4 Jan
1451 Feb
13-4 Feb
4
Jan
2354 Feb
273-4 Feb
3
Jab
451 Feb
2)1 Jan
1294 Jan
16
Jan
% Jan
Sales
Friday
Last Week's Renge for
Week.
of Prices.
Sale
Other 011 Stocks
Par. Prlee. Low. High. Shares.
(Concluded)
Texon Oil & Land
Transcont 011 new W W..1
Venezuela Petroleum__ _ _5
Mining Stocks
5
Arizona Commercial
1
Arizona Globe Copper_
Bwana M'Kubwa Cop Min
American shares
10
Carnegie Metals
Cornstock Tun & Drain 10c
Consol Copper Mines..__ _5
1
Cortez Silver Mines
Cresson Consol G M & M1
Cusi Mexicana Mining.... _1
Dolores Esperanza Corp_ _2
Engineer Gold Min 1.td _ _6
Evans Wallower Lead corn*
1
Falcon Lead Mines
Gold Coin Mira.
Golden Centre Mines__ _ _5
Goldfield Consol Mines._1
25c
Recta Mining
Hollinger Consol G M_ _ _ _5
Hud Bay Min & Smelt__ _*
1756
3
8
1%
154
3%
36
634
14%
Low.
300
2,700
2,500
834 Feb
17% Feb
234 Jan
Jan
10
19% Jan
4% Jan
154
1„
200
1,200
154 Jan
lig Jan
134 Feb
56 Jan
400
500
7,100
3,100
3.800
1,200
4,100
2,100
4.500
3,000
400
9,100
32,000
3,100
1,400
1,000
20,100
Feb
4
Jan
5
34 Jan
Jan
5
lie Jan
316 Jars
1% Jar,
1-16 Jan
Jan
3% Feb
Jan
% Jan
Jan
3
Jas,
Jai:
12
Jan
5
8% Jar,
531
754
1
5%
6
754
1
8%
34
34
2
%
2
456
8
11a
71i
1%
36
136
3%
%
316
35c
/
63.
6
34
316
1236 12%
536 5%
1254 1436
116
7%
34
1,400
1,600
2,300
1,300
3,300
100
100
100
100
4,300
300
34
6%
1131 1254
2% 236
56
236 2%
12%
94
54
916
54
34
Bonds41abama Power 4%s._1967
1956 101
1st & ref 5s
1968 100%
5s
Aluminum Co s f deb 5a '52 102%
1948 98%
Aluminum Ltd 5s
Amer Com'ith Pr Gs_ _ _1949 104
Amer & El deb 5s_ _ _2028 94%
American Power & Light
4s. without warr__ _2016 105%
Amer Radiator deb 4%s'47 97
Amer Roll Mil deb 58_1948 9856
Amer Seating Corp 68_1936 75
Amer Solv & Chem 64s'36
With warrants
Without warrants _ _ _ _
i
Appalachian El Pr 5s.1058 --56- 4
Arkansas Pr & Lt 5s__1956 95
Associated Gas & Electric
Cony deb 4%s w war1948 117%
Without warrants_... 93%
1968 80
Is
1977 100 54
5%s
Assoc'd Sim Hard 6%s 1933 86%
Assoc Telep 1411 554s_1944 10231
Atlas Plywood 5%s.._1943
Bonds (Continved)-
High.
8% 8%
1736 1856
35.1
3
115
5%
Range Since Jan. 1.
234
$OO
254 2%
Iron Cap Copper Co _.10
2%
1,800
254 356
5
Mining Corp of Can
200 4434
48% 49
Mohawk Mining Co_ _ _ _25 49
11756 122% 3,300 105%
Newtnont Mining Corp.10 118
2,100 664
25
8354 85
New Jersey Zinc
1%
800
1%
5
134 134
Niplastng Minas
41% 41% 43% 7,000 34%
Noranda Mines Ltd
1
1% 12,500
1
1
1
Ohio Copper
100 14%
* 14% 14% 14%
Pond Creek Pocah Co
151
1% 1% 1,700
Premier Gold Mining_ _1
1,800 2654
2934 2794 3054
Roan Antelope C Min Ltd_
St Anthony Gold Mines_ _1
•
Shattuck Denn Mining
So Amer Gold & Plat_ _1
Teak Hughes
United Verde Extension 50c
United Zinc & Smelting_ •
Unity Gold Mines
5
Utah Apex Mining
Walker Mining
1
Wender' Copper Mining-1
5
Yukon GoldCo
1101
FINANCIAL CHRONICLE
FEB. 151930.]
56
751
1%
436
11
2
7,4
2%
434
°is
54
2
,
34
2%
594
7
94
12%
59-4
14%
Jan
Feb
Feb
Feb
Jan
Jan
Feb
Feb
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Feb
%
94
1%
6%
1254
e2%
nil
2%
4x
%
Ilte
1935
Hamburg Elec 7s
Hamburg El & Und 514s'38
Hanover Cred Inst 68_1931
Flood Rubber 554s_ ___1936
1936
75
Houston Gulf Gas 654s '43
1943
6s
Hungarian Ital Bk 754s '63
1949
IIYgrade Food 6s
1949
Os series B
Feb 95% Jan
9354 9434 $39,000 93
Jan
Jan 102
10151 7,000 100
101
Jan
Jan 101
10036 100% 15,000 99
102 102% 42,000 101% Jar e1023i Jan
Feb
13,000 97% Jar- 99
98% 99
Jar e10634 Feb
104 105% 20,000 100
97,000 03% Jar 96% Jan
94% 95
105%
97
9754
75
95
9154
9634
95
117%
92%
80
100%
86%
100%
85
10634
97
98%
81
Jan 10634 Feb
98,000 105
Jan
Feb 98
13,000 97
65,000 96% Jan 9834 Feb
81
Feb
30,000 67% Jar
1,000
95
3,000
92
50,000
97
9534 16,000
Jan
95
Jan
91
9556 Jan
9334 Jan
99%
93
9734
963)
1)env & Salt L Sty Os_ _1960
1950
Os series A
Dot City Gas 65 ser A_1947 105%
1950 99
58 series B
Detroit Lot Bdge 650_1952 7436
1952
25-yr s f deb 7s
Dixie Gulf Gas 6%s_ _1937
78%
With warrants
Edison El (Boston) 53_1933 10051
Pow (Ger) 650'53
Electric
Elea Power & Light 5a..2030 9254
El Paso Natural Gas
1943
650 series A
Empire Oil & Refg 550'42 84%
1
European Elea 6 ,28_ _ _1965 100
Euro peM tge&Inv7sserC'67
Fairbanks Morse Co 5s1942
6,000 72
84
22,000 100
100
10554 3,00(1 104%
8,000 9754
99
74% 18,000 73%
7,000 50
60
37656
10036
89
9254
78%
100%
89%
92%
10254
84%
100
8634
94
21,000 98
103
84% 9,000 0354
100% 97,000 100
80,000 83
88
9431 7.000 03
14,000
62,000
10,000
30,000
Feb
Feb
Jan
Jan
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Feb
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
.Tar 05
Feb
Feb 102
Jan
Feb 106
Jan
Feb 99% Jan
Feb 80% Jan
Jan 65
Jan
68
Jan 79
4)956 Jan 1009-5
87
Ian 89%
92% Jan 93
High.
Low.
90%
Jan
95
Jan
81%
90
94
24,000
81% 82
8931 9054 31,000
9,000
95
94
75%
89
91254
Jan
Jan
Jan
8294
91%
95
Jan
Jan
Jan
83%
63%
86
83% 84
6351 65
87
85
19,000
19,000
75,000
83
44
82%
Jan
Jan
Jan
Jan
84
72% Feb
8754 Jan
100 100
91% 92
95% 96
93% 9431
83
82
51
50
7036 72%
12731 143
4,000
34,000
10,000
35,000
7,000
7,000
15,000
422,000
34
32
95%
94
2434
20
8
97 y
96
106% 106%
s100 101
100% 100%
93% 9451
100% 10054
86% 8654
98% 9854
81
80
93% 93%
s7654 78
77
7934 79% 81
80
79
80
63% 6654
66
6134
61% 60
g
OS 3/
81
12,000
Feb
94% Jan 109
Jan
Feb 93
91
967c. Jan
94% Jan
Jan 9556 Feb
90
Jan
Feb 90
82
Jan
Jan 52
50
Jars 7234 Feb
57
Feb
97% Jan 143
Jr n
Feb
Feb
Jan
Jan 108
Jan
Jan 84% Jan
Feb 10014 Feb
Jan 88
Feb
Jan 96
n
9954
193'
Laclede Gas 51ii
104
Lehigh Pow Scour 6s_ _2026 104
91%
Libby, McN & Libby Is '42
Lone Star Gas Corp Is 1942 9634 96%
105
1,ong Island Light 68_ _1945 105
94
Louisiana Pow & Lt Is 1957
1,000 100
'20,000 $41-i
2,000 96%
4,000 80
5,000 8834
55,000 64
12,000 67%
24,000 76
225,000 58%
16,000 60
7954
94
80
8631
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Feb 100
Feb 90%
Feb 10354
Jan 993,4
Jan 100
Jan
Jan
Jan
Jars
Jan
Jan 11154
Jan 99%
Jan 88%
Feb 90
Jan Ss%
Feb 88
Jan 98%
Feb 92%
Jan 99
Feb
Feb
Jan
Jan
Feb
Feb
Feb
Jan
Feb
Jan
84
Jan
Jan
78%
Feb
Feb
Jan 81
Jan 97% Feb
Jan 101% Feb
Jan 9954 Jan
Jan 104% Feb
Jan 92% Jan
9734 Feb
Jar
Jan 105% Feb
Jan
Jar,. 96
3,000 9651 Feb 995-4 Jan
5,000 101% hus. 103% Jan
Jan
Jan 82
3,000 75
15,000 95
5,000 95%
2,000 95
12,000 89%
176,000 102
40,000 93
9,000 9834
10,000 9956
9951
99
Narragansett Elec Is A '57 99
104 105
Nat Power & Lt 6s A_2026 105
76%
Nat Public Service 55_1978 7634 76
39% 40
Nat Trade Journal 6s.1938
8751 87
N E Gas dr El Assn 58_1947
1948 86% 86% 86%
58
N Y & Foreign Invest
84%
83
5 34* A, with warr 1948
91% 92%
NYP& LCorp 1st 4%8'67
106 10634
Niagara Falls Pow 6.3_1950
90% 91
N1PPon Elec Pow 6348 1953 91
North American Edison
1969 95% 95% 95%
5s series C w I
98% 99%
North Ind Pub Serv .5s 1966
1969 99% 98% 9954
5s series D
100% 103
No Sts Pow 654% notes '33 103
99
99
North Texas Util 7s_ _1935
98% 99
Northwest Power 6s A 1960 99
100
Jan 102
Jan 87
Jan 98%
Jan 83
Jan 93%
Jan 81
Jan 84%
Jan 80
Jan 69
Feb 61%
5,000 9751
9956
104% 23,000 102%
12,000 91
92
96% 4,000 96%
105% 3,000 103%
9434 13,000 92
97%
97
Manitoba Power 5%s.1951
10354 10354
6
Mass Gas Cos 514s...104
7954 80
McCord Rad Mfg 68_1943 80
Memphis Nat Gas 68_1943
97% 98%
With warrants
, 95%
Metrop Edison 434s_ _1963 9551 9534
96% 9634 0634
,
Milwaukee Gas Lt 434s '67
90%
90
Minn Pow & Lt 4%8_1978
Miss River Fuel 6sAug15 44 11551 111 116
94
93
93
Without warrants
98% 99
Montreal L H & Pool 5551
1930 10031 100% 101
Morris & Co 734s
Munson S S Lines 6348 '37
10151 100% 101%
With warrants
Ohio Power Is ser B__1952
1956
4548 series D
Osgood Co Os with warr _'38
Oswego River Pow 6,3_1931
65_1957
Pac Gas & El 1s1 4 5
Pac Investing deb 5s_ _1948
Pacific Western 011654*'43
Penn-Ohio Edison 6s..._1950
Without warrants
1959
5%s
Penn Dock & W Os w w '49
Penn Pow & Lt Is B_ _1952
1st & ref 5s ser D__1953
Peoples Lt & Pow 58.-1979
1960
Phila Electric Is
1947
5%s
Phila Elec Pow 534s..1972
Suburban Counties
Phila
,
Gas & Elec 1st 430_1957
Pittsburgh Coal 6s_ _ _ _1949
Pittsburgh Steel 6s.. _1948
1939
Poor &Co(Is
Potomac Edison 5s...1916
Pow Corp of Canada 5s '57
Proctor & Gamble 4348.'47
Pub Ser of Nor Ill 5s_ _1931
Puget Sound P & L 55is'49
Queens Boro Gas & El
1952
550 series A
Reliance Manage't 53_1954
With warrants
Rochester Cent Pow 55_ '53
1953
Ruhr Gas 6 Sis
Ryerson (Jos T)& Sons Inc
I5-yr sink fund deb 58 '47
St Louts Coke & Gas 6s_ '47
San Antonio Pub Serv5s'58
Feb
34
Jan
21
41,000 91% Feb e9554 Feb
8,000 18% Jan 24% Feb
98% Jan
94,000 05% Jan
10,000 105% Jan 106% Jan
Feb
47,000 9914 Jan 101
Jan
Jan 101
7,000 100
Jan
37,000 92% Jai) 95
III Pow & Lt 554s ser B '54 9S34 9834 98% 4,000 98%
15,000 89
90
89
1957
Deb 5%s
102 102% 13,000 102
Indep Oil & Gas deb 6s 1931)
Ind'polis P & L 58 ser A '57 9756 97%. 97% 29,000 9634
Inland Utilities 6s_ __ _1934 9834 9854 99% 15,000 98%
Ins1:11 Utility inve,tirent
99
Os ser B without warr '40 108% 106 11154 1390000
99% 73,000 93%
Int Pow Sec 7s ser E_1957 9931 97
82% 83% 23,000 80
Internat Securities 53_1947
86% 16,000 83
86
Interstate Power 5s.._ _1957 86
85% 9,000 8054
1952 8551 83
Deb 6s
5,000 88
88
88
Pub Ser 450 '58
Interstate
9,000 86%
95
95
.
Invest Co of Am 5s A_I941,000 91
91
91
lowa-Neb L & P 5s_ _1957
11,000 83
88
87
_1951. 87
Isar,. I tydro Eke 7s_
Lsotta Fraschini 7s _..1942
2,000 80
83
83
With warrants
Italian Superpower of DelDebs 6s without warr '63 76% 75% 78% 231,000 69
1936
Kelvinator Co 6s
40,000 69%
81
7834 79
Without warrants
97% 15,000 9551
G & C deb 5s_1947 97% 97
Koppers
79,000 993-4
100% 100% 101
1950
554s
Jan
1,000 101% Jan 124
11754
933-4 6,000 874 Jan 94% Jan
Jan
99,000 78% Jar 88
81
100% 31,000 99% Jay n1923.4 Jan
5,000 86% Jan 8654 Jan
86%
Jan 102% Feb
102% 162,000 98
Jan 85% Jan
5,000 82
85
82
100
105
99
7334
57%
Range Since Jan. 1.
23,000
s9134 92
Garlock Packing deb 6s '39 100
Gatineau Power 5s_ _ _1956 91%
1941 96
6s
Gelsenkirchen Min 68_1934 94
Gen Indus Alcohol 650'44
Gen Laund Mach 650 1937 50
General Rayon 6s A _ _1948 72
Gen Theatres Eq 6s__1944 141
General Vending Corp
6s with warr Aug 15 1937
& El-Gen Water W
95
6s series B--- -- ---- ---1944
Georgia dr Fla RR 6s__1946
5s..1967 9636
Georgia Power ref
Grand Trunk Ry 610_1936
1937 101
Gulf Oil of Pa Is
Sinking fund deb 5s_1947
Gulf States Util 5s_ _ _ _1956 93%
Feb
It,,
Feb
Feb
Jan
Feb
Jan
Feb
Jan
Jan
Jun
Bait & Ohio RR 4 %s_1961 101% 100% 102% 29:76000 10054 Feb 103
Bates Valve Bag Corp
Jan 107
14,000 102
105 107
Os with warrants_ ..1942
Feb 104
1,000 104
104 104
Beacon Oil 6s with war 1936 104
Jan 101%
75,000 100
Bell Tel of Canada 55_1955 100% 10034 101
Feb n102
100% 100% 20,000 100
1957
1st 5s series B
Jan 101%
101 10131 6,000 101
Consol Gas 5,4.1947 101
Boston
10,000 100% Jae 10154
101 101
Boston & Maine RR 681933 101
2,000 100% Jan 102
102 102
Buffalo Gen'l Elec 5s_ _ 1956
Burn & Wain (Copenhagen)
Jan 10!
1,000 98
9954 9954
1940
15
-year 6s
1,000 10734 Jan 108%
108 108
Canadian Nor Ry 7s_ _1935
Canadian Pacific Ry 5s1954 moq 100 100% 83,000 9954 Jan 10094
Capital Admin deb 5sA1953
Jan 88
10,000 83
88
88
With warrants
Jan
76
14,000 74
7434 76
Without warrants
yi
Pr & Lt
_1956 9936 99% 99% 24,000 1)8% Jan mos
Carolina
Jan 82%
Cent States Elec
_1948 82% 75% 82% 80,000 71
84% 137,000 72% Jar 84%
Deb 554s_ _Sept. 15 1954 84% 78
22,000 88% Jan 91
91
90
Cent States P & Lt 5%s '53 90
Jan 102
101 101% 4,000 97
Chic Pneu Tool 5%)4_1942
Feb 76
6,000 71
72
71
Chic Rys Is OM dep_ _1927
Cigar Stores Realty
78% 3,000 6256 Jar' 8354
78
1949
-is
53 series A
12,000 82% Jan 85
83
83
Cities Service 5s
1966 83
34 Jar
843.4
83% 84% 46,000 83,
Cities Service Gas 550 1942
Jan 94
5,000 90
9054 91
Cities Serv Gas Pipe L 6843
Jan 83
86
8654 21,000 81
Cities Serv P & L 5 %s1952 88
Jan 1(8
4,000 106
107 107
Cleve Elect III deb 78_1941
Jan 10234
102 10254 4,000 101
1954
General 5s A
Jan 95
3,000 90
95
95
Cleve Term Bldg 6s..1941
Columbia River Longview
Feb 91
5,000 91
91
91
Bridge 1st 654s_ -- -1053
Commerz nod Private
8634 73,000 $I 56 Jan 86%
Bank 554s
1937 86% 86
1,000 9334 Feb 98
98
98
Com'wealth Edison 450 57
Corm'GEL&P (BainJar 10634
550 serie.s E
1952 10634 106% 106% 5,000 106
1,000 101% Feb 162
102 102
1965
Is series F
Jan 98
97
97% 8,000 97
Consol Publishers 6301936 97
Feb 72
67
68% 7,000 67
1941
Consol Textile 8s
91% 91% 2,000 9154 Feb 97
('onsum Pow 454s A _ _1058
94,000 84% Feb 8854
86
1958 85% 85
Cont'l G & El 5s
1,000 94% Jan 9554
9454 94%
Continental 011 53Is_ _1937
Cuban Telephone 7501941 108% 108 10831 7,000 107% Jan 108%
15,000 9554 Jan 97
Cudahy Pack deb 554s 1937 9631 96% 97
9836 99% 4,000 98% Jar. 100
1946
5s
Federal Water Serv 554s'54
Finland Residential Mtge
1961
Bank 6s
Firestone Cot Mills 5s_1948
Firestone T & R Cal 55 1942
First Bohemian Glass Wks
7s without warr__ _ _1957
1931
Fisk Rubber 5548
Florida Power & Lt 5s_1954
3
Jan
Jan
Jan
33.2 Feb
Feb
Jan 49
Jan 124% Feb
Jan 85% Feb
1% Feb
Jan
Jan 4454 Feb
Ja,
1% Jan
Feb 14% Feb
Jan
Jan
Jan
Jar, 33
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Friday
Last Week's Range Sales
for
of Prices.
Sale
Price. Low. High. Week.
99%
92
7954
9934
94
80
86
Jan 98%
Feb 974
Jan 97%
Jan 92
Jan 116
Feb 96
Jan 99%
Jan 101
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Feb
6,000 100% Feb 103
Jan
Jan 99% Jan
24,000 97
18,000 104
Jan 10694 Jan
Jan 77% Jan
32,000 74
Jan
15,000 31% Jan 40
6,000 85
Jan 89% Jan
Jan
13,000 80% Feb 91
7,000 79
48,000 91%
3,000 105
16,000 89
133,000 9534
22,000 973-1
17,000 97%
26,000 10054
1,000 97
9,000 98%
100
9234
82
99%
9431
80
8654
33,000
57,000
5,000
11,000
11,000
1.000
37,000
Jan 84% Feb
Jan 93% .fan
Jan 106% Feb
Feb
Jan 91
Jan 9651
Jan 9951
Jan 99%
Feb 103
Feb n102%
99
Jar
Jan
Jan
Jan
Feb
Jan
Feb
Jan
9854 Jan 101
Jars 93% Jan
91
Feb
7934 Feb 82
Jan
Jan 100
99
Feb 95% Jan
94
Feb
Feb 80
79
Jan 8654 Feb
SI
101%
96%
97
101%
102%
83
102%
106%
105%
10134 101 101%
9534
95% 95
95% 97
100 100
1100024
9954
80
76
76
92 4
109:6
106341065,4
1045.6 104% 10531
11,000 99
27,000 90
16,000 9334
2,000 99%
15,000 99%
23,000 7478
1,000 10234
1,000 10535
17,000 104%
Jan
Jan
Jan
Feb
Feb
Jan
Feb
Jan
Feb
9754 9634 97%
100 100
100
10234 102 102%
10554 105% 108
96%
96% 96
105 105
96% 969-i 9654
9956 993,4
100% 100% 10054
11,000 9634
13,000 99%
17.000 10154
15,000 s104
26,000 94%
5,000 105
3,000 96
25,000 99%
45,003 99%
Feb
Purr:
91
10947/ii
Jan 102 5.1
Jars
10
Jars 1971
Feb 105
Feb
Feb
Jan 102 1
)
91 :4
100% 10034
2,000 100%
Jan
101
Jan
Jan
Jan
Jan
Jan
Jars
Feb
Feb
Jan
FebJanJan
Jan
Feb
Ja
Jan
Feb
Tan.
J n
Jan
80
7834
83
10,000
79% 80
78
79% 24,000
82% 83% 97,000
77
77%
80
Jan
Jan
Jan
80
81%
84%
Jan
Jan
Jan
93%
70
93
93% 3,000
70
71% 23,000
9234 92% 3,000
92
70
91
Jan
Feb
Jan
9314
76
95
Feb
Jan
Jan
0
1102
FINANCIAL CHRONICLE
Friday
Lam Week's Range Sales
Sale
of Prices
for
Price. Low. High. Week.
Range Since Jan. 1.
[VOL. 130.
CURRENT NOTICES.
-Clinton R. Tobey of Baker. Simonds & Co.
Schulte Real Estate es '35
is the author of a special
booklet which the firm has issued
without warrants
on "Investment Trust and Investment
73
73
2,000 53
Jan
Jan Companies," an explanati
75
Scripps(E W)530_1943 87
on of their organization and operation. This
87
88
3,000 85
Jan 90
Jan
Servel Inc 56
1948
70
70
5,000 68
Jan 70% Jan booklet also covers the various types of investment companies
Shawinigan W dc P 4348'67 91
including
91
92% 22,000 91
Feb 93
Jan Financial Trading Companies, Holding Companies,
430 series B
1988
General Management
91% 91% 10,000 9131 Feb 92
Jan Companies, Fixed and Semi
Shawsheen Mills 7s....1931 99
-Fixed Trusts, with a review of their growth.
99
100
23,000 96% Jan 100
Feb
Silica Gel Corp 8348 1932
Bancamerica-Blair Corp. have moved
With warrants
100
their Pniladelphia offices to
100 100
5,000 97
Jan 100
Feb 225 South 15th -St. where
Simmons Co 5s
1944
they occupy the entire tenth floor. Stanley M.
98 100
54,000 98
Feb 10134 Feb
Snider Pack 6% notes_1932
Smith, Vice-President, is in charge of
71% 72
5,000 59
Jan 72
Feb
the Philadelphia office which was
Southeast P & L 8s_ __2025
established in 1916. Bancamerica-Blair Corp.,
Without warrants
one of the principal under104
104 104% 49,000 103
Feb 104% Feb writing houses in the country,
Sou Calif Edison 5s___1951 1003.6 100 10035 27,000
maintains 27 offices in this country, and in
99% Jan 10134 Jan addition
Refunding 5s
has offices in the principal European centers.
1952 100% 100 100% 17,000 • 9931 Feb 102
Jan
Sou Calif Gas 58
1937
91
91
4,000 91
Jan 92% Jan
-It has been announced that Robert L.
Sou Gas 8348 w warr_ _1935 100
Baird, a former member of the
100 103% 8,000 97
Jan 103)4 Feb Board of Governors
Sou Nat Gas 6s
of the Rubber Exchange of New York and
1944 94
89
94
68,000 87
Jan 94
one of the
Feb local
S'west Dairies Prod 635s'38
trade's oldest dealers in the commodity, has
86
86
1,000 86
Feb 91
Jan
joined the firth of H.
S'west G & E 58 A1957 92% 92% 93% 7,000 92
Jan 94% Jan Hentz & Co.,60 Beaver St., N. Y.,as Manager of the
S'west Lt & Pow 55ser A'57 9034 90% 903.4
Rubber Department.
3,000 90% Feb 95
Jan Mr. Baird's former company, the Baird
S'west Pow Sr Lt 8s__ _2022
Rubber Trading Co., has been in
103 103% 3,000 103
Jan 10434 Jan
Staley(A E) Mfg es_ __1942 983.4 98
98% 6,000 897% Jan 98% Inn the process of liquidation for some time.
Standard Invest 5348-1939 86
84
86
14,000
- B. Matthews, formerly Vice-President of
H.
Feb
Stand Pow Jr Lt(Is__ _ _1957 98% 97% 98% 61,000 8134 Jan 56
S. W. Straus & Co., and
97% Jan 98% Jan for 15 years director of its
Stinnes(Hugo) Corp
advertising, has opened his own office at 521
78 1948 without warrants
Fifth Ave., New York, as Consultant in
75% 76% 23,000 75
Feb 79
Jan
advertising and public relations.
7s Oct 1 '36 without warr 84% 84% 85
9,000 82% Jan 89% Jan Mr. Mathews will specialize in general
financial, real estate mortgage
Strauss (Nathan) Inc 86'38 70
70
70
5,000
Feb 78
Jan security, and metropolitan real estate fields.
Stutz Motor (Am) 73411 '37 28% 28% 28% 1,000 70
2831 Feb 50
Jan
Sun Oil 534s
1039
The appointment of Colonel Latham R. Reed
101 101% 10,000 100
Jan 101% Jan
as a member of the
Swift & Co 58 Oct 15 1932 100% 99% 100% 26,000
79% Jan 100% Jan board of governors of the Chicago Stock Exchange
has been announced.
Colonel Reed is one of the New York partners of
Texas Cities Gas 5s___1948 81
81
80
E. A. Pierce & Co. His
9,000 80
Jan 81
Jan appointment follows
Texas Power & Lt 5s1956 95% 95% 96% 23,000 95
closely the admission in the firm of Arthur
Jan
Jan
A. Wilson
Thertnold Co fe w w__1934 9231 9134 92% 65,000 823( Jan 98
9234 Feb who is to be resident partner in Chicago.
'Fri Utilities Corp deb 58'79 8134 79
8134 185,000 78
Jan 89% Jan
Industrial and Power Securities Co., Packard
Ulen Co 6s
1944 8934 89% 90
33,000 83
Building, Philadelphia,
Jan 90
Feb have
Union Amer Inv 58_ - _1948
published a booklet containing an article, by Walter
L. Morgan,C.P.A.
With warrants
91
91
11,000 84 June 91
Feb entitled "Are Earning Reports of Your Investment Trust Misleadin
Union Elec Lt & Pow (Mo)
g."
In this article attention is called to the various
5s series B
1987 100% 100 10034 19,000 99% Jan 10034
practices possible in the
Feb tabulation of investment trust
United El Serv (lines) 78'158
earnings.
With warrants
100 100
10,000 9834 Jan 10034 Feb
-R. A. Daly & Co., Ltd.,'Toronto, announce that
Without warrants
A. F. Tomlins and
91% 9134 91% 18,000 89% Jan
9134 Jan J. P. Welwyn, have been elected to the
United Indus Corp 8348 '41 87% 8734 8834 49,000 84
board of directors of their comJan n89
Jan
United Lt & Rye 5348_1952 85% 85% 85% 25,000 8331 Jan
8734 Jan pany. The directorate is now as follows: R. A. Daly, President; A. W.
6s series A
1952 10134 101% 10136 11,000 100% Jan 102
Jan McLennan, Vice-Pros.; A. H. C. Beairsto, Vice-Pres.; J. H. Christie,
United Rys (Hay) 7348 '35
101 101
4,000 10034 Jan 10234 Feb A. F. Tornlins
and J. P. Welwyn.
United Steel Wks 834s 1947
With warrants
90
89
90
79.000 87
-Hartshorne, Pales & Co., members New York Stock Exchange
Jan 90
Feb
U Ei Radiator 5s
, 71
1938 8531 85
85% 2,000 82% Jan 85% Feb Broadway, New York, have
prepared a summary of the affairs of the
U S Rubber
Serial 8%% notes 1930 10034 99% 10034 15,000 99% Jan
United Gas Improvement Co., in which they outline their operation
s,
100% Feb
Serial 634% notes_ _1931 98
9734 98% 19,000 9834 Jan 98% Feb investments, dividend record, earnings, &c.
Serial 634% notes_ _1932
96% 9834 1,000 9534 Jan 97
Jan
-J. M. O'Neill and P. R. Bowdre, formerly connected with the Balti
Serial 634% notes_ _1934
94% 9431 12,000 9334 Jan 95
Jan
Serial
% notes_ _1939
9231 93
12,000 92% Feb 93
Feb more office of Stein Bros. & Boyce, are now located in their New York
Serial 634% notes- _1940
9334 93% 1,000 93% Feb 94
Jan office at 120 Broadway. Mr. O'Neill is in charge of the trading departUtilities Pr & Lt 59-1959 84% 83% 8431 82,000
81
Jan 85
Jan ment and Mr. Bowdre is office manager.
Virginia Elec Pow 58....1955
-Bear, Stearns & Co., 100 Broadway, New York, have prepared a
98
98
1,000 9731 Jan 99% Jan
Waldorf-Astoria Corp
circular discussing the merger possibilities of Brooklyn Union
1st 75 with warr____1954 90% 90
Gas Co..
91
64,000
Jan 10334 Jan Public Service Corp. of New Jersey,
Warner Bros Pict 681_1939 103% 10234 104% 123,000 88
Louisville Gas & Electric Co. and
89
Jan 10434 Feb
Wash Wat Pow 5s wi_1960 99
Consolidated Gas of Baltimore.
99
99
33,000 9834 Jan 99
Jan
Webster Mills 835s-1933
90
93
15,000 8534 Jan 93
Feb
-The agency, Bank of Montreal, 64 Wall Street, New York City,
Western Newspaper Union
has
Cony deb 6€1
for distribution a booklet regarding Canadian income tax.
1944
90% 91
4,000 86
Jan 92
They are also
Jan
Western Power 535s- _1957
119 120
8.009 111% Jan 120
Feb prepared to supply Canadian income tax forms upon application.
Western Union 5s____1960 10034 100% 100% 72,000 100%
Feb 10034 Feb
-J. S. Wooters, formerly sales promotion Manager for General
West Tex UM Se
1957
91
91
2,000 91
Foods.
Feb 93
Jan
Westvaco Chlorine 53.48 '37 102% 102% 10234 1,000 101
Feb 103% .lan Inc., has been elected a Vice-President of W. E. Willard & Co., Inc., in
York Ice Mach es- -- -1937
75
889.4 17,000 75
Feb 88% .Feb charge of sales and sales promotion for the United States.
Os
1947
83
83
2,000 83
Feb 83
Feb
-Williamson, Gilbert & Co.. members of the New York
Stock Exchange,
Foreign Government
5 Nassau St., N. Y., announce that Horace C. O'Sulliva
n has been apand Municipalitiespointed Manager of their trading and bond departments.
Agricul Mtge Bk Rep of Col
20-yr 7s Jan 16
1947
-Charles D. Robbins & Co., New York, announce the opening
76
77
6,000 7234 Jan 77
Feb
of an
Baden (Germany) 7s__1951 93% 93% 933 4
,
5,000 91
Jan 95% Jan office in the White building in Buffalo under the management of Norman
Bank ofPrussia Landowners
G. Bellinger, formerly of Cook, Bellinger & Taylor.
Alon 6% notes,... ...1930
99% 9934 26,000 98
Jan 9934 Feb
Buenos Aires(Prov) 7348'47
100% 101
R. Page Mason, formerly Asst. Vice-President of The Shawmut
21,000 97% Jan 101
Feb
7s
1952
96
96% 3,000 94% Jan 98
Jan Corp. of Boston has become associated with Guibord, White &
Cent Bk of German State &
Co. as
Prey Banks Os B__ _1951 82
81% 82% 15,000 7694 Jan 82% Feb Manager of their Boston office.
Chilean COW 7s
1960 93% 92% 94% 67,000 90
- E. Mitchell, formerly with Charles D. Robbins
H.
Jan 94% Feb
Danish Cons Muni° 5348'55
& Co., and Henry
97% 98% 7,000 97% Jan 100
Jan F. Eichorn and Leo J. Dempsey have become associated
5s
1953
with the New York
94
95
7,000 90% Jan 96
Jan office of Stein Bros. & Boyce.
Danzig P & Waterway Ba
Esti f 6%s
1952
8136 8134 1,000
-Wm.Carnegie Ewen, 2 Wall St., New York, has prepared
Frankfort (City) 8348_1953 91% 89% 91% 37,000 7834 Jan 81% Feb
for distribu8931 Jan 92% Jan tion a detailed circular
German Cons Munic 7s '47 92% 92I1 93
on Portland (Maine) RR. Co. 1st lien & Congo).
20,000 91
Jan
6s
1947 83% 83% 8334 28,000 79% Jan 93% Feb mtge. 5% bonds of 1945.
85% Jan
Hanover (City) 7s w L1939 96% 96% 97
1,000 9534 Jan 97% Jan
-Wellsted Macklin & Co., dealers in investmen securities
Indus Mtge of Finlandt
, Union
1st mtge coils f 7s_ _1944 100
Trust Bldg., Cleveland, have been admitted to membersh
99% 100
3,000 97
Jan 100
ip in the CleveJan
Lima (City) Perri 6%81958
77
78
2,000 73
Jan 7974 Jan land Stock Exchange.
Marauhao (State) 7s_ _1958 79% 75
79% 34,000 88
Jan 79% Feb
-John R. C. Master, formerly associated with Wrenn Brothers
Medellin (Colombia) 7s '51 86
8034 86
12,000 75
& Co.,
Jan 86
Jan
Mortgage Bank of Bogotahas joined the staff of the Philadelphia office of Doremus
& Co., financial
7s new
1947 81
78, 81
28,000 85% Jan 81
Feb advertising agency.
7s Issue of 1927
1947 78%
78%
3,000 71
Jan 78% Feb
-Tucker, Anthony & Co., members of the New York Stock Exchange
Mtge Bank of Chile 83_1931 9834 98
9334 64,000 9831 Jan 98%
,
68
1962 87% 87% 873.4 38,000 84% Jan 88% Feb 120 Broadway, N. Y., have prepared an analysis
Jan
of Equitable Office
Mtge Bk of Denmark Is '72
985( 98% 5,000 953( Jan OS 34 Jan Building Corp.
Parana(State)Brazil 7s1958 7631 71
7634 24,000 65
Jan
Prussia (Fee State) 88_1952 8634 8834 86% 43,000 81% Jan 7634 Feb
Normandie National Securities Corp., 521 Fifth Ave., New York,
88% Jan
Esti 83.4s(of'28)Sep 15'51 92
891% 92% 18,000 8631 Jan n93% Jan has issued an analysis of conservative investmen
ts, featuring Lefcourt
Rio de Janeiro 6%s_ --1959
74% 75
8,000 67
Jan 75
Jan Realty Corp.
Rumanian Mono Dist 7s'59 83
83
83% 20,000 8034 Jan 83% Jan
Russian Governments
-Grant M. Brown, formerly with J. & W. Seligman & Co.,
is now
834s ctfs
1919
5%
534 6
15,000
534 Jan
7% Jan associated with Chatham Phonic Corp. in their trading departme
nt.
Saar Basin 7s
1935 9614 96% 97% 7,000 93
Jan 9734 Feb
Saarbruecken 7s
1935
-F. J. Lisman & Co. have opened an office in Lakewood
98
98
5,000 98
Feb 101
Jan
, N. J., in the
Sante Fe (City) Argentina
Hotel Laurel-in-the-Pines under the management of
Max Glaser.
external 7s
1945 88
88
89
15,000 86
Jan 89
Feb
-The New York office of F. S. Mosley & Co., nuimbers
Santiago (Chile) 7s_ _ _1949
95% 9534
1,000 9031 Jat
95% Feb
New York and
Boston Stock Exchanges, has been removed to 39
Broadway.
3 No par value. 1 Correction. m Listed on the Stock Exchange this week,
.
where
-David C. Rhodes has become associated with Batchelde
additional transactions will be found. n Sold under the rule. o Sold for cash,
r & Co.,
s Option sales. I Ex-rights and bonus. tr When issued. z Ex-div. y Ex-righ
ts, specialists in municipal bonds, 25 Broadway, New York.
e "Under the rule" sales 113 follows:
-John T. Davidson, formerly with Grannis, Doty
& Co., has become
Aluminum Co. of Amer. Is, 1952, Jan. 30, 151,000 at
associated with C. M. Mitchell & Co.. New York
103%•
City.
Amer. Commonwealth 6s, 1949, Jan. 22, $300 at
l06@107.
-Wallace & Trost, members of the Buffalo Stock
Arcturus Radio Tube, Feb. 6, 100 corn. at
Exchange, announce
Blew-Knox Co., Jan. 2, 58 shares at 31. 1534.
that Allan B. Sallnger is now associated with them.
Burco Co., Jan. 26, 50 warrants at 414.
-P.F. Cusick & Co., members New York
Central States Elec., Feb. 6, 3,300 shares 6% pref.
Stock Exchange, 49 Wall St.
at 70.
N. Y., have issued an analysis on Chrysler Corp.
General Water Works & Elec. 8s, 1944,
Gerrard (S. A.) Co., Jan. 2, 105 sharesJan. 29, $1,000 at 963-4.
corn. at 24.
Frederic H. Hatch & Co., 63 Wall Street, New York,
Houston Gulf Gas, Jan. 30, 100 shares corn,
have published
an analysis of Standard Cap & Seal Corp.
Lackawanna Securities, Jan. 27, 300 shares at 18.
at 4134.
Mohawk dc Hudson Power, Feb. 6, 75
-F. J. Lisman has issued a reprint of an
shares 2d pref. at 112.
article on "The Feasibility of
Nehi Corp., Feb. 13, 300 shares corn.
the I.C.C. Consolidation Plan."
Neisner Bros. Realty Os, 1948, Feb. 6, at 241-4
811,000 at 9334.
United Zinc Smelting, Feb. 5. 200 shares
- D. Knox & Co., 11 Broadway, New
H.
14.
at 3
York, have issued an analysis
of Portland (Maine) RR. Co.
z "Optional" sale as follows:
American Aggregates deb. 6s, 1943, Jan. 3,
$1,000 at 8654.
-Frank C. Eastman Jr., has been appointed Manager
Montreal Lt., Ht. & Pow. Cons., Feb. 10, 100
of the Atlanta
shares at 138.
office of C. F. Childs & Co.
Bonds (Concluded)
-
Low.
High.
FEB. 15 1930.]
1103
FINANCIAL CHRONICLE
Quotations of Sundry Securities
where marked 'f".
All bond prices are "and interest" except
Investment Trust Stocks
and Bonds (Cenci.) Par Bid Ask
--- General Trustee common___
Minn St P & SS M 4155 & 58 5.25 5.00
New units
Equipment 61513 & 7s... 5.60 5.15
6% bonds
5.25 5.00
36 28
MissouriPacific 615s
Greenway Corp corn
5.40 5.05
54
Equipment 6s
Preferred without warr_
4.95 4.75
Mobile & Ohio 5s
Warrants
24
19
New York Central 415s & 5* 4.75 4.60
Guardian Investment
5.30 5.00
24
Equipment Os
Preferred
5.05 4.80
Equipment 7s
Guardian Investors
4.75 4.60
90
80
Norfolk & Western 415s
$e units
Standard Oil Stocks
5.10 4.80
40
30
16
Northern Pacific 75
LI. *15
$3 units
5.10 4.85 Anglo-Amer Oil vot-stock Ll *15
90
10
Pacific Fruit Express 7s_
$7 preferred
Non-voting stock
4.75 4.60
34
31
Pennsylvania RR equip 5s
25 *4058 4078 Incorporated Equities
Atlantic Ref corn
5.40 5.00
5612 59
27
Pittsb dr Lake Erie 6555
Incorporated Investors
25 *22
4.75 4.60 Borne Scrymser Co
Assn..
4550 &. 5s
67
Reading Co
Industrial Collateral
Buckeye Pipe Line Co.. 50 *65
St Louis Se San Francisco 5s 5.00 4.80 Chesebrough Mfg Cons 25 *157 163
Industrial & Pow Sec Co
14
- - -- 16
s
Seaboard Air Line 5155 & 6s 6.00 5.40 Continental 011(1%1e) v t c 10 *1258 133 Insuranshares Ctfs Inc
4.75 4.60
50
45
415s
2114 Inter Germanic Trust
Southern Pacific Co
21
5.00 4.80 Continental 011 (Del)
65
Equipment 7s
6 18 Int Sec Corp of Am corn A.. 1'60
6
4.75 4.60 Creole Petroleum
34
x29
Ry 415s & 5*
52
Southern
47
Common B
5.40 5.05 Cumberland Pipe Line_100 47
_
51
Equipment 6s
Allotment certificates.... z139
5.40 5.10 Eureka Pipe Line Co___100
x39 ,
34
Toledo & Ohio Central 6s
preferred
3
7%
5.00 4.85 Galena w
91
sS5
Union Pacific 7s
3 12
3
63.5% preferred
Galena Signal Oil c.o.d._100
88
s80
4
,
,
6% preferred
Preferred old c.o.d___100 76 4 79
50
44
Corp Inc_ - _
Aeronautical Securities
4
,
Preferred new c.o.d___100 76 4 793 Internet Share Corp
,
85 4 Interstate Share
.25 *85
Humble Oil & Refining..
,
84
37
Aeronautical Ind without war
Co of Amer corn.... 8612 92
100 307 310
Invest
Illinois Pipe Line
119 2
Warrants
300 310
7% preferred
Ctf of deP
31
4
3
74 8
*2419 25
Air Investors common
Invest Fund of N J
Imperial 011
47
45
Inc
4014 Investment Trust of N Y.. 1114 12
*40
Airstocks
,
218 2 8 Indiana Pipe Line Co
42
37
1934
Alexander Indus corn
International Petroleum _ - t *1912 2118 Invest Trust Associates
82
35
8% participating pref_ _
Joint Investors class A
National Transit Co_ 12.50 2078
6
Corp___
...- 100
1812
American Airports
..100 15
Convertible preferred
New York Transit Co.
7
04
46
Aviation Corp of Calif
Keystone Inv Corp class A.
Northern Pipe Line Co__100 44
10
5
8
Aviation Sec Co of N E
,
25 *68 8 687
Class B
71, 919 Ohio Oil
1114 12
Bellanca Aircraft Corp
103 107
Leaders of Industry
Short Term Securities
Preferred
5
03
4
/
461 4958
4
Central Airport
25 2018 213 Massachusetts Investors- _ _
Penn Mex Fuel Co
5
70
1
07
new corn...
,
Cessna Aircraft
25 *4918 49 8 Mohawk Invest Corp
Allis Chal Mfg bs May 1937 100 101
,
151 Prairie Oil & Gas
1114
15
10
,
25 *5812 58 4 Mutual Invest
Alum Co of Amer bs May '52 10214 10212 Consolidated Aircraft
8514 Prairie Pipe Line
14
4
,
13
3312 Nat Re-Inv Corp
*31
Consolidated Instrument__ t s4 1., 9
9812
25
Amer Rad deb 455s May '47 97
Solar Refining
7
9812 Curitss Flying Service
1812 North Amer Util Sec
50 *14
Am Roll Mill deb 5s_Jan '48 98
Southern Pipe Line Co
6
0.3
25 *3712 3812
,
Preferred
Bell Tel of Can bs A _ Mar '55 1001 4 100 4 Curtiss Reid corn
South Penn 011
913 10
40
30
60
Curtiss-Robertson corn_ _
North Amer Tr Shares
Bethlehem Steel
612 818 Southwest Pa Pipe Line_50 50
6
3
8
Dayton Airy' Engine
North & South Am B corn
Sec 5% notes_June 15 '30 9978
Standard 011 (California)_.t *s.585 59
6
8
57
,
25 *51 8 5112 Oil Shares units
Detroit Aircraft
Sec 5% notes_June 15 '31 100
Standard Oil(Indiana)
312 4
1 1;1-- 9 17
A
2812 Old Colony Invest Tr corn
Fairchild Aviation class
25 *28
Sec 5% notes June 15 '32 100
Standard 011 (Kansas)
15
89
86
4 3612
Federal Aviation
Cornmer'l Invest Trust
Standard Oil (Kentucky)_10 *361 49
434% bonds
21
45
18
42
*48
Fokker Aircraft
May 1930 9914
Old Colony Tr Associates..
5% notes
114 Standard 011 (Nebraska)_25 *x6134 62
4
3
1948
25
Kinner Airpl de Motor
Overseas 5s
Cud Pkg deb 555s_Oct 1937 9612 97
Standard Oil of N. J
03
6
25 *3218 3214 Pacific Invest Corp corn....
Lockheed Aircraft
Edison El Ill Boston
Standard Oil of N Y
12
87
25 *84
4
1
/ Maddux Air Lines corn
Nov 1930 9978 100
Preferred
415% notes
64
1 114 Standard Oil (Ohio)
61
100 *118 121
National Aviation
Power & Light Secs Trust__
Preferred
Empire Gas & Fuel
10
26
21
9812 99
Aircraft....
New Standard
1
/
Public Utility Holding corn.
June 1930 994
Standard Oil Export pref.__
5s
512 612
64 7
- 310
*6
25
North Amer Aviation
65
62
Common with warrants__
Swan & Finch
Fisk Rubber 515s__Jan 1931
11
8
3512 36
Sky Specialties
Warrant
Union Tank Car Co
General Motors Accept
5
10
25 *9258 9314 Research Inv Corp corn.... 31 - 34
Southern Air Transport_ _
8
Mar 1930 997
Vacuum Oil
6% ser not,es
4
7
78
68
4
Mar 1931 9914 993 Swallow Airplane
Units
5% ser notes
754
6 Investment Trust Stocks
712 1012
Aircraft Engine..._
,
Mar 1932 98 4 9914 Warner
Royalties Management- - _
5% ser notes
6
,
,
and Bonds
Seaboard Cont Corp units
5% ser notes_ Mar 1932 97 4 98 1 Wh lttelsey Mfg
,
Mar 1934 9634 97 4
Common
5% ser notes
9
Water Bonds.
,
Mar 1935 95 4
5% ser notes
Amer Capital Corp B
Second Financial Invest....
,
5% ser notes__ _Mar 1936 95 4
Amer Common Stocks Corp_
2nd Found Sh Corp units..
95
21
.A&O 93
lot 55 A 'SO.
al
Ark Wet
Class A
Gulf Oil Corp of Pa
Amer & Continent
9812 101
90
Birm WW 1st 555sA'54 A&O
Dee 1937 10012 101
One hundredths
Amer & For Sh Corp units.. 85
Debenture lis
45
95
41
45
40
,
lot M 5s 1954 ser 13_ _J&D 9812
Common
Second Internet Sec Corp- 19
Debenture bs___Feb 1947 l001 100 4
24
98
sA'54 J&D
1938 96
City W (Chat)515
Common B
Koppers Gas & Coke
515% cony debs
44
93
3118
40
2718
J&D
,
97 4
lot M 5s 1954
6% preferred
Amer Founders Corp corn__
Debenture bs-June 1947 97
88
Investors
City of New Castle Water
Mag Pet 415s_Feb 1530-35 93 100
Cony preferred
4 Second Nat Shares
,
43 4 483
J&D 90
bs Dec 2 1941
Mar 0115% notes J'n3 1530 9978
6% preferred
Select Trust
1914
19
91
53
49
Association corn..
98
99
Clinton WW 1st 55'39..F&A
Serial 5% notes J'ne 15 '31
7% preferred
29
57c 62c Shawinut Bank Inv Trust.. 27
98
Com'w'th Wat lot 515sA'47 97
Serial 5% notes J'ne 15'32 97
1-40ths
87
90
42c Shawmut
82
37c
1942
Miss Gas Cog 555s Jan 1946 103 10314 Con'llsv W 55 Oct2'39 A&O 94
1-700,s
45513
90
14
1952 85
4
1
/
99
- E St L & lot Vat 5s '42 J&J
Pacific Mills 555s_ _Feb 1931
Warrants
58
99
46
z40
J&J
1952 180
lot M 6s 1942
Peoples Gas L & Coke
Amer & General Sec 8% pref
6s
99
--_34
31
Huntington lot 6s '54_15I&S
Bond & Share
Dec 30 9914
415s
Class A
Southern
_--16
12
1954 92
5s
9612
Proc & Gamb 415s July '47 97
Class B
Common A
9i- Amer Insurance Stock Corp_ 1412 17
Monm Con W lst5s'513J&D 90 - Swift & Co
Common B
99
allotment ctfs__
Overseas pref
15 1932 10018 10014 Monm Vol NV 5155 '50_J&J 9612
--Oct
5% not
Amer de
$3 pref
1 712
14 8
-116
Muncie WW 5sOct2'39 A&O 93
Tr Shares
Standard Collateral Trust-.
- -_
92 - Amer fly & Gen B units_ _ _ A&O 90
St Jos Wet 5s 1941
Tobacco Stocks] Par
Amer Util
Standard Corporation
-_
90
Val W 5s'513..A&O 85
Corp_ _
Shenango
Investing
Astor Financial
84
- - _ Standard
79
So Pitts Wet 1st 501960 J&J 93
American Cigar Pref..- 100 95 105
Atlantic Securities corn
534% pref with warr
9612
119
1018 1134
F&A
Ohs
29
lot M 5s 1955
British-Amer Tobac ord__.£1 *27
Warrants
1178
45 Standard Oil TrustOhs
11
43
A _J&D 99
29
Terre II WW tis '49
LI *27
Bearer
Preferred
Trustee Stand 011
25
lot M bs 1956 ser B_ F&D 92
Imperial Tob of G B & Irel'd *23
Bankers Financial TrustTrustee Transportation Shs_
Wat lot 6s'49_M&S 99
t Am units_
corn. 433 46
y... _100 100 125
Wichita
lot Cigar Machiner
Bankers In% eQtrn
United Founders Corp
94
58e 63c
65
bb
lot M 5* 1956 ser B_F&A
Bankers See Tr of Am corn..
Johnson Tin Foil & Met-100
1-70ths
IS
Union Cigar
Bankinstocks Holding Corp.
United Trust Shares A 2
2113 2413
*3
Stocks.
el A
712
Chain Store
Union Tobacco Co Class A _
Bankshares Corp of U 8
U S Flee Pow Corp
__
712
Berland Stores units new.... 095 10(1
Bankstocks Corp of Mel cl A
Young (J 8) Co corn _100 100
Warrants
1418
66
(H C) Inc corn.--.j 61
100 102
--- Bohack
Class B
Preferred
S Shares class A
100 99 103
34 1514
13
7% let preferred
Preferred
Class A 1
,
153
8 98
87
7
4
/
111 1258
Butler (James) common__ _ _
Basic Industry Shares_ _ (t)
Indus. & Miscellaneous
Class A 2
,
100 nlO
2812
1414 15 4
Preferred
British Type Investors
Class C 1
52
30
48
35 Cent Nat Corp A
2958
45
25
Diamond Shoe common_
Aeolian Co pref
Class C 2
4
1
/
24
24
91
20
90
22
20
Preferred with warr
Aeolian Weber P & P__ _100
Class B
Class C 3
20
16
25
20
corn _ _ _
1
/
164
65
Edison Bros Stores
2' *63
Colonial Investor Shares...
American Hardware
Class D
4
1
/
90
94
8
167 18
Preferred
100 129 133
Commonwealth Sec
Babcock At Wilcox
Class F
29
32
1178 131s
30
Fan Farmer Candy Sh pf_
*28
Commonwealth Share Corp.
Bliss (E W) Co
•312
Class H
17
412 Continental Shares corn_
Fed Bak Shops corn
50 50
Preferred
Internet class B. 13
U S & 13rit
34
84
82
31
Feltman & Curme Shoe
100 108
Cony pref
Childs Corp pref
Class A
45
54
50
100
40
Stores A 7% pref
Dixon (Jos) Crucible_ ..i00 165 172
Continental Securities Corp. 50
Preferred
14
76
18
70
3912 4212
Fishman (H M) Stores corn
-Preferred
Car lit & Ltg_ _..l00 120 131
Safety
& Power95 103
4
,
18 4 203 I) S Elec Light
Preferred
Corporate Cap Corp units..
Singer Manufacturing_..l00 480 510
U S Overseas Corp corn....
434 Ot Atl & Pan Tea pref..100 116 119
*414
(t)
Li
Deferred stock
Singer Mfg Ltd
13
1519 10
Howorth-Snyder Co A.....
Credit Alliance A
Sugar Stocks
52
9- 94
,
90
Knox Hat
100 50
Corporate Trust Shares___
Railroad Equipments
1812
Fajardo Sugar
28 - 34
.18
Kobacker Stores corn
Crum & Forster InsurGodchaux Sugars Inc
81
75
70
100 n85
78
90
pref 7%
Cum
5.40 5.05
ance shares com
100 .5
Atlantic Coast Line 6e
Preferred
10
99
9
97
10
5.00 4.80 Kress (S H) 6% Prof
Equipment 6 l5s
7% Preferred
Haytian Corp Amer
35
*30
5.40 5.05 Lane Bryant Inc 7% p w w. 90 100
Baltimore & Ohio 6€.
Deposited Bank Shares B-1.
Holly Sugar Corp corn--t 78
81
121 4
pf w w. 93
98
4.75 4.60 Lerner Stores 615%
Diversified Trustee Shares
100
Equipment 415s & 5s__ _ _
Preferred
31
2114 22
100 0325 400
Shares B
Buff Roch & Pitts equip 68- 5.15 5.00 Lord & Taylor
_100 3012 16
1
/
8 94 National Sugar Ref...
87
100 7595
12
5.00 4.85
First preferred 6%
Canadian Patific 415s & 6s_
Series C
New Niquero Sugar_ -100 87
5
92
3
5.41) 5.05
Second preferred 8%.100 n100
Domestic & Overseas
Central RR of N J (is
corn
Savannah Sugar
99
99 104
5.40 5.05 MacMarr Stores 7% pf w w
Eastern Bankers Corp corn
Chesapeake & Ohio 69
100 94
Preferred
16
15
5.10 4.85 Melville Shoe Corp
Units
Equipment 6.55
2512 Sugar Estates Oriente pf_100 35
45
92
4.80 4.60
1st pref 6% with warr_100 84
Equit Investing Corp units_ 2012
Equipment 5s
0
Vertientes Sugar pref....10
30
28
Corp corn
5.40 5.05 Metropolitan Chain Stores
_
Equity Invest
Chicago & North West tis_
74
66
100 85
90
5.10 4.80
New preferred
Units
Equipment 6355
Rubber Stocks (Cleveland) .7
23
19
812
32
4.90 4.70 Miller (I) & Sons com____t .30
Federal Capital Corp
Chic R I & Par 415s de 5a.. _
Aetna Rubber corn
5
100 n80
87
5.50 5.10
Preferred 615%
New units
Equipment 69
Falls Rubber corn
912
94
5.60 5.30 Mock Judson & Voeringer pf 90
First Holding & Trod
Colorado & Southern 08_ _ _ _
25 .35
Preferred
37
80
5.40 5.05 Murphy (G C) Co corn_ t *60
Os
Trust Shares CIA.-(t) 21
Fixed
Delaware & Hudson
Faultless Rubber
18'2
152
100 100
(t)
5.50 5.20
8% cum pref
Class B
58
Erie 45 & 58
Rub com___25
Gen'l Tire &
9212
5.60 5.25 Nat Family Stores Inc warr n2
Founders Holding corn el A.
Equipment 68
-100
Preferred
*n12
14
5.40 5.15 Nat Shirt Shops corn
r100
6% preferred
Great Northern 6s
Goody'r T & R of Can 1f.100 *12
100 rig()
15
85
4.80 4.65
Preferred 8%
New 140th*
Equipment 5*
India Tire de Rubber
*8
11
33
4.80 4.65 Nedick's Inc corn
30
Foundation Sec corn
Hocking Valley 5€
Miller Rubber Prof.._..100
14
5.40 5.05 Neisner Bros Inc Prof 7%100 115 130
12
Preferred
Equipment AS
100
Rubber
Mohawk
4.75 4.60 Newberry (J) Co 7% pf 100 95 101
65
Founders Sec Tr pref
Illinois Central 4 ',5s & 5s_ _
100
Preferred
5.40 5.05 N Y Merchandise com
t *22
25
- -1;17 2 18
Founders Shares
Equipment Os
Setberling Tire & Rubber- t
10
First preferred 7%.- _100 90
5.70 4.80
_
88
General Equities A
Equipment 7s & 6 i58
100 70
95
Preferred
92
Gen Pub Serv 6% pref
Kanawha & Michigan (Is... 5.50 5.20 Peoples Drug Stores corn _ t
- -100 162 104
615% cum prof
Kansas City Southern 5'5s. 5.60 5.20
n15
5.40 5.05 Piggly-Wiggly Corp
Louisville & Nashville 6s__
100 n90
5.25 5.00
Preferred 8%
55
Equipment 61
4.75 4.60 Reeves (Daniel)preferred100 92
97 Michigan Central 55
5.10 4.80 Rogers Peet Co corn.. 100 120 1715
Equipment fls
0
also pays scar. div IL.aat,ale *Nowt°.•Ex-d1v. Ex-rights. r Canadian tient. • Sale price. • Ex 4 0% *S.'. (VI,.
• Per share t 4oparvalue. 3) Basis. 4 Yarn.
Public Utilities
Par Bid A sk
52
Amer Public Util corn-100 49
93
prior preferred __ --100 89
7%
89
100 85
Partin preferred
Appalachian El Pr pref--100 108 109
& ElecAssociated Gas
*95
$5 Preferred
80
75
Cleve Elec Ill corn
100 111 113
8% preferred
100 107
Col El de Pow 7% pf
Eastern UM Assoc corn- --t *3712 1812
,
*1334 14 4
Convertible stock
86
Gen Public Util $7 pref-t *84
Pow pref 100 *1021,
Mississippi Riv
99 nkir
First mtge 5s 1951___J&J
96
94
lid&N
Deb 5s 1947
National Pow & Lt $7 pref_ t *109 110
4
*1013 10212
$6 preferred
North States Pow 7% pref_ 104 107
Ohio Pub Serv 7% pref_100 103 106
97
94
8% preferred
Pacific Gas & El 1st pref_.25 *2612 27
Puget Sound Pr & Lt $6 pf_ t *98 101
83
*86
$5 Preferred
1st & ref 515s 1949.. J&D 100 101 12
90
Say El & Pow 6% pf_100 88
Sierra Pac El Co 6% pf_100 92
-, 2
5
Stand Gas & El $7 pr pf_100 108 16 1,
_ 10814 109 4
Tenn Elec Pow 1st pref
100 99 100
6% preferred
00
86
Toledo Edison 5% pref____
101 103
6% preferred
100 10812 110
7% preferred
97
Utilities Pow & L 7% Pf-100 90
(Convict.) Bid
Railroad Equip.
Ask!
Chain Store Stocks Par Bid
*2712
Schiff Co corn
Cum cony pref 7%___100
23
Shaffer Store corn
Silver (Isaac) & Bros com-t 35
100 88
7% cum cony pref_
Southern Stores 6 units
U S Stores
First preferred 7%...100 55
Young(Edwin H)Drug units 100
Ask
30
95
2312
45
93
45
9
60
102
1104
Stutestutent anti glaittoati intelligatce,)
Latest Gross Earnings by Weeks.
-In the table which
follows we sum up separately the earnings for the first week
of February. The table covers five roads and shows 10.91%
decrease under the same week last year:
First Week of February.
1930.
1929.
Increase.
Canadian National
Canadian Pacific
Minneapolis & St Louls______
St Louis Southwestern
Western Maryland
$
3,921,539
2,905,000
237,297
433.100
366,749
$
4 375,872
3,312,000
269,669
501,946
366,303
Total (5 roads)
Net decrease L10.91111
7,863,685
8,825,790
Decrease
$1
-Month of December- 12 Mos. End. Dec. 31
1928.
1929.
1928.
192z).
S
$
$
95,637
8%,769 1,025,933 1,036,155
749,352
65,196
760.871
67,772
Operating revenues
Operating expenses
Net revenue from oper
Tax accruals
$
484,333
407,000
32,372
68,846
446
446
Fonda, Johnstown & Gloversville RR.
992,551
992.105
30,441
Cr8,384
21,997
Cr6.146
265,061
70,775
286,803
75,963
Operating income
Other income
38.825
6,998
28,143
9,712
194,285
122,767
210,839
101,705
Gross income
Deduct, from gross income
45.823
32,028
37.855
33,245
317,053
381,130
312,545
382,786
13,795
4,610
-64.077
-70,240
Net income
Electric Railway and Other Public Utility Earnings.
In the table which follows we also complete our summary
-Below we give the returns of ELECTRIC railway and
of the earnings for the fourth week of January:
other public utility companies making monthly returns which
have reported this week:
Fourth Week of January.
1930.
1929.
Increase. Decrease
$
IS
15,937,790 • 18,483,877
Previously reported(6 roads)
Western Maryland
526,497
Total(7 roads)
Net decrease (13.37%)
517,149
16,464,287 19,001,026
3
9,348 2,546,087
2,536,739
In the following table we show the weekly earnings for a
number of weeks past:
Current
Week
Previous
Year.
Year.
Increase or
Decrease.
Per
Cent.
$
10,016,635
13,321,885
9.461,558
i
11,582,851
17,436.765
11,553.954
$
-1.576,216
4,114,880
-2,082,396
16,167,720
21.192,292
-5,024,572
12.513.496
12.570,553
15,718,973
15,524,333
9,444,380
10,087,804
6,803,011
10,755,827
1st wee C Nov. (7 roads)
28 wee k Nov. (8 roads)
3rd wee k Nov. (7 roads)
4th wee C Nov. (7 roads)
1st wee IL Dec. (6 reads)
2nd week Dee. (8 roads)
3d wee C Dec. (7 roads)
4th weeC Dec. (6 roads)
1st weeC Jan. (7 roads)
2d wee C Jan. (8 roads)
3d weeIt Jan. (8 roads)
4th wee C Jan. (7 roads)
lid lime C Feb. IS roads)
-3.205,478
-2,953.780
10,803.703
11.840.065
7,657.759
12,059,865
-1,360.323
-1,752.261
-854,748
1,303.018
19.03
12.59
14.80
11.17
10.81
1,456.454
2,536,739
-992.105
13.37
11,532,884
12,989,338
16,464,287
19,001,026
7.863.685
8.825.790
12.53
23.18
Mona.
January
February
March
11.2l
10.91
April
May
June
July
August
A ugust_ __
September
October
November
December
Length of Road.
Inc.(+) or
Dec.(-).
1929.
1928.
$
457.347,810
456.387,931
505,249.550
474.784.902
510,543,213
502,455,883
512,821,937
557,803.468
557.803,468
558,003,668
617,475.011
531,122,999
495,950,821
486,201.495
474.780,516
516,134,027
513,076.026
536,723.030
631,033,198
556.706,135
585.638.740
_ _ 585,638,740
565,816,654
607.584.997
498,316,925
468,182,822
+28,853,685
+18,292.585
+10,884,477
+38.291,124
+26.120,817
+28,577,315
+43,884.198
+27.835.272
+27.835.272
+9.812.986
-9,890.014
32,806,074
-27,767,999
240,833
242.884
241,185
240.956
241,280
241,608
241,450
241,026
241,026
241,704
241.622
241,695
241.964
Miss.
240,417
242,668
240,427
240,816
240,798
241,243
241,183
241,253
241,253
241.447
241.451
241,326
240,773
Net Earnings.
(4-) or Dec.(-).
1929.
January
February
March
April
May
June
July_
August
August
September
October
November
December
1928.
Amount.
$
117,730,186
126.368.848
139,639.086
136,821,660
146,798,792
150.174.332
168,428.748
190,957.504
190.957,504
181,413.185
204,335.941
127,163,307
106,315,167
94,151.973
108.987,455
132.122.888
110,884,575
129,017,791
127,514.775
137.635.367
174,198.644
174,198.644
178.800,939
216.519.313
157,192,289
138,501,238
+23.578,213
+17,381,398
+7,516.400
+25.937.085
+17,754.001
+22,659.557
+30,793,381
+16,758,860
+16,758.860
+2.612,246
12.183.372
39,028,982
-32,186,071
Net oper. revenue
55,069
43,281
Income from other sources (interest on funds for
construction purposes)
457,129
11.520
1,817
Balance
Interest and amortization
468,650
112,728
414,576
76,983
355,921
337,503
Balance
Per Cent.
+25.04
+15.95
+5.68
+23.39
+12.09
+17.77
+22.37
+9.62
+9.62
+1.46
5.63
-19.11
--23.12
Net Earnings Monthly to Latest Dates.
-The table
following shows the gross, net earn ngs and net after taxes
for STEAM railroads reported this week to the Inter-State
Commerce Commission:
Gross earnings
Operation
Maintenance
Taxes
December
196,274
243,433
From Jan 1_ 2,637,897 3,127,661
Cotrected report.
105,604
77,822
745,550 1,024,486
62,219
144,433
1,981,100 2,217,671
1,227,037 2,018,590
16,998,408 16,895,924
284.472
276,785 2,768,486 2,387,577
1,285
11,327
Net income
Deductions x
2,769,772 2,398.905
105,500
105,500
Balance
Interest, and amortization
2,664,272 2.293,405
563,431
568,765
Balance
2,100,840 1,724,639
* Interest on funds advanced to Montaup Electric Co. x Interest
charges on bonds and dividends on outstanding preferred stock of Pawtucket
Gas Co. of New Jersey.
Boston Elevated Ry.
-Month of December
1929.
1928.
Receipts$
$
From fares
2,999,029 3,050,370
From oper. of special cars, mail pouch service and
service cars
1,445
1.180
From adv. in cars, on transfers, priv. at stations. ea_
65,964
65.431
From other ry. cos. for their use of tracks & facilities
6,592
4,602
From rent of buildings and other property
5,959
11,786
From sale of power and other revenue
26,118
20,284
Total receipts from direct operation of the road... 3.105,111
Interest on deposits. Income from securities, &c__ _
4.850
3,153,656
4,337
Total receipts
3,109,961
Cost of SerriceMaintaining track, line equipment and buildings_ -- 219.048
Maintaining cars, shop equipment, &c
348.353
3,157,994
-80.266
166,047
3,171,546 3,360,769
60,656
798,612
2,932.951
225,043
257.212
930,402
Cape Breton Electric Co., Ltd.
Operation
Maintenance
Taxes
(Including Leased Property)
-Month of December- 12 Mos. End. Dec. 31.
1929.
1928.
1929.
1928.
$
$
$
$
67,579
65.669
684,400
667,848
38,614
37,404
401,592
406,272
6,250
6,772
91,285
90,873
3,026
3,295
32,084
30,418
Net operating revenue- _-Interest charges
19,687
18,197
159,438
69.062
140,284
68,419
90.375
71,864
Eastern Texas Electric Co. (Delaware).
-83,044
275,260
4,065,007 4,908,448
87,156
535,285
187,791
33,361
213,553
5,723
286,824
Total cost of service
Excess of receipts over cost of service
7,685
149.346
118,404
100.801
261,285
2,823,136
Law expenses, injuries and damages and insurance
Other general operating expenses
Federal, State and municipal tax accruals
Rent for leased roads
Subway, tunnel and rapid transit line rentals to be
paid to the City of Boston
Cambridge subway rental to be paid to Massachusetts
Interest on bonds and notes
Miscellaneous items
259.014
360,461
236,920
952,357
7,890
152,204
116,803
145,689
261,178
187,901
33,310
204,297
5,089
Power
Transportation exp. (incl. wages of car service men)
Salaries and expenses of general officers
Balance
Other Monthly Steam Railroad Reports.
-In the following we show the monthly reports of STEAM railroad
companies received this week as issued by the companies
themselves, where they embrace more facts than are required in the reports to the Inter-State Commerce Commission, such as fixed charges, &c., or where they differ in
some other respect from the reports to the Commission.
(And Subsidiary Companies)
-Month of December- 12 Mos. End. Dec. 31.
1929.
1928.
1928.
1929.
$
$
$
$
598,244
585.684 6,620.747 6,080,152
272,104
263.290 3,158,612 3,030.295
21.953
15,718
277,020
279.647
19,713
29,889
414,000
385,259
Net operating revenue_ _ _ _
Income from other sources*
-Grossfrom Railway- -Net from Railway -Net after Taxes
1929.
1928.
1929.
1928.
1929.
1928
Gross earnings
$
Chic Det & Can Gr Trunk Jet
December... 233,705
327,769
74.517
159.593
FromJan 1_ 3,835,378 4.013,441 2,116,606 2,358,624
C 0 C & St Louis-.
December... 7,008,642 6,356,744 1,532.884 2,168,151
From Jan 1_91,981,900 88,830,152 22,357.617 21,840,997
Dot Or Raven & MilwDecember_ _ 344,235
711,360 -49,838
227.202
From Jan 1.. 8,626.444 9,363,389 3,355,428 3,510,059
Grand Trunk Western
December. _ 1,215,309 1,709,285 -44.032
405,074
From Jan 1_21,703,545 22,079,054 5,131,222 6,025,510
Staten Island Rap
412,759
Blackstone Valley Gas & Electric Co.
20.40
1928.
1929.
-Month of December- 12 Mos. End. Dec. 31.
1929.
1928.
1928.
1929.
S
S
$
S
127.575
108,710 1,252.093 1,111,802
60,849
515,525
52.528
613,091
7.530
4,519
70,749
70,810
4,126
112,767
8,381
111.062
Gross earnings
Operation
IM aintenance
Taxes
18.11
23.72
We also give the following comparisons of the monthly
totals of railroad earnings, both gross and net (the net before
the deduction of taxes), both being very comprehensive.
They include all the Class 1 roads in the country.
Gross Earnings.
Baton Rouge Electric Co.
$
2,546,087
9,348
Gross earnings
Operation
Maintenance
Taxes
(And Subsidiary Companies)
-Month of December- 12 .Mos. End. Dec. 31.
1929.
1928.
1929.
1928.
$
$
$
$
787,717
717,414 9,778,526 8,025.086
381,052
324,949 4,513,203 3.773,340
43,184
36,563
556,906
429,058
25,241
48,819
601,914
560,124
Net operating revenue__ _ _
Income from other sources*
338,239
307,081
4,106,502 3,262,563
36,456
102,097
Balance
Deductions x
4,142,958 3,364,661
1,357,045 1.230,856
Balance
Interest and amortization
2,785,912 2.133.805
549,242
509,331
Balance
2,236.670 1,624,473
* Interest on funds for construction purposes. x Interest, amortization
charges and dividends on securities of underlying companies held by public.
Haverhill Gas Light Co.
Eastern Utilities Associates
(And Subsidiary Companies)
-Month of December- 12 Mos. End. Dec. 31.
1928.
1929.
1928.
1929.
$
$
$
$
811.383 9.352.608 8,550,495
847,130
.370.629 4,416,817 4,236,490
380.838
414,489
415.381
28.440
37,402
775.981
712,013
52,407
37.253
Gross earnings
Operation
Maintenance
Taxes
1105
FINANCIAL CHRONICLE
FEB. 15 1930.]
Net operating revenue......
Income from other sources_ _ _
391.636
1.386
359,906 3,744,427 3,187,502
14,044
7.334
343
Balance
Interest and amortization
393,022
80.733
Gross earnings
Operation
Maintenance
Taxes
307,291
2.974,846 2,489,580
127,152
127,152
2,847.694 2,362,428
Balance
116,575
102,749
Amt.applic. to corn.stk. of subs.in hands of public_
2,744,944 2,245.852
Balance applic. to res. & East. Util. Associates
El Paso Electric Co. (Delaware)
Balance
Interest charges
Balance
$ Interest on funds used for construction purposes.
Gross earnings
Operation
Maintenance
Taxes
36,203
19,004
Balance
275,113
24,888
227,368
19,574
250,225
Net operating revenue__ __
Interest charges
207,794
Galveston Electric Co.
Gross earnings
??eration
aintenance
Taxes
- 12 Mos. End. Dec. 31.
-Month of December
1928.
1929.
1928.
1929.
117,011 1,375,564 1,333, 82
120,319
649,584
654,130
56,475
55,986
156,673
126,304
10,191
--13,819
75,051
71,465
4,855
1,605
494,255
220
481,281
Balance
Interest & amortization (public)
494.475
108,866
481,281
113.357
Balance
Interest & amortization (0-H.E. Co.)
385,609
166,297
367,924
161,830
219,311
206,093
Net operating revenue__ __
Income from other sources
48,907
45,489
Balance
Galveston-Houston Electric Co.
gs
Gross earnings
0
aintenance
Taxes
(And Subsidiary Companies)
Month of December- 12 Mos. End. Dec. 31.
1929.
1923.
1928.
A1929.
S
$
$
\ S
448,824 5,244.897 5,248.416
441,553
211,563 2,399,500 2,448,896
203,809
749,475
696.971
59,854
61,967
385.254
397.589
24.463
11.816
163,959
152,942
Balance
Interest and amortization
1,710,667
1,704.959
837
1.710,667
847,313
Net operating revenue____
Income from other sources*
1,705.797
881.650
863,353.
Balance
•Interest on funds for construction purposes.
824,146
Galveston-Houston Electric Railway Co.
Month of December- 12 Mos. End. Dec. 31.
1929.
1928.
1928.
1929.
$
$
$
$
584,490
643,800
50,088
42,559
244,345
20.813
275.507
18,032
84,675
97.853
7,240
6,784
32.356
2,493
31.768
3.644
eration
izraintenanee
Taxes
Gross earnings
142,960
-Month of December- 12 Mos. Nfld. Dec. 31
1928.
1929.
1928.
1929.
$
$
$
289.477 3,375.857 3.3.294
286,365
142.427 1.590.510 1,597.981
135,076
461.976
495,294
41.295
40.464
291.572
273,926
16,922
6,379
Gross earnings
Operation
Maintenance
Taxes
1,016.125
11,730
991.664
1.027,859
339,263
991.664
351.994
688.596
59,406
639,689
58.706
629,190
580,963
Co.
-Month of December- -Jan. 1 to Dec. 811928.
1929.
1928.
1929.
$
$
$
8.216,844 7,295.909 91,313000 80.14.611
1,602.988 1,159,638 18.100,799 15.187.280
Gross earnings
Operating income
Jacksonville Traction Co.
Fall River Gas Works Co.
Month of December- 12 Mos. End. Dec. 31.
1928.
1929.
1928.
1929.
1928.
1929.
1928.
1929.
83,494 1.017,885 1,023.559
91,189
558,560
533.663
43,013
43,287
70.542
65.432
4,628
5,237
143,675
167,087
16,848
6,460
154.498
11.638
Houston Electric Co.
1,258,444 1,071,837
1,348
10,210
1,248,233 1,070,489
Balance
* Interest on funds for construction purposes. x Interest, amortization
charges and diva, on securities of underlying companies held by the public.
150,948
3.550
151.712
15,110
(and Subsidiary Companies).
-Month of December- 12 Mos. End. Dec. 31.
88.831
Net operating revenue_._-- 104,445
1928.
1929.
1928.
1929.
Income from other sources
I
$
$
$
293,968 3,528,345 3.195,133
312,860
Gross earnings
Balance
124,674 1,542,215 1.444.079
p
138,417
lioti eration
191.926 Interest and mortization (public)
198,429
17,524
aintenance
15,777
269,562
282,080
20.338
Taxes
10,205
Balance
Net operating revenue_ _ _
131,430 1,505.619 1,289.565 Interest and amortization (G-H. E. Co.)
148,460
75,730
Income from other sources*
Balance
1,581,349 1,289.565
Balance
217,727
322,905
Deductions x
Illinois Bell Telephone
Balance
Interest and amortization
155.659
155.659
3.947
17,292
Net operating revenue____
Income from other sources$
360,250 3,751,762 3,201,546
776.915
711,966
52.958
312,289
Balance
Dividends on pref. stock of subsidiaries
-Month of December- 12 Mos. End. Dec.431.
1928.
1929.
1928.
1929.
i
$
$
701.210
724,307
64.149
70,474
454.105
468.409
40.434
46.503
29.881
24,741
2,687
1,659
66.274
75.497
5,917
5,019
-Month of December- 12 Mos. Bud. Dec. 31
1928.
1929.
1928.
1929.
I
$
$
$
104,290 1,141,139 1,199,616
101,549
613,510
587.347
51,540
48,984
160458
169.850
13,321
14,387
197,081
171,392
19,399
13,103
106.774
108.890
5,775
8,075
Gross earnings
Operation
Maintenance
Retirement acetuals x
Taxes
121,591
Operating revenue
City of So. Jacksonville portion of operating revenue
16,997
14,253
103.657
604
652
6,125
6.437
Net operating revenue__-Interest and amortization
16,393
13,600
97,532
157,953
115,154
164.018
-60.420 -48.863
Balance
x Pursuant to order of Florida RR. Commission, retirement accruals on
the entire property must be included in monthly operating expenses.
Jamaica Public Service
(And Subsidiary Company)
-Month of December- 12 lefos.iikid. Dec. 31.
1928.
1929.
1928.
1929.
I$
$
697.875
4
767.315
66.615
73,961
Gross earnings
415.505
446.976
35.836
41,588
Operating expenses & taxes32,373
6,070
Net earnings
Interest charges
30,779
6,409
320,339
77.9441
282,370
66,726
Balance (for reserves. re215,644
242.398
24,369
26,303
tirements and dividends)
The above figures converted from £ sterling at the rate of $4.86 2-3 to
the £1,
(The) Key West Electric Co.
-Month of December- 12 Mos. End. Dec. 31
1928.
1929.
1928.
1929.
$
$
$
$
251.331
226.436
19,561 ' 20,872
110,413
102,254
9,008
8,014
23,422
22,509
1,633
2,245
15,821
19,403
1,533
1,413
Gross earnings
Operation
Maintenance
Taxes
7,886
8,696
Balance
82,263
28,545
101.674
• 29,043
53.718
Net operating revenue_ __ _
Interest and amortization
72.630
(The) Nevada-California Electric Corp.
(and Subsidiary Companies)
-Month of December- 12 Mos. End. Dec. 31
1928.
1929.
1928.
1929.
S
$
$
$
370,703 5.674,700 5.461,340
Gross operating earnings_ ___ 429,076
166,329 2,791.971 2.341.230
194.177
Operating exps.& taxes
Operating profits
Non-operating earns. (net)__
234.899
79,785
204,373 2.882,728 3,12/3,109
133,119
196,151
45,248
223.113
193
238,671
Total income
Interest
314,685
125,269
249,622 3.078,886 3.253.228
122.058 1,487.230 1.473.199
Balance
Interest and amortization (public)
223.306
124.631
238,671
126,199
Balance
Depreciation
189.415
47,410
127,563 1,591,649 1.780.028
602,750
628,724
47,196
Balance
Interest & amortization (0.-11. E. Co.)
98,675
145,329
112,471
143,609
Balance
Disc.& exp.on sec sold
Misc. addns.& ded.(net cr.)-
142,004
7,963
45,836
80,367
7.958
29,047
46.654
31,138
Surp. avail, for redemp. of
bonds, dividends, &c_ _ _
179,877
101,456
Net operating revenue_ _
Income from other sources
14.097
19,539
Deficit
Gulf States Utilities Co.
f
508.217
242.408
28,548
11.009
392,112 6,603.108 4,490.812
159,570 2.808,595 1,835.120
17,283
313.972
193.911
38,236
419.294
386,373
Net operating revenue_ ___
Income from other sources•
226,251
177,021
1.177,278
97.146
44,48
995.808 1.124.612
Northern Texas Electric Co.
Month of December- 12 Mos. End. Dec. 31,
1929.
1928.
1929.
1928.
Gross earnings
)?eration
s,
aintenance
Taxes
962.924
96,629
129,513
(And Subsidiary Companies)
-Month of December- 12 Mos. End. Dec. 31
1928.
1929.
1929.
1928.
229.986
128,568
27.025
8,600
250.276 2,702,649 2,857,639
4
128,244 1.431,663 1,473,495
36,472
404.506
423,236
16,916
182,525
209,936
3,061,245 2,075,407
32,424
83,795
Gross earnings
Operation
Maintenance
Taxes
Balance
Interest and amortization (public)
3,093.670 2,159,202
782,206
485.608
Net operating revenue_ __ _
Income from other sourCes_x
65,791
12,500
68,643
12,500
684,014
150,000
750,970
150,000
Balance
Interest (inter-company)
2,311,46 31.673,594
174,155
109,519
Balance
Interest and amortization
78,291
81,143
834,014
443,375
900,970
442.807
390.638
458.1(
Balance
• Interest on funds for construction purposes.
2,137,308
1,564,074
Balance
x Rental of Oak Cliff property.
1106
FINANCIAL CHRONICLE
[Voi. i3()
Pacific Northwest Traction Co.
White Star Refining Co.
-MentholDec.- -12 Mos. End. Dec. 31(Annual Report-Year Ended Dec. 31 1920.)
1929.
1929.
1928.
1928.
S
S
$
The balance sheet and surplus account of the company
Gross earnings
84,961
70,366
964,072
881,076
Operation
33,300
47,519
499,521
525,240 for the year ended Dec. 31 1929 together with the remarks
Maintenance
11,029
11,644
157,275
157,551 of President H. B. Earhart are given
Depreciation of equipment__
in the advertising
5,313
4,820
60,579
53,985
Taxes
-V. 128, p. 4177.
2,896
4,043
54,176
51,644 pages of to-day's issue.
Net operating revenue_ _ _ _
American Republics Corporation & Subs.
32,421
192.518
2,338
92,654
Interest & amortization (public)
116.215
119,388
(Annual Report Years Ended Dec. 31 1929.)
Balance
76,303 de126,734 CONSOLIDATED INCOME STATEMENT (CORP. & SUBSIDIARY
Interest & amortization (P. S.P.& L. Co*
COMPANIES) FOR CALENDAR YEARS.
35,867
1929.
1928.
1926.
1927.
Sales
Balance
$32,140,949 $33,876,331 $26.199,160 $32,315,145
76.303 def62,601 Cost of sales
*Note.
-Earned interest, if any, applicable to income notes, has not
27.688,230 30,210,709 23,341,637 27,441,335
been included.
Gross prof.from oper's $4,452,719 $3,665,622 $2,857,522 $4,873,810
Gen., adm. & misc. exp.. 2,893.227
2,569,994
2,034,148
2,033,499
(The) Pawtucket Gas Co. of New Jersey
Other charges (net) _ _ _
898.919
990,036
969,571 Cr.239.012
Res. for Fed. taxes
(and Subsidiary Company)
179,700
Menthol Dec.
12 Mos. End. Dec. 31
Net income
$660,572
$105,590 def$146.197 $2,899,623
1929.
1928.
1929.
1928.
Pref. dividends
700,000
700,000
700,000
700.000
$S
$
$
$
Gross earnings
130,766
128,722 1,480,805 1,444,237
Balance, surplus
def$39,428 def$594,410 def$846,197 $2,199,623
Operation
57,700
56,050
661.718
648,562 Corn.stk.outstg.(no par)
209,180
Maintenance
200.000
209,180
209,180
7,917
5,963
94,808
97,465 Earns, per sh. on com
Nil
Taxes
Nil
Nil
$10.99
4,072
3.513
85,062
84,225
INCOME STATEMENT YEARS ENDED DEC.31(COMPANY ONLY).
Net operating revenue.. _ _ _
61,076
63,194
639,216
1929.
613,984
1928.
1926.
1927.
Interest charges(public)
56.727
56,346 Dividends of subsidiaries $2,350,000
$900,000 $3,288,000 $1,768,000
Divs. of other securities_
13,108
97,728
1,165,826
33,228
Balance
582.488
1,698
557,638 Interest & discount
6,041
11,346
32,194
Interest charges(B. V. G.& E. Co.)
Miscellaneous income__ _
188,593
19,350
192,846
14,922
13,127
106,095
Balance
Total income
393.895
$2,384,156 $1,018,691 $3,459,517 $2,958,300
364,791
General expenses
411.931
414,241
348,545
531,450
Interest and discount.. _ _
455,786
345,168
Ponce Electric Co.
420,644
380,491
Miscellaneous
13,610
40,138
23,829
40,397
-Month of Dec.- 12 Mos. End. Dec. 31.
1929.
1928.
1929.
Net income
1928. I
$1,502,828
$219,143 $2,690,084 $1,982,386
$
$
$
Preferred dividends_ _ _ _
$
700,000
700,000
700,000
700,000
Gross earnhags
33,826
26,650
346,603
339,833 Other deductions
7,545
412,612
8,182
59,513
Operation
13,467
11,125
152,437
153.166
Maintenance
1,519
1,382
24,049
18,875
Surplus
$795,283 def$893,469 $1,981,902 $1.222,873
Taxes
1,766
2,245
28,047
26,475 Previous surplus
3,548,236
4,439,690
2,437.864
1,206,559
Other credits..
2,014
19,925
8.433
A Net operating revenue_ _ _ _
17,073
11,896
142.068
141,316
Interest charges
6,885
Profit and loss surplus $4,343,519 $3,548,235 $4,439,691 $2,437,864
2,651
Shares corn. stk. outBalance
135.183
standing (no par)_ ..
138,664
209,180
209,180
209.180
200,000
Earnings per share
Nil
$3.83
$6.41
$9.51
Puget-Sound Power & Light Co.
CONSOLIDATED BALANCE SHEET DEC. 21 (CO. & SUBS.)
(and,Subsidiary Companies)
1929.
1928.
1929.
1928.
Liabilities
Assets
$
-Month of Dec.- 12 Mos. End. Dec. 31
Lands, build. &
Preferred stock__ _10,000,000 10,000,000
1929.
1928.
1929.
1928.
equipment_ __e10,209,559 10,779,655 Common stock_c20,812,000 20,812,000
$
$
$
$
Gross earnings
Rolling stock__ _ _e 4,308,814 4,840,729 Trust certifleates_a 4,800,000 5,400,000
1,544,154 1,411,233 16,375,536 15,141,395
Operation
Coll, trust certifs.a 1,148,000 1,654,000
764,454
654,137 7.729,522 6,375,872 Property & mineral
Maintenance
20,000,000 20,000,000 15-yr. 1st mtge.6sb 300,000
equities
300,000
115,016
82,600 1,190,560 1,080,895
Depreciation of equipment
16,029
14,500
181,098
176.945 011 properties _ _e 3,429,396 3,187,754 Pet. Nay. Co. ma500,000
Taxes
Car
rine equip. Ga.__ 801,000
800,000
21.866 *Cr.59,062
798.681
825.436 CashServ. contracts1,432,851 1,336,156 Bills pay.after
1 yr.
34,725
4,725
or Net operating revenue__ __
626,786
719,057 6,475.672 6,682,246 Accts.& bills rec.... 2,220,295 2,504,432 Minor. corn. stk.
4,514,377 5,112,013
Income from other sources__ _
of subsidiary.
10,000
45,754
44,885
670,047
513,527 Inventories securs. 6,098,302 5,919,144 Accts.
Marketable
Payable.._.1,167,013 1,016,040
Balance
3,880,000 4,921,380
672,541
763,943 7,145.720 7.195,774 Other notes & ac-11,177,084 14,426,282 Bills payable
Interest & amortization
counts rec_ _ _
Accrued expenses_ 411,170
375,262
3,125,276 3.075,201
800.000 Accts. & bills pay_
Bonds, inter-co_ _ 800,000
Deferred charges.. 910,235 1,214,908
Balance
-Intercompany 11,150,287 14,398,474
4.020,443 4,120,573 Bills
* Includes adjustments in Federal income tax for partial loss of investment
rec., due after
Deferred credits._
185,215
1 year
251,786
in Puget Sound Electric Railway and subsidiaries.
Reserves
1,232,841 1,441,008
Def. pay. notes &
Surplus
11,151,278 11,690,706
1,629,830 2,205,522
cont. interestSavannah!Electric & Power Co.
30,000
60,000
Accrued funds.- - MentholDec.- 12 Mos. End. Dec. 31.
67,042,530 72,856,596
1929.
Total
Total
1928.
1929.
67,042,530 72,856,597
1928.
$
a Pennsylvania Tank Line. b Pennsylvania Car Co. c 209,180 shares
:13
Gross earnings
195,665
195,787 2,21 1,378 2,231,954 no par value. d Intercompany and officers and employees. a After deOperation
69,716
74,385
848,748
910,345 ducting depreciation.
Maintenance
11.685
10,635
136,687
145,741
COMPARATIVE BALANCE SHEET DEC. 31 (COMPANY ONLY.) .
Taxes_
11.100
16,027
197,837
181,870
1929.
1928.
1929
1928.
Net operating revenue_ _
Assets$
Liabilities$
103,162
91,738 1,028.104
$
$
993,997
Interest & amortization
442,284
450,515 Prop.& min.equ'es20,000,000 20,000,000 Preferred stock.. _10,000,000 10,000,000
40,622 Common stock....a20,812,000 20,812,000
38,556
Off. & other equip.
Balance
983,420 Accts. /payable_
Cash
1,170,510
2,315
4,165
585,819
543,481
2,631 Bills 1)ayable_ _ _ _ 3,850,000 4,850,000
Accounts rec
7,342
1,464 Accrued expenses_
Inventories
SierraPacific Electric Co.
1,275
6,785
Marketable secure. 5,824,101 5,594,943 Accts. & bills pay.
(and Subsidiary Companies)
Notes & accts. rec.
(inter-company) 7,299,205 7,931,476
Month of Dec.
-Intercomp'y _ 3,377,843 5,614,081 Reserves
12 Mos. End. Dec. 31.
865,554
862,554
Stocks of subs.. _ _ _16,679,124 15,679,124 Surplus
1929.
1928.
1929.
4,343,520 3,548,236
1928.
97,080
78,243
Deferred charges
$
s
$
$
Gross earnin,gs
118,580
121,648 1,434.722 1,384.750
Operation
47,175,719 48,013,367
56.334
Total
Total
54,962
582.570
47,175,719 48,013,367
463,264
Maintenance
5,229
5,325
82,930
98,995 -V. 130, p. 976.
Taxes
3,699
11,471
159,122
171.234
Crucible Steel Company of America.
.Net operating revenue_ __.
53,316
49,888
610,098
651,257
Interest & amortization
(29th Annual Report-Year Ending Dec. 31 1929).
71,822
56,747
CONSOLIDATED INCOME STATEMENT FOR CALENDAR YEARS.
Balance
538,276
594,509
1929.
1928.
1927.
1926.
Operating profits
x$11,969,544 $9,540,474 $7,891,262 $9,994,174
Tampa Electric Co.
Other income
979,773
617,472
1,003,235
989,254
(and Subsidiary Companies)
Profits
-Month of Dec.- 12 Mos. End. Dec. 31. Algot. of plants, deprec.$12,949,317 $10,157,946 $8,894,497 $10,983,428
1929.
1928.
1929.
1928.
& renewals
4,584.889
4,308,945
3,050,270
4,196,114
$
Interest on bonds
202,083
214,583
227,083
239,583
Gross earnings
401,359
387.795 4,596,429 4,568,003
Operation
155.441
158,944 1.917,743 1,949.127
Net income
$8,162,343 $5,634,417 $5,617,144 $6,547,731
Maintenance
23.605
27,612
317,173
364,614 Pref. & corn. dividends
6,149.960
4.637,450
5.049,937
4,637,439
Retirement accruals*
59.020
58,435
556.411
552,125
Taxes
773
24,295
294.961
333,744
Balance, surplus
$2,012,383
$996,967
$567,207 $1,910,292
Earns, per sh. on 550,000
Net operating revenue_ _ _ _
162,518
118,508 1,510,140 1,458,392
$11.66
shs.com.stk.(par $100)
$7.06
$7.03
$8.72
Income om other source.sx
17.977
x After deducting Federal and other taxes.
Note.-DIvidends at rate of 7% annually have been paid regularly on
13alance
1,510.140 1.476,369 the pref.
stocks. Common dividends have been paid as follows: July 31
Interest & amortization
47,867
53.811 1923 to Oct. 31 1925. 1% quarterly; Jan. 31
1926 to Oct. 31 1926, 1)%
quarterly: Jan.
Balance
1,462,273 1,422,558 Jan. 31 1930, 31 1927 to April 31 1928, 1%% quarterly; July 31 1928 to
1 q % quarterly.
X Interest on funds for construction purposes. * Pursuant to order of
CONSOLIDATED BALANCE SHEET DEC. 31.
Florida RR.Commission,retirement accruals for a largo part of the property
must be included in monthly operating expenses and such an accrual is
Assets1928.
1929.
1929.
1928.
Included for the entire property.
Property
x86,252,697 85,352,569
Liabilities$
$
Investments._ _
6,831,840 Preferred stock_ 25,000,000 25,000,000
U. S. Govt. sec_
48,000 Common stock- 55,000,000 55,000,000
83,340
Mails dr suppl's 17,659,109 14,779,386 Bonds
4,000,000 4,250,000
Unexpired taxes,
Acc'ts payable.... 5,591,825 4,288,499
Int. & insur__
292,325
178,633 Notes payable
1,000,000
2,000,000
Financial Reports.
-An index to annual reports of stc3Fn Other securities_ 9,476,697
Accr. int. & tax_
606,530
864.788
Notes
92,170
83,112 Corn. div. pay._
687,500
687,500
railroads, public utility and miscellaneous companies which Acc'ts receivable
rec., leas
Stock dividends_ 1,650,000
have been published during the preceding month will be given
reserves
5,348,542 6,069,766 Conting. reeve..
500,000
500,000
5,154,110 5,041,714 Insurance res've
788,449
788,449
on the first Saturday of each month. This index will not Cash
28,276,427 26,264,044
Surplus
include reports
FINANCIAL REPORTS.
in the issue of the "Chronicle" in which it is
published. The latest index will be found in the issue of
Feb. 1. The next will appear in that of Mar. 1.
Total
124 358.990 118 385.022
Total
124.35 .990 118,385,022
,
z Aft
After provision tor depreciation anu amortization of $30,685.480.
depletion of minerals of $868.575.-V. 129, p. 3970.
FEB. 151930.]
FINANCIAL CHRONICLE
The Shawinigan Water & Power Co.
(32nd Annual Report-Year Ended Dec. 31 1929.)
President J. E. Aldred reports in substance:
1107
for the year, after deduction of operating and fixed charges. This company controls Montreal Tramways Co., and The Canadian Light & Power
Co.
-Company has a large interest in the Quebec Power
Quebec Power Co.
Co., which operates and controls the public utilities in the City of Quebec.
The city and district of Quebec continue to make substantial industrial
progress with resulting benefits to this subsidiary.
-Annual report for the year 1929 shows:
Results.
$13,475,863
Gross earnings for the year
Net before depreciation
5.907,980
Our usual comparative income account for the year ended
After making the usual appropriations and transferring from surplus
general reserve account $952,002 and paying dividends on the common Dec. 31 1929 was published in V. 130, p. 975.
shares of 50c. per share for each of the first three quarters of the year and
COMPARATIVE BALANCE SHEET DEC. 31.
62%c. per share for the quarter ended Dec. 31 1929, the balance carried
1929.
1928.
1928.
1929.
forward is $1,314,027, subject to deduction for 1929 income tax.
Liabilitiess
3
Assets3
s
The indebtedness to the Laurentide Co., Ltd., being amount due under
z62,383,553 56,878,440 Capitalstock.. __ _y72,239,435 56,680,535
purchase agreement for acquisition of Laurentide Power Co., Ltd., was Property
51,104,500 53,013,500
20,693,067 17,265,977 Bonds
Machinery
paid in July.
28,014,012 16,941,758 Lam'tide Co.,Ltd_ 7,869,500 10,800,000
In March the directors sold $6,000,000 of series B 4 % 1st mtge. & Lines
840,815 Acetts Sr bill. pay_ 1,0S5.565 2,167.390
collat. trust sink, fund gold bonds, and also in the same month offered to Equipment
1,318,922
175,885 Int.& div. payable 2,105,377 1,817,567
316,678
the shareholders 311,178 common shares, being in the proportion of one Prepaid charges
Sinking fund, &c_
1,776,043
share of new stock for each six shares of holdings of record, at a price of Securities of subshare. This stock was fully subscribed and ranked for dividend
sidlary, &c.,cos_28,833,868 36,183,922 Depreciation, re$50 per
7,701,511 5,239,684
serve, Src
Acc'ts & bills rec__ 2,590,884 2,553,683
for the quarter ended Sept. 30 1929.
Call loans
1,000,000 1,045,000 Reserve accoun._ 2,000,000
-At the present time company possesses developed Cash
Power Resources.
1,035,623 1,537,580 Contingent and inpower resources as follows:
surance fund _ _ _ 816,691
Shawinigan Falls, electric and hydraulic
333,500 h.p. Total(each ide) 146,186,607 133,423,063 Surplus x
1,314,027 1,928,344
164,000 h.p.
Grand Mere
x Subject to deduction for income tax. y Represented by 2,178,250
120,000 h.p.
La Gabelle
deducting capital reserve of $11,220.111.
Various small plants
32,800 h.p. shares of no par value. z After
Controlled by Quebec Power Co
43,350 h.p. -V. 130, p. 975.
Purchased power (Duke-Price Power Co., 100,000; Southern
Gillette Safety Razor Co.
Canada Power Co., 10,000)
110,000 h.p.
803,650 h.p.
To be installed at La Gabelle and Grand'Mere during 1930_-__ 55,000 h.p.
(Annual Report-Year Ended Dec. 31 1929.)
EARNINGS FOR CALENDAR YEARS (INCLUDING SUBSIDIARIES).
1927.
1928.
1929.
Operating profit
$15,633,451 $19,920,203 $17,351,524
988,168
855,530
Other income
1,588,314
858,650 h.p.
In addition thereto the company has available for future development
on the Upper St. Maurice and at various other points within the zone of
operations, undeveloped power to the amount of 1,144,000 h.p.
Total income
$17,221,765 $20,775,733 $18,339,692
-The items set forth below indicate the steady growth of the
Statistics.
1,360,733
1,972,495
Deductions
1,870,089
company since 1909:
681,996
669,419
Depreciation
522,016
1929.
1909.
1,716,061
1,889,390
Federal taxes
1,247,976
Total assets
$16,405,615 $146,186,607
Capital stock (1929-2,178,250 shs. no par val.) 7,000,000
72,239,435
Net profit
$13,581,683 $16,244,429 $14,580,902
Funded debt
7,900,000
58,974,000 Dividends ($5)
x10,500,000 10,000,000 10,000,000
Gross earnings
819,171
13,475,862
Net earnings,after operating and fixed charges
321,306
5,907,979
Balance
$3,081,683 $6,244,429 114,580,902
Dividends
260,000
4,317,603
Number of shareholders
2,000
16,037
CONSOLIDATED BALANCE SHEET DEC. 31.
Developed horse power, including power sold
1928.
1929.
1929.
1928.
as hydraulic power
96,000
803,650
LiabilitiesAssets3
3
$
$
Kilowatt hours generated and delivered
350,000,000 3,460,531,057 Real
est. & bldgs__ 5,902,725 6,012,998 Capital and surMiles of transmission and distribution lines
853,854,745
plus
in operation
320
3,500 Machinery dr tools 5,234,791 4,679,727 Accounts payable_ 123,212 52,162,615
1
93,517
1
Patents
Number of customers
2,500
99.354 Pats.
2,473,398 3,259,772
(Can. sub.).. 3,566,230 3,616,230 Reserves
Irrespective of the increased cost of construction and maintenance, and Cash
10,797,974 8,338,018 Acceptances disof municipal, Federal and Provincial taxes, substantial reductions have Acc'ts receivable_ A7,619,969 19,669,647
312,732
664,440
counted
taken place since 1909 in the rates for domestic light and power. The aver- Accept.rec.(cont.) 880,553
457,995
age rate in the cities served at that time was 8 cents
-to-day the rate is Notes receivable__ 272,727
267,727
-to-day Inventories
5.2 cents. The average rate in the rural districts was 11 cents
5,644,940 6,006,651
it is 7 cents.
6,268,321 6,779,642
The reduction in these rates has been made possible by the rapid indus- Investments
Total(each side) 57,115,796 55,828,637
Deferred charges.... 927,565
trial development within the zone served by company. This developa Capital stock and surplus represented by 2,205 000 shares common
ment has been brought about not only by the persistent and aggressive
-V. 130. p. 295.
stock having no par value.
policy of the company, but also by the far-sighted policy of the Government authorities of the Province of Quebec.
The policy of company in the future, as in the past, will be to encourage
Continental Baking Corp. & Subsidiaries.
establishment of industries within its sphere of operations; to give the best
(Annual Report-Year Ended Dec. 28 1929.)
possible service to the communities served, and to encourage to the fullest
extent the use of electricity by the smaller power consumers in the rural
•
RESULTS FOR YEARS ENDED.
communities served.
Dec. 28 '29. Dec. 29 '28. Dec. 31 '27. Dec. 25 '26.
Consolidation.
-Within the last few years directors, for economic rea- Profit
$10,502,890 $8,946,240 $10,296,576 $10,731,341
from oper
sons, have considered it desirable to consolidate certain subsidiary com509,648
537,018
491,350
458,806
panies with the parent company and have also acquired other properties Interest paid
2,621,707
2,595,201
2,483,247
2,609,054
with the object of strengthening the company's position, not only as a Depreciation
917,000
937,000
647,500
Est. Federal taxes
725,700
distributing but as a generating company.
x554,825
During the year further steps were taken in this direction and the prop- Appropriation
erties of the following wholly owned companies absorbed in their entirety;
$6,682,986
Net
(1) Portneuf Power Co., owning and operating a small hydro-electric Divs profit from oper__ $6,709,330 $5,324,144 $5.672,532
paid & accr., min.
plant on the Ste. Anne River near Portneuf.
136,262
102,971
50,841
38,228
preferred stockholders
(2) North Shore Power Co., operating in the district surrounding the
4,091,914
4,085,324
4,063,720
Divs. on 8% pref. stock_ 4,064,938
City of Three Rivers.
1,157,252
2,333,440
Divs.on class A stock_ _ _
(3) St. Francis Light & Power Co., operating south of the St. Lawrence
River in what is known as the Asbestos District.
$326,983
$121,371
$2,606,164 $1,209,583
Balance, surplus
(4) Sorel Light & Power Co., Ltd., operating in and around the City of
2,997,268
2,768,741
3.123,391
Previous surplus (adj.).. 3,185,104
Sorel.
Dr69,974
(5) Electric Service Corp., doing business in the City of Shawinigan Premiums paid
Res. for reval. of cap.
Falls and in a large territory north of the St. Lawrence River.
Dr500,000 Dr1,000,000
assets of subs
These assets were formerly carried in the balance sheet under the caption
"securities of subsidiary and other companies," but are now carried in
$5,291,267 $3,206,851 $3,025,750 $3,244,762
Earned surplus
the various property accounts covering the assets of company. The gross
2,503,000
2,503,000
2,503,000
2,503,000
earnings and expenses of these companies are included in the profit and Capital surplus
loss account. This consolidation will bring about economies in the opera$7.794,267 $5,709,851 $5,528,750 $5,747,762
Total surplus
tion of the distributing systems and will make company (as well as being
x Net income from sale of capital assets, less estimated Federal taxes
the largest generating company) the second largest retail distributor of
power in the Province of Quebec; this not only as to amount of power dis- thereon, appropriated to revaluation of capital assets of subsidiaries.
tributed to domestic consumers, but also as to number of customers.
CONSOLIDATED BALANCE SHEET.
Construction.
-In co-operation with the Quebec Streams Commission,
Dec. 28'29. Dec.29'28.
Dec. 28 '29. Dec. 29'28.
the construction of a now storage dam was commenced during the month
Liabilities$
$
Assets$
at Toro Rapids on she Mattawin River. The dam, when finished,
of June
$
Notes payable
575,000
will be 90 feet from still to crest and 2,400 feet in length on the crest. Land, bldgs.,mach.
x41,885,659 40,946,482 Accounts payable_ 1,018,514 1,237.917
&c
580 feet of the length will be a concrete structure. co,itaining the regulating
gates, and the balance an earth fill. The dam will impound 33.000.000,000 Pat.,good-w111,&c _10,837,918 10,837,528 Accr. int.. taxes,
&c
292,464
346,825
3,605,412 3,554,459
cubic feet of water and be of great benefit as it will improve the regulation Cash
282,990 Divs. pay. & accr_x1,024,639 1,028.457
of the water at the company's plants on the St. Maurice River, on account Marketable securs. 282,990
of its proximity to these plants. Tnis improvement permits the installa- Accts. rec.-trade _ 1,382,912 1,352,782 Est. liabil. for Fed.
647,500
725,700
taxes
tion of additional units at Grand'Mere and La Gabelle of 25,000 h.p. Inventories
3,749,569 3,826,827
350,670
and 30,000 h.p., respectively. The pwoer houses at these points have Sundry invest'ts._ 6,095,628 6,025,135 Empl. guar. depos. 382,433
830,213
814,420
Reserves
been completed for these units, with tile exception of the installation of Inv. In co.'s pref
stock
1,652,424 1,595,279 Fund.debt of subs. 5,506,952 5,781,052
the machinery, and this can be carried out at low additional capital cost
per horse power. At Shawinigan Falls No.8 unit, with a capacity of 43,000 Deferred charges... 478,975 635,905 Min. int. appl. to
stk. of subs. not
h.p. was installed in 1929, anticipating the improved regulation. Satis614,700
458,600
owned
factOry progress has been made in the construction work at Toro Rapids
Capital stock_ _ _ _y51,953,500 51,935,200
and the dam will be completed and ready to store water in 1931.
During the year new high-tension transmission lines were built from
Capital surplus__ 2.503,000 2,503,000
Grand'Mere to La Tuque; from Quebec to Thetford Mines, and from
Tot. (ea. side)_69,971,489 69,057,387 Earned surplus_ _ _ 5,291,267 3,206,851
Three Tivers to liemmings Falls. The two latter were built for the purx After deducting $17,522,497 reserve for depreciation. y 8% cum.
pme of taking care of increased load and for improving service and the first pref. stock, $100 par value: Authorized 2,000,000 shares; outstanding
for the purpose of supplying power to the Brown Corp. at La Tuque. This 519,535 shares. Class A common stock, no par value: Authorized, 2,000,000
line will be extended during 1930 to the first development on the Upper St. shares, outstanding. 291,813 shares. Class B common stock, no par value:
Maurice River, to supply construction power, and will ultimately be used Authorized, 2.000.000 shares; outstanding, 2,000,000 shares. z Dividends
in connection with delivery of power from this and other future plants to payable and accrued on pref. stock of subsidiary companies not owned and
the districts served by company.
-V. 129, p. 3017.
on pref. stock of the corporation.
With these extensions the company owns and controls 1,485 miles of
main high-voltage transmission lines, of which 1,031 miles are of steel conPacific Lighting Corporation.
struction. Company has in addition 2,053 miles of secondary transmission lines and distribution lines feeding cities, towns and municipalities
(Annual Report-Year Ended Dec. 31 1929.)
within the company's zone. The number of cities, towns and municiCONSOLIDATED INCOME ACCOUNT-CALENDAR YEARS.
palities now served is 368 in a territory extending from Oka on the Lake of
the Two Mountains, eastward on both sides of the River St. Lawrence
1928.
1929.
1927.
to Notre Dame du Portage, near Riviera du Loup on the south shore, and Gross revenues
$43,275,306 $30,350,631 $28,052,546 $24,390865
1926'
to Murray Bay on the nortn shore, and from St. Gabriel de Brandon on Oper. exp. & taxes
23,493,873 16,202,255 14,492,605 13,940'549
north to the United States border on toe south. The population served, Interest
the
4,811,396
3,179,015
3,368,054
3,407790
including the cities of Montreal and Quebec, is in excess of 2,000,000. Deprec. & amortization_ 5,866,115
4,291,040
3,863,598
33l1'554
The appended map will give the shareholders a clear idea of the territory Subsidiary pref. divs_ _ _ 1,859,501
1,312,482
1,323,897
1;297:429
served by the company.
Shawinigan Chemicals, Ltd.
-The plants of the Shawinigan Chemicals,
$7,244,422 $5,365,839 $5,904,392 $3%433,543
Net profit
Ltd., have been operated at full capacity during the year. Improved Corn. divs. minor. int_
2,378
methods have brought about reductions in the manufacturing costs of Pref. dividends
607,828
599,069
599,353
523,293
the various products. Extensions and improvements to the plants which Com. dividends
4,066,861
3,389,108
1.640,000
1,639.856
will be completed early in 1930 will result in furtner reducing these costs.
The sales of the company's products in the United States are handled ,
Surplus
$2,567,355 $1.377,662 $2,765.039
$270,394
by Shawinigan Products Corp. N. Y. City, a wholly owned subsidiary. ' Shares com, stock out-United Securities, Ltd., controlled jointly with
United ,Securities, Ltd.
standing (no par)1,461,834
1,250,0011
1,127 389
x102,500
Montreal Light, Heat & Power Consolidated, will show improved earnings Earnings per share
$4.54
$3.81
$18.63
$3.90
1108
FINANCIAL CHRONICLE
CONSOLIDATED BALANCE SHEET DEC. 31.
1929.
1928.
1929.
Assets
Liabilities$
Plant, properties
Preferred stock_ 10,937,500
& franlhises_212,884,546 127,166,504 Common stock _x22,634,343
Inv.in securities 7.194,245 4,143.251 Sub. co.'s pref__ 34,957,139
Cash & secs. in
Min. int. of subs
93,745
sinking fund_
315,969
278,605 Collections on inCash
.654,664
stallment sales
Accounts ree_ _ _ 12,574,642 4,087,968 Funded debt_ _ _106,995,500
Notes rec
542,797 Cons. dep. and
Mat15 & suppl_
1,812.860
adv.for constr 4,824,571
Unamort. bond
Accts. pay
Meet. & exp
5,120,659 4,188,463 Divs. payable on 12,766,043
Disct. on capital
pref. stock_ _ _
stock of subs_ 1,771,132 1,798,737 Bond interest_ _
Miscellaneous
679,349
60,394 Taxes
Deprec.reserve_ 37,196,906
Ins., &c., res
1,670,821
Surplus
8,463,983
(Vora. 130.
dustrial lien obligations, other than motor, showed an increase of 116.05%
for the year 1929. and 55.78% for November and December 1929,
82 compared with 1928. The following classification of the volume
that continued efforts towards diversification have met with for 1929 shows
much success:
United States and Canada1929.
1928.
Motor retail time sales notes
41.46%
53.33%
Dealers' motor lien wholesale obligations
0
%
24.91%
Open accts., notes. accept. & Indus. lien obligations 24.02
17.31%
21.76%
38,777 All export & foreign receivs.(K.M.&
Co., Ltd.)_ _ .. 17.21%
None
59,577,000
Total
100.00%
100.00%
2,612,164
1,534,389
SUMMARY OF OPERATIONS FOR CALENDAR YEARS.
379,743
-Consolidated-Company Alone
1929.
1928.
834,309 Gross receiv.
2.071,825 Average cash purchased _442,807.262 265,883,746 166,887.126 122,161,754
employed _170.455,784 95.449.933 68,618,095 45,271,796
19,567,950 Gross earnings from oper
6,641,318
9,888,032
467,339 Net oper. inc. prior to 22,041,183 13,932.809
5,410,346
int. & dis. & Fed. taxes 13,421,415
8,255,185
4,183,398
6,535,657
Int. & discount charges_ 6,416,208
Total
3,570,438
240,540.542 146,734,243
1,730,187
2,783,149
Total
240,540,542 146,734.243 Net income applic.
to
x Represented by 1.461,834 no par shares.
-V. 130. P. 468.
cap, stock, after Fed.
taxes:
Commercial
Commercial Credit Co., Baltimore.
Credit Co., Baltimore 3,337,895
2,162,615
2,162.615
3,337,895
Commercial
Credit
(18th Annual Report
-Year Ended Dec. 31 1929)
Corp., New York__ 1,193,854
802,135
Corn. Credit Trust,
A. E. Duncan, Chairman of the board, says in substance:
Chicago
738.385
Inasmuch as many economists, statistical agencies, investors, bankers
769,110
Com.Credit Co.,Inc.,
and business men have felt that the recent stock market collapse and the
New Orleans
509,590
current business recession would be a real test as to the fundamental sound398,531
Kemsley, Millbourn &
ness of instalment selling and the financing of receivables in connection
Co.,Ltd.,New York
474,418
therewith, the 18th annual report contains more data than would otherwise
be issued.
Consol. net oper. inc
6,254,142
4,132,392
Many apparently forget that almost everything that can happen in financ- Net inc. applic. to minor.
ing and in lousiness has happened during the past 15 years, including the
int.(K.M.& Co.,Ltd.)
2,445
World War and the violent deflation and depression in 1920-1921, as well as Div.on pref. stks of subs
240,000
239.750
the depressions during 1924 and 1926-1927, through all of which instalment Net inc. ofsub.co's appl.
selling and instalment financing passed without any serious setback.
to Commercial Credit
Special attention is called to all of the data herein, and including followCo. before charging off
ing'brief comparison of consolidated operations:
furniture & fixtures....
2,673,803
1,730,026
Consolidated Operations1929
1928.
Net inc. applic. to cap.
Net operating credit after common dividends
$2,425,916 $2,087,488
stk of Com.Credit Co_ 6,011,698
3,892,642
6,011,698
3,892,642
% net inc. on ave. con.sol. cap.,surp. & undiv. profits
12.82
13.62 Div. on 6%% & 7% 1st
Interest & discount charges
-times earned
2.09
2.31
& 8% class B pref stks 1,119,891
1,119,841
1,119,891
1,119,841
Net inc. per sh. on all 1st pref. & subs. pref. stock
Div. on $3 class A cony.
(based on $100 par value)
$41.67
$27.54
stock
395.000
395,000
Dividends paid thereon-times earned
6.01
3.97 Div.on common stock
2,070,891
685,313
2,070,891
Divs, paid on all issues of pref. stocks, incl. subs.
685,313
Net
times earned
2,087,488
2,425.916
2,087,487
3.56
3.03 Furn. operating credit_ _ 2,425,916
& flat. charged off
Net income per sh.on ave.coin,stock outstanding.. _ _
193,065
41,377
193,065
41,377
4.48
4.01 Adjust. Co. Credit
Co.
Dividends paid thereon
2.00
1.00
Invest. acct. Kemsley
Consolidated net operating income for 1929, after Federal taxes and
Millbourn & Co., Ltd.
8,758
7,052
8,758
bonuses, was 12.82% on the average capital, surplus and undivided profits
7,052
of the consolidated companies, and was comprised of: (1) operations of the Recovery on spec. acct.
res. prey,set up
275,000
Baltimore company, after deducting its investment in the New York,
275,000
Net credit to paid-in surp
Chicago and New Orleans companies and Kemsley, Millbourn & Co. Ltd.,
(from sale of com. stk.
14.83%;(2) New York compan3,13.08%;(3) Chicago company, 10.52%;(I)
& after charging off all
New Orleans company, 10.64% (5) Kemsley, Millbourn & Co., Ltd.,8.86
%•
underwriting exps. on
But little more than seasonal increase during the winter in past due paper
corn. & class A cony.
and repossessions was or is expected to result from the 1929 stock market
stocks; all good-will
upheaval. Most o° the increase in these items is due to the Canadian situaPaid for co's acquired;
tion later referred to; the slowing up of business in industrial and automobile
unmort. dis. on coll.
manufacturing centers, which began in the summer of 1929; and to the fact
trust note due 1934 &
that oustandings were more seasoned at the end of 1929 than at the end of
1935; & setting up a
1928, since the peak volume was acquired earlier in 1929 than in 1928.
res. for contingencies)- 2.274,059
A comparative analysis of outstandings in the United States and Canada
2,274,059
i shown herein separately, since the Canadian outstandings are less favors
Net increase in surplus 4,498.153
2.314,057
4,498,153
2,314,057
able,largely due to small crops and late marketing thereof in certain section - Surplus bal. Jan. 1
4.642.299
2,328.242
4.642,299
2,328,242
of Canada. This always causes a certain amount of extensions, which are
Surplus bal. Dec.
4,642,299
9,140,452
4.642,299
Included as past due in case of substantial curtailment, and upon which only Corn, stock, no par3L.. 9,140,452
she.
normal loss is ultimately expected. The comparison is as follows:
-stated value
15,265,452
9.906,300 15,265,452
9,900.300
-United States-Canada.
Total corn. stock, no
Outstandings Dec. 31- 1929.
1928.
1929.
1928.
par shares
24,405,904 14,548,599 24,405.904 14.548,599
Motor retail times sales
notes
$89,236,444 $72,394,040 $5,095,106 $3,131,474
CONSOLIDATED BALANCE SHEET DEC. 31.
Amt. thereof over two
•
[Commercial Credit Co. of Baltimore and Subsidiaries.]
months past due on
original terms
134,226
1928.
1929
74,463
121,060
r,346
1929.
1928.
$
Open accts., notes, acAssets3
Liabilities
3
$
cept. & ind. lien obtig _ 38,281,190 29,10,304
23,558,758 17,313,854 Unsecured short
1,382,781
833,080 Cash
Amt. thereof over two
Open accts.notes
term notes__ _ 79,605,885 73,446,500
months past due,
suar lienac itsa A46,548,509 105,464,899 Secured
ndry obcig:&
short
after applying excess
term notes__ _ 12,299,655 2,495,328
res. applic. thereto_
notes reedy
1,315,031
474,772 sunidry acets & 8,250,500 8,592,000
374,418
Col . trest nutes
202,041
73,460
6,450
Repossessed Cars
-DeCustomers' ilab.
preciated
Value
-In
on for'n drafts 15,904,695
Res rsrpaya ele l 2,130,566
taxeo Fedbra_
758,587
co's possession, amt
141,225
98,000
9,551
None Repossessed cars
In co's possession, no_
-deprec.val_
157,266
433
97,999
298
9
Inc.tax due'30
None
589,953
759,755
Sundry invests 2,102,726 4,437,832 Coor dn.firsold.on 15.904.695
Motor retail time sales notes on Doc. 31 1929, include 74-100 of 1% of the c
i.
fng
tin
total thereof, which represents current repossessed cars held by responsible
Credit
dealers who are liable for the balances due thereon, as compared with 55-100
Management
Coating. reserve
Co
258,104 -margin with
of 1% on Dec. 31 1928. Substantial reserves are held to protect the dealers
1,131,820
against loss on resale of these cars. The total amount of repossessions on Sin fund coll.
held from cust 4,465,029 2.664.838
trust noWs_
Industrial lien obligations and on all other receivables, other than motor, Du
260,690
418,038 Dealers'loss res_ 3,197,566 2,400,381
notes_
einpis.
has continued to be very insignificant.
Res. tor poss.loss 2,059,895 1,569,747
On Feb. 14 1929, company received approximately $10.000,000 covering
284,940
acct.stk parch
Deferred income 5,174,037 3,744,085
1,020,559 1,345,014 Pref.stocks sub.
the sale of 258,365 shares of common stock offered to common stockholders Dot.
. eit Mes-re
tha
at $44) per share. On July 24 1929, company received the proceeds of the Furn. & fixtu -s
co's
5
3,000,000 3,000,000
sale of.300,000 shares, par value $15.000,000, of $3 class A convertible stock
Minor. interest
offered at $50 per share. The proceeds of these two issues have been charged
sub. comp.my
37,512
o
with all underwriting fees and expenses of both issues; all unamortized dis61.6 & 7% 1st
count on outstanding collateral trust notes of company due in 1934 and 1935,
pref.stock_ _ _ 12,000,000 12,000,000
respectively; the amount of all good-will in connection with the acquisition
8% pref. class 13
of other companies; and a special reserve set up to cover contingencies.
stock
4.000,000 4,000,000
$3 class A cony.
The above two increase of capital stock during 1929, and the increased
stock
general interest in company,have resulted in an increase in the number of its
15,000,000
o
Tot.(ea.side)192,290.999 129,810,516 Common stock_x24,405,904 14,648,599
stockholders,including its subsidiaries, to 15.468 in December 1929, as compared with 8.595 in December 1928, a gain of 80%. The number of comx Represented by 1,037,052 no par shares.
mon stockholders increased during this period to 6,463 from 3,757, a gain
BALANCE SHEET AS OF DEC 311929.(COMPANY ALONE).
of72%.
During 1929 company purchased the business of several smaller comAssets
Liabtlittes-'
panies, among which were American Credit Corp., Omaha, Neb., as of Cash & due from banks
$8,664,668 Unsec.short term gold notes $32,830,000
Jan. 2 1929; Vermont Acceptance Corp., Burlington, Vt., during December Open accts., notes, accept.&
Coll, trust notes pay., short
1929; and Finance Corp. of Wyoming, Casper, Wyo., as of Jan. 2 1930.
& Indus. lien obligations_ _ 17,600,508
term (Omaha sub.)
1,559,400
The acquisition of these conpanies strengthens the organization and will Motor lien retail time sales
Coll, trust notes pay., series
increase the volume in the respective territories.
notes
48,426,280
A (due 1934)
4,083,500
Company and its subsidiaries now have branch offices in 191 cities Sundry accts.& notes rec _
290,871 Coll, trust notes, pay.,series
throughout the United States and Canada, and local representatives at 272 Repossessed cars: co's PosA (due 1935)
4,107,000
other points. Company owns 99.43% of the capital stock of Kemsley,
session,deprec. value_ - 69,772 Notes pay, secured (Omaha
Millbourn & Co., Ltd., New York, which, through its subsidiary and Invests. (sub. co's at their
sub.)
100,000
affiliated companies, continue; to do a large and increasing volume of
book values): Com'l Cred.
Sundry accts. payable
601,129
financing of exports to and local financing in the principal foreign countries.
Corp., New York
10,406,495 Accrued Fed.& other taxes_
65,637
This service is similar to that extended in the United States, and, although
Com'l Credit Tr., Chicago 6,435,309 Res. for Fed. inc. taxes(due
the development work has been quite expensive, with the exception of a few
Com'l Credit Co., Inc.,
1930)
417,076
countries, especially Brazil, the results have been satisfactory.
New Orleans
4,739,267 Coating. res. (margin due
All known losses and doubtful items have been charged off, as is the cusKemsley, Millbourn & Co.
customers only when rec.
tom of company and its subsidiaries, and their assets continue in good,
Ltd.,N.Y.(export sub.) 6,641,877
are collected)
1,559,999
liquid shape,consisting almost entirely of cash and current receivables. The
Vt. Accept, Corp., BurlDealers' partic. loss reserve..
1,717,043
balance sheet shows large reserves, including substantial extra reserves,
ington (acct. purchase)_
470,881 Res.for possible losses
1,198,324
which have been set up to cover income deducted in advance, collection
Aviation Credit Corp.,
DeLint. & chgs.(unearned). 2,612,221
expenses. and probable losses on outstandings. Federal and other taxes,
New York
500,000 First pref.stock
12,000,000
and other contingencies.
Com'l Credit ManagePref,stocks, class B,8%
4,000,000
Commend Credit Management Co. has increased its capital stock in
ment Co
1,131,820 Class A cony,stock, series A
order to acquire a substantial increase in its holdings of common stock of
Sundry stocks de bonds.. _ 10,000
15,0 ,
$3(Preference)
00 000
company, previously purchased in the open market. Part of this increase
Sink.fund coll.trust notes,
Com.stock,(1,037,052 abs.,
has Wen sold, and more will soon be offered upon attractive terms to
series A (par
260,690
24,405,904
no par)
officers (other than the chairman), branch managers and other important Due by empl. in $276,000)..
connection
employees of company and its subsidiaries. The vaeious profit-sharing
with purchase
284,940
plans, bonus, savings and investment plans, and group life insurance, pus Deferred chargesof stock.... _
383,875
Into effect some twe years ago, have been very helpful in increasing the Furn.& fixt.(cost
1
$615,066)
efficiency and enthusiasm of the organization.
Consolidated motor retail time sales volume for Nov, a .d Dec. 1929,
Total
$106,317,233 Total
$106,317,233
was approximately the same as for those months of 1928, while that of ina $8.000,0006%% and $4,000,000 7%
.-V. 129, p. 3070.
1928.
$
10,000,000
22,422,500
21,817,900
1
FEB. 15 1930.]
1109
FINANCIAL CHRONICLE
GENERAL INVESTMENT NEWS.
STEAM RAILROADS.
-Commission moves to
-S. C. Commission.
Merger Hearings Ordered by I.
-line proposals; complete
apeed the work on consolidation by taking up short
details asked. N. Y. "Times" Feb. 12, p. 34.
-Six Steel companies assert in
•. Fight Rail Advance on Pittsburgh Rate.
paint protest to 1.-S. C. Commission that increase is discriminatory. N. Y.
'Times" Feb. 14, p. 38.
-Conference ap-S. C. Commission Plan.
R• Report to Shippers Assails I.
proves criticism of large rail system proposed by board. N. Y."Times."
Feb. 12. p. 12.
-The I.
-S. C. Com-S. C. Commission Sets Rules in Rail Mergers.
I.
mission, Feb. 10, announced a definite schedule of rules to be followed by
the carriers in filing merger applications. New York "Sun," Feb. 10.
-Seeks Control of Charleston
Atlantic Coast Line RR.
& Western Carolina Ry.The company made application Jan. 28 to the T.-S. C. Commission
for authority to acquire control of the Charleston & Western Carolina
Ry. by lease and by purchase of capital stock.
The lease proposed would be for a period of 99 years from Jan. 11930. As
money rental the A. C. L. is to pay an amount equal to an 8% dividend
per annum on so much, if any, of the outstandng $1,200.000 stock as may
at any time hereafter be not owned or held by the A. C. L.
It also proposes to pay the interest on the $5,700,000 of outstanding
bonds issued or assumed by the Charleston & Western Carolina Ry. and
on $1,000,000 of bonds proposed to be issued by that road.
The entire 12,000 shares of the railroad's outstanding stock is owned or
controlled by the Atlantic Coast Line Co. a Connecticut corporation,
which also owns a considerable amount of tlie stock of the Atlantic Coast
Line RR. the application stated. The A. C. L.'s application does not
'
involve the issuance of any securities by that carrier.
The A. 0. L. desires authority to assume, as to the securities of the road
proposed to be acquired, now outstanding hereafter to be issued as provided in the lease, the obligations therein provided.
The Charleston & Western Carolina is 341 miles in length and extends
-V. 130. p. 792.
from Spartanburg, S. C., to McCormick, S. C.
Baltimore & Ohio RR.
-Authorized To Acquire Control of
-The company has been
Buffalo Rochester & Pittsburgh.
authorized by the 1.-S. C. Commission to acquire control
of the Buffalo Rochester & Pittsburgh Ry. by purchase
of capital stock upon the condition that existing routes and.
channels of trade are maintained unless otherwise authorized by the Commission, according to a report and order
made public Feb. 12.
The continued offer for six months to acquire the remaining outstanding
shares of the B. R. & P. at the same price as agreed to be paid for the shares
purchased from the Allegbany Corp. was another condition stipulated by
the Commission
Tho objections of the Delaware & Hudson Co., made after oral arguments
in the case, which took exception to consideration of the Commission's
consolidation plan as a determining factor in reaching a decision in the
case which was brought under the "acquisition of control" provision of the
Inter-State Commerce Act, was disposed of by the Commission.
The Commission ruled that the Baltimore & Ohio application was in
accord with the plan and that there is sufficient evidence in the record
alone to support the conditional approval. Further details will be given
another week.
Chicago & North Western Ry.-Listing
The New York Stock Exchange has authorized the listing of an additional
688,905 shares of common stock (par $100)on official notice of issuance upon
-year 4 % convertible gold bonds. series A, making the
conversion of 20
total amount of common stock applied for 2.295,226 shares.
%
Purpose of Issue -The 20-year 4j convertible gold bonds, series A
will be convertible at the option of the holder, at any time on or after July 1
1930, and on or before July 11940, into common stock at $105 per share,
with cash adjustment of current dividends and accrued interest.
Income Account 9 Mos. Ended Sept. 30 1929. .
$117,546,412
Operating revenues
86.198,673
Operating expenses
7.460.000
Taxes
11,862
railway revenue
Uncollectible
$23.875,876
Railway operating income
2.098,246
Net rental deductions
$21,777,630
Net operating income
1,650,017
Non-operating income
Gross income
Interest in funded debt
Rent for leased roads; miscell,rents and miacell. tax accruals
Interest on unfunded debt and miscell.income charges
$...3,427,647
10.016.207
18,767
39,643
$10,074,618
$13,353,029
$783.825
3.168,768
Net income
7% dividend on preferred stock
4% dividend on common stock
$9,400,436
Surplus
$7.93
Earnings per share on common stock
x Includes $1.349,493 back mail pay for period May 9 1925 to July 31 1928.
-V 129, p. 3630.
Cleveland Cincinnati Chicago & St. Louis Ry.Preliirtina y Earning s
1929-12 Mos.-4928.
Period End. Dec.31- 1929-3 Mos.-1928.
Railway oper. revenues_$22,466,070 $22,224,887 $91,981,900 $88,830,152
15,938,309 69,624,283 66,989,155
Railway oper. expenses.. 17,620,397
4,928,865
1,124.507 5,339,342
Railway tax accruals_ _ _ 1,175,567
16,208
19,866
2,962
7,019
Uncoil, railway revenues
1.273,387
1,077.614
171,457 Cr415,873
Equip. & joint fac. rents
Not ry. oper. income_ $3,491,629 85,574,981 $15,920,794 $15,622,538
1.967,187
2,332,641
515,511
576,170
Miscel. & non-oper. inc_
$4,067,799 $6,090,492 $18,253,435 $17,589,724
Gross income
8.769,901
9,037,447
2,360,586
Deduct,from, gross inc_ 2,356,336
$1,711,463 $3,729,906 $9,215,988 $8,819.823
Net income
4,262,229
4,262,229
Dividends accrued
51,700
53.992
Sinking and other reserve funds
Surplus
Earns per sh. on 470,287
(par $100)
shs.cap.stk.
-V. 130, p. 967.
$4,899,767 $4,505,894
$3.37
$7.66
$18.53
$17.69
-Protests Commission's Merger
Delaware & Hudson Co.
Rules-Doubts Legality of Considering Recent B. & 0. Deal in
1.-S. C.Commission Asks Lines To Waive Own Merger Plans. Other "Acquisitions of Control."
Four of the major trunk linos with consolidation applications pending
before the 1.-S. C. Commission have been asked to withdraw these applications in view of the publication of the Commission's plan for railroad
consolidation.
ps The request was contained in letters to the Presidents of the Baltimore &
Ohio, Chesapeake & Ohio, Delaware & Hudson and Wabash railroads by
Charles D. Mahaffie, finance director of the Commission, who is charged
with passing upon the applications to the Commission for final decision.
Director Malaaffie's letter indicated that if the railroads fail to withdraw
the applications, all of which are in part at variance with the Commission's consolidation plan, he would recommend their dismissal.
ss. Director Mahaffie said in identical letters written to the four trunk
lines:
"This application Is not complete in that does not present the terms
of conditions nor the consideration on which it Is proposed to acquire the
lines contemplated by it. It is not in all respects in accord with the complete plan of the Commission.
"My own view is that a hearing on it would be useless and thatit should
either be withdrawn by you or dismissed by the Commission. Before
making a recommendation in the matter, however. I would appreciate the
benefit of your views on this."
-V. 130, p. 792.
-S. C. Commission takes issue
The company in a letter sent to the I.
with the Commission's views on the procedure to be followed by railroads in merger petitions. The letter was prepared by H. T. Newcomb,
General Counsel for the D. & H., in reply to a letter sent by Charles D.
Mahaffie, finance director of the Commission. Mr. Mahaffie asked the
B. & 0., the Chesapeake & Ohio, the Wabash and the Delaware & Hudson
to withdraw their merger petitions and file new ones that would give effect
to the Commission's own merger plan.
Mr. Mahaffie objected also because the four plan did not include financial details. Mr. Mahaffie's suggestions were embodied in a set of rules
for merger procedure announced by the Commission this week.
In the hearings on the B. & 0.'s application for control of the Buffalo,
Rochester & Pittsburgh, which has since been granted, Mr. Newcomb
contended as an intervenor that, since the record was closed prior to promulgation of the Commission's consolidation plan, this plan could not be considered a determining factor in the case. That Mr. Newcomb's belief goes
further was indicated in his reply to Mr. Mahaffie, which disclosed that the
Delaware & Hudson had serious doubts as to whether the plan can lawfully
be considered in the determination of all casse of "acquisition of control."
Mr. Newcomb's letter said that the effect of the Commission's consolidation plan on applications of railroads to acquire control of other carriers
"presents several questions which seem to require careful examination"
Buffalo Rochester & Pittsburgh Ry.-Control by Balti- and urged no "premature action" be taken in regard to the Delaware &
-See Baltimore & Hudson's proposal for its merger with 16 other railroads to form a belt line
more & Ohio Approved by Commission.
in the East.
Ohio RR. above.
-V. 129, p. 275.
Herbert Fitzpatrick, Vice-President & General Counsel of the Chesapeake
Canadian Pacific Ry.-New Branches To Total 160 Miles. & Ohio, has asked that the Chesapeake & Ohio merger plan be held in susThe company will have five bills for branch lines before Parliament this pense until he can discuss it personally with Mr. Mahaffie. R. Marsden
session, according to a despatch from Ottawa. The bills provide for the con- Smith, counsel for the B. & 0., has told the Commission his railroad would
struction of approximately 160 miles of lines, distributed among three take up the subject soon. The Wabash, has also replied (for latter see
-V. 130,.p. 616.
Provinces: Alberta, Saskatchewan and Quebec. They are as follows:
under Wabash fly. below).
From a point on the Taber subdivision of the C.I'.R., near Tempest,
.Alta., southwest for approcimately 10 miles.
--Guaranty.
Lackawanna & Western RR.
Delaware,
From Dunelrn, Sask. on the Swift Current southeasterly branch of the
-V. 129, p. 4136.
See Morris & Essex RR. below.
C.P.R.,southwesterly tor a distance about 50 miles.
From Duval, Sask., on the l'heasant Halls branch, easterly for a distance
of some 30 miles.
Denver & Rio Grande Western RR.-Pres. J. S. Pyeatt
From a point in Township 46 or 47, east of Glenrose, Sask.. in an easterly Explains Purpose of Application for Salt Lake Road Control.
direction to Shellbrook.
-S- C. Commission
Commenting upon the company's application to the I.
p The fifth line is a short one, in the Parish of Ile Perrot, Vaudreuil County,
to purchase control of the Denver & Salt Lake Ry., J. S. Pyeatt, President
Quebec.
The hills will ask for authority to issue securities in respect to these lines says'"There was and could be only one incentive for this purchase, namely
to carry out a policy expressly announced in the 1924 reorganization of the
So an amount not exceeding $50,000 a mile.
Denver & Rio Grande Western, which was 'To encourage the creation of a
New Director.
short line from Denver to Salt Lake City through the utilization of the
Robert C. Stanley, President of the International Nickel Co.. of Canada, existing line from Salt Lake City to Dotsero, and a line from the latter
has been elected a director. Ile assumes the vacancy caused by the death point through the proposed Moffat Tunnel to Denver.'
of S. W. Molson.-V. 130, p. 966.
"The Denver & Rio Grande Western has purchased this stock with no
other purpose or expectation than that It will bring about, through cordial
-Acquisition.
Central RR. Co. of N. J.
interested in the Denver & Salt Lake the early
-S. C. Commission Jan. 25 approved the acquisition by the com- co-operation with others cut-off, and an arrangement whereby the D.&
The I.
construction of the Dotsero
pany of control of the Wharton & Northern RR. and the Mount Hope
R. G. W. will have a short route through Denver gateway to the West.
Mineral RR. by purchase of capital stock.
957
-V. 129. P. 3 .
Assuming that the Commission approves the application, the only apparent
Charleston & West Carolina Ry.-Control.obstacles which would delay the building of the cut-off are the appeal of
the Moffat Tunnel Commission from the decree of the United States DisSee Atlantic Coast Line RR. above.
-V. 128, p. 4150.
trict Court for Colorado, respecting the validity of the Moffat Tunnel lease.
-Preliminary Earnings.
Cincinnati Northern RR.
and the consummation of arrangements between the two railroads."-.
1929-12 Mos.-1928.
V. 130. p. 967.
Period End.Dec.31- 1929-3 Mos.-1928.
Railway oper. revenues_ $1,042,079 $1,054.930 $3,840,769 $4,061.793
-Interest De2,590.171
Railway oper. expenses_
716.600
2,874.043
Ft. Dodge Des Moines & Southern RR.
609,002
287,158
68,486
Railway tax accruals_ __
73,880
271,687 faulted-Protective Committee.
249
3
railway revenues
36
1,194
Uncoil.
funds for the payment of the interest
79,951
The company has not provided the
Equip. & it. fac. rents__
18,260
6,953
244,577
due Dec. 1 1929 on the 1st mtge. 5% gold bonds.
$883,239
The committee below has consented to act as a bondholders protective
$251,549
Net rwy operating inco $352,241
$670,291
46,934
7,425
Miscl. & non-oper. inc _ _
16,930
23,259 committee under a deposit agreement dated Feb. 10 1930, under which
Bankers Trust Co., New York: Old Colony Trust Co., Boston, and Rhode
Its
$930.174
$258,974
$369.172
Gross income
$693,550 Island Hospital Trust Co., Providence, are acting as depositaries.
91,859
In the judgment of the committee united and harmonious action is
23,700
Deducts.fr. gross Inc_ _ 22,309
98,624
necessary on the part of the holders of the bonds, and the committee there$838,315
$235.274
$346,862
Net income
$594,927 fore strongly recommends that holders deposit their bonds at once, in
300,000
Dividends accrued
300,000 order that the committee may be in a position most effectively to represent the 1st mtge. bondholders and to protect their interests.
-Louis C. Gerry, Chairman; A. P. Barrett, G. Burton HibCommittee.
538,315
Surplus
294,927
bert, John L. Hugg and H. B. Watt, with Leeds A. Wheeler, 50 Federal
Earns, per sit, on 30,000
$7.84
$11.56
$27.94
cap. stk. (Par $100)- $19.83 St., Boston, Mass., Secretary, and Ropes, Gray, Boyden & Perkins 5
-V. 123, p. 2515.
Federal St., Boston, Mass., Counsel.
-V. 129. P. 316
0.
1110
FINANCIAL CHRONICLE
Indiana Harbor Belt RR.-Preliminary Earnings.
-
Period End. Dec. 31
- 1929-3 Mos.-1928.
Railway oper. revenue& $3,273,305 $3,331,039
Railway oper. expenses_ 2,015,491
1.910,811
Railway tax accruals_ _ _
160,784
197,548
Uncoil,railway revenue..
2,398
197
Equip. & joint fac. rents
246,141
250,342
Net ry. oper. income_
$848,489
$972,141
Miscell. & non-oper. inc.
56,423
19,708
Gross income
$904,912
$991,849
Deduct,from gross Inc_ _
136,183
127,551
Net income
$768,729
$864,298
Dividends accrued
-12 Mos.-1928.
1929
$12,967,446 $12,722,774
8,105,830 7,907,434
776,340
758,236
8,088
6,750
687,872
672,058
$3,406,467 $3,361,144
201,538
95,162
$3,608,005 $33,456,306
521,306
529,037
$3,086,699 $2,927,269
760,000
760.000
[vou 180.
all the.bonds and other debt of the Morris &
also agrees to Pay
dividends at the rate of 73 % per annum on Essex and company's capital
the latter
stock, which is outstanding in the amount of $15,000,000.
Guaranty.
-Delaware, Lackawanna
ment these $25,000,000 construction & Western RR. guarantees by endorsemtge. gold bonds
int. It also guarantees $35,000,000 let refunding goldboth as to prin. and
of Morris & Essex, $10,000,000 New York, Lackawanna mtge. 3A % bonds
& WesternRy. 1st
& refund. mtge. 4;
,
5% gold bonds,series B
1973,and $1,394,000 warren
RR. 1st refund. 33% bonds, due 2000. due total funded
Its
debt to be
standing in the hands of the public upon the sale of these construction out.
mtge.
bonds comprises the above-mentioned guaranteed
bonds and $44,000 of
direct long term debt and amounts to $71,438,000.V. 128, p. 3182.
Mount Hope Mineral RR.
-Control.
-
Bee Central RR. Co. of N. J. above.
-V. 125, p. 382.
New York Central RR.
-To Buy Short
Lines.
The co. has asked the I. S. C, Commission for authority to acquire control
of
the 20
-mile Federal Valley RR.by purchase of its
$15.37
$17.28
$58.54 The road extends from Palos to Lathrop, Ohio. capital stock,for $150,000.
$61.73
The price to be paid was
arrived at through arbitration proceedings, since the Central, under
the
Commission's decision of last year, authorizing the
Jacksonville & Havanna RR.
-Receivership.
erties, was required to include certain short lines. unification of its propElmer NaLiger, Springfield, Ill., has been appointed receiver by Federa
The N. Y. Central has asked the L-S. C. Commission for authority
to
Judge Louis Fitzhenry following the filing of a petition by the Standard acquire control of the Owasco
River By., a small switching line in Auburn,
Oil Co. of Indiana.
-V. 128. p. 1901.
New York by purchasing its entire capital stock from
the International
Harvester Co. for $75,000. The Central was required to include this propMichigan Central RR.
-Preliminary Earnings.
erty in its unified system in the unification plan.
Period End.Dec.31- 1929-3 Mos.-1928.
The Central has also applied to the Commission for authority
1929-12 Mos.-1928.
Railway oper. revenues_321,407,465 $23,515,500 $94,718,967 $93,217,493 joint control with the Canadian Pacific By. of the Canadian to acquire
Pacific Car
Railway oper. expenses_ 15,684,274 15,523,085 64,865,394 62,643.935 & Passenger Transfer Co., Ltd., by purchase of its
capital stock.
Railway tax accruals_ _ _ 1,350,128
1,612,019 6,392,710 6,327,937 transfer company operates a ferry service between Ogdensburg, N. The
Y..
and Prescott, Ont. Under the proposal tho Central and the Canadian
Uncoil, railway revenues
8,360
2,950
15,378
25,064
Equip. & jt. fad. rents_
313,591
298,220 1,547,107
1,064,589 Pacific will pay $25,000 each for the property of the ferry company.
Second Equipment Trust of 1929.
Net ry. oper. income_ $4,051,112 $6,079,226 $21,898,377 $23,155,967
The L-S. C. Commission Feb. 6 authorized the company to assume obliMisc.& non-oper. inc___ 1,516,453
642,849 3,169,229 2,093,751
gation and liability in respect of not exceeding $5,280,000 second equipment trust of 1929 4A % equipment trust gold certificates, to be issued by
Gross income
$5,567,565 $6.722,076 $25,067,605 $25,249,718
Deduct,from gross inc_ _ 1,437,876
1,471,324
5,732,491
5,86%299 the Guaranty Trust Co. of New York as trustee, under an agreement dated
Dec. 1 1929, and to be sold at not less than 98.657 and diva. in connection
Net income
$4,129,689 $5,250,752 $19,335,114 $19,389,419 with the procurement of certain equipment.
-V. 130, p. 967.
Dividends accrued
Earnings for 3 and 12 Months Ended Dec.
7,494,560 7,494,560
(Including Boston & Albany RR.and Ohio Central31.
Lines.)
Surplus
Period End.Dec.31- 1929-3 Mos.-1928. 1929-12 Mos.-1928.
$11,840.554 $11,894,859
Earns, per sh. on 187.364
shares capital stock__ _
$22.04
$28.02
$103.019
$103.48 Ry. operating revenues_ 97,930,992 99,116,706 396,917,259 381,733,244
-V. 129, p. 3469.
By. operating expenses_ 77,859,387 73,705,785 302,614,246
Railway tax accruals_ _ _ 5,978,353 x9,545,407 27,626.062 288,250,203
x29,136,904
Midland Valley RR.
-Bonds.
Uncollectible ry. rev.._ _ _
27,568
19,123
99,349
130,544
The L-S. C. Commission Feb.3 authorized the company to issue $289,000 Equip. & jt, facil. rents_
196,911
23,926
1,952,938
1,993,472
-year gold bonds in part reimbursement of capital expendi1st mtge. 5% 30
tures heretofore made; all or any part of said bonds to be pledged and reNet my. oper. income_ 13,868,772 15.822.465 64,624,663 62.222,122
pledged as collateral security for short-term loans.
Miscell. & non-op. inc-_ 12,994,777 8,967,587 y59,139,764 34,629,317
-V. 129. p. 3323.
Missouri Pacific RR.
Gross income
-Minority Shareholders Oppose Issu26,863,549 24,790,052 123,764,427 96.851,439
Deduct, from gross Inc_ 11,644,558 11,208,007 45,487,136 46,516,954
ance of More Common Stock.
Minority stockholders have filed a protest with the 1.-S. C. Commission
Net income
15,218,991 13,582,045 78,277,292 50,334,485
against the granting of permission for the issuance of $38,659,900 of addi- Dividends accrued
37,090.532 34,854,879
tional common stock. Edward C. Bailly of New York, as counsel for Sinking & other res. fds
190,949
175,851
William F. Connor and C. N. Muse, stockholders, urged the Commission
to withhold action on the ground that such an issue of common stock was
Surplus
40,995,811 15.303,754
unlawful in Missouri.
Shs. cap. stock outat'g
4,637,086 4,635,500 4,637,086 4,635.500.
It was set out in a brief filed with the Commission that the issue would Earnings per share
$3.28
$2.93
$16.88
$10.86
dilute the present holdings; that the proceeds were to be used to pay back
x For
and the
dividends on pref. stock in violation of Missouri law because the issue of Included both December accruals year 1928 an item of $3.077,317 has been
as a charge against income, representing
in railway tax
such additional stock has not been submitted to and approved by the Federal income taxes on profits from
the sale of securities, while the profits
stockholders of record.
In a brief filed with the Commission the road defended its proposed stock from such sale have been credited directly to the company's surplus.
issue as for lawful objects and in the interest of the common stockholders. ony Includes $22,015,800 received during the year as extra dividends paid
the stock of the Michigan Central CR. Co.. Chicago River
The company said:
RR. Co. and Indiana Harbor Belt RR. Co.-'. 130, p. 967. & Indiana
"The proposed issue is in the interest of the preferred stockholders, since
they will, at present market prices, receive common stock having a value
New York Chicago & St. Louis RR.
-Hearing Set.
in excess of the present value of their right to receive dividends even if the
Bee Wheeling & Lake Erie By. below.
-V. 129, p. 3161.
accumulated dividends should be at the rate of $5 per share per year.
"The proposed issue is also in the interest of the common stockholders
Pittsburgh & Lake Erie RR.
because they will be relieved of a charge of more than $34,000,000 ranking
-Preliminary Earnings.
ahead of them both as agaanst current income and as against assets in
Period End. Dec.31- 1929-3 Mos.-1928. 1929-12 Mos.-1928.
liquidation."
By, operating revenues_ $7,972,150 $8,316,594 $34,135,108 $31,406,815
Ry. operating expenses_ 6,883,199 6,551,643 28,396,025 25,602,989.
Oral Argument Feb. 28 on Unification Plan.
Railway tax accruals_ _ _
496,833
572,177
2,117,333 2,038,877
Announcement was made by the L-S. C. Commission Feb. 8 that oral Uncollectible ry. revs..__
20
1,059
165
1,905
arguments on the proposed unification of the Missouri Pacific would be Equip. & it. facil. rents_Cr1,095,714 Cr1,096,279
Cr4,269,956 Cr4,007,785
heard before the Commission on Feb. 28. 'I he arguments will be based
on the tentative report and recommendation of Examiner C. D. Weed,
Net ry. oper. income.. $1,687,812 $2,287,994 $7,891,540 $7,770,829.
who approved the Missouri Pacific plan with certain conditions.
Miscell.& non-oper.inc_
586,006
382,288
1,467,331
1,120,267
Twenty-two railroads are involved in the unificat.on plan. Some of
them may be considered in the category of larger lines and others are short
Gross income
$2,273,818 $2,670,283 $9,358,872 $8,891.097
lines. All would be acquired by the Missouri eacific. The list includes Deduct.from gross inc
434,515
500,518
1,803,537
1,719,206
the New Orleans Texas & Mexico, the International-Great Northern, the
Orange & Northwestern, the New Iberia & Northern, the Iberia, St. Mary
Net income
$1,839,302 $2,169,765 $7,555,335 $7,171,890
& Eastern, the Houston & Brazos Valley. the San Antono Uvalde & Gulf, Dividends accrued
4,318.250 4,318,210.
the Sugar Land, the Asphalt Belt, the San Antonio Southern, the Austin
Dam & Suburban, the Beaumont Sour Lake & Western. the Houston North
Surplus
$3,237,085 $2,853,680.
Shore. the Natchez & Southern, the Natchez & bouisiana Railway Transfer, Shares capital stock outthe New Orleans & Lower Coast, the Fort Smith Suburban and the Missouri
standing (par $50),'...
863,654
779,712
863,654
779,712
Vacific RR. Corp. in Nebraska.
-V. 130, p. 133.
Earnings per share
$2.13
$2.51
$8.75
$8.30.
-V. 130, p. 619.
Morris
Surplus
Earns, per sh. on 50,000
shs.cap.stk.(par $100)
-V. 129, p. 3160.
$2,326,699 $2,167,269
& Essex RR.
-Guaranteed Bonds Sold.
-J. P.
Morgan & Co. offered Feb. 10 $25,000,000 construction
mortgage gold bonds due Nov. 1 1955. Of the issue
$10,000,000 5% series A bonds, dated Nov. 2 1925 were
offered at 10334, to yield 4.76% and $15,000,000 432%
series B bonds, dated Nov. 1 1928 were offered at 963.. and
int, to yield 4.73%. The issue has been oversubsceibed.
Bonds of both series bearing interest from Nov. 1 1929, payable May 1
and Nov. 1 in N. Y. City. Unconditionally guaranteed by endorsement,
both as to prin. and int., by Delaware, Lackawanna & Western RR, City
Bank Farmers Trust Co., New York, trustee. Not redeemable prior to
maturity. Donom. c*$1,000 and r5$1,000 and authorized multiples thereof.
Legal investment, in the opinion of counsel, for Savings Banks in the
State of New York.
-The sale of these bonds is subject to authorization by the
Issuance.
1.-S. C. Commission.
Data from Letter of J. M. Davis, Pres. of The D. L. & W. RR.
Purpose.
-These $25,000,000 construction mtge. gold bonds.5% series A
and 414% series B,of Morris & Essex RR., were originally issued to Delaware, Lackawanna & Western RR. to reimburse it for expenditures for
additions and betterments previously made to the property and leased lines
of the Morris & Essex. The proceeds of the sale of these bonds will be used
to defray the cost of other additions and betterments heretofore made or to
be made to the properties of the Lackawanna System, including the Morris
& Essex.
Mortgage.
-These bonds are issued under the construction mtge. dated
Nov. 2 1925 of Morris & Essex RR., which limits the total amount of bonds
issuable thereunder to $35,000,000. The mtge. is a direct lien on the
entire property of the Morris & Essex RR., subject only to the prior lien
of that company's 1st refunding gold mtge. under which there is now outstanding the total authorized amount of $35.000,000
% bonds, due
Dec. 1 2000. Company's owned lines, which comprise 125 miles of road,
form the main line of the Lackawanna System between Hoboken, N. J.,
and Phillipsburg, N. J., and include the Boonton Branch extending from
a point on the main line near Hoboken through Paterson to a point near
Dover, N. J. Company's lands, yards and buildings at Secaucus, Jersey
Oft>. and Hoboken, N. J., constitute the tidewater terminals of the Lackawanna System on New York Harbor.
Lease.
-The property of The Morris & Essex is leased to The Delaware,
Lackawanna and Western for the term of the continuance of the former
company's charter and of any renewals thereof. Under the terms of the
ease and a later agreement,the Delaware, Lackawanna & Western assumes
1
Pittsburgh & West Virginia Ry.-Hearings Set.
-
Bee Wheeling & Lake Erie By. below.
-V. 130, p. 968, 134.
Quanah, Acme & Pacific Ry.-Construction.-
The L-S. C. Commission Jan. 25 issued a certificate authorising the
company to construct a lino of railroad extending from Quanah to Acme.
approximately 5 miles, in Hardoman County, Texas.
A certificate was also issued permitting the company to abandon operation, under trackage rights, over the line of the Fort Worth & Denver
City R y. in Hardeman County, Texas.
-V.129, P. 3324.
-Preliminary Eranings.Rutland RR.
Period End,Dec.31- 1929-3 03.-1928. 1929-12 Mos.-1928.
Ry. operating revenues_ $1,552,547 $1,514,634 $6,276,683 $6,626,282
By. operating expenses.. 1,264,524
1,259,099 5,035,512 5,361,875.
Railway tax accruals___
77,381
78,656
337.744
336,667
Uncoil. railway revenues
20
6
109
51
Equip. & joint fac. rents Cr23,044
Cr11,006
Cr93,694
Cr13,193
Net ry, oper. income_ $233,666
$187,879
$997,011
$940,883
Miscell. & non-oper.inc_
34,110
28,535
130,883
106,502
Gross income
$267,776
$216,414 $1,127,894 $1,047,385
Deduct, from gross Inc_
109,843
111,299
445,956
455,289
Net income
$157,933
$105,115
$681,938
$592,096
Dividends accrued
179,250
89,623
Surplus
$502,688
$502.473
Earns, per sh. on 89,625
she. 7% pref. stock
(par $100)
$1.76
$1.16
$7.61
$6.53
-V. 129, p. 3161.
Seaboard Air Line Ry.-Asks 1.-S. C. Commission To
Permit Larger Return from Proceeds of Sale of Common Stock.
The L-S. C. Commission's authority to permit unrestricted use of
$3,342,522 out of the $20,489,180 net proceeds from the sale of 1,893,630
shares of company's no par common stock under its recently consummated
refinancing is requested in a supplementary application filed with Com.
mission. The provision of order objected to requires railroad to devote
the proceeds in excess of the $12,680908 required to pay debts and provide
additional working capital, to reduction of outstanding funded indebtedness
and to additions and betterments and other capital purposes. No part
FEB. 15 1930.]
FINANCIA 14 CHRONICLE
of the balance remaining shall be expended until the proposed expenditures
have received the Commission's approval.
The modification of cormnission's order approving the reorganization
plan so that limitations will apply to only $4,465,750 instead of $7,808,272
is urged.
Supplementary application points out that road sold 1.892,630 shares of
common stock to its stockholders for which it received $20,818,930 or
$12 a share less $1 a share commission.
The aggregate increase in capital stock liability as a result of the plan
was estimated at not more than $24,194.750, consisting of $20,489.180
as maximum receipts from the outrittht stock issue and $3,705,570 representing an additional 336,870 shares of common stock issued in conversion of
$11,229,000 of first and consolidated bonds.
The carrier points out that from the $24,194,750 aggregated capital stock
liability figure would be deducted $11.229,000 for bonds exchanged and
$2,000,000 representing a Government loan mhich was paid. This would
leave a net capital stock liability increase of 810,965,750 which upon
deduction of $6,500,000 allowed for working capital would leave $4,465.750,
which the road believes is the maximum amount to which the commission's
limitations should apply.
The carrier submits that the reduction in its funded debt as a result of
its refinancing plan (which was consummated Jan. 14 1930) is inseparable
from the sale of stock under that plan and that the Commission in applying
any limitations to the use of the proceeds from the sale of stock should
give full weight to such reduction in funded debt.
"The requirements of the applicant in the immediate future are such that
it can not afford to be deprived of the issuance of its first and consolidated
bonds to reimburse its treasury for capital expenditures," L. R. Powell Jr.,
President, pointed out.
Attention was directed to line's balance sheets as of Aug. 31 1929, compared with Nov. 30 1929. On the latter date audited vouchers and wages
payable amounted to $6,441,898, an increase of $896,000 over Aug. 31,
whereas aggregate of cash and special deposits decreased $447.000 in the
same period.
It was stated that this situation has been brought about by the contraction in business which occurred in October and continued through November
and December. The Commission is asked to give "due weight" to this
-V. 130, p. 795.
situation.
Toronto Hamilton & Buffalo Ry.-Preliminary Earnings
Period End.Dec.31- 1929-3 Mos.-1928. 1929-12 Mos.-1928.
Ry. operating revenues_ $986,173
$987,745 $4,065,629 $3,570,439
547,810 2,445,802 2,155.910
637,921
By.operating expenses_
156,933
151,824
Railway tax accruals_ _ _
50,961
25,951
41
179
Uncoil. railway revenues
35
Cr75,009
Cr40,449
Equip. & joint fac. rents
Cr6,191
Cr19,176
Net ry. oper. income_
Miscell.& non-oper.inc_
$328,492
34,607
$408,115 81,503,301 $1,337,534
157,047
163,815
23,345
Gross income
Deduct. from gross inc_
$363,099
55,562
$431,459 $1,667.117 $1,494,582
225,888
225,299
56,222
Net income
Dividends accrued
Surplus
Earns, per sh. on 54,150
shs. cap.stk.(par$100)
-V. 129, p. 3163.
375,238
$5.68
$6.93
1,441,229
379,050
1.269.283
379,050
$1.062,179
307,536
$890,233
$26.61
$23.43
1111
of May 2 authorizing the issuance of certain bonds, so as to permit the use
of all, or any part of the common stock of the Lehigh Valley RR. now
owned by the 'Wabash, as collateral security for any loans made by the
Wabash company.
By original application filed in March 1928, the Wabash asked authority
to issue $17,867,000 of refunding and general mortgage 434% gold bonds,
series C. The Commission authorized the issue suoject to certain conditions.
In the report and order of May 2 1928, the Commission referred to the
purchase by the Wabash of 177,900 shares of common stock of the Lehigh
Valley. The order directs that the 177,900 shares of common stock of
the Lehigh Valley, in which the Wabash has made investment or commitments approximately equal to the principal amount of the bonds proposed
to be issued under the road's application of March 1928. shall not be disposed of by the Wabash without the consent of the Commission.
The order said "that the authority herein ftranted is upon the express condition that toe Wabash Railway shall not hereafter sell, pledge or otherwise
dispose of 177,900 shares of the common stock of the Lehigh Valley, now
owned or controlled by it without the consent of this Commission."
The Wabash application explained that the railroad purchased the Lenigh
Valley stock "for the purpose of protecting its position in the eastern trunk
line situation," and pointed out that it proposes to hold such stock for
such purpose.
"It is the policy of this company," said the application,"to borrow for its
lawful corporate purposes, upon notes maturing not more than two years
after the date thereof, and aggregating not more than 5% of the par value
of its securities tnen outstanding, all as authorized and permitted by section
20a of the Inter-State Commerce Act as amended.
"As collateral security for such short term notes, this company wishes to
be free to use the shares of the capital stock of the Lehigh Valley, owned by
it as aforesaid, which shares are listed upon the New York Stock Exchange,
and constitute desirable collateral for short term loans of the character contemplated and authorized by Section 20a of the Inter-State Commerce
Act."
-V. 130, p. 968.
-Receivership.
Waco Trinity Beaumont & Sabine RR.
According to a dispatch from Houston, Tex., Feb. 7, receivership for
the company was ordered by District Judge S. W. Dean of Navasota on
application of officials of the line. Paul T. Sanderson of Trinity was
named receiver. The petition listed assets as $2.640,000, and obligations
as $800,000. The court directed the receiver to take charge of the proper-V. 127, p. 2363.
ties, make repairs and to continue service.
Western Maryland Ry.-Hearing Date Set.
-V. 129, p. 2324.
See Wheeling & Lake Erie Ry. below.
Western Pacific Ry.-Hearing on Proposed Line.
The company's amended proposal to construct 39 miles of line from a
connection with South San Francisco Belt Ry. in San Francisco. extending
through South San Francisco industrial and water front district to a connection with its line at Niles, has been assigned for hearing at San Francisco, on March 13, before In.S. C. Commission Examiner H. C. Davis.
The line would be built by a subsidiary, the Western Pacific California
RR. It is the initial step in providing Western Pacific with a through
air-rail line to San Francisco via Niles and Redwood City. The project
-V.130, P. 795.
includes construction of a bridge across San Francisco Bay.
-Control.
Wharton & Northern RR.
-V. 126, p. 105.
See Central RR. Co. of N. J. above.
Wabash Ry.-Agrees with Commission's Plan-Road Offers
-Stone 86
Wheeling & Lake Erie Ry.-Bonds Offered.
To Amend Its Fifth System Proposal To Fit In Consolidation-- Webster and Blodget, Inc., recently offered an additional
Reported Moving issue of $409,000 ref. mtge. 5% gold bonds, series B, at
Baltimore & Ohio and Chesapeake & Ohio Also
Toward Merger Accords.
March 1 1917; due Sept. 1 1966.
A special dispatch from Washington, Feb 13, to the New York "Times," 100 and int. Dated
had the following:
The Wabash By. is in agreement with the proposed plan of consolidation
announced by the I.
-S. C. Commission and is conducting negotiations
aimed at setting up the proposed Wabash-Seaboard fifth system in Eastern
territory, Chairman William H. Williams of the Wabash, Feb. 13,informed
the Commission.
To this end the Wabash soon will file an application supplementing its
previous consolidation proposal,together with a presentation of the financial
plan under which it will seek to consolidate the new fifth system Mr.
Williams said. The Wabash thus would become the first trunk line to
accept the Commission's proposed plan of consolidation and to move to
put its part into effect.
It is generally regarded as certain that the ultimate action of the Commission on the fifth system will depend upon the Wabash being able to
supply absolute evidence that the Pennsylvania RR. interests have relinquished control of the Wabash. In its consolidation report the Commission specified that the systems "must be independent in fact as well
as in name.
The stand of the Wabash, therefore, may bring a real test as to the
attitude which the Pennsylvania is prepared to take in connection with its
control of the Wabash as well as of the Lehigh Valley and Norfolk & Western, the other roads assigned to the proposed Wabash fifth system.
The action of the Wabash is expected to touch off the whole tense East-ern trunk line situation developing as a result of the publication of the
Commission's consolidation plan, and some believe that similar action
may be taken soon by the Baltimore & Ohio and the Cheaspeake & Ohio
systems.
The presence in New York to-day (Feb. 13) of Daniel Willard, President
and George H. Shriver, Senior Vice-President of the Baltimore & Ohio,
was reported here to be in connection with the negotiations in progress to
take over New York Central holdings in the Reading System.
The favorable conclusion of these negotiations, coupled with the action
of the Commission in awarding the Buffalo Rochester & Pittsburgh to the
Baltimore & Ohio and the expected approval of a similar application to
absorb the Buffalo & Susquehanna, would permit the Baltimore & Ohio
to move for the consolidation of the system assigned to it by the Commission.
The Chesapeake & Ohio is reported to be ready to take similar action,
inasmuch as the system assigned to it, with the exception of the Virginian
By. and the substitution of the Delaware Lackawanna & Western for the
Lehigh Valley, is exactly what the Van Sweringen interests asked in their
original Nickel Plate merger application.
Offers tp Amend Wabash Plan.
-Chairman William's letter was in reply
to one sent on Jan. 25 by Charles D. Mahaffie, the Commission's finance
director, to the four trunk lines with consolidation proposals before the
Commission, the Wabash, Chesapeake & Ohio, Baltimore & Ohio and
Delaware & Hudson. Mr. Mahaffie advised the roads that because all
of the applications were incomplete and at variance with the Commission's
plan they should be withdrawn.
Mr. Williams replied that he preferred to amend the Wabash's original
consolidation plan rather than withdraw it so that no break should occur in
the proceedings.
Stating that negotiations now in progress "must reach a further advanced
stage before the 'Wabash application can be appropriately supplemented
or amended" but that they were aimed to realize "as nearly as may be
the final plan which the Commission has adopted," Mr. Williams continued:
"I take it that the final plan is an expression of national policy, not
inflexible, but admitting of no departure not affirmatively justified to the
Commission and sanctioned by it under supplemental jurisdiction reserved to it by Congress under the Act; that is, as our general counsel has
expressed it, 'The final plan is like a final decree in an equity cause, where
jurisdiction is reserved at the foot of the decree to take such further action
as justice may require."
"It is the purpose or the Wabash to continue negotiations already begun
and designed to effect the grouping prescribed by the Commission, and
to amend and supplement its application as promptly as necessary negotiations may admit, in order to fully meet the requirements of the Commission in the statement of terms and conditions upon which appropriate
acquisitions and their approval by the Commission are sought."
In a second letter Chairman Williams advised the Commission that at
least nine State•Public Service Commissions would support the fifth system
plan, while more than 6,000 individuals and organizations had also expressed
approval of the project, either to Wabash officials or to the State Corn
missions.'
Data from Letter of W. M. Duncan, Chairman & President.
Bonds.
-Bonds are authorized in the amount of $50.000,000. There
will be outstanding in the hands of the public (upon completion of this
financing): Series A 434s. $4.827.000; series B 5s, $3,303,000. In addition
there have been issued under this mortgage $8.959,000 bonds which are
held in treasury and $1,637.000 which are pledged with the United States
Government.
-Operates 511 miles of railroad extending southeast from
Company.
Toledo, O., to Steubenville, 0., and Wheeling, W. Va., and south from
Cleveland to Zanesville, 0. Company owns 479 miles of the total lines
operated, the balance being operated under trackage rights. It also
operates Lorain & West Virginia By., 25 miles in length. It owns all the
outstanding securities of Lorain & West Virginia Ry., Zanesville Belt &
Terminal By,, Toledo Belt By., Wandle Co., and Sugar Creek & Northern
RR. Other mileage, including main line second track, sidings, yard track,
spoors and belt lines brings the total mileage of the system to 1,018.37 miles.
Company has entered into a contract for the use of the union depot passenger facilities nearing completion in Cleveland, 0.
The principal tonnage carried consists of iron ore, coal, iron and steel
products and general freight. In 1928 approximately 39% of freight
revenues was derived from mines and approximately 56% from manufactures and miscellaneous. About 47% of the tonnage carried originated on
the company's own lines.
-Under the provisions of the refunding mtge., these bonds are
Purpose.
being issued to provide funds to take up, for pledge under the refunding
mtge., $409,000 extension and improvement 5% bonds, due Feb. 1 1930.
-Mortgage provides for a general lien upon the entire property
Security.
of company, subject to $6,870,000 of underlying bonds (exclusive of the
bonds now being refunded) outstanding in hands of public. By virtue of
a covenant in the refunding mtge., all of the bond issues with the exception of the issue of the refunding mtge. gold bonds, are closed and refunding mtge. bonds are reserved in equivalent principal amounts for such
underlying bonds at maturity. Bonds are also secured by pledge of
$4,827.000 'V% heeling & Lake Erie 1st consol. 4s due 1949. $2.000.000
Lake Erie Division 1st mtge. 5s, $894,000 Wheeling Division 1st mtge. 58
and $4.110,000 of subsidiary companies' securities. The extension and
improvement 5% bonds when taken up will be pledged with the trustee
under the refunding mtge. Additional refunding mtge. gold bonds may
be issued under the terms of the mtge. to provide for refunding the abovementioned underlying bonds outstanding in the bands of the public and
for future financing requirements of the company.
-Years Ended December31-11 Mos.End.
Nov.30'29.
1928.
1927.
1926.
Earnings-Gross ry. oper. revenue_ $20,925.898 818.129.586 $20,705,664 $20.222,448
Income avail, for int. &
5,259.982 5.3./5,760
4,693.175 3,300,364
amortiz. charges
895.234
768,867
905.531
Int. & amortiz. charges,_ 1,185,821
Income available for interest and amortization charges, as shown above.
for the 11 months ended Nov. 30 1929, amounted to over 6.9 times such
charges for the period. The average annual income available for interest
and amortization charges for the 4 years and 11 months ended Nov. 30
1929 was equivalent to 4.6 times those charges.
-Company has outstanding $11,882,600 prior lien (7% cum.'
Capital.
stock, $10.214,958 of pref.(6% non-cum.) stock and 833,771.300 commo
stock, all having a par value of $100.
-Application has been made to list this additional amount,
Listing.
refunding mtge. bonds on the New York Stock Exchange.
-S. C. Commission.
-Authorized by the I.
Issuance.
Hearing Setfor March 10.
The applications of the Pittsburgh & West Virginia and the Newt a
Chicago & St. Louis railroads to acquire control of the Wheeling & Lak
Erie have been assigned for bearing March 10 before Assistant Finn'.
-S. C. Commission.
Director Burnside by the I.
The application of the Pittsburgh & West Virginia to acquire control
of the Western Maryland will be heard April 9, also before Director Burn
side.
Wheeling & Lake Erie stock is now held by a trustee and the certificatof deposit are held by the Nickel Plate. The trusteeship was set up throug'i
an order of the Commission requiring the Baltimore & Ohio and the Ne
York Central to divest themselves of Wheeling & Lake Erie stock
t
'
The Baltimore & Ohio was recently ordered by the Commissior to sell
.
its holding in the Western Maryland in an anti-trust decision.
Seeks Right To Use Lehigh Stock for Loans Security.Under the Commission's consolidation plan the Wheeling & Lake Erie
The company filed a supplementil applicailon with the I.- S. C. Corn- and the Western Maryland are assigned to the Wabash-Seaboard system.
e
mission, Feb.12 which seeks the medication of the Commission', order I -V. 130. p. 968.
1112
FINANCIAL CHRONICLE
[you 130.
Income tax up to but not exceeding 2 per annum and without deduction
for any present or future taxes of the Dominion of Canada or any Province,
county or municipality therein, excepting income taxes on any resident of
Canada and inheritance and succession taxes. Corp. also agrees to refund
on proper application: Penn. 4 mills tax; the Calif. tax not in excess of 4
mills per annum; the Conn. tax up to 4 mills annually; Maryland securities
tax not exceeding 434 mills per annum; or the Mass. income tax or tax
measured by income not exceeding 6% per annum on income derived from
American States Public Service Co.
-Subs. Contracts.
- the debentures; all as provided in the debenture agreement.
The company reports the power load of its subsidiary, the Grimes Pass
Listed.
-Debentures listed on Boston Stock Exchange.
Power Co. in Idaho, has been increased 40% as the result of five new conData from Letter of Count Giuseppe Volpi di Misurata, President.
tracts with industrial companies in that territory. The Grimes Pass Co.
Company.
-Has been organized under the laws of the Dominion of Canoperates a hydro-electric plant.
-V. 130, p. 969.
ada to act in a supervisory capacity, either directly or through subsidiaries,
for power and light and other public utility companies and to supply techChicago Rapid Transit Co.
-Annual Report.
nical and financial assistance in connection with the financing, the business
Calendar Yearsdevelopment and the operation of the companies and the construction of
1929.
1926.
1928.
1927.
Gross oper. revenue____$21,106,491 $19,995,277 $20,011,912 $20,151,155 their properties.
Non-operating revenue_
It will also engage, through one of its subsidiaries, in general engineering
332,840
269,505
268,975
267,098
and construction business.
Total earnings
The letters patent of the corporation contain broad investment powers
$21,373,589 $20,264,252 $20,344,752 $20,420,660
a Total oper. expenses
14,772,550 14,238,630 14.189.151 14,134,199 as well as the power to manage operate, construct and supervise public
Taxes, city's comp., &c_ 1,848,611
1,767,948
1,663,457 utility properties.
1,843,112
Rentals
The management of the corporation will include the men who organized
1,074,348
1,085,265
1,022,324
1,039,526
in 1904 and have since managed and developed the Adriatic Electric Co.
b Interest on bonds and
amortiz. of discount
2,497,208 2,465,846 system and have been among the pioneers ofthe electrical industry in Europe.
2,597,683 2,517,871
In addition there will be represented on the board of directors of the corporNet income
$642,314
$816,096 $1,117,632 ation ot its subsidiaries officials of important American, Italian and Swiss
$1.069,479
Divs.on prior pref.stock
464,369
375,741 interests, all of which will be important stockholders, either of the corpora489,484
478,991
tion itself, or of its subsidiaries.
Surplus for year
The corporation will own substantial interests in the following European
$152,830
$351,727
$590,488
$741,891
Previous surplus
3,128,337
1,731,713 companies:
2,917,E03 2,514.418
0th. profit & loss credits
Societa Adriatica di Elettricita (Adriatic Electric Co.) an Italian Corp.
51,358
40.813
58,004
Dr6,810
Compagmie Italo-Belge pour Entreprises d'Electricite et d'Utilite
Bal.,surp., unapproP. $3,712,014 $3,128,337 $2,917,503 $2,514,418 lique (Italian-Belgian Electric & Public Utility Co.) a Belgian corp. PubShares of common !outCompagnie Europeenne pour Entreprises d'Electricite et d'Utilite
standing (par $100)-203,295
203,295
203,295
203.295 Publique (European Electric & Public Utility Co.) a Belgian corp.
Rarnings per sh. on com.
In addition, the corporation will have minority interests in a number of
41.73
$2.90
$0.75
$3.65
a Total operating expenses includes $384.089 in 1929, $322,543 in 1928, other electrical companies.
$323,543 in 1927 and in 1926 $316,087 credited to retirement reserve.
The Italian-Belgian Electric & Public Utility Co. has entered into agree
b Does not include unpaid cumulative interest for the year on adjustment ments for the development of certain power and light systems in Spain
debenture bonds.
and Greece and now has under negotiation similar agreements for developments in other countries.
Comparative Balance Sheet.
Europe to-day is at the beginning of the period of
1929.
1928.
1929.
1928.
of electricity for domestic and industrial purposes. expansion in the use
It is believed that
Liabilities
Assets
Tne
04,893,439 94,355,923 Pr. pf. stk. "A" 5,000.000
Road &
5,000,000 tion European Electic Corp. Ltd. will have many opportunities in connecwith this development.
Mise.phys.prop. 2,413,099 2,410,919 Pr. pi. stk. "B" 1,500,000 1,500,000
Assets.
-The indicated market value based on current quotations of the
89,564 Common stollt. 20,329,500 20,329,500
Sinking fund___
88,217
Davos.in lien of
Funned debt... 47,076.080 47,706,200 stocks about to be acquired by the corporation (or the approximate liqui318,612
376,351 Adj. aeb. bonds 18,563.000 18,563,000 dating value in case of stocks which are not quoted) as of Feb. 1 1930
mtge.prop.sold
was
459
459 Current!Labile__ 1,C04,006 1,916,295 will in excess of $26,000.000. In addition to these holdings the corporation
Adv.to affiLeas.
commence operations with more than $10,300,000 in cash. On this
575.233
412,533 Aczr.int.& rents
Sund Asc. owned
478,404
480,972
1,337,029 2,116,937 Accr. tax !Jahn_ 3,215.916 1,585,894 basis, the assets of the corporation upon completion of this financing will
Cash
aggregate more than $2,800 for each $1,000 debenture. These debentures
Special deposits 2,387.445
Deferred !ULM.).
715.180
413,169
421,932 will
L'ns & notes rec.
22.370
51,000 Reserves
3,915.727 3,583.577 the be followed by 1,900,000 shares of class A and class B common stock,
liquidating value of which, on the same basis, will be in excess of $12.50
Acets.receivable 1,135,805 1,063,104 0th. unadj. cred
56,978
57,317
680,068
Mat'is & suppl_
600,270 Corp. surplus... 3,712,014 3,128,337 per share.
-Proceeds from the sale of these debentures and from the prePurpose.
Other cur. assets
24,587
35,422
vious sale for cash of part of the corporation's capital stock will be used in
Vp'd rents&ins.
94,488
170,942
Partial payment for the assets of the corporation and will provide a balance
Disc. & exp. on
in excess of $10,300,000 in cash for the expansion of the corporation's
funded debt__ 1,302,515 1,454,528
business.
Otharnadj.debits
862.992
419,892
Deferred assets_
28,433
Tot.(each side) 106,164,793 104,273,027
Capitalization of Corporation After Giving Effect to Present Financing.
-V. 129, P. 2680.
Authorized. Outstanding.
35
-year
% gold debs. series due 1965
(this issue)
x
Columbia Gas & Electric Corp.
$12,900,000
-Listing etc.
y3,700.000 shs. 1,400,000 shs.
The New York Stock Exchange has authorized the listing of 3,207,950 Class A common stock (par $10)
500,000 shs.
500,000 shs.
additional shares of common stock (no par value) upon official notice of Class B common stock (par $10)
Option warrants evidencing the right to
issuance thereof as follows: (1) not to exceed 869,783 shares to be issued
Purchase class A corn. stock at 15 per sh.
2,300,000 warrants
against the surrender of outstanding subscription receipts of the corporation;
x Limited by the restrictions of the debenture agreement. y 2,300,000
and (2) not to exceed 2.338367 shares to be issued as a stock dividend to shares
reserved for the exercise of option warrants.
the holders of record on Feb. 28 of common stock: making a total of 11,690,Note.
-Class A and class B common stocks are identical except that each
835 shares of common stock listed or authorized to be listed.
share of class A is entitled to 1 vote and each share of class B is entitled to
H.Cl. Blackwell has been elected a Vice-President. Mr. Blackwell has for 10 votes.
some while been President of the Cincinnati Gas & Electric Co. the Union
Estimated Income from Interest and Dividends Alone,
Gas & Electric Co. and some other subsidiaries of the Columbia Gas &
using the current rates of exchange)
Electric Corp. all of which positions he is retaining in addition to his new On the basis of present div. policies the corp.'s income for the
office.
-V. 129, P. 3184.
calendar year 1930 from the stocks to be owned will be in
excess of
*$1,785,000
.
Commonwealth & Southern Corp.
-Merger Plan Ap- Estimated annual income from cash on hand at 5%
515,000
PUBLIC UTILITIES.
Matters Covered in the "Chronicle" of Feb. 8 1930.-(a) Output of electric
power kr the United States in Dec. 1929 exceeded corresponding month in
1928 by approximately 8%; production in calendar year 1929 exceeded
previous year by about 11%. P. 891.
proved.Chairman B. C. Cobb on Feb. 10 announced that the stockholders of this
corporation, Allied Power & Light Corp. and Penn-Ohio Edison Co. had
each approved a plan of merger and consolidation!of the Commonwealth &c
Southern Corp., Allied Power & Light Corp., Commonwealth Power Corp.,
Penn-Ohio Edison Co. and Southeastern Power & Light Co., and had also
specifically approved the agreement of merger and consolidation of the three
companies incorporated in Delaware, namely: the Commonwealth & Southern Corp.,Allied Power & Light Corp.and Penn-Ohio Edison Co.,thus completing the first and most important step in the simplification of the corp.
rate structure of the Commonwealth & Southern System.
Meetings of the stockholders of the Maine corporations, namely: Commonwealth Power Corp. and Southeastern Power & Light Co., over 96% of
the common stock of which corporations is already owned by the Commonwealth & Southern Corp.. will be held later in the week.
-V.130, P. 466.
-Preferred Dividend No. 2.
Empire Corp.
The directors have declared a quarterly dividend on the cum, cony.
mei. stock, $3 optional div. series, payable March 1 to holders of record,
Feb. 20 1930, at the rate of 1-16th of one share of common stock or, at
the option of the holder, 75 cents in cash. An initial dividend at the
-V. 129, p. 3325.
same rate was paid on Dec. 1 last.
-To Consolidate Twelve
Empire Public Service Corp.
Subsidiaries in Maryland into One Operating Company.
The corporation has submitted a plan to the Maryland P. S. Commission to consolidate 12 electric subsidiary companies in Maryland. The
new corporation to be formed, according to the plan, is to be known as
the Maryland Light & Power Co., and will be an operating company. The
Commission is expected to render a decision on the proposal within the
next two weeks.
The Empire orp., which was formed in August 1929, owns 95% of
the class B stock of the Empire Public Service Corp.
.
It islplannethat the Empire Public Service Corp'13; holdings of operating
companies in North Carolina and Virginia will also be consolidated into a
-V. 130, p. 971.
similar company in the near future.
-DeEuropean Electric Corp. Ltd. (of Canada).
bentures Offered.-Bonbright & Co., Inc., Field, Glore & Co.
and Banca Commerciale Italiana Trust Co. are offering
gold debentures, series due 1965
$12,900,000 35-year 6
(with common stock option warrants) at 100 and int.
Total annual income of the corporation
Estimated annual expenses
$2,300,000
50,000
Balance---------------------------------------------- $2,250,000
Annual int. on 35
-Year
838,500
% gold debs. (this issue)
Balance ______________________________________________ $1,411500
* These figures are based on divs. paid in 1929, or on div. policies decided
upon for 1930.
The estimated net income from interest and dividends alone, as shown
above, will be more than 2.65 times the annual interest requirements on
these 35
-year
% gold debentures, series due 1965.
Restrictiims of Issue.
-These debentures will be the direct obligations of
the corporation and will be issued under a debenture agreement dated as of
Feb. 1 19.;0. which will provide that additional debentures may be issued
in one or more series, bearing such rates of interestk maturing on such dates
and redeemable on such terms and containing such other rights and limitations, subject to the provisions of such Agreement, as the board of directors may determine prior to the issue thereof.
The agreement will have the usual provisions authorizing the issuance
of additional debentures to refund debentures outstanding of the same or
another series, par for par. It will also provide that upon the acquisition
by the corporation from time to time of additional securities, it may issue
additional debentures, subject to the limitation that the aggregate cost or
fair market value, whichever is lower, of all stocks, bonds or other securities
owned by the corporation (including those under contract of purchase
and to be acquired through proceeds of additional debentures applied for),
shall be at least twice the total amount of all existing indebtedness of the
corporation as defined in such agreement, including the additional debentures applied for, and any indebtedness which it may be necessary to incur
In order to acquire such stock, bonds or other securities under contract of
purchase. Except for refunding purposes, additional debentures may be
Issued only when gross income of the corporation, including income from
assets to be acquired through the proceeds of additional debentures applied for, but exclusive of realized or unrealized profits from the appreciation in value of assets, after deduction for expenses, taxes, interest on current liabilities, &c., all as more fully defined in the debenture agreement,
for a period of 12 consecutive months within the 15 calendar months immediately preceding the application for the issuance of such additional
debentures, shall have been not less than two times the annual interest
charges on all outstanding funded indebtedness of the corporation including
the debentures than to be issued.
The corporation will covenant that as long as any debentures are outstanding it will not issue (1) any unsecured evidences of indebtedness
maturing more than one year from the date of issuance thereof, except
debentures under the terms of the debenture agreement, or (2) any secured
evidences of indebtedness more than $1,000,000 in principal amount or
maturing more than 6 months from the date of issuance thereof, without
equally securing these debentures.
-The by-laws will provide for a finance committee
Finance Committee.
of the corporation composed of five members, two of whom will be residents
of the United States, to advise the board of directors by unanimous act
of four members. The corporation will covenant in the agreement that in
any one calendar year it will not sell, mortgage or pledge any stocks, bond
or other assets of an aggregate cost or market value, whichever is higher,
in excess of $500,000, nor purchase or contract to purchase any stocks,
bonds or other assetw of which the aggregate cost or market value, whichever
Is higher, is in excess of $500,000 without the written approval of said
ce C
Finanommittee. Compare also V. 130. p. 971.
-Debentures will be accompanied by option warrants
Option Warrants.
entitling the holder to purchase shares of the class A common stock of the
corporation, at the rate of 30 shares for each $1,000 debenture, as such stock
may be constituted at the time of exercise of the rights evidenced by such
warrants, at any time on or after April 1 1930, at a price of $15 in 'United
States currency per share (although in no event less than the par value of
such share in Canadian currency at the time of payment). Provision will
be made for protection of the warrant privilege in event of a split up of
the class A common stock or of the issuance of additional shares thereof
as special stock dividends, as more fully defined in the option warrant.
Dated Feb. 1 1930; due Feb. 1 1965. Interest payable A. & F. Principal
and int. will be payable in United States gold coin of or equal to the standard of weight and fineness existing on Feb. 11930. at the office or agency
ofthe corporation in N. Y. City. Red, all or part at the option of the corp.
Class A Common Stodjfisted.at 105and int, on any int. date on 60 days'notice. Denom.$500 and $1,000.
There have been placed sff the Boston Stock Exchange list temporary
City Bank Farmers Trust Co., New York, trustee. Corporation agrees certificates for 1,400,000 shares (authorized 3,700,000 shares) par $10
to pay principal and interest without deduction for any U. S. Federal per share, class A common stock.
-V. 130, p. 971.
FEB. 151930.]
FINANCIAL CHRONICLE
-Exchange Offer.
Engineers Public Service Co.
See Stone & Webster, Inc., under "Industrials" below.
-January Output.
Semi-Annual Stock Dividend of 2%
Regular quarterly preferred dividends were declared as well as the regular
quarterly cash dividend on the common of 25c. per share and regular
semi-annual stock dividend on the common stock of 1-50th of a share per
share all payable April 1 to stockholders of record Feb. 28. An initial
semi-annual stock dividend of 1-50th of a share was paid on the common
stock on April 1 1929; a similar distribution in stock was also made on Oct. 1
last.
The company reports electrical output for its constituent companies for
the month of January of 173,316.800 k.w.h., which is 10.6% increase
over the previous year. The Texas and Louisiana properties continue to
show the greatest gains.
Consolidated Balance Sheet Dec. 31.
1929.
1928.
1929.
1928.
AssetsLiabilities__
$
Property, plant,
Preferred stock _b33,929,745 43,208,804
279,284,213 254,783,050 Pref. stk. scrip&c
2,885
12,189
Excess of book
Corn. stock_ _ _c56,083,240 34,712,099
value of sec.
Corn. stk. scrip_
25,764
9,990
subs. as of date
Stk. subsc. for
of acquis. over
by employ_ _ _
714,980
over par or
Pref.stk.(subs.) 63,374,200 64,375,752
stated value
Prem. on stk.
thereof
8,949,877 9,277,931
(subs.)
134,817
134,919
Investments _ 14,264,270 15,888,441 Stock subscr.for
Cash
5,027,458 10,262,413 (subs.)
12.114
311,230
Notes receiv_ _ _
249,472 Bonds(subsid.)_130,688,500 120,349,500
Accts. receivable 7,118,208 6,578,606 Coupon notes
Materials & sup. 3,273,473 3,043,681
(subs.)
._ 4,348,000 6,059,500
1,282,776 1,062,014 Notes payable
Prepayments.
4,690,274 9.395,369
Subscrib. to stk_
575,793
5,528 Accts. payable_ _ 1,956,279 1,458,358
Sinking funds_ _a 9,857,521 11,042,417 Accts. not yet
Special deposits
574,399
903,304
3,793,684 3,858,146
due
Unsmort.debt &
Divs. declared
568,536
600.254
disc. & exp._ _ 5,909,797 4,797,030 Retirem't res_ _ 21,931,927 20,353,901
Unadjust. debits
740,054
930,866 Opera. reserves
392,056
394,487
Treas.stock._
668,150
Unad just. credits 652,976
696,532
Minority int. in
cap.& surp.of
subsidiaries _ _
891,313 1,470,858
Earned surplus_ d13,658.043 d11,821,985
Total
337,837,221 318,924,755
337,837.221 318,924,755
Total
a Includes $9,785,000 bonds of subsidiaries held in sinking funds, uncancelled. b Represented by 158,280 shares $5 dividend convertible
preferred and 196,910 shares $5.50 cumulative dividend preferred of no
par value. c Represented by 1,814,071 shares of no par value average
number of common shares outstanding in 1929 was 1,670,137. d Surplus
of subsidiary companies at date of acquisition by Engineers Public Service
Co. was $8,949,877.
Our usual comparative income account for the 12 months ended Dec. 31
1929 was published in V. 130. p. 972.
General Gas e.c Electric Corp.
-Regular Dividends.
-
Regular quarterly dividends on the following stocks have been declared
on April 1 to holders of record Feb. 28: $1.75 per share on the
$7 cumulative preferred stock; $2 per share on the $8 cumulative preferred
V
stock; $37Mc. per share on the common stock, class A; 37Mc. per share
on the common stock, class B. Like amounts were paid on Jan. 2 last,
on which date an extra of 50c. per share was also paid on the class A and
class B common stocks.
Dividends on the common stocks, class A and class B. will be applied to
the purchase of common stock, class A at the rate of $25 per share, and
certificates for full shares and scrip for fractional shares will be issued to
the holders of such stocks unless written notice is given to the corporation
prior to March 22 1930 by said holders of their election to take said dividends
In cash.
Regular quarterly dividends on the following stocks have been declared:
Payable on March 15 to holders of record 1eb. 15, $1.50 per share on the
$6 cumulative preferred stock: and $1.50 per share on the $6 cumulative
cony, preferred stock, series B.
The first unit of the generator to be installed in the $20,000,000 Saluda
hydro-electric development of this corporation in South Carolina is being
installed. Eight carloads of parts have been .delivered and the second
consignment of equal size, is on its way to the plant, it is stated.
Three units of the four to be installed will be ready for operation by
July 1. The rated initiai capacity of the plant is 175.000 h.p., while an ultimate capacity of270,000 h.p.is planned. Long-term contracts for the sale of
a minimum of 300,000,000 k.w.h. of electrical energy annually have been
made.
-V.130, p. 286.
General Italian Edison Electric Corp.-(Societa Generale Italiana Edisob di Elettricita)-American Shares
Sold.
-Equity securities of the largest industrial enterprise
in Italy and the oldest and one of the largest electric light and
power systems in Europe have been acquired and were introduced to American investors Feb. 10 with the offering by
The National City Co. and associates of 140,000 American
sha es (representing ordinary shares of capital stock) of the
General Italian Edison Electric Corp. at $44 per share flat,
yielding about 6%. Associated with The National City Co.
in the offering are Aldred & Co.; Dominick & Dominick;
Hornblower & Weeks; Cassatt & Co.; Field, Glore & Co.;
Chas. D. Barney & Co. and the Italian Superpower Corp.
.
The issue has been oversubscribed.
American shares will be issued by the City Bank Farmers Trust Co. as
depositary under a deposit agreement dated as of Oct. 19 1929, each such
American share to represent one ordinary share of lire 500 par value of the
capital stock of the General Italian Edison Electric Corp. (Societa Generale
Italiana Edison di Elettricita) deposited thereunder. The deposit agreement will, in substance, provide that dividends received by the depositary
upon deposited shares shall be converted into dollars at rates then current,
and the net proceeds paid pro rata to the registered holders of American
ohs. by check in U.S. dollars; that 25 American shs.,or any multiple thereof,
shall be exchangeable at any time for the corresponding par value of de
posited shares (deliverable at the office of the agent of the depositary
Europe); that after May 15 1930, or prior thereto with the consent of in
the
National City Co., any person may deposit ordinary shares of the capital
stock of the corporation at the office of the agent of the depositary in Europe,
with evidence of ownership thereof and of power to transfer title thereto, to
make such deposit, to withdraw the shares, to sell them and to convert the
proceeds into dollars, and against such deposit receive, in New York, certificates for American shares. The deposit agreement will make provision
whereby the holders of American shares may exercise the voting rights
on
the corresponding deposited shares. For further information as
rights of holders of American shares, and as to the charges and fees onto the
transfers or exchanges of American shares, exchange thereof for deposited shares,
deposit of additional shares, the collection of dividends and other matters,
reference is made to the deposit agreement.
City Bank Farmers Trust Co.. depositary and transfer agent. The
National City Bank of New York, registrar.
Data from Letter of G. Motta, Pres. & Managing Director.
-Corporation with its subsidiary companies constitutes the
Business.
est and one of the largest electric light and power systems in Europe.oldIt
was organized in 1884 for the purpose of exploiting the patents of Thomas A.
Edison and supplying electric energy to the City of 11111an and adjoining
territory. From the outset its development has been marked by steady
progress and impressive expansion.
The corporation is both an operating and a holding company and has acquired substantial interests in numerous other electric power comnanies,
1113
including 18 of major importance. Corporation and its affiliated subsidiaries, all of which are more than 50% owned by the parent company
through direct stock ownership, operate and are managed as a unit, generally referred to as the "Edison System." The operating economies and other
advantages of the policy of expansion and consolidation are recognized as
being of 'particular importance in the electric power industry. The efforts
of the Edison management along these lines have been uniformly successful
and have resulted in the establishment of a well balanced super-power
system which includes all the important electric power companies located in
the central part of Northern Italy.
The Edison system serves the greater part of Italy's most important
industrial section extending from the Mediterranean to the Swiss Border.
The territory served has an area of 14,000 square miles and a population of
over 10,000,000 and embraces the manufacturing centers of Milan, Brescia,
Como, Alessandria, etc. and the ports of Genoa, Spezia, Savona, and of the
Italian Riviera. The numerous industries of this district are of a widely
diversified character and include the manufacture of wool and silk fabrics,
rubber articles, automobiles, chemicals and machinery. This territory also
includes the plains of Lombardy and the valley of the River Po which are
considered the most productive agricultural lands of Italy. The proximity
of these important centers of consumption to the readily available water
power of the Alps and Appenines enables the Edison System to obtain the
maximum benefit from its stragetically located hydro-electric plants and
network of transmission lines.
The system has over 1,000,000 power and lighting customers, and during
the year 1929 produced and purchased about 2,780,000,000 kilowatt hours
as compared with 2,357,000,000 kilowatt hours in 1928. This constitutes a
new record in its history and represents over 25% of the total electric energy
produced in Italy.
Properties.
-The Edison system embraces generating plants with an
aggregate capacity of approximately 1,400,000 horsepower. Included with
these stations are more than 100 hydro-electric power plants with an ininstalled capacity of about 1,130.000 h.p. and supplementary steam generating plants having an installed capacit P.. of 270,000 h.p. Of these, the
corporation itself owns directly 15 hydro-electric plants having an installed
capacity of 410,000 h.p. and steam power plants with a capacity of
h.p. In addition to these plants, the system now has under construction
additional plants with an aggregate capacity of about 200,000 h.p. Thus
upon completion of these stations the system will have a total capacity of
h.p. Furthermore, the system has claims on valuable undeveloped water power supplies representing a potential cap. of over t.)
h.p.
The extensive transmission and distribution net owned by the system
covers a larg part of Northern Italy and embraces over 5,500 miles of high
tension lines and 11,000 miles of distribution lines. Of these high tension
transmission and distribution lines the corporation itself owns directly
and 900 miles respectively.
Capitalization.
-The funded debt of the corporation which was outstanding as of Dec. 31 1928, and the amount of its capital stock now outstanding. after the recent increase, are as follows:
Authorized.
Outstanding.
Internal loans (payable in lire): Debentures,6%,due 1947
$2,631,579
$2,500,000
Debentures,4 %,due 1935
526,316
238,684
Cred.consort'm loan,7 X%, due 1955 2,631,579
2,529,079
External 1(payable in dollars):
Mortgage bonds, 6;.i %,due 1955_ - _$10,000,000
$9,636,000
Mortgage bonds,7%,due 1957
5,500,000
5,413,073
Capital stock: Ord. shs. (lire 500 par
value each)
2,700,000 shs.
2,645,896 she.
Deferred shs. (lire 500 par value each)
600,000 shs.
54,104 shs.
Deferred shares participate with ordinary shares in distributed dividends
after lire 18 per ordinary share has first been set aside. Deferred shares may
be converted into ordinary shares by the payment of lire 250 per
an adjustment for accrued dividends, but no ordinary share mayshare plus
be
verted into deferred shares, and no more of the latter may be issued. reconNote.
-In addition to the above capitalization, the consituent companies,
embraced in the consolidated income accounts and balance sheet, had outstanding as of Dec. 311938, $10190,000, principal amount, of funded debt
and the minority interests in their capital stocks and surplus as of the same
date aggregated $23,691,400.
The general stockholders' meeting of Oct. 19 1929, approved an increase
of the corporation's capital stock from lire 1,100,000,000, par value, to
lire 1,350,000,000. par value, by the issuance of 500,000 new shares of the
par value of lire 500 each. Of these 500,000 new shares, 60,000 were issued
In exchange for shares of other companies, 220,000 were subscribed by shareholders at lire 680 per share, in the ratio of one new share to ten old shares,
and the balance 220,000 shares, were issued, at a substantial premium, for
cash to a group of bankers.
Earnings.
-The consolidated earnings of the corporation and its constituent companies for three years ended Dec. 31 1926, 1927 and 1928, lire converted into dollars at average rates of exchange for each year, namely
$.03850, $.05099 and $.05257, respectively, were as follows:
Calendar Years1926.
1927.
1928.
Gross earns.incl. other income
$18,070,724 $27,080,642 $30,036,725
Operating exps., repairs, maintenance
renewals & taxes
9,439,163 13,899,598 14,447,355
Net earns, before extraordinary res.
for depreciation
$8,631,561 $13,181,044 $15,589,370
Int:& anion. of disc. on funded debt_ 1,218,799
1,945,985
1,966,921
Other interest
432,295
499,993
709,371
Sundry profit & loss charges
1,031,249
1,009,391
1,107,428
Minor.stkholders'equity in net inc.
after all deductions
1,017,667
1,877,792
1,914,347
60,000
1,600,000
1.600
Bal. avail. for extraord. res. for
deprec., miscell. approps.& diva_ _ _ $4,931,551 $7,847,883 $9,891,302
Extraordinary res.for depreciation_ _ _ 1,243,084
2,168,474
3,739,593
Balance
$3,688,467 $5,679,409 $6,151,709
Consolidated earnings figures for 1929 will not be available until
May
1930 bnt are expected to indicate an increase over 1928 in the
'
available for extraordinary reserves for depreciation, miscellanousbalance
appropriations and dividends.
In the above consolidated earnings statements there are included,
under
the item "operating expenses, repairs, maintenance and renewals",
amounts
fully sufficient to normally maintain the integrity of the investment.
balances after all prior charges and minority interest, but before The
extraordinary reserves for depreciation, directors' fees and
reserves,
indicate consolidated earnings of $2.36, $3.86 and $4.75 astatuVory the years
share for
1926, 1927 and 1928, respectively, based on the aggregate of
shares of ordinary and deferred stocks outstanding during such1,900,000
Gross income of the entire Edison System from the sale of electricyears.
current
increased from $10,687,000 for the year 1922 to $31,542,000 during
Gross income for 1929 for the entire system including newly acquired 1928.
companies is expected to be in excess of $34,000,000.
Distribution of Profits.
-The by-laws of the corporation provide that,after
approval by the shareholders at their annual meeting the balance, sheet
and
profit and loss staement shall be published and profits shall be
distributed
as follows:
5% to the reserve fund until such fund shall equal 1-5th of the corporation s capital, and the balance shall be distributed: 2% to the board
of
directors; 98% as dividends in accordance with the following: (a) A dividend
up to a maximum of lire 18 a share shall first be distributed to the
ordinary
shares; and (b) Any balance shall be distributed in equal amounts per
share
to all the ordinary and deferred shares.
Dividends and Rights.
-Corporation has paid dividends on
stock, as from time to time outstanding, for every year since its its capital
organization
in 1884.
In connection with its increase in capital from the original
amount of lire
3,000,000, par value, to the present llre 1,350,000,000 par value,
bonus shares have been issued from time to time. During each rights and
of the past
10 years the total lire value of the corporation's annual distribution
of cash
dividends has never been less than that of the previous year.
Cash dividends on ordinary shares have been declared for recent years
as follows:
Lire. Dollars
Lire. Dollars
1925
42.
$1.6811927
45.
$229
1926
45.
1.7511928
50.
2.63
The ordinary shares to be deposited and made
basis
of American shares will be entitled to the dividend the the for the issuance
for
year 1929, payable
in April, expected to be at the rate of 10%,equivalent
to $2.61 at the current
rate of exchange.
The corporation is contemplating the possibility of
paying dividends semiannually rather than annually as heretofore.
1114
FINANCIAL CHRONICLE
Consolidated Balance Sheet as of Dec. 311928.
(Lire converted into dollars at rate 1 lire-$.05239)
Assets
LiabuWesProperty & plant, etc
$121,657,819 1,845,896 ordinary shares_ _ $48,353,246
Inv. in & adv. to Mal. &
54,104 deferred shares
1,417,254
other companies
12,520,292 Min.Int. in cap.& surplus of
Spec.aeps.on contracts_ _
734,649
constituent companies_ _ - 23,691,400
Cash in sinking fund
153,293 Mortgage bonds
23,344,280
Cash
4,953,781 Unsec. bonds & debs
9,086,555
Marketable securities
2,877,093 Bank loans
7,526,149
Notes & accts. receivable_ _ _
9,046,083 Notes & accts. pay., current 9,064,306
Prepaid items & accr. int_ _ _
295,501 Accrued liabilities
1,417,808
Materials & supplies
2,795,171 Unpaid dividends
192,149
Bond discount
3,802,838 Special deferred liabilities_
6,212,280
Other deterred charges
1,461,820 Customers'dep.on contracts 1,023,164
Extraord. res. for property
6,501,297
& plant depreciation
3,114,997
Other reserves
_
Total(each side)
$160,298,341 Surplus
19,353,455
The foregoing balance sheet, which is a consolidated statement of the
corporation and the above mentioned 18 constituent companies, shows
combined plant and property account in the amount of $121,657,818. In
this figure the plant and property of the corporation itself is included in the
amount of $43,000,000. As compared with this latter figure a conservative
Appraisal of the corporation's plants alone indicates a cost of reproduction
of approximately $86.000,000. Based on the value of the properties as
carried in the consolidated balance sheet as of Dec. 31 1928, and including
the cash received or to be received in connection with the two capital increases during 1929, the book value of the capital stock of the corporation,
now outstanding, amounts to approximately $35 a share. In view of the
fact that the properties are most conservatively valued on the books of the
corporation and further considering the policy of the management in charging against operating expenses, repairs, maintenance and renewals, amounts
fully sufficient to maintain normally the integrity of the investment and
Additionally to set aside annually substantial amounts for extraordinary and
other reserves, the intrinsic value of the corporation's capital stock is substantially in excess of the indicated book value.
1111Directors.-Senator Ing. Gr. Uff. G. B. Pirelli, Chairman; Senator Dott.
Luigi Della Torre and Or. Uff. Carlo Feltrinelli, Vice-Chairmen; Ing. Prof.
Or. Uff. Giacinto Motta, Pres. & Mg. Dir.; J. Edward Aldred; On Dott.
Prof. Cav. di G. C. Alberto Beneduce Gr. Uff. Antonio Stefano Benni;
Senator Or. Uff. A. Borletti; Senator Count Dott. Alessandro Casati; Ing.
Or. Uff. Giulio Ceretti; Ing. Or. Uff. Giampiero Clerici; Senator Ing. Cav.
Si G. C. Ettore Conti; Senator Cav. di G. C. Prof. Orso Mario Corbino:
Senator Avv. Cav. di G. C. Alfredo Falcioni; Ing. Gr. Uff. Alberto Lodelo;
Marquis Ing. Giacomo Medici del Vascello; Ing. Agostino Nizzola; Dott.
Or. Uff. Piero Pirelli; Ing. Comm. Emilio Prandoni; Comm. Mario Rossello;
Comm. Mario Solza: Ing. Gr. Uff. Carlo Tarlarini and Comm. Carlo
Vimercati.-V. 129. p. 2681.
Grand Rapids Railroad.
-Earnings.
Calendar YearsRevenue passengers carried
Passenger revenue
Revenue froni special cars, &c
Rent of equipment. tracks, &c
Non-operating revenue
Total
Operating expenses
Taxes
Gross income
Interest on funded debt
Interest on unfunded debt
Net income
Dividends on preferred stock
Provision for retirements
Balance
-V. 128. p. 1053.
•
1929.
17,193,849
$1,530,353
2,594
19,426
2.793
$1,555,167
975,117
128.423
$451,628
229,717
6,199
$215,712
10,276
124.234
$81,203
1928.
17,483,996
$1,551,679
1,012
18,678
2,801
61.574,171
957,625
133,617
$482,929
236,274
4,640
$242,014
10,276
122,748
$108,990
Greenwich Water & Gas System, Inc.
-Earnings.
Consolidated Earnings for 12 Months Ended Nov. 30 1929.
Operating and non-operating revenue
$1,579,961
Operating expenses, maintenance and taxes (excl. Fed'l taxes)_
723,507
Net earnings
.$856,454
Annual charges of sub. compaaies' bond interest, dividends on
pref. stocks and minority interest in income
156,618
Balance
Interest requirements on 5% collateral trust bonds
Times earned
-V. 129, p. 473.
$699,835
240.849
2.90
Hamilton Gas Co.
-Acquires Gas and Oil Leases in
West Virginia.acreamtcompany has acquired approximately 22,000 acres of gas and oil
"e
i
4
km
in Jackson, Mason, Kanawaha. and Putman Counties, W. Va. This
is adjacent to about 160.000 acres recently leased by another large
company through one of its subsidiaries, on which it is reported that three
producing wells have been drilled, with a very considerable drilling campaign
scheduled for the near future.
-V.130, p. 619
Hartford Electric Light Co.
-Annual Report.
Calendar YearSales, electric current
Rxpenses
Taxes
1929.
1927.
1928.
_ $7,479,700 $6,179,100 $5,515,400
3,849,900
2,655,200
2,841,700
520,000
430,200
494,000
1926..
5,341,400
2,468,800
420,000
Operating income_ _ _ _ $3,109,800 $2,843,400 $2,430,000 $2,452,600
Other income
200,000
346,500
155,900
179,500
Total income
Retirement reserve
$3,309,800 12,999,300 $2,776,500 $2,632,100
623,000
533,100
584,600
505,700
Net income
Interest
Customers' div
Common div
$2,686,800 $2,414,700 $2,243,400 $2,126,400
1,200
x24,500
x285,600
x312,100
342,000
333,000
185.000
284,000
2,074,300
1,785,900
1,436,400
1,146,200
$269,300
Balance to surplus_ _ _
$271,300
$336,400
x Includes preferred dividends.
Condensed Balance Sheet Dec. 31.
1929.
1928.
1929.
LiabilitiesS
3
$
Assets-23,525,200 21,326,300 Common stock_ - -21,000,000
Fixed capital
2.287,400 1,166.800 Other liabilities_ _ _ 1,639,500
Cash
3,940,900 3,610,000 Retirement reserve 4,664,000
Other assets
2,450,000
Surplus
29.753,500 26.103.100
Total
129, P. 2226.
Total
$384,100
1928.
$
18,600,000
1,424,800
4,475,700
2,202,600
29,753,500 26,103,100
-E. H. Rollins &
-Bonds Offered.
Kansas Power Co.
Sons, Spencer Trask & Co., Central-Illinois Co., Inc.,
Stroud & Co., Inc., Hill, Joiner & Co., Inc. and Pearson.sTaft Co. are offering an additional issue of $1,000,000 1st
patge. 20-year 5% gold bonds, series A at 92Y2 and int. to
yield about 5.70%.
Issuance.
-Authorized by the Public Service Commission of Kansas.
Data from Letter of A. M. Patten, President of the Company.
Company.
-Incorporated in Kansas in 1909. Serves electric light and
power, ice and (or) water to a territory having a population of 67.000
In 95 communities including Concordia, Dodge City, Downs, Ellsworth,
"Great Bend, Hoisington, Kinsley, Liveral, Plainville, Phillipsburg, and
Smith Center, all located in the State of Kansas.
The electric system includes generating stations having a total installed
capacity of 10.604 k.w. with 781 miles of transmission lines, serving 22.606
customers. The ice plants have an aggregate daily capacity of 152 tons.
-The water plants have a daily capacity of 664.000 gallons and serve 909
[Vol,. 130.
,
customers. For the 12 months ended Oct. 31 1929 the properties' total
output was 31,851,408 k.w.h. of electric energy, 177,810,000 gallons of
water, and 16,319 tons of ice.
CapitalizationAuthorized. Outstanding.
1st mtge. 20
-year 5% gold bonds, series A
(including this issue)
x
$4,500.000
Preferred stock, $7 cumulative (no par)
(25,000 shs.f
4,600
Preferred stock, $6 cumulative (no par)
I
1 14,500 shs.
Common stock (all except directors' shares
owned by Inland Power & Light Corp.)
250.000 she. 160,000 shs.
x Not limited to specific amount but issuance restricted by provision
of trust Indenture.
Earnings (Giving Effect to Present Financing).
12 Months Ended Oct. 311929.
1928.
Gross earnings
$1,656,398 $1,875,744
Operating expenses, maintenance and taxes (other
than Federal
1,153,899
988,766
Net earnings before deprec. & Fed. inc. taxes..
$721,845
$667,632
Annual interest requirements on $4,500,000 1st
mtge. bonds, series A (Including this issue)____
225,000
The above net earnings are equivalent to over 3.20 times the annual
interest requirements of all 1st mtge. bonds to be presently outstandinF.
For the 12 months ended Oct. 31 1929 there was derived from the electric
department of the system 89.1% of the grass operating earnings and 89.9%
of the net operating revenues.
Sinking Fund.
-Indenture will provide for a sinking fund, under the
terms of which, during the calendar year 1930 andd during each calendar
year thereafter, there shall be used for retirement of bonds of series A
an amount equal to not less than 1% of tne principal amount of bonds of
series A then outstanding, by purchase in the open market at not exceeding
the then prevailing redemption price, or by redemption.
-V. 125, p. 1970.
Lincoln (Neb.) Telephone & TelegraphCo.-Earns.-
Calendar Years1929.
1928.
1926.
1927.
Total telep. revenue_ _
$3,186,813 $3,000,633 $2,865,078 $2,760,596
Total telep. expenses_ __ 2,588,685
2,147,453
2,387,249
2,274,879
Net telep. earnings_ _ - $598,128
$613,384
$613,143
$590,199
Sundry net earnings_
_
50,199
60,862
43,343
53,899
Total net earnings ___
$648,327
$674,246
$656,486
$644,098
Deduct interest
135,186
134,390
153,336
138,953
Divs., pref. & common
472,919
433,010
415,868
416,641
Balance surplus
$40,222
$106,846
$87,282
$88,504
-V. 128, p. 1554.
Memphis Power & Light Co.
-Bonds Offered.
-Guaranty
Co. of New York and Harris, Forbes & Co. are offering at
99 and int., to yield about 5.08%, $2,500,000 1st & refund.
mtge. gold bonds, series A,5%.
Dated Jan. 1 1923; due Jan. 1 1948. Interest payable J. & J., without
deduction for any Federal income tax up to
Prin. and int. payable in
N. Y. City. Denom. 011,000 and r* $1,0001and $5,000. Penn. 4 mill
2%..
tax refundable. Red. at any time in whole or in part on 4 weeks' notice
at 104 and int. through Jan. 1 1933: tnereafter at 103 and int. through
Jan. 1 1938; thereafter at 102 and int. through Jan. 1 1943: thereafter
at 101 and int. through Jan. 11946; and thereafter at 100 and bit. Central
Hanover Bank & Trust Co. New York, trustee.
Data from Letter of E. W. Hill, Vice-President of Company.
-Company does the entire electric power and light and gas
Business.
business in Memphis, Tenn., and supplies electric power and light to the
remainder of Shelby County, serving a population estimated at 236,000.
Of the company's gross earnings for the 12 months ended Nov. 30 1929.
about 77% was derived from sale of electricity and about 23% from natural
gas. Company has a long-term contract with the Memphis Natural Gas
Co. for the supply of natural gas from the Monroe and Richland gas Heide
in Northern Louisiana. The distribution of natural gas was begun on
December 30 1928.
Company owns all the capital stock, and supplies at wholesale all of the
electric power requirements, of the local street railway company, which is
operated on an economic basis.
-The property of the company includes an electric generating
Property.
station with a present installed generating capacity of 54,000 kw., a reserve
water gas plant with a daily capacity of 12,000,000 cu. ft., and extensive
electric and gas distributing systems.
-Company's principal electric franchise and its franchise for
Franchises.
the distribution of natural gas were granted for terms of 30 bears, the
maximum permitted by stature. These franchises extend until 1952 and
1958, respectively and are generally free from burdensome restrictions.
-The proceeds of these bonds will be used to reimburse the
Purpose.
company for expenditures made for additions to property and for other
corporate purposes.
-The mortgage under which these bonds are to be Lssued is
Security.
secured by a direct lien on all of the company's physical property, subject
as to part thereof to 1461,000 underlying bonds maturing in 1931.
Capitalization to Be Outstanding Upon Completion of this Financing.
Underlying bonds (mortgage closed)
$461,000
1st and ref. mtge. bonds,series A 5%,due 1948 (incl. this issue)
.10,000,000
Series C, 4%%, due 1978
5,275,000
Pref. $7 series (no par)
30,000 shs.
Pref. $6 series (no par)
22.500 she.
Common stock (no par;
400,000 she.
-The valuation, for rate mal.Ing purposes, of the company's
Valuation.
properties as of Dec. 1 1929, based upon an appraisal made in 1920 by
independent engineers designated by the Railroad and Public Utilities
Commission of the State of Tennessee plus subsequent net capital expendRums, amounts to more than $23,400,000.
Earnings for Calendar Years,
Gross Earns. bperating Net Earnings
and Other
Expenses (Before Renewals
Income.
lee lazes, & Replacemls).
$4.893,352
1925
$2,317,042
$2,576,310
5,341,624
2.438,982
2,902,642
1926
5,915,530
3,257,565
2,657,965
1927
3,477,163
6,335,765
1928
2,858.602
9
046
•
•
o.u,000•
x Twelve months ended Nov. 30 1929.
-Company's operations are supervised (under the direction
Supervision.
and control of its board of directors) by the Electric Bond & Share Co.
-Authorized by the Railroad and Public Utilities Commission
Issuance.
-V. 129, p. 2682.
of the State of Tennessee.
-Bonds Offered.
Michigan Public Service Co.
-E. H.
Rollins & Sons, Spencer Trask & Co., Central-Illinois Co.,
Inc., Stroud & Co., Inc., Hill, Joiner & Co., Inc. and Pearsons-Taft Co. are offering an additional issue of $1,615,000
1st mtge. 20
-year 5% gold bonds, series A at 90 and int.
to yield about 5.90%.
Issuance.-Autnorized by the Michigan P. U. Commission.
Data from Letter of Harry Reid, President of the Company.
-Organized in Michigan in 1927. Furnishes electric light
Company.
and power and water service to 78 growing communities located in Michigan
with a combined population of 65,600. The electric system includes generating stations having a total installed capacity of 11,582 h.p. and 532 miles
of hign-tension transmission lines, serving 14,246 customers. Water is
Is supplied in the town of Gaylord, Mich., to 386 customers. For the
12 months ended Nov. 30 1929 the total output was 22,653,867 k.w.hrs.
of electric energy, and 22,022,500 gallons of water.
Authorized. Outstanding.
Capitalizationlet mtge. 20
-year 5% gold bonds, series A
$3,615,000
x
(including this issue)
Preferred stock, 7% series
135,300
$1,500.000
None
Preferred stock,6h% series
500,000
502,100
Preferred stock,6% series
1,000,000
Common stock (no par) (all except directors'
shares owned by Inland Power & Light Corp.)..150,000 she
76,625 she.
x Not limited to specific amount out issuance restricted by provisions
of trust indenture.
FEB. 15 1930.]
FINANCIAL CHRONICLE
1115
Earnings for 12 Months Ended Nov. 30.
1928.
$810,269
455,899
National City Bank of New RochelleIN. Y., transfer agent. New
I Rochelle Trust Co., New Rochelle, N. Y., redstrar.
1929.
Company.
$955,160 I
-Has been supplying water for domestic, municipal and
550,384 industrial purposes to New Rochelle, N Y., and adjacent territory for over
40 years. The communities which it now serves are contiguous, and include
Net earnings before deprec. and Fed.inc. taxes_ _
$354.370
$404,776 New Rochelle, Dobbs Ferry, Ardslev. Hastings-on-Hudson, Bronxville,
Ann.int. requirements on $3,615,000 1st M.5% bd..,ser. A__
180,750 Tuckahoe, North Pelham, Pelham Manor. Fort Slocum. Eastchester,
The above net earnings are equivalent to 2.24 times the annual interest Scarsdale (at wholesale) and a portion of Pelham. all of which are located
rednirements of all 1st mtge. bonds to be presently outstanding. Over in Westchester County adjacent to New York City. This territory is
96% of the above net earnings were derived from the sale of electric light mainly residential. The population served by company is estimated at
andpower.
over 108,000.
Valuation.
-The properties owned have a depreciated valuation in excess
CapitalizationAuthorized.
Issued.
of $6,670,000. The bonds to be presently outstanding, therefore, repre- 1st mortgage gold bonds, series A and By$5,391,000
sent less than 55% of such valuation.
7% cumulative preferred stock
$2,0071,000
1.780,000
-Indenture provides for a sinking fund under the terms Common stock (no par)
Sinking Fund.
50,000 shs.
50,000
of which, in the calendar year 1930 and in each year thereafter, there
x Additional bonds may be issued subject to provisions of the mortgage
shall be used for the retirement of bonds of series A an amount equal to
less than 1% of the largest principal amount of the bonds of series A indenture. y Consisting of $3,966,000 series A 53' % and $1,425,000 series
not
at any one time outstanding, by purchase in the open market at not ex- B 5% both due Nov. 1 1951.
Earnings Year Ended Dec. 31 1929.
ceeding the then prevailing redemption price, or by redemption.
Management.
-This corporation is a part of the Middle West Utilities Gross earnings
$1.154,375
Operating exp., maint., taxes (incl. Federal) and depreciation..
system.
-V. 128, p. 3512.
613.455
Mississippi River Fuel Corp.
Balance
-New Contracts.
$540,920
The corporation has made contracts to supply the entire fuel requirements, Annual interest requirements on entire mortgage debt
289,380
aggregating 30,000,000 cubic feet of natural gas a day, for local plants of
Balance
Owens Illinois Glass Co., Alpha Portland Cement Co., Granite City Steel
8251,540
Co.. Aluminum Ore Co., and Pittsburgh Plate Glass Co. Deliveries will Dividend requirements on preferred stock (incl. this issue)
124,600
The above balance after deducting depreciation, all taxes and all prior
start during February and will substantially increase the present output
-mile pipe line recently built from the Louisiana gas fields by charges, is in excess of twice the dividend requirements of the preferred
from the 526
Standard Oil Co. of New Jersey, United Gas Co., Electric Bond & stock, including the additional stock presently to be issued.
the
Purpose.
-Proceeds will be used to reimburse the company in part for
Share Co., and other interests, for which the Mis.sissipp1 River Fuel Corp.
is the operating company. Deliveries are expected to exceed 70,000,000 the cost of additions and improvements to the properties.
Management.
-All of the common stock (except trustees' qualifying
cubic feet a day within a few months.
-V. 130, p. 287.
-V. 126, p. 1660.
Mississippi River Power Co., St. Louis, Mo.-Earnings. shares) is owned by the Community Water Service Co.
•
North American Light & Power Co.
Calendar Years-No.of Stockholders.
1928.
1929.
Gross earnings
$4,171,456 $4,046,530
At the close of business, Dec. 31 1929, the total number of stockholders
Oper.exp., maintenance & taxes
683,847 of this company and the various companies operated by it, as reveled by
763,076
Appropriations for retirement reserve
260,000 the quarterly dividend list nearest that date, are as follows:
260,000
Interest charges
1,125,460 North American Light & Power Co., preferred
1,097,672
14,896
Common
4,874
Net income
$2,050,708 $1,977,223 Illinois Power & Light Corp
25,290
1)es Moines Gas Co '
Balance Sheet Dec. 31.
686
Iowa Power & Light Co
6,134
1929.
1928.
1929.
1928.
The Kansas Power Co
1,464
AssetsS
3
LiabilitiesX
S
The Kansas Power & Light Co
4,160
Property lic plant _48,030,076 48,003,010 Preferred stock_ _ _ 8,234.475 8.234,475
Public
Sundry investmls
198
14,831
14,831 Common stock_ _ _16,000,000 16,000,000 Kewanee Power Se-vice Co
Missouri
&
2,236
Cash
43,476
57,925 1st m.5% 1951 _17.365,000 17,538.500 The United Power Light Co
& Light Corp
4,080
Notes receivable-. 165,809
170,975 5% deben., 1947 _ 2,956 000 2,971 000
Accounts recelv
190,701
17,141
191,836 Accounts payable_
16,512
Total
64,018
Material & sup- -94,582
1,100
94,958 Sundry cur. nab_
Sinking fund
1,997
2,193
401,316 -V. 130, p. 621.
127 Due to affil. cos__
Due from affil.cos. 4,399,748 3,670,841 Taxes accrued.. _
447.775
467,787
Pacific Telephone & Telegraph Co.
-New Financing.
Prepaid accounts _
7,868
24,633
24,75i
9,479 Interest accrued.. _
This company made application on Jan. 21 to the California RR. ComBond & note disc.
44,364
34.138
Sundry aver. liab _
& expenses
325,596
357,067 Retirement yes ___ 2,823,566 2,591,154 mission for authority to offer at par $87,500,000 common stock. This will
145,970 be at the rate of one share of new stock for each two shares of preferred
Other reserves____ 160,251
Total(each side)53,274,663 52,571,048 Surp.us
5,210,121 4,133,481 and (or) common held. Record and expiration dates will not be fixed until
action has been taken by the Commission, but it is expected to issue the
-V. 129, P. 3165.
new stock as of April 1.-V. 130, p. 622.
Gross earnings
Oper. exp., maint. & taxes (other than Fed. taxes)
Missouri Public Service Co.
-E. H.
-Bonds Offered.
Rollins & Sons, Spencer Trask & Co., Central-Illinois Co.,
Inc., Stroud & Co., Inc., Hill Joiner & Co., Inc. and Pearsons-Taft Co. are offering an additional issue of $900,000
1st mtge. 20-year 5% gold bonds, series A at 90 and int.
to yield about 5.90%. Dated Feb. 11927. Due Feb. 1 1947.
Pennsylvania Gas & Electric Co.
-Earnings.
-
Years Ended Dec. 31Gross earnings .
Expenses and taxes
Net earnings
Bond interest
Other deductions
1929.
1928.
$1,545,490 $1,490,667
944,477
905.309
$601,013
268,964
25,315
$585,358
270.277
29,611
Data from Letter of T. F. Bowdern. President of the Company.
Balance
$306,734
$285.470
Company.-Incorp. in Missouri in 1926. Furnishes electric lignt and Preferred dividends
105.000
104,991'
power, gas, ice and (or) water service to 84 growing communities located
In Missouri and serving a combined population of 97,200. The electric
Balance for retire. reserve & common dividends_
$201,734
$180.479
system includes generating stations having a total installed capacity of -V. 128, p. 1227.
14,100 k.w. and 723 miles of high tension transmission lines serving 21,234
customers in 80 communities, with an aggregate population of more than
Public Utility Holding Corp.
-Investments Extended.
.83,500. The gas properties include generating plants with a daily capacity
The proposed transfer by this corporation of the Portland Electric Power
of 269,000 cubic feet and 138 miles of gas mains serving 3,678 customers Co. to the Central Public Service Corp., as announced last week, is an
in six communities with an aggregate population of more than 29,800. important step in the extension of the I'ublic Utility Holding
Corp.'s
Water is furnished to three communities having a population of 13,800: investments. In this connection it was stated in circles
ice service to the town of Trenton having a population of 8,000. For the Utility Holding Corp. that upon the transfer of the close to the Public
Portland Electric
months ended Oct. 31 1929 the properties' total output was 25,613,039 Power Co. to the Central Public Service System,
12
the holding corporation
k.w.h. of electric energy. 138,953,000 Cu. ft. of gas, 325,785,000 gals, of will have approximately $10,000,000 in cash. Furthermore,
over 23%
water and 2,365 tons of ice.
of the total net earnings of the Central system, after pref. stock dividends,
will accrue to the class A and voting common stocks of Central Public
Capitalization (Upon Completion of Present Financing).
Authorized.
Outstanding. Service System to be owned by the Public Utility Holding Corp.
First mortgage 20
-year 5% gold bonds, series A
A check-up of the activities of the Public Utility Holding Corp. since
(including this issue)
a
85,900,000 its formation less than six months ago by Harris Forbes
-American Founder's
Preferred stock $7 cumulative (no par)
18,875 shs. interests shows considerable progress by the management toward the objec40,000 shs.
Junior preferred stock $6 cumulative (no par)....20,000 shs.
2,500 shs. tives announced at the time of organization. It is revealed that the corCommon stock (all except directors'shares owned
poration also has holdings in International Power & Paper Co., and is
by Inland Power & Light Corp.)
75.000 sns. 49,970 shs. among the largest stockholders of Associated Gas & Electric Co. With
* Not limited to specific amount but issuance restricted by provision of respect to the corporation's holdings in Federal Light &, Traction Co., the
trust indenture.
plans of the management are stated to be still in a formative stage.
Earnings (After Giving Effect to Present Financing).
V. 130. p. 974.
12 Months Ended Oct. 311928.
1929.
Gross earnings
Sixth Avenue RR.
-Stock Off List.
$1,385,746 $1,531,257
Operating exps., maint. & taxes (other than Fed.)_
The common stock has been stricken from the list of the New York
777,293
872,613
Stock Exchange.
-V. 120, p. 2402.
Net earns, before depreciation & Federal taxes.._
$608,453 $ 658.644
Annual int. requirement on totalfunded debt kind. this issue)_
Southern California Edison Co.
-Earnings.
Above net earns. over 2.23 times ann. int. requirement of funded 295,000
Calendar Years1929.
debt.
1928.
1927.
1926.
For the 12 months period ended Oct. 31 1929 there was derived from the Gross earnings
$40,325,465 $35,281,927 $30,600.636 $27,846,518
electric departments of the system 79.2% of the grcss operating earnings Oper. exp. (incl. Federal
and 83.2% of the net operating revenues.
taxes)
13.198,289 11,794.946
9.984.950
9,784,709
Valuation.
-The properties of the company have a depreciated valua- Int.& amort. of bd. disc. 6.710,156
5,965.927
5.824,907
5,872,377
tion, including working capital, in excess of $10,756,000.
Reserve for depreciation 4,933.062
4,353,148
3,731,086
3.329,971
Sinking Fund.
-Indenture will provide for a sinking fund, under the
terms of which during the calendar year 1930 and during each calendar
Balance,surplus
$15.483.958 $13,167,906 $11,059,693 88,859,461
year thereafter, there shall be used for retirement of bonds of series A an
After providing for dividends on pref. stock, the amount
amount equal to not less than 1% of the principal amount of the series A common stock in 1929, based on the average number of sharesavailable for
outstanding
bonds then outstanding, by purchase in the open market at not exceeding during the year was equivalent to $3.44 per share on 2,537,942 shares as
the then prevailing redemption sake,or by redemption.
compared with $3.10 per share on 2,205.497 shares in 1928.-V. 130, 1:.• 137.
-V.125, p. 1052.
Nevada-California Electric Corp.(& Subs.)
-Earnings.
12 Months Ended Dec. 31Gross operating earnings
Operating and general expenses and taxes
Operating profits
Non-operating earnings (net)
1929.
1928.
$5.674,700 $5,461,340
2,791,972
2,341.230
2.882.729
196,152
3,120.110
133,119
Total income
$3,078,880 $3,253,229
Interest
1,487.231
1,473,200
Depreciation
628.725
602.750
Discount and expense on securities sold
96.629
97.147
Miscellaneous additions and deductions (net credit)
129,513
44.484)
8urp. avail, for redemption of bonds, divs., &c_ - $995.809 81.124,612
-V. 128, p. 2629, 1054.
New Jersey Water Co.
12 Months Ended Nov. 30Gross revenue
Oper. expenses, maint. & taxes (excl. Federal tax) _
1929.
$334.348
156.991
1928.
$258,346
143.742
Balance
Annual int. requirements on 1st mtge. 53
-V. 122, p. 3606.
$177.357
62,645
$114,604
60.000
New Rochelle (N. Y.) Water Co.-Pref. Stock Offered.
Hale, Waters & Co.are offering an additional issue of$480,000
7% cum. pref. stock (par $100) at 99 and divs.
Southern Natural Gas Corp.
-Secures Big Contract.
This corporation, which is controlled by Tr -Utilities Corp., has just
closed an important contract with the Tennessee Coal, Iron & RR. Co.,
one of the principal subsidiaries of the United States Steel Corp., It is
announced. Under the terms of this contract, the Southern Natural Gas
Corp. will supply natural gas which will be distributed to the Tennessee
company for use in its Bessemer rolling mill, its Fairfield, Ala., and Ensley,
Ala. plants, and also for resale, for industrial use only, to other subsidiaries'of the U. S. Steel Corp. in the Birmingham district. The natural gas
thus supplied will replace fuel oil, producer gas and other fuels now used
throughout these plants. Deliveries of gas are expected to begin in March.
This contract involves the sale of approximately 434 billion cubic feet
of natural gas annually. This quantity can be better visualized when it
is understood that it is approximately equivalent in heat value to the total
annual gas sales in the city of Boston, Mass. Under certain circumstances
the annual sales under this contract may materially exceed 434 billion Cu. ft.
This is the second large commitment for natural gas secured by
the
Southern Natural Gas Corp. recently in the Birmingham
other was the arrangement concluded with the Birminghamdistrict. The
Gas
the Industrial Corp., local distributors of gas in the Birmingham Co. and
for the sale of natural gas for domestic, commercial and industrial district,
purposes
in the city of Birmingham and outlying territory. This contract,
has been approved by the Alabama P. S. Commission, provides which
for the
distribution of both coke oven and natural gas by the local
companies in
the Birmingham district, and, according to estimates,
involve sales
of approximately 2,500,000,000 cubic feet of natural gaswill the
in
first year
of operation, increasing to about 4.000,000,000 cubic feet in
the
The gas to be supplied under these and other contracts will fourth year.
be transported
from the Monroe and Richland gas fields in northeastern
Louisiana by the
natural gas transmission line which Southern Natural
Gas Corp. has con-
1116
FINANCIAL CHRONICLE
structed from those fields through Louisiana, Mississippi and Alabama
to Atlanta, Ga. This new system comprises over 900 miles of line, including branch lines, and will make natural gas available for the first time to
homes and industries in many of the more populous sections of Mississippi,
Alabama and Georgia, known as the "Industrial Southeast." The main
pipe line, one of the longest single high-pressure natural gas lines in the
world, has been completed through to Atlanta and is delivering gas for
distribution in Atlanta and other cities.
-V. 130, p. 623.
Southern New England Telephone Co.
-Report.
Calendar Years1926.
1927.
1929.
1928.
Telephone oper. revs___$16,666,185 $15,183,448 $13,505,975 $12,349,498
8,706,529
Telep. oper. expenses_ __ 11,450,012 10,390,959
9,780,684
Net oper. revenues_ _ _ $5,216,173 $4,792,488 $3,725,291 $3,642,968
38,629
Uncoil. oper. revenues__
50,314
47,354
51,595
855.500
Taxes
881,660
1,016,990
1,047,374
Operating income._ $4,121,447 $3,723,904 $2,793,317 $2,748,839
36,208
85,429
Other income
72,572
141,979
Total income
Rents
Interest
Other deductions
$4,263.424 $3,796,476 $2,878,747 $2,785,047
116,152
147,961
152,766
195,052
260,383
276,417
365,679
471,830
17,786
18,473
19,641
21,366
Net income
$3,575,176 $3,258,389 $2,435,896 $2,390,726
2,240,000 2,000.000
2,512,140
Dividends (8%)
2,800,000
50,000
Approp. empl. fund_ _ _ _
$195,896
$746,250
Balance, surplus
$775.176
280,000
Shares outstg.(par $100)
350.000
350.000
$8.70
$9.31
$10.21
Earnings per share
Comparative Balance Sheet Dec. 31.
1929.
1928.
1929.
LiabilitiesS
3
Assets35,000,000
Capital stock
bides., plant,
32,795
equipment, &c_64,591,294 57,224,469 Prem. on cap. stk_
1,000,000
43,561 Funded debt
43,561
Investment secur_
28,262 Advances from sys28,262
Miscell. investm'ts
9,400.000
tem corps
190,761
Cash and deposits_ 398,314
1,018,118
Accts. receivable__ 1,922,401 1,730,469 Notes
517,886 Accounts payable_ 2,044,174
Mat'is & supplies- 823.577
175,023 Service billed in
151.067
Prepayments
554,543
advance
20,545
15.546
Def'd debit items_
Bills payable
18,0e0
Adv. to system cos
Accr. nab. not due 1,364,194
99,751
Ins. & casualty res.
2,570
Def'd credit items_
Res.for deprec'n .13,544,780
Res. for amortlz_ _ 200,829
3,726,267
Tot.(each side) _67,988,021 59,930,985 Surplus
-V. 129, p. 2386.
$340,726
280,000
$8.53
1928.
35,000.000
32,795
1,000,000
2,500.000
1,836,529
517,858
798,428
1,293,948
98,649
3,963
13,712,947
184,999
2,950.867
[Vol,. 180.
Standard Public Service Co.
-2% Stock Dividend.
The directors have declared a quarterly stock dividend of 2% on the
...lass A stock, payable March 1 to holders of record Feb. 21. Formerly
the company paid a quarterly dividend of 50 cents a share, which could
be applied to the purchase of additional class A stock at 4,25 per share.
V. 129, D. 3327.
United States Electric Power Corp.
-New Directors.
Henry B. Rust, President, and John S. Brookes, Jr., General Counsel
of the Koppers Co.. Pittsburgh. Pa., on Feb. 13 were elected to the board
of directors of United States Electric Power Corp. In connection with
the announcement of their election it was stated that the Koppers Co. has
become one of the company's largest stockholders.
-V. 129, p. 2387.
-Harris,
Utah Power & Light Co.
-Bonds Offered.
Forbes & Co. and Coffin & Burr, Inc., are offering an additional issue of $4,000,000 1st mtge. 5% gold bonds at 9S
and int., to yield 5.20%. Dated Feb. 2 1914; due Feb. 1
1944.
Listing -Previous issues listed on the New York Stock Exchange and
application will be made to list those now offered.
Data from Letter of E. W. Hill, Vice-President of the Company.
-Company, operating in Utah, southwestern Wyoming and
Business.
southeastern Idaho, serves with electric power and light an extensive and
steadily growing territory rich in agricultural and mineral resources. It
also serves through its subsidiary, Western Colorado Power Co., an important section in southwestern Colorado. The business field embraces 281
communities including many cities and towns, among them Salt Lake City
and Ogden, Utah (operations in which two cities are conducted in part
under a long term leasehold), as well as extensive rural districts. The
population of the territory served is estimated at 447,000.
The generating plants now operated, including those leased, have a total
Installed capacity of 237.117 k.w., of which 198,327 k.w. Is hydro-electric.
For -the calendar year 1929, approximately 83% of the electric output of
these plants was generated in the hydro-electric plants, the steam-electric
generating stations being maintained largely for reserve purposes.
-Proceeds will be used to reimburse the company for expendiPurpose.
tures made for additions to property and for other corporate purposes.
-The following statement shows earnings of the company,
Earnings.
Including the Western Colorado Power Co., for the 12 months ended Nov.
30 1929:
$11,721,750
Gross earnings from operation
5,927,692
Operating expenses, incl. maint., rentals and taxes
$5,794,058
Net earnings from operation
Annual interest on mortgage bonds with public on completion
1,839,850
of this financing
$3,3,954,208
Balance for other interest, depreciation, dividends, &c
Of the gross earnings a-s shown above for the 12 months ended Nov. 30
30 1929, over 98% was derived from electric power and light service.
Property e5 Business
-W. C. gage bonds and capitalField.-Company owns all the securities (first mort-Bonds Offered.
South Pittsburgh Water Co.
stock) of Western Colorado Power Co. and in addiLangley & Co. and Halsey, Stuart & Co., Inc. are offering tion, owns all the capital stock (except directors' shares) of the Utah Light
the
electric power
int. to yield 5.47%, $1,850,000 1st lien & ref. & Traction Co. aThe year lease (fromand light properties ofUtahlatter are
at 93 and
Jan. 1 1915). by the
Power &
under 99
mtge.5% gold bonds, series B, dated Jan. 11925; due Jan. 1 operated, which,together with Western Colorado I'ower Co., now operates
Light Co..
generating plants having a total installed capacity of 237,117 kw., of which
1960.
198,327 kw. is hydro-electric. The present transmission and distribution
Data from Letter of E. A. Geehan, President of the Company.
systems owned and leased by the Utah Power & Light Co., together with
-Company, or its predecessors, have been serving a large terri- those of Western Colorado Power Co., total 5,462 miles in length. Company
Business.
tory situated in and adjacent to the City of Pittsburgh. since 1892. The has a well diversified market for its power and, in addition, has a number of
properties have been operated as a unit since 1904 and furnish water with- valuable long term contracts for the sale of large blocks of power. Comout competition for all purposes in the industrial and residential region pany is now serving more than 109,600 electric customers.
south of the Monongahela and Ohio Rivers. Total population served
Company, directly or through its subsidiary, Western Colorado Power
estimated to exceed 253,000.
Co., supplies electric power and light service in 281 communities, including
Company operates a water works system serving 37,600 consumers, and Salt Lake City and Ogden. Utah, and many other cities and towns and also
2,027 city fire hydrants are connected to the mains. The equipment includes to extensive rural districts in Utah, southeastern Idaho, southwewtern
pumping stations with a nominal daily distributive pumping capacity of Wyoming and southwestern Colorado.
A uthorized.
Outstanding.
approximately 32,000,000 gallons and filtration plants with a nominal
Capitalization3,000,000 shs. 3,000,000 shs.
daily capacity of approximately 24,000,000 gallons. The distribution Common stock (no par)
system includes approximately 531 miles of mains. The source of water Pref. stock ($7 per sh. per annum, cum.)_ _ 300,000 shs. 210,564 shs.
210,000 shs. x34,096 shs.
supply is the Monongahela River. The franchises of the company are Pref. ($6 per sh. per annum, cum.)
y
$5,000.0430
without limitation as to time.
Debenture bonds, series A 6% due 2,022_ _ _ _
-Company is controlled through stock ownership by Ameri- 1st lien & gen. mtge. bonds
Management.
:80407:000000
5,500
-V. 122, p. 3085.
can Water Works & Electric Co.
Series of'4s due 1944'
$100
000 z3
Capitalization Outstanding (Upon Completion of Present Financing).
1st mtge. 5s, duo 1944 (incl. this issue)
$1,190,000
x Not including 21,904 shares in treasury. y Limited by the restrictions
1st lien & ref. mtge. gold bonds: 5% series A, due 1960
1,850,000 of the indenture. z $5,500,000 additional 1st mortgage 5s are pledged
5% series B,due 1960 (this issue)
x3,349,000
mortgage securing the $5,500,000 1st lien & general mortgage
1st mtge.5% gold bonds,due 1955(mortgage closed)
705,800 bonds,
Cumulative preferred stock
2,750,000
Common stock
connection with its ownership of the entire outstanding capital stock
In
x The total first mortgage 5s authorized and issued is $5,000,000, of of the Utah Light and Traction Co. and its operation under a 99 year
which $3,349,000 are in hands of public and $1,651,000 are pledged under lease (effective 1915) of the electric properties of that company, the Utah
first lien & refunding mortgage.
the
Power & Light Co. guarantees as to principal and interest $13,872,000 bonds
-Proceeds will be used to reimburse the company for expendi- ofshe U gah Ligm prorTmaiit F nd:-Mortgage
Purpose.
tinkint or i ht & e r tc tionuCo
provides for the following
tures made for extensions, improvements and additions to its property and
for retirement of certain funded indebtedness.
sinking or improvement fund, which began Dec. 311916, providing for the
Security.-Secured by a direct mortgage upon the entire property of the payment or delivery to the trustee of cash or bonds for cancellation in the1% ofthe amount of the bonds outstanding each year
company, and in addition share in the security of the first mortgage of the following amounts:
company through deposit with the trustee of $1,651,000 first mortgage on Dec. 31 from 1916 to 1918, incl.: 2% of the amount of the bonds out6% gold bonds (33% of entire issue).
standing each year on Dec. 31 from 1919 to 1933 incl.: 2%% of the amount
of the bonds outstanding each year on Dec. 31 from 1934 to 1943 incl.
Earnings 12 Months Ended Dec. 31.
The funds so received may be used either to retire bonds or for permanent
1929.
1928.
$1,282,199 $1,385,554 improvements, extensions or additions to the property which might otherGross earnings
481,843 wise have been made the basis of the issue of bonds.
464,758
Operating expenses, maint. and taxes
-V. 127, D. 547.
-Controlled by Electric I'ower & Light Corp.
Control.
$903,711
Net earnings (available for int., Fed. taxes, &c. $817,441
-Kuhn,
-Bonds Offered.
Western Union Telegraph Co.
319,450
Annual int. on entire funded debt (incl. this issue)
Net earnings, as shown above, for the 12 months ended Dec. 31 1929. Loeb & Co. are offering at 100 and int. $35,000,000 30-year
were equal to over 2.8 times the annual interest charges on the entire funded 5%
gold bonds.
debt of company, including this issue.
Dated March 1 1930; due March 11960. Denom. $1,000c5 & r*. Int.
-In event that any municipal corporaPublic Acquisition of Properties.
National Bank of the City of New York, trustee.
tion or other Governmental subdivision, within the territorial limits of Payable(M. & S.) Chase in part, at the option of the company, upon not
which the company shall then be operating, shall acquire all or the major Red, as a whole, but notnotice, on March 1 1940, or on any subsequent
prior
portion in value of the water works properties of the company, and shall less than 60 days'
March 1 1955 at 105% and int., and thereafter
assume the payment of the principal and interest of all bonds outstanding interest date up to and incl.
premium equal to % for each six months between
under the mortgage, then all liability and obligation of the company upon at 100% and int. plus a the date of maturity.
said bonds shall cease and determine. In event that any such municipal the redemption date andwill be made in due course to list these bonds on
-Application
Listing.
corporation or other Governmental subdivision shall acquire all or any
Exchange.
part of the water works properties of the company, and shall not assume the New York Stock
Data from Letter of Newcomb Carlton, dated Feb. 11.
payment of the principal and interest of all bonds outstanding under
the
-To reimburse treasury for expenditures made on account of
Purpose,
amount not exceeding
the mortgage, then bonds for an aggregate principal
additions and improvements to its plant and equipment (outthe price paid for the property so acquired may. at the option of the com- extensions,State of New York) and to provide funds for further extensions,
pany, be declared due and payable at the principal amount thereof plus side of the
improvements (outside of that State).
accrued interest, but without premium, on the conditions and in the additions and
Company.-Incorp. in 1851 and operates a comprehensive communication
manner provided in the mortgage.
through stock ownership by service; its land line system embraces about 1,875,000 miles of wire and its
--Company is controlled
Management.
undersea cable system comprises about 30,680 nautical miles of ocean
-V. 122, p. 3085.
American Water Works & Elelctric Co., Inc.
cables. Company, with over 25,000 offices, supplies about 82% of the
--- telegraph service in the United States and serves practically every com111.-Earnings.
Union Electric Light & Power Co. of
munity within its borders, and through its complementary and important
1928.
1929.
Calendar Years$3,756,732 $3,602,923 cable system and connections establishes telegraph communications with all
Gross earnings
22,708 parts of the world. The services rendered the public by the Western Union
33,347
Operating expenses
933,823 consist of full rate telegrams, night messages, day letters, press dispatches,
973,833
Appropriations for retirement reserve
1,095,216 corresponding overseas cable services, financial quotations, reports of base1.115,251
Interest charges
ball and other news, money transfers, time service and messenger service.
-The outstanding funded debt of company and its sub.
Funded Debt.
$1,634,301 $1,551,177
Net income
including this issue of bonds, will amount to $107,980.000,
Sheet Dec. 31.
Balance
-Company has outstanding $102,378,907 of stock, having a
Capital Stock.
1928.
1929.
1928.
1929.
present market value of approximately $210,000,000. This does not
$
Assets3
Include an additional $2,360,100 of stock subscribed for by the employees
Property and plant35,455,559 33,635.930 Preferred stock_ _ - 8,000,000 8.000,000 under an installment payment plan. Company has paid dividends on
Accts. receivable__
1,648 Common etock _ _ _ 5,000,000 5,000,000 its stock uninterruptedly since 1874: from 1917 to 1925 at the rate of 7%
71
12,125,000 12.625,000 per annum and since the beginning of 1926 at the rate of8% per annum.
Prepaid accounts_
3,256 Funded debt
3.250
263
864
Open accounts_ _ 230,523
240,128 Sundry curr. llab_
-The net income, after charging all operating expenses and
Earnings.
cos_ _ _ 5,540,612 3,958,976 rentals of leased plants and taxes (other than Federal income taxes), but
Bond & note disc.
Due to affil.
535,761 before interest charges, for the year ended Dec. 31 1029, amounted to
613,393
& expense
786,504
819,457 Taxes accrued_ _
225,572 320,829,000, or more than 5
332,709
times such interest charges for the sane
Interest accrued_
24,246 period, which amounted to $3,742,000. Such not income during the seven
21,654
Sund.accrued ilab.
Retirement reserve 3,020,148 3,063,368 years ended Dec. 311929. was never for any year less than 5j.i times interest
1,821,528 1,267,226 charges for such year, while the average of such net income for this period
Tot.(each side)_36,475.907 34,700,413 Surplus
-V. 130, p. 469.
was more than 6A times average interest charges.
-V. 129. p. 3168.
FEB. 15 19301
FINANCIAL CHRONICLE
Westmoreland Water Co.
-Earnings 12 Months Ended
Nov. 30 1929.
Gross revenue
$468,493
Oper. expenses., rnaint. & taxes (excl. Federal inc. taxes) &
minority interest in income of subsidiary company
235,992
Balance
Annual interest requirements on 1st mtge.5% gold bonds
Times earned
-V. 129, p. 2858.
$232,501
125,000
1.86
INDUSTRIAL & MISCELLANEOUS.
Refined Sugar Prices.
-American Sugar, Spreckles, Arbuckle Bros.,
McCahan and Revere Feb. 10 reduced price of refined sugar 5 points to
4.95c., retroactive to Feb. 3. Texas Sugar Refining Co. and Henderson
Sugar Refining Co. Feb. 14 announced that all refined sugars sold since
Jan. 6 would be on a 4.95c. a pound basis. Previously the 4.95c. rate was
made retroactive to Feb. 3. The California & Hawaiian Sugar Co. also
went on the 4.95c. a pound basis Feb. 4. "Wall Street News."
Work of Unitizing Oil Industry Begun.
-Petroleum Institute organizes
central group to guide its pool operation plan. N. Y. "Times" Feb. 12,
p. 36.
Radio Exports Gained $11,060,662 in Year.
-1929 exports of radio apparatus reached 323,122,141, a gain of $11,060,662 over 1928. N.Y."Times"
Feb. 9.
Dress Peace Signed After 8
-Day Strike.
-Compact provides impartial
Chairman and board to study reforms in industry. N. Y."Times" Feb. 13,
p.1.
Matters Covered in the "Chronicle" of Feb. 8 1930.-(a) Changes in the
New York law regarding the descent and distribution of property, p. 858.
(b) Listings on N. Y. Stock Exchange for year 1929, P. 860. (c) The 1929
record of new building construction, p. 867. (d) Range of prices on the
Detroit Stock Exchange for 1929, p. 878. (e) Yearly range of prices on
Detroit Stock Exchange, p. 882. (f) Cotton mills in Danville, Va., reduces pay of 6.000; labor group protests to President Hoover, p. 896. (g)
Wages cut, weavers strike in Delgado Cotton Mills at Wilmington. N. C.
p. 896. (h) President Hoover wants definite loan policy on farm aid
adopted by Congress; proposed loan of $6,000,000 to farmers, p. 908.
(I) Wheat committee; advisory body members selected by grain co-operatives announced, p. 908. (j) Grain raisers ask U. S. to fix prices; Farm
Board's Wheat Growers' Advisory Committee proposes stabilization corporation; novel peace time plan, p. 908. (k) Outstanding brokers' loans
on New York Stock Exchange on Jan. 31, $3,984,768,065; decline in month
of $4,742,208, p. 910. (I) Wiggins, Limited, Ottawa, Canada, brokerage
house, assigns for benefit of creditors, p. 911. (m) Jackson & Harris,
Boston brokerage house, fails, p. 911. (n) New York bank dividends increased 43 2-3t in 1929, according to Clinton Gilbert; National City and
Chase National head tabulation with $36,740,000 combined payments,
p. 912. (o) New York State tax on capital stock of national banks held
to be in violation of Federal statute in opinion by Judge Bondy in U. S.
District Court; decision in suit of Public National Bank of New York,
p. 912. (p) Text of decision of U. S. Circuit Court of Appeals holding
interest paid en money borrowed to carry municipal bonds is deductible
in computing Federal income tax, p. 917. (q) Creditors of Clarke Brothers
to receive 5% dividend; payments on claims filed and allowed will be made
in two weeks, referee announces, p. 918.
Aetna Fire Insurance Co., Hartford, Conn.
-Split-Up.
The stockholders on Feb. 10 approved the recommendation of the
directors to reduce the par value of the capital stock from $100 to $10 per
share, issuing new shams pro rata, effective at once.
-V. 130. p. 469.
Alaska Juneau Gold Mining Co.
-Earnings.
-Month Ended Jan. 311930.
Gross income
$251,000
Net income after int. & Ebner
Mine develop. charges
49,250
-V. 130, p. 290.
1929.
$268,500
1928.
$285.000
1927.
$241,000
64,600
84,650
25,300
Air Reduction Co., Inc.
-Report.
--
President C. E. Adams says in part:
During the year company increased the capacity of its oxygen plants at
Baltimore, Birmingham, Buffalo, Chicago, Coatesville, Pa.: Detroit,
Harrisburg, Pa.; Los Angeles, Philadelphia, Pittsburg, and Steubenville, 0.
A new oxygen plant was erected at Toledo, 0. and new acetylene plants at
Detroit, Flint, Mich., and Toledo.
By purchase during the same period it acquired oxygen plants at Portland,
Ore.; Sacramento and Los Angeles, Calif.: New Orleans and Shreveport,
La.: Mobile, Ala.: Nashville, Tenn.; Louisville, Ky. and Milwaukee and
Sheboygan, Wis. Acetylene plants were purchased at Louisville, Ky.; New
Orleans and Shreveport, La.
With these purchases of plants the company also acquired the cylinders
and other operating assets and the business, as going concerns, of the Portland Oxygen & Hydrogen Co., the Western Oxygen Co., the Louisiana
Oxygen Co., Inc., the Universal Oxygen Co., the Kentucky OxygenHydrogen Co., and the Beaird Corp.
All acquisitions were made in exchange for shares of your company's
capital stock.
In spite of adverse industrial conditions in Cuba the Cuban Air Products
Corp. had a satisfactory year and showed slightly increased profits over
1928. It acquired during the year a half interest in the Cuban Carbonic Co.
The fixed assets and business of the Compressed Carbonic Co. were sold
during the year to the Pure Carbonic Co. of America, a now corporation,
which at the same time acquired the fixed assets and business of the Pure
Carbonic Co. of Illinois and the Pure Carbonic Co. of Calif. The new
company, Pure Carbonic Co. of America, now manufactures and (or) compresses CO2 for distribution and sale at Philadelphia, Baltimore, Detroit,
Chicago, St. Louis, San Francisco and Los Angeles, and has become the
second largest enterprise in this field in the country. Company owns more
than 50% of the stock.
The stockholders of the California Cyanide Co. have voted to place that
company in voluntary dissolution. This does not mean that all activities
in connection with cyanide will cease. The old company, however, will be
dissolved and a small company will continue to operate within limits that
have been demonstrated to yield a small profit. Company's investment in
and advances to the California Cyanide Co. have been written down during
the past few years to a point commensurate with a sound valuation of this
small enterprise.
Income Account for Calendar Years.
1927.
1929.
1928.
1926.
Gross income
$21,801,994 $15,652,009 $13,550,940 $12,735,031
Operating expenses
8,818,234 8.035,623
9,752,924
13,105,608
Operating income_ _ _ _ $8.696,386 $5,899,085 $4,732,706 $4.699,407
Reserves
1,905,455
1,992,023
2,159,506
1,871,646
Compens.to off. & empl.
117,362
198,324
122,479
Federal taxes
297.292
563,884
499,746
a443,091
Net income
Dividends paid
$5,972.996 $3,208.993 $2,412,597 $2,262.191
1,532,741
2.050,398
3,228,059
1,118,462
Balance, surplus
$879,856 $1,143,729
$2,744,937 $1,158,595
Shares of com. outstanding (as par)
224,597
696,793
770,403
208,855
Earn. per share on com_
$10.74
$4.60
$7.75
$10.83
a 1926 Federal taxes, $433,441; add correction of estimate for 1925
Federal taxes, $9,650.
Income Account for 3 Mos. Ended Dec. 31.
1929.
1927.
1928.
1926.
Gross income
$5,819,923 $4,584,587 $33,489,471 $3,400,475
Operating expenses
3,444,305
2,675,962
2,176,646
2,046,637
Reserves
715,309
529,727
489.786
493,048
Cr19.730
Adj. Fed. tax
149.684
Balance
$1,680,039 $1,229,212 x$823,039
She. of com. outstanding
(no par)
770,403
696,793
224,597
zEarna. per sh. on com_
$2.18
$1.76
x$3.66
x Earned per share on common before Federal tax.
x$860,789
208,855
x$4.12
1117
Comparative Balance Sheet Dec. 31.
1929.
1928.
1929.
1928a
AssetsLiabilUtes$
$
Land, bldgs. Scc.Al2,395,214 9,187,637 Common stock_z19,063,372 15,403,165
Misc. Investments 4,127,706 3,562,296 Accounts payable_ 520,206
'
463,623
Patents & licenses_
Divs. payable____ 2577,799
1
348,395
Cash
4,217,867 3,391,330 Res.for local taxes,
Accts. & notes rec.
accruals, akc____ 305,546
343.808
3,078,459 2,492,121 Federal tax reserve 563,564
(less res.)
499,565
1,639,610 1,354,026 Res. for conting__ 1,599,062 1,283,434
Inventories
Other curr't assets 5,853,327 4,306,192 Surplus
8,831.973 6,087,037
Deferred charges__ 149,340
135,424
Total
31,461,524 24,429,028
31,461.524 24,429.028
Total
x After deducting $10,925,062 deprec. reserves. y After deducting $164,076 reserve. z Represented by 770.402 3-5 shares of no par value.
-V.
129. p. 2684.
Allied Motor Industries, Inc.
-1929 Sales.
Net sales of Ilenney Motor Co., a susbidiary during 1929 totaled $1.943,473, compared with $1,389,450 in 1928 and $1,622,325 in 1927.
pr The Henney Motor Co., has placed an order with the Lyeoming Motor
Co. for 400 motors, delivery to begin at once. The order is for the first
quarter's requirements of the Henney company which manufactures a
special line of motorized hospital and funeral equipment. President John
W. IIenney said that business was expanding at a satisfactory pace despite
the widely-circulated reports that industry, especially in the automotive
field, was going through a period of depression-V. 129, P. 3475.
-Record Bookings.
Allis-Chalmers Mfg. Co.
Dr. Charles Albright, a director,states that the company can sell all the
tractors it can produce in the current year so that it has primarily a manufacturing, and not a selling problem on its hands.
Orders booked in January amounted to $4,030,000 against $3,644,000 for
the same month in 1929. a gain of $386,000. This was the best January
business in history. Unfilled orders are up $200,000. totaling $12,872,000
as of Jan. 1, and $13,077,000 on Feb. 1.
The company put on 600 more men in Jnauary with 9,101 working on
Feb. 1, against 8,489 on Jan. 1 and 8,964 in July last, the previous high
mark -V. 130, p. 623.
-Contracts.
American Austin Car Co., Inc.
With contracts signed at the trade showing of the cars in Chicago by
leading dealers who came to attend the annual Automobile Show there
during the week of Jan. 25
-Feb. 1 and those signed at New York on the
occasion of the National Automobile Show recently, the bantam Austin
will go into production this Spring at Butler, Pa., with contracts from
dealers and distributors for 85,575 of the new cars, at a total list value of
about $37,000,000, it is officially announced by C. A. Best, General Sales
Manager of the company.
"These are contracts accepted from dealers of recognized standing and
financial responsibility," Mr. Best declared. "In addition we have applications for 60.570 further Austin cars which are still to be acted upon.
-V. 130, p. 469.
American Brown Boveri Electric
pute Ended.
-
Corp. Patent
Dis-
The corporation on Feb. 10 announced that patent disputes with competitors have been settled.
The company's statement said: "Agreement has been consummated
between the General Electric Co., Westinghouse Electric 8-, Manufacturing
Co., the Cooper-Hewitt Electric Co. and the American Brown Borer'
Electric Corp. for the interchange of rights and patents of the respective
companies relating to mercury are rectifiers.".
-N'. 129. p. 3169.
-American, British & Continental Corp. Earnings.
1927.
Calendar Years
-1929.
Gross income from int. and divs___ $1,182,175 $1 92
2 8.
1, 56,427 $1,132,222
Realized prof. on sales of inves-. &
388,403
631,506
commissions
209,063
Total gross income
$1,391,238 $1,887,934 $1,520,625
295,780
318,429
Int. paid & amort. of disc't on debs.
286,407
Exps., incl. legal, auditors' & trustees'
92,706
131,869
fees & taxes
117,983
121,567
132,868
Provision for Federal income taxes_..
66,668
Net income
Earns, per share on com. stock
Previous balance at Dec. 31
Total surplus
First preferred dividends
Second preferred dividends
$920,178
$1,012,685
$1,304,769 $1,010,573
$1.03
$1.33
$449,201
$1,932,863 $1,753,969
507,951
599,4731
233,333
Balance at Dec. 31 1928
-- $1,333,390 $1,012,685
Condensed Balance Sheet Dec. 31.
1928.
1929.
1929.
1928.
Assets
9,474
Cash
243,000
211,577 Accounts payable_ 203,364
104,167
Call loans
Deb. Int. accrued. 104.167
500,000
132.868
46,483
Investments
18,977,744 18,963,459 Fed. inc. tax. accr_
Acc'ts receivable,
5% gold debens___ 5,000,000 5,000,000
194,520
accr. int., &c
283,284 Capital stock_ _ _ _s13,599,750 13,587,475
1,333,390 1,012.685
Def'd chgs., incl.
Surplus
unamort. debt
388,349
371,891
discount
20.287,155 19,846,668
20,287,155 19,846,668
Total
Total
x Represented by 100,000 no par shares of $6 cumulative 1st pref. stock
and 600,000 no par shares of common stock having a value of $13,600,000
from which is deducted $250 for calls in arrears.
Summary of Investments at Dec. 31 1929.
%
Total.
(1) By Classes11.10
$2,106,683
Miscellaneous loans
15.19
2,882,024
Government, municipal and guaranteed bonds
9.38
1,780.345
Corporate bonds
17.60
3,339,960
Preferred stocks
46.73
8,868,730
Common stocks
Total
Investments Dec. 311929.
(1) Miscellaneous LoansAmbi Budd l'resswerk G m b. H
Ambi-Verwaltung K. G. A
Bergwerksgesellschaft Diergardt-Mevissen
-Meehan Gas Coal Co
Cosgrove
Eiserfelder Steinwerke A. G
Handelmaatschappij "Nedahand"
Hermann Tietz A G
Maatschappij Voor Beheer Van Effekten
Maschinenbau A G Balcke
Monteiro & Aranha
Papierfabrik Rothfest
Rheinische Bahngesellschaft
Sachsenwerk Licht und Kraft A. G
Tagafia
Vereinigte Metallwarenfabriken
Vereinigte Ziegel und Cementfabriks A. 0
$18,977,744
100.00
$9.337,767
3,807,785
1,160,300
707,734
626,015
606,429
1,509,087
154,962
1,067,660
49.20
20.06
6.12
3.73
3.30
3.20
7.94
.82
5.63
$18,977,744
Total
(2) By Countries
United States
Germany
Hungary
France
England
Belgium
Other Europe
Asia
Central and South America
100.00
Value for Investments Not Listed.
$100.000
101,000
186,540
166,000
101,325
94,500
292,500
75,143
139,138
125,000
100,000
250,000
67.862
68,449
138,225
100,000
(2) Government, Municipal and
.
Guaranteed BondsValue.
City of Miami, Fla., 68, 1930_ _3100,000
Province of Ontario 530, 1930_ _
4,000
Berlin City El.63s, 1951
51,000
Berlin El. Elev. & Und. Rys.
630, 19$6
50,000
Berliner Hypothekenbank 88 Rm.100,000
Braunschweigische Stastsbank 8,3
Rm.100,000
Cons. Agric.Loan A,630,1958-$100,000
Frankfort on Main 78, 1930-45_ _ 42,500
German Cons. Munic. Loan Secured 78, 1947
105,000
Gothaer Grund-Credit Bank
88 •
Rm.100,000
Landesbank Westfalc.;
Anleihe8s
a, Rm.100,000
Bezerksverbandes Ot '4',
Elek. 78, 1953
...i.
,
Rm.500,000
Free State of Prussia 6e, 1952_ -3168,000
Rheinische Westphaelische 8sRm.100,000
Saechsische B-C-A 8s
Rm.100,000
Saxon Public Works 630, 1951.. $40,000
Saxon state Mtge.Inst.630,
1946
50,000
Rm.100,000
Schlesische B-C-A 88
Schleswig-Holsteinischer
Rm.100,000
E. V 88
Rm.100,000
Staatliche B-C-A 88
Thueringsche Landes HyRm.100,000
pothekenbank 88
State of Wurttenberg 78, 1930-37 $10,000
City of Milan 6)4s, 1952
109,000
75,000
City of Rome 630, 1952
150,000
City of Budapest 68, 1962
King of Bulgaria sec'd 78, 1987_ _ 100,000
Hungarian Cons. Mun. Loan
230,000
730, 1945
Ind. Mtge. Bk. of Fin. 7s, 1944_
9,000
Serbs, Croats & Slov. 7s, 1962_ 100,000
Upper Austria sec. 630, 1957_ _ 250.000
Chinese Govt. A.G.Loan 58,'32 £13.900
Rep.of Costa Rica sec. 78, 1951_ $10,000
Antioquia sec'd "D"78, 1945.... 97,000
U. S. of Brazil 630, 1957
166,000
Dept. of Caldas 70,1946
05,000
Cauca Valley sec'd 7j'8, 1946._ 47,000
200,000
City of Cordoba 75, 1957
Minas Geraes sec'd 630, 1958_ _ 82,000
100,000
Porto Alegre 7 As, 1966
Rio Grande do Sul 75, 1966
107,000
(3) Corporate BondsAm. Brit. dr Conc. Corp. 5s_ _ _ _ $80,000
Chic. Mil. &St.Paul 55_
50,000
Interboro Rapid Tr. Co.58
100,000
Minor C. Keith Inc. 55(with 100
participation receipts)
170,000
Sinclair Consol. Oil, series D 6s_
1,000
U.S. Rubber Co.7As
1,000
Charbonnages de Beeringen
Bf 625,000
638
Carolue Magnus 6345
F1375,000
I. G. Farbenindustrle fls____Rm 150,000
Gelsenkirchen Mining sec'd 68-3215,000
'German Cent. Bank sec'd 6s_ ___ 125,000
Ruhr Housing 63is
100,000
Montecatini w-w 7s
40,000
United Elec. Service A w-w 75... 50,000
European Mtg.& Inv. Corp.B 734s
303,000
C 75
330,000
Zellstofffabrik Waldhof Finland
1st 78
£12,000
Shinyetsu El. Pow. 6345
$100,000
(4) Preferred StocksShares.
Alleghany Corp. w-w
1,000
Amer. Cities P.& L.cons. A__ _ _
100
Associated Rayon cum
400
Brown Durrell cony
400
Celanese Corp. prior
1.000
Celanese Corp. participating
1,000
Continental Baking Corp
500
Crown Willamette Paper
500
Crown Zellerbach
2,000
Dixie Gulf Gas (with 2,000 slut.
common)
82,000
Empire Power participating_ _ _ _
1,000
Houston Gulf Gas A
389
Illinois Power & Light
4,000
Internat. Hydro Elec. A
1,000
International Match
1,000
Lefcourt Realty cony
4,000
Maytag 1st
1,500
Maytag pref. w-w
2,000
Missouri Pacific Ry
1,500
Oklahoma Natural Gas 6M %..._
2,000
Selected Industries
3,000
Tide Water Assoc. Oil cony.... 3,400
Foreion Preferred StocksSole Artificielle A ("Fin")
4,704
Chemins de fer Belges6%
22,000
Union Min du Haut Katanga__ _
500
German Nat. Rye. "V"_ __ _Rm. 500,000
Cinzano Argentine & Inc. cony__
5,000
Zelistofffabrik Waldhof Finland
120
-Shares.
(5) Common Stocks (American)
2,000
Adams-Millis
5.250
American Cyanamid B
1,100
American Equities
2,000
American Home Products
1,000
American Ice
1,500
Anchor Cap Corp
66
Assoalated Gas & Elec. A
1,000
Baldwin Locomotive
100
Canada Dry Ginger Ale
500
Central Trust Co. of Illinois__ _ _
400
Chase National yank
3,000
Chesapeake Corporation
1,500
Columbia Gas St Electric
3,000
Claude Neon Lights, Inc
1.500
Crown Zellerbach
1,0123i
Drug,Inc
300
Eastman Kodak
1,251.72
Electric Bond & Share
3,000
Emporium Capwell
1.050
First National Stores
General American Tank Car_ _ _ _1,435.21
800
General Electric
1,000
General Refractories
1,060
Gillette Safety Razor
b1,500
Great Northern Ry
4,000
Iron Fireman Mfg. Co
2,000
S. S. Kresge
500
Lehigh Coal & Nay
2,000
Loew's Incorporated
c10
Loew's Inc.(for 50 abs. corn.) _ _ _
1,500
Mead Johnson
1,131.20
National Dairy Products
1,500
J. J. Newberry
1,000
Newton Steel
c5,000
Niagara Hudson Power A
2,306.25
North American Co
1,700
Pacific Gas de Electric
600
Pacific Lighting Co
200
Pacific Trust Co
8,000
Pacific Western Oil
2,500
Penna. RR. (with rights)
1,400
Pittsburgh Plate Glass
4,000
Public Service of New Jersey_ _ _
1,000
Remington Rand
1,500
Reynolds Tobacco B
607
Safeway Stores
600
St. Regis Paper
3,000
Sinclair Consolidated Oil
1,000
Standard Oil of New Jersey
5,000
Tide Water Associated Oil
1,500
Underwood Elliott Fisher
2,000
United Biscuit
300
U. S. Industrial Alcohol
500
United States Steel
600
Walgreen Co
ForeOn Common Stocks2,000
Boots Pure Drug Co., Ltd
£2,600
Cable & Wireless Ltd. B
Continental & Industrial Trust_
4,000
Debenhams Securities, Ltd.
24,000
Ordinary shares
£10,000
English & Int. Trust ord
Financial Newspaper Proprietors 10,000
1,000
Hydro Electric Securities
8,000
International Holding & Invest_
5,000
J. Sears & Co., Ltd
4,000
Turner & Newall Ltd. ordinary_
100
Banque ne France
500
Banque de l'Union Parisienne-2,000
Cie. Vinicole de Champagne_ _ _ _
Cie. Vinicole de Champagne_ _444 parts
.
25
Credit Commercial de France_ _
1,250
Electro Cable
1,500
Energie Littoral
800
Lorraine Dietrich
200
Louvroil Recquignies
100
Sud Lumiere
Telegraphle Sans Fil
2,636
5,000
Chutes de la Truyere (par paid)_
2,000
Union d'Electricite
3,000
Mines de St. Avoid
150
Soc. Generale de Belgique (Pt. p(i.)
Acierie8 Reunies de Burbach
200
(Arbed)
Rm. 150,000
Phoenix Bergbau
Rm. 180,000
Deutsche Bank
Rm. 120,000
Discontegesellschaft
Rm.336,000
Dresdner Bank
Rm.120,000
A llgemcine Elektrizitats
Gothaer Grund-Credit-Bk._Rm. 50,000
Rm.100,000
Heilman Et Littman
Preussische Pfandbriefbank_Rm. 100,000
Reichsbank
Rm.100,000
Rhine-Westphalia Elec
d1,000
Rm. 59,500
Siemens & Halske
Vereinigte Stahlwerke
Rm. 150,000
d6,125
Italian Gas
Hungarian Commercial Bank_ _ _ d5.000
5,000
Kreuger & Toll(Amer.shares)_ _
d300
Kreuger & Toll B
b50
Kreuger & Tell (panic. deba.)-d10
Maatschappij Voor Beheer
Fl. 55.880
N. V. Margarine Unie
Fl. 20,000
N. V. Phillips
SF 360,000
Franco Suisse "B"
Nederlandsche Scheepvaart_ _ _Fl. 35,000
£23,000
Antofagasta & Bolivia Ry
a Units. b Certificates. c Warrants. d Shares.
-V. 129, p. 3638.
American Chatillon Corp.
-Consolidation.
See Tubize Artificial Silk Co. of America below.
-V. 128, p. 2633..
American Cyanamid Co.
--Acquisition.
See Armour Fertilizer Works, Inc., below.
-V. 130, p. 800.
-50% Inventory
American Department Stores Corp.
Cut January Sales Lower.
This corporation has reduced its merchandising inventories 50% during
the fiscal year which closed Jan. 311930, according to a statement to stockholders by President Frank H. Anderson. He added that accounts payable
have been cut $650,000 since Aug. 311929.
Mr. Anderson emphasized the changes in policy during the year, most
significant of which was the discontinuance of the company's wholesale
business and resident buying office in New York. This policy, he said, was
In line with changes in the merchandising distributing field in the past few
years. Adding that the company's current position is better than at any
time during the past year, he continued:
'Having discontinued the wholesale business and disposed of its entire
merchandise stock, we found it more desirable to close toe books in the retail
stores on Jan. 31,in line what is considered good good retail procedure. This
allows adequate time for a proper check-up following the holiday season.
Standardized accounting methods have been installed in all the units. This
has represented a tremendous amount of work, but the results in the form
of definite comparative information are now justifying the action.
"During the past year, two of our stores moved into larger quarters and
it is planned to continue this improvement program wherever practicable."
Sales for Month and 12 Months Ended Jan. 31.
1930
-Month-1929
Increase.
Decrease. 1 1930-12 Mos.-1929.
$620.811
$15,2501$10,726.75
8 $7,228,433 $3,498,325
1636,061
P. no.
American Ice Co.(& Subs.).
-Earnings.
-
Month of DecemberNet profit after int. but before deprec.& Fed. tax__
-V. 130, P. 138.
[Vol,. 130.
FINANCIAL .CTIRONICLE
1118
1929.
$89,896
1928.
$151,022
-Plan Approved..
American Laundry Machinery Corp.
The stockholders on Feb. 11, approved the proposal to authorize the
directors to purchase 30,000 shares of the company's stock at market
prices, to be bought in the open market for the purpose of resale or allotment to employes or others, and for any other purpose or purposes the
directors may determine. Stockholders also approved of the release of
their preemptive rights to participate in purchase of the stock when it
is resold.
The directors have declared two regular quarterly dividends of $1 each,
payable March 1 and June 1 to holders of record Feb. 19 and May 211.
respectively.
-V. 129. p. 1915.
American Mfg. Co.(Mass.).
-Larger Common Dividend.
The directors have declared four quarterly dividends of 1% on the outstanding $8,800.000 common stock, par $100, for the year 1930, placing
the issue on a $4 annual basis against $3 per share paid in 1929 and $4 per
share paid in 1928. Four regular quarterly dividends of 134% were also
declared on the preferred stock for 1929.
The dividends are payable March 31.July 1, Oct. 1 and Dec.31 to holders
of record March 15. June 15. Sept. 15 and Dec. 15, respectively.
-V. 128
P. 1057.
American Re-Insurance Co.
-New Director.
A. C. Robinson, President of the Peoples Savings & Trust Co., Pittsburgh, has been elected a director. The directors whose terms expired
and who were re-elected are' Vincent Cullen (Vice-President of National
Surety Co.), Wallace 1'. Harvey (General Counsel of Fidelity & Deposit
Co.), Charles H. Jacobs (President of Whitney & Kemmerer, Inc.), John
L. Kenunerer (Chairman of Board of Whitney & Kemmerer, Inc.), C. Ste-
venson Newhall (Vice-President of Pennsylvania Co. for Insurances on
Lives & Granting of Annuities). and Mark Willcox (Vice-President of
Bank of North America & Trust Co.)
-V. 129, P. 3475.
American Scantic Line.
-Interest Acquired by Bertron,
Griscom (Cc Co., Inc.
S. Reading Bertron, head of the banking house of Bertron, Griscom &
Co., Inc.. has just concluded negotiations for the acquisition, for his firm
and associates, of a substantial interest in the American Scantic Line. Inc.,
organized to maintain a regular passenger and freight service between the
United States and the Baltic and Scandinavian countries, including Finland.
By virtue of a contract with the Polish Government, the Line handles
Poland's freight business. through the newly developed port of Gdynia.
Mr. Bertron has also arranged for an exclusive contract with the Russian
Government for the latter's freight business, which has assumed considerable importance as a result of the steadily growing commerce between
Russia and this country.
Announcement is also made of arrangements between the Scantic Line
and the Am-Derutra Transport Corp., resulting in marked expansion of the
Scantic Line which will include the maintenance of weekly direct service
from the port of New York to Leningrad and Murmansk.
The American Scantic Line is managed by the Moore & McCormack
shipping interests who acquired the Line from the United States Shipping
Board more than three years ago.
-Earnings.
American Snuff Co.
1929.
1928.
Calendar Years1927.
1926.
$2,109,581 $2,178,535 $1,973,917 $1,673,450
xNet earnings
Pref. dividends (6%)___
237,168
237,168
237,168
237,168
Corn. dividends_ _ _ _(14%)1,540.000(14)1,540.000(12)1:320,000(12)1320,000
Balance,surplus
Previous surplus
Surp.res.for wk.cap_ _ _
Transfer to surp. from
deprec. funds now
deemed excessive
$332,413
5,646,764
698,273
$401,367
4,745,396
698,273
$416,749
4,328,647
698,27:3
$116.282
4,212,365
698,274
500,000
Profit & loss surplus_ _ $6,677,450 $6,345,037 $5,443,669 $5,026,920
Shares of common out440,000
standing (par $25)_ _ _
y110.000
y110,000
y110,000
Earns, per share on com_
$4.25
$17.65
$15.78
$13.06
x After deducting all charges and expenses of management, including
provisions for income taxes. y Par $100.
Balance Sheet, Dec. 31.
1929.
Assets
Real estate, machinery & fixt.,
trade mks., &c _ 12,292,785
6,944,828
Supplies, &c
2,178,279
Securities
Cash
2,183,466
Bills & accts. rec. 1,466,451
10,729
Unexpired insur_ _
1928.
1929.
1928.
Preferred stock_ _ _ 3,952,800 3,952,800
Common stock_ _11,000,000 11,000,000
12,290.759 Pref. div. payable_
59,292
59,292
5,932,753 Corn. div. pa3•abte 550,000 550,000
1,763305 Taxes, ins., adv.,
3,038,6391 disc'ts, &c., res. 1,018,841 1,068.970
1,657,311 , Depreciation me_ _ 1,687,813 1,561,424
Accounts payable_
145,045.
132,343
I Undivided profits_ 8,677,450 6,345,037
Tot.(each side)_25,076,539 24,682,507!
-V. 129, p. 3638.
-Sales for January.
American Stores Co.
27 Days End. 28DaysEnd.
Feb. 11930. Feb. 2 1929.
Sales
$12,926,692 $13,010,372
The above figures, presented by the company, cover different periods of
time, thus showing a small decrease for the current year, however, average
sales for the period in 1930 were $478,766 per day as compared with $464,656
per day for the 1929 period.
-V.130, P. 469.
Period-
American Woolen Co.
-$500,000 Shawsheen Notes Called.
The directors have voted to retire another $500,000 of the Shawsheen
Mills 707 notes due Oct. 1 1931 (see below). This makes a total of $1,000,000 of the original $5,500,000 issue that has been called, $500,000 having
been redeemed late in December.
W. H. Dwelly. Treasurer, 1 Federal St., Boston, Mass., will until
March 3 receive bids for the sale to the American Woolen Co. of $500,000
10
-year 707 gold notes of Shawsheen Mills at a price not exceeding 100 and
interest.
-V. 129, p. 3638.
Armour & Co. (Ill.).-Listing.
The New York Stock Exchange has authorized the listing of 2,000,000
shares of class A common stock (par $25) and 2,000,000 shares of class B
common stock (par $25), upon official notice of issuance in exchange for
listed voting trust certificates.
-V. 130, p. 281.
Armour Fertilizer Works, Inc., Chicago.
-Sells Plant.
The Kalbfieisch Corp. of New York City has purchased from the Armour
Fertilizer Works, Inc., Chicago, the sulphate of alumina plant and business of the Jareckl Chemical Co., Cincinnati. No change is contemplated
in the operations of the plant. The Isaac Winkler & Bro. Co., Cincinnati, will continue as selling agents.
The Kalbfleisch Corp. is affiliated with the American Cyanamid Co.
and will doubtless have an intimate connection with the bauxite operations of the latter in consequence of the acquisition by the American
Cyanamid Co., of the business of the Superior Chemical Co., Joliet, Ill.
Negotiations in this transaction were completed a 'week or so ago. The
Superior Chemical Co. was organized in 1921 by J. W. Block and Associates, after an earlier Block chemical enterprise had been taken over by
the Calumet Baking l'owder Co., as the Calumet Chemical Co. The
company gets bauxite from a deposit in Arkansas. It will continue operations under the same name and management. J. W. Block and Louis
Logger, officials of the company, have been added to the directorate of
the Cyanamid company.
-("Oil,I'aint & Drug Reporter.")
-V.130,P. 138.
Associated Alloy Steel Co., Inc.
-Organized.
Incorporation of the above company was announced on Feb. 11 by M.T.
Lothrop, President of the Timken Roller Bearing Co., Severn P.
Ker, President of the Sharon Steel Hoop Co., and H. G Batcheller, VicePresident of the Ludlum Steel Co. Mr. Batcheller Is l'resident of the
new company.
The Associated companl will sell exclusively alloy steels designed to re,
sist corrosion, heat and wear, and produced by the Timken, Sharon and
Ludlum companies. The products include nirosta, nitralloy and stainless steels. Nirosta and Nitralloy were developed by Fried. Krupp A. G.
Essen, Germany.
FEB. 15 1930.]
FINANCIAL CHRONICLE
The directors of the new company include Mr. Batcheller, J. Reid
Evans, Mr. Ker, Mr. Lothrop, J. F. Strough and Neil F. Towner. The
active management will be directed by David B. Carson. Vice-President
and Treasurer, and formerly Sales Manager of the Central Alloy Steel
Corp. Headquarters will be in Cleveland.
Atlantic Refining Co.
-Extra Dividend.
The directors declared an extra dividend of 25c. a share in addition to
the regular quarterly dividend of 25c. a share, both payable March 15
to holders of record Feb. 21. Like amounts were paid in each of the four
quarters of 1920. In Dec. 1928 the company reduced the par value of
the stock from $100 to $25 and made an initial payment of 25c. a share on
-V. 129, p. 3170.
the new stock.
Auburn Automobile Co.
-January Sales.
-
January sales were 40% greater than in the corresponding month of
1929, according to Vice-President R. H. Faullsner.-V. 130, P. 625.
Auto-Strop Safety Razor Co., Inc.
-New Product.
-
1119
The approximate value of commodities, such as rubber, coffee, sugar,
cocoa, hides,raw silk, and metals, imported in 1929, according to the U. S.
Department of Commerce was $1,500,000,000.
The corporation's charter permits participation in syndicates, underwritings and other financial operations. It is believed, however, that a
very unusual opportunity presents itself in participating in a field where
development is inevitable and values are in many cases below production
costs. For many years private capital has dominated these important
markets, and public participation has been limited almost entirely to
unintelligent speculation.
The corporation has organized a thoroughly scientific research department competent to ascertain commodity values.
Management.
-The management will be under the direction of President,
F. R. Henderson (Pres. of the Rubber Exchange of New York) member of
the Board of Governors of the National Raw Silk Exchange, New York
Hide Exchange, National Metal Exchange; and Pres. of F. R. Henderson
Corporation.
An advisory board will assist in determining the investment policy with
regard to bank stocks and other investment securities.
Corporation will start in business with cash and without commitments.
Corporation has no management contract.
Chairman H.J. Gaisman states that the new double-edge blade now being
exploited under the name of "PrObak" is covered by patents granted and
Issued by the United States and other countries throughout the world.
These patents cover an important field in the razor industry. He says:
(Ludwig) Baumann & CO.
-Sales Increase.
"Probak" is now being marketed throughout this country, Canada, England, &c., and not only have the initial orders been most satisfactory, but
Sales for Month and 7 Months Period Ended Jan. 31.
19 0- p
repeat business is being received in large volume. Probak is owned and -V.1,
3 30January-1929.
Increased 1930-7 Mos.-1929
Increase.
marketed by Probak Corp., a wholly-owned subsidiary of the Auto-Strop $553,968
47 491,268
$.
0
$846,858
$62,700 $7,686,874 $6,840,016
Safety Razor Co., Inc."
-V. 129, p. 2686.
Aviation Corp. (Del.).
-To Transfer Air Transportation
Activities to New Subsidiary.
Transfer of its air transportation activities to a new subsidiary, American Airways, Inc., was announced on Feb. 8 by President Graham B.
Grosvenor, American Airways, Inc., will take over airline operations of
Interstate Airlines, Inc., and the airline companies now operated by
Colonial Airways Corp., Universal Aviation Corp. and Southern Air
Transport, Inc., all subsidiaries of the Aviation Corp. These
Include Colonial Air Transport. Inc., operating between New companies
York and
Boston; Colonial Western Airways, Inc., between Buffalo and Toronto,
Albany and Cleveland; Canadian Colonial Airways, Inc., between New
York and Montreal; Northern Airlines, Inc., between Cleveland and Kansas
City: Robertson Aircraft Corp., between Chicago and St. Louis and St.
Louis and Omaha; Continental Airlines, Inc.. between Cleveland and Louisville; Central Airlines between Kansas City and Tulsa; Braniff Airlines, Inc.,
between Tulsa and Dallas; Texas Air Transport. Inc., between Dallas and
Brownsville and Dallas and Galveston; Gulf Coast Airways, Inc.. between
Atlanta and New Orleans and New Orleans and Houston; S. A. T. Flying
Service, Inc., between Dallas and El Paso, Dallas and Brownsville. Houston
and Dallas, and Houston and San Antonio.
These airlines, operating more than 20,000 plane miles daily, form the
largest air transportation system in the United States and serve 62 different
cities. The lines, now operating under separate names of the operadng
companies, will take the name of American Airways, Inc.
In addition 60 the foregoing activides. American Airways, Inc. will take
over the operation of the Cuban Flying Service and Alaskan Airways, Inc.,
of which Carl Ben Eielson, lost Arctic flier, was manager.
James F. Hamilton, former president of the New York State Rys. and
associated companies, is President of American Airways, Inc. The complicated work of transferring equipment, personnel and operation, to the
new company has been under way since Jan. 1 when Mr. Hamilton assumed
his position. "The consolidation of the airlines under American Airways,
Inc." said Mr. Hamilton, " will result in great economies in operation
through the elimination of duplicated efforts now carried out by several seta
of operating and traffic personnel. It also will mean greater safety for the
flying public because there will be a larger and stronger company to carry
on the operations in a more uniform manner.
"Consolidation and centralization of control are in the interest of public
convenience and safety as it has been with the railroad contolidations of the
past. Confusion of schedules, too, will be eliminated through the consolidation of operations as confusion in the air was largely eliminated by the
organization of the large radio broadcasting chains."
It is announced that there will be no public financing of American Airways, Inc. The organization has been accomplished by exchange of stocks
within the corporation.
-V. 130. P. 801, 625.
Aviation Credit Corp.
-Financial Report.
-
Howard L. Wynegar, President, says in part:
The actual operations cover a period of approximately nine months
from April 11929. Net earnings for such period are $225,4.2, or approximately 90cents per share on the250.000 shares outstanding. The book
value
of each share of stock is $20.90.
The volume of purchases handled for the nine months' period aggregates
$724,715 and such business has been satisfactory from a profit standpoint. Contracts have been consummated with the leading manufacturers
of aircraft throughout the United States upon mutually advantageous terms
and company stands in a preeminent position to take advantage of development in the aircraft industry.
Operating Statement for Period Ended Dec. 31 1929.
Earned charges from receivables
Interest received
33 577
303%94
Total ___________________________________________________
$340,271
Management expenses
18,542
Provision for New York State franchise taxes
13,697
Provision for Federal income taxes
32,000
Provision for contingencies
17,120
Organization expenses charged off
33,460
Surplus for period (approximately nine months)
$225,452
Purchases, 149 transactions
$724,715
General Balance Sheet, Dcc. 31 1929.
Assets. Liabiaies
Cash on deposit
S232,045 Sundry accounts payable
$74.192
Cash on call
4,647,536 Factory reserves
1,099
Notes receivable
428,288 Deferred income
13,919
Investments at market
67,734 Reserve for contingencies
17,120
Sundry accounts receivable__
1,877 Res. for Fed. & State taxes
45,698
Capital stock
15,000,000
Total (each side)
$5,377,480 Surplus
225,452
x Represented by 250,000 (no par) shares.
-V.128, p. 4159.
Baldwin Locomotive Works.
-January Bookings, Shipments, dec.-
With shipments of $2,000,000 in January 1930 against
$500,000 in
January 1929, the company started the new year under more favorable
conditions than have existed for several years. Bookings in January
proximated $3,000,000, or about $1,000,000 in excess of shipments,apso
that unfilled orders were slightly larger on Feb. 1 than at the
beginning
of the year when they approximated $24,000,000. Operations are
gradually being increased, with plant getting under way in first quarter
reaching a normal rate of operation in second quarter. The plant is and
now
employing around 5,000 men, and this number will be increased in
quarter to around 7,000. Second quarter operations wiil be at the second
highest
rate since removal of Philadelphia works to Eddystone was completed,
and will therefore give best indication of economics made possible by centralized plant under centralized management. Showing for the full
year
will be dependent upon business developing in second half of year.
(Philadelphia "Financial News").
-V. 130, p. 139.
Basic Commodities Corp.
-Stock Offered.
-The company, with offices at 44 Beaver St., N. Y. City, is offering
700,000 shares common stock (no par value) at $10 per share.
Berland Shoe Stores, Inc.-January Sales.1930.
Month of January- . 130, P. 291.
Sara
$247,549
1929.
$231,274
Increase.
$16,275
1929.
$427,770
Increase.
$52,250
Bickford's, Inc.
-January Sales.
Month of January
Gross sales
-V. 129, p. 1594.
1930.
$480,020
(H. C.) Bohack Co.
-January Sales.
Month of JanuarySales
-V. 130, p. 625.
1930.Increase
1929.
$201,039
$2,329,030 $2,124,991
Bond & Share Co., Ltd.
-Report.
Roy N. Bishop, President, says in part:
It was deemed wise to realize a loss on certain securities rather than to
have a larger taxable profit. Company was incorp. in Delaware, Oct. 16
1928. The full amount of the subscription, however, amounting to $5,000.000, was not available until Feb. 21 1929, and company, therefore, did not
have its funds for operation the endre period of 12 months.
Company was able to take advantage of some of the severe breaks in the
stock market as 50% of its funds were available in cash Sept. 30 1929.
Balance Sheet, Dec. 31 1929.
Assets
LtabtlititsCash in bank and call loans_ __ $585,191 Res. for Federal income taxes_
$1,752
85,253 Capital stock
Divs., accr. int. & accts. rec. _
5,000,000
4,424,061 Surplus
Securities (at cost)
92,752
$5,094,504
Total
Total
Statement of Profit and Loss to Dec. 31 1929.
Interest and dividends
Loss on securities sold
• Gross profit
Taxes, including Federal income tax
Netincome
Securities Owned
Mkt. Value.
Bonds.
$100,000 Deny.& Rio Grande
$93,250
Western 64, 1955
Preferred Stock
!;hares.
1,300 Columbia Steel Corp_ _ $136,500
12,375
550 Schum'r Walibd. Corp_
85,000
1,000 Tidewater Assoc.011 Co.
Common Stock
Shares',
24,500
200 American Can Co
44,500
200 Amer.Tel.& Tel. Co_
37.625
500 Anaconda Cop.Min.Co.
200 Atch., Top. & Sante Fe
44,800
Ry.Co
1,000 Balt.& Ohio RR.Co... 116,500
36,875
1.000 Bendlx Aviation Corp_ _
1,000 Canada Dry Ginger Ale,
66,750
Inc
3,000 Caterpillar Tractor Co_ 171,000
1,000 Cleveland Tractor Co_ _
16,000
8,735 Columbia Steel Corp_ _ _ 122,290
200 Eastman Kodak Co_ _
35,500
97,400
400 General Electric Co_ _ _ _
1,000 General Mills, Inc
50,000
5,900 General Motors Corp
238,950
2,500 Gen. Theatres Eqpt.Co.
69,062
1,000 Gladding,McBean & Co. 53.500
2,500 Los Angeles Invest. Co_
40,625
1,000 Mack Trucks, Inc
70,000
•2,500 Math-Dearborn Corp _ _
92,500
- 128, p. 4008.
V.
$5,094,504
$322,616
220,344
$102.272
$9,520
$92,752
Dec. 31 1929.
Common Stock
Shares.
Mkt. Value.
500 Merchant Cal.Mach.Co. $10,000
35,900
200 National Biscuit Co_ _
34,050
200 N. Y.Central RR.Co_ _
1,075
200 N.Y. Cen. RR. Co. rts.
52,550
1,000 Pac. Gas & Elec. Co__ _
60,870
800 Pac. Lighting Corp__ _ _
2,040 Paraffine Cos., Inc_ _ _ _ 153,000
27,500
1,000 Roos Bros., Inc
248,000
2,000 Southern Pacific Co_ _ _ _
4,400 So. Pac. Golden Cate
74,800
Co."A"
2,600 So. Pac. Golden Gate
33,800
Co."B"
2,040 Stand. Oil Co.of Calf.. 124.695
66,125
1.000 Standard 011 Co.of N.J.
23,750
2,000 Tidewater Assoc.011 Co.
43,200
200 Union Pacific RR. Co
2,000 United Aircr. & TransP.
94,1500
Corp
60,625
1,000 U.S. Realty & Impt.Co.
513,000
3,000 U. S. Steel Corp
31,375
1,000 White Motor Co
$8,444,248
Recapitulation
Total cost of securities owned_$4,424,061
Total mkt. value of sec. owned 3,444,248
Excess of cost over mkt.value_ $979,814
Borax Consolidated, Ltd.
-Defers Pref. Dividends.
The directors have voted to defer the dividend due at this time on the
pref. stock, according to London dispatches.
-V. 129, p. 2687.
Borg-Warner Corp.
-Expands.
-
Entrance of this corporation into the replacement parts business on a
nationwide scale involving the formation of a new subsidiary, the taking
over'of five long-established parts warehouses and extension of replacement
parts manufacture to all its automotive units, was announced on Feb. 10
by President C. S. Davis.
The Borg-Warner Service Parts Co. has been formed to provide regional
warehouses for replacement parts manufactured by Borg-Warner units.
V.
- 130. p. 291.
Briggs & Stratton Corp.
-Earnings.
Earnings for Year Ended Dec. 31 1929.
Net profits from operations
Depreciation
$1,680,940
61.081
Net income
Other income,less miscellaneous charges
$1,619,859
183,708
Totalincome
Federal income taxes
Wisconsin income and surtaxes
$1,803,567
192,722
111,826
Net profits,carried to surplus
$1,499,019
Balance Jan. 1 1929
2,053,952
to fixed capital
Capitalization.
-The authorized capital of 700,000 shares represents the Surplus trans.accordance with in connection with reclassification
of capital in
resolution of board of directors_ _ _ Dr155,140
only type of capital of the corporation. The shareholders have full
62,943
rights. For cash advanced to the corporation for Its necessary and voting Profit on sale of investment in former sub.company (net)
expenses and services there have been issued or will be issued 9.76.3 proper
Totalsurplus
shares.
$3,460,773
Transfer Agent, Hibernia Trust Co., New York. Registrar,
International Common stock dividends
478,751
Trust Co., New York.
▪
58,283
-Corporation has been organized in Delaware by F. R. Hender- Prov.for reduction to market,of miscell. stock investments
Business.
Recapitalization expenses written off
47,657
son and associates, primarily, to invest in businesses dealing and trading in
essential commodities, or raw materials both domestic
basic and
Balance, Dec.31 1929
$2,876,083
foreign. (Company was incorporated as New York & Republic Corp.. and Earns per share on 300,000 shares capital stock
but
(no par)
$4.99
changed name to present title Feb. 11 19301.
- 129, p. 3476.
V.
Bush Service Corp.
-Subscriptions.
-
Brill Corp.
-65c. Dividend on Class A Stock.
The directors have declared a dividend of 65c. per share on the class A
stock, payable March 1 to holders of record Feb. 18, and the regular quarterly dividend of $1.75 per share on the pref. stock, payable March 15 to
holders of record March 1. An initial dividend of $1 per share was paid
on the class A stock on April 11927. while on March 1 1928 a distribution
of $1.25 per share was made and one of $1.50 per share on March 1 1929.
-V. 128. p. 2812.
-Debentures Offered.
British American Oil Co., Ltd.
A. E. Ames & Co., Ltd., Toronto, are offering at 100 and
int. $5,000,000 15-year 5% cony, sinking fund gold debentures.
Dated March 11930; due March 11945. Principal and interest(M.& S.)
payable at par in Canada, at any branch in Canada (except in Yukon
Territory) of the Royal Bank of Canada. Red. all or part by lot in amounts,
except for sinking fund, of not less than $500,000, upon 70 days' notice
at 105 and interest on or before March 1 1933: at 104 and interest thereafter on or before March 1 1936: at 103 and interest thereafter on or before
March 1 1939: at 102 and interest thereafter on or before March 1 1942
at 101 and interest thereafter on or before Sept. 1 1944: at 100 and interest
thereafter until maturity, or company may purchase at not exceeding the
redemption prices. Indenture will provide for an annual cumulative sinking fund out of the profits of the company for the year 1930 and each year
thereafter of an amount sufficient to retire on the next September, debentures of a par value of $178,571; provided, however, as from time to time
debentures are retired by redemption (except with sinking fund moneys)
or by conversion, the sinking fund shall be credited with the redemption
price at such time of the debentures so retired, and the amount of all such
credits shall, until exhausted, be deducted from the next and succeeding
instalments in order of the sinking fund, and provided, further, that when
the principal amount of the outstanding debentures has been reduced to
$2,500,000, no further payments shall become due or be payable on account of sinking fund. Trustee: Union Trust Co., Ltd., Toronto.
Denom. $1,000 and $500 c*. Legal for Canadian life insurance companies' investment.
-Company will agree that each debenture will be convertConvertible.
ible at the holders' option at any time into the company's new common
shares, as existing after the sub-division hereinafter mentioned, by applying the principal amount of the debenture in the purchase of shares at the
following prices per share, with adjustments for interest and dividends:
$25 up to and incl. July 1 1932: $27.50 thereafter to and incl. July 1
1934: $30 thereafter to and incl. July 1 1936: $32.50 thereafter to and incl.
July 1 1938: $35 thereafter to and incl. July 1 1939: $37.50 thereafter to
and incl. July 1 1940: $40 thereafter and until maturity.
In the event that debentures are called for redemption, the conversion
privilege of debentures called will expire 10 days before the date fixed for
redemption. Bearer scrip will be issued for fractional shares. Indenture
will contain provisions for the protection of the conversion privilege against
dilution, except as to 75,000 common shares which may from time to time be
issued to employees, if so determined.
Authorized.
Issued.
Capitalization$5,000,000
5% cony.sink, fund gold debs. (this issue)_ _$5.000.000
3,200,000 shs. 2,622.642 shs.
Common shares (no par value)
A stockholders' meeting will be held on or about Feb. 24 1930, to confirm by-laws of the board of directors creating the debentures and subdividing the present capital stock, issued and unissued, of 1,600,000 shares
into 3,200.000 no par value shares, and providing for the issue of 2 shares
of the new capital stock for each share authorized and presently outstanding pursuant to which application for supplementary letters patent will
be made.
Data from Letter of A. L. Ellsworth, President of the Company.
-Company was incorp. as a Dominion company in 1909, to
Business.
acquire the business of an Ontario company which had been carrying on
business under the same name since 1906, and to engage in the transportation, refining and distribution of petroleum products. In subsequent years
the company acquired and now owns, through subsidiary companies,
satisfactory and potential interests in producing oil properties in the
United States. It also owns leases on considerable areas of oil lands in
Western Canada.
The primary business of the company is the transportation, refining
and distribution of petroleum products. In 1929 the company operated
over 500 tank cars for transporting crude oil and finished products. Two
refineries are owned and operated for the production of its products. At
646 advantageous points throughout Ontario, Quebec, Manitoba,Saskatchewan and Alberta the company has tank storage and distribution facilities. Company also operates 385 filling stations supplying its own products under the well-known brands of Peerless, Super-.Power and British
American Ethyl gasolines and Autolene motor oils.
Petroleum products manufactured and distributed wholesale and retail
by the company include gasoline, benzine, kerosene, industrial lubricants,
paraffine wax, motor fuel and gas oils, petroleum coke and road oils.
Over 1,000 employees, exclusive of commission agents, are in the service
of the company.
-Dividends have been paid without interruption on the
Common ,Stock.
common stock since 1909. Common stock representing the equity junior
to these debentures has an indicated market value at present quotations of
more than $50,000,000. As at Dec. 311929, there were over 5,800 registered shareholders and, assuming an approximately similar distribution of
the outstanding share warrants, it is estimated that there were more than
10,000 holders of shares and warrants and that on a similar basis there
were more than 7,000 holders as at Dec. 31 1928, and more than 5,000 as
at Dec. 31 1927.
-Proceeds will be used for the expansion of the business and
Purpose.
or other corporate purposes.
Before Prov.
Proc.for
for Deprec.
Inc. Tax
and Income
Depreciat Present
Net
Tax.
anon.
Rate.
Profits.
Earns.for Cal. Years$3,010,823
$654,505
$188,505 $2,167,812
1927
4,335,552
3,214,705
1928
4,391,809
3,235.925
874,498
281,384
1929
Consolidated Balance Sheet December 311929.
Giving effect to conversion of present capital into shares of no par value
on basis of 2' new shares for each present share, and to sale of $5,000,000
debentures.
Liabilities
Assets
$10,618,118
Refinery plant,equipml.&c _810,972,926 Capital stock
7,504,967
Crude oil leases & goodwill_ _ 2,314,125 Surplus
5,000,000
Cash in bank dr on hand_ _ _ 4,716,365 5% debentures
516,002 Mortgages payable
57,750
Dom. of Can. vict. bonds_ __
983,491
& bills receivable__ 1,916,312 Div.& bonus pay. Jan. 2'30_
Accounts
3,614,974 Accounts payable and accrued
Inventories
1,627,233
681,787 charges
Mtges.rec. on gas stations,&c
284,490
Invest. in & adv. to assoc. co's 1,178,130 Res.for Dominion income tax
165,427
Deferred charges
Total
.
-V. 130. P. 978.
$26,076,048
Total
$26,076,048
-January Tonnage.
Burns Bros. (Coal).
Month ofTonnage
-V. 130, p. 626.
Jan. 1930. Dec. 1929.
892,103
875,636
-Larger Dividend.
Burroughs Adding Machine Co.
The directors have declared a quarterly dividend of 25
cents per share, payable March 5, to holders of record Feb.
11. In each of the two previous quarters a reuglar distribution of 20 cents per share was made. A special dividend of
$1 per share was paid Oct. 19 1929.
Prior to the recent 5
-for-1 split-up, the company paid 75c. per share
quarterly, and, in addition, special distributions from time to time. The
last special dividend on the did shares was $2 per share paid Feb. 11 1929
on the old capital stock (V. 128, p. 562).-V. 129, p. 2540.
(E. T.) Burrowes Co.
-Plant Sold for Taxes.
The plant of the company, manufacturers of screens and billiard, pool
and Card tables, was purchased Feb. 3 by the City of Portland. Me., at
public auction for recovery of taxes.
[Vol,. 130.
FINANCIAL CHRONICLE
1120
See Bush Terminal Co. below.
-V.130, p. 978.
Bush Terminal Co.
-To Increase Cash
-Rights, &c.
Dividend to $2.50 per Share and Discontinue Stock DividendsMerges Foreign Subsidiaries into One Company.
The directors have decided upon a policy to increase the cash dividend to
$2.50 per share per annum and to discontinue the stock dividends, states
President Irving T. Bush in a letter to stockholders.
In connection with the organization of the Bush Service Corp., the company is offering stockholders the privilege of subscribing, at $100 per share,
for a proportioned number of shares of Bush Service Corp. 1st pref. stock
bearing cumulative 7% dividends, with each of which shares there will be
distributed a voting trust certificate for one share of common stock (see
below). The new company is an extension of the present service activities.
Of its capitalization of common stock 51% will be issued to the Bush
Terminal Co. and 49% to others associated in the enterprise. There are
250,000 shares of common stock of no par value," states Mr. Bush. "Ten
million dollars par value of the junior preferred stock is authorized, and
approximately $3,500,000 now issued. In addition there will be an authorized issue of 1st pref. stock to the extent of $10,000,000, of which $4,000.000 par value is now offered."
"All of the common stock of Bush Service Corp. is being placed in a
voting trust for a term of 5 years, which will be administered by 3 trustees,
of whom 2 will be nominated by the Bush Terminal Co.
"The business to be conducted is the handling and financing of export
and import trade for others. No trading commitments of any kind are
involved, as no buying or selling for account of the company is contemplated.
Extension of this organization to Europe, the new service, took the form
of establishing subsidiary national companies in 13 European countries, and
10 additional companies are in the course of establishment in 10 other
European countries.
In order to strengthen these European Bush Service corporations and to
obtain for them the best of local experience and knowledge of local conditions, 54 service companies, located in 23 Eurcpean countries, now carrying
on a business similar to that of the Bush distribution division, through all
of Europe, with the exception of Russia, have been merged with the Bush
Service European subsidiaries.
A working majority in these companies has been acquired by Bush Service
Corp., and has been paid for by the issuance of $1,000,000 1st preferred and
$3.300,000 of 2nd preferred stock.
"The present business require, no further capital," continued Mr. Bush.
"The added capital procured through the issuance of 1st pref. stock will be
utilized to expand the organization s activity and to produce new business.
"It is estimated that for 1930, the earnings of Bush Service Corp., derived from its existing European business, will exceed lA times the dividend
requirements of the first preferred stock issued or to be issued under this
present offer. All of these earnings cannot be withdrawn from Europe.
Such portion, however, of this income as may reasonaoly be withdrawn,
together with the earnings from the new business, which is made possible
by the new capital, should, for the first year, be double the preferred dividend requirements.
"My personal confidence in the future of Bush Service Corp. is very great.
The bast evidence of this is my action in underwriting and subscribing. I
am underwriting $1,000.000 of the 1st preferred stock and purchasing my
full allotment of stock upon exactly the same terms offered to you.
Application will be made to list the 1st preferred stock on the New York
Stock Exchange.
The Committee on Securities of the New York Stock Exchange has issued the following statement:
Notice having been received from the Bush Terminal Co. and the Bush
Terminal Buildings Co. of an offer made personally and individually by the
president of the Bush Terminal Co. of a non-assignable right to all stockholders of record Jan. 31 1930, to subscribe for 1st pref. stock of the Bush
Service Corp. to the extent of one share accompanies by one share of
common stock represented by voting trust certificates at $100 for each 10
shares of stock held, with the privilege of subscribing for additional stock
subject to allotment, in the maximum of one share accompanied by one
share of common stock represented by voting trust certificates, at $110 for
each 5 shares of stock held.
The Committee on Securities is of the opinion that the Bush Terminal
Co. 7% debenture stock and common stock and Bush Terminal Building
Co. 7% preferred stock purchased prior to Jan. 311930, carried with it the
rights, and stock purchased on and after that date did not carry the rights.
Upon proper statement of ownership to the company warrant records
will be modified to provide that actual owners of stock may subscribe and
outstanding loans should be settled accordingly.
Right to subscribe expires Feb. 15 1930.-V. 130, p. 626.
-Quarterly Report.
Butte & Superior Mining Co.
The 61st quarterly report covering the fourth quarter of 1929 shows:
4th Quarter. 3rd Quarter. 2d Quarter. 1st Quarter•
Zinc Oper-(1929)
50,774
54,185
61,922
58,808
Zinc ore produced (tons)
5.96
6.52
6.46
6.43
Aver,silver content (ozs)
12.76
13.40
12.81
Aver, zinc content (%)13.78
302,895
353,480
400,012
Total silver in ore (ozs.)_
378,385
Total zinc in ore (lbs.) _ _ 12,952,353 14,518,441 16,205,497 15,865,369
Copper Oper.-(1929)1,059
2,450
None
1,716
Copper ore prod.(tons)5.84
4.40
None
5.17
Aver.silver content (ozs.)
3.08
3.03
None
3.34
Aver.copper content(%)
6,179
10,776
None
8.868
Total silver in ore (ozs.)_
148,413
65,178
None
114,657
Total copper in ore (lbs.)
Financial Results for 1929.
4th Quarter. 3rd Quarter. 2d Quarter. 1st Quarter.
1929$424,389
$519,748
Net value of zinc ore_ __ _
$582,486
$530,416
Net value ofcopper ore &
7,833
16,768
28,204
copper precipitates_ -8,699
9,768
11,313
11,549
Miscellaneous income_-.
Total income
Mining costs
Operating profit
Reserve for taxes
$440,920
481,247
$546,284
525,171
$622,003
571,417
$541,965
550,294
def$40,327
3,543
$21,114
8,158
$50,586
10,031
def$8,329
7,294
def$43,871
$12,955
$40,555 def$15,624
Net to surplus
Average Metal Prices Used in Estimating Inc.
3rd Quar. 2nd Quar. 1st Quar.
4th Quar.
192949.37c.
52.01c.
54.13c.
56.52c.
Silver, per ounce
6.26c.
6.79c.
6.65c.
6.40c.
Zinc, per pound
17.78c.
17.78c.
18.07c.
Copper, per pound
A distribution of 50c. per share was made on Dec. 31 1929 to holders of
record Dec. 13 1929 amounting to $145,099 making a total of $2 per share
or $580,395 paid in 1929. This makes a total amount of $20,277,531
distributed to stockholders from 1913 to 1929, inclusive, or an amount
equal to $69.87 per share on the 290,197.7 shares of $10 par value stock
-V. 129, P. 3329.
outstanding at the present time.
Calumet & Hecla Consol. Copper Co.
-Earnings.
Period End. Dec. 31- 1929-3 Mos.-1928.
1929-12 Mos.-1928.
Receipts
$3,715,104 $6,033,093 $20,665,653 $20,036,879
Copper sales
74,388
39,618
74,388
39,618
Dividends
200,322
150,489
Interest
397,285
62,059
55,960
25,463
20,481
71.658
Miscellaneous
$4,045,775 $6,248,664 $21,208,986 $20,159,038
Total receipts
Disbursements
$1,866,052 $3,002,191 $2,115,276 $3.650,171
Copper on hand
Prod.,sell., adm.& taxes 3,132,191
2,888,491 12,820,180 11,353,420
821,477
4,189,011
1,226,809
3,729,788
Depreciation & depletion
46,370
157.964
40,234
198,969
Miscellaneous
Total expenditures.- $5,866,090 $7,157,725 $18,864,213 $19,350,566
Less copper on hand_ __- 2,982,165
2,115,276
2,982,165
2,115,276
Net expenditures,__ - $2,883,925 $5,042,449 $15.882,048 $17,235,290
Gain for period
2,923,748
1,161,847
1,206,214
5,326,931
-V.130, p. 626.
FEB. 15 1930.]
FINANCIAL CHRONICLE
1121
-Extra Dividend.
Caterpillar Tractor Co.
-
Schedule of Stocks Owned at Dec. 311929.
Shares.
Shares.
Acme Steel Co
1,500 Harris Trust & Savings Bank
75
Air Reduction Co., Inc
300 Hartford Fire Insurance Co.(old)_
150
Allis Chalmers Manufacturing Co_ 4,000 Hartford Fire Insurance Co., rights 1,500
Amer. Brake Shoe & Foundry Co_
500 Humble Oil & Refining Co
800
Amer. Cyanamid Co., class B.
1,000 Indian Refining Co., vot. tr. ctfs
3,000
American Equities Co
6,000 Internat. Match Corp., partic. pf _ 1,500
Amer.& Foreign Power Co
500 International Mining Corp
50,000
Amer. Rad. & Stand. San. Corp
1,000 Internat. Mining Corp., warrants_50,000
Amer. Rolling Mills Co., rights_
5,000 International Harvester Co
500
Amer. Ship Building Co
1,110 International Tel & Tel. Co
2,000
American Sugar Refining Co
1,764 Kreuger & Toll Co., Amer. Ws_ _ 4,721
American Superpower Corp
3,500 Kreuger & Toll Co., class B
992
Anaconda Wire & Cable Co
4,500 Kroger Grocery & Baking Co_ _ _ 1,634
Associated Tel. Utilities Co _ _ _3,266-7140 Libbery-Owens Glass Co
2,500
Atch., Top. & Santa Fe Ry. Co
300 Manhattan Co. of N. Y
500
Baltimore tic Ohio Railroad Co
400 Mead Paperboard Co., units... 1,418
Borg-Warner Corp
2,000 Modine Manufacturing Co
2,000
Bulova Watch Co., preferred
1,000 Monarch Fire Insurance Co
2,000
Butterick Co
8,500 Monsanto Chemical Co
1,630
Net profit
$11,600,447 $8,159,839 $6,015,327 $4,318,096 By-Products Coke Corp
4,400 Motor Transit Corp
7,000
Dividends paid
2,681,248
5,646,720
4,225,000
1,624,976 Canadian Bank of Commerce_ _ _ _
200 Motor Transit Corp., pref
900
Stock dividends
1,625,000 Canadian Pacific Railway Co__
1,000
300 Nash Motors Co
Central Alloy Steel Corp
1,000 National Cash Register Co., cl. A. 2,000
Surplus
$5,953,727 $3,934,839 $3,334,079 $1,068,120 Central Railroad of New Jersey_ _ _
1,011
300 National Dairy Products Corp
Shares capital stock-outChatham-Phoenix Allied Co
500
2,500 National Lead Co
standing
1,882,240
1,625,000
1,711,127
1,625,000 The Chicago Corp
1,500
3,750 National Sugar Refining Co
Earnings per share
$6.16
$4.25
$5.43
$3.08 The Chicago Corp., convert. pref _20,350 Newmont Mining Corp
840
Consolidated Balance Sheet Dec. 31.
Colgate-Palmolive-Peet Co
500
1,000 New York Central Railroad Co
1929.
Columbia Gas & Electric Corp__ _
800 New York Central RR. Co., rights 1,000
1928.
1929.
1928.
AssetsColumbian Carbon Co., vot. tr. ctfs 400 N.Y. New Haven & Hart. RR.Co. 500
$
Liabilities
$
Plant, equip., &c.x20,466,276 15,175.513 Capital stock
800 Niagara-Hudson Power Corp_ .._ _ 3,000
y9,411,200 8,555,635 Columbian Carbon Co., rights__
Cash in banks and
3.500
1,125 Noranda Mines, Ltd
6,000,000 7,975,000 Commonwealth Edison Co
Notes payable_
bank time ctfs.,
Accounts payable_ 2,662,752 2,776,133 Commonwealth & Southern Corp_ 3,575 The North American Co_ _ _ _2,562-19140
of deposit
1,612,661 1,487,824 Prov. for Federal
Continental Casualty Co
2,096 North Amer. Light & Power Corp- 2,000
Inventories
500
16,934,773 14,505,207
200 Pennsylvania RR. Co
1,487,295 1,246,174 Contin. Ill. Bank & Trust Co__
Income tax
Notes & accts. rec.13,934,354 9,434,592 Capital surplus_ _15,318,296 8,146,188 The Continental Insurance Co__ _ _
800 Pennsylvania RR. Co., rights_ _ _ _ 500
Patents
1,000
1,500 The Quaker Oats Co
1
278,308 Earned surplus__ _18,245,652 12,291,926 Continental Steel Corp
Investments
800
16,298
Continental Steel Corp., v. I. c
1,500 Sears, Roebuck & Co
8.498
Deferred charges_
160.832
350 Springfield Fire & Marine Ins. Co. 175
101,115
Total (each side)53.125,195 40,991,058 Corporation Securities Co., units_
400
x After deducting $5,287,196 reserve for depreciation. / Represented Cream of Wheat Corp., v. tr. c
1,000 Standard Gas & Electric Co
5,000
Electric Bond & Share Co
4,060 St. Regis Paper Co
by 1,882,240 shares of no par value.
-V. 129, p. 3172, 2862, 687.
1,000
Electric Household Util. Corp_ _1,012
Texas Gulf Sulphur Co
1,000
Central Alloy Steel Corp.
Evans
-Wallower Lead Co
14,809 Tobacco & Allied Stocks, Inc
-Listing.
5,000
2,000 Truax-Traer Coal Co
The Now York Stock Exchange has authorized the listing of certificates Evans
-Wallower Lead Co., pref
of deposit of Bankers Trust Co.(New York) and The Cleveland Trust Co., Federal Electric Co., pref
1,000 Union Carbide & Carbon Corp- -- 1 3,500
1,500
for 100,000 shares of its 7% cumulative preferred stock (par $100), and Fidelity Phenix Fire Ins. Co.of N.Y 800 United Carbon Co
3,000
500 The United Corporation
1,637,759 shares of its common stock, without par value, on official notice First National Bank of Boston_ _ _ _
of issuance in exchange for its 7% cumulative preferred stock and common First National Bank of New York_
5 United Gas Improvement Co_ __ _ 2,000
Ford Motor Co. of Canada, class A 3,000 United States Industrial Alcohol Co. 300
stock now outstanding.
3,000
The purpo;e of the plan, pursuant to which the certificates of deposit are General Amer. Tank Car Co__ _ _ 1,515 United States Steel Corp
2,000
to be issued, is to unite in a single corporation the property, business and General Electric Co. of England
4,000 Walgreen Co
300
assets of Republic Iron & Steel Co., Central Alloy Steel Corp., Donner General Realty & Utility Corp_ __ _ 2,500 Westinghouse Elec. & Mfg. Co_
1.200
Globe & Rutgers Insurance Co_ _
Steel Co., Inc. and The Bourne-Fuller Co. Compare V. 130. p. 803 979.
25 Westvaco Chlorine Prod. Co_ _
4,000_
Guaranty Trust Co
50 Willys-Overland Co
Central-Illinois Co.
5,000
Hall Printing Co
-Adds Four to Board.
The stockholders of this company, investment affiliate of The Central
-V. 130. IL 504,
Note.
-All stocks are common except as otherwise designated.
Group, have voted to increase the directorate from 11 to 15 to include
three executives of the company and Edward N. Hurley. who is also a
-To Open New Restaurant Sales.
Childs Company.
director of Central Trust Co. of Illinois. The officers of the investment
company elected to the board are: Louis H. Schroeder, Vice
-Chairman:
The company will open a restaurant at 425 Lexington Ave., between
Carroll E. Gray, Jr. Executive Vice-President and Newton P. Frye, 43rd and 44th Sts., opposite the Grand Central Station and the Graybar
Vice-President.
r.drayr
and Mr. Frye were executives of the Federal Bldg., in N. Y. City, about April 1. according to advices to S. Willard
Securities Corp. which united with the Central Illinois Co. last July.
Smith, Executive Vice-President, from Louis A. Brown Jr.. of Pruitt &
& Brown, architects. The restaurant, designed in modernist style, will
Checker Cab Mfg. Corp.
have a seating capacity of about 300 (172 seats on the main floor and 128
-Registrar.
The Equitable Trust Co. of New York has been appointed Registrar on the mezzanine).
for the common stock.
IncTeas e
1929.
1930.
Month of January
-V. 129, p. 3640.
$128,947
$2,368,618 $2,239,671
Sales
Chrysler'Corp.
-V. 130, p. 804.
-Earnings.
Calendar Years1927.
1928.
1929.
Net income after Federal taxes_
-Earnings.
---$21,902,168 $30,991,795 $19,484,880
Commercial Solvents Corp.
-V.130,p.293,
1926.
1927.
1928.
1929.
Calendar Years$4,407,922 $3,555,353 $2,579,967 $2,444,335
income
Operating
Chicago Investors' Corp.
-Report.
112,222
76,764
153,816
383,136
Other income
Ralph A. Bard, President, says in
part:
The unprecedented deflation in security
$4,791,058 $3,709,170 $2,656,732 $2,556,556
place during
prices which took
Total income
the latter months of 1929 not only adversely affected the corporation's
486,847
213,796
308,441
233,154
Other deductions
operating profits, but also resulted in a
361,918
430,061
471,309
890,501
very substantial depreciation in the Federal tax reserve
market value of investments owned
at the end of the year.
Directors feel that this inventory depreciation, although not necessarily a
$3,667,403 $2,929,420 $2,012.875 $1,707.791
Net income
permanent loss, should be charged
40,000
off as such. In the accompanying Preferred dividends x__ _
balance sheet, therefore, securities are
79,920
market, whichever Class A dividends x__ _ _
Is lower, and the profit and lass accountvalued at cost or
435,444
reflects their depreciation in market Common dividends ____ b2,137,826 a1,837,667 z1,306,332
value as an actual loss, changing an
of $1,212,405 to a net
loss for the year of $2.937,828. It operating profit that as a result of this
$706,543 $1.152,427
$1,529,577 $1,091,753
should be noted
Balance
method of accounting, securities are
y108,861
217,722
221.974
balance sheet at a Cap.stk. out.(no par).._ 2,434,091
figure $156.504 less than their market carried on the
$14.59
$9.24
$1.319
value Dec. 311299, as shown on the Earnings per share
list of securities owned.
Class A stock and pref. stock retired in April 1926. y Class B stock
x
As of Dec. 31 1929, after giving
effect to the purchase of the total of (no par value) which was exchanged for new capital stock on a 2 for 1 basis
80,000 shares of convertible preference
stock the net market value of the in Aug. 1927. z Being $4 per share on 108.861 shares of class B stock and
assets of the corporation was
$10,533,909 which is equivalent to $52.67 per $4 per share on 217,722 shares of new stock. a Includes stock dividend
share on the convertible preference
stock now outstanding.
paid Nov. 1 at rate of 2 shares for each 100 shares outstanding. b Include
On Jan. 27 1930, the net
corporation's assets was stock dividends amounting to $179.971.
more than $500,000 in excess market value of the
of the value shown in the accompanying Dec.
31 1929 balance sheet.
Consolidated Balance Sheet Dec. 31.
Earnings for the Year Ended Dec. 311929.
1928.
1928.
1929.
Profit on sales of securities ______________________
1929.
$1,060,703
Liabilities
Cash dividends _______________________________
Assets
326,559
220,063
273,220
5,986,030 4,126,682 Accounts payable
Interest ____________________
Cash
38,407
781,186 Diva, declared &
763,932
Accounts receiv
4-43,942
23,643
608,499
unpaid
9,015
Total_____________________________ $1,425.669 Accr. int. receiv_
2,852,743 1,448,989 Accrued royalties,
Interest paid __________________
98,764 Inventories
146,779
820,471
wages, int., &c _
Expenses
Land, buildings &
3,050,170 3,591,453 Res. for Federal &
equipment
506,992
1
1
Not profit before taking into account
State taxes_
Goodwill & patents
decline in market value
113,720
Res, for conting
of securities_
80,508
$1,212,404 Investments (incl.
Process credits
Adjustment to re ii _ iiejtirliiiii _ O;i9nOd
Other assets
9
92
31 - - - - (incl.
5,629
interests in syndicates) to the lower of costDec.;C or market values__
(contingent) research process
4,150.233
6,085 Common stock_ _ - 5,569.899 4,457,927
charges)
1,549
121,132 Common scrip ___
Net loss for year carried to surplus
$2,937,828 Deferred charges- - 484,372
Cash dividends paid on prior preferred
Earned surplus_ _ _ 5,845.413 4,315,837
stock
260,000
On $6 preferred stock
44,81-1
On convertible preference stock
13,232,772 10,097.171
13,232,772 10,097,172
Total
Total
204,150
Provision for contingencies
-V. 129, p. 3640.
x Represented by 2,434,091 shares common stock.
100,000
The directors have declared an extra dividend of 25c. per share in addition to the regular quarterly dividend of 75c. per share, both payable
on or before March 15 to holders of record Feb. 15. During 1929 four
quarterly dividends of 75c. per share were paid.
President R. C. Force, Feb. 4, said in part:
Heretofore the patents asset of your company has been carried on its
books in the amount of $278,308. In the opinion of the board of directors
a very much greater, though problematical, value attaches to not only the
patents but to the trademarks, good-will, &c., owned and enjoyed by the
company. Being unwilling to hazard an appraisement of the value of
these important assets, it has been decided to carry them combined in the
sum of $1, as shown on the balance sheet of Dec. 311929.
Earns. Calendar Years1929.
1928.
1927.
1926.
Net sales
$51,812,461 $35,071,600 $26,928,088 $20,699,102
Operating expense
37,144,395 24,698,609 19,284,894 15,173,002
Depreciation
1,263,043
869,072
698,734
504,341
Interest
345,388
34,133
208,279
18,663
Federal tax
1,459,188
1,135,801
895,000
685,000
1
Total loss ______________________________________________
S3,546,792
Earned surplus balance at beginning of
year
190,060
Capital surplus, deficit
6,484,139
Surplus per balance sheet
$3.127,406
Pro Forma Balance
1929.
!After giving effect to purchase of Sheet Dec. 31 of convertible
20,000 shares
stock; to retirement of such 20,000 shares plus 60 000 shares preference
previously
purchased; and to proposed reduction of the capital applicable
to the
remaining 200,000 shares of such stock to $25 per share by a
transfer of
$4,157,658 from capital to surplus.]
AssetsLiabilities
Cash
$340.990 Bank loans (secured)
650,000
Stock owned
10,407,353 Accounts payable and accr__
36,936
Trading & underwriting synReserve for contingencies_ _ _
100,000
(Mates at cost or market,
Convertible preferrerd stock
whichever lower
139.790
(no par)
15,000,000
Other syndicates, at cost
Common stock (no par)
y2,250,000
(market value not readily
Capital surplus
3,127,406
determinable)
275,000
Accounts receivable
1,209
Total
$11,164,343
x Represented by 200,000 shares $3 preferred stock. y
Represented by
450,000 no par shares.
Notc.-Syndicato participation commitments at Dec. 31 1929,
amounted
to approximately $30,000, against which the company has pledged
stocks
Of a market value of $47,000.
Commonwealth Securities, Inc.
-Financial Report.
Thomas II. White, President, says in part:
Assets have increased from $7,639,818 to $31,300,050. an increase of
$23,660,232 or 322%, through the following financing: Jan. 1 to March 1
1929, 25.410 common shares issued: March 311929, 75,917 common shares
offered common stockholders under 66 2-3% rights: July 27 1929, 100,000
shares of 6% cumulative convertible preferred issued: Aug. 311929, 64,785
common shares offered common stockholders under 25% rights, and 14.200
common shares issued under option. During the year, the average capital
employed was $16,147,021.
At the end of the year. the company was a participant in 5 syndicates.
and owned stock in 33 companies. These represent diversification in bank,
steel, public utility, rubber, and miscellaneous industries. Stock dividends
received during the year not having been included as income.
At Dec. 31 1929, the indicated market value of the securities owned,
including the interest in syndicates, was approximately $3,900,000 less than
cost, but, having purchased mainly with the object of long-time holding.
there has been no necessity nor intention of selling securities bought after
careful study of values. Directors feel confident that, as time goes on, these
investments will again reflect substantial profits.
It is interesting to note that the income from dividends and interest on
the assets at Dec. 31 1929. is more than sufficient to meet interest charges,
operating expenses, and preferred dividends for 1930.
There were, at the end of the year, 1.786 holders of preferred, and 1,133
holders of common stock of the company, an increase in total number of
stockholders of 296% •
FINANCIAL CHRONICLE
1122
Income Account Year Ended Dec. 31 1929.
Income from dividends, interest and profit on sale of securities
$1,469,051
for year 1929
264,035
Interest
103,204
General expenses
46,000
Provision for Federal taxes
6%11,055,813
Net profit
Dividends paid or provided for on pref. stock at rate of
217.889
per annum
$837,924
928,777
Balance, surplus
Previous surplus
$1.766,701
Profit and loss. surplus Dec.31 1929
Balance Sheet Dec. 311929.
Liabilities
Assets
Cash on deposit
$2,001,364 Notes pay. to banks(secured) $2,000,000
421,450
Notes & accounts receivable_
787,726 Accounts payable
150,000
x Investments (at cost) secur. 27,289,811 Dividend pay. Jan. 2
64,108
Accr. int., exp. & Fed. taxes_
Syndicate partic. (pay10,000,000
to date)
903,595 6% preferred stock
y3,283,220
Paid in capital
Unpaid subscr, to com, stock
13,614,571
197,227 Paid in surplus
and treasury stock
1,768,700
120,327 Profit & loss surplus
Accrued diva, on sec. held__
[Vol,. 130.
Balance Sheet Dec. 31.
1929.
1928.
1929.
Assets
Liabilities$
Land, bldgs., maPreferred stock_ _y10,402,800
chinery, &c__ _x10,696,244 11,627,698 Common stock.. _ _20,268,000
Good will
7,000,000 7,000,000 Notes payable.. _ __ 1,000,000
Inventories
16,155,807 21,042,540 Sundry creditors_ _ 570,509
Accts. & notes rec
Workmen's comp_ 508,661
less reserve
11,844,688 10,706,024 Acets•payae_ n__ 710,267
u_
Workers' houses 2,022,069 1,959,348 Due employees
379,083
Sundry debtors
der plan
373,826
972,304
247,199 Profit-sharing plan
Sundry investm'ts 215,511
Cash
2,484,654 2,271,245 Res. for taxes_ __ _ 511,051
4 Initial surplus _ -. 2,653,156
Deferred charges
4 1
Approp. surplus__ 4,500,000
Current surplus___ 8,696,053
1928.
$
10,913,900
20,268,000
4,550,000
704,929
508,661
577,844
837,635
684,577
6
252 157
2, 73:516
4,050,000
9,211,922
Total
Total
50,792,802 55,233,143
50,792,802 55,233,143
x Land, buildings, machinery and equipment, $21,465,199. less depreciation of $10,768,955. y Pref. stock authorized and issued, $15,000,000, less
retired and cancelled and purchased for cancellation, $4,597,200.-V.
129, p. 969.
-Extra Dividend of 75c.
Eastman Kodak Co.
An extra dividend of 75 cents a share has been declared on the common
stock in addition to the regular quarterly dividend of $1.25 a share. Like
amounts were paid on the common stock in the previous 14 quarters.
The dividends just declared are payable April 1 to holders of record
Feb. 28.-V. 129, p. 3174.
$31,300,051
Total
$31,300,051
Total
x Indicated market value of investments was $24,303,465 at Dec. 31
1929. y Company has outstanding 327.322 (no par) shs. common stock
-To Decrease Stock.
and 10,000 shares (non-voting) Founders shares (no par).
Eitingon Schild Co., Inc.
The stockholders will vote Feb. 20 on decreasing the authorized class B
In addition to the payments on syndicates, the corporation had a maximum commitment of $7,483,200 on syndicate participations, when, as and junior pref. stock by 10,000 shares. See also V. 130. p. 980.
if called.
sxchange Buffet Corp.
-January Sales.At Dec. 31 1929 109,350 shares of common stock were reserved for con$52,262
$552,401
version of convertible preferred stock and 10,000 common shares were free Sales$604,663
from pre-emptive rights of common stockholders and available for issue by -V. 130, p. 294.
the board of directors.
esederal Bake Shops, Inc.
F
-Sales.The indicated market value of the corporation's investments at Dec.31
1928.
-V. 129, p.3173.
1930.
Month of January1929.
1929, was $3,889,911 less than cost.
$321,951
Sales
$383,938
$351,190
- -V. 130, p. 295.
-Sales for January.
Consolidated Retail Stores, Inc.
Increase.
1929.
1930.
Month of JanuaryFederal Securities Corp., N. Y.
-Recent Consolidation.
$1,454,757 $1,359,484 $195.273
Sales
-Y.127, p.3404.
See Central-Illinois Co. above.
-V. 130, p. 627.
-3% Stock Dicvidend.Coy, Inc.
The directors have declared a 3% stock dividend on the common stock
payable June 30 to holders of record June 16. In addition the regular
quarterly dividend of 50c. per share on the common has been declared payable March 31 to holders of record March 14.
In November 1928, a 300% stock distribution was made, while during
1929 four quarterly stock dividends of 1M % each were paid on the common
-V. 129, p. 4143.
shares.
-Successor Company.
Cuba Cane Products Co., Inc.
See Cuba Cane Sugar Corp. below.
-Increases Dividend.
Federated Capital Corp.
The directors have declared a quarterly cash disbursement of 20 cents
a share on the $5 par value common stock, in addition to the stock dividend
which is being paid at a rate of 4% per annum.
The directors also voted a regular quarterly dividend of 37H cents per
share on the $25 par value pref. stock.
The increased cash dividend rate on the common stock places it on an
annual basis of 80 cents per share, as compared with the former annual
rate of 75 cents per share, and is equivalent of 16% on the $5 par value
common stock.
The preferred and common stock dividends are payable Feb. 28 to
holders of record Feb. 15.-V. 129, p. 3641.
-Properties Purchased Under
Cuba Cane Sugar Corp.
-To
Feldspar Glass, Ltd., Oshawa, Ont., Canada.
-Under the plan and agreement for the
Reorganization Plan.
reorganization of the corporation, the properties were pur- Reorganize.
is to take
The reorganization of the capital structure of this
chased Feb. 7 at a special master's sale for Cuban Cane place almost immediately, the shareholders already companygiven their
having
Products Co., Inc., a new company organized in Delaware consent to the plan formulated by the directorate. Simultaneously the
Glass Co.
organization will
pursuant to the plan. The properties were bid in at $6,000,- name of theGlass. Ltd., whichbe changed to that of the Nationalto develop
was formed about five years ago
Feldspar
000, the upset price fixed by the United States District Court. a new process of glass making, has a total capitalization of $1,000,000,
The reorganization committee announced that there have now been
deposited under the plan more than 93% of the convertible debentures
of Cuba Cane Sugar Corp., more than 91% of the preferred stock and
-V. 130, p. 628.
more than 84% of the common stock.
-50c. Extra Dividend.
Curtis Publishing Co.
The directors have declared an extra dividend of 50 cents a share and the
regular monthly dividend of 50 cents a share on the common stock, both
payable April 2 to holders of record March 20.-V. 130, p.979.
-Stock Split-up.
Deere & Co.
The stockholders will vote April 29 on changing the authorized pref.
stock from 400,000 shares (par $100) to 2,000,000 shares (par $20), and
the authorized common stock from 250,000 shares (Par $100) to 1.250,000
shares (no par value), each present share to be exchanged for five new
-V. 130, p. 806.
shares.
De Forest Radio Co.
-Sues on Patent.
A suit has been instituted in the United States District Court in Wilmington by the company against the Ken-cad Tube & Lamp Corp., charging an infringement of the Coyer patent for the winding of grid electrodes.
The De Forest company also asked for an accounting for the purpose of
assessing damages covering all vacuum tubes produced by the defendant
company under the Coyer patent, which is owned exclusively by the
De Forest company.
-V. 130, p. 980.
Dirigold Corp.
-Bankruptcy Petition.
According to a Chicago dispatch a petition* in bankruptcy has been filed
in the United States District Court at Chicago against the corporation
by the Chicago Daily News, Inc., the Chicago Evening Post Co., C. A.
Walthier and H. E. Steele, The Daily News claim, it is reported, is for
$4,464 as a result of a judgment obtained in the Municipal Court. The
Post claim is for 61,050 for advertising and the claim of Walthier and
Steele is for 8109,000 liquidated damages fixed and declared pursuant
to and by virtue of a wirtten contract entered into by and between petitioners and the Dirigold Corp.
-Sales.
Dominion Stores, Ltd.
,
Increas .
1928.
1929.
$24,641,183 $23,257,507 $1,383,676
Year Ended Dec. 31Sales
-V. 129, p. 3971.
-Time Extended.
Earl Radio Corp.
Oscar A. Kiamer and Harry J. Hendricks, receivers, announce that
the time within which creditors may file claims has been extended to
Feb. 17.-V. 129, p. 3971.
-Sales.
Economy Grocery Stores Corp.
6 Months Ended Dec. 31Sales
-V. 129, p. 3806.
1929.
$6,750.767
1928.
$4,837,908
1927.
$4,380,059
-Earnings.
Endicott-Johnson Corp.
divided into 100,000 shares of 8% prof. stock and 900,000 shares of corn.
stock, both of them of $1 par value. All of this stock is held by somewhat
over 800 shareholders in various parts of the Dominion of Canada, but
chiefly in the province of Ontario. The head office of the company is in
the Royal Bank Building, Toronto, and W. J. McCallum is President.
It is proposed that the National Glass Co. shall have a total capitalization of 3,000,000 no jeer value shares, of which 2,000,000 shall be class A
and 1.000.000 class B. The class A shares will be preferred as to divs.
to the extent of 20 cents per annum, payable quarterly, and will have one
vote for each 10 of class B. After the class B shares have obtained a
dividend of 20 cents per annum, both classes of stock will share equally in
any further division of profits. In making the exchange proposed one
share of class A stock will be given for every share held in the existing
company, plus a bonus of 10% in stock. Fractional shares are to be
adjusted at the rate of $2 per share. Stock dividends are cumulative on
the old stock at the rate of 8% from Jan. 1 1927. The plant at Oshawa.
Ont.. has just been placed in operation. (Toronto "Financial Post.')
-New Directors.
Fidelity Investment Association.
Floyd B. Odium (Vice'President and director of the Electric Bond &
& Share Co. and Vice-Chairman and director of the American Foreign
Power Co.) and Harry M. Durning (member of the firm of Moore & Schley
-V. 129,
and a director of many corporations) have been elected directors.
IL 3806.
-Bond
5th Ave. & 43d St. Building Corp., N. Y. City.
-S. W. Straus & Co., Inc., New York,
Certificates Offered.
are offering $2,500,000 gen. mtge. 6% fee bond certificates
at 94.60 and int. to yield over 6%%.
Dated Dec. 27 1929; due Sept. 1 1939. The certificates are secured by
a second closed mortgage on a 38
-story office building and land thereunder
owned in fee. On Dec. 1 1929 the building was 83% occupied. The
owners are now advertising that it is 94% rented. Building is located one
block from the busy corner of Fifth Ave. and 42d St. and two blocks from
a second closed mortgage on a 38-story office building and l'and thereunder
Grand Central and Times Square. It has been appraised by Kenneth
Slawson Hobbs at $11.000,000. First mortgage at 5j.i% is held by the
M etrhpolgsu Life Insurance Co. for $6,000,000, leaving $5,000,000 equity
for toig ane.
Earnings.
-At 83% occupancy last Dec. 1, the net income was at the
rate of $383,919, or 23i times annual interest charges of $150,000 on this
issue.
Sinking Fund.
-In accordance with the provisions of the trust indenture,
v. 5,0
$5912 0 p0o
certificates
e ctificates are to be retired prior to maturity. See also
9
483.
First Industrial Bankers, Inc.-Pref. Stock Offered.
-August Belmont & Co., New York, are offering 89,000
shares participating preference stook (no par value) at a price
to yield 7%. Stock is non-callable.
Entitled to preferential cum. divs. at rate of 12 per share per annum,
payable Q.
-F., after which out of the remaining surplus equal additional
diva. may be declared on the partic. pref. stock and the corn, stock, class
for class, until such additional diva. on the pantie. pref. stock shall equal
Net operating income_ $3,258,378 $4,526,242 $6,380,978 $4,950,437 $1 per share; any further diva, are payable by classes, 40% to the partic.
902,288
832,196 pref. stock, and 60% to the corn, stock. Entitled to $33.50 per share and
652,461
486,814
Provision for taxes
420,363 dividends in dissolution.
1.146,003
272,518
Profit-sharing plan
Transfer agent, Fidelity Trust Co. of New York. Registrar, Guaranty
12,771,563 $3,601,263 34.332,685 $3,697.878 Trust Co. of New York.
Net income
813,167
846,405
779,564
739.854
Pref. dividends (7%)
Authorized. Outstanding.
Capitalization2,026.800
2,026.800 Participating preference stock (no par)
2.026,800
Common diva.(10%) -- 2.026,800
500,000 shs. 121,000 shs.
94,000 shs. 54,000 shs.
Common stock (no par)
$824.673
$794,899 $1,492,718
Balance
84.909
(Stockholders have amended the charter of the company so as to provide
7,163,977 for an issue of 500.000,shares of a new non-callable partic. pref. stock.
7,460.694
8,401.449
Previous surplus
9.211,922
Over-provided taxes_ _ _ _
Cr582,468
Cr32,341
pref. stock of the company are to exchange one
450,000
450.000 Holders of outstanding $4
Retirement of pref. stk_ _
450,000
450.000
Dr77,956 share of old stock for two shares of the new.)
Disc,retired pref. stk_ _ _ Dr103.118 Dr116.896 Dr101.962
Data from Letter of Wallace Groves, Pres. of the Company.
Balance,surplus
$8,696.053 $9,211,921 $8,401,449 $7,460,693
Company.-Incorp. in Jan. 1929, in Delaware and acquired substantially
Earns. Per sh. on 405.all of the assets of six small loan businesses. Subsequently the company
$7.03 acquired or opened additional branches and is now operating a total of 24
360 shs. corn.(par $50)
$8.68
$6.96
$5.01
a Sales of finished product and by-product to customers (net). b Includ- offices, located in Penna., Md., Va.. La. and Iowa, having outstanding as of
ing all manufacturing, selling and administration expenses, depreciation Jan. 31 1930, 17,610 loans totaling $1,942,449. The business of company,
and interest charges (less miscellaneous income).
consists of lending money to individuals in amounts not exceeding $300.
Calendar YearsSales_ a
Cost of sales & exps_b
1927.
1926.
1928.
1929.
$68,415,058 $69,333,401 $73,078.800 $70,661,674
65,156,680 64,807,159 66,697,822 65,711,237
FEB. 15 1930.]
FINANCIAL CHRONICLE
1123
Operations are confined to States which have enacted the "Uniform Small
Loan Law" and are conducted under strict State supervision. Because of
the small size of the average loan and consequent high unit cost of overhead.
one of tile principal endeavors has been the constant reduction of expense.
Through the use of specially designed posting and computing machines,
whereby manual entries in receiving payments and keeping office records
have been eliminated, a high degree of efficiency in this respect has been
reached.
Uniform Small Loan Law.—It has been estimated that over 80% of the
families of this country are without ordinary bank credit. Realizing the
economic necessity of meeting the requirements of such a large majority of
the population, the Russell Sage Foundation has made an exhaustive study
of credit conditions as they affect small borrowers. It has recommended
remedial legislation, designed both to protect the borrower, and at the same
time to make capital available through providing for an adequate return
thereon. Legislation of this character, commonly termed the "Uniform
Small Loan Lau," has been enacted by 22 States.
In their practical application these laws succeed in preventing the unscrupulousfrom capitalizing on the necessity of individuals of limited means.
Such laws provide in general that licensed lenders, operating under strict
State supervision, may lend not more than $300 to any one person. The
maximum interest rate is 33.5% monthly on unpaid balances and may not
be compounded. No deductions or commissions are allowed, and fees may
be charged only for the amount actually paid out by the lender in recording
security for the loan. Loans may be repaid by the borrower at any time
before maturity. Lenders are required to keep uniform records which are
at all times subject to inspection by the State banking departments.
Purpose.—Proceeds will be applied towards the redemption of $1,000,000
7% collateral trust notes and towards additional working capital.
Earnings.—Of the company's 24 offices only eight were in operation
Jan. 1 1929, the date as of which the company commenced business. Since
it requires several months to place a new office on a profitable basis, a
substantial portion of the earnings of the older offices nas necessarily been
applied against expenses incidental to the establishment of recently opened
offices and to tile organization of the company. At the end of its first year
of operation all of the offices of the company were on a profitable operating
basis. Company has regularly paid dividends on 16,000 shares $4 cum.
cony. pref. stock, series "A," the exchange of which for 32,000 shares of
partic. preference stock has been ratified by the stockholders.
Directors.—Morgan Belmont (August Belmont & Co.); Wallace Groves,
Pres.; A. R. McGill (Pres., First National Bank, Sharon, Pa.): Enos S.
Stockbridge, Baltimore, Md.; C. T. Williams (C. T. Williams & Co., Inc.,
Baltimore, Md).
Consolidated Balance Sheet as of Nov. 30 1929.
Assets—
LiabilUies—
Cash
$00,167 Pref. dividend payable
$5,333
Loans rece4vable
1,858,598 Accr. int. on 7% coll. U. notes
24,792
Accounts receivable
1,614 Reserve for Federal taxes
10,106
Furniture and fixtures
84,670 Reserve for losses on loans
24,822
Good-will (at cost)
22,913 7% collateral trust notes
1,000,000
Other assets
332 Capital stock and surplus
a1,045,069
Deferred charges, &c
81,829
Total
$2,110,123
Total
$2,110,123
a Represented by pref. stock, authorized 40,000 shs. (no par value).
outstanding 16,000 shares of $4 cum. cony. pref. stock, series "A." Corn,
stock, authorized 94,000 shares (no par value) outstanding 54,000 shares.—
V. 128, p. 3001.
is involved, but did most to show the undercurrent of animosity. Two
new factors are in the situation as a result of the hearing: One is a concession that creditors and disgruntled stockholders may offer alternative refinancing plans for approval by the stockholders, and the other the injection of a new group of class A stockholders represented by Martin Conboy
who demand elimination of control by William Fox even if such a move
entails receivership. Mr. Conboy, who said he represents 6,500 shares
of class A stock, objected to the control exercised by Mr. Fox.
When Judge Coleman reminded Mr. Combos that Mr. Fox held a con,
trolling interest in the class B or voting stock, Mr.Conboy replied that his
shares were only 200,000 of 1,000,000, or just 20%.
"Receivership may be the lesser of two evils," Mr. Conboy said. "if it
means that this re-organization will not be carried out under the control
of Mr. Fox."
Although other factions were not disposed to accept the plan of refinancing proposed by Mr. Fox, Mr. Conboy was the only one to make a
flat demand for a receivership. Other dissatisfied groupsseemed hopeful
that some alternative plan might be worked out, although Judge Coleman
repeated his warning that he was convinced from talks with Mr. Fox that
he would never assent to any plan of refinancing proposed by or shared in
by Halsey, Stuart & Co. This concern, a principal creditor, has a 15
-year
preferential financing contract, and Morton Bogue, counsel for the company, served notice that steps would be taken to preserve the rights of this
contract against any concern or group.
When court opened Samuel Untermyer, counsel for Mr. Fox, presented
a letter from the directors declaring that they, at a meeting yesterday
morning (Feb. 13), had voted formal approval of the refinancing plan
for issuance of $40,000,000 in 7% debentures, each with stock rights
for 25 shares, and $25,000,000 in new stock. Two directors dissented,
he said. The plan by which Lehman Bros. Dillon, Read & Co. and
Bancamerica-Blair underwrite the issue goes to the stockholders fcir ap'
proval. A condition was cancellation of the Halsey, Stuart & Co. preferential financing contract.
Mr. Bogue refused to consent to this and said that his clients were prepared to submit a plan that would not involve tying up the credit of the
company for future expansion, as does the plan under consideration.
George C. Pratt, attorney for the Electrical Research Products Co..
creditors for $15,009,000 and also holders of a 15
-year contract for use of
electrical devices for development of the talking picture field, also voice
objections to the plan, but was not in favor of a receivership.
Mr. Untermyer objected to the intimation that Mr. Fox by refusal to
consider any plan presented by Halsey, Stuart & Co. be held responsible
for future developments by virtue of failure to work out a method to avoid
receivership.
"The responsibility rests right at the doors of Halsey, Stuart and the
Electrical Research Products, he said.
Judge Coleman agreed with a suggestion that a week was too short a
time for stockholders to exercise or dispose of rights as the plan seta forth
and said that he felt the contract should be modified to extend the time
to ten days which with the ten-day notice of the stockholders meeting
gives them 29 days.
Mr. Conboy objected to the clause of the plan providing for the banking syndicate to receive 135% if the plan is rejected. Judge Coleman
inquired if that were not the usual procedure. Mr. Conboy replied:
"I don t know whether that is the usual was or not. If it is, it is wrong
and it is time it was changed. Why should the stockholders be forced to
pay these banks $1,000.000 for preparing a plan which they reject. That
simply makes an added $1.000.090 in liabilities for whoever succeeds them,
First International Securities Corp., Del.—Receiver- whether a receiver or some other financing group." Coleman said, "This
"I am going to avoid a receivership if I can," Judge
plan is not ideal. It is expensive but it seems preferable to a receivership."
ship.—
Lawrence Berenson, attorney for class A stockholders, who also objects
Stephen A. Callaghan, former Supreme Court Justice, was appointed reto the plan, said that he had received the assurance
ceiver Feb. 10 for the First International Securities Corp., an
investment ancial house,the name of which he was not at liberty of another large fitrust, and the International Securities Co. of 25 Beaver St., New
to
York, a financing plan. Mr. Untermyer scoffed at the idea divulge to arrange
and for John C. Hoshor and Louis Clapier as individuals.
and said that his
client had shopped all over the country before getting a banking group
The appointment was made by Justice Harry Lewis in Brooklyn
Su- willing to take over the financing.
preme Court on motion of Deputy Attorney' General Richard
Sherman
of the State Bureau of Securities. Justice Lewis continued
Judge Coleman, though,ruled What the alternative plan may be submitted
a
Injunction restraining the two men from further dealing in temporary to the stockholders along with the plan approved by the direc.ors and
stocks and directed Roberted T. Swain, attorney for the
securities.
bankers, to make available
Press reports state that Hoshor was
all information
trader for the corporation, which out their plan. auditors had obtained and which had been used in working
has no connection with the International
Nov. 21 he was sentenced to five years Securities Corp of America. On
Further details of the financing plan, as outlined in the
fraud. The sentence is now on appeal. in Atlanta Penitentiary for mail
of the First International Securities Corp. Clapier was formerly Treasurer "Wall Street Journal," follow:
Investigation of the concern, the reports state,
revealed that corporaThe financing provides for the issuance of $40,000,000 7% debenture
tion's hank accounts amounted to $674, against which were outstanding
bonds with warrants attached, which give holders the right to subscribe to
checks of $1,000. After the Bureau
of
injunction on Nov. 22, the defendants Securities obtained the temporars 25 shares of common stock during the first 3 years at $20 a share, the followare
remove their securities from a safety deposit alleged to have attempted to ing 3 years at $25 a share and the following 4 years at $30 a share. These
vault.
debentures will be redeemable at $110 for the first period, $107.50 for the
In arguing his motion Mr. Sherman
said
various acts of fraud by selling stock known the defendants had committed second period and $105 for the third period. Plan also provides for the
as "Ford
$20 a share on a guaranteed delivery basis when they of France" at $18 and establishment of a sinking fund of 20% of the net profits of the corporation
were buying the same which must be set aside for the retirement of the bonds.
stock from brokers at about $11.
The remaining $25,000,000 of financing would be in 7% cumulative
Mr. Sherman charged that Hoshor
interest in two New Jersey banks and and Clapier bought the controlling Preferred stock, convertible into common at $20 a share during the first 5
in order to comply with the New Jerseyheld the bank stock as individuals years and at $25 thereafter. The preferred is redeemable at $110 a share.
The bankers' commission will consist of 135,000 shares of common stock,
books of First International Corp. as an banking law, but carried it on the
asset.
plus the usual 9% underwriting commission and in addition 65,000 shares of
Examination of the books of the
Bureau of Securities revealed, Mr.corporation by auditors for the State stock for the syndicate in connection with the $65,000,000 financing. The
Sherman said that under the man- voting trust agreement is to last for 10 years, under which
agement of Clapier and Hoshor two-thirds
the
of its assets belonged to them will be deposited. The plan also provides for an arbitration class B stock
or their nominees and the stockholders would receive about
committee to
$4 a share settle differences between Fox and the bankers.
"should the corporation be liquidated to-morrow."
Mr. Untermyer stated that the $65,000,000 of securities, minus the 9%
Receiver Also Appointed in New
which the bankers will receive, will yield about $60,000,000. This will
Federal Judge Guy L. Fake in Newark Jersey.—
provide for the payment of the notes of Halsey. Stuart
Feb. 7 appointed
Mabie of Hackensack equity receiver. The complainants Clarence W. search Products Co., as well as the amount owing on& Co., Electrical Rethe purchase of the
were Chester
I3ollembach of Glen Ridge, N. J., named as the owner of 20
Gaumont Theatres properties in England.
shares, and
De. Reuben W. Warner of Newark, who said he held notes of the
Fox
company Corp. Theatres Corp. will issue $40.000,000 in debentures to Fox Film
aggregating $8.600.
in payment of the $18.000,000 now owed Fox Film and about $18,The complaint charges the directors with fraud and
mismanagement, 000,000 additional which will be advanced by Fox Film to provide the
and declares that it has been sued by the Attorney General of
New York Theatre corporation with funds for reducing its current Indebtedness.
to prevent its operating in that State. The company has no office
in New These debentures will be convertible into stock of Fox Theatres Corp. at
Jersey, the complaint states, but has $13.000
on deposit in the Harrison $10 a share for the first year, and at $15 thereafter. Stockholders of Fox
(N.J.; National Bank; owns 75 shares of
stock in the Suburban Commercial Theatres Corp. will be offered right to subscribe to these debentures at par
Bank of Barrington and controls the First National Bank of
Wrightstown, for one year. The debentures will be underwritten by Fox Film Corp.
all in New Jersey.
There will be no public offering.
Counsel for Dr. Warner said the company had deposits in
Delaware onThe attorney for the stockholders, Lawrence Berenson, opposed the plan
and West Virginia banks.—V. 129, p. 639.
the basis that it would be too costly to the stockholders. He said that
the company could dispose of assets sufficient to meet present need offinancFirst National Stores, Inc.—January Sales.
ing. He pointed out the West Coast Theatres could be sold to Loew s, Inc.,
for $23,000,000 and that
4 Weeks Ended Jan. 25—
Loew's
1929.
1930.
Increase. cording to the statementthe Samuelstock, consisting of 660.000 shares, acSales
of
$8,496.665 $6,124,617
38.73% viding over 350.000.000 additional. Untermyer, could be sold at 80, pro—V. 130, p. 295.
This would relieve the company of its
present financial difficulties and would be more favorable to stockholders,
(M. H.) Fishman & Co., Inc.—January Sales.
he thought,even if carried out under a receivership.
Attorney for Halsey, Stuart & Co. said that his principals might submit a
Month of January—
1929.
1930.
Increase.
plan that would be cheaper for stockholders if they were
Total sales
$83,059
338.567
$44,492 said they were not yet ready to agree to the present plan.requested to. He
130. P. 295.
Under the terms
of this, Halsey, Stuart were asked to give
rights to future financing
FitzSimons & Connell Dredge & Dock Co.—Director.---- of the Theatres Co. and to options which up allheld, although there were
they
F. H. Camphausen has been elected to fill a vacanoy.—V. 130,
$32.000,000 underlying securities of the Theatres Corp. held by their
p. 981.
customers.
Formica Insulation Co.—Larger Quarterly Dividend.—
Under the new plan, 840,000.000 would be added to the obligations of the
Theatres company, without underwriting by
The directors have declared a dividend of $2 per share for the year
1930 & Co. were asked to turn over control withoutthe bankers. Halsey, Stuart
payable quarterly April 1 July 1 Oct. 1, 1930 and Jan. 1 1931, to
any provisions being made for
holders their interest, according to Halsey, Stuart & Co. attorney. He said, thereof record March 15, June 15, Sept. 15 and Dec. 15, 1930, respectively.
fore that his clients were not ready to say that they would give up their
For the year 1929 the company paid four regular quarterly dividends
of Position.—V. 130, p. 806.
35c. each and extras amounting to $1.20 per share.—V. 129, P.
3807.
—V.
Fox Film Corp.—Financing Put to Stockholders—Will Vote
on 1565,000,000 Issues and Probably Other Plans Urged for
Film Company.—
(H. H.) Franklin Mfg. Co.—Deliveries Higher.—
More Franklin cars were delivered at retail by dealers during the month
of January 1930. than during the corresponding month last year and the
gain over 1929 figures has been maintained to date in the current month,
President H. H. Franklin stated.
Orders from customers to the present week of the current month are
35% ahead of orders received during a similar period in January, Mr.
Franklin said. Retail orders on dealers' books for later delivery are
267
s
ahead of the figure reported one month ago.—V. 129,P. 3972.
Stockholders of the Fox Film Corp. and the Fox Theatres Co.
will
anfopportunity to express their opinion on the refinancing proposal have
involvthe issuance of $65.000.000 in new stock and debentures and possibly on
one or more alternative financing plans. Judge Frank J. Coleman in
Federal Court Feb. 13 adjourned argument on an order to show
why a receiver should not be appointed until after tise stockholderscause
have
voted on the refinancing. This will probably be at least two we ks,
(George A.) Fuller Co. of Canada, Ltd.—Participating
since stockholders must have 10 days notice of the meeting. The New Preferred
Dividend.—
York "Times" in reporting the matter had the following to say:
The directors have declared a participating dividend of $4
Conflicting viewpoints boiled to the surface during argument
.79xper share
which out
did little to advance the solution of the difficulties in which the company 6% of residuary net profits for the eight months ended Dec. 31 1929, on the
sum. guaranteed and participatieg preferred
stock of $100 par value,
1124
FINANCIAL CHRONICLE
payable Aug. 1 to holders of record July 15. The total dividend received
by preference shareholders for the year ended April 30 1929 amounted to
$10.38 (incl. partic. div. of $4.38). The company recently changed its
fiscal year to end Dec. 31.-V. 129. p. 136.
-Board Increased.
General Asphalt Co.
John S. Skelly of Monongahela,Pa., has been elected a director, increasing
-V. 129, p. 3331.
the membership on the board from eight to nine.
-New Product.
General Laundry Machinery Corp.
The corporation announces a new tumbler dryer for clothes that will
operate more efficiently, is smaller in size and less complicated in operation,
For years we have been trying to
according to President I. F. Willey.
offer the small laundry operator a machine that will efficiently handle any
type of work but consuming a minimum amount of space and representing
a small investment," Mr. Willey said. "In this new machine we have
solved this problem and we feel that it will become one of the most popular
-V. 129, p. 3972.
dryers in the country.".
-No Delay in Output.
Gillette Safety Razor Co.
Frank J. Fahey, Vice-President and General Manager, states in connection with rumors that there is no delay or postponement in production
schedule and that razors and blades will be distributed between Feb. 15
and March 1 in increasing volume, reaching a total of 80,000 razors and
2,700,000 blades each day by March 1. This means that the goods will
be in the hands of the distributors so as to make effective the advertising
-V. 130. p. 295.
which is being released during the first week of March.
-Rights-Earnings.
Gilmore Oil Co. Ltd., Los Angeles.
[vol. 130.
it was unable to meet post due obligations, it was decided to take advantage
of the bankruptcy laws to give all creditors equal protection.
-New Director.
Hamilton-Brown Shoe Co.
D. E. Spatbelf has been elected a director succeeding Charles E. Ross.
V. 128, p. 1064.
-Extra Dividend.
Harbison-Walker Refractories Co.
The directors have declared an extra dividend of 25c. per share in addition to the regular quarterly dividend of 50c. per share on the no par corn.
stock, payable March 1 to holders of record Feb. 20. Like amounts were
paid on Dec. 2 last. Quarterly dividends of 50c. per share were paid on
the common stock from Dec. 1 1928 to Aug. 31 1929, inclusive.
The directors also declared the regular quarterly dividend of 1;.6% on
the preferred stock, payable April 19 to holders of record April 9.-V.
129, p. 2692.
-Sale.
Hollywood Beach Hotel, Florida.
Mercantile Investment & Holding Co. has bought Hollywood Beach
Hotel property for $536.000 at a special master's sale, ordered to satisfy
a mortgage held against the property by the company.
-January Shipments.
Hudson Motor Car Co.
The company announces the shipment of 18,948 Hudson and Essex cars
in January. This is a marked pickup in activity from the closing months of
1929 and though below the record of January a year ago, is in line with the
shipping schedule which the company laid out for itself the first of the year.
it is announced.
-V. 130. p. 98:1
-January Sales.
Indiana Limestone Co.
Vice-President C. S. Beesemyer, Jan. 30, raid in substance:
The market for Gilmore products is increasing and this is particularly true
Increase.
1929.
1930.
Month of Januaryof Gilmore Blu-Green gasoline. At the present time we are building a Sales
$29,531
$942,438
$912,907
wholesale unit in San Francisco, which we expect to have completed by -V. 130. p. 810.
and distributing facilities in
Mar. 1 1930. We are also erecting storage
Seattle, Portland, and Tacoma. to take care of the "Great Northwest."
-New Director, &c.
Indian Motocycle Co.
Possibilities for a sub.itantial business in this area are most encouraging.
Laurence R. Wilder of Boston, has been elected a director and chairman
During the first 8 months of this fiscal year the company earned $471,479. of the finance committee.
-V. 129, p. 4147.
or $2.59 per share. Including the portion of undistributed earnings of
affiliated corporations, the net earnings for the first 8 months of this fiscal
-Annual Report.
Inland Investors, Inc.
year were $665.947, or $3.53 per share.
Richard Inglis, President, says in part:
The stockholders are again being offered the privilege of acquiring a small
This is the first year during which the entire issue of 100,000 shares of
NN e have received a new
amount of stock in the company at $12 per share.
common stock have been outstanding. The net earnings per share were
permit from the Corporation Commissioner to sell 4,739 shares of stock at .18.85, or at the rate of 17.7% upon invested capital. Invested capital and
$12 per share for cash. This stock will be sold to stockholders of record surplus, per share, at the end of the year amounted to $59.74. The inabove
Jan. 15 1930, on the basis of one share for each 40 shares owned on the
dicated market value of the company's investments per share at the end
date. No fractional shares will be issued. The permit for additional of the year, as compared with cost, showed a depreciation of $7.47.
shares remained open until Feb. 10 1930.-V. 130, p. 295.
List of Investments, Dec. 31 1929.
1,000 Procter & Gamble Co.
-Initial Common Dividend.
(S. M.) Goldberg Stores, Inc.
(1) Common Stocks500 Pullman, Inc.
had been Shares.
The directors on Feb. 7 announced that the common stock
2,000 Republic Iron & Steel Co.
placed on a $1 annual basis through the declaration of a regular quarterly 1,725 American Chicle Co.
1,000 Richman Brothers Co.
March 15 to holders of record Feb. 28.
American Light dc Traction Co.
500
dividend of 25 cents a share, pyaable
1,000 Ruud Manufacturing Co.
The regular quarterly dividend of $1.75 a share on the $7 cumul. pref. 2,000 American Snuff Co.
500 Sherwin-Williams Co.
1,200 Amer. Telep. & Teleg• Co.
stock was declared, payable June 16 to holders of record May 31.
500 Southern Calif. Edison Co.
Co.
of 25 cents a
500 American Type Founders
The board also voted that a second quarterly distribution
500 Southern Pacific Co.
share on the common stock be paid June 16 to holders of record May 31. 1,000 Anaconda Copper Mining Co.
500 Southern Railway
1,000 Bethlehem Steel Corp.
-V. 128, p. 2100.
1,700 Standard Brands, Inc.
3,000 Central Alloy Steel Corp.
510 Standard 011 Co.of Calif.
-Not Interested in Offer. 500 Chicago & Northwestern Ry.
Goldman Sachs Trading Corp.
750 Standard Oil Co.of Indiana
With reference to the offer made to stockholders of the International
500 Cliffs Corp., vot. trust certificates
1,000 Standard 011Co.of N.J.
Germanic Co. Ltd. to exchange their stock for stock of the Goldman Sachs
563 Commonwealth Edison Co.
Trading Corp., officers of the Goldman Sachs Trading Corp. announce that 1,350 Devoe ek Raynolds Co., Inc. cl. A 1,000 Texas Corp.
1,000 Timken Roller Bearing Co.
the Goldman Sachs Trading Corp. is neither directly nor indirectly inter- 2,000 Eaton Axle & Spring Co.
1,000 Union Carbide & Carbon Corp.
ested in this offer and the same is not being made by or on behalf of the 1,000 Electric Controller & Mfg. Co.
1,000 United Fruit Co.
Battery Co.
Goldman Sachs Trading Corp.
-V. 130. p. 808.
500 Electric Storage
2,150 United States Steel Corp.
3,000 General Motors Corp.
Reported in 2,000 IIudson Motor Car Co.
-Control
Goodyear Tire & Rubber Co.
(1) Preferred Stocks
4,304 Interlake Steamship Co.
Eaton-Otis Group.
Shares.
1,500 International Harvester Co.
According to press reports control of the company is believed to have 2,000 Inter. Nickel Co. of Canada. Ltd. 625 Cleveland-Cliffs Iron Co. 5s.
passed definitely to Cyrus E. Eaton-Otis & Co. interests. Dillon, Read 3,690 Kelley Is . Lime dr Transp. Co.
2,000 Continental Shares, Inc. 6s.
& Co., bankers since reorganization in 1921 and dominant in company's 1,000 Kenncott Copper Corp.
300 Empire Gas& Fuel Co.7s.
affairs prior to dissolution of voting trust in spring of 1927. have been
1,000 Firest. T.& It. 6% ser. A W. W.
Co.
550 Medusa Port'and Cement
gradually withdrawing from active interest in the management and at 1,000 Nash Motors Co.
500 Gen. Tire & Rub. Co., ser. A.6%
-V. 129, p. 3175.
present make no pretence of controlling company.
1,000 Great Lakes Towing Co.,7%
1,000 Nationa Acme Co.
2,000 Inter. Paper & Power Co., 7%
1,000 National Tile Co.
500 National Refining Co.,8%
-Initial Preferred Dividend.
Gosnold Mills Corp.
1,500 Ohio Brass Co., class B
2,000 United Lt.& Pow. Co.,6% lst pfd.
The directors have declared an initial quarterly dividend of $1.50 per 1,000 Ohio Oil Co.
share on the pref. stock, payable Feb. 15 to holders of record Feb. 5.750 Pennroad Corp.
Bonds
V. 129, p. 1598, 973.
500 Pennsylvania RR.
$100,000 S. F. Bowser & Co., Inc., 15t
Rights.
mortgage 7s, 1934
Decrease Pref. Stock. 500 Pennsylvania RR.
-To
Gotham Silk Hosiery Co., Inc.
38,500 U. S. Govt. 4th Loan, 431%
The stockholders at the annual meeting to be held on March 3 will Shares.
Liberty bonds
shares of preferred stock, now 1,750 Perfection Stove Co., Inc.
be asked to approve the retirement of 5,731
-V. 130, p. 142.
held in the company's treasury.
Income Account Year Ended Dec. 311929.
$257,950
Income-Dividends
83,526
-Suit Dismissed.
Great Western Sugar Co.
Interest
694,037
The Government's suit against the company, charging an attempt to
on securities sold
l'rofit
by a "price war" has been dismissed by
restrain inter-State commerce
$1,035,513
Federal Judge Woodrough, according to an Omaha dispatch. The reason
Total
46,618
for sustaining the demurrer of the company VMS that the suit had not been Management fees
9,615
filed until after the three-year statutory limit had expired, and that there Salaries and services
7,227
no proof of any conspiracy having originated in Nebraska -V. 128, p. Corporate taxes
5,410
was6.
416
Registrar and transfer fees
3.186
General expenses
77,606
Greyhound Corp.
-Earnings for January.Provision for Federal taxes
1929.
1930.
Manth of January$885,851
$325,643
$407,517
Net profit
Gross pass. rev. between Chicago and New York__
190,000
-V. 130, p. 983.
Dividends paid or provided for
-Suit.
Grigsby-Grunow Co.
The "Wall Street Journal" says: The existence of a suit for $2,777,500,
with interest from Oct. 2, against the company was made known when
papers in the action were transferred from the Supreme Court of New
York County to the United States District Court. The plaintiffs are
Sulzbacher, Granger & Co., brokers, 120 Broadway, who asked the amount
sued for in connection with services allegedly rendered from April 1 to
Oct. 2 1929, in connection with the promotion of an English corporation
to be affiliated with the defendant company. These services included
the procurement of underwriters for the proposed company in return for
which the plaintiff was to have obtained certain rights and 5% of what
Grigsby-Gramow Co. should receive. The plaintiffs ask $15,000 for expenses incurred and the remainder for services rendered.
After details of the promotion were completed and the plaintiff offered
to underwrite the capitalization the defendants refused to give their con-V. 130, p. 809.
sent, the complaint charges.
-Denies Sale of Company.
Gulf States Steel Co.
control
Balance, surplus
Previous surplus_
$695,851
129,802
$825,653
Profit and loss, surplus Dec. 1 1929
Condensed Balance Sheet, Dec. 31 1929.
Assets
$5,409
$81 Accounts payable
Cash on deposit
75,000
Marketable secur., (at cost) _ _16,082,742 Dividends payable
77,606
49,108 Accrued Federal taxes
Accr. divs. & int. on securities_
5,000,000
Common capital paid in
148,264
Paid-in surplus
825,653
$6,131,932 Profit & loss,surplus
Total (each side)
x The indicated market value of the corporation's securities at Dec. 31
-V. 129, p. 4147.
than cost.
1929, was $746,990 less
-Initial Dividend.
Insuranshares Certificates, Inc.
The directors have declared an initial dividend of 15 cents per share on
the capital stock, payable March 15 to holders of record Feb. 28.-V. 129.
P. 3483.
Reports that the Republic Steel Corp. interests have purchased
of the company were denied by W. H. Coverdale, President, according to
-ReAssociated Press and other dispatches from Birmingham, Ala.
International Combustion Engineering Corp.
Mr. Coverdale, it was reported, estimated that 20% of the stock might
have been purchased. There are 20,000 shares of 7% cum. 1st pref. and organization Committee. and common stockholders and creditors, a
At the request of preferred
197,500 shares of common, with equal voting rights.
purpose of preparing a plan of
"There has been a suggestion of a merger with Republic," he said, now committee has been fromed for the
to the
"but it has not been seriously entertained by our company. In addition, reorganization. The plan, when completed, will be submitted
approval.
the by-laws provide that only three new directors are to be elected each preferred and common stockholders and the creditors for their (Vico-Pr.
The committee is composed of the following: E. W. Stetson
a new board to transfer
year, and it would take at least three years for
Guaranty Trust Co.) Chairman; J. N. Darrow (of Otis & Co.); George L.
control."
of
American Rolling Mill Co., Mr. Coverdale was quoted as saying, has Bourne (Chairman of Superheater Co.); R. C. McMath (Vice-Free,
as far as he Bethlehem Steel Corp.); Charles Hayden (Hayden, Stone )& Co.), and
been considering purchasing control but no sale is in sight
Counsel.
could see. Gulf States is licensed under patents of American Rolling Mill L. N. Amster. George W. Grove is Secretary, and White & Chase,
-V. 130, p. 632.
-V. 130, p. 631.
and produces ingots for the latter.
-Bankruptcy.
Hadley Mills, South Hadley, Mass.
-Offer Extended.
International Germanic Co., Ltd.
The company recently announced that its stock exchange offer, scheduled
The company, manufacturers of worsted fabrics, has filed voluntary
petition in bankruptcy in Federal Court, Boston, giving assets at $280,581 to expire at noon on Feb. 8, had been extended to Friday, Feb. 14, at 3 p. m.
stated, consist chiefly The plan, which airna at the company's liquidation, invited preferred stockand liabilities $212,093, all unsecured. Assets, it is
of real estate, without encumbrances, valued at $201,150 and equipment holders to turn in their stock in the limited company for stock of Goldman
valued at $50,000. Principal creditors are: C. Fayette Smith, Holyoke, Sachs Trading Corp. ha the ratio of one share of Goldman Sachs for every
-V. 129, p. 4147.
$85,160 for salary and money loaned; Hadley Falls Trust Co., $30,792 two shares of International stock held.
loaned, and Gurin Mills, Inc., of Woonsocket, $37,894 for merchandise.
-Acquisitions.
International Standard Electric Corp.
a vote of stockholders
The bankruptcy petition came as the result of
Th19 corporation, the manufacturing subsidiary of the International
on Jan. 22, declaring that in view of a lawsuit and attachment of property
by Gurin Mills, and the fact that the company's assets were tied up, and Telephone & Telegraph Corp. has purchased control of the OesterreichisChen
FINANCIAL CHRONICLE
FEB. 15 1030.1
1125
Telephonfabrik Aktiengesellschaft vormals J. Berliner. located in Vienna, temporary receiver. The receivership was requested in a petition presented
Dime Bank Lincoln Trust Co. of Scranton, which holds
and of H. Telephonfabrik Berliner Aktiengesellschaft in Berlin, according to the Court by the approximately $75,000.-V. 94, p. 915.
to advices received on Feb. 10 at International headquarters, 67 Broad St., notes amounting to
N. Y. City.
-Liquidating Dividend.
Laconia Car Co.
The former company is engaged in the manufacture of telephonic apThe directors have voted a dividend in partial liquidation of $15 per share
paratus and equipment primarily for the Austrian Government, which
on the 1st pref. stock to stockholders upon presentation of their certificates
operates the telephones and telegraphs in Austria.
The latter purchase was made by the International Standard Electric for endorsement at the First National Bank of Boston, transfer department.
Corp. through its associated company in Germany, Standard Electricitats -V. 130, p. 144.
Gesellschaft. The newly acquired firm has a factory in Berlin where
-To Reorganize Pro-phy-lac-tic Co.
Lambert Co.
telephone apparatus and equipment for the German Government telephone
-V. 130, p. 812.
See Pro-phy-lac-tic Brush Co. below.
administration is manufactured. Associated with the International Standfirms of E. Allgemeine Elekard Electric in its German business are the
-To Decrease Dividend.
Leighton Industries, Inc.
trizitats Gesellschaft and Felton and Guilleaume, two of the largest elecTo facilitate an expansion program and at the same time maintain an
-V. 129, p. 137.
trical manufacturing companies in Germany.
position, the directors will reduce the usual $1 annual
ample working-capital
International Superpower Corp.-LiquidatingValue547. dividend on the class B stock to 50 cents and the management, which hol !s
The liquidating value of corporation's stock on Feb. 8 1930 was $15.83 40,000 shares of the 117,000 outstanding, will temporarily accept class C
per share, as compared with $40.58 on Dec. 31 1929, according to an an- non-dividend-paying stock for their holdings, which will be convertible back
nouncement made by Calvin Bullock, supplementing the annual report to B stock after certain stipulations have been complied with, according
recently released. The major part of the corporation's funds is invested to a letter to the stockholders. The dividend on the A stock is unaffected.
The letter stated that earnings in 1929 applicable to the class A stock
In stocks of domestic utility companies.
On Feb. 8 the assets, with securities taken at closing market prices. amounted to $228,800, against dividend requirements of $87.000. This
amounted to $12,152,458 which compares with $11,016,775 at the end of leaves a balance for the B stock of $141,800, on which the $1 per share
1929. During the fall decline in security markets the company bought dividend on the total 117,000 sham;outstanding would amount to $117,000.
-V. 127, p. 962.
for retirement, below liquidating value, 24,900 shares of its capital stock, Los Angeles "Times".
of which 2,200 shares remained uncancelled on Dec. 31. The current
-New Member of Executive
Libbey-Owens Glass Co.
liquidating value of around $47 is considerable above the current market
price.
-V. 129, p. 4147.
Committee.
member of the executive committee.
F.
-January Sales.- -V.E. Notebaert has been elected a
Interstate Department Stores, Inc.
130, p. 812.
Increase.
1929.
Month of January1930.
81,618
Sales
$1,338,118 $1,336,500
-Outlook.
Lion Oil Refining Co.
-V. 130, p. 475.
The company is facing the best year in its history, according to Col. T.
Barton, President. The company has increased its production, improved
-Formed.
Iron Asphalt Corp. of America.
now has retail distribution covering practically the entire
Organization of this corporation to manufacture and distribute nationally its refinery and 130, p. 984.
Southwest.
-V.
a new patented product for use in the paving, building and construction
industries, is announced by H. M. Cross. President of the company. Capi-Earnings.
-(P.) Lorillard Co.
talization consists of an authorized issue of 400,000 shares of no par class
1927.
1926.
1928.
1929.
Calendar YearsA 7% participating preference non-voting stock, of which 100,000 shares
$3.361.361 $3,852,622 $4.121.793 $5,340,779
will shortly be outstanding, and 100,000 shares of class B common voting Net inc.after Fed.taxes_
16.214
17,015
11,564
7,810
Premium on 7% bonds.._
stock.
1,613,992
1,207,368
2,023,630
2,016,896
Company's engineers it is stated, have perfected a new process for making Bond interest
an ingredient known as "Iron Asphalt" which eliminates the voids and
$1,336,655 $1,817,428 $2,490,786 $4,117,197
Net income..
pores in asphalt mistures and thus prevents cracking and ultimate dis791.532
791,5.32
791.532
791,532
integration. This product is particularly desirable for use in paving, piers, Preferred diva. (7%)
683,810 a3,505,362
Common dividends
platforms and factory floors, according to officials.
W. J. Ware, ViceBesides Mr. Cross as President, officers will include
$545,123 $1,025,896 $1,015,444 def$179,695
Surplus after diva_
President; J. Davis, Vice-President; and F. H. Dervoe, Secretary & TreasDr1,604,077
urer. Mr. Cross and Mr. Dervoe hold similar positions with The U. S. Rejected tax claims
13,843,801 14,421,982 13,406.537 13,586,233
Previous surplus
Waterproofing Co.
PO' According to the announcement, a new plant will be built in Chicago soon Cap. expend. for corn.
Dr635,683
stock financing
forimanufacturing "Iron Asphalt." It is expected that financing to provide
funds for contruction of this plant will be undertaken shortly by a syndicate
Profit & loss surplus- -$13,753.242 $13.843,801 $14.121,981 $13.406.537
of Now York bankers.
Shs.com.outleg (no par) 1,908,505 b1,361,745 b1,359,742 b1,286,644
$1.25
$2.58
$9.75
$0.28
Earns. per sh. on com
(Byron) Jackson Pump Co.
-2% Stock Dividend.
dividend on the outstanding
The directors on Feb. 8 declared a 2% stock
a Includes dividends paid in stock dividend certificates. b Shares of $25
common stock, no par value, payable March 1 to holders of record Feb. 15. par value.
Balance Sheet Dec. 31.
During 1929. four quarterly cash dividends of 50 cents per share and a
-V. 130, p. 633.
100% stock distribution were made on this issue.
1929.
1928.
1928.
1929.
$
Liabilities$
Assets
Jantzen Knitting Mills.
-To Build New Plant.
Pref.stk.7% cum.11,307,600 11,307,600
Real estate, mach.
acres of land in London,
The company has purchased a tract of 6
13,509,171 13,237,966 Common stock_ _x44,989,255 34,043,625
& fixtures
England, upon which it will establish a new factory for the purpose of Leaf tob., man770
Com.stk.div. scrip
770
supplying the European markets with the company's products, Asst. Sec.
86,727
41,577
Com .stk.div. ctfs.
ufactured stock
Irwin S. Adams announced. John R. Dodson. Vice-President, will sail
35,012,200 35,105,200
& open supp_ _ _52,374,690 53,941,949 Gold bonds
for England in March to supervise construction of the new factory, which Stk. in other cos_ _ 2,167,500 2,167,500 Pref. divs.
197,883
197,883
will have an area of 22,500 sq. ft. of floor space. Production is expected Due from subs_ _ _ _ 1,750,089 1,443,280 Bills payable
3,000,000
to be under way by the close of 1930, enabling the company to make de- Tr.
Accr.int. on bds_ _ 798,105
799.732
-mark, brancs
3974.
liveries of its products for the 1931 season.
3.231,151 3,165,325
-V. 129, p.
21,268,339 21,268,023 Res.funds
ctze
10,774,896 3,183,575 Accts. payable._ _ _ 679,415 1,095,235
Cash
Jewel Tea Co., Inc.
-Sales.
--13,753,243 13,843,801
Profit& loss
Accts. & bills
Period Ended Jan. 25Increase.
1930-4 Weeks-1929.
7,491,511 6,638,605
receivable
Sales
820,745 Deferred assets.. _ _ 675,000
$1,202,513 $1,181,768
765,000
Average no of sales routes1 216
1,129
87
,
-V. 1:30, p. 633.
Total
110,011,198 102645,898
10,011,198 102645,898
Total
-V.129, p. 2087.
x Represented by 1,908,505 no par shares.
Johnson & Johnson,
Brunswick, N. J.
-Forms
New
-January Sales.
McLellan Stores Co.
Virginia Firm.
Increase.
A certificate of domestication has been issued to Johnson & Johnson, a
1929.
1930.
Month of JanuaryNew Jersey corporation with principal office in Virginia at Richmond, Sales
$59,067
$1,223,947 $1,164,880
bone, agent in charge of business, to manufacture and deal in -V. 130, p. 985, 298.
with E.C. T
drugs, chemicals, physicians' and surgeons' supplies. Maximum capital is
-$1 Common Dividend.
$8.200,000.-V. 119, p. 2769.
Macfadden Publications, Inc.
The directors have declared a dividend of $1 per share on the common
International Arbitrage Corp.
-Extra Dividend in Stock. stock. payable April 15 to holders of record Mar. 15. A dividend of 50c,
The corporation has declared an extra dividend of 6%, payable in corn. per share was paid on Nov. 1 last.
-V.129, p. 2398.
stock, in addition to the regular quarterly cash dividend of 2% on the
common stock, both payable March 1 to holders of record Feb. 20 1930.
-January Sales.
MacMarr Stores, Inc.
-V. 129, p. :3333.
Increase
1930.
1929.
Month of January$7,165,236 $6.297,753
$867,483
Sales
(Julius) Kayser & Co.
-New Melbourne Plant.
The company operated 1,400 stores and 357 markets in Jan. 1930, comThe company will place their new Melbourne, Australia, plant in opera- pared with 1,284 stores and 219 markets in January 1929.-V. 130, p. 297.
tion early in May, it was announced this week.
-Sales Higher.
The Melbourne plant is being established in conjunction with the Aus(R. H.) Macy & Co., Inc.
tralian Knitting Mills of Melbourne, licensees for the manufacture of
Sales for the year ended Jan. 31 1930, showed a substantial increase over
Kayser silk underwear in that country, and L. & E. Marks & SauNick last year, President Jesse I. Straus stated. Definite sales and net profit
Pty., Ltd., sales agents for the Kayser company in Australia and the figures will not be issued, as is customary, until the complete audit of all
Orient. Control of the Australian project will be in the hands of Julius figures is made.
-V.130, p. 634.
Kayser & Co. (Australia), Ltd., subsidiary of the American company.
-January Sales.
Mangel Stores Corp.
Initial production of the Melbourne plant will be 1,000 dozen pairs of
Increase.
full-fashioned silk hosiery per week, with the factory constructed to permit
1930.
1929.
Month of January$56,334
of the doubling of this output after operations have been started.
$543,875
$600,209
Sales
Establishment of manufacturing operations in Australia will add sub- -V. 130, p. 298.
stantially to the company's export sales and earnings. The Australian
-Report.
Manhattan-Dearborn Corp.
plant was decided upon following the imposition of a prohibitive import
duty on silk hosiery in Australia, and gives the Kayser company domination
Income Account for Period from Sept. 10 to Dec. 311929.
-V. 130, p. 633.
of the silk hosiery business in that country.
$119,479
Interest earned-call loans
157,695
Real estate loans
Kolster Radio Corp.
-Earnings.
8,685
Miscellaneous
Kolster-Brandes, Ltd., report for Dividends
The company and subsidiaries except
38,934
the 12 months ended Sept. 30 1929 as follows:
17.595
Commissions earned on real estate loans
Gross income from sales and operations and other income
$13,937,597
Costs, royalties and expenses
$342.388
14,461,308
Total
5,244
Depreciation
392,521 Expenses
Net profit before deducting losses on secur. & prov. fir inc. taxes__ _$337,144
Net loss
81.284
$916,232 Loss on sale of securities (net)
-V. 130, p. 633.
24,000
Provision for Federal income taxes
(S. S.) Kresge Co.
-January Sales.
Month of JanuarySales
-V. 130, p. 984.
1930.
$9,351,731
1929.
$9,018,933
1928.
$8,657,776
1927.
$7,955,788
(S. H.) Kress & Co.
-January Sales.Mon:h of JanuarySales
-v. 130, P. 811.
1928.
1930.
1929.
$4,202,340 $4,143,377 $3,759.947
1927.
$3,292,250
Kroger Grocery & Baking Co.
-Sales Increase.
The company reports sales of $24,482,571 for the four weeks and four
days ending Feb. 1 1930 as compared with sales of $23,943,804 for the like
period in 1929 This Is an increase of 2.25%, while the 5,527 stores in
operation on Feb. 1 19:30 represents an increase of 0.9% over the number
of stores in operation Fob. 1 1929. The increase in sales for January, the
management points out, was accomplished not only in the face of a smaller
increase in the number of stores in operation, but also with a reduction of
approximately 5% in the retail price of commodities over the 1929 period.
-V. 130, p. 297, 144.
Lackawanna Mills.
-Receiver.
A Scranton, Pa., despatch says that Judge George W. Maxey of the
Lackawanna County Court appointed Fred K. Lengler of Scranton as
Net profit (without taking into account decline in market value
_..$231,860
ofinventory ofsecurities)
Balance Sheet. Dec. 31 1919.
Liabilities
Assets$33,493
$575.295 Accts. payable, for sec. purch.
Cash in banks
9,303
600,000 Miscellaneous accts. payable_
Call loans
24,000
Adv. on short-term rl est. ins_ 7,320.000 Accrued Federal income taxes
87,786
1,750,000 Unearned commissions
Other short-term loans
Capital stock (375,000 sits, at
a Listed corn. stocks, at cost
2,966,776
declared value)
12,000,000
Industrials
1,603,035 Paid-in surplus
Public utilities
6,750.000
507,800 Earned surplus (representing
Railroads
246,898
realized net prof. for the
Investment trusts
period from Sept. 10 to
Manhattan-Dearborn Corp.
570,773
Dec.311929)
15,879 abs
231,860
550,333
Notes receiv. and advances__
Equity in rl. est. owned in fee b523,826
Dep. on rl. est. purch. contr.. c1,822,101
99,603
Total (each side)
Divs. & accr. int. receivable$19,136,440
a The market value of the stocks owned at Dec. 311929, was approxibelow:cost. b Subject to mortgage in the amount 01
mately $1,300,000
$106,000. c Deposits on real estate purchase contracts (obligations under
contract to purchase properties aggregate $4,625,000. There are approxi-
1126
FINANCIAL
matelY $2,650,000 of mortgagee, &c., on syndicate properties in which the
corporation has about a 90% interest.
Stocks.
-Thelist ofstocks owned by the corporation is as follows:
Shares.
Shares.
1,568 American Power dr Light Co.
2,000 Standard Oil Co. of Indiana
1,000 The A., T.& Sante Fe Ry. Co.
1,000 Standard Oil Co. of New Jersey
300 The Chi., Rock Isl. & Pac. Ry.Co. 4,400 Union Carbide & Carbon Corp.
1,000 Columbia Gas Sr Electric Co.
2,000 U. S. & Overseas Corp.
1,522 Coty, Inc.
5,000 U.S. Steel Corp.
500 The Eastman Kodak Co. of N. J. 700 Western Union Telegraph Co.
7,000 Electric Bond dc Share Co.
5,000 Wm.Wrigley Jr. Co.
1,500 General Electric Co.
Units.
300 Gulf Oil Corp. of Pennsylvania
1,000 Continental Chicago Corp.
500 Jewel Tea Co., Inc.
Rights.
1,000 N. Y. Central RR. Co.
1,000 New York Central RR.Co.
2,000 Paramount Famous Lasky Corp.
Real Estate.
-As announced at the time of its organization, the principal
Purpose of corporation is to buy, hold and sell real property and interests
therein. In accordance with this purpose, several purchases of real estate
have been made, and others are now being considered. Among the real
estate investments made, the most important consists of the assemblage
under single fea ownership of a plot comprising 30,000 square feet at Beaver
and William Streets. N. Y. City. This location constitutes one of the most
important corners of the downtown financial section of New York. The
management believes that this purchase and the other real estate investments were made on an advantageous basis.
-V. 129, p. 3484.
Manufacturers Finance Co.
-Registrar.
The New York Trust Co. has been appointed Registrar for the voting
trust certificates representing common stock of the Manufacturers Finance
Co.
-V. 130, p. 812.
*
[VOL. 130.
eratomcLn
(G. C.) Murphy Co.
-20% Stock Dividend, &c.
-
The directors have declared a 20% stock dividend on the common stock
payable on Feb. 18 to holders of record as of the same date. At the same
time the directors declared a quarterly dividend of 40 cents a share, payable
March 1 to holders of record Feb. 19, toe cash dividend therefore applying
to the extra 20% distributed in the form of a stock dividend.
J. F. Mack has been elected Chairman of the board, as well as President.
and W. C. Shaw has been elected General Manager.
-V. 130, p. 986.
National American Co., Inc.
-Plans to Liquidate.
The stockholders will vote on March 12 on a proposal to liquidate this
company. It is a holding and management company, established in 1927
to take over the assets of a concern of the same name and the Realty Foundation Co. as well as two mortgage organizations. At one time it dealt
actively in the securities of local banks and trust companies, obtaining
and disposing of what were believed to be controlling interests in several
cases.
According to the liquidation plan, the National American Co. will sell
to the State Title & Mortgage Co. a block of 99,000 shares of the General
Surety Co. which it holds, receiving one share of State Title & Mortgage
stock for every two shares of General Surety stock. The total holdings
of State Title stock will then be distributed to shareholders of the National
American Co. It is estimated that this distribution will be at one share
of State Title for each 125i shares of National American held.
After this distribution National American will have remaining some
assets which will be liquidated. The proceeds will bring a small further
distribution to shareholders of the latter company.
-V. 130, p. 298.
National Family Stores, Inc.
-Distributors of Stock.
-
P. H. Whiting & Co. Inc., in conjunction with F. A. Brewer & Co.
Chicago and New York, has undertaken the distribution of common stock
'
of the National Family Stores, Inc., a chain store organization comprised
Marine Midland Corp.-Report.of 80 stores. The issue is listed on both the New York Curb Exchange
Pres. George F. Rand says in part:
Corporation was organized Sept. 23 1929, and began operations on and the Chicago Stock Exchange.
Sales for Month and Year Ended Jan 31.
Oct. 4 1929. At the close of 1929, corporation owned in the aggregate over
1930
-1929.
-Jan.
Increase. I 1930-12 Mos.-1929.
97% of the entire capital stock of the following 17 banks located in the
Increase.
$192,230
$397,680
New York Federal Reserve District:
$205,450 I $7,003,463
$3,400,266
$3,603.197
-V.130, p. 477.
Peoples Trust Co., Binghamton
Marine Trust Co. of Buffalo
Union Trust Co. of Rochester
State Tr. Co., North Tonawanda
National Glass Co., Oshawa, Ont., Canada.
Workers Tr. Co.,Johnson City
' Menu!. Nat.Bank of Troy
-New Co.
See Feldspar Glass, Ltd. above.
Lackawanna Nat. Bk., Lackawanna
Power City Bank,Niagara Falls
Niagara Falls Trust Co., Niagara Union Trust Co., Jamestown
Bank of East Aurora,East Aurora
Falls
National Radio Tube Corp.
-Stocks Offered.
-Sowers
Niagara County Nat. Bank & Trust Cortland Trust Co., Cortland
& Tobias are offering 50,000 shares of class A preferred stock
Orleans County Tr. Co., Albion
Co., Lockport
First Trust Co.of Tonowanda,Tons- Bank of La Salle, Niagara Rails
and 50,000 shares of class B common stock, both of no par
Bank of Snyder, Snyder.
wanda.
The small remainder of the stock not owned, includes qualifying shares value, in units of one share of each class of stock at $15 per
unit. The stocks are being offered as being speculative in
held by directors of the above banks.
Statement of Marine Midland Corp. as of Dec. 31 1929.
character.
Resources
Liabilities
Authorized Capitalization.
Book val. of cap., step. and
100,000 shs.Class A preferred stock (no par value)
Capital stock outstanding
100,000 shs.
undiv. profits of the 17
(,208,342 shares)
$52,083,420 Class B common (voting)(no par value)
200,000 abs.
Marine Midland banks__ _ $57,760,358 Surplus and undiv. profits_ a 81,697,320
Registrar: Empire Trust Co. New York. Class A shares entitle the
Less min. int. therein (incl.
holder to a preferential dividend at the rate of 70 cents per annum,cumu'
directors' qualifying MIL)- 1,362,728
lative after Dec. 311929. Red. at any time, upon 30 days' notice at $11
per share plus diva, to such date and in the event of dissolution or liquidaMarine Midland's ownership
tion they will be entitled to receive $10 plus diva. Clars B shares entitle
therein
$56,397,630
the holder to all diva., as and when declared, after the payment of 70
Cash in banks and in transit 57,157,690
cents Per share on the class A shares and to receive pro-rata all assets in
Other receivs. & assets, net_
225,421
Total (each side)
$113,780,740 the event of dissolution or liquidation over and above the amount payable
on the then outstanding class A shares. Class B shares shall be entitled
a Dividend of $1,561,542 paid Dec 31 1929.-V. 130, p.812.
to full voting power.
Directors.
-James H. Rand Jr. New York; W. R. Green, Cleveland;
Martel Mills, Inc.
-Trustee.
'
The Fidelity Trust Co. of New York has been appointed trustee for an Joseph Trees, Pittsburgh; Major J. Andrew White, William Dubilier,
authorized issue of $2,000,000 of 6% sinking fund gold mortgage bonds. R. D. Jackson, Harries A. Mumma, Arthur S. Tobias and Dean Babbitt,
all of New York.
644.
V. 129, p.
Data from Letter of Dean Babbitt, Pres. of the Corporation.
Melville Shoe Corp.
-January Sales.
-Corporation was organized in Delaware to acquire all the
History.
Month of January1930.
1929.
1928.
including patents, patent rights, &c., of the Lucian Tube Corp.
Sales
$1,474,026 „,$1,569,926 $1,125,035 In addition, it has acquired the machinery and equipment of a modern
-V,130, p. 298.
radio tube plant located in Cleveland, 0., to which is being added additional production facilities and equipment, so that the company is starting its operations with a modern and fully equipped plant. The idea of
Merrimac Chemical Co. Inc.
-New Treasurer &c.William I. Warren has been elected Treasurer, succeeding William M. using a renewable element for a radio tube was conceived by Professor
Rand, who continues with the company as Vice-President in charge of sales. A. N. Lucian of the University of Pennsylvania. Its development and
perfection is the work of C. E. Quinn, who for 21 years has occupied engiThomas Nelson Perkins has been elected a director.
-V. 129, p. 2696.
neering and plant management positions with the General Electric Ce
..
Mesta Machine Co.
-10c. Dividend.
and 12 years of which had charge of Tantalum Lamp Works at Cleveland,
Product.
-The Quinn refillable vacuum tube is an outstanding and
The directors have declared an extra dividend of 10e. a share and an
Initial quarterly dividend of 40c. a share on the new capital stock, payable economic achievement and takes its place in a field recognized as a necesApril 1 to holders of record March 15. This is equivalent to $16 a share sity in one of the most rapidly growing industries of the present age. The
annually on the old stock, which received a quarterly of $3 a share and an Patents and subsequent claims which have been granted place the Quinn
extra of $1 a share on Jan. 1 last (prior to the 10
-for-1 split-up).
-V. 130, tube in a class by itself. Because of these facts and the fact of its greater
economy, it is believed that this tube will be a revolutionary economic
p. 298.
factor in the vacuum tube industry.
The method of construction is simple. The heating element which laMidland Steel Products Co.
-Recapitalization Plan the part
that burns out, and upon which the life of any radio tube is deApproved.
pendent, forms the basic idea.
The stockholders have approved the plan of recapitalization for the comThe heating element of the Quinn tube is in a hollow sleeve, extending.
pany which provides for the retirement of the present participating pre- Upward from the base through the grid, and does not burn in the vacuum.
!erred and common stocks and the issuance of three new classes of shares. Humming noises and the breaking down of the vacuum by gases given off,
Fully 77% of both classes of the present outstanding stock was represented as the heating unit slowly disintegrates-(a condition which occurs in.
ordinary tubes), is thus minimized.
at the meeting, it was stated by President E. J. Kulas.
The heating element in the Quinn tube is removable and is replaceable
For each share of the participating preferred stock will be exchanged
one share of the new 8% cumul. pref. stock and two of the new common, in a few seconds at a nominal cost of 50 cents, as compared with about
and for each of the common shares will be given two shares of the new $2 $2.50, the average price of the ordinary new standard tube. These elements are replaceable much in the same manner as leads are inserted in,
non-cumul. pref. shares and one of the new common stock.
The stock must be exchanged by March 25. The directors have author- an automatic pencil.
The efficiency of the Quinn tube has been tested by the Harper Laboraized an application to list the new stock on the New York Stock Exchange.
After the exchanges there will be outstanding 96,930 shares of the new 8% tories of Chicago; Hochstetter Research Laboratories, Pittsburgh, Pa.
-Present factory, machinery and equipment,
eumul. pref. stock, 96,930 of the new $2 non-cumul. and 242,325 of the
Manufacturing Facilities.
are modern, and with a few additions, according to a recent survey made'
new common stock. See also V. 129, p. 4149.
by Jackson-Babbitt, Inc.commercial research engineers, the company
will
Inasmuch as the
-Kansas Pipe Line Co.
Missouri
-To Increase Common now be able to produce 3:000 tubes per day. has been preparedcompany
for such.
has all the major equipment, schedule
Stock and Create an Issue of $1 Par Class B Stock-Acquisition. additional equipment necessary to a
bring up production to 10,000 tubes a.
,
The stockholders will vote on Feb. 17 on a plan to increase the authorized day, upon completion of this financing.
Estimated Earnings -Estimated earnings are based upon present records
$5 par common stock of the company from 700,000 shares to 5,000,000
shares and to create 5,000,000 shares of $1 par class B stock. Capitaliza- of costs; of materials, labor, manufacturing overhead, administration and
company as of Dec. 31 last consisted of 10,000 shares of $100 par selling expense. Earnings per share are estimated on the assumption that
tion of the
7% pref. stock, none of which was outstanding, and 700,000 shares of com- the total authorized issue of stock is outstanding. These figures have'
been checked by competent industrial and commercial engineers.
mon stock, of which 416,199 shares were outstanding.
Each share of class B stock will receive dividends equal to 1-20th of the Tubes and
For Divs. Earnings Earnings
amount of the dividend paid on the common stock. Dividends, paid con- Elements
on Pref. on Corn.
per Sh.
Selling
currently, cannot be paid on one class of stock without paying on the other. Production
of Each.
Profits.
Corn.
Stock.
Stock.
Price.
Costs.
In case of liquidation, each share of class B stock will be entitled to 1-20th
$1.70
500,000 $497,500 $912,500 $415,000 $70.000 $345,000
of the amount paid on each share of common without any priority or prefer70,000
830,000
3.80
760,000
995,000 1,825,000
ence. Holders of class B stock will have the same voting privileges as 1,000,000
5.87
70,000 1,175,000
common stockholders except that the latter will have the right to elect one 1,500,000 1,492,500 2,737,500 1,245,000
7.60
70,000 1,590,000
2,000,000 1,990,000 3,650,000 1,660,000
more director.
Purpose.
-To provide additional working capital for the company for'
"The increase in the authorized capital stock is believed to be advisable
creased plant facilities and other corporate purposes.
for providing an adequate financial structure to enable the company to
carry on to the best advantage the program of development and expansion
-January Sales.
National Shirt Shops, Inc.
contemplated for the future," said President Frank P. Parish.
Increase.
Month of January1929.
1930.
The company has acquired through outright purchase the Wood Oil Co.
Sales
$40,707'
$283,865
$243,158
of Kentucky, Mr. Parish announced.
-V. 130, p. 634.
-V. 130, p. 635, 299.
-January Sales.
Morison Electrical Supply Co., Inc.
-
Month of JanuarySales
-V. 130, p. 813, 298.
1930.
$162,363
1929.
$122,079
Increase.
$40,284
Motor Bankers Corp.
-New Vice-President.
George C. Booth has been elected Vice-President to fill the place of
Franklin Robbins who was recently made President.
-V. 130, p. 986.
Motor Wheel Corp.
-75c. Dividend.
-
The directors have declared a quarterly dividend of 75c. a share on the
common stock, no par value, payable Mar. 10 to holders of record Feb. 20.
A dividend of the same amount was paid three months ago when the rate
was changed from $1 a share. See also V. 129, p. 3178.
-January Sales.
Nedick's, Inc.
Month of JanuarySales
-V. 129, p. 3336.
1930.
$153,373
1929.
$135,922
Increase.
$17,451.
(J. J.) Newberry & Co.
-January Sales.
Month of JanuarySales
-V. 130, p. 299.
1929.
1930.
$1,510,698 $1,299,210
1928.
$859,993
1927.
$585,032:
New York & Republic Corp.
-Name Changed.
Company has changed its title to Basic Commodities Corp. (see that.
Company above)
.-V. 129, p. 3976.
FEB. 15 1930.1
FINANCIAL CHRONICLE
North American Investment Corp.
-Annual Report.
Income Account Year Ended Dec. 31.
1929.
Gross earnings
$1,010,654
Expenses
90,122
Taxes
81,807
Bond int. & amortization of discount
105,443
Amortization of discount on capital stock
69.942
1928.
$617,498
53,303
39,402
79,891
2,890
1127
Pennsylvania Co. for Insurances on Lives and
Granting Annuities, Philadelphia.
-Merger Approved.
-
The directors of both this company and the Colonial.Trust Co., Phila.,
last week announced that a plan of merger of the two companies has been
approved, subject to ratification by the stockholders March 17.
The consolidated company will retain the name of the Pennsylvania Co.
for Insurances on Lives & Granting Annuities. The plan calls for an exchange of stock on the basis of two shares of Pennsylvania stock (par $10)
of Colonial stock (par $50).
Net income
$663,340
$442,012 for each shareagreement provides in part the following
The merger
officers:
Preferred dividends
156,252
116,429 C. S. W. Packard; Executive Vice-President, C. S. Newhall; President
Vice-PresiCommon dividends
181,556
22,000 dents as follows: John H. Mason, William Fulton Kurt, Arthur
V. MorJay Gates, C. P. Lineaweaver, Frank G. Sayre,
Surplus for year
$325,532
$303,582 ton,Anthony G. Fella, Richard E. Hanson, John H.Joseph R. Carpenter
Packard, R. F. McSurplus at beginning of year
453,942
150,359 Jr.,
Kinley, Mark Willcox; Treasurer, James Cheston 3rd; Secretary, L. J.
Surplus at end of year
$779,473
$453,942 Clark. Feb.
As of
1 1930 the consolidated balance sheet of the two companies
Shares of common stock outstanding.
48,432
25,000
Earns, per share
$10.47
$13.02 show: Capital and surplus of $45,130,000; deposits. $166,812,045; total
resources, $223,189,371; personal trusts aggregate $702,513,718; corporate
Balance Sheet as of Dec. 31.
trusts, 51,847,993,886.-V. 130, p. 988.
1929.
1928.
1929.
1928.
-Sales.
Peoples Drug Stores, Inc.
Assets$
Liabilities$
.
Month of January1929.
1930.
1927.
1928.
x Invest, at cost__ 9,801,326 6,455,939 Common stock_ _ __ 4,843,200 2,500,000
$1,295,52 $1,110,936
Invest.in subs
50,000
$693,426
99,950 6% preferred stock.. 2,000,000 2,000,000 Sales
$584,130
709,038 260,717 534% pref. stock_ __ 1,270,000 250,000 -V. 130, p. 478.
Cash
Accrued interest_ .._
8,869
13,981 Collateral tr. bonds 2,120,000 1,750,000
-Sales Increase.
Piggly Wiggly Corp.
Advance to subs
380,000
Accounts payable__
5,831
51,174
The corporation reports sales for the month of December 1929 of $21,Furniture & fixtures
1
1 Dividends payable_ 47,464 33,438
Discount on cap.stk
54,935 134,891 Accr. bd. int. pay..
35.333
29,167 637.000, an inceease of 30.4% over the corresponding month in 1928.
Unamort. bond disc 163,703 135,043 Res. for Federal tax
67,347
39,458 Sales for the full year of 1929 were $212,708.836 as compared with sales of
Deferred debits____
775
6,657 Surplus
779,473 453,942 $199.464,304 for the 1928 period, or an Increase of 6.64%
The number of Piggly Wiggly stores in operation as of Dec. 31 1929 was
Total
11,168,648 7,107,178
Total
11,168,648 7,107,178 3,009 as compared with 2,875 on Dec. 31 1928. New stores opened during
the period Jan. 1 1929 to Dec. 31 1929 were 134.-V. 130, p. 814.
x The market value of securities owned as of Dec. 31 1929 was $8,895.412
Classification of Investments on Cost Basis Dec. 31 1929.
Amount.
Per Cent.
$815,189
7.76%
1,521,785
14.48
3,440,461
32.73
1,261,231
12.00
893,791
8.50%
1,021,873
9.72%
Common stocks-Railroads
Public utilities
Industrials
Banks & trust companies
Insurance
Metals & oils
Total
Preferred stocks
Bonds
Cash
Total
-V. 129, p. 3179.
Occidental Insurance
$8,954,331
291,112
555,883
709,038
85.19%
2.77
5.29
6.75%
$10,510,364
100%
Port Henry Iron Ore Co. of Lake Champlain, N. Y.Depositary.
The Central Hanover Bank & Trust Co. has been appointed depositary
under voting trust agreement dated Dec. 10 1929 for 20,000 shares of the
capital stock of the Port Henry Co.
-V.127, p. 423.
Porto Rican American Tobacco Co.
-Reduces Back
Dividends on Class A Stock.
The directors have declared, in addition to the regular quarterly dividend of $1.75 per share on the class A stock, a further dividend of $1.75
on this issue, equal to one-half of the amount heretofore in arrears upon
the class A shares. Both dividends are payable April 10 to holders of
record March 20. Like amounts were paid on Jan. 10 last.
-V. 129, p.
3646.
Pro-phy-lac-tic Brush Co.
-To Vote on Reorganization.
-
Co. (Calif.).-Had Good Year.
- A special meeting of stockholders has been called for Feb. 19 to approve
President J. B. Levison at the annual meeting held last week called a reorganization entered
with the
attention to the fact that this was the first full year of the company's templates the transfer to intoB. Corp., Lambert Co. The agreement cona Delaware corporation formed by
operations and that he considered the results exceedingly satisfactory. The Pro-phy-lac-tic, of certainP.
cash and miscellaneous assets of Pro-phy-lac-tic
net premium income amounted to $718,000 and the income from invest- In exchange for all the capital stock of P. B. Corp.,
ments $156,000. The net surplus stands at $1,952,000 and the unearned no par common stock, and the assumption of certain viz.. 10,000 shares of
liabilities, and the dispremium reserve $565,000. In other words, the original surplus paid in tribution of
the 10.000 shares of common stock of
by the stockholders, viz., $2.000,000, had been impinged upon only to among the holders of Pro-phy-alc-tic common stock. P. B. Corp. pro rata
the extent of $48,000, notwithstanding the establ shment of an unearned
the above transaction,
premium reserve of over $500,000 and expenses incidental to the planting to After the completion of formed under the laws there will be transferred
a new
of Delaware (and to bear
of a new company. The assets have increased over $600,000 since the the namecorporation to beBrust Co." or some variant
"Pro-phy-lac-tic
thereof) all the proporganization and now amount to $3,602,000.
erty,
In conclusion, Mr. Levison stated that the company was now operating stock business and assets of Pro-phy-lac-tic in exchange for all the capital
of the new company, and the exchange of said shares for 50,000 shares
In 45 States, and that he looked upon the future with much encouragement of
common stock of the Lambert Co., and the distribution of said shares
and confidence.
The following directors were then re-elected: H. F. Alexander, R. I. of Lambert pro rata among holders of common stock of Pro-phy-lac-tic.
The effect of the agreement will be to transfer to the new company,
Bentley, Edward T. Cairns, Wm. J. Dutton, Mortimer Fleishhacker,
J. B. Levison, Atholl McBean, C. 0. G. Miller, C. C. Moore, Charles R. which will be wholly owned by Lambert, the business of Pro-phy-lac-tic,
with the exception of certain cash and miscellaneous assets (not necessary
Page and R. S. Shainwald.
In the conduct of the business), which are to be previously transferred to
the P. B. Corp.; and the distribution pro rate among Pro-phy-lac-tic com-50c. Extra Dividend.
Ohio Oil Co.
mon stockholders of 10,000 shares of common stock of P. B. Corp., being
The directors have declared an extra dividend of 50c. a share in addition at the rate of one share of P. B.common for each 10shares of Pro-phy-lac-tic
to the regular quarterly dividend of 50c. a share on the outstanding $60,- common, and 50,000 shares of Lambert common upon surrender of their
capital stock, par $25. payable March 15 to holders of record Feb. Pro-phy-lac-tic common, being at the rate of one share
000,000
of Lambert com14. Like amounts were paid on Dec. 14 last, while on Sept. 14 1929, an mon for each two shares of Pro-phy-lac-tic common.
extra distribution of 1% was made.
If the plan is approved, it is expected these distributions of stock will
In each of the last three-quarters of 1927 the company paid an extra
be made concurrently on or shortly after March 1 next.
dividend of 25c. per share in addition to the regular of 50c. per share.
It is expected the value of the assets to be transferred to the P. B. Corp.
V. 130, p. 300.
will be about $5 a share on Pro-phy-lac-tic common. The policy of the
P. B. Corp. the management of which will be substantially identical with
Pacific Coast Co.
-Earnings.
-Pro-phy-lac-tic, will be to make in the near future a substantial distribuPeriod Ended Dec.31- 1929-3 Mos.-1928.
tion In cash to stockholders, and from time to time thereafter to make addi1929-12 Mos.-1928.
Gross earnings
$1,335,036 $1,392,274 $5,002,398 $4,440,927 tional liquidating distributions in cash as the assets to be transferred are
Operating expenses
1,182,808
1,201,536
4,624,708
4,239,245 gradually disposed of.
Some of these assets, it is expected, can be liquidated within a comparaNet earnings
$152,228
$190,738
$377,690
$201,682 tively short time: others will requier a longer period. The P. B. common
-V. 129. D. 3023.
stock will, as to holders of less than 10 shares of Pro-phy-lac-tic, be initially
distributed in the form of non-voting scrip, which, however, will be
Paramount Famous Lasky Corp.
-Dividend Increased to pro rata dividend distributions if and when same are declared. entitled
The Bankers Trust Co. has been appointed transfer agent for the no
-Directors Recommend Increase in Authorized Number
to 14
par value common stock of the P. B. Corp.
-V. 130, p. 815.
of Shares and Change of Name to Paramount Publix Corp.
At a meeting of the board of directors on Feb. 10 a quarterly dividend
-Listing.
Pullman Inc.
of $1 per share was declared payable March 29 to holders of record March 7,
The New York Stock Exchange has authorized the
Heretofore 75 cents per quarter has been the usual dividend. This, there- additional shares of capital stock (no par value) on officallisting of 500,000
notice of issuance,
fore, increases the rate from $3 to $4 per share per annum.
in connection with the acquisition of substantially all the physical properThe directors also voted to recommend to the stockholders for approval ties of the following companies: Osgood Bradley Car Co.
and
at the annual meeting which will be held April 15, an increase in the total Steel Car Co. of Pennsylvania and certain of its subsidiaries, Standard
and for the
authorized number of shares from 3,000,000 to 4,000,000 shares, and also capital stock of the Middletown Car Co. and of the
Enterprises Indusa change in the name of the corporation from Paramount Famous Lasky trielles Charentalses, together with certain other assets
(receivable and
Corp. to Paramount Publix Corp.
the above companies to be acquired at sound value for cash
In commenting upon this action, President Adolph Zukor stated that inventories) of securities now owned by this corporation
or equivalent
making the total
from careful forecasts of the profits of the corporation for the year 1930 listing appliedin to date 3,875,000 shares. (See
for
also V. 131, p. 147.
and from the results during the month of January, he believed that
-11 Months Ended Nov.
directors were amply justified in increasing the dividend rate from $3 to the Comparative Consolidated Income Account
$4. Earnings from carrier business of Pullman Co. after deducting 30 1929.
He further stated that there was no intention at present of issuing any
all expenses incident to operations
$19,421,138
substantial amount of additional stock. The company had, however,
9,465,164
grown steadily in the last few years and the directors deemed it advisable Charges and allowances for depreciation
to increase the capital by 1,000,000 shares so that the company will be
Balance
$8,955,973
in a position to expand by the issuance of additional stock if and when
opportunities arise as they have in the past. He pointed out that there Earnings from all manufacturing properties and Pullman RR.
after deducting all expenses incident to operations
7,247,394
are now issued and outstanding approximately 2,700,000 shares of stock,
1,099,023
with 250,000 additional reserved for employees, as heretofore approved Charges and allowances for depreciation
by the stockholders, and that in view of the fact that the total capitalization
Balance
$6,148,371
Is only 3,000,000 shares, there are only 50,000 shares now available for
Earnings from investments, &c
2,520.795
possible expansion.
In connection with the recommendation for the change of
$18.625,140
Zukor stated that the directors deemed it advisable to include name, Mr. Total earnings from all sources
in the cor- Reserve for Federal income tax
porate title the name of Publix, the chief theatre operating subsidiary of
1,881,437
the corporation, which operates theatres throughout the country and has
Balance of earnings
built up a substantial good-will -V. 130, p. 637.
$16,743,703
Dividends paid by Pullman Inc
13,491,831
Propor. of divs. of sub. corps. paid to minority stockholders
Paramount Publix Corp.
25,964
-Proposed New Name.
-See Paramount Famous Lasky Corp. above.
Balance to surplus
$3,225,908
Average earnings per share
(J. C.) Penney Co., Inc.
-January Sales.
$4.96
Month of JanuaryComparative Consolidated Balance Sheet.
1929.
1930.
Increase.
Gross sales
$10,610,933 $9,015,616 $1,595,317
Nov. 30'29. Dec. 31 '28.
Nov. 30'29. Dec. 31 '28,
Stores in operation Jan.31
1,395
1,122
LiabilitiesAssets
273
Commenting on the showiag for the first month of the year, President Inv. at cost____ 20,349,195 14,413,802 Curr.accts. Pay.
Earl C. Sams said, "While a certain very definite part of the gain shown Accts.& notes rec 12t181,806 8,723,650
and payrolls__ 21,990,757 15,897,387
in the sales of the company for January may be credited to the fact that we Market. secure.
Accr. taxes, not
have opened a number of now stores during the past 12 months, the
(book value). 20,698,111 9,584,658
yet due, inel.
centage gain made by the older stores accounted for one third of the per- Cash and Govt.
res.for Fed.tax 5,982,639 4,356,810
gross
gain for the month.
securities_ _ _ _ 46,873,216 60,177,480 Pension, &c., yes 7,532,701 7,093,227
"Anticipated retrenchments in buying, particularly in the retail dry
211,156 Capital stock:
296,158
goods Deferred charges
field, nave not developed in the widespread sections of the country where we Res, fund assets 4,362,928 6,711,584
Pullman Inc..168,670,700 168,592,400
have stores.
Equip.& prop- _212,152,952 205,707,454
Pullman Co.
"The increased volume of sales made by our organization was achieved
(a sub.co.)79,300
157,600
the generally backward weather conditions which
in spite of
Initial surplus__101,095,746
prevailed in
n• fitly all parts of the country and which were especially severe in the South.'
Total(ea.side)316,914,366 305,529,784 Earned surplus_ 11,562,523 101,095,746
8,336,614
- V. 130, P. 301.
-V. 130, p. 815, 147.
1128
FINANCIAL CHRONICLE
Rand Mines, Ltd.
-81.52 Div. on "American" Shares.
The Bankers Trust Co., as depositary of certain ordinary sterling shares
of Rand Mines, Ltd., has received dividend No. 53 of 50% and is paying
to holders of its certificates for "American" shares, (each such certificate
representing 2% deposited ordinary shares), $1.52 per "American" share,
the equivalent of such dividend at the current exchange rate. The dividend
will be paid on Feb. 28 1930 to holders of record of "American" shares on
Feb. 211930.-V. 130, p. 302.
[VOL. 130.
The main bulk plant of Northwestern is located at Hyde Park, Nassau
County, Long Island, and in merging with Richfield the latter estimates
its increase in sales at approximately 5,000,000 gallons of gasoline annually
and a proportionate volume of lubricating oils and greases. About 100
retail dealer outlets, 50 commercial accounts and contracts with approximately 25 large estates in Long Island, not only for land uses but for marine
equipment as well, have been added to Richfield's sales.
Drilling Campaign.
-
The company last week completed one of the most successful drilling campaigns in the history of the petroleum industry in California, an announceAn expansion program involving the expenditure of more than $7,500,000 ment says: 4ighteen consective producers have been drilled on Section
during 1930 is to be undertaken at once by this company, according to 22-28-27 in the Kern Front Field. The wells in question are located on 160
President Edward E. Shurnaker. More than $5,500,000 of this sum will acres in the heart of the field, and the property is part of that taken over in
be spent for the construction of a new building, and mechanical equipment the acquisition of the Pan American Petroleum Co.
The first well was completed May 19 1928. with the last on Dec. 22 1929.
including machine tools, small tools, conveyors and other important items.
The new building is to be used for the manufacture of radio parts for radio Twelve undrilled locations remain on the quarter section but it is not exassembly and shipping. In addition to this, over $2,000,000 worth of pected that these holes will be put down until the latter part of the current
equipment is being brought to Camden, N. J., from the General Electric year.
According to a survey just completed, these wells are being pumped for
and Westinghouse plants for use in radio production in the RCA Victor
Plant. Combined with the appropriation of $3,820,000 which was auth- approximately 120 barrels per day each, as compared with an average of
orized last year and which is sti'l being expended, the RCA Victor Co. by 8.5 barrels for one of California's other major companies on the east and a
-barrel average for offset wells on the south and west.
the end of 1930 will have made an outlay of $11,420,000 for plant expansion 50
The wells are only on production to prevent the drainage of this acreage
and development.
Preparations for the construction of the new building are already under due to the necessity of offset producers to flow their wells to meet requirethe entire square bounded by Delaware ments of demands from the respective land owners.
way. The structure will occupy
Ave., Cooper, Front and Penn Streets, with the exception of the plot now
Additional Contracts Closed-Gasoline Sales, &c.
Several rows of houses,
covered by the RCA Victor executive offices.
The signing of a five-year contract for all aviation gasoline and lubricattwo parking places, the Victor individual garages, the present factory
employment office, an old factory building and the engine house of the ing oils to be used by the Mid-Continent Air Express was announced on
Victor private fire department will have to be removed to make room for Jan. 29 by President C. M. Fuller. At the present time Mid-Continent is
operating 14-place tri-motored Fokker planes between Dodge City, Kan.,
the new factory building.
Mr. Shumaker pointed out that since the unification of Victor with RCA Wichita, Kan., Pueblo, Colo., and Albuquerque, N. M., and is planning
organizations of General Electric and to extend its operations in the spring north to Denver and south to El Paso.
and with the radio manufacturing
Westinghouse, the need for expansion of the RCA Victor plant has been Texas,
Mr. Fuller also announced the closing of a contract with the West Coast
acute. It has been decided that not only Victor Radio, Electrolas and
records, but also RCA Radiolas-which formerly were manufactured in Air Transport Corp., operating between San Francisco and Seattle, for virWestinghouse and General Electric plants-will now be produced in the tually all its lubricating oil needs, as well as additional contracts with the
Camden plant of the RCA Victor Co. This plan demands immediate U. S. Army for the delivery of Richfield aviation gasoline to Crissy Field,
addition of space and equipment and will make Camden the radio manu- San Francisco, and Tucson, Ariz., Airdrome, for all Army needs at these
-V. 130. Points to June 30 1930.
facturing center of the United States, the announcement states.
p. 302
Gasoline sales of this company in Montana for 1930 are estimated at
6.000,000 gallons, according to Reese R. Hall, manager for that state.
-January Sales.
(Daniel) Reeves, Inc.
This estimate is based on a survey which Mr. Hall has just completed,
Increase. accompanied by C. L. Colbert of the Colbert Oil Co., Deer Lodge, Montana,
1929.
1930.
5 Weeks Ended Feb. 1$171.167 Richfield distributor in that territory. Within the next 60 days, addi$3,605,390 $3,434,223
Bales
-V. 130, p. 302.
tional territory will be opened which will give Richfield distribution from
Helena, 250 miles West to the Idaho line, it is announced. At the present
-Lee, Hig- time, the Richfield company is distributing out of Anaconda, Deer Lodge,
-Notes Offered.
Remington Arms Co., Inc.
Missoula with bulk distributing plants
Avon,
-year located Drummond, Butte and Distribution from Butte was only started
offering at 98 and int. $3,000,000 3
ginson & Co. are
in the last four cities.
Jan. 21, while the Missoula region was opened Jan. 23. Eight additional
534% gold notes.
Dated March 11930; due March 11933. Principal and interest(M.& S.) cities will be entered under present expansion campaign.
Gasoline sales of this company in the State of California during 1929
payable at Lee, Higginson & Co., New York, Boston and Chicago. Denom.
$1,000 and $500 c.. Callable, on 30 days' notice, as a whole at any time, totaled 163.105,493 gallons, accordings to official figures on which the
or in part on any interest date, at 103 and interest prior to March 1 1931, State gasoline tax was paid. This was an increase of 26,828,096 gallons
the premium decreasing 1% on that date and on March 1 1932. Interest over the year 1928, including gallonage of Pan American Western Petropayable without deduction for normal Federal income tax up to 2%. leum Co.. control of which was acquired by the Richfield company on
Present Connecticut and Pennsylvania 4 mills personal property taxes June 30 1928.
refunded. Chase National Bank of the City of New York, trustee.
The Richfield Oil Co. of California on Jan. 25 completed Industrial No. 1
Data from Letter of President Saunders Norval', New York, Feb. 14. well at Santa Fe Springs.flowing 2,560 barrels of 34 gravity oil and 7.500,000
-V.130,P.637.
cubic feet of gas daily initial from a depth of 8,040 feet.
-Incorporated in Delaware in 1920. Business founded in
Company.
1816. Company itself or through subsidiary companies manufactures
-January Sales.
Schiff Co.
arms, Remington U M C ammunition, Remington cutlery and
Remington
Increase.
1929.
1930.
Month of JanuaryRemington cash registers. Manufacturing plants are at Bridgeport. Conn.;
$154.561
$380,959
$535.520
Ilion, N. Y., and ilrimsdown, Middlesex, London, Eng. Plants in the Sales
of floor -V. 130, p. 303.
United States occupy 390 buildings, having 2,908,738 square feet
space. Company has more than 6,500 employees. Its business extends
-To Become Retail
Schulte-United Properties, Inc.
back, through predecessor companies, more than 110 years. In 1929 sales
were in excess of $21,000,000. Company's business is well diversified. Properties, Inc.
Its output of ammunition, other than for military purposes, is the largest
The stockholders have voted to change the name of their company to
in the world; its output of firearms is one of the largest, and its output of
designate the
firearms and ammunition together constitutes about one-third of the coun- Retail Properties, Inc. in order that it may more correctlyvaluable retail
production. Its production of shotgun shells and rifle and pistol nature of the company's activities. The company owns
try's total
cltiesi of the United States and Canada and leases them
cartridges in 1929 was in excess of 1,300,000,000, and its present produc- locations in 22
-V. 128, p. 2286.
tion of pocket cutlery is at the rate of approximately 2,500,000 knives per largely to outstanding retail store companies.
annum, which is the greatest production of any company in the country.
-New Director.
Serelco, Inc.
It is the second largest manufacturer of cash registers in the world.
-Proceeds of this $3,000,000 issue together with cash now on
Purpose.
George Henry Warren, Jr. of New York City, director of the Ritz Carlton
hand will provide funds to retire the company's maturing issue of $4,000,000 Hotels Corp., has just been elected a director of Serelco, Inc. This com3
pany is the owner of patents under which it manuafctures low priced electric
-year 53. % gold notes, due March 1 1930.
stoves and ranges which are said to be as fast as gas stoves and as cheap to
Capitalization (Upon Completion of Present Financing).
$6,859,000 operate.
First mtge. 6% sinking fund gold bonds, series A, 1937
Herbert A. Wagner, President of the Consolidated Gas, Electric Light
3,000,000
Three year 5%% gold notes due Mar 1 1933
4,163,100 & Power Co. of Baltimore is also a member of the Serelco board.
First preferred stock, series A,7% cumulative
5,000,000
stock, 8% cumulative
Second preferred
-Sales Increase.
642,385 shs.
Shaffer Oil & Refining Co.
Common stock (no par value)
-Average annual net earnings after depreciation charges and
Earnings.
Continued increases in sales of Kant Nock Ethyl gasoline are resulting
before income taxes (not including income of non-recurring character re- from an advertising campaign by this company, the oil subsidiary of Standceived in 1926 amounting to about $1.900,000), for the four years ended ard Gas & Electric Co., according to B. L. Majewski, Vice-President in
Dec. 31 1929 were $2,049,434, or more than 3% times the $576,540 annual charge of sales.
interest requirement on total funded debt to be outstanding upon completion
The company has just been awarded a contract for 1,000,000 gallons of
of present financing, and in no year of this period were net earnings less Deep Rock Ethyl aviation gasoline by the U. S. Air Service to be distributed
ended Dec. 31 1929 net during the first six months of 1930 to various Government airports scattered
than 2.4 times such requirement. For the year
earnings were $2,377,975, or more than 4 times this requirement.
throughout the United States, including Bolling Field; Langley Field:MidAberdeen Proving Grounds: Fort Bragg: Biggs Field;
Statement of Assets and Liabilities Based on Dec. 31 1929 (Upon Completion dletown Airport;
Fairfield Air Depot; Fort Levenworth, Kansas: Little Rock Air Depot;
of Financing).
Marshall Field, Fort Riley, Kansas; Maxwell Field, Alabama; Fort Sill.
Assets
Oklahoma: and Selfridge Field, Mt. Clemens, Michigan. The company,
Real estate, buildings, plants and equipment, $20,770,220;
with the Government for furnishing
a similar
$13,425,566 incidentally, had during the contractmonths of 1929.-V. 129, p. 3648
less reserves for depreciation, $7,344,654
last six
145,656 aviation gasoline
Investments (securities owned)
& notes receivable,
Current assets: Cash, $1.216,381; accts.
-Expansion, &c.
(Frank G.) Shattuck Co.
$4.048.044; inventories, $7,380,770; advances to affiliated cos.,
12,777.641
This company, which owns and operates Schrafft's stores, is planning
$132,446
to open this spring its largest store at Madison Ave. and 58th Street, N. Y.
108,265
Prepaid items
City, according to an analysis of the company prepared for distribution
by Dominick & Dominick, members of the New York Stock Exchange.
Total assets (exclusive of valuation of good-will, going value,
$26,457,128 During the summer, another store, catering to the residential district in
trade-marks and patents)
the 70's between Riverside Drive and Central Park West, will be opened
Liabilities
at Broadway and 74th St., N. Y. City.
accrued liaCurrent liabilities: Accounts payable, $1,242.978,
"Further expansion into other cities is being rapidly consumated," the
bilities, including reserves for taxes, $474,996: acceptances,
2,271,598 booklet continues. "Negotiations are under way in Atlantic City and a
received from customers, $531,618
w' $22,006; advances
104,948 number of other Eastern cities. All the stores in the Metropolitan district
Minority int. in capital stk. & surplus of subsidiary company
are at present located in Greater New York. The company plans to take
$2,376,546 advantage of the many opportunities in outlying districts and also plans
Total liabilities other than funded debt
to enter such cities as Chicago, Philadelphia, Baltimore and Washington
Net assets (exclusive of good-will, going value, trade-marks and
England."
p_atents), after deducting all liabilities other than funded debt_$24,080,582 and the larger cities of New
On the subject of the company's financial situation, the booklet says:
-V. 129, p. 2244.
"The company is in excellent financial position. Based on the balance
sheet at June 30 last, current assets of $5,172,139 were equivalent to over
-Listing.
Republic Iron & Steel Co.
4.3 times current liabilities of $1,192,961. Cash, call loans and U. S. GovThe New York Stock Exchange has auth. the listing of certificates of ernment securities alone amounted to $4,570,073, or over 3.9 times current
Trust Co.
deposit of Guaranty Trust Co. of New York and the Cleveland
liabilities and 2.2 times total liabilities. Since the acquisition of W. F.
for 250,000 shares pref. stock (par $100) and 939,164 shares common stock Schrafft & Sons Corp., the company's current position has been further
(no par value) on official notice of issuance in exchange for prof. and corn. improved."
-V. 130, IL 6 .
38
stock now outstanding.
The purpose of the plan, pursuant to which the certificates of deposit
-50c. Extra Dividend.
(W. A.) Sheaff?.r Pen Co.
property, business
are to be issued, is to unite in a single corporation the
The directors have be lared a_i extra dividend of 50c, a share and the
and assets of Republic Iron & Steel Co., Central Alloy Steel Corp., Donner regular annual dividend of$2.00. Half of the regular,together with the extra
Compare V. 130, p. 815.
Steel Co., Inc., and The Bourne-Fuller Co.
dividend, is payable March 15 to holders of record Feb. 25. The other
half of the dividend will be paid on Sept. 15 to holders of record Aug. 25.
-New Name.
Retail Properties, Inc.
An extra of 50c. a share was paid on March 15 and Sept. 15 1929.-V. 129.
Se.. Schulte-United Properties, Inc., below.
RCA Victor Co., Inc.
-Expansion Project.
p.3181.
-Acquisition.
Richfield Oil Co. of California.
The acquisition of the Northwestern Oil Co., Inc., by the Richfield Oil
Corp. of New York, a 100% subsidiary, was announced this week by
President C. M. Fuller.
lo The Northwestern Oil Co. was organized in the fall of 1927 as a gasoline
distributing agency for Long Island, N. Y., and was the first company in
that territory to distribute ethyl gasoline to dealers for resale to toe consumer. With the growth of business the company entered the New York
metropolitan area, and when the Richfield Oil Corp. mergerd with the
Walburn Petroleum Co. in the summer of 1929 Northwestern continued
as a distributing agency for Richfield products.
-Listing.
Siemens & Halske, A. G., Berlin.
There have been placed on the Boston Stock Exchange list $14,000,000
participating debentures, series A, dated Jan. 15 1930 and due Jan. 15
2930. See also V. 130, p. 988.
-Liquidating Div., &c.
Simpson Creek Collieries Co.
The Central Hanover Bank & Trust Co., trustee, 70 Broadway, N. Y.
City, paid on Feb. 10, $14.30 per share on the pref. stock certificates of
deposit, making a total of 96.05% paid to date on principal account, leaving
a balance of 3.95%.
FEB. 15 1930.]
1129
FINANCIAL CHRONICLE
The trustee also paid the interest at the rate of 6% per annum for the
six months up to Feb. 10 1930, of 54.75 cents per share on 7,000 shares
outstanding, also $1.15 per share on 20,000 shares common stock. See also
V. 128, p. 1246.
Under the plan company also will pay interest due March 1. The extended portion of the notes will bear interest at the rate of 6%. The ac-V.
ceptance of the plan by holders of 75% of the notes will be required.
129. p. 2874.
-Acquires Additional Stock of
State Title & Mtge. Co.
-Reduction in Crude
Sinclair Consolidated Oil Corp.
General Surety Co.
Oil Prices Met by Jointly Owned Company.-V.130, p. 303.
See National American Co., Inc. above.
The Sinclair Crude 011 Purchasing Co., Jointly owned by the Sinclair
Consolidated Oil Corp. and the Standard Oil Co. of Indiana announced
-Offer Made to Engineers Public
Stone & Webster, Inc.
effective Feb. 13 it would meet the reduction in crude oil prices in Texas,
-To Inc. Capitalization,
-$1 Div.
Oklahoma and Kansas made Jan. 15 and 16 by the suasidiaries of the Serv. Co. Corn. Stockholders
Standard Oil Co.of New Jersey and followed by subsidiaries of the Standard
011 Co. of New York.
Commenting on this announcement H. F. Sinclair, Chairman of the
Sinclair Consolidated Oil Corp. said:
"The reduction made on Feb. 13 has been decided upon reluctantly.
We regard the reductions as inequitable and a backward economic step,
but of course no one company can continue indefinitely to pay higher prices
for its raw material than are paid by its competitors.
"Crude material so valuable as petroleum should not be sold below cost
of production. That course, if pursued, leads eventually to demoralization
and loss with no real gain to the community and certainly none to the
industry concerned. The oil industry has loyally supported the program
of conservation and stabilization fostered by Federal and State Governments. It is to be hoped that the recent price reduction will not undo the
efforts toward sane, stable conduct of the industry, and impair the spirit
of co-operation which had been built up.
"It is certainly not a step in the upbuilding of general prosperity towards
which all industries and all forces have been so urgently invited to contribute."
-V. 129. p. 3181.
Sonora Products Corp. of America.
-To Continue.
Federal Judge Alfred C. Coxe has authorized Irving Trust Co. as receiver to continue the business of the Sonora Phonograph Co. and Sonora
Products Corp.for two months in an effort to effect a reorganization and to
enable the liquidation of a large part of the inventory. The receiver receiver reported to the court that numerous economies had been effected.
including a reduction in the Buffalo plant's weekly payroll to $2,400 from
$13.000. The California branches of the company will be closed.
-V. 129,
p.4151.
Soule Mills, New Bedford.
-Smaller Dividend.
-
The directors have declared a quarterly dividend of $1.50 par share on
the capital stock. payable Feb. 15 to holders of record Feb. 7. Previously
the company paid quarterly dividends of $2 per share.
-V. 128. p. 4020.
Southern Sugar Co.
-New Director.
Harold G. Ferguson has been elected a director. Mr.Ferguson is President
of the Harold G. Ferguson Corp., the Harold G. Ferguson Engineering
Corp., Ltd., Wimsett System Corp., the Ferguson-Smith Co., Ltd., the
Del Norte Land Co., the Los Angeles Realty Board: Chairman of the
Better Business Bureau of Los Angeles Advertising Club; Chairman of the
Board of Governors of the California Stock Exchange, and a director of
California Real Estate Association.
-V. 130, p. 303.
Sparks-Withington Co.
-Earnings.
--
The company reports for the six months ended Dec. 31 1929, net profit
of $1.639,3135 after depreciation, Federal taxes, &c.. equivalent, after
allowing for requirements on $364,900 6% preferred stock, to $2.36 a share
on 684,606 shares (no par) common stock.
Comparative Balance Sheet.
AssetsDec. 31,'29 June 30,'29
Dec. 31.'29 June 30,'29
LiabtlUtesxLand,b1dgs,mach.
$364,900 3589.900
Pref. stock
& equip
$1,769,778 $1,698,304 Common stock__ y2,734,237 2,003,731
Cash
1,737,990
86,094 Accounts payable.. 359,143 1,260,275
Call loans & acAccrued local taxes
7.066
crued Interest..1,006.255 Est Fed taxes(curr) 200,000
370,000
Trade accept. ree - 391,161
Fed.tax (prior yr.) 185,538
Accts. receivable
1,058,345 1,959,828 Deferred income2,422
Inventories
2,396,151 1,875,106 Reserve for conting. 754,220
75,000
Mime!. assets_
462,415
3,655,988 2,865,766
192,647 Surplus
Patents. trademks..
goodwill
176,220
178,239
Deferred charges
261,966
177,687
Total
$8,254,026 37.174.160
38,254,026 37,174.160
Total
x After depreciation. y Represented by 684,606 no par shares.
-V.129.
p. 3181.
Standard Investing Corp.
-7'o Increase Stock.
The stockholders will vote Feb. 20 on increasing the authorized pref,
stock from 100,000 shares to 200.000 shares and the common stock from
350,000 shares to 1.000,000 shares.
-V. 130, p. 817.
Standard Oil Co. of Ind.
-Gasoline Cracking Pool Is
Dissolved by Decree-Judgment of Court of Appeals Stayed To
Permit Case To Be Carried Up.
-
A decree declaring over 50 large and small oil refining companies using
gasoline cracking patents, guilty of violation of the Sherman anti-trust
law, in line with the en bane decision of the United States Circuit Court of
Appeals to that effect issued last June, was handed down at Chicago, Jan
20 by an "expedition" Federal Court. The companies were permanently
enjoined from further interchange of patent rights on oil-cracking processes
the basis of the contention.
Attorneys for the defendants obtained a stay of execution pending an
appeal to the U. S. Supreme Court.
This case is one which has been fought through Federal courts for more
than 5 years, known as the gasoline cracking process patent case. The
special court was agreed upon by the parties to the suit to expedite handling
of the case through proper channels without the necessity of undue delay,
so that an appeal direct to the Supreme Court would be possible. The
court issued its order after the Government and the defendant companies
found themselves unable to agree on the decree.
Attorneys for the defence are now planning their fight before the highest
court. They say that the production of gasoline by cracking-now a
highly important part of all gasoline production-will be thrown into a
chaotic condition unless the decision of the lower court is reversed.
-V.
130. p. 990.
Standard Oil Co. of Louisiana.
-Correction.
--
Due to a typographical error the balance sheet published in last week's
"Chronicle" was given as of Dec. 311929. This should have been Dec. 31
1928.-V. 130, p. 990.
Standard Oil Co. of Nebraska.
-25c. Extra Dividend.
-
The directors have declared an extra dividend of 25 cents per share in
addition to the regular quarterly div. of 62;ic. per share, both payable
March 20 to holders of record Feb. 25. Like amounts were paid in each of
the 5 preceding quarters. Rev- rd of dividends paid since 1913 follows:
--On $100 Par Value Stock
On $25 Par Val. Stk.
'13. '14-20. '21. '22. '23-'24. '25.'26.'26. '27. '28.'29.
Regular
20 20 yrly 10 10 10 yrly 10 __ 10 10 10 10
Extra in cash (%)
10
5 1 3 4
10
Extra in stock(%)
25
x Paid on May 7 1928 on old 3100 capital stock which was also split up on a basis
of four new $25 par shares for each $100 share owned.
-V. 130, p. 480.
Standard Oil Co.(New Jersey).
-Extra Dividend.
-
The directors have declared the usual extra dividend of 25 cents per
share and the regular quarterly dividend of 25 cents per share on the $25
par value capital stock, both payable March 15 to holders of record Feb.
15. Like amounts were paid on June 15, Sept. 16, and Dec. 16 1929
(compared V. 128, p. 3369).-V. 129, P. 3979.
Standard Plate Glass Co.
-Holders of Notes Asked To
Accept 75% in Cash and Grant Extension for 25%.
The holders of the $3,000,000 6% notes maturing March 1 1930 have
been asked by the protective committee to agree to accept payment for
75% of their holdings in cash and grant an extension of six months for payment of the remaining 25%.
The directors have voted to offer an exchange of shares to stockholders
of the Engineers Public Service Co. on the basis of 6 shares of the capital
stock of Stone & Webster, Inc.. for each 10 shares of Engineers common
stock, according to an announcement made on Feb. 12. The directors of
the Engineers company voted to recommend to stockholders the acceptance
of the offer of Stone & Webster, Inc.
At the special meeting the directors of Stone & Webster. Inc., also
declared a quarterly dividend of $1 per share, payable April 15 to holders
of record March 14 1930. In announcing the exchange offer, Charles A.
Stone, Chairman of the board of Stone & Webster, Inc., said: "The
holders of Engineers common stock depositing their shares for exchange,
upon consummation of the plan, will not only continue to have an interest
in the business of Engineers Public Service Co. but also will secure more
diversified investment because of the more numerous activities of the Stone
& Webster organization. Holders of a substantial amount of Engineers
common stock have already expressed their approval of the plan and their
intention to deposit." Stone & Webster, Inc., no Jan. 15 last paid an
-Ed.•
initial dividend of $2 per share.
C. W.Kellogg,President of the Engineers company,expressed the opinion
that the exchange offer of Stone & Webster was an attractive opportunity
for Engineers' stockholders to increase their earnings and diversify their
investment while still retaining a very substantial interest in their Engineers'
stock through the Stone & Webster stock received in exchange.
Stone & Webster, Inc. outstanding capital stock consists of 1,258,981
shares which are listed on the New York Stock Exchange, and it is proposed
to increase the authorized amount from 1,500,000 to 3,000,000 shares to
provide for consummation of the exchange plan. Present subsidiaries of
Stone & Webster, Inc., include Stone & Webster Engineering Corp., Stone
& Webster and Blodget. Inc., Stone & Webster Service Corp.. Stone &
Webster Associates Corp., Stone & Webster Investing Corp. and Stone &
Webster Realty Corp.
The Stone & Webster organization has been nationally identified with the
present utility industry for more than 40 years and its business now cover
the whole field of enterprise from investigation, design and construction,
to the operation and financing of notable public and private undertakings
in many parts of the world. During the past quarter of a century it has
done more than $1.000,000,000 of construction work and appraisals of
plants and properties for more than 900 clients having a total value of
nearly $7.000.000,000 have been made. The steam and hydro-electric
plants it has built develop one-tenth of this country's installed central
station output, supplying 20,000,000 people with electric light and power.
The amount of uncompleted construction work on the books at Dec. 31
1929 was the largest in the history of the organization.
The common stock capitalization of the Engineers company consists of
1,814.071 shares of no par value, also listed on the New York Stock Exchange and the company controls 99% of the total common shares of
subsidiaries having an annual gross revenue of more than $50,000,000.
furnishing public utility services to a population in excess of 2,386,000,
Its subsidiaries comprise: Virginia Electric & Power Co., the Key West
Electric Co., Eastern Texas Electric Co., El Paso Electric Co., Gulf States
Utilities Co., the Western Public Service Co., Savannah Electric & k owes'
Co., Baton Rouge Electric Co., Ponce Electric Co. and Puget Sound Power
& Light Co.
Under the proposed plan of acquisition the common shares of the Engineers company must be deposited on or before March 17 1930 with one
of the following depositaries: Chase National Bank of the City of New
York, New England 'I rust Co., Boston: First National Bank, Philadelphia.
and First Union 'I rust & Savings Bank, Chicago.
Stone & Webster. Inc., reserves the right to withdraw its offer in the
event that less than 75% of Engineers common stock is deposited.StoneW
& Webster, Inc., was instrumental in the original formation of the Engineers
company five years ago and the Engineers properties having been under
the operating supervision of Stone & Webster since that time. Total
assets of the two companies and their subsidiaries are in excess of *420,000,000.
For the six months ended Dec. 31 1929, Stone & Webster, Inc.. reports
net consolidated earnings, including those of subsidiaries. of 34.079,648,
of which $1.246,680 was profit carried direct to surplus on securities acquired on organization from the predecessor Massachusetts corporation
and sold within the period. The above earnings for the six months period
were equivalent to $3.24 a share on the outstanding shares.
For the entire year of 1929, the Engineers company reported earnings
available to common stock of $4,321,865, or the equivalent of $2.59 a
share on the average number of common shares outstanding during the
Year, or $2.38 on the number of shares outstanding at the end of the year.
V. 129, p. 3814.
-Gross Sales.
(Nathan) Strauss, Inc.
1930.
$732,405
Month of January-.Gross sales
-V. 129, p. 3648.
1929.
$599,052
Increase.
$133,353
Stromberg-Carlson Telephone Mfg. Co.
-Extra Div.
An extra dividend of 12%c. a share and the regular quarterly dividend
of 25c. a share have been declared on the common stock both payable
March 1 to holders of record Feb. 14. Like amounts were paid on Dec. 2
last. On Aug. 31 1929 a quarterly distribution of 25c. a share was mule on
this issue.
-V. 129, P. 3182.
Telautograph Corporation.
-Earnings.
-Calendar YearsRentals
Paper sales
Miscellaneous income_ _ _
1929.
$944,955
11,480
21,518
1928.
$862,447
8,789
14,526
1927.
$776,108
6,946
9,146
1926.
$679,915
5,640
14,543
Total income
Expenses-Adminis_ _ _ _
Selling
Installation
Maintenance
Engineering
Depreciation
Experimental
Legal
Special
Miscellaneous taxes..
Federal taxes
$977.954
49,605
140,621
48,394
185,694
18,682
136,637
6,612
5.134
3,593
11,201
40,896
$885.763
46,162
123,933
45,145
164.865
17.171
126,594
6,493
3,503
3,915
9,116
40.664
$792,200
43,926
109,372
45,498
151,347
16.321
115,919
7,604
2,892
3,197
9,003
38,761
$700,098
43,795
106,124
34,564
153,592
15,193
104,946
6,931
1,312
3,863
9,286
29,766
Net profit
$298,200
$330,885
$248,361
$190,725
52,500
Preferred dividends(7%)
52,500
14,838
52,500
Common dividends_($1.05)220,695(80c.)153,600(60c.)115,200(60c.)115,200
Net profit
$80,661
$92,100
$95,352
323,025
Shares common stk. outstanding (no par)_ _ _ _
192,000
192,000
228,760
192.000
Earned per share
$1.02
$1.28
$1.50
$0.72
Comparative Balonce Shea Dec. 31.
LifthilittevAssets1929.
1928.
1929.
1928.
Plant accounts_ ..a32,3.),.820 82,298,365 Preferred stock..
3750.000
113,197
Cash
97,092 Common stock _ _1132.085,592 1,350,009
58,508 Accounts payable_
60,123
Account recelvable
21.515
17,953
4.249
3,611 Accrued accounts_
Inventories
26,078
18,873
5,558 Federal tax
2,641
Investments
40.895
40.663
22,571 Rentals rec. in adv
Deterred charges_ _
10.370
56.388
56.208
Surplus
346,933
251,997
$2.577,403 32,485.705
Total
Total
$2,577,403 32,485,705
a After depreciation of $794,437. b Represented by 228,760 shares, no
parvalue.-V. 129. P. 3814.
-Sold at Auction.
Temple Corp.
The assets have been sold at auction for $310,500 to
former vice-president of the company, who, it is said, Addison Brown.
will continue to
operate the plant under the present management.
---V. 130, p. 990.
FINANCIAL CHRONICLE
1130
-January Sales.
(John R.) Thompson Co.
Month of JanuarySales
-V. 130. p. 304.
1930.
$1.299,635
1929.
$1,224,161
1928.
$1,235,352
1927.
$1,224,745
-Annual Report.
Tobacco & Allied Stocks, Inc.
Income Account Period Jan. 12 1929 to Dec. 31 1929.
$162,855
Realization from sales of securities
142,711
Dividends
18,396
Interest earned
7,178
Commissions earned
Total income
Salaries
Printing and stationery
Stock transfer stamps
Furniture and fixtures
Transfer fees and sundry expenses
Reserved for taxes
$331,139
2,400
263
372
204
2,999
21,910
Net profit, before deduction for decline in market value of invest$302,991
ment securities
Balance Sheet Dec. 31 1929.
Liabilities
Assets
$150
$44,551 Accounts payable
Cash
24,410
100,000 Reserve for taxes
Call loans
Capital
a3,152,287
Investments
28,213 Capital stock (60,000 shares
Dividends & int. accrued rec.
2,000,000
no par)
2,500
Prepaid taxes
1,000,000
1 Paid-in surplus
Furniture & fixtures
Earned surplus, before deduction for decline in
market value of investment
302,991
securities
$3,327,551
$3,327,551
Total
Total
a In marketabl- (listed) securities, at cost (market value, Dec. 31 1929,
1,100 shares Tobacco & Allied stocks, Inc., at cost
$2.464.000), $3,109,234;
(market value, Dec. 31 1929, $27,500, liquidating value $48,829), $43,053
Compare also V. 130, p. 818
-New Interests.
Transamerica Corp.
The directors on Feb. 8 elected Elisha Walker, Chairman of the board
of directors and of the corporation's executive committee. L. M. Gia,nnini
was elected President and Jean Monnet was elected Vice-Chairman of the
board of directors. A. P. Giannini, following the custom established in
the Bank of Italy, became Chairman of the advisory committee, thereby
assuring his continued active interest in the affairs of the corporation,
which is the largest of its type in the world. P. C. Hale, Vice-President,
and James A. Bacigalupi, former President of the Bank of Italy were
chosen as Vice-Chairman of the advisory committee.
Coincident with the new administrators taking office, it became known
that Elisha Walker, Jean Monnet and associates in Banca,merica-Blair
Corp., have become very large shareholders in Transamerica Corp. on a
permanent investment basis.
"We are pleased with the results of the first year of operation of Transamerica Corp. as a holding company," said President L. M. Giannini,
"In reporting earnings of $96,000,000 in a year of such unprecedented
market readjustment as we have been throgh. The Transamerica Corp
tas more than justified the expectations of its founder, A. P. Glannini.
This first year has seen the accomplishments of the difficult tasks of amal
gamating the various affiliated corporations into one large holding corn
pany, and the solidifying of the position of its securities.
"The official entrance into Transamerica,'s affairs of such nationally and
internationally prominent financiers and executives as Elisha Walker and
Jean Monnet insures the continuity and development of the corporation,
and cannot but presage a period of greater expansion in national and international fields than heretofore. In order to give Transamerica its nationwide and international character the board of directors has been enlarged
so as to include representation of outstanding American and International
interests.
"It shall be our fixed policy to engage in and deal only In the soundest
investments and conduct a conservative business according to the highest approved standards to the end that the reputation established by this
corporation for the soundness and conservatism of its policies and securities be maintained and enhanced.
"We intend to aggressively carry forward the program having as its
goal the securing of 500,000 stockholders inaugurated by A. P. Giannini
some months ago. This program is progressing satisfactorily and we are
adding on the books of the corporation new shareholders at the average
rate of approximately 9,000 per month."
New directors chosen at the stockholders meeting were: Paul D. Cravath,
Edward H. Clark (Pres. of the Homestako Mining Co. and of the Cerro de
Pasco Copper Co., and a director of the Irving Trust Co.), George Ne
Armsby (of Bancamerica-Blair and Vice-Pres. of the Calif. Packing Corp.).
Louis Ferrari (Vice-Pres. & Gen. Counsel of the Bank of Italy),E.it. Tinker
(Pres. of Interstate Equities Corp.), Jean Monnet (Vice-Chairman of the
board of directors of Transamercia Corp. and an international financier),
and Howard P. Preston (Vice-Pres. of Transamerica Corp. and representative of the Bank of Italy in New York.
Earnings Statement.
The company reports net profits for the year 1929 of $96.131,743. In
eluded in the earnings are the profits for Transamerica Corp. and its affiliated companies, after deduction of all charges, but before a portion of
the taxes, depreciation and employees compensation plan. Corporation
has paid dividends for the year at the rate of $4 in cash and 4% in stock,
Prior to the declaration of 150% stock dividend, and at the rate of $1.60
in cash and 4% in stock. subsequently.
Statement of Condition at the Close of Business Dec. 311929.
Assets
$20,851,785
Cash and dividends receivable
Investments-Capital stocks of controlled and affiliated
1,155,660,856
banks and corporations
Total
Liabilities
Capital stock, issued and outstanding
Surplus and undivided profits
$1,176,512,641
$585,648,700
x590.863.941
$1.176.512.641
Total
-V.130. p,480
x Does not include undistributed earnings of subsidiaries.
-Earnings.
Trunz Pork Stores, Inc.
Earnings for Year Ended Dec. 28 1929.
Net sales
Cost of sales, delivery,selling, general & administ. expenses
Other deductions, net
Provision for Federal taxes on income
$4,976,480
4,620,620
2,230
38,039
$315,591
Net profit, to surplus
$3.15
Earns, per share on 100,000 shares common stock (no par)
Balance Sheet Dec. 28 1929.
1929.
Liabilities1929.
Assets$91,975
$200,711 Accounts payable trade
Cash
510
30,457 Deposits as sec. on sub leases_ _
Accounts receivable
18,424
2,620 State tax & water chgs accrued
Notes receivable
38,909
4,820 Fed. inc. taxes ace. on 1929 inc
Deposits on leases
x500,000
176,419 Capital stock
Inventory
581,792
21,425 Surplus
Prepaid expenses
795.157
Land, builds., mach.,&c
$1,231,609
Total
1
Good will
-V. 130, p. 481.
x Represented by 100,000 no par shares.
-Merger Plan.
Tubize Artificial Silk Co. of America.
The stockholders will vote March 5 on approving the adoption of an
agreement of merger and consolidation between this company and the
American Chatillon Corp., providing for the consolidation of the said companies into a single corporation to be known as Tubize Chatillon Corp.
Chairman Roland L. Taylor Jan. 24 says:
The directors of the Tubize company and American Chatillon Corp. have
entered into an agreement of merger and consolidation of the two companies
[VoL. 130.
into a single corporation to be named Tubize Chatillon Corp., which agree
ment, when duly approved by the stockholders of the two constituent companies and made effective, will result in the acquisition by Tubize Chatillon
Corp. of all the assets and the assumption by it of all the liabilities of the
two constituent companies and the issue by Tubize Chatillon Corp. of its
stocks as hereafter set forth in exchange for the outstanding stocks of the
two constituent companies. Some of the directors of each of the two constituent companies are also directors of the other company.
Advantages of the Plan.
-The Tubize company has from the outset been
engaged in the manufacture of artificial silk yarn by what is known as the
nitro-cellulose process. For some time past the directors have been of the
opinion that, owing to the constant increase of the uses to which artificial
silk is being applied, it is highly desirable to enable the company successfully to compete with other manufacturers, that it should diversify its product by adding one or more of the other processes now available for the production of artificial silk. The directors have given careful consideration
to the question how best these additional lines of manufacture could be acquired, whether by the acquisition of new rights and the construction of new
Plants or by joining forces with some company already equipped along these
lines. They have fortunately found that American Chatillon Corp. has
Just completed, and is just commencing commercial operation of, its two
plants located at Rome, Ga., one for manufacture by the viscose process
and the other by the acetate process. Both of the plants are new, are supplied with equipment of the latest and most efficient type and are advantageously located both in respect of labor and other manufacturing conditions. The American Chatillon Corp. holds the American rights to the
acetate silk patents under which "La Sole de Chatillon" operates in Italy.
It also has the right to receive such royalties and other compensation as
may be obtained from the grant of rights in said patents in other foreign
countries and these foreign rights are estimated to be of great value. By
consolidating with the American Chatillon Corp., the Tubize company will
share in the ownership of these two new plants and these patent rights.
It will diversify its product by adding a viscose silk and an acetate silk.
It will accomplish this without the delay incident to the construction of
Plants of its own and without raising additional capital. It will have the
benefit of reduced overhead and selling expenses. It will become one of
the very large producers of artificial silk in the United States and will enjoy
the advantages which naturally follow from a large and diversified production. The agreement provides that when the consolidation becomes effective the officers of the Tubize company will become the officers of the
new company.
Upon a consideration of the present valuation of the net assets of the two
companies, it was found that, if the securities of the new company were to
be apportioned immediately between the stockholders of the constituent
companies without any provision for the subsequent determination of their
ultimate amount, the common stockholders of the Tubize company would
be entitled to receive a considerably greater proportion of such securities.
This difference in amount of securities was fixed by the agreement of merger
and consolidation at the sum of $10,000,000 and is referred to below as the
"differential." It was, however, agreed by the directors of both companies that American Chatillon Corp. was entitled to have an opportunity
to demonstrate, over a period of years (fixed at four), the value of its
processes (including the value of the foreign rights which are to be disposed
of within such period) and its earning power, with its plants in operation,
and a complete and efficient sales organization, so that the amount of the
differential, while it might be increased, on the other hand might be reduced.
eliminated entirely, or even be converted into a credit in favor of American
Chatillon Corp. if the value of the processes and plants of that corporation
should prove sufficiently great. This seemed a fair arrangement to the directors, in view of the fact that the American Chatillon Corp. is a now enterprise, and of the further fact that the value thereof so demonstrated, while
reducing the differential, would at the same time add to the value of all the
stock of the new company.
The agreement of merger and consolidation was unanimously approved
by all the directors of the Tubize company present at a meeting of the board
held Jan. 6 1930. It has also been signed by those directors who were not
present at that meeting.
Capitalization of Tubize Chatillon Corp. (New Company).
Presently to Be
Authorized. Outstanding.
1st mtge. 7% Village cony, bonds of American
Chatillon Corp. (assumed by new company).- $2,000,000
$2,000,000
7% cum.cony. pref. stock,series A,par $l00.... 17,500,000
5,000,000
7% cum. pref. stock,series B,par $100
2,500,000
2,500,000
Class A common stock, no par value
600,000 shs. x522,000 shs.
Class B common stock, no par value
600,000 shs. 600,000 shs.
x Of the 600,000 authorized shares of class A common stock, 50,000 shares
are to be reserved against the conversion of 50,000 shares of the 7% cum.
cony. pref. stock series A, and 20,000 shares are to be reserved against
conversion of the 1st mtge. 7% cony. bonds. The remaining 8,000 shares
are to be reserved for issue to Chatillon employees, any balance not so issued
to be sold after Jan. 1 1934 for the purposes stated below.
Distribution of Stocks of Tubize Chatillon Corporation.
The stocks of the new company to be issued immediately in the consolidation will be exchanged for the following stocks of the two constituent
companies:
New CompanyConstituent Companies
.f
.
$5,000,000 7% cum. cony. pref. for $a,000,0000f0cony.
A0. C at
7
stock, series A
cum.h
Corp.
$2,500,000 7% cum. pref. stock, for $2,500,000 6% prof. stock of Tubize company
series 13
522,000 shares of class A common for 522,000 shares of corn, stock of
Amer. Chatillon Corp.
stock
600.000 shares of class B common for 100,000 shs, of corn. stock (class A
and class B) of Tubize company
stock
In addition, pref. stock series A of the now company is to be reserved for
issue and to be issued on account of the differential, now fixed at the tentative figure of $10,000,000, by way of a stock dividend as soon as practicable
after Jan. 11934, to the holders of record on Jan. 1 1934 of the class A common stock or the class B common stock of the new company, dependent
upon the results to be obtained during the period ending Jan. 1 1934, with
respect to the businesses of the present Tubize company and the present
Chatillon company, which businesses are to be conducted as separate dePartments of the business of the new company with separate books and records, indirect overhead expenses of the new company being properly apportioned between the two departments. The amount of this differential
is to be readjusted promptly after Jan. 1 1934, by various credits in favor
of and against the holders of the class A and class B common stocks of the
new company,respectively, depending generally upon the following bases:
1. The amount of the 7% Village cony. Chatillon bonds and the amount
of the pref, stock series A which may be converted into class A common
stock of the new company, thus reducing prior charges now existing against
the Chatilion properties.
2. The amount to be realized from the sale of the authorized class A common stock of the new company which may not have been issued for the conversion of pref. stock or otherwise prior to Jan. 1 1934.
3. The amounts to be received from the sale or other disposal of the foreign rights for the Chatillon processes.
4. A comparison of the net undistributed earnings of the two departthe business of the new company during the period ending Jan.
eit4of
As above stated, any reduction of the differential, now in favor of the
Tubize company, can only be brought about by a demonstration of value
on the part of Chatillon which will work to the benefit of all stockholders
of the new company.
Stockholders or voting trust certificate holders of the Tubize company
will receive stock of the new company (or voting trust certificates representing such stock) now to be distributed on the following basis:
New Company Stock.
Tubize Stock.
1 share of 7% cumu. pref. stock
For 1 share of 6% preferred stock
For 1 share of class A common stock 6 shares of class B common stock (or
voting trust certificate)
(or voting trust certificate)
For 1 share of class B common stock 6 shares of class B common stock (or
voting trust certificate)
(or voting trust certificate)
Description of Stocks of Tubize Chatillon Corp.
Preferred Stocks.
-The 7% cumu. cony. pref, stock, series A, and the
7% cumu. pref. stock, series B, are both entitled to receive cumulative
preferential dividends at the rate of $7 per share per annum; are redeemable
in whole or in part at 110 and diva.: are entitled to the benefit of a sinking
fund commencing to operate on Jan. 1 1933; and are not entitled to vote
on certain matters specified in the agreement of merger and consolidation
until certain defaults occur in the payment of dividends or sinking funds,
in which case each share of pref. stock of both classes is entitled to one vote.
The 7% cumu. cony. pref. stock, series A. is convertible up to Jan. 1 1934.
into class A common stock share for share. While the 1st mtge.7% Village
FEB. 151930.]
FINANCIAL CHRONICLE
1131
cony, bonds are outstanding, the dividends on the series B pref. stock have efforts the committee has been ably assisted by the personnel of the local
preference over the dividends on the series A pref. stock. The pref. stock boards of directors, the organization of the United Hotel Co. of America
of both series is entitled to 110 and divs. on dissolution, but the pref. stock, and by the bankers.
"In an undertaking of this magnitude and complexity it was natural
series B has priority on dissolution over the pref. stock, series A.
Common Stoeks.-The common stock, class A and the common stock, that there should arise misunderstandings in the minds of individual stockclass B are alike in all respects, except that until Jan. 1 1934, dividends on holders as to the effect and meaning of the plan and its probable outcome.
the class B common stock may be declared without a corresponding declara- Many delays were experienced on account of the difficulty of accurately
tion on the class A common stock and except that one class or the other interpreting its meaning to individual stockholders, and, while sufficient
may be entitled to a dividend payable in pref. stock, series A of the new stock was deposited to warrant the committee in proceeding with the concompany as soon as practicable after Jan. 1 1934, depending upon the summation of the plan, it has been felt that the wishes of the minority
should receive the utmost consideration.
amount of the differential above referred to.
"The radical readjustment of the market in November resulted in a conThe agreement provides that no dividends are to be paid on the class A
common stock of the new company prior to Jan. 1 1934, unless the earnings dition of depreciated value of common stocks as compared with those of
of the Chatillon department of the business of the new company shall have preferred stocks. Many depreciated stock holders had come to a decision
reached certain amounts specified in the agreement, but dividends on the to exchange their preferred stocks for common stocks prior to this readjustclass B common stock (being the class which is to be issued in exchange ment of tile security markets and were bound by their deposit irrespective
for Tubize common stock) may be declared and paid at any time in the of the changed basis of values. In deciding to abandon the plan the comdiscretion of the board of directors of the new company.
-V. 130, p.305.
mittee has given consideration to the property of such depositing shareholders being reduced throught their commitment.
"It is equally true that the debentures with warrants attached which
Tubize Chatillon Corp.
-Consolidation.
It was proposed to sell to the bankers were designed to meet a market condiSee Tubize Artificial Silk Co. of America above.
tion no longer existing. As a consequence the bankers were forced to the
conclusion that these debentures were unsaleable at any time in the immediUlen & Co.
-Orders Machinery.
An American engineering syndicate composed of Ulen & Co. and John ate future, and, under the terms of the plan, it was impossible to modify the
Monks & Sons, contractors and agents for the Greek Republic, have placed debentures to meet the changed conditions.
"The committee has decided that to hold the deposited stock until October
an order for $700,000 of drag-line excavating equipment, it was announced
on Friday. Feb. 7. This constitutes the initial order of construction equip- 1930, as the plan provided, in the hope that a suitable market would develop
ment to be used in the $23,000,000 reclamation project of the draining and for the sale of its debentures, would be unfair to the individual stockIrrigating of the Struma and Phillipi plains of the lower Macedonian section holders and consequently the abandonment of the plan was deemed to be in
-V. 129, P. 2875, 1932.
of Greece. It is estimated that the total construction equipment required their best interests."
will cost in excess of $1,600,000. Five of the excavators will be Diesel
United States Electric Light & Power Shares, Inc.
electric driven and two will be of the straight Diesel type. The Bucyrus
Erie Co. of Milwaukee will furnish the Diesel electric driven equipment and New Financing-New Director.
the Harnischfeger Co. of Chicago will supply the Diesel drives.
public utility securities, will
The company, specializing in the holding of
Ulen & Co. are at present completing for the Greek Government the water undertake new financing through the offering of a new issue of series B
supply system that will serve the cities of Athens and Piraeus. The Mara- trust certificates. The series B certificates will be offered at a price of 104
thon Dam, the only mosaic marble faced dam in the world, and the major through Calvin Bullock, investment bankers, who originally organized and
part of this project was recently put in operation. The American engineer- sponsored the tru-St. The current offering is the second series of certifiing firm is a member of the syndicate building the Persian RR., and is also cates offered by the trust, there now being outstanding approximately
engaged in engineering and construction work in Chile, Colombia, Brazil $42,800,000 of the series A certificates. Although operating less than three
and Poland. Domestic work includes the construction of a 26-mile hydro- years, the trust has already paid out over $4,500,000 to certificate holders
electric and irrigation canal in Texas.
-V. 130, p. 482.
in the form of dividends.
The new series B units now offered by the corporation are composed of
Union Investors, Inc.
-Exchange Offer.
common stocks of 44 public utility companies. Each unit involves a subSee Yosemite Holding Corp. below.
stantial investment in such prominent corporations as American Superpower Corp., American Power & Light. Commonwealth & Southern. Middle
Union Oil Associates.
-Listing.
Hudson Power Corp., North American Co.,
West Utilities Co.
The San Francisco Stock Exchange has authorized the listing, on official United Corp. and'Niagara
United Gas Improvement. Investment in each of the
notice of issuance as a 1% stock dividend, 23,768 additional shares of 44 companies is based upon size, importance and geographical distribucapital stock, par $25 per share.
tion of properties.
&lance Sheet Sept. 30 1929.
Dividends on the new series B certificates will comprise full pro rata distribution of all cash dividends on underlying stocks, plus proceeds from the
Assets
LiabtUliesCash
$500 Capital stock
$57,759,425 sale of rights, warrants and stock dividends not in excess of 10%. Stock
Furn. & fist. (less res. for deSubs. to capital stock
1,661,440 dividends of more than 10% and all split-ups will be retained in the trust
preciation)
976 Liabilities
25,158 fund.
Charles S. Thomas, Vice-President of George H. Burr, Conrad & Broom,
Organization expenses
65,232 Surplus
41,550
Stock, Union Oil Co. of Calif _ 59,255,515 Capital surplus
1.496,090 Inc., has been elected a director.
A total of $42,800,000 of the trust's series A certificates are now outstandUnion Oil Co. of Calif. stock
ing in the hands of investors, it is announced. The resources, however,
purchase account
1,661,440
are being further increased through issuance of a new issue of series B cer-V. 129, p. 3649.
Total
Total
S60,983,663
$60,983,663 tificates.
-V. 130, p. 305.
-Extra Dividend.
United States Envelope Co.
the outstanding
The directors have declared an extra dividend of 4
Union Oil Co. of Calif.
-Listing.
The New York Stock Exchange has authorized the listing of 142,218 $1,750,000 common stock, par $100, in addition to I , usual semi-annual
additional shares of capital stock (par $25) on official notice of Issuance dividend of 4%, both payable March 1 to holders of record Feb. 15. An
of the shares as a stock dividend of 1% making the total amount applied for extra cash disbursement of like amount was made on March I 1928 and
1929, while in March 1926 and March 1927. an extra of 2% was paid.
4,265.597 shams
.-V. 130. p. 638, 305.
V. 129, p. 3183.
United American Shares Corp.
-Report.
-
-Stock Increased.
United States Gypsum Co.
Although company was incorporated on August 29 1929, it was not
The stockholders on Feb. 13 approved an increase in the authorized
until a month later that any substantial amount of cash was realized from
the sale of stock and nearly a month and a half after that before it was common stock from 1,250,000 shares of $20 par value to 3.000,000 shares.
considered opportune to inaugurate an active investment policy. Hence, The authorized preferred stock unchanged at 100,000 shares of $160 par
-V. 130. p. 991.
the present report can be considered to cover not to exceed two months' value.
operations. During the period the income and expenses have been as
-Earnings.
United States Hoffman Machinery Corp.
follows:
1928.
Profit on sale of securities
1927.
1926.
1929.
$53,266
Calendar YearsInterest and dividends earned
25,780 Gross profit on sales_ _ _ _ $2,760,722 $3,171,594 $3,530,267 $3,747,542
1,707,557
1,838,768
1,878,091
Sell., gen. & adm.exps__ 1,698,548
Total
$79,016
Expenses
5,278
Profit from operations $1,062.176 81,464,036 $1,691,499 $1,869,451
Federal income taxes (estimated)
266,189
197,058
193,679
187,263
7,828 Interest, &c., income..__
Net surplus
$65,939
The net surplus, as above, is equivalent to over 30 cents per share on
216,112 shares of common stock outstanding at Dec. 31 1929.
Balance Sheet Dec. 31 1929.
Assets
Cash in banks & on call
$1,541,665 Capital stock & surplus accta$3,241,680
Inv. in markle sec. (at cost)... 1,757,909 Earned surplus
73,767
Miscellaneous assets
15,873
$1,255,855 $1,730,225 $1,888,558 $2,056,714
Gross income
92,573
227,653
241,136
99,441
Interest, &c. charges_ _ ..
140,929
189,830
73,877
220,104
Fed. & Dominion taxes_
174,812
147,791
189,911
176,906
Depreciation
224,698
220,103
219,633
Amortization of patents_
219,061
Total
Total
$3,315,447
$3,315,447
a Proceeds of sale of 216,112 shares of no par value common stock at
$15 Per share, of which, by resolution of the board of directors, there was
allotted to capital stock ($10 per share) $2,161,120. Paid-in surplus $5
per share, $1,080,560.
Investment in Marketable Securities at Dec. 31 1929.
Common StocksNo. of Sh
No. of Shs.
Common StocksAllis Chalmers
500 Pullman, Inc
500
American Telephone & Telegraph _ _ 500 Southern Pacific RR
800
Bethlehem Steel
1,000 Union Pacific RR
400
Baltimore eic Ohio RR
500 United States Steel
500
Central & Southwest Utilities
1,400 Western Union Telegraph
Municipal BondsPar Value,
Chicago & Northwestern RR
600
°
Consolidated Gas Co. of N.Y.
500 City of Chicago Os 1930
$100,000
Chesapeake & Ohio RR
300 City of Seattle 55 1936
50,000
Delaware & Hudson
500 City of Seattle bs 1937
50,000
General Electric new
700 Dominion of Canada 3 year 4%
Montgomery Ward
Treasury certificates
1,300
200,000
Public Utility Bonds
Middle West Utilities
500
Northampton Electric, Ltd
2,000 Nat. Public Service Co. 5s 1978_ 14,000
Railroad Bonds
New York Central RR
25
Public Service of N. J
1,000 Missouri Pacific RR.4qs 1931_ 100,000
With but few exceptions, these securities were purchased subsequent
to the recent low of the market, established on Nov. 13 1929, and the
aggregate market value at Dec. 31 1929 was $1,751,339, or only 86,5(19
less than cost; and, as of Jan. 25 1930, $1,781,209, or $23,301 in excess
of cost -V 120, p. 270().
Surplus
Profit and loss items
Previous surplus
-Merger Dropped.
United International Hotels, Inc.
-
The plan by which it was sought, through the creation of the United
International Hotels, Inc., to bring 12 profitable and prominent hotels
in the United States and Canada, under a single executive management, asfallen through, and the securities which were lodged with a committee
designed to perfect the details, will be returned to their original owners. '
Tile committee, consisting of Frank A. Dudley, Charles Dougherty,
Hon, P. R. Du Tremblay and William Dewey Loucks, has issued a formal
statement to those interested in which it is made clear that if was not the
merits of the plan upon which shipwreck was made so much as upon the
surrounding circumstances. The final success of the plan was primarily
attendant upon the raising of new capital, and this, it was believed, would
be impossible in the circumstances.
Tile proposed plan, which provided for the unification of 12 hotels under
one management, was approved by the shareholders of the respective
organizations on Sept. 10 last, and discussion of tile necessary,and attendant
agreement was then undertaken. A couple of months later while the debate
was still under way, a drastic decline occurred in the security markets, and
this finally altered the complexion of affairs very materially.
The main portion of the letter of the committee to the shareholders of
the various companies, explaining the lapse of the merger, was as follows:
"In abandoning the plan the committee wishes to state that every effort
has been made by tile committee to carry the plan into effect. In these
Net income
Common dividends
$581,835
777.712
def.$195,877
Dr111,926
3,089,402
$953,243 $1,196,610 $1,341,198
888,813
888,813
833,213
$64,430
$307,797
3,024,973
2,717,175
$507,985
Dr68,568
2,277,757
Profit & loss, surplus_ $2,781,598 $3,089,403 $3,024,972 $2,717,175
$2.62
$4.29
Earns. per sh. on corn__ _
$5.38
$6.04
Balance Sheet Dec. 31.
1928.
Liabilities1929.
Assets1929.
1928.
04,632,182 $4,632,182
Plant propety__a$1,067,722 $1,028,338 Capital stock
Accounts payable_ 293,514
Plant construe.
371,704
27,483 Deposits on acct. of
38.465
equip, in process
b1,603,435 1,821,986
uncompl. sales_
Patents
5,948
12,558
1 Reserves for taxes
79,542
1
53,887
200,000 Customers' installCall loans
315,567
455,009
ment dividends_
Cash
29,317
51,091
x2,664,947 2,839,990 Surplus
Inst. accts. rec
2,781,597 3,089,402
688,375
Accts. rec., less res. 609,601
Prepaid and def'd
98,336
84,449
changes
1,260,299 1,173,012
Inventories
Deposits on leases,
1,354
2,419
contracts, c
36,817
15,317
Investments
Total (each side)$7,822,102 $8,210,825
x Includes $2,629,773 installment accounts receivable secured by chattel
mortgages or equivalent liens. It does not include interest accrued on
customers' notes receivable. a After deducting reserves of $393,307.
b After deducting reserves of $1,735,087. c Accounts payable within one
year and accrued accounts, incl. Federal tax not assessed or due but
estimated to become payable within one year. d 222,203 1-3 shs. of no par
value.
-V. 129, p. 3026.
United States Steel Corp.
-Unfilled Orders.819See "Indications of Business Activity" on a preceding page.
-V. 130. p.
Van Sicklen Corp.
-Subs. Protects Patent Rights.
The Lorraine corporation, manufacturers of a controllable automobile
driving lamp protected by more than 300 patents, has brought suit for
infringement of patent rights against the single manufacturer who has
not already acknowledged Lorraine's claims.
The suit names the 'Unity Manufacturing Co. of Chicago as defendant
and charges infringements of six claims. The suit was brought in the
U. S. District Court for the Northern District of Illinois, Eastern Division,
and according to officials of Lorraine Corp., will be pressed vigorously
for trial.
Intention to press its claims against any and all infringers was announced
by Lorraine Corp., which recently became a division of the Van Sicklen
Corp., a subsidiary of Allied Motor Industries, Inc.
-V. 130, p. 649.
-Acquires Fabric Plant.
Vogt Mfg. Corp.
-
The corporation has acquired the plant and business of the Waterloo
(N. Y.) Textile Corp. The latter company manufactures high-finish
FINANCIAL CHRJNICLE
1132
[Vou 180.
-100% Stock Dividend.
Woods Bros. Corp.
textiles and fabric linings for the interior of automobiles. It is undarstood
that this business was acquired on an exceedingly favorable basis and
The directors have declared a 100% stock dividend on the common
It is estimated by officials of the company that this acquisition will add stock, payable March 1 to holders of record Feb. 15.-V. 128, p. 4178.
substantially to the book value and earnings per share of the common stock
-Fidelity Trust
-Stock Offered.
Yosemite Holding Corp.
of the Vogt company. Purchase of the Waterloo Textile Corp. will entail
no new financing on the part of the Vogt corporation.
are offering stock
during the latter part of 1928 Co. and Baker, Simonds & Co., etroit,
This acquisition follows the purchase
of the George R. Carter Co. and now gives Vogt facilities for the manu- units at $78 per unit (plus pref. Cliv.), each unit consisting of
-V. 129, one
facture of a complete line of interior fabrics for automobiles.
share $3.50 cum. pref. stock (with purchase warrant)
p. 3649.
and four shares common stock (v. t. c.).
-Sales.
Waldorf System, Inc.
Month of JanuarySales
-V. 130, p. 307.
1928.
1929.
1930.
$1.380,179 $1,298,735 $1,226,568
-January Sales.
Walgreen Co.
Month of JanuarySales
-V. 130, p. 307.
Increase.
1929.
1930.
$4,224,127 $3,055,250 $1,168,877
-Sale.
Waterloo (N. Y.) Textile Corp.
-V. 116, p. 1773.
See Vogt Manufacturing Corp. above.
-Earnings.
Wayne Pump Co.(& Subs.).
Years Ended Nov. 30Gross profit from sales
Selling & adminstrative expenses
1928.
1929.
$2,387,371 $1,627,009
1,015,652
1,358,005
Profit from operations
Other income credits
$1,029,365
117,572
$611,357
150,888
Gross income
Income charges (Other than bond interest)
$1,146,937
175,393
$762,245
76,752
$971,544
60,000
137,180
69.661
$685,493
60,000
64,630
23,500
Balance
Dividend on pref. stock of Wayne Co
Interest on gold deb. bonds-incl. normal tax
Provision for Federal income tax
$537,363
$704,702
Net income
120,908
139,158
Shares corn.stock outstanding (no par)
$2.58
$3.32
Earnings per share
Consolidated Balance Sheet, Nov. 30.
1928.
1929.
Liabilities1928.
1929.
Assets$372,941 2896,770 Accounts payable_ 2194,124 $125,560
Cash
325,000
450,000 Notes payable_
Call loans
70.000
78.029 Other eurr.!lab_ _
10,080
Notes ret eivable_ _
164:482
429,167 Accrued accounts_ 278,849
1,128,212
Accounts receiv_
2,455 Curr. liab. Wayne
889
Employees sects_ _
Tank & Pump
51,344
84,499
&counts_ _
Sundry
45,854
Co.,Ltd., Eng.d
U. S. 3%% treas.
67,981
90,670
48,656 Dividends payable
notes
29,586
4,000 Mtge. loans pay. _
16,000
0th. mkrie secur.
634% 8. f. gold
Curr.assets,Wayne
2,220,000 2,300,000
deb. bonds
Tank & Pump
193,999 Preferred stock _ _ _ 1,000,000 1,000.000
•
Co., Ltd., Engid
x2,068,789 x689,600
996,293 Net worth
2.108,128
Inventories
y2.321,524 1,136.078
Property
26,281
x140,551
Patents
80,404
94,194
Deferred charges_ _
26,277,021 24,393,479
86,277,021 24,393,479 I Total
Total
x Represented by convertible preference capital stock having preference
in liquidation of $55 per share, and as to earnings of $3.50 per share annually-authorized, 100,000 shares of no par value: issued, 69,837 shares:
less in treasury, 500 shares; common capital stock, authorized, 300,000
shares of no par value: issued, 139,158 shares; less in treasury, 250 shares.
y After depreciation of $969,894. z After amortization of $19.040V.129,p.3491.
West Coast Life Insurance Co., San Francisco.
Extra Dividend-Stock Increased.
and the
The directors have declared an extra dividend of 43ic. a share,
regular semi-annual dividend of 9c. a share, both payable Feb. 25 to
holders of record Feb. 14.
The stockholders, at the annual meeting, approved the proposal to
Increase the capitalization from 500,000 shares, par $1, to 750,000 shares,
par $1.
-The directors on
-Rights.
Western Electric Co., Inc.
Feb. 11 authorized the issuance of 750,000 shares of no-par
common stock to be offered to stockholders of record Feb. 17
in the ratio of one share of new stock for each seven shares of
old stock then held, at $40 per share payable on or before
March 31 1930. President Edgar S. Bloom stated that
with the issuance of the new stock there will be outstanding
6,C00,000 shares of no-par common stock, and that the
$20,000,000 which will be received if the 750,000 shares of
new stock are fully subscribed for will be used to finance the
-V.
expansion of manufacturing facilities now in progress.
129, p. 3817.
-Stock Increased.
White Rock Mineral Springs Co.
The stockholders on Feb. 7 approved an increase in the common stock
to 250,000 shares of no par from 200.000 shares, and ratified changes in
the company's articles of incorporation to provide for the exchange of
2d pref. stock for common stock. The directors in October 1929 offered
holders of 2nd pref. stock, of which 10,000 shares were outstanding, the
five comright to exchange their stock for common shares on the basis ofoperative,
mon for one of 2nd pref. On Jan. 15 the plan was declared
2nd pref. stock having already deposited their
holders of 8,339 shares of
shares for common stock. Since that date additional 2nd pref. has been
deposited, making a total of more than 90% at present. would leave the
Complete conversion of the 2nd pref. into common stock
and
company with a capitalization consisting of 20,000 1st pref. shares
250,000 common shares. See also V. 130, p. 649.
-Extra Dividend.
Will & Baumer Candle Co., Inc.
10c. a share and the
The directors have declared an extra dividend of common stock, both
regular quarterly dividend of 10c. a share on thedirectors also declared
The
payable May 15 to holders of record May 1. on the preferred stock, paythe regular quarterly dividend of $2 a share
15.
able April 1 to holders of record on March paid on the common stock on
An extra dividend of 10c. a share was
-V. 129, p. 2702.
Nov. 15 last.
-January
Winn & Lovett Grocery Co. 1930. Sales.
1929.
of JanuarySales
-V. 130, p. 307.
$513081
8
S516 25
Decrease.
83,177
Preferred stock is entitled to a cum. div. of $3.50 per share per annum,
-J.
payable Q. (first div. to be paid April 11930). Preferred stock is of no
par value and is entitled to vote. In the event of liquidation it is entitled
to assets of the corporation up to $51 per share, and diva., and is red. in
whole or in part on any div. date after Jan. 1 1930, on 30 days' notice, at
$55 per share and div. Free from present normal Federal income tax.
Transfer agents: Guaranty Trust Co., New York, and Fidelity Trust Co.,
Detroit. Registrars: Fidelity Trust Co., New York, and Detroit & Security
Trust Co., Detroit.
Depositary and custodian of securities: Commercial Trust Co. of New
Jersey, Jersey City, N. J.
Capitalization Authorized.
100,000 shs.
Preferred stock $3.50 cumulative (no par value)
*1,500,000 shs.
Common stock (no par value)_
stock will be issued under a voting trust composed of five
* The common
members. The voting trustees will be members of the board of directors. Of
the unissued stock, 410,000 shares are reserved against purchase warrants,
to be issued with the preferred stock, and in payment for services to the
management of the corporation and the Securities Research Corp. (payment to be made at the end of each year during the five year management
contract), and to the bankers. An additional 90,000 shares are reserved
against purchase warrants which may be issued in further acquisition of
assets.
Warrants entitle the holder to purchase one share of corn. stock represented by voting trust certificates at $7 per share at any time before Dec. 1
1934, and at $10 per share any time before Dec. 11939.
-Corporation was organized in 1929 in Delaware, with broad
Business.
charter powers,to operate as an investment company of the general management type, and, to acquire or organize investment companies of practically
any size or type. Corporation owns a controlling interest in the Securities
Research Corp.
An offer for exchange of stock has been made Union Investors, Inc. an
Investment trust of the general management type, on the basis of approximately the liquidating value of that company.
-Corporation is under the direction of men who have had
Management.
long training in industry, investment banking, and finance.
of
The Securities Research Corp., under the supervision of the boardthe
directors of the Yosemite Holding Corp. will completely manage
acquired or organized by the Yosemite
Portfolios of those companies
Holding Corp. The management fee will be 1% of the average market value
% for
of invested funds, annually, (%% for counsel and advice and
administrative expense). It will charge the Yosemite Holding Corp. the
same fees for the management of its funds.
-The income of corporation will be derived chiefly from dividends
Income.
and market appreciation of its portfolio, and from the organization and
controlling
acquisition of other investment companies. In addition, the
Interest in the Securities Research Corp. should become more profitable
as the funds brought under its management are increased.
-Luther D. Thomas, Pres.; George E. Dyke, Vice-Pres.; Ralph
Officers.
P. Porter,
W.Simonds, Vice-Pres.; Thomas S. Clayton, Vice-Pres.; Stuart
Sec.; Richard W. Thomas, Treas.
George E. Dyke, Ralph W. Simonds,
-Luther D. Thomas,
Directors.
F. W. ter Meulen, Henry E. Riggs, Ray Vance, Charles Bohn, John D.
Maxwell, Curtis
Wing, Robert Gair Jr., Thomas S. Clayton, Lee W. O'Neill, Richard
Franklin, Jefferson W. Baker, H. Bartow Farr, Grover
-V. 130, p. 820.
W. Thomas, Wilson W. Mills.
CURRENT NOTICES.
and
-As a result of over 5,000 questionnaires directed to every State
St.,
covering every line of business, George H. Burr & Co., 57 William
conditions
N. Y. City, have compiled a comprehensive survey of business
of the
In 1929 an a forecast for the current year. A striking feature
the
survey is the revelation that all the chain store companies answering
year, and
questionnaire look for an increase in sales during the present
prices will
that five of the seven chain store classifications expect that
were
remain the same in 1930 as they were in 1929. The two exceptions
between mainthe clothing line in which the responses are divided evenly
in the shoe
tenance of 1929 prices and a lowering of prices for 1930; and
store business where 75% were forecasts of unchanged prices and 25%
of
of lower prices. In the chain store field as a whole, no expectations
broadcast
higher prices were voiced. The results of the survey are being
per cent
widely by the Burr firm in a compilation expressed in terms of
sales, colshowing the answers under five general classifications, namely,
for 1930.
lections and prices in 1929, and forecasts of sales and of prices
half
In only four lines of trade out of twenty-nine analyzed did less than
decrease in sales during 1930. In
the answers indicate expectations of a
department
the hosiery business 90% expect an increase in sales; in the
store field 62%; automobile accessories 84% and agricultural implements.
prices.
64%. In no line of business surveyed did a majority forecast higher
investment
With the intention of confining their activities to the
withdraw
banking field, Blyth & Co. have announced that they would
distributing
from the brokerage business and enlarge their investment
Blyth, head of the
organization throughout the country. Charles R.
brokerfirm, stated that arrangements had been completed whereby the
on the
age business heretofore conducted by its offices in New York and
by Russell, Miller
Pacific Coast will, on and after Feb. 28, be conducted
to
& Co. The firm's Chicago brokerage business will be transferred
in other cities.
Sheilds & Co., and similar arrangements will be made
maintained in
The distributing power of Blyth & Co., through offices
will be further
Eastern, Middle Western and Pacific Coast territories,
larger operations which are now availdeveloped to enable it to handle the
private financing.
able to it in the fields of public utility, industrial and
York Stock Exchange,
-Mark 0.13teinberg & Co., members of the New
main offices in the
have formally opened their enlarged and redecorated
now occupies almost the
Boatmen's Bank Bldg., St. Louis. The firm
board room
entire mezzanine floor of the building and has installed a new
-foot mural paintIn what was formerly the light court. A feature is the 85
depicting
ing in the board room by Frank Nuderscher, also of St. Louis,
Trans-lux
the development of industry and commerce. In addition to a
board room
Movie Ticker for stock quotations, other equipment in the
screen for
Includes a Trans-lux for the "broad tape" and a stereoptican
telegraphic flashes.
of
0.
- R. Seagraves and G. F. Balme have been elected to the board
has been
directors of G. E. Barrett & Co. and E. G. Diefenbach, President, Barrett
1927.
1928.
who is Vice-President of G. E.
1929.
1930.
re-elected to the board. Mr. 13alme,
Month of JanuaryUtilities &
$18,408,152 $17,660,183 $17,108,358 $16,116,517 & Co., Is a director of Consolidated Gas Utilities Co., American
Bales
Lumber
General Corp., South Texas Gas Co., Southern Gas Utilities, Cady
-V. 130, p. 790.
Seagraves is
Mr.
Co., Belamose Corp., and Duval Texas Sulphur Corp. subsidiaries and is
-Earnings.
director of United Gas Co. and all of its
Wrigley Jr. Co.
(Wm.)
President and
1929-12 Mos.-1928. Chairman of the Board of Duval Texas Sulphur Corp.
-3 Mos.-1928.
Period End. Dec. 31
- 1929
$19,833,064
Analysis"
Net profit from oper_ _ _ _ $5,157,879 $4,279,018 $20,740,609
According to the February issue of "Monthly Financialmarket for
7,939,890
7,472,641
1,625,385
City, the
Sell.. gen. & adm. exp_ _ 1,901,337
540,216 prepared by Clokey & Miller, 52 Broadway, N. Y.
530,636
224,312
125,793
dull and listless. Nevertheless
Depreciation
1,084,308 bank stocks during January was seemingly
month
1,283,036
36,365
211,365
Federal taxes
the trend in the leading issues was decidedly upward. During the above
and closed at 107 or approximately 7% their
$11,454,296 $10,268,648 averages rose from 98 to 108
January gave
Net income
stocks
$2,919,383 $2,392,955
1,800,000 the 1929 opening levels. The insuranceover a duringaverages advancin2,000,000
1,800.000
year,
Shs. corn.stock outstand 2,000,600
$5.70 best exhibition of technical strength in
$5.72
$1.33
$1.46
Earnings per share
week by week, namely 66-67-68-70-71.
-V. 129. p. 3184.
-January Sales.
(F. W.) Woolworth Co.
FEB. 15 1930.]
FINANCIAL CHRONICLE
1133
The Commercial Markets and the Crops
COTTON-SUGAR-COFFEE-GRAIN-PROVISIONS
-WOOL-ETC.
-DRY GOODS
PETROLEUM-RUBBER-HIDES-METALS
COMMERCIAL EPITOME
The introductory remarks formerly appearing here will now be
found in an earlier part of this paper immediately following the
editorial matter, in a department headed "INDICATIONS OF
BUSINESS ACTIVITY."
Friday Night, Feb. 14 1930.
COFFEE on the spot was in moderate demand with Santos
Bourbon 4s 143jc. to 143 c., Victoria 7-8s at 9Mc. and Rio
%
%
7s at 103' to 103 c. Fair to good Cucuta, 15% to 16c.;
Colombian Ocana, 153 to 163c.; Bucaramanga natural,
%
16 to 17c.; washed, 18% to 193jc.; Honda, Tolima and
Giradot, 193 to 19%c.; Medellin, 20M to 21c.; Manizales,
%
19% to 193 c.; Mexican washed, 19 to 20c.; Surinam, 134
to 1434c.; East India, Ankola, 24 to 32c.; Mandelling, 29
to 35c.; genuine ,Java, 29 to 31c.; Robusta washed, 123( to
12%c.; natural, 10% to 11c.; Mocha, 26% to 27c.; Marrar,
%
213 to 23c.; Abyssinian, 183 to 183 c.; Guatamala prime,
183 to 19c.; good, 17% to 18c.; Bourbon, 16 to 16%e.
On the 11th inst. early cost-and-freight offers were unchanged or lower and in view of the decline in Brazilian
exchange, shippers were disposed to consider bids below their
asking prices. For prompt shipment Santos Bourbon 2-3s
were quoted at 153 to 15.70c.; 3s at 13.70c.; 3-4s at 13.40c.
to 15.60c.; 3-5s at 12.80 to 13.90c.; 4-5s at 11.70 to 13.15c.;
5s at 12% to 12.85c.; 5-6s at 11.65 to 12.30c.; 6s at 11 to
%
11.40c.; 6-7s at 93 to 10.85c.; 7s at 11.350.; 7-8s at 83 to
10.95e.; part Bourbon 3-5s at 133c.; 4-5s at 11%c.; 6-7s at
10e.; 7-8s at 10.650.; peaberry 3-4s at 15.80c.; 4s at 13c.;
Victoria 7s at 8.50c.; 7-8s at 8.30c.; rain-damaged 7-8s at
9.65e. To-day cost-and-freight offers from Brazil were unchanged to 20 points lower. Prompt shipment Santos
Bourbon 2s were here at 14.85 to 15.45c.; 3s at 13.40 to
13.60c.; 3-4s at 13.15 to 14%c.; 3-5s at 12% to 13.90e.;
4-5s at 12.60 to 13.45c.; 5s at 123 to 12.65c.; 5-6s at 113 to
%
11.90c.; 6s at 11.40 c.; 6-7s at 103 to 103 c.; 7s at 103e.;
%
7-8s at 8.40 to 10.60c.; part Bourbon 4-5s at 123 c.; 4-6s at
12.65c.; Peaberry 3-45 at 15.55c.; Santos rain-damaged 7s
at 8.65c.; 7-8s at 8.10c.; Victoria 7-8s at 8.35c.
The world's visible supply of coffee on Feb. 1 totalled
5,119,144 bags against 5,079,355 bags held at the start of
the previous month and 5,037,516 bags on Feb. 1 1929
according to data compiled by the New York Coffee Exchange. Stocks of coffee in the United States on Feb. 1
were 670,640 bags against 692,872 bags on hand Jan. 1 and
732,320 bags held in this country on Feb. 1 last year. Arrivals of all coffees in the United States during January
totalled 933,707 bags against 970,583 bags in the previous
month. Total arrivals of all coffees in the United States
for the seven months ended Jan. 31, the first seven months
of the current crop year were 6,244,214 bags against 5,973,633 bags in the comparable months of the previous year.
Arrivals of mild coffee in the United States for the month
thus far aggregated 132,919 bags against 142,137 for the same
time last year. The deliveries thus far this month were
129,665 bags against 103,761 for the same time last year.
Stock of mild coffee in the United States on Feb. 10 was
232,732 bags against 229,478 on Feb. 1 and 408,881 at
this time last year. The Institute De Cafe Do Sao Paulo
reports coffee stocks in Sao Paulo interior warehouses and
railways, Jan. 31 (includes Minas Geraes) 19,377,000 bags
against 18,357,000 bags on Dec. 31. Interior stocks as
reported by the Sao Paulo Coffee Institute, Jan. 31, were
19,377,000 bags against 12,279,000 in 1929; visible supply
of the world on Feb. 1, 5,119,144 against 5,037,516 on the
same date last year. Clearances from Santos for the United
States during January totalled 738,000 bags according to
data compiled by the New York Coffee & Sugar Exchange.
This was the largest total since October 1923, when a total
of 751,000 bags was cleared from that port for the United
States.
Futures on the 8th inst. were irregular. Santos closed
4 to 7 points higher on buying by Brazilian interests and
covering with sales of 22,500 bags. Rio ended at 2 points
off to 2 points up with sales of 6,500 bags. No "future"
business was done in mild. It ended on that day unchanged
to 2 points higher. On the 11th inst. futures were irregular
with Rio ending 14 points lower to 1 point higher with sales
of.51,000 bags of Rio and Santos. On the 13th inst. prices
ended 7 to 12 points lower on Santos and 10 points lower to
3 points higher on Rio. New York and Brazil sold. The
trade took part in the selling. Brazilian cables over the
holiday were disappointing. Trading was not on a big
scale. That is Santos contracts was about 47,000 bags and
in the Rio 16,000. Mild sold at 14.60 to 14.750. for September ending at prices 20 points off to 5 up. The cables to the
Exchange said that the receipts at Rio between Feb. 16th
and Feb. 28th will be 12,585 bags daily. Cost and freight
offers from Brazil were in good suplpy and were unchanged
to slightly lower. To-day private cables reported the outbreak of political fighting in Victoria with 10 people killed
and this with the weaker closing cables from Brazil depressed
futures here. The ending was at a net decline of 2 to 13
points with sales of 11,000 bags of Rio and 15,000 Santos.
Mild coffee closed with March, 15.88c.; July 15 to 15.10e.
and Sept., 14.65 to 14.70c. with sales of 2,000 bags. Final
prices show a decline for the week on Rio of 1 to 3 points
and of Santos of 18 to 26 points.
Rio coffee prices closed as follows:
Spot unofficial_ _ _ _103i I May
March_ _ _ _ 8.32® 8.33 July
7.82@ nom I Sept
I Dec
7.58@
Santos coffee prices closed as follows:
Spot unofficial
May
March _ _ _12.50 ® ---- July
March_
11.58®
11.05@
Sept
Dec
7.40@ 7.43
7.25@ nom
1O.71@
1O.45( nom
COCOA to-day ended with March 9.05e.; May 9.41c.;
July 9.65e. Final prices are 23 to 30 points lower than a
week ago.
-Prompt Cuban raws were at 3.77e. duty paid
SUGAR.
and 3.61c. duty free with little business. The Selling Agency
price was 2 1-16c. Refined was 5e. with light trading.
Futures on the 8th inst. closed 1 to 3 points higher with
sales of only 5,700 tons and 25% was in switches. Receipts
at Cuban ports for the week were 165,257 tons against
266,347 in the same week last year; exports 19,275 tons
against 125,830 last year; stock (consumption deducted)
341,334 tons against 566,192 last year; centrals grinding
151 against 163 last year. Of the exports 3,395 went to
Atlantic ports, 4,025 to New Orleans, 1,279 to Interior
United States; 3,393 to Charleston; 33 to South America
and 7,150 to Europe. Old crop (1928-29) exports 38,169
tons; destinations: Atlantic ports, 26,659; Galveston, 7,156;
Savannah, 4,353; stock, 93,524 tons. Receipts at U. S.
Atlantic ports for the week were 43,852 tons against 31,779
in the previous week and 75,238 same week last year; meltings 54,769 tons against 58,329 in previous week and 53,229
last year; importers' stocks 365,229 tons against 376,964
in previous week and 81,723 last year; refiners' stocks 161,412 against 160,594 in previous week and 83,931 last year;
total stocks 526,641 against 537,558 in previous week and
165,654 last year.
Refined was 4.95e. with the situation unsettled partly
because of an announcement by each of the Pacific Coast
and Southern refiners that their price of 4.950. less 2% is
retroactive to Jan. 6. No action in this matter has yet
been taken by the local refiners and it is uncertain whether
they will retaliate by making it a general movement or will
continue to quote 4.95e. less 2% effective from Feb. 3.
On the 10th inst. 10,000 bags Porto Ricos for prompt shipment to Philadelphia sold at 3.64e.; 1,000 tons Philippines
for March-April shipment at 3.73c. and 1,000 tons of that
crop for April-May shipment at 3.77e. delivered. The
Cuban Export Sales Agency reported no sales on the 10th
inst. but on Saturday sold a part cargo to the United States
understood to a Gulf port at 2 1-16c. c. & f. On the 11th
inst. futures with an unsettled market for the actual sugar
dropped 1 to 2 points. On the 11th inst. the easier tone
of the London terminal market is attributed in private cables
to fear of tenders. London reported offerings of parcels of
2
raw sugar for February shipment at 7s. 73/ cl. c.i.f., about
1.49c. f.o.b. Cuba; offerings of March shipment at 7s. 9d.
or 1.51c. f.o.b. and April at 7s 11 %c. or 1.56c. f.o.b. One
cable stated that the Single Seller is willing to sell at 1.65e.
f.o.b. for April shipment.
On the 11th inst. 12,000 bags of Porto Ricos, due about
Feb. 24, sold at 3.61c. delivered, or 1 27-32c. c. & f. On
the 13th inst. futures dropped 2 to 5 points largely owing to
reports that the idea of restricting the crop in Cuba had been
abandoned. Cuban interests were said to have been heavy
sellers. The sales were 30,000 tons. London was quiet,
with some sales made at 7s. 6d. Refined was 3d. lower.
One refiner here was quoting 4.95c. retroactive to Feb. 3.
Trading in the actual raw sugar was quiet. Some 1,800 tons
Philippine raw sugar for April-May shipment sold on the
13th to an operator at 3.66c. delivered or 1 point under
1 29-32c. c. & f. for Cuba. Duty free sugars in February
arrival positions were offered at 3.58c. delivered or 1 13-16c.
c. & f. with no buyers. Several refiners have announced
the withdrawal of the four payment plan from Michigan,
Indiana and Ohio. The Sugar Club of Havana says the
sucrose yield of the current crop to the end of January
averaged 10.82%. This compares with a yield of 11.13%
to the end of January last year. As grinding of the current
1134
crop did not start until Jan. 15, the yield of 10.82% to the
end of January reflects the operations of the first seventeen
days. Last year, grinding operations started on Jan. 1,
and for the first fifteen days, the yield averaged 10.74%.
Havana cabled that the Santa Clara Association has
called a meeting of sugar planters for Monday next to discuss
restriction. It is added that sentiment is strongly opposed
to official cutting down of the crop. Liverpool cabled:"The
Liverpool Sugar Exchange which has been in process of
organization for several months, will open for trading on
Feb. 25th, it was announced. Contracts will be based on
96 degrees cane sugar in Liverpool, with sellers' option to
deliver either cane or beet sugar in other ports under special
conditions." The total melt according to the Sugar Institute, Inc. from Jan. 1st to Feb. 1st was 360,000 long tons
against 375,000 long tons in the same time last year; deliveries
Jan. 1st to Feb. 1st were 335,000 long tons against 330,000
in the same time last year. One comment was. "The
unfavorable statistical position in the United States and the
constant flow of Supplies from Insular Possessions bar Cuba
from obtaining the necessary outlet for her mounting stocks.
A similar situation exists abroad. These factors would seem
to operate against a bullish trend to values for some time to
come, at least until 1931 crop prospects become a more
important factor. Barring unforeseen developments, particularly restriction in Cuba, we should think that prices must
remain around present levels or possibly recede somewhat
before any improvement can be maintained."
One forecast of the world's sugar production for 1929-30
is 27,252,000 tons against production in 1928-29 of 28,057,000
tons, a decrease of 805,000 tons or 2.187%. Consumption
for 1929-30 they estimate at 27,837,000 tons against actual
last year of 26,967,000, an increase of 870,000 tons or 3.22%.
Stocks in all U. S. Refining ports and in entire Island of
Cuba according to Willett & Gray are as follows: United
States Atlantic ports (New York, Boston, Philadelphia and
Baltimore 526,641 tons, against 165,654 last year; Norfolk,
Ya., 67,895 tons; New Orleans, 28,485 tons against 45,186
last year; Savannah and Galveston, 23,439 tons against 3,069
last year; San Francisco, 29,206 tons against 49,215 last year;
total in United States 675,666 tons against 263,124 last year;
Cut an entire Island, 908,567 tons against 1,217,118 last
year; afloat, 225,000 against 200,000 last year; total in
United States and Cuba and afloat, 1,809,233 tons against
1,680,242 last year. Advices received here to-day stated
that Java exports during January 1930 were 138,000 tons
of which 6,000 tons were shipped to Western destinations.
During January 1929, 213,000 tons were exported, of which
49,000 tons were shipped West. London to-day was weak
on reports that there will be no restriction. A private cable
from Havana this morning said regarding resriction that
general sentiment in Cuba is against it, but concerning the
percentage opposed, the correspondent would not venture a
guess int believes that all were against it with one notable
exception, which he indicated as a Hg commission house
with Cuban connections. Futures here deelhed early to-day
2 to 4 points on very ger eral liquidation with active selling
by large Ct ban interests reported. Final prices show a decline for the week on futures here of 10 to 12 points. Today futures here ended 5 to 6 points lower with sales of 97,650
tons.
Prices were as follows:
Spot unofficial_ _ _2 1-16 July
March____ 1.680 1.69 Sept
May
1.780 1.79 Dec
1.880 nom Jan
1.960 1.97
2.040 nom
2.060 ----
LARD on the spot was firm with prime Western 11.45 to
11.55c.; Refined to Continent, 113/2c.; South America,
4
113 c.; Brazil, 123 e. Futures on the 8th inst. advanced
4
5 to 8 points with hogs firm with a top of lie., cash demand
good and Liverpool 6d higher. Hog receipts at the West
were 41,400 against 52,671 on the same day in the previous
week. On the 11th inst. futures advanced 2 to 7 points with
hogs up 10 cents and Chicago receipts smaller than expected.
The total at the West was 124,800 however against 121,000
last year. Exports Loin New York reached the liberal
total of 4,594,000 lbs. to English, Irish and German ports.
Cash prices were stronger. On the 13th inst. prices ended
unchanged to 3 points lower partly in sympathy wth the
reaction in grain. Hogs however were 10 to 20 cents higher.
Chicago's top was $11.35 the best of the year. Export
demand, however, was said to be smaller. Total receipts
of hogs were only 116,500 against 152,000 a year ago. New
York cleared 338,000 lbs. to Europe. Prime Western spot
/
was 11.45 to 11.55c.; Refined Continent up to 113sc.; South
America, 11%c.; Brazil, 12%c. To-day futures closed 7
to 10 points higher partly in response to a stronger cotton
oil market. Final prices were unchanged to 5 points higher
for the week.
DAILY CLOSING PRICES OF LARD FUTURES
Wed.
Tues.
Mon.
Sat.
Holi10.97
10.95
March delivery
11.07
day
11.17
11.12
May delivery
11.25
July delivery
11.40
11.35
11.47
IN CHICAGO.
Fri.
Thurs.
11.05
10.97
11.25
11.15
11.47
11.37
PORK quiet; Mess, $28.50; family, $34.50; fat back,
$21 to $24. Ribs, 13.25c. Beef firm; Mess, $25; packet,
$26 to $27; family, $27 to $29; extra India mess, $42 to
$44; No. 1 canned corned beef, $3.10; No. 2, $5.50; six
pounds South America, $16.75; pickled tongues, $70 to
$75. Cut meats quiet, but steady; pickled hams 10 to 20
%
lbs., 193/2 to 203 c.; clear bellies 6 to 12 lbs., 193 to 203 c.;
%
bellies, clear, dry salted boxed, 18 to 20 lbs., 15%c.; 14
to 16 lbs., 16c. Butter, lower grades to high scoring, 283/2
[VOL. 130.
FINANCIAL CHRONICLE
to 373/20. Cheese, flats, 18 to 260.; daisies, 203' to 243c.
Eggs, firsts to extra, 4234 to 44c.; closely selected heavy,
45c.;fancies, 1 to 234c. higher.
OILS.
-Linseed was firmer with a better demand and
higher flaxseed markets of late. Raw oil in carlots, cooperage basis, was quoted up to 14.2c., but 2c. under this would
be accepted, it was intimated, on a firm bid. Paint makers
are becoming more interested. Tank cars were held at
13.4c. while in single barrel lots 15c. was asked. Cocoanut,
A
Manila coast tanks, 63 to 634c.; spot N. Y. tanks, 63
4 to
7c. Chinawood, N. Y. drums, earlots, spot, 113 to 113/2c.;
Pacific Coast tanks, futures, 103jc. Soya bean, tanks,
coast, 9 to 934c. Edible olive, 2.25 to 2.40e. Lard, prime,
1334c.; extra strained winter, N. Y., 12%c. Cod, New4
4 to 603 e. Rosin,
foundland, 60e. Turpentine, 543
$7.60 to $9.40. Cottonseed oil sales to-day, including
switches, 9,400 bbls. P. Crude S. E., 73/2c. bid. Prices
closed as follows:
Spot
Feb
March
8.750 8.95 April
86
8..93
5
7
89
8..95 June
9.050 9.25 July
9.26Q 9.28 Aug
9.300 9.45 Sept
9.481 9.49
9.55 9.65
9.65 ----
PETROLEUM.-The Sinclair Crude Oil Purchasing Co.
met the reduction in crude oil prices in Texas, Oklahoma and
Kansas made in January by subsidiaries of the Standard
Oil Cos. of New Jersey and of New York. Heating oils of
late have been a little firmer. Demand was good and contract deliveries heavy. Stocks on hand were small. Marine
fuel oils were rather quiet at $1.05 for grade C bunker and
$2 for Diesel oil at nearby refineries. Gasoline demand
fell off a little. Leading refiners quoted 8%c. for U. S.
Motor in tank cars at refineries, but 834c. was said to have
been accepted in some instances. Export business was quiet.
Kerosene of late was easier with 41-43 water white freely
4
offered at 73 0. Buying was routine, and mostly confined
to filling standing contracts. A fair movement of cased
kerosene was reported to the Levant and the Orient, but
bulk purchases were negligible. Lubricating oils were rather
quiet and easier.
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 on the 8th inst. advanced at New York 40 to
60 points with sales of 1,262 tons. London advanced %d.
and Singapore 1-16 to 3-16d. Large dealers bought. Wall
Street sold. London cabled an unconfirmed rumor that
the restriction committee's findings would advise joint action
by British and Dutch growers on reduced tapping and planting. The market was in the mood to accept this report at
its face value. Standard ribs advanced %c. in the outside
market. New York on the 8th inst. closed with February,
15.70 to 15.80c.; March, 16c.; May at 16.30e.; July, 16.70
to 16.80c.; September, 17.10 to 17.20c.; December, 17.70
to 17.80e. Outside prices: Ribbed and smoked sheets, spot
and February, 159 to 16e.; March, 16 to 163c.; April-Dec.,
June, 1634 to 16%c.• July-Sept., 16% to 17%c.; Oct.
'
17% to 17%c.; spot first latex, 163 to 163/20.• thin pale
latex, 16% to 16%c.; clean thin brown crepe, 1434 to 1434c.;
specky crepe, 13% to 14c.; rolled crepe, 10 to 1034c.; No. 2
8
%
/
amber, 143/2 to 143 0.; No. 3, 143/ to 145 c.; in London
8
apot and February, 73/d. Singapore, February, 7 7-16d.
On the 10th inst. New York sales were 717 tons closing
10 to 20 points lower though 30 points higher early in the
day. It was a small market here. London opened at 8d.
for spot and February, but weakened and closed at 734d.
Singapore ended 1-16 to %d. higher. February here ended
at 15.60 to 15.700.; March, 15.80 to 15.90c.; May, 16.10
to 16.20c.•, July, 16.50 to 16.600.; September, 17c.; October,
17.20c.; December, 17.60c.; January, 17.80 to 17.9c.
Outside prices: Ribbed and smoked sheets, spot and? eb ruary, 159 to 16c.; March, 16 to 16%c.• spot first latex,
16%c.; clean thin
16% to 16%c.•, thin pale latex, 1634 to '
brown crepe, 143/8 to 14%c.; specky crepe, 13% to 14e.;
rolled crepe, 10 to 10%c.; No. 2 amber, 143/8 to 14%3.;
No. 3, 14% to 143/80.
The Rubber Manufacturer's Association gave the following
figures for January: Arrivals 47,462 tons against 43,542 in
December 1929 and 52,305 in January last year; consumption
36,660 against 23,530 in previous month and 43,002 in
.
January last year stocks 120,650 tons against 105,120 in
previous month and 76,340 January last year; afloats 61,860
tons against 62,390 in previous month and 78,580 in January
last year. On the 13th inst. prices closed unchanged to
20 points lower, despite firm cables for liquidation in a
rather narrow market turned the scales. The transactions
were 535 tans. London was unchanged for the day but 146
to %d. higher than on tho 11th inst. and Singapore up 34 to
3-16d. March here ended at 15.90e. May ELL 16.30c.; July
at 16.70c., Soot. at 17.10c. It is said that there is to be
some Dutcn agreement on a restriction of tapping. Outside
prices were %c. lower for Ambers; No. 3 Amber, 14% to
145 e. with little trading. Ribbed and smoked spot and
%
4
%
Feb., 157 to 161 c.; March, 163/8 to 169/8c.; No. 2 Amber,
4c.; Para up-river, 16% to 17c.; London spot
143/8 to 143
and Feb., 7 15-16d.; March 8d. Singapore Feb., 7 9-16d.;
'
March, 8 1-16d. To-day *ices ended unchanged to 10
points lower with sales of 340 lots. London closed to-day %
to 3 16d. net higher; Spot-Feb., 8 1-16d.; March, 83/8d.;
/
April-June,8 5-16d.• July-Sept., 838d. and Oct.-Dec., 8/8d.
Singapore ended 1-16d. net lower; No. 3 amber crepe spot,
63cl. or unchanged. London stocks are expectea to show
FEB. 15 1930.]
FINANCIAL CHRONICLE
1135
an increase of 650 tons while a decrease of 100 tons is looked price is $2.50 wholesale and
for in Liverpool. Final prices at New York show an advance Later prices were easy enough $7.15 to the house consumer.
.
at
for the week of 40 to 50 points. The London stock increased puzzle seeing that the producti Hampton RoaLs-rather to
on
1,022 tons for the week to 61,482 while Liverpool's stock on its face. New River was $4.05 was nothing burdensome
to $4.30 some said $4.10
decreased 137 tons to 19,761 tons.
and Pocahontas anywhere from $3.65 to $4. For the best
HIDES on the 8th inst. ended unchanged to 5 points navy standard $4.50 to $4.60; average price somewhat below
higher with sales of 520,000 lbs. Feb., 13.90c.; March, $4.50. Of late anthracite has been quiet. Industries are
13.95c.; May, 14.15c.; Sept., 15 to 15.10c.; Dec., 15.40c. slow in buying at this time.
•
Common dry Orinocos, 163-ic.; Maracaibo, 15Mc.; Central
COPPER has of late
America, 153'c.; Savanilas, 153c.; Santa Marta, 163e.; for Jan. were rather been quiet and rather weak. Statistics
bearish. In fact they showed the
Puerto Cabello, 153/2c.; Packer spready native steers, largest surplus
stock of refined since May 1922. It increased
16M to 17c. Country hides were dull and weaker. Frigori- 32,084 tons during Jan.
It is now 203,404 tons. That is
fico were said to be a little steadier. New York City calfskins equal to about
two
5-7s, 1.750.; 7-9s, 2.20c.; 9-12s, 2.70 to 2.75c. On the 10th of refined copper months consumption. The production
in the two Americas reached 132,374
inst. prices advanced 5 to 30 points with sales of 560,000
in Jan.
lbs. May sold at 14.50c. but closed at 14.20 to 14.35c.; tonsoutput a decrease of 5,829 tons. In the United States
the
was 67,602 tons a decrease as compared with
Sept. sold at 15 to 15.30c., closing at 15.30e. Dec. sold at Dec. of 6,504 tons.
Total stock in North and South America
15.50 to 15.75c., closing at 15.50 to 15.60c. River Plate on Feb.
frigorifico was firmer. No great advance has been recorded. tons. 1 was 473,219 tons an increase in a month of 33,493
Stocks of blister copper including copper in process
United States buyers have cleaned up the Argentine market
and 42,000 Argentine steers were sold last week at prices in the two Americas on Feb. 1 were 269,815 tons an increase
of 1,408
up to the equivalent of 17ic. Of Uruguayan steers were Producer tons as compared with the same date last year.
s talk 18c. At the Exchange on the 13th inst.
18,000 with last sales at 17 5-16c. On the 13th inst. prices there
were
declined 6 to 9 points with sales of 480,000 lbs. Sept. sold March, no sales. Prices were easier. Feb., 17.40c. asked;
at 15.10 to 15.15c. closing at 15.20 to 15.25c.; Dec.sold at beyond 16.90 to 17.20c.; May, 16.50 to 16.80c.•, July and
16.50 nominal. In London on the 13th inst. standard
15.55 to 15.60c., closing at 15.60c. Country hides
spot
dull and weak. Common dry were dull. Frigorifico were £68 declined E2 10s. to £71 15s.; futures dropped 15s. to
firm
17s. 6d.• sales 300 tons spot and 200 futures. Electrowith a fair demand from the United States. Imports of
hide and skins into the United States during 1929 were lytic was ai 10s. spot and £84 5s. futures. At the second
515,680,184 lbs. and above the average for the past three session spot standard fell 15s. while futures advanced 5s.;
years, the largest indeed for any year since 1923, according sales 25 tons spot and 175 futures. To-day futures ended at
to the Department of Commerce. To-day futures closed 5 17.40c. for Feb., 16.90 to 17.60e. for March, 16.50 to
points lower to 15 points higher, Feb. ending at 14c.; March, 16.80c. for May, and 16.50e. for July. Final prices show a
decline on Feb. for the week of 10 points, while other months
14.10c; May 14.40c. and Sept., 15.16c. Final prices for the are
20 points higher.
week show a decline on May of 10 points while Feb. and
March are 10 to 15 points higher.
TIN.
-At some decline of late there has been a better
business for consumption. On the 13th inst. Straits fell
OCEAN FREIGHTS.
-Grain rates were firmer.
'about Yic. Prompt sold at 38.45c. and May at 39c. Prompt
CHARTERS included sugar from Cuba, first half
Kingdom-Continent, 15s. 6d. Tankers: New high March, to United closed at 38c. on that day; March, 38.65o.; April, 38.85c.;
record, 55s. for
San Pedro, March-April, clean, to United Kingdom-Cont
and May, 39c. There was a very noticeable falling off in
inent;
dirty, to north of Hatteras from Gulf, 41c.; March-April, Gulf rumored,
Atlantic, 45s., now high record; clean, March, Gulf to Frenchto French business at the Exchange. Prices fell 10 to 35 points. March
Atlantic,
42s. 6d.; Gulf, clean, May, to United Kingdom-Continent,
34s.; March, closed at 38.35 to 38.40c. at the Exchange and May at 38.60
Gulf to north of Hatteras, not east of New York,40c. Time: West
round north of Hatteras, prompt, 90c.; west coast South America Indies to 38.70c. On the 13th inst. London declined 12s. 6d. for
Feb., 95c.; West .Indies round prompt, 90c.; prompt, Philadelphi round, spot standard to £173 15s.; futures
off 15s. to £176 12s. 64.;
a-West
Indies round, 65c
sales 50 tons spot and 250 futures. Spot Straits dropped 12s.
TOBACCO.
-In the main business has been quiet at 6d. to £176; Eastern c. i. f. London closed at
steady prices. In about a month the Amsterdam sales with sales of 250 tons. At the second session £179 7s. 64.
standard fell
will be held. At Mayfield sales for the week were 1,615,51 12s. 6d. on sales of 10 tons spot and 190 futures. To-day
lbs. at an average of $10.20, 20c. higher than the precedin 5 prices ended with Feb., 38.30c.; March, 38.40 to 38.50c.
g
week. At Paducah sales for the week,746,940 lbs.;
and May, 38.90c. Final prices are 10 to 40 points lower for
$9.50 or 42c. lower than the preceding week. At average, the week.
Murray
sales for the week, 551,265 lbs.; average $10.08, or
$1.35
LEAD has been rather slow with no striking features.
lower than preceding week. At Hopkinsville sales for
week 2,198,790 lbs. of dark at an average of $10.91 the Prices for East St. Louis remained on the basis of 6.10c.
and and New York, 6.25c. Consumers seem to be pretty well
150,680 of burley average $14.64. Dark 12c. and
98c. lower than preceding week. At Clarksvilie sales burley supplied for February. In London on the 13th inst. prices
1,765,680 lbs.; average of $13.53 or 79c. higher than precedin were unchanged at £21 13s. 9d. for spot and £21 us. 3d.
week. At Springfield sales 1,130,140; average, $14.07, g for futures; sales, 200 tons spot and 50 futures.
27c. higher than in the preceding week. Richmond, or
ZINC
Va. quieter has remained very quiet. In fact it has been
to the U. S. Tobacco Journal: "Tobacco sales on the
of late than at any time since the beginning of the
stone, Va. market for the week ended Jan.31 totaled Black- year. Consumers doubt the stability of present prices.
lbs. The average price was $19.69. Sales for the407,622 That is plain. For February-March shipment 5.20c. for
total 3,495,678 lbs.; average for season $19.56. season East St. Louis was quoted and 5.25c. for April and May.
crease of 1,405,837 lbs. over last season is revealed An in- Sales of prime Western slab zinc in February for shipment
statistics and an increase of $5.89 in the average price. in the were 10,327 tons at an average of 5.20e. East St. Louis.
last week would no doubt have been the largest of the Sales London on the 13th inst. declined 2s. 6d. on the spot to
but for the heavy snowstorm of Wedesday night and season, £19 11s. 3d. while futures were £20 is. 3d. showing the same
day. Sales on Wednesday were the largest of the Thurs- decline; sales 25 tons spot and 225 futures.
season
and three warehouses selling 154,000 lbs." Louisvill
STEEL.
ports tluitt rapid selling of leaf will soon bring the seasone re- increase -Pittsburgh wired that there was only a slight
in the demand for steel. Auto companies were
to a
close; price are firm. San Francisco complains that
loans seem difficult to obtain except by big concerns. money buying little. It added that orders were not large enough
Havana to provide producers with operations of better than 65%.
reported to the "Journal": "During the previous week
the Sheet prices were called fairly steady. Black sheets genermajority of first and second capaduras of Remedios
tobaccos ally were 2.65c. Pittsburgh; eingle carloads sometimes 2.75c.
sold were purchased for South America. This week,
is 3.30c.,
ever, heavy buying in these two grades was for the how- Galv'anized differenti with jobbers generally not receiving
United the former
al of $2 a ton. Blue annealed 2.25e.
States market." Damage to ripe Porto Rican tobacco
been done by rains. Memphis, it is said, is doing a has for 13-guage sheets and 2.10c. for plates. Auto-body
wholesale business. The Philippine crop in 1929 is good generally 3.90c. Specifications for cold finished steel cars
mated at 45,000 tons or 3% larger than in 1928. The esti- and shafting are on a fair scale, but new business in the
Philippine crop is also of better quality than that of 1929 Pittsburgh district is not so good as a month ago. Unit is said. Large quantities of 1928 crop were unsalable1928 filled orders for the U. S. Steel Corporation as of Jan. 31
less tobacco was therefore available in the market in and showed an increase of 51,517 tons, bringing the total to
Yet exports for the year increased to something like 1929. 4,468,710, indicating that business in January must have
22,000 metric tons. According to the Bureau of20,000 been nearly 1,100,000 tons. The demand from the automoculture, about 204,000 acres were planted in the 1929Agri- bile trade though better than recently is not well distributed.
and estimates of the area planted for the 1930 crop are crop Some mills are working at a much higher rate than others.
some- Demand for steel in some directions increased according to
what larger. Crop reports are favorable.
later reports. Chicago production is up to 90%. It must
COAL.-Smokeless declined with the available
Ripply be confessed, however, that in the Pittsburgh district it
eomewhat larger at Hampton Roads. Recently they
country at large,
called remains at 75%. The average for the .
slack f.o.b. nominally $4.40 at piers but little if any trading however, is up to 79% an increase witlim a week of 2%.
was done at that price and later New River slack fell below Railroads and structural works are buying on a scale
that
$4.20 and Pocahontas below $4 and even as low in
unusual encourages makers of heavier rolled products.
cases as 3.70. Smokeless run of mine at the Roads
-Buffalo iron was reported weaker with sales,
was
PIG IRON.
quoted at $4.25 for Pocahontas. Soft coal was in
demand at Pittsburgh and Chicago. Fairmont and better it is stated, at $16 a decline of 50c.for No.2 plain and No.2-X
Buffalo
prices, however, were a Lit unsettled. In domestic an- iron. In the South,it is stated,business is gradually improving.
Birmingham wired that there was an increase of both sales
thracite was rather slow at New York, But buckwhe
at
has been in better demand. Independent No. 1 size has and melt. Production of pressure pipe, radiation and other
products
been held for $3.50 with some saks at $3.25. The circular though was steady and numerous orders continued for iron,
in small quantities and for delivery shortly. New
FINANCIAL CHRONICLE
1136
York was dull. There are few if any signs of buying for
the second quarter.
WOOL has been in better demand and steady. A Government report from Boston said: "Inquiries for the 58s. 60s
and 64s or finer territory wools are more frequent and they
involve substantial weights of wool. Sales are being closed
somewhat more freely on these grades at steady prices.
Private cable advices from abroad indicate that the improvement noted in South American markets last week is
being maintained. Australia is reported firmer and New
Zealand stronger." Ohio and Pennsylvania fine delaine,
t
33 to 34c.; 34 blood, 35 to 36c.; % blood and W blood,
36 to 37c. Territory, clean basis, fine staple, 78 to 80c.;
fine medium French, combing, 73 to 750.• medium, clothing
blood, 70 to 72c.
70 to 72c.; M blood staple, 75 to 77c.;
Texas clean basis, fine, 12 months, 75 to 76c.; 8 months,
68 to 70c.; fall, 67 to 72c. Pulled, scoured basis, A super,
75 to 80c.; B, 65 to 70c.; C,50 to 55c. Domestic, mohair,
original Texas, 49 to 50e. Australian, clean basis, in bond,
64-70s, combing super, 60 to 62c.; 64-70s, clothing, 53 to
55c. New Zealand, clean basis, in bond, 58-60s, 50 to 51c.;
56-58s,48 to 50e. Montevideo grease, basis in bond, 58-60s,
25c.; I (56s), 24 to 250.; II (50s), 23 to 24c.; Buenos Aires,
grease basis, in bond, III (46-48s), 22 to 23c.; IV (40-44s),
20 to 21c. Cape, clean basis, in bond, average longs, 54 to
55e.; best combings, 56 to 57c.
On Feb. 8 at Timaru sales closed with prices fairly firm.
Of the 14,000 bales offered 12,000 sold. There was a representative selection of crossbreds, but merinos were poor.
Yorkshire, the Continent and America were fairly active
with fine crossbreds wanted. Compared to the close of
Dunedin sales crossbreds ranged from par to 5% higher,
merinos ruling in sellers' favor. Prices paid for merinos
averaged 10d. to 14d. Crossbred 56-58s, realized 103jd.
/
to 133d.; 46-48s, 834d. to 10%d.• 40-44s, 63 to 73 0.
At Christchurch on Feb. 12th 22,506 bales were offered and
19,900 sold. British and Continental buyers bought freely.
A feature was increased bidding by Americans. Fine and
medium crossbreds were in particular demand. Compared
with the sales at Timaru on Feb. 8 prices on crossbreds
ranged from par to 5% higher; merinos were unchanged,
ranging from 9d. to 11%d. Best crossbred 56-58s sold at
4
133/d.; 50-56s, 13d.• 48-50s, 11d; 46-48s, 83/2d.; 40-44s,
/
73id. The Perth safe, originally fixed for February 18 has
been postponed to March 4.
SILK closed 2 points lower to 1 point higher on new contracts with sales of 50 lbs. February ended at 4.55c.;
March, 4.53 to 4.55c.; May, 4.48 to 4.50c. and Sept. at
4.41 to 4.43e. Final prices show February unchanged for
the week while March is 1 point higher.
COTTON
Friday Night, Feb. 14 1930.
THE MOVEMENT OF THE CROP, as indicated by our
telegrams from the South to-night, is given below. For the
week ending this evening the total receipts have reached
53,506 bales, against 82,277 bales last week and 87,594 bales
the previous week, making the total receipts since Aug. 1
1929 7,223,628 bales, against 7,929,028 bales for the same
period of 1928, showing a decrease since Aug. 1 1929 of
705,400 bales.
Receipts atGalveston
Texas City
Houston
Corpus Christi.. _
New Orleans_ .... _
Mobile
Savannah
Charleston
Wilmington
Norfolk
New York
Boston
Baltimore
v,.....A. «hi, maalr
Sat.
540
2j56
80
1,462
343
514
80
35
195
Mon.
Wed.
Tues.
Thurs.
4,419
2,345
1,812
2,1566 5,347
,
2 48
238
2,789
636
162
1,628
134
'
---___
2,184
319
1,427
1,298
564
31
574
____
12 RRR 10 474
---5 209
1,9'72
105
2,287
271
195
117
20
117
150
____
2,868
93
382
42
72
----
---__
Total.
Fri.
107 11,195
646
646
3,696 18,371
833
91
1,336 12,169
251 2,892
207 2,024
---- 1,898
233 1,068
16
150
------_-35
909
909
7 11611 62 MIR
In order that comparison may be made with other years,
we give below the totals at leadmg ports for six seasons:
Receipts at- 1929-30. 1928-29. 1927-28. 1926-27. 1925-26. 1924-25.
62,171
42,133
55,834
37,698
11,195
22,121
21,021
33,194
50,307
23,794
20,670
18.371
31,025
44,235
49,034
26,038
30,828
12,169
4,636
1,698
5,242
2,947
2,892
2,647
14,675
10,105
5,286
16,545
2,501
2,024
Galveston_ _ _ _
Houston*____
New Orleans..
Mobile
Savannah.. _ _ _
Brunswick
Charleston_
Wilmington...
Norfolk
N'port N.,&c_
All others..
1,898
1,068
1,316
553
656
1,776
898
1,461
1,017
9,231
4,599
7,782
5,395
1,839
7,566
11,068
2,167
11,115
2,573
4,608
3,490
8,196
2,569
9,188
81,570 107,419 206,770 148,404 167,066
53,506
Since Au.. I 7 999 R9R 7 C190 0956 209 400 10909570 7'MR 490 7 non 021
*Beginning with the season of 1926, Houston figures include movement
of cotton previously reported by Houston as an interior town. The distinction between port and town has been abandoned.
Total this wk_
The exports for the week ending this evening reach a total
of 107,423 bales, of which 22,341 were to Great Britain,
9,958 to France, 28,879 to Germany, 12,451 to Italy, 13,982
to Japan and China, and 19,812 to other destinations. In
the corresponding week last year total exports were 108,644
bales. For the season to date aggregate exports have been
5,087,798 bales, against 5,836,629 bales in the same period
of the previous season. Below are the exports for the week.
Exported to
Week Ended
Japan&
GerGreat
Feb. 14 1930.
Exports from- Britain. France. many. Italy. Russia. China. Other.
Total.
-___ 5,622 10,148 36,945
3,899 8,846 8,430
Galveston
...._ 4,'735 5,550 32,018
4,545 5.288 9,731 2,169
Houston
3,584
Texas City3
---- 2,461
-------------------2,461
Corpus Christi
500 1,904 11,027
-- --- -- 1,452
596
New Orleans_ _-- 6,575
50 2,871
__ ----------- 1,295
1,526
Mobile
600
200
______
400
Savannah
7,254
1
3
2.110
Charleston
------------------------ 3,000
3,000
Wilmington_ _
___
---------------- 2,938
---- 1'
1,200
Norfolk
525
175 -----------------200
150
New York
-- 3,675
-------- 2,750
201
---724
Los Angeles..
525
-------------375
--__
--__
100
-- -50
Ban Francisco_ _ _
27,368 18,766 20,931 17,827
71 '771
Trito I 1092
From
Aug. 1 1929
9,958 28,899 12,451
22,341
Total
Total 1929
16 627 24512
4246
15,791
7,961 108,644
7420 17.764 141 520
Exported to
GerBritain. France. many.
Feb. 14 1930. Great
Exportsfr
__ 13,982 19.812 107,423
____
Japan&
Italy. Russia. China. Other.' Total.
163,902221,32'284,157 138,104 8,123243,930 214,9671,274,512
n_
178,129 283,83 347,521 131,715 12,521 246,715151,152 1,351,592
Houston
_ 3,151 10,287 85,555
32,030j 2,533
23,795 13,759
Texas City_ _ _
Corpus Christi 98,060 68,768 47,376 36,517 41,521 27,731 30,032 350,005
14,299
241
964
3,777
2,707 3,61
Beaumont.. _ ..
8,815
4,03
3.654
----------450
318
363
Lake Charles_
New Orleans- 215,298 62,764 165,298122,451 15,875136,108 69,593 787.387
8,787 5,084 260,382
7,083 151,501 7,419
80.508
Mobile
141
Jacksonville
55 27,695
4,108
-- )
7d5(51 5,068 339,921
-iii 189,820 5,311
131,289
Savannaa
Pensac°lh
7,094
.
7,094
Brunswick_ _ _
40,i(lii 11,664 151,462
22
52,487
11
47,141
Nor rlek
Chafoiston
7
48
- 2,000 56,078
4, 41 33,3_1_ _
______
12,987
Wilmington
188 62,152
-600
2,497 7,527 44,213
20,380 5,215
-14
3
99 5
3 :210 5,3
New York_ - 1,784
32
-_-_ -_..50 1,492
210
Boston
..___
122
-iii
Baltimore
205
133
72
Philadelphia40,988 1,5i101,1513i 2,iiii 179,055
i
30,193 2,f i
Los Angeles
8,150
___
2,900
5,25
Ban Diego_
147 47,725
43,478
1,500
200
_--2,40
San Francisc
24,245
____
24.245
Seattle
4,237
____
4,2371
Portland, Ore.
Total
1,046,842671,679 1,393,714489,123 78,040893,836514,564 5,087,798
Total 1928-29 1,441,577 634,671 1,537,121 452,061 118,600 1109249643,3505,836,629
Total 1927-28 861,176681,716 1,555,403393,594 113,226 739.498538,499 4,883.112
-It has never been our practice to include in the
-Exports to Canada.
NOTE.
above table reports of cotton shipments to Canada, the reason being that virtually
all the COMM destined to the Dominion comes overland and it is impossible to give
returns concerning the same from week to week, while reports from the customs
districts on the Canadian obrder are always very slow in coming to hand. In view,
however, of the numerous inquiries we are receiving regarding the matter, we will
say that for the month of December the exports to the Dominion the present season
have been 19,385 bales. In the corresponding month of the preceding season the
exports were 37.170 ba-es. For the five months ended Dec. 31 1929 there were
99.437 bales exported, as against 117,101 bales for the five months of 1928.
In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
The following table shows the week's total receipts, the cleared, at the ports named:
total since Aug. 1 1929 and the stocks to-night, compared
On Shipboard Not Cleared for
with last year:
k AAR
7 ROA
1929-30.
Receipts to
Feb. 14.
1928-29.
This Since Aug This Since Aug
Week. 11930. Week. 11929.
Stock.
1930.
1929.
11,195 1,610,971 22,121 2,517,499 388,520 517.817
Galveston
40,802
21,021
646 131,450 2,217 166,422
Texas City
18.371 2,463,135 20,670 2,641,544 1,010,510 860,287
Houston
20,476
---- 256,188
833 380,425
Christi_ _ _
Corpus
9,912
-14,299
Port Arthur, &c
12,i66 1.379,785 26,038 1,256,454 500,500 336,385
New Orleans
port204
Gulf
34,495 . 37,014
2,862 350,814 2,647 217,921
Mobile
10,294
171
27,295
---Pensacola
708
861
120
____
378
Jacksonville
46,794
65,940
Savannah
2,024 425,905 2,501 311,531
__
7,094
Brunswick
- --40,181
25,023
553 150,411
Charleston
1,898 1'76,583
5,505
___
Lake Charles_
38,444
29,809
110,848
8,755-656
84,585
Wilmington
1,068
97,054
68,931
3
,
Norfolk
' 1,316 133,798 1,771 203,723
92
___
N'port News, &c.
78,917
97,536
33,293
-67i
New York
2,554
-150
3,410
1,911 . 1,965
126
Boston
1,171
35
1,094
1,159
35,150
Baltimore
909
22,976 1,416
4,637
5,094
6
____
6
Philadelphia
645
Totals
53.506 7.222 625 51.sm 7.929.025 2.271.840 2.103.544
Other CoastGerGreat
Feb. 14 at- Britain. France. many. Foreign wise.
Leaving
Total.
Stock.
5,000 16,666
3,000 64,300 324,220
3 00 34,882 465,618
64,440
300 1,500
24,974
49
49
27,145
-___ 7,350
68,931
_
2,6156 30,660 1,158,431
Total 1930... 24,657 12,760 22,952 72,063
Total 1929_ _
42,324 19,709 27,046 62,809
5,649 138,081 2,133,759
8,070 159,958 1,943,856
Galveston
New Orleans.._
Savannah
Charleston__
Mobile
Norfolk
Other ports *_ _
Total 109R
13,900
3,507
600
- -2,650
4,000
8,200 7,200 32,000
1,560 10,152 19,363
---600
__- -"-------------- 4,700
3,000
in 445 1 2.450 26.206 57.15 5 5 054 120.440 2.085.601
*Estimated.
Speculation in
cotton for future delivery has been on a
very fair scale, and, in the main, at rising prices, with a
better trade demand and heavy covering of shorts owing
to aggressive action by the Farm Board. The Board is criticized here for engaging in the cotton trade to the extent
that it has. But this does not alter the fact that the shorts
are nervous and cover very quickly on the first alarm.
Moreover, the textile outlook is better than it was a week
FEB. 15 1930.]
ago, both at home and in Lancashire. On the 8th inst.
prices advanced 20 to 30 points in an evidently short market.
Long liquidation had left the technical position much better.
There was a better tone in Liverpool. It was announced
by the agents of the Farm Board here that the recently
taken over holdings here of the 0o-operative Associations
had not been taken for the purpose of liquidation. The
Inference drawn here from this statement was that they
would be disposed of at the convenience of the Farm Board.
The American Cotton Crop Service said that preparation
of the ground for the next cotton crop made some progress,
but is generally behind; that while the delay is not yet
serious, late preparation detracts from yield probabilities,
and after Feb. 15 begins to affect the acreage. This year
the Government is behind the movement to reduce the
acreage. Spot markets advanced 7 to 20 points, and for the
first time 'recently were larger than on the same day last
year. But the main thing in the situation here was a better
technical position after a recent decline of 2 to 2 c. There
/
1
2
was said to be a better feeling in Worth Street, though
actual business was small. Manchester, too, was dull.
On the 10th inst. prices advanced 30 to 40 points, owing
to strong cables, light offerings, and a bullish technical
position. The agents of the Farm Board here, it was stated,
took over 100,000 bales on Saturday on the basis of the
closing prices of the 7th inst. The trade, spot firms, Liverpool and Wall Street bought. The short account formed
on the recent decline of 2 to 2 c. was large. Cotton has
/
1
2
recently been selling at 2 to 2 c. under the Farm Board
/
1
2
loan price, and it is said 2c. under the cost of production.
Also spot cotton has sold at some 4%c. under the spot price
of a year ago. Cotton goods have been selling in many
cases at the same level of prices as when cotton was selling
at 1212c. In other words, cotton goods have been selling
/
at 3c. under the recent price for cotton.
On the 11th Inst. prices advanced 17 to 20 points net on
scarcity of contracts and a good demand from the trade,
Wall Street, and, to cap the climax, apparently from interests acting for the Farm Board. They were said to have
bought 25,000 bales, mostly July. Also the Exchange Service
estimated the domestic consumption in January at 590,000
bales against 453,000 in December, and, it must be added,
668,268 in January last year. But the gain of 136,000 in
January over December, it was believed by some, meant
the beginning of an improvement for the year 1930. Also
the Textile Merchants' Association had stated the night
before that the shipments of standard cloths in January had
reached 102.5% against 87.9 in December, and that stocks
in January had decreased 1.8% against an increase in December of 6.9%. The Exchange Service says that the stock
of East Indian cotton is smaller than that of a year ago.
That is something new. It seems that India consumed and
exported in the five months ended Jan. 1, 2,109,000 bales
against 1,833,000 in 1928 and 1,560,000 in 1927. This cut
Into supplies. At the close of December this season the
balance supply in India, Including the unharvested and unmarketed portion of the new crop, was about 5,268,000 bales
against 5,741,000 on the same date last season and 5,222,000
two seasons ago. That is to say, the stock in India on Jan. 1
this season was 473,000 bales less than a year previously,
if it was about the same as two seasons ago. Distribution
by India, through domestic consumption and exports, from
Aug. 1 to Dec. 31 was about 276,000 bales more this season
than last season, and 549,000 bales more than two seasons
ago. It is added that India cannot continue to distribute
cotton at the high rate prevailing In recent months without
reducing its stock to below an average total. Some are
afraid that the Farm Board will exact delivery on its purchases of March cotton. The Grain Stabilization Corp. was
set up on the 10th Mat. It began to function on the 11th
Inst. Some were afraid something of the kind might be
organized in the cotton trade. Spot cotton was 15 points
higher. Yet at first on the 11th inst. prices were 20 to 23
points lower, so little can be told nowadays by the early
prices. Some of the textile figures for January were not
cheering for a bull. For instance, unfilled orders fell off
9.2% in January and the ratio of sales to production was
only 90.3% in a month of five weeks, as against 124.3% in
December, a month of four weeks. And, heterodox as it
seems to some, there are people who do not have much, if
any, faith in Governmental measures to stabilize prices.
They say that the only thing that will help the cotton is to
cut down production both In the cotton field and the cotton
mill.
On the 13th inst. prices declined early 15 to 20 points on
rather poor Liverpool cables, a somewhat weaker technical
position and liquidation after a rise in four trading days
of 80 to 90 points. Later came a sudden upturn of 25 to 30
points on a sudden falling off in the offering, trade buying;
buying by Liverpool and France, and scattered covering.
But When this buying slackened prices reacted again and
ended at a net decline for the day of some 7 to 15 points.
The International Bulletin of the British Master Spinners
quoted an estimate of the world's consumption of American cotton at 14,600,000 bales against 15,076,000 from the
same statistician last year. On this side the consumption.
1137
FINANCIAL CHRONICLE
last year was estimated at 15,169,000 to 15,250,000 bales.
British exports of yarns in January were 13,000,000 pounds
against 17,000,000 in January last year and 19,093,000 in
January 1913. The British exports of cloths in January
were only 313,000,000 yards against 379,000,000 in January
1929, and 648,912,700 in January 1913.
To-day prices were very irregular, rising at one time 15
to 23 points, but afterwards losing most of the advance, and
then rallying and ending 5 to 10 points net higher for the
day. The weekly statistics were for the most part considered bearish, although the quantity brought into sight
according to one calculation was 66,000 bales smaller than
in the same week last year. The domestic consumption
in January was stated by the Census Bureau at 577,235
bales •against 453,892 bales in December and 668,286 in
January last year. This had no great effect. It was found
to have been practically discounted. The Bureau of Economics at Washington, however, stated the amount of tenderable cotton in this crop up to January 16 at only 76.4%
against 83.14 up to the same time last year; untenderable,
23.6% against 16.68 for the same time last year; % to
1 1/32-inch tenderable 65.7% against 73.51 for the same
time last year. Moreover, spot markets were higher, though
not at all active. Liverpool reported a better spot demand.
/
Worth Street was a little more active at 61 2c. for print
h-inch 64x60s.
cloths, which recently sold at 6%c; that is, 381
Manchester had a broadening demand, which is something
new. Moreover, domestic and foreign mills were more disposed to buy there. This included British and Continental
interests. There is said to be a large short account for
Bombay in Liverpool in the shape of hedges and straddles.
Some of the shorts were covering in March and switching
to the late months fearing that the Farm Board might call
for delivery on March contracts. German spinners, it is
said, fixed prices on a very fair scale. Final prices show
a rise for the week of 54 to 68 polints. Spot cotton ended at
15.85c., a net advance for the week of 65 points.
Staple Premiums
60% of average of
six markets quoting
for deliveries on
Feb. 20 1930.
15-16
inch.
-inch &
1
longer.
.27
.27
.27
.27
.27
.26
.25
.73
.73
.73
.71
.71
.67
.63
.25
.24
.23
.66
.68
.63
.22
.22
.22
.57
.57
.57
.21
.57
.21
.57
.21
.21
.57
.64
Differences between grades established
for delivery on contract Feb. 20 1929.
Figured from the Feb. 13 1930 average
quotations of the ten markets designated
by the Secretary of Agriculture.
Middling Fair
White
107 on
Strict Good Middling___ do
89
do
Good Middling
.72
do
Strict Middling
.50
Basis
do
Middling
.75 off
Strict Low Middling_ __ de
do
1.70
Low Middling
2.80
*Strict Good Ordinary-- do
3.78
do
*Good Ordinary
Extra White
-72 on
Good Middling
do
do
50
Strict Middling
Even
do
do
Middling
do
.75 off
Strict Low Middling.- _ do
1.70
do
do
Low Middling
Spotted
.23 on
Good Middling
.05 off
do
Strict Middling
.73 off
do
Middling
1.65
do
*SW(t Low Middling.-2 73
do
*Low Middling
.05 off
Strict Good Middling__ _Yellow Tinged
50
do
Good Middling
1 00
do
Strict Middling
1.60
do
*Middling_
2.27
do
*Strict Low Middling_ _ _
do
do
3.15
Lew
' Middling
Light Yellow Stained_1.25 off
Good Middling
do
do
do _1.83
Strict Middlif g
'
do
do
do _2.48
'Middling
Yellow Stained
1.50 off
Good Mirdling
do
dr
2.35
'
Strict Middling__. ____
do
do
3.15
*Middling
Gray
•Rfl off
Good Middling
do
1.18
Strict Middling
do
*Middling
1.65
Blue Stained
1.65 off
Good Middling
'
do
•Strirr Middling
do
2.40
do
do
3.18
'ladling
,
Mid.
do .
do
do
Mid.
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
de
do
do
do
do
do
do
do
do
*Not deliverable on future contracts.
The official quotations for middling upland cotton in the
New York market each day for the past week has been:
Feb. 7 to Feb. 14Middling upland
Sat. Mon. Tues. Wed. Th-rs. Fri.
15.40
15.75 15.90
Hol.
15.80 15.85
NEW YORK QUOTATIONS FOR 32 YEARS.
The quotations for middling upland at New York on
Feb. 14 for each of the past 32 years have been as follows:
1930
1929
1928
1927
1926
1925
1924
1923
15.850.
20.20c
18.70c
14.00c.
20.75c
24.55c
32.15c
28.05c
1922
1921
1920
1919
1918
1917
1916
1915
18.15c
13.75c.
38.75c
25.80c.
31.20c
16.30c
12.00c.
8.55c
1914
1913
1912
1911
1910
1909
1908
1907
12.850.
13.05c.
10.70c.
14.10c.
15.15c.
9.85e.
11.35c.
11.00c.
1906
1905
1904
1903
1902
1901
1900
1899
11.25c.
7.70c.
14.80c.
9.60c.
8.75e.
9.56c.
8.88c.
6.56c.
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.
Saturday_ _ _
Monday _
Tuesday _ _ _
Wednesday_
Thursday -_
Friday
Total_
Since Aug. 1
Futures
Market
Closed.
Steady, 20 pts. adv. Steady
Steady, 35 pts. adv.. Very steady
Steady, 15 pts. adv.. Steady
HOLIDAY.
Steady,10 pts. decl _ Barely steady
Steady 5 pts. adv. Steady
SALES.
Spot. Conteet Total.
1,000
1,000
700
700
500
1,600
500
1,600
3,800
3.800
141,464 241:500 382.964
rvoL.
FINANCIAL CHRONICLE
1138
-that is,
AT THE INTERIOR TOWNS the movement
FUTURES.
-The highest, lowest and closing prices at
the receipts for the week and since Aug. 1, the shipments for
New York for the past week have been as follows:
the week and the stocks to-night, and the same items for the
corresponding periods of the previous year, is set out in
Friday.
Tuesday, Wednesday, Thursday,
Saturday, Monday,
Feb. 14.
Feb. 13.
Feb. 12.
Feb. 11.
Feb. 8.
Feb. 10.
detail below:
Feb.Movement to Feb. 15 1929.
Movement to Feb. 14 1930.
--Range__
15.61 ---- 15.68 ---Closing _ 15.21 ---- 15.54 ---- 15.69Ship- Stocks
Receipts.
Ship- Stocks
Towns.
Receipts.
der.
Feb;
ments
15.62-15.90 15.69-15.91
Feb.
merits
Range _ _ 15.10-15.36 15.32-15.66 15.41-15.81
15.
Week. Season. Week.
14.
15.69-15.70 15.76-15.77
Week. r Season. Week.
Closing _ 15.29 ---- 15.62-15.64 15.77-15.79
A prI1,-53,236 3,251 5,956
Ala., Birm'ha
582 103,249 1,461 15,807 1,478
Range__69 5,839
13,008
19
Eufaula
448 4,921
15.82 ---- 15.89278
17,659
15.89 -Closing _ 15.3915.75218 21,500
51,946
74
218 28,080
Montgomery.
57, 57.104
May
44,127 1,410 20,717
15.86-16.17 15.95-16.18
416
Selma
918 30,924
229, 71.310
Range _ _ 15.26-15.60 15.57-15.91 15.65-16.08
80,430 1,604 14,736
15.95-15.97 16.03- Ark.,Blythevill 1 1,883 121,252
956 42,715 1,194
Closing _ 15.50-15.51 15.88-15.90 16.02-16.05
847 7,864
26,202
304
134' 29,079
419 12,983
Forest City_
Junt-630 54,070 1,763 13,653
955 16,882
Helena
723 57,023
-Range-- 15.2848
55,296 1,102 5,543
Hope
54,151
466 3,352
16.03 ---- 16.11 ---53
16.13 ---Closing _ 15.5315.95 ---443 3,956
159 32,541
1111 38 305
497, 3,868
Jonesboro_ July
'
651, 122,608 3,417 33,965 1,032 108,246 2,431 20,745
Little Rock..
Range _ _ 15.47-15.83 15.79-16.13 15.87-16.27 HOLI- 16.05-16.36 16.13-16.33
979 5,482
46,191
78
50,675
440 4,722
278
Newport _ _ DAY. 16.12-16.13 16.20-16.21
Closing _ 15.74-15.76 16.09-16.10 16.24-16.26
Pine Bluff_ _
720 180.287 1,950 37,196 1,090 126,276 3,069 25,732
Aug.
928 6,924
161
54,033
561
36,718 1,729 7,926
Walnut Ridg ,
Range, _ 16.63 ---____ 1,892
16.26 - Ga., Albany._
6,482
__ 2,494
3,560
16.18
2
16.30 ---Closing 15.85 ---- 16.1738,122
600 22,309
-445
112
27,893
600 13,127
Athens
-Sept.
-4,643' 138,729 4,332 100,691 2,705 111,398 3,192 51,201
Atlanta
-Range 16.32 ---16.24 2,531 276,677 3,948 96,330 4,915 198,871 2,317 77,013
Augusta .._ _
Closing _ 15.90 ---- 16.24 ---- 16.36 -520 10.258
120
23,275
650 2,560
840 43,135
Columbus_ Oct.
16.25-16.54 16.30-16.53
926 71,996 1,149 21,671 1,007 51,501 1,599 7,555
Macon
Range _ 15.83-16.06 15.99-16.34 16.07-16.46
125
22,601
150 18,081
16.30-16.32 16.39-16.40
295
34,531
300 30,415
Rome
Closing _ 15.96 ---- 16.29 ---- 16.43-16.45
La., Shreveport
4181 142,405 2,737 57,711
972 140,960 3,012 57,622
Not'.
-- Miss.,Cl•ksdal
1,546 180,751 2,484 36,526
809 140,861 2,314 30,207
Range_ _ 16.13-16.13
864 10,285
958 9,931
16.40 ---- 16.46 ---75
27,549
109 29,349
Columbus_ _
16.43 ---- 16.53 ---Closing _ 16.13808 185,199 3,466 43,395
Greenwood_ _ 1,304 220,880. 2,930 71,073
Dec
.486 7,109
16.46-16.70 16.47-16.67
149
50,478
392
738 7,929
45,854
Meridian__ _
Range_ 16.03-16.24 16.15-16.52 16.25-16.64
118
23,678
108 9,594 1,000
16.50 ---- 16.54-16.56
28,851 1,500 19,303
Natchez _ _ Closing _ 16.10-16.11 16.47 ---- 16.64 ---163
31,273
459 7.419
241
324 4,234
24,333
Vicksburg_ _ _
Jan.
40.929
932 10,672
16.45-16.63 16.55-16.61
162
14
39,184
795 8,046
Yazoo City
Range_ _ 16.07-16.21 16.17-16.52 16.28-16.61
16.46 ---- 16.57-16.58 Mo., St. Louis_ 7,110 218,596 6,790 13,779 15,766 340,619 15,556 27,727
16.47 ---- 16.62 ---Closing _ 16.07 ---521 11,578
707
919 10,167
N.C.,Greensb , 1,1371 15,796
17,083
.
Range of future prices at New York for week ending Oklahoma _ - 3.833 726,399 7,066 75,075 3,800 747,644 8,383 45,600
15 towns._
trading began on each option:
S.C., Greenville 3,498 132,329 3,713 70,444 8,781 141.573 6,804 43,873
Feb. 14 1930 and since
Tenn.,Metnphls 35,231'1,610,065 44,537398,500 45,0121,401,148 58,587257,021
163
363
402 49,908
'
211 28,047
702 1,477
Texas, Abilene.
Range Since Beginning of Option.
Range for.Week.
Option for
11,049
100
29
948
39 47,290
475 2,243
Austin
10,460
166 3,448
44
161
31,355 2,406 3,407
Brenham _ _ _ _
Mar. 1930_ _ 15.10 Feb. 8 15.91 Feb. 14 15.05 Feb. 7 1930 20.25 Apr. 1 1929
1,154 105,196 1,219 13,232
922 120,962 1,411 17,744
Dallas
18.71 July 9 1929 18.82 July 8 1929
Apr. 1930
72,209
358 4,371
157
156
246 3,936
87,361
Paris
May 1930_ _ 15.26 Feb. 8 16.18 Feb. 14 15.26 Feb. 8 1930 20.18 Sept. 3 1929
1
32,698
- - __I 2.519
___
46
558
28,003
Robstown_
June 1930_ _ 15.28 Feb. 8 15.28 Feb. 8 15.28 Feb. 8 1930 18.87 Oct. 24 1929
105
11, 22,981
724
583 2,088
139 41,693
San Antonio_ I
1930 20.00 Sept. 3 1929
July 1930__ 15.47 Feb. 8 16.36 Feb. 13 15.47 Feb. 8
872 6,144
165, 58,498
211
62,843 1,594 7,397
Texarkana I
Aug. 193(L _ 15.63 Feb. 8 15.63 Feb. 8 15.63 Feb. 8 1930 18.34 Nov. 22 1929
479 8,089
254 137,853 1,059 11,397
I
759 101,320
NVaco _
Sept. 1930_
Oct. 1930__ 15.83 Feb. 8 16.54 Feb. 13 15.79 Feb. 7 1930 18.56 Nov. 20 1929 Total, 56 towns _. _....,....-- ........ •r.rs nts, lnnt,rtmn .-... ..... ... ..,-.... .........,.... ....•
Nov. 1930__ 16.13 Feb. 8 16.13 Feb. 8 16.13 Feb. 8 1930 17.78 Dec. 16 1929
* Includes the combined totals of 15 towns in Oklahoma.
Dec. 1930_ _ 16.03 Feb. 8 16.70 Feb. 13 16.00 Feb. 7 1930 18.06 Jan. 13 1930
Jan. 1930_ 16.07 Feb. 8 16.63 Feb. 13 16.05 Feb. 7 1930 17.18 Feb. 1 1930
INA,. •
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.
February 14-
Stock at Liverpool
Stock at London
Stock at Manchester
1930.
bales_ 912,000
1929.
990,000
100,000
98,000
Total Great Britain
Stock at Hamburg
Stock at Bremen
Stock at Havre
Stock at Rotterdam
Stock at Barcelona
Stock at Genoa
Stock at Ghent
Stock at Antwerp
Total Continental stocks
1,012,000 1,088,000
508,000
304,000
9,000
115,000
63,000
642,000
266,000
17,000
93,000
55,000
1927.
1928.
770,000 1.313,000
72,000
162,000
842,000 1,457.000
557.000
318,000
13,000
117,000
63.000
556,000
279,000
15.000
117,000
69,000
999,000 1,073,000 1,068,000 1,036,000
Total European stocks
2,011,000 2,161,000 1.910,000 2,511,000
167,000 175,000 104,000
Indian cotton afloat for Europe.... 218,000
American cotton afloat for Europe 362,000 414,000 434,000 704,000
89.000
75,000
90,000
Egypt,Brazil,&c.alloat for Europe 102,000
Stock in Alexandria, Egypt
467,000 442,000 407,000 427,000
Stock in Bombay, India
1,322,000 1,100,000 760.000 712,000
a2.271,840a2,103,544a2,190,741a2,764,127
Stock in U. S. ports
Stock in U. S. interior towns_ a1,326,078 a966,412a1,049,180a1,305,580
U. S. exports to-day
The above total shows that the interior stocks have
decreased during the week 29,534 bales and are to-night
359,666 bales more than at the same time last year. The
receipts at all towns have been 26,319 bales less than the
same week last year.
OVERLAND MOVEMENT FOR THE WEEK AND
SINCE AUG. 1.
----1929-30----
American
-
Liverpool stock
bales_ 436,000 713,000 541.000 994,000
51,000 147,000
Manchester stock
77,000
74,000
Continental stock
902.000 1,002,000 1,021,000 993,000
American afloat for Europe _
362,000 414,000 434,000 705,000
a2,271,840a2,103,544a2,190,741a2,764.127
U. S. port stocks
U. S. interior stocks
a1,326,078 a966,412a1,049,180a1,305,580
U. S. exports to-day
Total American
5,371,918 5,275,956 5,286,921 6,908,707
East Indian, Brazil, cc.
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
277.000
229,000
319,000
21,000
26,000
71,000
97,000
218,000 167,000
90,000
102,000
467,000 442,000
1,322,000 1,100,000
21,000
47,000
175,000
75,000
407,000
760,000
15,000
43,000
104.000
89,000
427,000
712,000
476,000
_2,708,000 2,168,000 1.714,000 1,709,000
5.371,918 5,275,956 5,286,921 6,908,707
8,079,918 7,443,956 7,000,921 8,617,707
Total visible supply
7.76(1.
10.25d.
Middling uplands, Liverpool
10.43d.
8.69d.
18.35c.
20.15c.
14.20c.
Middling uplands, New York.,.... 15.85c.
19.65d.
18.80d. 15.45d.
Egypt,good Sakel. Liverpool _ _ _ _ 14.55d.
11.50d.
Peruvian rough good, Liverpool_ 13.75d.
14.50d. 12.00d.
6.95d.
Broach, fine, Liverpool
9.25d.
8.85d.
6.50d.
7.40d.
9.95d.
Tinnevelly, good, Liverpool
10.10(1.
7.85d.
a Houston stocks are now included in the port stocks; in previous years
they formed part of the interior stocks.
* Estimated.
Continental imports for past week have been 110,000 bales.
The above figures for 1930 show a increase over last
week of 1,610 bales, a gain of 635,962 over 1929, Pan
increase of 1,078,997 bales over 1928, and a loss off of
537,789 bales from 1927.
-1928-29---
Feb. 14Shipped-
Week.
Since
Aug. 1.
Week.
Since
Aug. 1.
Via St. Louis
6,790
213,946
15,556
314,263
Via Mounds, &c
Via Rock Island
1.980
417
44,316
3,199
59,314
Via Louisville
Via Virginia points
Via other routes, &c
768
4,069
9,366
3,279
23,897
115,593
418,005
131
1,393
4,784
9,143
4,213
31,311
136,731
381,566
23,390
819,036
34,206
927,398
Overland To N. Y., Boston, &c„ 1,094
404
8,332
27,396
10,752
269,489
2,220
499
16,695
69,803
12,063
405,597
9,830
307,637
19,414
487,463
Leaving total net overland_*- _13,560
511,399
14,782
439,935
Total gross overland
Deduct Shipments
Between interior towns
Inland, &c., from South
Total to be deducted
* Including movement by rail to Canada.
The foregoing shows the week's net overland movement
this year has been 13,560 bales, against 14,792 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 71,464 bales.
1929-30
Total visible supply
8,079,918 7.443,956 7,000,921 8,617,707
Of the above, totals of American and other descriptions are as follows:
•
Il
In Sight and Spinners'
Takings.
Receipts at ports to Feb. 14
Net Overland to Feb. 14
Southern consumption to Feb. 14_
Week.
53,506
13,560
Since
Aug. 1.
7,222,628
511,399
95,000
2,930,000
162,066 10,664,027
Total marketed
Interior stocks in excess Feb. 14..29.534 1,116.168
Excess of Southern mill takings
739,934
over consumption to Jan. 31_
1928-29
Week.
Since
Aug. 1.
81.570 7,929,028
439,935
14,792
122.000 3,075,000
218,362 11,443,963
*41.501
648,943
743,710
Came into sight during week_ --132,532
12,520,129
Total in sight Feb. 14
176.861
799.915
27,641
North. spinn's's tak'gs to Feb. 14- 23,568
12,836.616
835,473
* Decrease.
Movement into sight in previous years:
Since Aug. 1-
Week-
Bales.
187,094 1928
285,875 1927
252,110 1926
1928-Feb. 16
1927-Feb. 17
1926-Feb. 18
11,393,235
15.277.953
13.509,248
QUOTATION FOR MIDDLING COTTON AT OTHER
MARKETS.
Closing Quotations for Middling Cotton on
Week Ended
Feb. 14.
Saturday. Monday. Tuesday. Wed'day. Thursd'y. Friday.
Galveston
15.50
New Orleans
14.82
Mobile
14.80
Savannah
14.99
Norfolk
15.31
Baltimore
15.50
Augusta
15.25
Memphis
14.45
Houston
15.35
Little Rock
14.28
Dallas
14.75
Fort Worth........
15.90
15.23
15.15
15.34
15.69
15.60
15.63
14.80
15.70
14.62
15.10
15.10
15.95
15.41
15.30
15.47
15.81
15.80
15.81
14.95
15.90
14.78
15.25
15.25
Holiday
15.33
15.30
15.39
Holiday
16.00
15.75
14.95
15.85
Holiday
Holiday
Holiday
15.95
15.33
15.25
15.39
15.75
16.00
15.69
14.95
15.80
14.70
15.15
15.15
16.00
15.48
15.30
15.47
15.81
16.15
15.81
15.00
15.90
14.75
15.25
15.25
FEB. 15 1930.]
FINANCIAL CHRONICLE
NEW ORLEANS CONTRACT MARKET.
-The closing
quotations for leading contracts in the New Orleans cotton
market for the past week have been as follows:
Saturday.
Feb. 8.
Monday,
Feb. 10.
Tuesday,
Feb. 11.
Wednesday, Thursday,
Feb. 12.
Feb. 13.
1139
INDIA COTTON MOVEMENT FROM ALL PORTS.
The receipts of India cotton at Bombay and the shipments
from all India ports for the week and for the season from
Aug. 1, as cabled, for three years, have been as follows:
Friday,
Feb. 14.
1929-30.
1928-29.
1927-28.
Feb. 11.
_ _ _ 14.97-14.99 15.38-15.40 15.56-15.57 15.48
March.
15.49Receipts al
15.58 -Since
Since
Since
---A pril
- -Week. Aug. 1. Week. I Aug. 1. Week. Aug. 1.
-15.23-15.25 15.63 ---- 15.76-15.78 15.70-15.71 15.72-15.73 15.80-15.82
May
June
---- Bombay
165,000 2,004.000 98,00011,502,000 64,000 1.647.000
15.48-15.49 15.88-15.89 16.00-16.01 15.95
July
15.97 ---- 16.04-16.05
August- _ _---- ---For the Week.
Since August 1.
September
---- -- Exports
October _ _ 15.72 -16.10-16.11 16.20-16.21 16.10 ---- 16.12-16.13 16.22 ---from
Great Conti- Japan&
Great
Conti- Janan &
November--- -Britain. neat. 'China. Total. Britain.
neat.
China.
Total.
December 15.85 bid 16.28 ---- 16.36 ---- 15.26 bid 16.31 ---- 16.38-16.40
January _ _-----Bombay
Tone
1 425,000 733,000 1,198,000
1929
-30_ _ 2,000 41,000, 63,000 106,000 40,000
Spot
Quiet
Quiet
Quiet
Steady
Quiet
Steady
1928-29_ _
21,000,
21,000 26,000' 423,000' 783,000 1,232,000
Options
Steady
Very st'dy Steady
Steady
Steady
Steady
1927-28._
34,00()', 14,000 48,000
33,000 279,000 524,000 854,000
Other India1
WEATHER REPORTS BY TELEGRAPH.
1929-30 _ _
5,000
5,000
70,000 332.000
402,000
-Reports
1928-29 _
33,000 56.000 276.000
33,000
332.000
to us by telegraph this evening indicate that the weather
1927-28 _ _ 3,000 16,000,
19.000 58,500, 269,000
327,500
has been more favorable during the week and some farm
work has been done in the extreme southern portion of Total all
1929-30 _ 2,000 46,000, 63,000 111,000 110,000 757,000 733,000.1,600,000
Texas but very little plowing has been accomplished because
1928-29 _ _
54,000
82,000, 699,000 783,000 1,564.000
54,000,
of muddy fields.
1927-23 _ _ 3,000 50.000' 14,000 67,000 91,500 566,000 524,000 1.181,500
Rain. Rainfall.
Thermometer
According to the foregoing, Bombay appears to show an
Galveston, Tex
dry
high 74 low 54 mean 64
Abilene, Tex
dry
high 80 low 30 mean 55 increase compared with last year in the week's receipts of
Brownsville, Tex
dry
high 82 low 52 mean 67 67,000 bales. Exports from all India ports record an increase
Corpus Christi, Tex
1 day
0.02 in. high 76 low 50 mean 63
Dallas, Tex
dry
high 74 low 42 mean 58 of 57,000 bales during the week, and since Aug. 1 show an
Del Rio, Tex
dry
high 84 low 44 mean 64 increase of 36,000 bales.
Houston, Tex
dry
high 80 low 54 mean 67
Palestine, Tex
dry
high 74 low 44 mean 59
ALEXANDRIA RECEIPTS AND SHIPMENTS. We
San Antonio, Tex
dry
high 84 low 50 mean 67
New Orleans, La
dry
high __ low __ mean 63 now receive weekly a cable of the movements of cotton at
Shreveport, La
1 day
0.04 in. high 74 low 44 moan 59 Alexandria, Egypt. The following are the receipts and
Mobile, Ala
dry
high 74 low 47 cman 59
Savannah, Ga
dry
high 76 low 40 mean 58 shipments for the past week and for the corresponding week
Charleston, S. C
1 day
0.08 in. high 72 low 40 mean 56 of the previous two years:
Charlotte, N. C
7 days 0.21 in. high 66 low 31 moan 47
Memphis, Tenn
3 days 0.96 in. high 66 low 36 mean 50
Alexandria, Egypt,
1927-28.
-30.
1929
1928-29.
Feb. 13.
The following statement we have also received by telegraph, showing the height of rivers at the points named
at Receipts (cantors)
This week
8 a. m. of the dates given:
185,000
105.000
100,000
Since Aug. 1
4.692.442
6,117.047
6.401.194
Feb. 14 1930. Feb. 15 1929.
New Orleans
Above zero of gauge_
13.1 ,
14.0
Memphis
This Since
This Since
This Since
Above zero of gauge_
27.2
15.7
Nashville
Exports (bales)
Week. Aug. 1. Week. Aug. 1. Week. Aug. 1.
Above zero of gauge
26.9
10.3
Shreveport
Above zero of gauge_
20.1
16.9
Vicksburg
102,242 4,000 116,405 5.000 87,769
To Liverpool
Above zero of gauge_
41.8
40.3
To Manchester, itc
102,648 7,000 116,072 8,000 95,163
To Continent and India_ 10,000 292,344 17,000 305.333 6,250 243,686
RECEIPTS FROM THE PLANTATIONS. The fol7,000 69,317 2,000 101,081
To America
300 77,119
lowing table indicates the actual movement each week
from
Total exports
17,000 566,551 30.000 638.891 19.550 503.737
the plantations. The figures do not include overland
receipts nor Southern consumption; they are simply a
Egyptian bales weigh about 1,750 lbs.
Note.
-A cantar is 99 lbs
stateThis statement shows that the receipts for the week ending Feb. 13 were
ment of the weekly movement from the plantations of
that 185,000 cantars and the foreign shipments 17.000 bales.
part of the crop which finally reaches the market
through
MANCHESTER MARKET. Our report, received by
the outports.
cable to-night from Manchester, states that the market in
both yarns and in cloths is steady. Demand for both yarn
Week' Receiptsat Ports.
Stocks at Interior Towns. !Receiptsfrom Plantations
Ended,
and cloth is improving. We give prices to-day below and
1929. 1928. 1927.
1929.
1927. ! 1929. 1928. 1927.
leave those of previous weeks of this and last year for
1928.
comparison:
Nov.
1_ 503,270 535,822 438,156 1,305,22111,034,049 1,199,935622,763
8._ 403,514 396.001 390.293 1,348,324 1,050,545 1,260,956.446,617 616,351536,27e
1928.
1929.
15- 350.357 351,467 341,143 1,400,376 1.099,921 1.290,409411.409 412.497 451,314
22.. 262.509 351.505 257,764 1.441,290 1,155,384 1,307.971194.423 400.843 370,596
406.968 275.326
84 Lbs. Shirt- Cotton
Ltitlusa
st tdo.. orisq
29.. 288.195 365,189 284.932 1.448.310,1,215.75 1,329.9001275.215 425.558
3
(nos, Common Middrg 32s Cop
306.8f2
Inv, Common Miae.ro
32s Coy
Dec.
Twist.
Upl'ds
I. Finest
to Finest.
Twist
(.41'du
6.. 282,747 388,98S 233,588 1,451,947'1.223,573 1.342,508285.384
13._ 281.398 311 736 199,962 1,461,8571,232.683 1.331.182 291.308 396,808 246.196
s.d.
d.
d.
d. a d
d i d
320.848188.636
s.1
d.
d
Dct.20 _ 260.772265.78o 180.499 1,476,6991,232.43r 1,308.770275,614 265.553158,087
9.941 1544164 13 1 013 3
1081
25_ 141(4154 13 0 413 2
27.. 187.785 255,881 159,089 1,493,0151,255,901 1,328.743204,101
279,131179.042
Niov 9.88 15 4164 13 1 @.13 3
10 49
1___ 14401581 12 8 013 0
9.58 15 4164 13 0 013 2
8___ 1344i44 12 3 412 5
10.46
Jan.
1930. 1929. 1928.
1930. I 1929.
1930. 1929. I
1928.
9.56 164017 13 0 013 2
15.... 135401454 12 2 012 4
1055
,
3._ 154,364,188,298110.324 1,476,9711,240,6311,295,532138.320173,028 1928.
9.76 1540164 13 1 413 3
22___ 1344144 12 3 012 5
10.84
37,699
19.- 1;
'172,340117,3311,477.3451,203,4591.261.688138,073135.168 77,11;5
9.59 1544164 133 @135
83.487
29___ 135(01481 123 412 5
10 97
17-- 104,
523 151,177122,2154,456,8331,161.1401,212,543
24.. 98 3881171 ,761120,4051,432.3871,118,6991,180,036 84,011108,858 78,070 Dec.
73,942129,320
9.58 1544164 13 3 8413 5
1Q83
6..__ 1354©144 12 3 012 5
31. 87,594155,731139,567 L403,1071,072.6781,134,087 58.314 109,710 82.958
947 15s@i654 13 3 013 5
13... 13401454 12 3 012 5
93,558
10.69
Feb.
1
936 1544164 13 3 413 5
20.... 13;i01454 12 3 012 5
10.58
7.- 82,277135,075111,8251,355,6211,007.9131,087.654 34,791 70,313
9.51 1554©1654 13 3 ©13 5
27_...... 1344144 12 3 4412 5
10.63
14.. 53,5051 81,570 107,419 1,326,078 966,412 1,049,180 23,972 40,069 65,392
-68,945
19 30.
19 29
Jan The above statement shows: (1) That the total
9.53 1544164 13 3 013 1
receipts
134©145i 12 2 412 4
10.50
from the plantations since Aug. 1 1929 are 8,315,458
958 15q0416, 13 3 013 5
4
10___. 134014 Ii 12 2 012 4
10.58
bales;
9.49 1544164 13 3 413 5
17.... 1344144 12 2 412 4
10.63
in 1928 were 8,557,673 bales, and in 1927 were
7,557,326
9.40 15 ki016 Si 133 @136
10.48
24_ 1354 144 122 @124
bales. (2) That, although the receipts at the outports
8.85 1544164 13 3 413 6
31_ 13 4144 12 2 412 4
10.35
the
Feb.
past week were 53,506 bales, the actual Toveinent
from
8.60 15 416 13 3 413 5
10.34
7...... 124414 0 11 4 412 0
plantations was 23,972 bales, stocks at interior towns
IA
19 i..46hiats ti 0 011 4
8.69 1540164 13 3 413 6
10.43
having increased 29,534 bales during the week. Last
year
SHIPPING NEWS. As shown on a previous page, the
receipts from the plantations for the week were 4
0,009
exports of cotton from the United States the past week have
bales and for 1928 they were 68,945 bales.
reached 107,423 bales. The shipments in detail, as made
WORLD'S SUPPLY AND TAKINGS OF
up from mail and telegraphic reports, are as follows:
COTTON.
Bales.
GALVESTON-To Havre
-West Camak, 3,899
-Feb.6
3,899
Cotton Takings,
1929-30.
1928-29.
-Cody,250
To Lisbon-Feb. 12
Week and Season.
250
-West Camak, 100; Deer Lodge, 1,243_ 1,343
To Rotterdam-Feb.6
Week.
Season.
Week.
Season.
To Oporto
-Cody,3,475
-Feb. 12
3,475
-West Camak, 100
To Antwerp
-Feb. 6
Visible supply Feb. 7
100
8,078,308
7,451,380
-Cody, 100
To Passages Feb. 12
Visible supply July 31
100
3.735,957
4,175,480
-West Camak,350
-Feb.6
To Ghent
American in sight to Feb. 14_ -. 132,532 12,520,129
350
-Deer Lodge, 833_ _ _Feb. 7-HeddernBombay receipts to Feb. 13--- - 165,000 2,004,000 176,861 12,836,616
To Bremen-Feb. 6
98,000 1.502,000
Other India ship'ts to Feb. 13
helm, 3,753- _Feb. 12-Usworth. 4,260
8.846
402,000
5,000
:33.000
332,000
-Anna C.,2.205
-Feb.6
To Venice
Alexandria receipts to Feb. 12.
2,205
37,000 1,225,200
20,000 1.284.200
-Anna C., 950
To Trieste-Feb.6
Othersupply to Feb. 12 *
950
_
541,000
18,000
13,000
481.000
-Santos Meru. 700_Feb. 10
To Japan-Feb. 7
-France
Maru, 4.531; Vancouver City, 391
Total supply Feb. 14
5,622
8,435,840 20,428,286 7,792.241 20,611,296
-Marina Odero, 5,275
Deduct
To Genoa-Feb.8
5.275
-Mar Caribd, 4,530
To Barcelona-Feb.9
Visible supply Feb. 14
4,530
8.079.918 8.079,918 7,443.956 7,443.956
-Feb. 5
-West Caddoa. 5,102__ _ 5.102
NEW ORLEANS
-To Liverpool
-West Caddoa, 1,473
To Manchester-Feb.5
Total takings to Feb. 14 a
1,473
355,922 12,348.368 348,285 13,167,340
-Sinaloa, 1,100
-Feb. 6
Of which American
To Vera Cruz
1,100
258,922 8,912.168 303,285 9.702.140
-Vancouver City, 500
To Japan-Feb. 7
Of which other
500
97,000 3,436,200
45,000 3.465.200
To Barcelona-Feb. 8-Jomar, 86
86
-Cody, 50
-Feb. 8
To Oporto
* Embraces receipts in Europe from Brazil, Smyrna, West
50
-Feb. 8-Joloe, 700
Indies, &c.
To Naples
a This total embraces since Aug. 1 the total estimated
700
-Feb. 8-Jolee, 752
To Venice
Southern mills, 2,930,000 bales in 1929-30 and 3,075,000 consumption by
752
bales in 1928 --Feb.8
To Porto Cabello
-29
-Fredericksburg, 100
takings not being available
-and the aggregate amounts
100
-Feb. 11-Alaska. 496
To Havre
and foreign spinners. 9.418,368 bales in 1929-30 and taken by Northern
496
To Dunkirk-Feb. 11-Alaska, 100
1928-29, of which 5,982,168 bales and 6,627,140 bales 10,092,340 bales in
100
American.
-Feb. 11-Alaska, 64_ __Feb. 13-Elkhorn, 354To Ghent
b Estimated.
418
To Arica-Feb. 13-Castilla, 150
150
FINANCIAL CHRONICLE
1140
Bales.
3,800
-To Bremen-Feb. 8-Jonshaven, 3,800
CHARLESTON
394
-Tulsa,394
-Feb.8
To Liverpool
1,716
-Tulsa, 1,716
-Feb. 8
To Manchester
84
-Floridan. 84
To Hamburg-Feb. 8
1,260
-Spar. 1,260
To Antwerp-Feb. 10
3,000
-Fluor Spar. 3,000
-Feb.8
-To Liverpool
WILMINGTON
-To Japan-Feb.6-Ginyo Maru, 500_ _ _Feb. 10
LOS ANGELES
-President Jackson, 600; Bessemer City, 200; Norway
1,850
Maru,550
724
-Feb. 8-Drechtdijk, 724
To Liverpool
201
To Bremen-Feb. 10-Moerdijk, 201
900
Jackson, 900
-President
--Feb. 10
To China ,
100
-To Germany-Feb. 6-Ginyo Maru, 100.._
SAN FRANCISCO
50
To Great Britain-Feb.6-Ginyo Maru,50
125
To Japan-Feb. 6-Ginyo Maru, 125
250
To China-Feb. 6-Ginyo Maru, 250
-France Maru,2,535_ _ _Feb. 12
HOUSTON-To Japan-Feb.5
4,735
Argun Maru, 2,200
2,169
To Genoa-Feb. 13-Maddalena Odero, 2,169
3,795
-Feb.8-Anselm de Larrinaga, 3,795
To Manchester
750
-Feb.8-AnseIm de Larrinaga,750
To Liverpool
4,810
-West Camak,4,810
-Feb.7
To Havre
Camak, 128_-_Feb. 10--Sture-West
To Dunkirk-Feb. 7
478
holm, 350
-West Camak, 1,700Feb. 11To Rotterdam-Feb. 7
1,986
Deerlodge, 286
750
-West Camak,750
-Feb.7
To Ghent
400
-Feb. 10-Stureholm, 400
To Norrkoping
59
To Bergen-Feb. 10-Stureholm, 59
1,855
-Mar Caribe, 1,855
To Barcelona-Feb.10
-Deer
10-Usworth, 6,458_ _ _Feb. 11
To Bremen-Feb.
9,690
-Endicott, 1,366
Lodge, 1,866_ _ _Feb. 13
41
-Deer Lodge,41
-Feb. 11
To Hamburg
500
11-Arkansas, 500
To Copenhagen-Feb.
400
SAVANNAH-To Genoa-Feb.8-Monrosa, 400
200
To Barcelona-Feb.8-Monrosa,200
150
-Antonia, 150
-Feb.6
-To Liverpool
NEW YORK
200
To Antwerp-Feb. 7-Samland, 200
175
-Feb. 10-Ontario, 75_ _ _Feb. 11-Vincent. 100..
To Havre
1,100
-Feb. 11-West Camak, 1,100
-To Liverpool
NORFOLK
100
To Manchester-Feb. 11-West Alsek, 100
1,738
Bremen-Feb. 12-Harburg, 1,738
To
3,084
-Deer Lodge,3,084
-To Bremen-Feb.5
TEXAS CITY
500
-Deer Lodge,500
To Rotterdam-Feb.5
-Feb. 4-Steadfast, 1,742_ - _ _ 1,742
-To Liverpool
CORPUS CHRISTI
719
-Steadfast,719
To Manchester-Feb.4
795
-Philadelphian, 795
-Feb. 7
-To Liverpool
MOBILE
731
an, 731
To Manchester-Feb. 7-Philadelphi
1,295
To Bremen-Feb. 8-Wallhaven, 1,295
50
To Rotterdam-Feb. 8-Wallhaven, 50
107,423
Total
-By cable from Liverpool we have the folLIVERPOOL.
lowing statement of the week's sales, stocks, &c.,at that port:
Jan. 24.
26,000
15,000
1,000
59,000
886,000
401,000
108,000
36,000
219,000
130,000
Sales of the week
Of which American
Sales for export
Forwarded
Total stocks
Of which American
Total imports
Of which American
Amount afloat
Of which American
Jan. 31.
21,000
11,000
1,000
64,000
882,000
405,000
57,000
39,000
227,000
124,000
Feb. 7.
20,000
11,000
1,000
52,000
904,000
435,000
70,000
45,000
210.000
102,000
Feb. 14.
28,000
13,000
1,000
50,000
912,000
436,000
62,000
37,000
193,000
89,000
The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:
Spot.
Saturday.
Monday.
Market,
12:15 {
P.M.
Dull.
Quiet.
Mid.Uprds
Sales
Quiet.
.
8.434.
8.37d.
2,000
Friday.
Tuesday. Wednesday. Thursday.
8.54d.
3,000
3,000
Quiet.
8.62d.
More
demand.
More
demand.
8.57d.
8.69d
•
5,000
4,000
8,000
Quiet
Steady Quiet 1 pt.
Quiet
Steady
Futures.{ Steady
24 to 26 pts 1 to 4 pts. 10 to 12 pts 13 to 16 pts adv. to lpt. 3 to 5 pts.
Market
decline.
decline.
advance, advance. advance.
decline,
opened
Very st'dy Q't but st'y
Quiet
Market, 1 Steady Q't but st'y Barely st'y
16 to 19 pts 5 to 6 pts. 2 to 4 pts. 9 to 11 pts. 13 to 15 pts 3 to 9 pts.
4
advance
advance. advance.
advance
suivenee
decline
P. M.
Prices of futures at Liverpool for each day are given below:
Mon.
Sat.
Feb. 8
to
Feb. 14.
Tues.
Wed.
Thurs.
Fri.
12.15 12.30 12.15 4.0012.15' 4.0012.15 4.0012.15 4.0012.1514.00
p. m.p. m.p. m.p. m.p. m.'p. m.p. m. p. nip. m.p. m.p. m.p. m.
d. d.
8,10
February
8.14
March
8.17
April
8.24
May
8.26
June
8.33
July
August8.38
8.40
September
October8.43
_ _ 8.4.
November
8.47
December
January (1931) __ __ 8.4:
8.50
February
d. I
8.13
8.17
8.19
8.27
8.29
8.36
8.38
8.41
8.44
8.46
8.48
8.49
8.51
d.
8.16
8.20
8.22
8. 1
8.32
8.39
8.42
8.4
8.4:
8.50
8.52
8.53
8.55
d. I d.
8.24 8.20
8.271 8.22
8.29, 8.24
8.371 8.32
8.39 8.34
8.46 8.41
8.49 8.44
8.52 8.47
8.55 8.50
8.58 8.52
8.58 8.55
8.56
8.59 8.
8.61 8.58
d.
8.32
8.34
8.
8.
8.4
8.52
8.5
8.58
8.61
8.62
8.6
8.66
8.68
d.
8.31
8.33
8.3
8.4
8.45
8.51
8.54
8.57
8.80
8.62
8.64
8.6.
8.67
d.
8.27
8.29
8.31
8.39
8.41
8.47
8.50
8.53
8.56
8.58
8.61
8.62
8.83
d.
8.35
8.37
8.39
8.47
8.49
8.55
8.5:
8.61
8.64
8.66
8.69
8.70
8.71
d.
8.39
8.40
8.42
8.49
8.51
8.57
8.59
8.62
8.64
8.66
8 69
8.7
8.71
d.
8.44
8.45
8.46
8.53
8.55
8.60
8.62
8.65
8.67
8.89
8.72
8.73
8.74
BREADSTUFFS
Friday Night, Feb. 14 1930.
Flour at New York was for the most part quiet, awaiting
developments in the wheat market. There were reports
from the West of a better business recently. Clearances
on the 11th inst. were 8,000 barrels in all from New York
and Baltimore. Domestic trading was light and there was
no real snap in the export demand. Chicago wired that a
!rush to buy flour when wheat prices took their drastic drop
last week found millers at a peculiar disadvantage. Flour
buyers were acting on the strength of the decline in wheat
futures, while the actual cash wheat which the millers
needed was being held steady, several cents above the
futures, by the activities of the Farm Board subsidiaries.
The result was that the bakers and other large flour buyers
demanded their flour at prices in line with the low futures
market, while the millers could not buy their wheat on any
[VoL. 130.
such basis. Nevertheless, millers generally sold more flour
than at any time in recent weeks. Bookings ran from
80 to 100% of mill capacity, whereas in January new business was averaging less than 25% of capacity.
Wheat was helped by the establishment of the Grain
Stabilization Corp., which began to function early in the
week. But, on the other hand, export trade was dull under
the competition of other countries. That was a big drawback. Stocks in the United States are large, and the foreign
outlet is quite the reverse of satisfactory. Prices show only
a trifling rise for the week. On the 8th inst. prices closed
c.
4
1
/
18c. lower to / higher. The market was uncertain. It was
awaiting action on the Stabilization Board. Liverpool was
/
very disappointing. It closed %d. to 114d. lower. That was
much lower than was due. The weakness in Liverpool was
attributed to lower prices for Argentine wheat and the
pressure of nearby Australian shipments on a dull market.
c.
4
1
Yet Buenos Aires ended at % to / higher, with the ex4c. higher at 38. But export business was
change rate Y
small. There were reports, afterwards denied, that the
Western Canadian wheat pool was asking for financial
help from the Canadian Government.
On the 11th inst. prices ended 4 to 1%c. higher, with
the Farm Board in operation. The idea was that the price
would be maintained at a minimum of $1.18 at Chicago
for No. 2 hard winter. The Farm Board was said to have
received $10,000,000 as the first contribution towards
stabilizing wheat. The Canadian pool said that British
requirements were larger than had been estimated. Bad
weather was reported on the Continent. On the 13th inst.
c.,
1
/
prices advanced early 14 but lost this and ended about
1
/
4c.
Y net lower in Chicago and 14 to 1%c.lower in Winnipeg.
Export demand was poor; Sales were only 300,000 bushels,
largely Manitoba. There is a lack of snow covering over a
large area of the winter wheat belt. Complaints are heard
of alternate thawing and freezing. But they had little
effect in the long run. And so with the statement of a
member of the Farmers' National Grain Corp. at Minneapolis that $1.25 for No. 1 Northern was the lowest price
at which wheat should sell based on known conditions.
Russia, on the other hand, was reported to have sold 10,000
tons of spot wheat to Hamburg at equal to $1.32 per
bushel. Elevator interests were buying at Minneapolis,
but the cash business there fell off. Some grades were 1 to
2c. lower than futures. Co-operatives continue to buy
country run of wheat at Minneapolis at the Farm Board
loaning price.
The Fedelral Farm Board:, according to WaShingtoin
reports definitely committed itself to an attempt to stabilize
the wheat market through recognition of the Grain Stabilization Corp. Later it was said to be buying in six States
through co-operatives. London cabled, Feb. 8: "Referring
to January's break of 7 shillings per quarter in imported
wheat, after comparative stability during the last four
months of 1929, the London "Economist" draws the inference editorially that maintenance of the North American
Producers' plan of withholding stocks from the market
with a view to higher prices may become a matter of great
difficulty. It suggests that even the Canadian wheat pools
may be facing formidable losses. The wheat market's
history in recent months, the "Economist" thinks, illustrates
once again in a forceful manner the insuperable difficulty
of trying to stabilize the supply of any commodity which
Is dependent on weather. It also illustrates the "boomerang" effect on prices which such experiments frequently
produce." Some comment was: "The wheat pool has developed a powerful influence on the price of Canadian
wheat, but we need support from other wheat-growing
countries, especially the Argentine, Australia and the
United 'States."
4c.
1
/ lower on active trading.
To-day prices closed 1% to 2
The cables were lower. Export sales were only 300,000 to
1
/
400,000 bushels, largely Manitoba. Liverpool closed 14d.
1
/
lower, and Buenos Aires was 14c. off. The 'surplus in
the Pacific Northwest is said to be the largest ever known
at this time of season. The prospects seem to point to
another large winter wheat crop. At the Canadian Northwest it was very cold, with little or no snow covering left.
But this failed to count. The co-operatives continue to
buy cash wheat. Mills, moreover, wanted the better qualities in the Northwest. They are said to have bought 300,000
bushels of winter wheat out of store at Minneapolis. In
Omaha the Farm Board bought 22 cars of hard wheat.
The Australian visible supply is stated at 62,000,000 bushels
against 75,000,000 a year ago. Argentine shipments were
2,805,000, and Australia 1,592,000. Bradstreet's North
American exports were 5,203,000. So that the world's shipments this week look like 11,000,000 bushels. To-day showed
a lack of snap, a lack of real rallying power. Final prices,
however, show comparatively little change for the week;
they were / to 11 higher than last Friday.
4c.
/
4
1
DAILY CLOSING PRICES OF WHEAT IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Frt.
1233j
125% Hol. 125
1223 124
No. 2 hard
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thum Fri.
Holi- 118%116%
1163 117% 119
March delivery
120% 121% 123% day 122% 121%
May delivery
123% 1223- '
122
1243-i
121
July delivery
126
1243
124
1243i 1263-i
September delivery
FEB. 15 1930.]
FINANCIAL CHRONICLE
DAILY CLOSING PRICES OF WHEAT FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Fri.
12434
128
12634 12734 1283
May delivery
July delivery
13034 126%
12834 12934 130%
October delivery
12634 1273/, 12934
1283/, 126
1141
GRAIN.
Oats, New York
No. 2 white
No. 3 white
Rye, New York
Corn, New York
No.2f.o.b
No. 2 yellow, all ran
Barley, New York
104
Malting
No.3 yellow, all rail
101
For other tables usually given here, see page 1070.
Wheat, New York
N o.2red.f.o.b
No.2 hard winter. f.o.b
13634
1233i
56
5434
93
Indian corn, with better weather and somewhat larger
offerings from the country, ended somewhat lower, wheat
6734
giving this cereal very little help. The cash demand, moreover, has slackened. On the 8th inst. prices ended 1 to
4
The destination of these exports for the week and since
%c. higher, despite favorable weather and some selling on
that account. But offerings were promptly taken. Re- July 1 1929 is as below:
celPts did not increase despite the more favorable weather
Wheat.
cenditions.. On the 11th inst. prices closed unchanged to
Flour.
Corn.
Exports for Week
1
4c. lower, after some early advance. The accumulation
Since
Week
and Since
Week
Since
Week
Since
July 1 toFeb. 8
July 1
Feb. 8
July 1
Feb. 8
of stocks thus far this season has not been so large as
July 1
1930
1929
1930
1929
1930
1929
usual. Country offerings were small. 'Shippers had a
better trade.
Barrels. Barrels.
Bushels. Bushels. Bushels.
Bushels.
United Kingdom_ 25,980 2,267,052
731,000 38,564,000
30,000
On the 13th inst. prices ended ih to 11 c. lower, partly Continent
,
107,531 2,432,527 1,425,000 53,673,000
in sympathy with the decline in wheat. The weather was So.& Cent. Amer_ 77,000 356,000
7,000
554,000
47,000
441,800
73,807
34,000
224,000
favorable. In the Omaha territory country offerings were West Indies
14,400
Brit.
14,400
larger. Cash markets were weaker. It is said that there OtherNo. Am.Col. 37,000 344,111
countries._
704,000
will be an import duty imposed by Congress of 25c. per
Total 1930
335,711 5,855,890 2,163,000 93,529,000
301,000
bushel. Canada is said to have been a fair buyer of Argen- Total 1929
139.646 7.008.195 5.140.993 210.967,418 2,940,000 20,257,322
tina corn of late. Argentina, it seems, is offering to sell at
83c. c.i.f. bay ports. Shippers had a better outside demand
The visible supply of grain, comprising the stocks in
and reported a good business. Still the influence of wheat granary at principal points of accumulation at lake and
and some liquidation sent prices downward in the later
trading. To-day prices ended %c. lower, with the weather seaboard ports Saturday, Feb. 8, were as follows:
favorable, wheat down and liquidation something of a
GRAINSTOCKS.
Wheat,
frature. On the decline professionals bought and shorts
Corn,
Oats,
Rye,
Barley,
United States
bush.
bush.
bush.
bush.
bush.
'covered, which acted as a check on any downward move- New York
1,207,000
39,000
187,000
40,000
95,000
ment. Also some were buying corn against sales of wheat. Boston
202,000
8,000
2,000
Philadelphia
636,000
31,000
197,000
17,000
4,000
It is said that the new corn in Argentina has been damaged Baltimore
3,924,000
47,000
50,000
28,000
159,000
and that indications now point to a smaller crop than in Newport News
726,000
New Orleans
847,000
67,000
96,000
8,000
418.000
recent years. But country offerings were larger at the Galveston
1,866,000
308,000
West, while cash business was on only a moderate scale. Fort Worth
3,557,000
143,000
343,000
9,000
162,000
Buffalo
7,963,000 1,645,000 1,695,000
336,000
277,000
Final prices show a decline for the week of
to C.
" Afloat
63,808,000
383,000
Toledo
DAILY CLOSING PRICES OF CORN IN NEW YORK.
Afloat
Sat. Mon. Tues. Wed. Thurs. Fri.
Detroit
No.2 yellow
1043/, 10534 10534 Hol. 10434 104
Chicago
Afloat
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Milwaukee
Sat. Mon. Tues. Wed. Thurs. Fri.
"
Afloat
March delivery
893/, Ho11- 88
8834 89
8734
May delivery
9134 9134 Duluth
9234 92% 9234 day
" Afloat
July delivery
9334 9334
943/, 9434 9434
Minneapolis
Oats show practically no change for the week. They are Sioux City
a trifle lower in sympathy with the sluggishness of other St. Louis
Kansas City
grain markets. On the 8th inst. prices ended unchanged Wichita
Hutchinson
to 1 3c. higher. They were sustained partly by the firmness St. Joseph, Mo
%
of other grain. On the 11th inst. prices were 1 to %c. Peoria
4
higher in response to the better tone in other grain. But Indianapolis
Omaha
the trading was small. This meant, however, that there
was very little pressure to sell. On the 13th inst. prices
ended IA to %c. lower. Texas, it is said, will have the
largest crop planted ever known, in at least some sections
of that State, and also in Oklahoma.
To-day prices ended 12 to %c. lower in sympathy with
/
the decline in other grain, and also because of liquidation
and other selling. One unfavorable feature was that shorts
were the largest buyers. The outside public did not seem
disposed to take hold. Final prices were unchanged to 1
4c.
lower for the week.
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
5634 5634 5634 Hol. 5634 56
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
March delivery
443/ 45
5
4534 Roll- 4534 44%
May delivery
46
4634 4634 day
4634 45%
July delivery
45% 45%
4534 45% 46
DAILY CLOSING PRICES OF OATS FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Fri.
May delivery
60
5934
5834 58
58
July delivery
57
5734 5534
5754 58
October delivery
, 5334
5234 52
533/, 5234
No.2 white
233,000
566,000
2,918,000
25,000
110,000
7,000
5,000
210,000
706,000
14,000
152,000
43,000
4,000
11,000
21.673,000 3,673.000 3,619,000 5,356,000
406,000
1,229,000
91,000
4,432,000
639,000
922,000 3,457,000
16,000
288,000
529,000
25,061,000
536,000 2.245,000 2,877,000 1,122,000
357,000
270,000
31,074,000 1,350.000 7,256,000
736,000 4,475,000
750,000
612,000
321,000
11,000
3,796,000 1,344,000
376,000
12,000
68,000
22,516,000 1,406,000
7,000
32,000
177,000
5,757.000
239,000
2,000
2,228,000
103,000
5,564,000
878,000
11,000
54,000
58,000
198,000
863,000
976,000
953,000
438,000
33,000
7,410,000 2,858,000
470,000
5,000
193,000
Total Feb. 8 1930_ _A59,684,000 17,174,000 23,680,000 14,150,000 8,834,000
Total Feb. 1 1930._ __163,494,000 15,226,000 24,471,000 14,257,000 9,013,000
Total Feb. 9 l929.__124,373,000 27,963,000 13,633,000 6,297,000 9,158,000
-Bonded grain not included above: Oats, New York, 379.000 bushels;
Note.
Philadelphia,4.000; Baltimore,254,000: Buffalo afloat, 16,000;total, 654,000 bushels
against 873,000 bushels in 1929. Barley, New York, 612,000 bushels; Baltimore,
1,189,000; Buffalo, 1,071,000; Buffalo afloat, 104,000; total, 2,976,000 bushels,
against 4,097,000 bushels in 1929. Wheat, New York, 4,836,000 bushels; Boston,
1,612,000; Philadelphia, 3,268,000; Baltimore, 3,943,000; Buffalo, 7,511,000: Buffalo
afloat, 10,251,000; Duluth, 192,000; total, 31,613,000 bushels, against 3,0373,000
bushels in 1929.
Canadian
Montreal
6,835,000
1,294,000
410,000
978,000
Ft William & Pt. Arthur. 50,755,000
3,824,000 4,320,000 14,273,000
"
Afloat
194,000
299,000
Other Canadian
17,396,000
3,136,000 1,410,000 1,011,000
Total Feb. 8 1930
75,180,000
8,254,000 6,140,000 16,561,000
Total Feb. 1 1930
75,278,000
8,602,000 6,154,000 16,539,000
Total Feb. 9 1929
82,145,000
7,759,000 2,685,000 7,830,000
Summary
American
159,684,000 17,174,000 23,680,000 14,150,000 8,834,000
Canadian
75,180,000
8,254,000 6,140,000 16,561,000
Total Feb. 8 1930......234,864,000 17,174,000 31,934,000 20,290,000 25,935,000
Total Feb. 1 1930____238,732,000 15,226,000 33,073,000 20,411,000 25,552,000
Total Feb. 9 1929____206,518,000 27,963,000 21,392,000 8,882,000 16,985,000
The world's shipments of wheat and corn, as furnished by
Rye has dropped some 1 to 4c. during the week, with a Broomhall to the New York Produce Exchange,for the week
lack of export demand and at times a weaker tone in ending Friday, Feb. 7, and since July 1 1929 and 1928,
wheat, notably to-day. On the 8th inst. prices ended un- are shown in the following:
changed to %c. lower on some liquidation and the old drawback of export dullness. On the 11th inst. prices advanced
Wheat.
Corn.
tc. The rise was checked by considerable selling
14 to 1%
Week
Exports
Since
Since
Week
Since
Since
of May at 85c. Shorts were about the only buyers. On
Feb. 7
July 1
July 1
Feb. 7.
July 1
July 1
1930.
1929.
1928.
the 13th inst. prices ended unchanged to lc. lower in sym1930.
1929.
1928.
pathy with the drop in wheat. There was also more or less
Bushels.
Bushels. I Bushels. I Bushels. I Bushels.
Bushels.
scattered selling. On the other hand, the trading was on a North Amer_ 6,191,000201,059,000375,366,000
56,000, 2,475.000 24,164,000
712,000 17,531,000, 2,024,000 280,000, 13,319,000
small scale. The open interest is said to be of fair size. Black Sea___ 2,339,000115,443,000, 93,491,000 3,780,000127,170,000 1,827,000
Argentina___
172,885,000
To-day prices ended 1c. lower in response to the drop Australia
2,056,000 35,701,000 56,152,000
India
320,000
In wheat and because of the old trouble of the lack of 0th. countr's 1,000,000 26,460.000, 1,064,000',
32,348,000, 221,000 22,715,0001 21,108,000
export, trade. In Winnipeg rye dropped 2 to 21
4c., but
Total
12,298,000396.514,000560,445,000 4,337,000165,679,000219,984,000
rallied later and ended unchanged to 1
4c. lower. At Chicago
final prices show a decline for the week of 1 to 1%c.
WEATHER BULLETIN FOR THE WEEK ENDED
DAILY CLOSING PRICES OF RYE FUTURES IN CHICAGO
FEB. 11.
-The general summary of the weather bulletin
Sat. Mon. Tues. Wed. Thurs. Fri.
larch delivery
Holt- 8334 -8234 issued by the Department of Agriculture, indicating the in8234 8334 84
May delivery
843.4 8434 8534 day
847/ 8334
July delivery
8431 8434 8534
8454 8334 fluence of the weather for the week ended Feb. 11 follows:
ra. the beginning of the week a "low" was central off the New England
Closing quotations were as follows:
coast, and another was over the lower Lake region. The
Spring pat. high protein.$6.75
Spring patents
6.35
Clears,first spring
5.75
Soft winter straights.-- 5.75
Hard winter straights_ - 5.95
Hard winter patents_
6.25
Hard winter clears
5.20
Fancy Minn. patents..- 7.90
City mills
7.90
FLOUR.
$7.15 Rye flour, patents
6.70 Seminola. No. 2, pound$5.75®$6.30
434
6.00 Oats goods
2.75@ 2.80
6.20 Corn flour
2.40® 2.45
6.25 Barley goods
6.75
Coarse
3.25
5.70
Fancy pearl, Noe. 1.
2, 3 and 4
8.55
6.00 ® 6.50
8.60
eastern
had been attended by widespread precipitation over most of the-low"
eastern States, while scattered rain or snow was reported elsewhere. more
Except for this more or less general precipitation, there were no
widespread
falls during the week, although some locally heavy amounts were
principally on the Florida Peninsula and in the far Northwest. reported,
Temperatures were generally moderate for the season,
cold weather in the South, while subzero readings werewith no damaging
confined to local
places in the more northern States. It was extremely cold in
the Northeast on the 6th when a minimum of 30 deg. below zero was
reported from
Canton, N. Y., but with this exception there were practically
no subzero
temperatures noted at first-order stations.
FINANCIAL CHRONICLE
1142
Chart I shows that the week was abnormally warm in most sections of
-Mississippi
the country, especially in the central and northern trans
States. In the extreme Northeast, however, very cold weather prevailed,
with the weekly mean temperatures locally in northern New York as
much as 12 deg below normal, in the South the period was mostly from 3
deg. to 6 deg. warmer than normal, while from Kansas northward and northwestward the plus departures from normal temperature ranged from 12 deg.
to as much as 25 deg. An exception to the general warmth over the western
half of the country was reported from Grand Junction, Colo., where low
temperatures persisted, with a weekly mean 10 deg. below normal.
Freezing temperatures did not extend farther south than North Caro
'Ina, extreme northwestern South Carolina, and to Macon, Ga., in the
East, while in the Mississippi Valley the line of freezing reached only to
Cairo. Ill. Over the Great Plains slightly subfreezing weather was reported
as far south as Abilene, Tex.; in Gulf districts the lowest readings were
well above freezing. Zero temperatures were confined to the upper Lake
region and the Northeast, but some low readings were reported from the
interior of the latter area; the lowest at first-order stations was 30 deg.
below zero at Canton, N. Y., on the 6th.
Chart II shows that precipitation during the week was generally light,
except in the extreme Southeast and extreme Northwest; there were some
moderate fads in the middle Atlantic area. In the far Southwest, the
northern Great Plains, and rather generally between the Appalachian and
Rocky Mountains scarcely measurable amounts of precipitation occurred
during the week.
The moderate temperatures in the principal agricultural sections of the
country were favorable for outside operations, but at the same time the
soil remained too wet for working over large areas. The mild weather
and abundant sunshine were favorable for drying the saturated soil, and
some plowing was accomplished the latter part of the week in the wet
central valley areas. The main wheat sections were bare of snow and,
while temperatures were mild, there were some complaints of thawing and
freezing in parts of the Ohio Valley, while the top soil needs moisture in
the central-western Great Plains.
In the South winter truck crops, that escaped the previous freeze, did
fairly well in most sections; there was some harm by heavy rains in Florida.
but conditions generally in that State were rather favorable, with potatoes
doing well in both the Federal Point and Hastings districts. Precipitation
Is needed in western Texas and southern New Mexico. It was a generally
favorable week for livestock interests. The warm weather cleared much
range and permitted freer grazing, with a consequent saving of feed, while
conditions were rather favorable for lambing in the Pacific Northwest.
While the week was mostly fair, the saturated condition of the soil prevented much plowing in the Corn Belt and this work remained largely at
a standstill. Some corn was planted in northern Florida. Considerable
of last year's corn is still in the fields in some central valley sections and
has greatly deteriorated. In the Cotton Belt field work progressed in
western Texas, and there was a limited amount of plowing the latter part
of the week in other sections, but in general, the soil was too wet and the
preparation for planting remained inactive.
SMALL GRAINS.—The mild weather of the past week completed the
melting of the snow cover and the ground is now generally bare over the
main winter wheat area, with only scattered patches remaining; the snow
blanket also was diminished over the more western sections, with large
districts now bare. There were no indications of serious injury to the
winter wheat, however, by the January freezes, with the crop generally
appearing in fair to very good condition; there were some reports of unfavorable freezing and thawing, especially in the Ohio Valley, but no
material harm is apparent thus far. Winter oats suffered rather severely
from the freezes in the South, but the remaining crop is making fair advance; the soil was generally too wet to work in preparation for spring
seeding. Condition of the wheat crop in the Pacific Northwest is still uncertain, except locally; some plowing was done in drier sections, while
snow cover remaind in places.
The Weather Bureau furnishes the following resume of
the conditions in the different States:
Virginia.—Richmond: Moderate temperatures most of week; rainfall
light to moderate; ample sunshine. Favorable for farm operations and
considerable plowing done. Preparations for early potato crop in southeast well advanced. Winter grains and truck in good condition.
North Carolina.—Raleigh: Rain Tuesday, followed by more than normal
sunshine; moderate temperatures: Small grains and truck doing well.
Considerable farm work done in east latter part of week. Lettuce and
cabbage transplanted; some potatoes, peas, and tobacco beds planted.
South Carolina.—Columbia: Generally mild weather, with little rain,
favorable for winter cereals and truck. Some oats being pastured. Spring
plowing more active. Potato planting on coast continues. Peach trees
being sprayed.
Georgia.—Atlanta: No rainfall since morning of 5th, when largo amounts
occurred in southwest; temperatures mostly above normal. Week favorable
for work, but ground still rather wet. Winter wheat, oats and rye show
considerable improvement and tobacco in beds doing well. Truck crops
mostly remain rather poo-.
Florida.—Jacksnnvill— Sunshiny in west. Heavy rains east of Suwanee
River caused comi iCI.: damage to potatoes, tomatoes, cucumbers, and
other truck en lowlands in cent:al and south. -Potatoes good in Federal
Point and Hastings districts; some 8 inches high. Strawberries improving.
Oats, tobacco beds and melons good on uplands. Some corn planted
in central and north; much land prepared for corn and cotton in west.
Citrus in good endition; much bloom.
Alabama.—Montgomery: Generally fair; temperatures averaged somewhat above normal. Ground remains too wet in most sections for plowing, but some preparation of soil begun. Winter vegetables and oats that
survived severe freezes making fair advance. Pastures and ranges showing slight improvement locally. Planting truck continued in coast section.
Pear and plum trees blooming in Baldwin County.
Mississippi.—Vicksburg: Mostly favorable for active farm work, with
soil drying rapidly and little precipitation, but not much plowing done in
north and central. Progress of pastures and truck fair to good.
Louisiana.—New Orleans: Mostly moderate temperatures and little or
no rain favorable. Winter crops improving. Pastures still very poor.
Considerable plowing for spring crops and planting truck.
Texas.—Houston: Warm, sunshiny week, without appreciable precipitation. Farm work progressed in west; soil still too wet to work in
much of east. Progress of wheat mostly good and condition fair. Progress and condition of oats and barley poor. Pastures greening in spots:
condition poor. Livestock condition mostly poor and some additional
losses. Progress and condition of truck good in extreme south and portions of southwest, but little up elsewhere. Precipitation needed in western
half of State.
Oklahoma.—Oklahoma, City: Warm and mostly clear; no precipitation. Soil very wet and field work at standstill. Preparation of ground
and seeding oats delayed. No material damage to winter wheat by January
freeze and condition generally good. Pastures short and poor; livestock
thin.
ArAansas.—Little Rock: Warm, dry weather of past week very favorable. Fields and dirt roads drying rapidly; fields about dry enough for
work to begin in many Portions and some gardens started. Pastures becoming green. Wheat, meadows, rye, and apples in good condition; oats
killed in most portions. Enough peach buds escaped frost in central and
southeast to make good crop, but all buds and many trees killed in most
other portions.
Tennessee.—Nashville: Prevailing temperatures somewhat above seasonal
average, with rain first and last of week. Favorable for winter grains in
east, while less advanced in central and west. Plowing to some extent.
Livestock fair.
Kentucky.—Louisville: Moderate temperatures. Some heaving from
night freezes on saturated soils; otherwise winter grains are mostly in
good condition; standing water on many fields, due to heavy rains early
in week, but water drained off toward end. Favorable for movement of
tobacco.
THE DRY GOODS TRADE
New York, Friday Night, Feb. 14 1930.
Little of importance transpired in the textile markets
during the past week, aside from the settlement of the garment strike. On Wednesday evening representatives of the
union signed an agreement with manufacturers which Is
expected to bring peace to the garment industry during the
next two years. The strike, which lasted eight days and
•
[VOL. 130.
was claimed to be the shortest general strike in the garment
industry, ended with the workers victorious in virtually all
of their demands. Chief among the latter was the appointment of an impartial board to settle disputes. Operators
began to return to their work Thursday morning, and it is
expected that by Monday all of the strikers will have returned. It is believed that the strike has been terminated
with a minimum of loss to all concerned, owing to the prompt
settlement. Had it been prolonged, there might have been
many adverse results, but manufacturers are now looking
forward to a revival of active business. Another encouraging feature during the week was the increase in retail trade
which began on Lincoln's Birthday, when ideal shopping
weather prevailed. This was considered as a significant
Indicator that when really favorable climatic conditions
return throughout the country the spring season will get
off to a good start. The industry is confident that a satisfactory season will be experienced.. Such sentiment has
been increased of late by reports from industrial centers
stressing increasing business and expansion of employment
which, naturally, will augment consumer purchasing power.
Another stimulating factor has been the firming tendency
of some of the raw materials. For instance, raw cotton has
recovered from the recent low levels. Although this has
not caused any appreciable increase in business, there has
been a revival in demand for certain types of needed cloths.
Raw wool has also displayed a strengthening undertone,
especially in foreign markets.
DOMESTIC COTTON GOODS.—Although the decline in
raw cotton values has been arrested, buyers in the markets
for domestic cotton goods continue more or less apathetic.
Confidence in the maintenance of "futures" prices is lacking, as a general rule, and cloth buyers have been limiting
purchases to fill-in orders. Anticipatory commitments have
been conspicuous by their absence. Buyers of both large
and small sized lots have been decidedly timid as a consequence of the unsettling conditions which have developed
In the midst of moving their spring goods. In fact, the
decline in raw material prices has been so persistent that
many buyers have withdrawn from the market until more
stable conditions prevail. As a result, cloth values have
receded until they are considerably below the parity of
raw cotton. This, in turn, has encouraged manufacturers
of finished goods to further curtail their operations so as
to avoid accumulations of goods while their unfilled orders
continue to decline. At current levels, prices are admittedly
attractive from many angles, and if the raw "futures"
market should return to normalcy, the trade is reasonably
certain that there would be a sharp increase in business.
It is reasoned that with the raw (product evidently so
thoroughly deflated, it is only a question of time before
the speculative pendulum swings in the opposite direction.
Even now the goods market is not without its more favorable
features. There were important developments along these
lines during the past week. First was the restoration of
dividends by the Amoskeag Mfg. Co. This action on the
part of one of the oldest and most capably managed mills
was taken to indicate that the management sees the beginning of the end of the long period of deflation. Secondly,
the January statistics covering the production and distribution of cotton goods, compiled and published by the Association of Cotton Textile Merchants of New York, were rather
'better than expected. They placed sales at 90.3 and shipments at 102.5% of production, while stocks on hand at
the end of the month declined 1.8 and unfilled orders 9.2%.
Print cloths 27-inch 64x60's construction are quoted at 4%c.,
-inch
and 28-inch 64x60's at 4%c. Gray goods in the 39
-inch
68x72's construction are quoted at 7%c., and 39
80x80's at 9c.
WOOLEN GOODS.—Sentiment in the marketsfor woolens
and worsteds continued cheerful during the past week,
chiefly owing to the firming tendency of raw wool values.
Actual business, however, was rather irregular. This was
'principally due to the fact that distribution of men's wear
fabrics was small pending the openings of fancy lines for
fall. On the other hand, demand for women's wear fabrics
continued active, with basket weaves, tweeds and various
fancies the features. Now that the garment strike has
been settled, work will be resumed on the manufacture of
blouses which go with tailored suits. The output of these
styled goods has increased considerably of late, as it is
expected that they will be very popular during the coming
season.
FOREIGN DRY GOODS.—Aside from the sustained demand for linen suitings and dresses, markets for linens ace
somewhat less active than they have been during recent
weeks. However, prices continue firm and reports of eoncessionnaire offerings have been emphatically denied by producers who claim that quotations are already at rock bottom..
Increased activity is expected during the coming months,
especially in damask tablecloths and luncheon sets. It
has been pointed out that stocks in distributive channels
throughout the country are exceedingly small, and with
more intensive efforts on the part of both Irish and French
producers to cultivate the American market, offmings are
becoming much more attractive, which should stimulate a
more popular demand among consumers. Burlaps have been
generally quiet, with but slight change in prices. Light
weights are quoted at 5.05c., and heavies at 6.65c.
FEB. 15 1930.]
FINANCIAL CHRONICLE
*MIe and Txx4 Ptrattmert
NEWS ITEMS
Cuba, Republic of.
-Offer $40,000,000 532% Gold
.-A syndicate composed of the Chase Securities Corp.,
Bonds
Bancamerica-Blair Corp., the Equitable Corporation of
New York, and the Continental Illinois Co., all of New York,
is offering an issue of $40,000,000 5
public works sinking
fund gold bonds of the Republic of Cuba for public investment at a price of 98 and interest, to yield about 5.70%.
The bonds are dated Jan. 1 1930 and mature on June 3()
1945. Denom. $1,000. Coupon, registerable as to Rrincipal only. The bonds offered are part of an authonzed
issue of $80,000,000. The information following in reference to the loan is taken from the offering notice:
Prin. and semi-annual int. (J. 30 & D. 31) payable in gold coin of our
equivalent to the present standard of weight and fineness of the United
States of America g.old coin at the Chase National Bank of the City of
New York in New York City or Havana, at the holder's option, without
deduction for any Cuban taxes present or future. Redeemable as an entirety at any time at 105% of the principal amount thereof and accrued
interest on 60 days'notice. Callable for the sinking fund at 100 and accrued
interest on 30 days' notice. The bonds will be entitled to the benefit of a
sinking fund, payable in equal installments in cash and-or bonds previously
purchased, semi-annually on Dec. 31 1935 and on June 30 and Dec. 31 in
each year thereafter to and including June 30 1945, sufficient to retire the
bonds by maturity.
A detailed description of the bonds and the purposes for
which they are issued will be found in our "Department of
Current Events and Discussions" on a preceding page.
New York State.
-Changes in List of Legal Investments.
-The following ,comprises securities which have been found
by the State Banking Department to be legal investments for
savings banks and trust funds during the past year, since the
issuance of the Dec. 1 1928 list, and which were inadvertently
omitted from the additions and removals to the investment
list as it appeared in V. 130, p. 1003. The greater number
of additions consists of railroad obligations owing to the
fact that railroad bonds comprise a large part of the total
obligations listed. The additions are:
Atchison, Topeka & Santa Fe adjustment 4s of 1995; convertible 4s of
1955 and 1960; convertible debenture 4%s of 1948; California-Arizona Lines
1st refunding 430 of 1962, series A and B; Rocky Mt. Division 1st 48 of
1965, and Transcontinental Short Line 1st 4s of 1958.
Chesapeake and Ohio gen. 43 of 1992; ref. and imp't 4s of
-is
A; Craig Valley Branch 1st 58 of 1940; Potts Creek Branch 1st 1993,series
4s of 1946;
Richmond Allegheny division 1st cons. 4s of 1989, 2nd cons. 4s of 1989, and
• the Warm Springs Valley Branch 1st 5s of 1941.
Cleveland, Cincinnati Chicago and St. Louis ref. and imp't 4;is of 1977,
series E; ref. and imp't 5s, 1963, series D;ref. and imp't 6s, 1941, series F;
Cairo 1st 45 of 1939; Cincinnati Wabash and Michiganlst 4s, 1991; deb. 43i
s
of 1931; European Loan 4s, 1930.
Great Northern gen. 78, 1936, series A; gen. 53is, 1951, series B; gen.
1973, series C; gen. 4s, 1976, series D. and the gen. 4;is, 1977, series 5s,
E.
Lehigh Valley cons. ,
“.is (irredeemable); cons.
cons. 4s of 2003,• gen. cons. 430, 2003, and the gen.6s (irredeemable); gen.
cons. 55 of 2003.
Norfolk and Western cony. 45 of 1932; cony. 43.s, 1938, and div. of
1st
lien and gen. 4s of 1944.
Also included are Pennsylvania's gen. 68, 1970 and the secured
63s,
1936, and the secured 7s, 1930.
One railroad bond included in our list and which should
have been omitted was the following:
Buffalo, Rochester and Pittsburgh gen.
mtge. 45-s of 1957; also the Hocking Valley mtge. 58, 1937, and the cons.
Railway 1st cons. 43.s of 1999,
and several obligations of the smaller railroads.
A few changes are noted in the public utilities division of
the legals list. In the additions there should have been
included the following:
Alabama Power Co. 1st and ref. 55 of 1968.
Brooklyn Brough Gas Co. gen. and ref. 58, 1967.
Consumers l'ower Co. 1st lien and unifying 4%s of
1958.
Southern California Edison ref. 55, 1954.
Waterbury Gas Light Co. 1st 4%8 of 1958.
The bonds of the Peoples Gas Light & Coke Co., are now
omitted from the list.
South Carolina.
-Repeal of Highway Bond Act Sought in
Bill.
-An Associated Press dispatch from Columbia to the
New York "Times" of Feb. 12 reports that Representative
C. L. Johnson of Spartanburg County introduced a bill in
the House on Feb. 11 which would repeal the $65,000,000
highway bond act passed by the State Legislature in 1929V. 128, p. 1772, 1958. He is reported to have said that the
bond act would be tied up in litigation for another year and
that by repealing it the State would be enabled to continue
highway construction, using funds from the 6 Cent gasoline
tax.
1143
Dated Mar. 11930. Due on Mar. 1 as follows: $20,000, 1931
and $620,000 in 1960. In the event that no offers are made for to 1959 incl..
431% bonds.
bids will be received for the bonds to bear 4%% int. Prin. and semi-ann.
int.(M. & S. 1) payable at the New York State National Bank, Albany.
The approving opinion of Reed, Hoyt & Washburn of New York, will be
furnished to the purchaser.
ALLEN COUNTY (P. 0. Fort Wayne), Ind.
-BOND SALE.
$90,000 5% improvement bonds offered on Feb. 5-V. 130, p. 660 -The
-were
awarded to the Old National Bank, of Fort Wayne, and the Citizens'
Trust Co. of Fort Wayne, jointly, at par plus a premium of $100. equal to
100.11, a basis of about 4.98%. The bonds are dated Feb. 1
mature $9,000 on Dec. 1 from 1931 to 1940, inclusive. The 1930 and
accepted
tender was the only one received.
ANN ARBOR, Washtenaw County, Mich.
-BOND ELECTION.
City Council at a meeting held recently authorized the placing on the-The
ballot
at the spring election to be held on April 7 a proposal to issue $325,000 in
bonds to provide funds to finance the improvement of the city's water
distribution system. A similar measure is reported to have been defeated
at an election held in April 1929.
ARKANSAS, State of (P. 0. Little Rock).
-BONDS NOT SOLD.
The $18,000,000 issue of 4M,43, 43j and 5% coupon semi-annual highway bonds offered on Feb. 12-V. 130, p. 496
-was not sold as no bids
were received for the bonds. Two large syndicates were reported to be
ready to bid for the bonds but the State has a statute which prohibits
sale of long term bonds of the State at less than the equivalent of parthe
at
5% interest. The syndicates were headed by Halsey, Stuart & Co., and
the Chase Securities Corp.
-Lehman Bros., respectively. It is stated that
bids will be received on March 7 for the purchase of a $9,000,000 issue of
short term notes. It is reported that these notes will mature 9 months
after the date of issuance and will be taken up with the proceeds of the
first subsequent sale of highway bonds.
ASHTABULA COONTY (P. 0. Jefferson), Ohio.
-BOND SALE.
The $70,000 issue of improvement bonds offered on Feb. 10-V. 130,p.
661-was awarded as 4%s to Stranahan, Harris & Oatis, Inc., of Toledo.
at par plus a premium of $98, equal to a price of 100.04, a basis
4.72%. The bonds are dated Jan. 1 1930 and are payable asof about
follows:
$3,000, April and Oct. 1 from 1930 to 1933, incl., and $4,000 on April and
Oct. 1 from 1934 to 1939, incl.
ASTORIA, Clatsop County, Ore.
-BOND OFFERING.
-Sealed bids
will be received until 10 a. m. on Feb. 17, by Geo. Garrett, City Manager,
for the purchase of a $23,045.20 issue of semi-ann. improvement bonds.
Int. rate is not to exceed 6%. Dated Feb. 1 1930. A certified check for
5% must accompany the bid.
ATLANTIC CITY, Atlantic County, N. J.
-REJECT PROPOSED
BOND ISSUE
-CONTEMPLATE EMPLOYEE REDUCTION.
-The city
commission on Feb. 12 is reported to have rescinded a proposal to issue
$50,000 airport improvement bonds which were authorized to be sold
about two weeks ago, as the first step in an effort to curtail municipal expenditures. The commission is also stated to have
City Bankers' Association to reduce employees in thepledged the Atlantic
highway, police and
convention hall departments.
AUGUSTA, Bracken County, Ky.-BOND SALE.
of 6% semi-annual street improvement bonds offered-The $80,000 issue
for sale on
-V.130, p.833
-was purchased by Mr.James Hughes,of Ravenna,Feb. 3
at par.
AVALON, Cape May County, N. J. N..
-BOND OFFERING.
Elmer B. Stretch, Borough Clerk, will receive sealed bids until
2
on Feb. 16, for the purchase of $70,000 sewer bonds and $35,000P. M.
water
bonds, aggregating $105,000. All of the bonds bear 5% interest.
BABYLON COMMON SCHOOL DISTRICT NO. 7(P. 0.
Doer Park)
-BOND SALE.
Suffolk County, N. Y.
-The 965,000 coupon or registered
school bonds offered on Feb. 10-V. 130, p. 1001-were awarded
as 5s
to George B. Gibbons & Co.. of New York, at a price of 100.57,
about 4.93%. The bonds are dated Feb. 1 1930 and mature a basis of
as follows: $3,000, 1930 to 1944 incl., and $4,000 from 1945 to on Dec. 30,
1949 incl.
BALLINGER, Runnels County, Tex.
-ADDITIONAL DETAILS.
The $42,500 issue of 6% refunding street improvement bonds that was
purchased at par by H. D. Crosby & Co., of San Antonio
-V. 130, p.
1007
-is dated Dec. 15 1929. Coupon bonds in denominations of $1,000.
Due from 1933 to 1959, incl. Interest payable on April and Oct. 1.
BASTROP, Morehouse Parish, La.
-BOND OFFEgING.-Sealed bids
will be received until 1.30 p. m. on Mar. 18 by C. J. Goodwin, Mayor, for
the purc.hase of a $65,000 issue of 6% public hospital bonds. Denom.
$1,000. Dated Jan. 1 1930. Due from Jan. 1 1931 to 1960 incl.
Prin.
and int. (J. & J.) payable at the Central Hanover Bank & Trust Co. In
New York City. Chapman & Cutler of Chicago, will furnish the legal
opinion to the purchaser. Authority for issuance: Act 46, of the General
Assembly. A $1,000 certified check, payable to the Town Treasurer,
is
required.
BELFAST, Waldo County, Me.
-BOND SALE.
-Alexander Gordon &
Co. of Portland, and the City National Bank, of Belfast, Jointly, on
13 were awarded an issue of $113,000 45 % coupon refunding bonds,Feb.
price of 99, a basis of about 4.59%. The bonds are dated Nov. 1 at a
1929.
Denom. $1,000. Due On Nov. 1 as follows: $2,060, 1930 to 1949,
$73,000 in 1950. Principal and semi-annual interest (May andincl.. and
Nov. 1)
payaole at the First National Bank of Boston. Legality approved
by Ropes.
Gray, Boyden & Perkins, of Boston."
Financial Statement (Jan. 20 1930).
Last assessed valuation
$4,079,155.00
Debt limit 5% of valuation
Serial refunding bonds exempted from debt limit by Legisla- 203,957.75
tive Act prior to fixing 5% constitutional debt limit, payable
457,090.00
ndc usibe
ins
Refunding bondslto ve paid from proceeds of present issue._ _ _
113 000 00
BIG HORN COUNTY SCHOOL DISTRICT NO. I (P. 0. Byron),
Wyo.-BONDS NOT SOLD.
-The $3,500 issue of 5% 'semi-annual
bonds offered on Jan. 31-V. 130. p. 321 -was not sold. Dated school
Jan. 1
1930. Due in 25 years.
BLUFFTON SCHOOL DISTRICT (P. 0. Bluffton), Clay
County,
-BOND SALE.
Gs.
-A $19,000 issue of school bonds is reported
been purchased at par by Mr. W. R. Curry, of Sheliman. Datedto have
Feb. 1
1930. Due serially in 30 years.
BOGALUSA, Washington Parish, La.
-BONDS NOT SOLD.
$100,000 issue of 5% semi-annual school bonds that was offered on -The
Feb.
-was not sold. Dated Aug. 1 1929. Due from Feb. 7
-V. 130, P. 660
1
1931 to 1940. incl.
BRACKETTVILLE,Kinney County,Tex.
-BOND SALE.
water and sewer refunding bonds offered for -The $68,000 issue of 5
sale on
AKRON, Summit County, Ohio.
-SALE NOT CONSUMMATED.- 14-V. 129. p. 2110
-was purchased by the J. E. Jarratt Co., of San Oct.
BONDS RE-OFFERED.
An-The award on Jan. 13 of six issues of bonds ag- tonio. Due serially in 40 years.
agregating 81.507,000 to a group headed by Halsey, Stuart & Co.,
BRISTOL COUNTY (P. 0. Tabnton), Mass.
as 43is and 43is, at 100.098, an interest cost basis of about of Chicago
,
-TEMPORARY LOAN.
4.528%-V. -The $300,000 temporary loan offered on Feb. 11-V.
130, p. 496
-was not consummated.
130, I)
awarded to the Merchants National Bank at a 4.05°4, discount. The
BOND OFFERING.
-E. C. Gallaher, Director of Finance, will
receive is dated Neb. 11 1930 and is payable on Nov. 12 1930. The followingloan
sealed bids until 12 m. on March 3, for the purchase of the
is a
coupon or registered bonds aggregating $1,395,000:following issues list of the other bids received:
of 5%
Bidder
$500,000 water works extension bonds. Due $20,000, Oct. 1
Discount.
1931 to 1955, First National Bank of Attleboro
inclusive.
Faxon,Gade & Co
385,000 land purchase bonds. Due on Oct. 1, as follows:
4.09%
$29,000, 1931 First National Old Colony Corp
to 1935, incl., and $30.000 from 1936 to
* 1°°4 0 5
47%as
:
10 %
W.O.Gay &Co
260,000 trunk sewer construction bonds. Due 1943, incl.
4.12%
on Oct. 1, as follows:
$10,000 from 1931 to 1945, incl., and $11,000 from
BROWN COUNTY (P. 0. Nashville), Ind.
1946 to 1955,
-BOND OFFERING.
inclusive.
J. E. Tracy, County Treasurer, will receive sealed bids until 1
250,000 street opening and widening bonds. Due $10,000 on
p. m. on
Oct. 1 from March I. for the purchase of $9,000 4 (.4, G. C. Poling, Jackson Township
1931 to 1955, incl.
road construction bonds. Dated Feb. 15 1930. Denom. $450.
All of the above bonds are dated Feb. 1
$1,000 &nom. on July 151931, $450, Jan. and July 15 from 1932 to 1940, incl.,Due $450
Bids for the bonds to bear interest at a rate 1930 and are inwill
and $450
other than 5%
sidered, provided, however, that where a fractional rate is bid also be con- on Jan. 15 1941. Interest payable on Jan. and July 15.
such
BRUCETON, Carroll County, Tenn.
shall be
of 1% or a multiple thereof. Bids to be on an all or fraction
-The $45,000
none basis bone of 59i_% semi-annual water works -BOND SALE.
and subject to approval of bonds by purchaser's attorney.
bonds that was unsuccessful
ly
check for 27 of the amount of bonds bid for, payable to the A certified offered on Feb. 3-V. 130, p. 1007
-has since been purchased
order of the sale by Joseph, Hutton & Estes of Nashville.
at private
Director of Finance, must accompany each proposal.
Due in from 5 to 30 years.
'CAMBRIDGE; Middlesex County, Mass.
ALBANY COUNTY(P.O. Albany), N.Y.
-BOND
-BOND OFFERING.
Corscadden, County Treasurer, will receive sealed bids OFFERING.-Felix Henry F. Lehan, City Treasurer, will receive sealed
until 12
20, for the purchase of $1,200,000 4q% coupon or registered m. on Feb. Feb. 17 for the purchase of the following issues of bids until 12 in. on
4%% coupon bonds
Jail bonds. aggregating $8,000:
15
BOND PROPOSALS AND NEGOTIATIONS.
•
1144
$500.000 City Hospital bonds, Act of 1929. Due on Dec. 1 as follows:
$35.000 from 1930 to 1939 incl., and $30,000 from 1940 to 1944
incl.
300,000 school bonds. Act of 1928. Due $20,000, Dec. 1 1930 to 1944 incl.
15,000 street macadam bonds. Due $3.000 on Dec. 1 from 1930 to
1934 incl.
All of the above bonds are dated Dec. 1 1929. Denom. $1,000. Prin.
and semi-annual int. payable at the National Shawinut Bank, Boston.
Bids must be for the total amount of bonds offered. Legality of the bonds
has been approved by Ropes, Gray, Boyden & Perkins of Boston, whose
opinion will be furnished the purchaser.
Financial Statement April 1 1929.
$4,090.950.00
Funded city debt
2,875.945.51
Sinking fund for funded city debt
$1,215,004.49
Net funded city debt
5,642,050.00
Serial city debt
36.857,054.49
Net city debt
407,500.00
Funded water debt
398,143.62
Sinking fund or funded water debt
$9,356.38
Net funded water debt
490,500.00
Serial water debt
$499,856.38
Net water debt
Population (1920 census), 109.456; (1925 census), 120,054. Assessed
valuation. $188,456,300.
-ADDITIONAL INFORMACANASTOTA, Madison County, N. Y.
-In connection with the sale on Jan. 24 of $150,000 43%% coupon
TION.
York. at 100.34, a
or registered water bonds to Batchelder & Co., of New the purchasers are
-we learn that
basis of about 4.71%-V. 130. P. 833
prices to yield 4.50% and
reoffering the bonds for public investment at
that the principal and semi-annual interest (June and Dec. 1) are payable
be legal
in gold at the office of the Village Clerk. The bonds are said to
State and
investment for savings banks and trust funds in New YorkNew York.
been adjudged legal by Clay, Dillon & Vandewater, of
have
Financial Statement (As official reported).
Assessed valuation (1929)
9
$1'241:02
Total bonded debt (including this issue)
162,000
Less water bonds
87,000
Net bonded debt
4.223
ns
Population (1925 census
GRADED SCHOOL DISTRICT (P.O. Canton), Haywood
CANTON
-Sealed bids will be received until
-BOND OFFERING.
County, N. C.
Board of Trustees,
noon on Feb. 28, by A. J. Hutchins, Secretary of the Interest rate is not
issue of school bonds.
for the purchase of a $240.000
to exceed 6%,stated in a multiple of X of 1%. Denom. $1,000. Dated
1942; $8.000. 1943
Jan.! 1930. Due on Jan. 1 as follows: *6,000.1933 to1960, all inclusive.
to
to 1947; $10.000, 1948 to 1955, and $12,000, 1956Central Hanover Bank
Principal and semi-annual interest payable at the
& Trust Co. in New York City. The District will furnish the legal approval of Storey, Thorndike, Palmer & Dodge, of Boston. A certified
check for 2%. payable to the District Treasurer, must accompany the bid.
This offering report corrects that given in V. 130, p. 661.)
-The
-BOND SALE.
CAWKER CITY, Mitchell County, Kan.
on Jan.
$16,000 issue of 4X% coupon improvement bonds offered for sale Nov.15
-was purchased at par by local investors. Dated
27-V.130. p.496
1929. Due $1,000 from Feb. 1 1931 to 1946 incl.
CENTER JOINT CONSOLIDATED SCHOOL DISTRICT NO. 26
-PRICE
(P. 0. Center), Rio Grande and Saguache Counties, Colo.
-The $56,000 issue of 454% refunding bonds that was purchased by
PAID.
-V. 130, P. 661-was awarded at a
the international Trust Co., of Denver
price of 98.50, a basi- of about 4.63%. Due $5,000 from 1940 to 1949 and
$6,000 in 1950.
CHELAN COUNTY SCHOOL DISTRICT NO.66 (P.O. Wenatchee)
-The $9,000 issue of school bonds offered for sale
-BOND SALE.
Wash.
on Feb. 1-V. 130, p. 834-was awarded to the State of Washington, as
in from 2 to 20 years. We are informed that no other
554s, at par. Due
bids were received.
-The
-TEMPORARY LOAN.
CHELSEA, Suffolk County, Mass.
First National Old Colony Corp., of Boston, recently purchased a $500,000
temporary loan at a 4.34% discount. The loan is dated Feb. 10 1930 and is
payable on Dec. 15 1930. S. N. Bond & Co. of Boston, the only other
bidders, offered to discount the loan at 4.37% in addition to the payment of
a $12 premium.
-At the
-BONDS VOTED.
CHELSEA, Washtenaw County., Mich.
-the proposal to issue 1150,special election held on Feb. 3-V. 130, P. 496
000 in bonds to finance the completion of the sanitary sewer system under
construction was approved by a vote of 302 to 72. The bonds will be offered
for sale shortly.
-The
-BOND SALE.
CIRCLEVILLE, Pickaway County, Ohio.
following issues of 43%% bonds aggregating $79,500 offered on Feb. 10V. 130. p.661-were awarded to the Banc Ohio Securities Corp., of Columbus, at par plus a premium of $195, equal to a price of 100.24, a basis of
about 4.72%:
$75,000 hospital construction bonds. Dated Feb. 11930. Due as follows:
$3.000. Oct. 1 from 1931 to 1953 incl., and $3,000. April and Oct. 1
1954.
4.500 sanitary sewer bonds. Dated Jan. 1 1930. Due $500 on Oct. 1
from 1931 to 1939 inclusive.
-L. J.
-BONDS OFFERED.
CLAWSON, Oakland County, Mich.
Richards, Village Clerk, received sealed bids until 8 p. m. on Feb. 14, for
the purchase of the following issues of bonds, aggregating $34,500:
$19,000 Special Assessment Road District No. 114 extension bonds. Dated
July 1 1929. Due July 11939.
15,500 Special Assessment Road Districts Nos. 76 and 77 improvement
bonds. Dated Aug. 1 1929. Due on Aug. 11931.
Bidders were asked to name rate of interest in proposal. Interest is
payable semi-annually.
-BONDS VOTED.
CLAYTON COUNTY, (P. 0. Elkader), Iowa.
At a special election held recently, the voters authorized the issuance of
in bonds for road purposes by a count of 3,505 "for" to 2,367
$690,000
"against." The first election on these bonds was held illegal by the court
on a technicality.
CLEVELAND CITY SCHOOL DISTRICT,Cuyahoga County, Ohio.
-G. A. Gesell, Clerk-Treasurer of the Board of
--BOND OFFERING.
Education, will receive sealed bids until 12 m. (Eastern standard time) on
coupon building
March 3, for the purchase of $2,000,000 4% follows: $80,000 on bonds.
Oct. 1
Dated March 11930. Denom. $1,000. Due as
from 1931 to 1955 inclusive. Principal and semi-annual interest (April &
Oct. 1) payable at the Irving Trust Co., New York City.beBids for the
considered,
bonds to bear interest at a rate other than 4%iswill also fraction shall
bid such
provided, however, that where a fractional rateless- than par and accrued
of 1% or multiples thereof. No bid for
be h
interest to date of delivery of the bonds will be considered. Proposals
must be accompanied by a certified check for $50,000, payable to the
order of the City Board fo Education. Offers to be upon blanks to be
furnished by the above-mentioned Clerk-Treasurer. aThe favorable opinion
of Squire, Sanders & Dempsey, of Cleveland, with full transcript of the
proceedings will be furnished to the successful bidder without charge.
Bids otherwise conditioned will not be considered. Bonds to be delivered
not later than March 311930.
-The
-BOND SALE.
COLUMBIA COUNTY (P. 0. Magnolia), Ark.
offered for sale
$68,000 issue of 5% semi-annual court house and jail bonds& Co., of NashCaldwell
on Feb.6-V. 130. p. 834
-was awarded at par to
ville. Due from Sept. 1 1931 to 1942. incl.
COLUMBIA TOWNSHIP FRACTIONAL SCHOOL DISTRICT NO.
-ADDITIONAL IN4 (P. 0. Cement City), Jackson County, Mich.
-In connection with the sale on Jan. 2 of $85,000 school
FORMATION.
bonds as 55 to the Grand Rapids Trust Co., of Grand Rapids, at 100.04,
a basis of about 4.99%-V. 130, P. 661-we learn that the principal and
semi-annual interest (April and Oct. 1) are payable at the office of the
Trust Co. and that the legality of the issue is to be approved by Miller,
Canfield. Paddock & Stone, of Detroit.
(Vol,. 130.
FINANCIAL CHRONICLE
Financial Statement.
$1,300.800000
Assessed valuation
85,000
Total debt (less than 7%)
Population
Area (approximately)
.aer
-BONDS REGIS=ED es
CORSICANA, Navarre County, Tex.
Thefollowing five issues of5% serial bonds were registered by the State Comp
school, series 9: $50,000 street improvement;
troller on Feb. 4: $275,000
$30,000 crematory; $25,000 municipal market house and $20,000 sewer
extension bonds.
-The
-BOND SALE.
CRAWFORD COUNTY (P.O. Bucyrus), Ohio.
-were
$28,900 bridge construction bonds offered on Feb. 11-V. 130, p. 834 plus a
awarded as 5s to the BancOhlo Securities Co., of Columbus. at par The
premium of $225, equal to a price of 100.77, a basis of about 4.80%.
bonds are dated Feb. 1 1930 and mature on Feb. 1, as follows: $5,000, 1932
to 1936, incl.. and $4,900 in 1937.
The following is an official tabulation of the other bids received for the
issue:
Int. Rate... Premium.
Bidder$627.00
5%%
BancOhio Securities Co.,Columbus
578.00
534
The Guaranty Title & Trust Co., Cincinnati
294.78
Assel-Goetz & Moerlein, Cincinnati
165.00
Ryan,Sutherland & Co.,Toledo
28.90
53i 0
Assel-Goetz & Moerlein, Cincinnati
210425..0000
5
BancOhio Securities Co., Columbus,0
5
Braun-Bosworth & Co.,Toledo,0
59.00
5%
Seasongood & Mayer. Cincinnati_
38.15
The Herrick Co.. Cleveland,0
2
6
80.6
2.7
R.E. Herczel & Co., Chicago
54
The Provident Savings Bank & Trust Co., Cincinnati
-Sealed bids
CROSBYTON,Crosby County,Tex.-BOND OFFERING.
will be received until Feb. 17,by M.G. Bass, City Secretary,for the purchase
of a $10,000 issue of 6% semi-annual coupon water works bonds. A $500
certified check must accompany the bid. (These bonds were offered without
success on Oct. 19-V. 129, p. 2716.)
CUYAHOGA COUNTY (P. 0. Cleveland),Ohio.-LIST OF BIDS.
The following is an official tabulation of the bids received on Feb. 5,for the
$1,000.000 issue of road bonds awarded as 43%s to the Chase Securities Corp..
of New York, and Stranahan, Harris & Oatis, Inc., of Toledo, jointly, at
100.819, a basis of about 4.59%.-V. 130. p. 1008.
Int. Rate. Premium. Net Int. Cost.
Bidder* Chase Securities Corp. of N. Y.
and Stranahan, Harris & Oatis of
893.33
430
2:112900
$8 $268,
Toledo
274,963.33
First National Old Colony Corp et al 4
275,378.33
4
1,705
Fuardian Trust Co.et al
275,568.33
4 0
1,515
Seasongood & Mayer et al
276,557.33
526
43%
Halsey,Stuart & Co.et al
276,568.33
43i%
M.Byllesby & Co.et al
H.
283,376.67
8,259105
Haydon,Miller & Co.et al
284,574.67
6.192
7,0 6
0
Ames,Emerich &Co.et al
285,476.67
al
The Herrick Co.et
286,017.67
,
"
5
Braun, Bosworth & Co.et al
287,166.67
56
4,50409
,
5g
E.G.Tillotson & Co.et al
* Purchasers.
-The $360,000
PAID.
-PRICE
DECATUR, Morgan County, Ala.
by Caldwell &
Issue of 6% refunding bonds that was jointly purchased -was awarded
Co., and Steiner Bros., both of Birmingham-V.130, p. 662
at a price of par. Due from Jan. 1 1933 to 1960, inclusive.
-The $47,702.47
-BOND SALE.
DEFIANCE, Defiance County, Ohio.
Feb. 8-improvement bonds
534% special assessment streetto Blanchet, Bowmanoffered onof Toledo,
& Wood
-were awarded
V. 130, p. 662
par plus a premium of $97.53, equal to 100.20, a basis of about 5.21%.
at
The bonds are dated Nov. 1 1929 and mature as follows: $2,702.47 on
March 1 and $3,000. Sept. 11931, and $3,000 on March and Sept. 1 from
1932 to 1938, inclusive. The following is an official tabulation of the
other bids received:
Int. Rate. Premium.
Bidder
Spitzer, Rorick & Co., Toledo
Awe
, Goetz & Moerlein, Cincinnati
The Davies Bertram Co., Cincinnati23.00
00
33662:55
P%
Title Guarantee & Trust Co., Cincinnati
5%
Guardian Trust Co., Cleveland
00
553600
Toledo
554%
W. L. Slayton Co.,
5
McDonald Callahan & Co., Cleveland
290.98
5 4%
Savings Bank & Trust Co., Cincinnati
Provident
21.00
554%
Ryan, Sutherland & Co., Toledo
258.50
57
Banc Ohio Securities Corp., Columbus
65.00
Cleveland
Otis & Co.,
507
78.00
Seasongood & Mayer. Cincinnati
35.00
5
First National Co. of Detroit
159.00
5 o
Co., Toledo
Braun, Bosworth &
DETROIT, Wayne County, Mich.-AUTHORI7ES BOND ISSUES
-Although there is no likelihood of the ooligaTOTALLING $7,000,000.
tions being offered for some time, Mayor Bowles has approved the issuance
of various improvement bonds aggregating $7,000,000, according to report.
-Sealed
-BOND OFFERING.
DILLSBORO, Jackson County, N. C.
bids will be received until 2 p. m. on Feb. 20, by J. C. Cannon, Town
Clerk, for the purchase of a $5,000 issue of 6% street improvement bonds.
Denom. $500. Dated Oct. 1 1929. Due on Oct. 1 as follows: $500.
1932 to 1937, and $1,000, 1938 and 1939. Principal and semi-annual
interest payable in gold at the Central Hanover Bank & Trust Co. In
New York City. Storey, Thorndike, Palmer & Dodge. of Boston, will
furnish the legal approval. A certified check for 2% of the bonds bid for.
payable to the Town, is required. (These bonds were previously offered
on Nov. 11-V. 129. P. 2716.).
-The following
-BOND SALE.
DOVER, Tuscarawas County, Ohio.
issues of bonds, aggregating $92.713.50, offered on Feb. 6-V. 130. p •
awarded as 554s to McDonald Callahan & Co.of Cleveland
-were
497, 662
at par plus a premium of $313, equal to a price of 100.33, a basis of about
5.43%:
and
$72,700.00 Melrose Ave. bonds. Due as follows: $3,700, April 11933,
$4.000, Oct. 1 1931; $4,000, April 1 and Oct. 1 1932 and
April 1 and $4,000, Oct. 1 1934 to 1940 incl.
$3,000,
$725, Oct. 1 1931,
9,750.00 Fernwood Drive bonds. Due1as follows: to April 11941.
and $475 on April 1 and Oct. from 1932
Due as follows: S408.50, Oct. 1 1931; $295 on
6,013.50 First St. bonds.
April 1 and Oct. 1 from 1932 to April 11941.
4,250.00 special assessment sidewalk construction bonds. Due as follows:
$450, Oct. 11931; $200, April 1 and Oct. 1 from 1932 to 19-10
incl., and $200, April 11941.
All of the above bonds are dated Oct. 1 1929.
EASTCHESTER UNION FREE SCHOOL DISTRICT NO. 2 (P. 0.
-The $660,000
-BOND
Tuckahoe), Westchester County, N. Y.on Feb. SALE.
10-V. 130. p. 1009
coupon or registered school bonds offered &
and the Detroit Co., Inc.
were awarded as 454s to Graham, Parsons
Co..
Y., at 100.31, a basis of about 4.48%. The bonds are dated
both of N.
March 1 1930 and mature $33,000 on March 1 from 1940 to 1959 inclusive,
The purchasers are reoffering the bonds for public investment at prices
to yield 4.35%.
•
-BOND OFFERING.
ELKHART COUNTY (P. 0. Goshen), Ind.
Miltenberger, County Treasurer, will receive sealed bids until
Elizabeth
10 a. m. on Feb. 19, for the purchase of $34,000 43i% Lewis H. Johnson
et al road construction bonds. Dated Feb. 15 1930. Denom. $850.
Due $850, July 15 1931; $850, May and Nov. 15 from 1932 to 1950, incl.,
and $850. May 15 1951. Interest payable on Jan. and July 15.
-BONDS REGISTERED.
EL PASO COUNTY (P. 0. El Paso), Tex.
A $550,000 issue of 5% serial road, series 1929 bonds was registered by the
on Feb. 8.
State Comptroller
-The
-TEMPORARY LOAN.
FALL RIVER, Bristol County, Mass.
-was awarded
10-V. 130, p. 1008
$600,000 temporary loan offered on
plus a premium of
to S. N. Bond & Co., of Boston, at a 4.24% discount,
at
$25. The loan is dated Feb. 11 1930 and is payable on Oct. 31 1930
the First National Bank of Boston.
-The $60,000
-NOTE SALE.
ESSEX COUNTY (P. 0. Salem), Mass.
-was
issue of Bass River bridge notes offered on Feb. 11-V. 130, p. 1008dated
awarded to the Salem Trust Co. at a 3.85% discount. The notes are
R
P
R;°,
57
RI
244
$257:2
FEB. 15 1930.]
FINANCIAL CHRONICLE
Feb.111 1930 and mature on May 1 1930 The following is a list of the other
bids received:
Bidder—
Discount.
Merchants National Bank (Salem, plus $1.30)
3.87%
Gloucester National Bank
3.895%
Cape Ann National Bank (plus $1)
3.97%
Gloucester Safe Deposit & Trust Co. (Pius $1•00)
4.00%
Neaukeag Trust Co
4.00%
Sagamore Trust Co
4.07%
Bay State National Bank
4.10%
Beverly National Bank (plus $1.25)
4.25%
Warren National Bank (Peabody)
4.25%
FOLCROFT SCHOOL DISTRICT, Delaware County, Pa.—BOND
OFFERING.—Ezelkiel P. Roulston will receive sealed bids until 8 13. m.
on March 10, for the purchase of $65,000 434% school bonds. Dated
March 15 1930. Denom. $1,000. Due on March 15 1960. Registerable
as to principal only.
FRANKLIN COUNTY (P.O. Columbus), Ohio.—BOND OFFERING.
—Fred L. Donnally, Clerk of the Board of County Commissioners, will
receive sealed bids until 10 a. m. on March 5, for the purchase of $138.971
6% water mains improvement bonds. Dated April 1 1930. Denom.
$1,000, one bond for $971. Due as follows: $5,971, March 1 and $7,000,
Sept. 1 1931. and $7.000 on March and Sept. 1 from 1932 to 1940 incl.
Prin. and semi-annual int.(M.& S. 1) payable at the office of the County
Treasurer. Delivery of the bonds outside of the City of Columbus will be
made at the expense of the purchaser. A complete transcript of the proceedings incident to the issuance of th e bonds will be furnished the successful bidder and bids conditioned upon the approval of the proceedings by
the attorney of the bidder will be accepted and considered. Proposals
must be accompanied by a certified check for 5% of the amount of bonds
bid for, payable to the order of the Board of County Commissioners.
FREDONIA, Chatauqua County, N. Y.—BOND SALE.—The following issues of 4%% coupon or registered bonds aggregating $18,000
offered on Feb. 10—V. 130, p. 835—were awarded to the Dunkirk Trust
Co., of Dunkirk, at a price of 100.22, a basis of about 4.70%:
$10,000 sewer bonds. Due $1,000 on Fea. 1 from 1931 to 1940 incl.
8,000 street improvement bonds. Due $800 on Feb. 1 from 1931 to 1940
inclusive.
Both issues are dated Feb. 1 1930.
FREMONT CITY SCHOOL DISTRICT,Sandusky County, Ohio.—
OFFER $350,000 4%% BONDS.—The Well, Roth & Irving Co., and Assel.
Goetz & Moerlein, Inc., both of Cicinnati, jointly, are offering an issue of
$350,000
% school building bonds priced to yield 4.50%. The bonds
.are stated to be direct obligations of the school district, payable from an
unlimited ad valorem tax levied against all the taxable property with in
the district, and were awarded on Feb. 4 at a price of 100.70, a basis of
about 4.67%.—V. 130, p. 1008.
Financial Statement.
Actual value of taxable property (estimated)
$40.000,000
Assessed valuation (1929)
31,865,760
Total bonded debt (including this issue)
780.000
Population (official estimate), 20,000.
GIRARD, Trumbull County, Ohio.—BOND SALE.—The two issues
of coupon bonds aggregating $14,600, offered on Feb. 6—V. 130, p. 663,
835—were awarded as 53.s to Seasongood & Mayer, of Cincinnati, as
follows:
'38,000 city's portion Lawrence Ave. improvement bonds sold at par plus
a premium of $17, equal to 100.21, a basis of about 5.42%. Due
$1,600 on Oct. 1 from 1931 to 1935, inclusive.
6,500 city's portion improvement bonds sold at par plus a premium of
$11, equal to 100.16, a basis of about 5.44%. Due $1,300 on Oct. 1
from 1931 to 1935, inclusive.
Both issues are dated Dec. 1 1929. The following is a list of the other
bids received:
$8,000— —$6,500-Bidder—
Int. Rate, Premium. Int. Rate. Premi'm
First National Bank, Girard
6
6
$65.40
$53.70
McDonald,Callahan & Co., Clevel'd_ 6
6
21.00
17.00
:Spitzer, Rorick & Co. Tolo
Toledo
8.00
5%
7.00
Breed, Elliott & Harrison, Cincinnati 5%
6 %
*2 :
9.60
7 80
610
6%
First Citizens Corp. Columbus
Provident Savings Bank & Trust Co., 5%
Cincinnati
5M%
19.20
9.10
5%%
Premium for both issues.
GOOSE CREEK INDEPENDENT SCHOOL DISTRICT (P. 0.
Goose Creek) Harris County, Tex.—BONDS REGISTERED.—A $350,000 issue of 5% serial school bonds was registered by the State Comptroller
on Feb. 5. Due serially.
GRAHAM, Young County, Tex.—BONDS OFFERED.—Sea
were received until Feb. 13 by H. F. Fowler, City Clerk, for the led bids
purchase
of an issue of $150,000 5% semi-annual street improvement bonds.
GREAT NECK, Nassau County, N. Y.—BOND OFFERING.—Prank
Feuerstein. Village Clerk, will receive sealed bids until8 p. m.on Feb.25,
for the purchase of $12,000 coupon sidewalk bonds, to
Do
jntteefies
. rate not exceeding 6,stated in a multiple of % of 1%.
Feb.
bear%t
1930. Denom. $1,000. Due $1,000 on Feb. 1 from 1931 to 1942 incl.
Prin. and semi-annual int.) F. & A. 1) payable in gold at the Bank of Great
Neck. A certified check for 2% of the amount of bonds bid for, payable
to the order of the village, must accompany each prop_osal. The approving
• opinion of Hawkins, Delafield & Longfellow of New York, will be furnished
to the purchaser.
GREENBURGH (P. 0. Tarrytown), Westchester County,
BOND OFFERING.—Norman C. Templeton, Town Clark, willN. Y.—.
receive
. sealed bids until 3 p. m. on Feb. 19, for the purchase of the following issues
of coupon or registered bonds aggregating $28,000 to bear Interest at a rate
not exceeding 6%,stated in a multiple of 1-10th or 3i of 1%:
$17,000 street improvement bonds. Due on Feb. 1 as follows:
$1,000,
1931 to 1941 incl., and $2,000 from 1942 to 1944 incl.
11,000 street improvement bonds. Due $1,000 on Feb. 1 from 1931 to
1941 Incl.
Both issues are dated Feb. 1 1930. Denom. $1,000. Prin. and semiannual int.(F. & A. 1)payable in gold at the Washington Irving Trust Co..
Tarrytown, or at the Guaranty Trust Co., New York City. A certified
check for $2,000, payable to the order of the Town, must accompany each
proposal. The approving opinion of Clay, Dillon & Vandewater of New
York, will be furnished without cost to the successful bidder.
GREENE COUNTY (P. 0. Bloomfield), Ind.—OTHER BIDS.—The
following other bids were received on Feb. 1 for the $50,000 5% road
construction bonds awarded to the Union Trust Co., of Indianapolis, at
nar yo, p. 1368Tium of $1,213, equal to 102.42, a basis of about 4.64%—
us a
V.
Bidder—
Premium*
City Securities Corp., Indianapolis
$1,026.00
• Campbell & Co., Indianapolis
1,165.00
Meyer-Kiser Bank, Indianapolis
1,007.50
GREENFIELD, Hancock County, Ind.—BOND OFFERING.—Fe
rn
B. Bundy, City Clerk, will receive sealed bids until 10 a. m. on Feb.
the purchase of $25,000 5% Riley Park improvement bonds. 21,for
Dated
Feb. 5 1930. Denom. $500. Due $500 on Jan. 1 from 1931 to 1955
The city, however, reserves the right to call for redemption any or all incl.
bonds
maturing after Jan. 1 1932, on 10 days' notice thereof by one
publication
. in the Indianapolis "Commericial" and the "Hancock Democrat".
Int.
payable semi-annually.
GREEN LAKE COUNTY (P. 0. Green Lake), Wis.—BOND
OFFERING.—Sealed bids will be received until 2 p. m. on March 4 by
NVeinkauf, County Clerk, for the purchase of a $504,000 issue of G. A.
• highway bonds. Denom. $1,000. Dated April 1 1930. Due on 434%
April 1
as follows: $8,000 in 1938: 360,000, 1939 to 1946. and $16,000 in
Principal and interest (A. & 0.) payable at the office of the County 1947.
'areas.
Bids may be submitted on a depository arrangement, the purchaser to
furnish surety bond on the deposits. Bids will be also accepted on
straight principal and premium basis. The bonds will be delivered a
as
soon as passed on, by the bond attorneys of the purchaser. They
have
been passed on by the Wisconsin Bond Commission. The bonds are
printed and the bidders may consider the price of printing of bondsnot
in
their bid. A certified check for 2% of tho bonds offered is required.
GREEN MOUNTAIN INDEPENDENT SCHOOL DISTRICT (P.
O.
Green Mountain), Marshall County, Iowa.—BOND SALE.—The
$70,000
1145
issue of 4'4% coupon school bonds offered for sale on Feb. 5—V. 130,
p. 168—was purchased by two local investors, for a premium of $300.
equal to 100.4285, a basis of about 4.45%. Denom. $1.000. Due on
May 1 as follows: $3,000, 1931 to 1940. and $4,000, 1941 to 1950, all
inclusive. Interest payable on May and Nov. 1. (This corrects the
report of sale as given in V. 130. p. 1009.).
GREENVILLE, Greenville County, S. C.—BOND SALE.—The
$300,000 issue of 5% semi-annual water works bonds that was offered for
sale on Feb. 11—V. 130. p. 663—was purchased by C. F. Childs & Co. of
New York, for a premium of $6,500, equal to 102.166, a basis of about
4.84%. Dated Jan. 1 1930. Due in 40 years and optinal after 20 years.
GREENVILLE, Washington County, Mass.—BOND SALE CORRECTION.—In connection with the sale of the three issues of bonds aggregating $370.000 at par to local banks—V. 130, p. 835—we are now informed
that the bonds bear interest at 5X% and not 5% as previously reported.
GREENWOOD, Leflore County, Miss.—BOND OFFERING.—Sealed
bids will be received until 7.30 p. m. on March 18, by Bonner Duggan,
City Clerk, for the purchase of an $85,000 issue of 53j% city hall bonds.
Dated March 1
Due as follows: 12.000, 1931 to 1935: $4.000. 1936
to 1953. and $3,000 in 1954. Prin. and semi-annual flit, payable at the
1930*
Guaranty Trust Co. in New York City. Auth: Chap. 206, Laws of 1920.
A 12.000 certified check must accompany the bid.
HAMILTON, Butler County, Ohio.—BOND SALE POSTPONED.—
The sale of the $100,000 issue of 57 gas improvement bonds originally
0
scheduled to have been held on Feb. 11—V. 130, p. 835—was indefinitely
postponed. The bonds are dated Jan. 1 1930 and mature on Oct. 1 as
follows: $7,000, 1931 to 1940 incl., and $6,000 from 1941 to 1945 incl.
HARDEMAN COUNTY (P. 0. Bolivar), Tenn.—BOND SALE.—We
are informed that a $250.000 issue of 5% semi-annual road bonds has
recently been purchased at par by Caldwell & Co.of Nashville.
HARRIS COUNTY (P. 0. Houston), Tex.—BOND ELECTION.—
Newspaper reports state that the city and county voters will jointly pass
upon a proposal to issue $13,070,000 in improvement bonds at a special
election to be held on March 22.
HARTFORD CITY, Blackford County, Ind.—BOND OFFERING.—
Sealed bids will be received by the Board of School Trustees until 2 p. m.
on Feb. 27. for the purchase of $4,550 5% school building improvement
bonds. Dated March 15 1930. Denom. $500, one bond for $550. Due
on Dec. 15 as follows: $1,000 from 1933 to 1936 incl., and MO in 1037.
Principal and semi-annual interest (June and Dec. 15) payable at the Citizens State Bank, Hartford City. A. certified check for $75, payable to the
order of the Board of School Trustees, must accompany each proposal.
HATTIESBURG, Forrest County, Miss.—BOND SALE.—A $250.000
issue of 5'4% sewer bonds has recently been purchased by the Whitney
Central Bank & Trust Co. of New Orleans. Denom. $1,000. Dated
Feb. 1 1930. Duefrom Feb. 1 1934 to 1953. incl. Prin. and int.(F. dr A. 1)
payable at the Chemical Bank & Trust Co., New York City, or at the
Hibernia Bank & Trust Co., New Orleans. Legality to be approved by
Thomson, Wood & Hoffman of New York.
HEBRON, Licking County, Ohio.—BOND OFFERING.—P. D.
Morrow, Village Clerk, will receive sealed bids until 12 m. on Feb. 24, for
the purchase of an issue of $18,341.26 special assessment street improvement bonds, to bear interest at a rate not exceeding 6%. Dated Jan. 2
1930. Int. rate to be stated in a multiple of % of 1%. Proposals must be
accompanied by a certified check for 5% of the amount of bonds bid for.
HOOSICK FALLS, Rensselaer County, N. Y.—BOND OFFERING.—
Martin A. Murphy, Village Clerk, will receive sealed bids until 7.30 p. m.
on Feb. 26, for the purchase of the following issues of coupon or registered
paving bonds totaling $96,000, to bear interest at a rate not exceeding 6%,
stated in a multiple of '4 or 1-10th of 1%:
$68,000 series A bonds. Due on Feb. 1 as follows: $3,000, 1931 to 1942
incl.. and $4,000 from 1943 to 1950 incl.
28,000 series B bonds. Due on Jan. 1 as follows: $2,000, 1932 to 1940
incl.. and $1,000 from 1941 to 1950 incl.
Both issues are dated Feb. 1 1930. Denom. $1,000. Prin. and semiannual int. (F. & A. 1) payable in gold at the Central Hanover Bank &
Trust Co., New York. Single rate of interest to apply to the entire offering. Proposals must be accompanied by a certified check for 32,000, payable to the order of the village. The approving opinion of Clay. Dillon
& Vandewater of New York, will be furnished to the purchaser.
HORNELL, Steuben County, N. Y.—BOND SALE.—The $14,275.46
coupon street improvement bonds offered on Feb. 8—V. 130, p. 835—
were awarded as 5%s to the Marine Trust Co. of Buffalo, at par, plus a
premium of $25.54, equal to a price of 100.17% a basis of about 5.20%•
The bonds are dated Feb. 1 1930 and mature on Feb. 1 as follows:$1,275.46.
1931: 11,000, 1932, and $4.000 from 1933 to 1936, inclusive. The followingother
Bida er_bids were received:
Int. Rate. Price Bid.
George B. Gibbons & Co., New York
$14,342.86
5)%
Manufacturers & Traders Trust Co., Buffalo
5'4%
14,321.00
HORSEHEADS UNION FREE SCHOOL DISTRICT NO. 4 (P. 0.
Elmira Heights),Chemung County, N.Y.—BOND SALE.—The $45,000
coupon school bonds offered on Feb. 10—V. 130, P. 663—were
the First National Bank & Trust Co., of Elmira Heights, atawarded to
a price of
100.36. Rate of interest not stated. The bonds are dated Feb. 1 1930
and mature $3,000 on Feb. 1 from 1931 to 1945 incl.
The followingother bids were received:
Bidder—
Int. Rate.
Rate Bid.
Marine Trust Co., Buffalo
5%
100.2975
Batchelder & Co
5%
100.173
George B. Gibbons & Co
5%
100.00
HUMBOLDT SCHOOL DISTRICT (P. 0. Humboldt), Richardson
County, Neb.—BOND OFFERING.—Sealed bids will be received by S.
Londerback, Secretary of the Board of Education, until 7.30 p. m. N.
on
Feb. 24,for the purchase of an issue of $100,0005% school bonds. Denom.
$1,000. Dated June 1 1930. Due $4,000 from June 1 1931 to 1955 incl.
Optional after 10 years. Prin. and annual int. payable at the County
Treasurer's office in Falls City.
JERSEY CITY, Hudson County, N. J.—BOND SALE.—The $3.500.000 coupon or registered tax revenue bonds offered on Feb. 13—V. 130,
P. 1010—were awarded as 4.60s to the Detroit Co., Inc., of New York,
at par plus a premium of $665„ equal to 100.019, a basis of about 4.59%.
The bonds are dated Feb. 1 1930 and mature $1.500,000 on Feb. 1 in 1931
and 32.000,000 on Aug. 1 1933. The successful bidders are re-offering
the bonds for public investment at prices to yield 4.25 and 4.30%, accordng to maturity.
JUNIATA SCHOOL DISTRICT, Blair County, Pa.—BOND ISSUE
CALLED—DISTRICT ANNEXED.—The following dealing with the proposed redemption of bonds of the district and of the annexation of the district to the school district of the City of Altoona appeared in the Feb. 6
issue of the Altoona "Mirror":
"Notice is hereby given that all school bonds of the School
the Borough of Juniata, Pa., of the series of March 7 1908 nowDistrict of
ing, are hereby called for redemption. These bonds are of $500 outstand'
denomination and are numbered consecutively from No. 1 to No. 70, the original
issue being in amount of $35,000. These bonds are made payable at the
office of the school district Treasurer and bear interest at 5%,the interest
being payable by coupon on March 1 and Sept. 1 of each year.
"Further notice is hereby given that the said School District of
Borough of Juniata has been annexed to the School District of the the
City
of Altoona, Pa., by public election regularly held in November
1928 and
further confirmed by decree of the court in January 1929. All obligations of the former School District of the Borough of Juniata
obligations of the School District of the City of Altoona, and are become
assumed
by them.
"Arrangements have been made for the redemption
said school bonds of the School District of the Borough and payment of
of Juniata, Pa.,
of the series of March 7 1908, at the First National Bank
Altoona, Pa., on or after March 11930. and further notice is of Juniata.
hereby given
that all interest on said bonds will cease on March 1 1930,
and all coupons
borne by said bonds of later date of maturity than the said
date March 1
193B aoe derreby declared void,
, ,y r r he of tho uoar6 id
0
"By
Directors of the School District
of the City
of Altoona, Pa.,
J. C. McKERIHAN, Vice
-President.
Attest—W. N. DECKER, Secretary.
1146
FINANCIAL CHRONICLE
KANDIYOHI COUNTY INDEPENDENT SCHOOL DISTRICT
-The
-ADDITIONAL DETAILS.
NO. 47 (P. 0. Willmar), Minn.
$100,000 issue of school bonds that was purchased at par by the State of
-bears interest at 43,4% and matures on July 1
Minnesota
-V. 130, p. 836
as follows: $10,000, 1939 and 1941; $5,000, 1943; $10,000, 1944 to 1946,
and 315,000, 1947 to 1949.
KANSAS CITY, Wyandotte County, Kans.-BOND OFFERING.
Sealed bids will be received until 10 a. m. on Feb. 18, by Geo. T. Darby
Commissioner of Finance and Revenue, for the purchase of a $200.0W
issue of 43. % water works bonds, series 0. Denom. $1,000. Dated
Feb. 11930. Due $10,000 from Feb. 1 1931 to 1950, inclusive. Principal
and semi-annual interest payable at the office of the State Treasurer.
Bonds sold subject to rejection by the State School Fund Commission.
City will print the bonds and furnish opinion as to the legality by Bower
seek. Fizzell & Rhodes of Kansas City (Mo.). All bids must be accompanied by a certified check for 2% of the bid.
K1TTSON COUNTY CONSOLIDATED SCHOOL DISTRICT NO.
-The $50,000 (not $60,000)
-BOND SALE.
75 (P. 0. Bronson), Minn.
issue of 6% semi-annual refunding bonds offered, for sale on Feb. 7-V.
-was purchased by Mr. David Kirk of St. Paul. Dated Feb. 1
130, p. 1010
1930.
-BOND OFFERING.
KNOX COUNTY (P. 0. Vincennes), Ind.
p. m.
Henley C. Sloan. County Auditor, will receive sealed bids until 1 MemMarch 1,for the purchase of $100,000 4%% George Rogers Clark
on
orial bonds. Dated March 1 1930. Denom. $1,000. Due $2,000. July 1
1931.$3,000, Jan. 1 and $2,000 on July 1 from 1932 to 1950 incl., and $3,000
on Jan. 1 1951. Interest payable semi-annually. The approving opinion
of Matson, Carter, Ross & McCord, of Indianapolis, will be furnished the
successful bidder upon payment therefor.
-ADDITIONAL
LAKE PROVIDENCE, East Carroll Parish, La.
-The $100,000 issue of 5% coupon sewerage bonds that was
DETAILS.
-V. 180,
purchased by the Hibernia Securities Co., Inc.of New Orleans 1 1930.
-was awarded at par. Denom. $1,0'00. Dated Feb.
P. 1010
Due from 1931 to 1970, inclusive. Interest payable on Feb. and Aug. 1.
-ONLY ONE BID
LANCASTER COUNTY (P. 0. Lancaster), Pa.
-In connection with the award on Feb.4 of$1,400,000 4X%
RECEIVED.
coupon bridge bonds to a syndicate headed by E. W. Clark & Co. of Phila-we
delphia, at a price of 100.451, a basis of about 4.20%-V. 130, p. 1010
learn that the accepted tender was the only one received.
-The
Tex.
-BONDS REGISTERED.
LA PORTE, Harris County,
regisfollowing four issues of 6% serial bonds, aggregating $100,000, weresewer;
issues are: $70,000
tered by the State Comptroller on Feb. 6. Thestation, and $5,000 street
$15,000 waterworks: $10,000 city hall and fire
improvement bonds.
-Sealed bids
-BOND OFFERING.
LEESBURG, Lake County, Fla.
March
will be received by W.E. Karkness, City Clerk, until 7.30 p. m.on
for the purchase of an issue of $100,000 6% semi-annual refunding
24,
of 10 years.
bonds. Due over a period
Lefors),
LEFORS INDEPENDENT SCHOOL DISTRICT (P. 0. that the
-We are now informed
-BOND SALE.
Gray County, Tex.
school bonds that was offered for sale on Oct. 18-V.
$75,000 issue of 5%
-was purchased by the Brown-Crummer Co., of Wichita.
129, p. 2266
Due in 40 years.
-BOND SALE.-Stranahan,
LORAIN COUNTY (P.O. Elyria), Ohio.
Harris & Oatis, Inc.. of Toledo, recently purchased an issue of $110,000
plus a premium of
% coupon county hospital notes at parattorney's approval$28, equal to
4
53
and printing
100.02. a oasis of about 5.74%. Cost of
15
and delivery of notes to be paid for by pourchaser. Dated Jan. and1930.
July
$1,000. Due on Jan. 15 1932. Interest payable on Jan.
Denom.
15. Optional Jan. 15 1931.
-Sealed
-BOND OFFERING.
LEWISBURG. Marshall County, Tenn.
bids will be received until 11 a. m. on Feb. 20, by C. C. Wallace, City
Clerk, for the purchase of two issues of 5% semi-annual coupon bonds,
aggregating $50,000 as follows:
$38,000 sewer bonds. Due in from 1 to 30 years.
12.000 street bonds. Due in from 1 to 12 years.
Dated March 1 1930.
-ADDITIONAL INFORLUCAS COUNTY (P. 0. Chariton), Iowa.
-In connection with the sale of the $177,000 issue of primary
MATION.
-we are now informed that Geo. M. Bechtel
-V. 130, p. 1010
road bonds
Due
& Co. of Davenport, were the purchasers, paying par for 5% bonds.
from 1935 to 1944.
-The $2,491
-BOND SALE.
MADEIRA, Hamilton County, Ohio.
130, p.
6% special assessment improvement bonds offered on Feb. 3-V. bidder.
-were awarded to the Silverton Bank, of Silverton, the only
499
not given. The bonds are dated Jan. 22 1930 and mature on
Price paid
Sept. 1 as follows: $491, 1931 and $500 from 1932 to 1935, incl.
-CERTIFICATES OF
MARYLAND, State of (P. 0. Annapolis).
-The $787,000 43 % certificates of indebted,
INDEBTEDNESS SOLD.
-were awarded to J. A. W. Igle684
ness offered on Feb. 12-V. 130, p.
hart & Co. of Baltimore, at a price of 103.44, a basis of about 4.06%. Dated
with
Feb. 15 1930. To be issued in denom. of $1000 each Due interest coupons
on Feb. 15, as
attached, subject to registration as to principal.
follows: $46,000. 1933: $48,000, 1934; $50,000, 1935: $52,000, 1936;
1939; $63.000, 1940; $65,000, 1941;
355,000, 1937: $57,000. 1938; $60,000,
$68,000, 1942: $71.000, 1943; $74,000, 1944 and $78,000 in 1945. Interest
payable on Feb. and Aug. 15.
-BONDS REGISMATAGORDA COUNTY (P. 0. Bay City), Tex. was registered on
-A $400,000 issue of 5% road, series 1 bonds
TERED.
6 by the State Comptroller. Due serially.
Feb.
-BOND OFFERING.
MATAWAN, Monmouth County, N. J.
bids until
William A. Rodgers, Borough Clerk, will receive sealed ocupon or 7:30 P. m.
registered
5%
on Feb. 25 for the purchase of an issue of $100,000
Improvement bonds. Dated May 1 1929. Denom. $1,000. Due on May
1 as follows: $3,000, 1931 to 1952, incl., $4,000, 1953 to 1960, incl., and
1)
$2,000 in 1961. Principal and semi-annual interest (May and Nov.
payable in gold at the Farmers & Merchants National Bank, Matawan.
will produce a premium of $1,000
No more bonds axe to be awarded than
amount of
check for 2%
over the amount of the issue. A certified borough, mustof the
accompany each
bonds bid for, payable to the order of the
of
proposal. The approving opinion of Hawkins, Delafield & Longfellow,
New York, will be furnished to the purchaser.
-BOND OFFERMAYFIELD HEIGHTS, Cuyahoga County, Ohio. bids until 12 m.
-Ina L. Granger, Village Clerk, will receive sealed $168,967.91 6%
ING.
standard time) on March 3. for the purchase of 1 1930. Due on
(eastern
Dated Feb.
special assessment street improvement bonds. 1932: $19,000, 1933; $18.000,
Oct. 1 as follows: 118,967.91, 1931; $18,000,
from 1935 to 1939, incl. Principal and semi-annual int.
1931, and $19,000
Guardian Trust Co., Cleveland. A
(April and Oct. 1) payable at the bonds bid for, payable to the order of
titled check for 5% of the amount of
accompany each proposal. Legality to be
the Village Treasurer, must
approved by Squire, Sanders & Dempsey, of Cleveland.
Pa.
-BOND
MEADVILLE SCHOOL DISTRICT, Crawford County, Directors,
of School
OFFERING.-Roberp X.Brown,Secretary of the Board purchase of an issue
bids until 4 p. m.on Feb. 20,for the
will receive sealed
March 1 1930. Due on
of $120,000 4%% coupon school bonds. Dated $5,000, 1937 and 1938;
March 1. as follows: $19,000. 1935; $4.000, 1936; incl.; $8,000, 1946 to
1943 to 1945.
*6,000, 1939 to 1942, incl.; $7,000, 1950. A certified check for $2,000,
1948, incl. and $9,000 in 1949 and
each proposal.
'
payable to the order of the district, must accompany
-The
-BOND SALE.
MICHIGAN, State of (P. 0. Lansing), Ohio.
130, p. 665
four issues of bonds aggregating $63,000 offered on Jan. 28-V.
-were awarded as follows:
To Watling, Lerchen & Hayes of Detroit:
as 5)s, at par
$19,000 Road Assessment District No. 1,131 bonds sold
plus a premium of $61.37, equal to 100.32.
5%s, at par
14,000 Road Assessment District No. 1,112 bonds sold as
plus a premium of $43.96, equal to 100.31.
sold as Os,
14,000 Road Assessment Districts Nos. 1,132 and 1,133 bonds
at par plus a premium of $12.32, equal to 100.08.
To Braun. Bosworth & Co. of Toledo:
16,000 Road Assessment District No. 1,129 bonds sold as 5Xs. at Par
plus a premium of $54.88, equal to 100.34.
Interest on all of the above bonds Is payable semi-annually on May and
Nov. 1.
[VOL. 130.
MIDDLE POINT SCHOOL DISTRICT, Van Wert County Ohio.BOND SALE.
-The 350,000 coupon school building construction bonds
offered on Feb. 5-V. 130, p. 665
-were awarded as 53s to Spitzer,
Rorick & Co., of Toledo, at par plus a premium of $250, equal to 100.50. a
basis of about 5.19%. The purchasers also agreed to pay for the printing
of the bonds. Dated Feb. 11930. Due $1,250 on March and Sept.! from
1931 to 1950,incl. The following is an official list of the other bids received:
Prem.
Int. Rate.
Bidder$440
5 %
BancOhio Securities Co., Columbus
83
Prudden & Co.. Toledo
5 4%
47
Seasongood & Mayer, Cincinnati
53 %
585
5q%
Ryan, Sutherland & Co., Toledo
311
%
Braun, Bosworth & Co., Toledo
89
Weil, Roth & Irving Co., Cincinnati
%
MIDDLE RIO GRANDE CONSERVANCY DISTRICT (P. 0. Albu
-The $2,000,000
querque), 1* M.
-BONDS OFFERED BY BANKERS.
block of the $8,700,000 issue of coupon district bonds that was purchased
last October by a syndicate headed by C. W. McNeal' & Co. of Chicago
as 5%s at a price of 87.00-V. 129, p. 2424
-is now being re-offered for
public subscription by the succssful ibdders at prices to yield 5.50% on
all maturities. Denom. $1,000. Dated Aug. 1 1929. Due from Aug. 1
1934 to 1973 incl. Pri. and int. (F. & A. 1) payable at the Bankers Trust
Co., New York City or at the office of the District Treasurer. Bonds are
registerable as to principal. Legality approved by Thomson, Wood &
Hoffman of New York City.
Financial Statement (As Officially Reported).
Appraised valuation of real property against which benefits have
$66,816,000
been assessed
8 700 000
Total bonded debt (including all authorized bonds)
Population of district (official estimate) 55 000.
-C. H.
-BOND OFFERING.
MIDDLETOWN, Butler County, Ohio.
Campbell, City Auditor, will receive sealed bids until 12 m. (Eastern
standard time) on Feb. 27, for the purchase of $56 500 5% fire department building and equipment bonds. Dated March 1 1930. Due on
Sept. 1 as follows: $4,708.37, 1931, and $4,708.33 from 1932 to 1942 incl.
Prin. and semi-annual in (M. & S. 1) payable at the Chase National
Bank, New York City. Bids for the bonds to bear interestsit a rate other
than 5% will also be considered, provided, however, that where a fractional
rate is bid such fraction shall be % of 1% or a multiple thereof. A certified
check for $600 payable to the order of the City Treasurer must accompany each proposal. The prcoeedings leading up to the issuing of these
bonds have been it is stated under the supervision of Peck Shaffer &
Williams. attorneys, Cincinanti, Ohio, whose opinion as to the validity will
be furnished to the purchaser without charge. Purchasers are required
to satisfy themselves as to the validity of those bonds prior to the bidding
therefor and only unconditional bids shall be considered.
-BOND SALE.
-The $1,MOBILE COUNTY (P. 0. Mobile), Ala.
200,000 issue of semi-annual road and bridge bonds offered on Feb. 10-was not sold on that day as all the bids seceived were reV. 130, p. 665
jected. The bonds were again offered for sale on Feb. 13 and were awarded
to a syndicate composed of Lehman Bros., Kountze Bros., Stone & Webster
, Rogers Caldwell & Co. all of
& Blodget, Inc., R. W. Pressprich &
New York, Marx & Co., of Birmingham and the First National Bank of
their original bid of 95.70 on 4Xs,a basis of about 5.11%.
Montgomery,on
Dated June 1 1928. Due $60,000 from June 1 1939 to 1958, incl. A syndicate headed by C. W. McNear & Co., of Chicago, which on Feb. 10 had
bid up to 95.71 on 4'%s, at the auction sale, submitted a tender of 96.20
for only $600,000 of the bonds at the re-offering on Feb. 13, which was
rejected.
-The above bonds are
-OFFERED FOR SUBSCRIPTION.
BONDS RE
now being offered for investment by the public by the successful syndicate
at prices to yield 4.90% on all maturities.
-BONDS OFFERED.
MONROE COUNTY (P. 0. Monroe), Mich.
D. F. Sullivan, County Drain Commissioner, received sealed bids until
9:30 a. m.on Feb. 13, for the purchase of $13,800 6% drain bonds. Dated
Jan. 2 1930. Due on April 5. as follows: $2,300, 1931; 12.500, 1932, and
$3.000 from 1933 to 1935, incl. Principal and semi-annual interest (April
and Oct.) payable at the office of the County Treasurer,
-The two issues
-BOND SALE.
MORRISTOWN,Morris County, N. J.
of coupon or registered bonds aggregating $618,000 offered on Feb. 7-V.
-were awarded as 4 %s, as follows:
130, p. 837
$438,000 improvement bonds sold to the First National Old Colony Corp..
of Nee; York. and M. M. Freeman & Co.. Inc., of Philadelphia,
jointly. at 100.11, a basis of about 4.49%. The bonds mature on
March 1, as follows: $20,000, 1931 to 1951, incl., and $18,000
in 1952.
180,000 water bonds sold to H. B. Hand & Co., of Newark, at 100.25, a
basis of about 4.48%. The bonds mature on March 1. as follows:
$4,000. 1931 to 1950, incl., and $5,000 from 1951 to 1970, incl.
Both issues are dated March 1 1930. The purchasers are reoffering the
bonds for public investment as follows: The $438,000 issue is priced to
yield 4.35%; the $180,000 Issue is priced to yield 4.35%. A detailed state°
ment of the financial condition of the town appeared in -V.130, p. 1011.
-BOND
MOUNT LEBANON TOWNSHIP, Allegheny County, Pa.
% township bonds offered on Feb. 10-V. 130,
-The $377.000
SALE.
-were awarded to M. M. Freeman & Co. of Philadelphia, at par
P. 665
plus a premium of $7,724.73, equal to a price of 102.04, a basis of about
4.32%. The bonds are dated Nov. 1 192a and mature on Nov. 1 as follows:
359.000. 1934: $75,000, 1939, 1944 and 1949; 140,000, 1954 and $53,000 in
1959. The following is an official list of the other bids received: Premium.
Bidder
$6,265.74
E. H. Rollins & Son., Philadelphia
6,201.00
Mt. Lebanon Bank. Mt. Lebanon
6,182.80
Edward Lowber Stokes & Co., Philadelphia
5,636.15
Bank, Pittsburgh
Mellon National
,.
557583
The National City Co., New York
4,560.00
J. H. Holmes & Co., Pittsburgh
-CERTIFICATE
MOUNTAIN IRON, St. Louis County, Minn.
000 issue of certificates of indebtedness offered for sale
-The
SALE.
-Dickey Co. of
on Jan. 28-V.
$75.130. P. 837 was purchased by the Wells
Minneapolis.
Louisville), Jefferson
MOXLEY SCHOOL DISTRICT NO. 16 (P. 0.507 school bonds is re-A $2,000 issue of
County, Ga.-BOND SALE.
Denom.
ported to have been purchased by an undisclosed investor. incl.
$100. Dated Aug. 11929. Due $200 from April 1 1930 to 1939
-BONDS OFFERED
MULTNOMAH COUNTY (P. 0. Portland), Ore. John's bridge bonds
-The $1,000,000 issue of St.
FOR INVESTMENT.
on Feb. 5 by a syndicate headed by A. B. Leach & Co.
that was purchased
of Chicago, as 4%s and 4s at par, a basis of about 4.61%-V. 130. .P.
public subscription by
1011-Is now being re-offered for bonds due from Feb. 20the successful
1951 to 1960,
bidders as follows: $379 000 4%%
are priced at 100.50 and int., while the $621,000 4X% bonds due from
are priced to yield 4.50%.
Feb. 20 1936 to 1951
-TEMPORARY LOAN.-Tbe
NASHUA, Hillsborough County, N. H.
,
First National Old Colony Corporation of Boston, recently purchased a
*100,000 temporary loan at a 4.31% discount. The loan is dated Feb. 1
1930 and is payable on Dec. 1 1930. S. N. Bond & Co. of Boston, the
only other bidders, offered to discount the loan at a 4.44% in addition,to
the payment of a $4 premium.
-BOND OFFERING.
NASSAU COUNTY (P. 0. Mineola), N. Y.
Philip F. Wiedersttm, County Comptroller, will receive sealed bids until
12.30 p. m. (Eastern standard time) on March 5, for the purchase of $2.as
040,000 4%% coupon or registered bonds, divided on follows: 1 as follows:
March
31,500,000 county road bonds, series Y. Due
from 1931 to 1941 incl., and $400,000 in 1942.
$100,000
March 1
440,000 county road and highway bonds,series E. Due on1 in 19441943
and
100,000 bridge bonds, series B. Due $50,000 on March
1945.
All of the above bonds will be dated March 1 1930. Denom. $1,000.
Prin. and semi-annual int. (M. & S. 1) payable in gold at the office of the
County Treasurer. The bonds will be prepared under the supervision of
the Nassau County Trust Co. of Mineola, which will certify as to th3
genuineness of the signatures of the county officials and the seal impressed
on the bonds. A certified check for 2% of the face value of the bonds bid
for, payable to the order of the County Treasurer, must accompany each
proposal. The approving opinion of Reed, Hoyt Scs,Washburn. of New
York, will be furnished to the successful bidder.
FEB. 15 1930.]
FINANCIAL CHRONICLE
NATCHITOCHES, Natchitoches Parish, La.
-BOND OFFERING.
-Sealed bids will be received until 10 a. m. on March 6, by 0. F. Hunel,
Secretary-Treasurer, fo.• the purchase of a $35,000 issue of 6% registered
airport bonds. Denom. $1,000. Dated Nov. 2 1929. Prin. and int.
(It!. & N.) payable at the Chase National Bank in New York. B. H.
Charles, of St. Louis R ill furnish the legal approval. A certified check for
5% must accompany the bid.
NEWARK SCHOOL DISTRICT, Licking County, Ohio.
-Bond
OFFERING.
-L.Teeney Rees, Clerk-Treasurer of the Board of Education,
will receive sealed bids until 7 p. m.on March 3,for the purchase of $170,000
% school bonds. Dated April 1 1929. Denom.S1,000. Due on Oct. 1
as follows: $7,000, 1930 to 1940 incl.; $8.000, 1941; $7,000, 1922 to 1952
incl.; and $8,000 in 1953. Bids for the bonds to bear interest at a rate
other than 43 % will also be considered, provided, however, that where a
fractional rate is bid such fraction shall be
of 1% or a multiple thereof.
Prin. and semi-annual int.(A.& 0. 1) payable at the Licking Bank & Trust
Co.. Newark. Split rate bids will not be considered. A certified check for
$1,700, payable to the order of the above-mentioned Clerk-Treasurer,"
must accompany each proposal. The approving opinion of Squire, Sanders
& Dempsey of Cleveland, will be furnished to the purchaser.
NEWARK, Essex County, N. J.
-FINANCIAL STATEMENT.
-In
connection with the proposed sale on Feb. 18 ofseven issues of4%% coupon
or registered bonds aggregating $10,800,000, notice and description of
which ..ppeared in V. 130, P. 1011
-we are in receipt of the following:
(Financial .Statement Feb. 1 1930).
AsLessed val. of real property, Feb. 1 1930
$723,793,533.00
Assessad val. of persona,1 property, Feb. 1 1930
210.034,500.00
Total assessed val. taxable property
-$933,828,033.00
Bonded debt, including this issue
94,711,700.00
Bonds outstanding which are payable out of
special revenue but for the redemption of
which the full faith and credit of the
municipality is pledged
$7,950.000.00
Less assessments collected and on hand
723,593.75
7,226,406.25
Water bonds included in above
$23,050,000.00
Skg. fds. for bonds other than water bonds 12,108,410.50
$101,938,106.25
35,158,410.50
Net debt
$ 66.779,695.75
Sinking fund for water bonds
$2,605,219.86
Population (1915 census), 366,744; (1920 census), 414,524.
NEWTON, Jasper County, Iowa.
-At a special
-BONDS VOTED.
election held recently, the voters authorized the issuance of $35.000 in
school construction bonds by a count of 1,012 "for" to 454 "against".
NEWTON COUNTY (P. 0. Kentland), Ind.
-BOND SALE.-Tho
Meyer-Kiser Bank, of Indianapolis, on Feb. 1 was awarded an issue of
$40,000 5% coupon road improvement bonds at par, plus a premium of
$1,706, equal to a price of 104.26, a basis of about 4.12%. The bonds
are dated Jan. 1 1930. Denom. $1,000. Due $2,000 on Jan. 1 from
1931 to 1950, inclusive. Interest payable on Jan. and July 1.
NEWTON INDEPENDENT SCHOOL DISTRICT (P. 0. Newton),
Jasper County, Iowa.
-BOND OFFERING.
-B. C. Berg, Superintendent
of the Board of Education, will offer for sale at 2 p. m.on Mar. 14,a $75.000
issue of refunding bonds. Due on May 1 as follows: $8.000, 1936;$11.000,
1937; $23,000, 1938; $15,000, 1939 and 1940, and $3,000 in 1941.
NORFOLK COUNTY (P.O. Dedham), Mass.
-TEMPORARY LOAN.
-The $100,000 temporary loan offered on Feb. 11-V. 130, p. 1011-was
awarded to the Boston Safe Deposit & Trust Co.. at a 4.00% discount, plus
a premium of $3. The loan is dated Feb. 11 1930 and is payable on No .15
1930 at the First National Bank of Boston. The following other bids were
received:
BidderDiscount.
Dedham National Bank
4 07%
Warren National Bank
4.25%
NORFOLK, Norfolk County, Va.-BOND OFFERING.
-Sealed bids
will be received until noon on Feb. 28 by L. Walke Truxton, City Manager,
for the purchase of an issue of $1,100,000
% coupon or registered
general improvement bonds. Denom. $1,000. Dated March 1 1930.
Due on March 1 1962. Prin. and int. (M. & S.) payable in New York
City. Legality approved by Reed, Hoyt & Washburn, of New York.
The required bidding forms and a detailed financial statement may be
had by application to B. Gray Tunstall, City Treasurer. A certified
check for 2% of the bonds bid for is required.
NORTHAMPTON, Hampshire County, Mass.
-OTHER BIDS.
-The
following is a list of the other bids received on Feb. 7 for the $150,000
temporary loan awarded to Salomon Bros. & Hutzler of Boston, at a 4.19%
discount, plus a premium of $1.0. The loan is dated Feb. 10 1930 and is
due on Nov. 4 1930.
BidderDiscount.
W. 0. Gay & Co
4.24%
First National Old Colony Corp. (plus $.25)
4.25%
Merchants National Bank
-4.27%
Faxon, Undo & Co
4.42%
OAK PARK PARK DISTRICT, Cook County, 111.
-BOND OFFER-Gustaf A. Lindberg, Secretary of the Board of Park CommisING.
sioners, will receive sealed bids until 5 p. m.on Feb. 17, for the purchase
of an issue of $50,000 5% Park bonds. Dated Feb. 1 1930. Denom.
$1,000. Due on Feb. 1 1935. Prin. and semi-annual int. (F. & A. 1)
payable at the Suburban Trust & Savings Bank, Oak Park. A certified
check for $1,000 must accompany each proposal. The approving opinion
of Chapman & Cutler of Chicago, will be furnished to the purchaser.
ORLANDO, Orange County, Fla.
-It is reported that
-BOND SALE.
a $90,000 block of the $172,000 issue of 5% coupon im_provement refunding
bonds that was offered Without success on Sept. 5--V. 129, p. 2425
-has
since been purchased at private sale by undisclosed investors.
OSSINING, Westchester County, N. Y.
-OTHER BIDS.
-The following is an official tabulation of the other bids received on Feb. 4 for
the two issues of bonds aggregating $225.000 awarded as 4 ks to Lehman
Bros., of New York, and the Manufacturers & Traders Trust Co., of
Buffalo, jointly, for a premium of $2,967.75, equal to 101.319, a basis of
about 4.58%-V. 130, p. 1012.
BidderInt. Rate.
Price Bid.
George B. Gibbons & Co
4ki%
$227,956.50
A. B. Leach & Co., Inc
4ki%
226,240.00
Wallace & Co
4ki%
226,732.50
Phelps, Fenn & Co
%
226,687.50
Rutter & Co
%
227,911.50
Marine Trust Co227.525.00
B. J. Van Ingen & Co
227,929.00
Batchelder & Co
4 ki
227,587.50
E. H. Rollins & Sons
44%226,957.50
Ossining Trust Co
225,000.00
Lehman Brothers
4s4
227,967.75
First National Bank & Trust Co. of Ossining
4
226,575.00
9
Graham, Parsons & Co
4
Roosevelt & Son
414/
1
4
'27;092:50
'
2
M. M. Freeman & Co., Inc
4 %
226,480.50
OTTAWA,Putnam County, Ohio.
-BOND SALE.
-The 5,440 5%%
special assessment street improvement bonds offered on Dec. 28-V. 129,
-were awarded at par and accrued interest to Spitzer. Rorick &
p. 4169
Co. of Toledo, the only bidders. The bonds are dated Sept. 1 1929 and
mature semi-annually.
1147
PENSACOLA, Escambia County, Fla.
-BOND OFFERING.
-It Is
reported that Mayor J. H. Bayliss has recently stated that the City is desirous of selling an issue of $190,000 5% semi-annual funding bonds. Due
serially in 20 years. Prin. and int, is payable in gold at the Chemical
Bank & Trust Co.in New York City. Legal opinion of Thomson, Wood &
Hoffman, of New York.
PETTIS COUNTY (P. 0. Sedalia), Mo.-BOND OFFERING.
-Bids
will be received by Chas. Ewen, County Clerk, until March 4, for the
purchase of a $200,000 issue of semi-annual road improvement bonds.
Interest rate is not to exceed 5%. Denom. $1,000 or multiples thereof.
Due in not exceeding 20 years. These bonds are reported to be secured
by all the taxable property in the county. It is said that the bonds will
be issued subject to the legal approval of B. H. Charles, of St. Louis.
PHILADELPHIA, Pa.
-PROPOSED BOND ISSUE.
-A bill was presented at a meeting of the city council on Feb. 13 proposing an electoral
loan of $2,000.000 to finance the elimination of grade crossings, according
to report. The measure was referred to the tinance committee and is
expected to be submitted to the voters for their consideration at either the
spring primary or at the regular election, Nov.6.
POLK COUNTY (P. 0. Benton), Tenn.
-BONDS NOT SOLD.
-The
$100,000 issue of 5% refunding bonds offered on Feb. 8-V. 130, p. 501
was not sold. Due in 30 years and optional after 20 years.
POLK COUNTY SPECIAL TAX SCHOOL DISTRICT NO.26 (P.O.
Bartow), Fla.
-BOND OFFERING.
-Sealed bids will be received until
2 p. m. on March 5, by IIugh W. Wear, Chairman of the Board of Public
Instruction,for the purchase of a $25,000 issue of6% school bonds. Denom.
$1,000. Dated Apr. 1 1930. Due on Apr. 1 as follows: $1,000, 1932 to
1946, and $2.000, 1947 to 1951, all incl. Prin. and hit. (A. & 0.) payable
at a place to be agreeable to tha purchaser. A certified check for 216%
,
must accompany the bid.
POLK COUNTY SPECIAL TAX SCHOOL DISTRICTS (P. 0.
Bartown), Fla.
-BOND OFFERING.
-Sealed bids will be received until
2 p. m. on March 5 by Hugh W. Ware, Chairman of the Board of Public
Instruction, for the purchase of three issues of 6% school bonds aggregating $75,000, as follows:
$35,000 Special Tax School District No. 3 bonds. Denom. $1,000. Due
on April 1 as follows: $3,000. 1933 to 1943, and $2,000, 1944.
30,000 Special Tax School District No. 4 bonds. Denom. $1.000. Due
on April 1 as follows: $1,000, 1932 to 1941, and $2,000 from 1942
to 1951, all inclusive.
10,000 Special Tax School District No. 22 bonds. Denom. $500. Due
$500 from April 1 1931 to 1950, inclusive.
Dated April 1 1930. Principal and interest (A. & 0.) Payable at such
place that shall be agreeable to the purchaser. The bonds will be sold
subject to the le•Tal approving opinion of some reputable bond attorney
whose opinion will be furnished to the purchaser. A certified check for
% par of the bonds for each issue must accompany the bid.
PORTLAND, Multnomah County, Ore.
-BELATED BOND SALES.
-In edition to the sales that have already been reported in these columns
as they took place, we are now informed that during 1929, the following
Issues of bonds were also sold:
$262,621.84 6% improvement bonds to various purchasers at prices from
104.04 to 101.09. Dated Feb. 1 1929. Due on F'eb. 1 1939.
65,810.74 6% improvement bonds to various purchasers at prices ranging from 105.20 to 104.162. Dated March 1 1929. Due in
1939.
169,898.95 6% imp. bonds to various purchasers at prices ranging from
105.26 to par. Dated May 1 1929. Due on May 11939.
476,007.46 6% imp. bonds to various purchasers at prices ranging from
10.3.02 to par. Dated July 1 1929. Due on July 11939. de,
143,978.18 6% imp. bonds to various purchasers at_prices ranging from
103.58 to 103.26. Dated Dec. 11929. Due on Dec. 1 1939.
14.658.52 6% imp. bonds to the Atkinson-Jones Co. of Portland, at a
price of 103.35 and hit. Dated March 1 1929. Due March 1
1934.
All of the above bonds are subject to call after 3 years.
POWELL CONSOLIDATED SCHOOL DISTRICT (P.O. Corsicana),
Navarro County. Texas.
-BOND DETAILS.
-The $4,000 issue of coupon
school equipment bonds that was purchased at par and interest by the State
Department of Education-V. 130, p. 838
-bears interest at 5%. Dated
July 31 1939. Denom. $200. Due in 1950 and optional after 10 years.
Interest payable on April 1.
POWELL COUNTY (P. 0. Deer Lodge), Mont.
-BOND SALE.
-The
$50,000 issue of semi-annual highway bonds offered for sale on Feb. 3V. 130, p. 170
-was purchased by the First Securities Corp. of St. Paul, as
5s, for a premium of $15, equal to 100.03, a basis of about 4.99%. Dated
Jan. 1 1930. Due $5,000 from Feb. 1 1930 to 1939 incl. The other
bidders and their bids were as follows:
The IT. S. Natl. Co., Denver Col
Par & accrued interest.
53i%
State Board of Land Commissioners,
5%
Helena. Mont
Amort.& par & accr. int.
Wells-Dickey Co..Minneapolis.Minn_5U % $16 Par & accrued interest.
Deer Lodge Bank & Trust Co. and
Larabie Bros. Bankers, Inc., Deer
Lodge, Mont
Par & accrued interest.
6%
First Securities Corp.,St. Paul, Minn.5%% $200 Par & accrued interest.
PURCELLVILLE, Loudoun County, Va.-BOND SALE.
-It is reported that a $75,000 issue of water bends has recently been jointly purchased by the J. B. McCrary Co., and the Citizens & Southern Co., both
of Atlanta.
1FtA NDOLPH COUNTY (P. 0. Winchester), Ind.
-BOND OFFERING.
-J.A. Miller. County Treasurer, will receive sealed bids until 10 a. m.
on Feb. 17. for the purchase of $45,000 4'4% W. E. Baker et al highway
construction bonds. Denom. $750. Due $750 July 15 1931; $750 Jan. and
July 15 from 1932 to 1960, incl., and 11750 on Jan. 151961.
RED WILLOW COUNTY SCHOOL DISTRICT NO. 6 (P. 0.
Lebanon), Neb.-BONDS OFFERED.
-Bids were received at the Keystone Hotel in McCook (Neb.) by Ray C. Murphy. School Director. until
Feb. 11,for the purchase of a $55,000 issue of not exceeding 5% semi-annual
school bonds. Denom. $500. Dated April 1 1930. Due on July 11960,
and optional after July 1 1940.
RICHMOND HEIGHTS (P. 0. South Euclid, R. F. D.) Cuyahoga
-The $14,900 534% village's portion
-BOND SALE.
County, Ohio.
street improvement bonds offered on Feb.3-V. 130. P. 325
-were awarded
at par and accrued interest to McDonald, Callahan & Co.. of Cleveland, the
only bidders. The bonds are dated Jan. 1 1930 and mature on Oct. 1 as
follows: $1,500, 1931 to 1939, incl., and $1.400 in 1940.
ROCHESTER, Olmsted County, Minn.
-BOND OFFERING.
-Sealed
bids will be received until 7:30 p. in. on Feb. 26, by A. F. Wright, City
Clerk, for the purchase of two issues of bonds aggregating $32,000, as
follows:
$17,000 4 % sewage disposal plant bonds. Dated Sept. 11924. Due on
Dec. 1, as follows: $4.000, 1941 to 1943 and $5.000 in 1944.
15,000 4M % Improvement bonds. Dated Feb. 11930. Due on Dec. 1, as
follows: $2,000. 1931 to 1935, and $1,000. 1936 to 1940.
Denom. $1,000. Principal and interest (J. & D.) payable at the office of
the City Treasurer. A certified check for2% of the bonds, payable to the
City Treasurer, is required.
ROCHESTER, Monroe County, N. Y.
-BOND SALE.
-The following
Issues of coupon or registered bonds aggregating $4,465,000 offered on
-were awarded as 4 Wis to a syndicate composed ot
Feb. 11-V. 130. p. 838
George B. Gibbons & Co.. E. H. Rollins & Sons, Roosevelt & Son. Stone &
Webster and Blodget, Inc., Dewey. Bacon & Co., and Emanuel & Co., all
of New York. at a price of 100.4797. a basis of about 4.19% •
OYSTER BAY AND BABYLON JOINT UNION FREE SCHOOL
$1,990,000 school construction bonds. Due annually as follows: $66,000.
DISTRICT NO. 22 (P. 0. Farmingdale), Nassau County, N. Y.
1931 to 19541 incl., and $67.000. 1951 to 1960 incl.
BOND OFFERING.
-Francis II. Pike, District Clerk, will receive sealed
900,000 general local impt. bonds. Due $90.000 from 1931 to 1940 incl.
bids until 8 p. m.on Feb. 18 for the purchase of $50.000 coupon or
390.000 municipal land purchase bonds. Due $13.000 from 1931 to
school bonds, to bear interest at a rate not exceeding 5%. stated registered
in a
tiple of 1-10th or
of 1%. Dated Mar. 11930. Denom. $1,000. mulDue
275,000 public impt. bonds. Due annually as follows: $18,000. 1931 to
on Mar. 1 as follows: 52,000. 1935 to 1942 incl.; $3,000, 1943 to 1945 incl..
1940 incl., and $19.000 from 1941 to 1945 incl.
and *5.000 from 1946 to 1950 incl. Prin. and semi-ann. int. (M. & S. 1)
270,000bridge design and construction bonds. Due $9,000 from
1931
payable in gold at the First National Bank, Farmingdale. A certified
worksin .
5 000
check for $1,000, payable to Henry Gutheil. District Treasurer, must acbonds. Due annually as follows: $7.000
215,000 water
company each proposal. The successful bidder will be furnished with the
from 1931 to 1955 incl.. and $8,000 from 1956 to 1960 incl.
approving opinion of Clay, Dillon & Vandewater, of New York, as to the
120,000 municipal aviation field bonds. Due $6,000 from 1931st0
validity of the bonds.
1950 incl.
iq5
1148
FINANCIAL CHRONICLE
[VoL. 130.
120,000 municipal building construction bonds. Due $6,000 from 1931 $56,000 6% street railway extension bonds at par to the J. L. Smith Conto 1950 incl.
struction Co. of Seattle. Dated Nov. 1 1928. Due from 1931
110,000 transit subway construction bonds. Due annually as follows:
to 1940 incl. The same company was also awarded a $75,000
$4,000from 1931 to 1950 incl., and $3,000from 1951 to 1960 incl.
issue of the above bonds at par, maturing as above.
750,000 sewage disposal bonds. Due annually as follows: $4,000 from
23,000 6% street railway extension bonds at par to Mr. G. P. James of
1931 to 1945 incl., and $3.000 from 1946 to 1950 incl.
Seattle. Dated Oct. 1. 1929. Due from 1931 to 1933.
All of the above bonds are dated March 1 1930.
SHARON SPECIAL SCHOOL DISTRICT (P. 0. Sharon), Weakley
The successful bidders are re-offering the bonds for public subscription County, Tenn.
-The $20,000 issue of school bonds that
at prices to yield 4.10%. The following is an official list of the other bids was offered for -BOND SALE.
sale up to Jan. 10-V. 130, P. 171-was purchased by
submitted for the issues:
Little, Wooten & Co., of Jackson. Due serially over a period of 20 years.
BidderRate Bid.
Int. Rate.
First Nat. Bank, White, Weld & Co., Barr Bros. &
SHELBY COUNTY (P. 0. Memphis), Tenn.
-BOND OFFERING.
Sealed bids will be received until noon on Feb. 18, by E. E. Jeter, Chairman
Co., Inc.; Kissel, Kinnicutt & Co.; Phelps, Fenn &
of the County Court, for the purchase of a $250,000 issue of 4%% semiCo.; Salomon Bros. & Hutzler; The Detroit Co.,
Inc., Sage, Wolcott & Steele
100.291 annual institutions bonds. Denom. $1,000. Dated Feb. 1 1930. Due
4 Yi %
on Feb. 1 as follows: $10,000 in 1940, and 1515,000, 1941 to 1956, all incl.
Harris, Forbes & Co.; Bankers Co.; National City
The bonds will not be sold for less than par, plus accrued interest to date of
Co.; Marine Trust Co. of Buffalo; Rothschild &
Co. Hannahs, Bailin & Lee,jointly
100.209 delivery, free from commission and brokerage. The full faith and credit
4 Yi %
of the County will be pledged for the payment of principal and interest.
Chase Securities Corp.; Kean, Taylor & Co.; B. J.
The bonds are offered subject to the legal approval of Thomson, Wood &
Van Ingen & Co.; Bancamerica-Blair Corp.; A. B.
Hoffman, of New York. Authority for issuance: Chap. 155, Private Acts
Leach & Co., Inc.; Batchelder Sr Co.; Edward
Lowber,Stokes & Co
100.159 of Tennessee. A certified check for $1,000, payable to the above named
43'%
Guaranty Co. of New York
100.038 Chairman, must accompany the bid.
4Y %
L
SHELBY COUNTY (P. 0. Shelbyville), Ind.
ROCKY RIVER, Cuyahoga County, Ohio.
-BOND OFFERING.
-BOND OFFERING.
Frank Mitchell, Village Clerk, will receive sealed bids until 12 m. (eastern Henry Booher, County Treasurer, will receive sealed bids until 10 a. m. on
standard time) on March 3, for the purchase of the following issues of 6% Feb. 21, for the purchase of the following issues of bonds aggregating
bonds aggregating $35,485:
$54,240:
$31,410 special assessment street improvement bonds. Due on Oct. 1 as $41,600 5% Ed. P. Kuhn et al highway construction bonds. Denom.
follows: $2,410, 1931; $3.000, 1932; $4.000, 1933; $3,000, 1934 to
$1,040. Due $2.080 on July 15 1931; $2,080, Jan. and July 15
from 1932 to 1940 incl., and $2,080 on Jan. 15 1941.
1939, incl.. and $4,000 in 1940.
5,400 44% John Gosch et al highway construction bonds. Dated Feb.
4,075 special assessment street improvement bonds. Due on Oct. 1 as
15 1930 in $272 denom.; dated Aug. 15 1929 in $248 denom. Due
follows: $2,000, 1931 and $2,075, 1932.
semi-annuallly on Jan. and July 15 from July 15 1931 to Jan. 15
Both issues are dated March 1 1930. Principal and semi-annual interest
(April and Oct. 1) payable at the First National Bank of Rocky River.
1941.
7,200 44% Arthur J. Young et al highway construction bonds. Dated
Bids for the bonds to bear interest at a rate other than 6% will also be conFeb. 15 1930. Denom. $360. Due $360, July 15 1931; $360,
sidered, provided, however, that where a fractional rate is bid such fraction
shall be in multiples of H of 1%. A certified check for 5% of the amount of
Jan. and July 15 from 1932 to 1940 incl., and $360 on Jan. 15 in
bonds bid for, payable to the order ofthe Village Treasurer,must accompany
1941.
Interest on all of the above bonds is payable on Jan. and July 15.
each proposal.
SIOUX CITY, Woodward County, Iowa.
ROCKY RIVER SCHOOL DISTRICT, Cuyahoga County, Ohio.
-BOND SALE
.-The three
BOND OFFERING.
-Fred D. Fenker, Clerk of the -Board of Education, issues of bonds aggregating $225,000, offered for sale on Feb. 7-V. 130,
will receive sealed bids until 1 P. M.on March 3for the purchase of$187,000 P. 838
-were awarded to the Boatmen's National Co. of St. Louis. as 4Hs,
school bonds,to bear interest at a rate not exceeding 6%,stated in a multiple for a premium of $1,000, equal t. 100.444, a basis of about 4.44%. The
of H of 1%. Dated March 3 1930. Denom. $1,000. Due on Oct. 1 as Issues are as follows:
follows: $7,000, 1931 and 1932; $8,000, 1933; $7.000, 1934; $8,000, 1935: $100,000 sewer bonds. Due from Jan. 1 1931 to 1950, inclusive.
75,000 bridge bonds. Due from Jan. 1 1931 to 1945, inclusive.
$7,000, 1936; $8,000. 1937; $7.000, 1938; $8,000, 1939; $7,000, 1940;
$8,000, 1941;$7.000. 1942;$8,000, 1943:$7,000, 1944:$8,000, 1945;$7,000,
50,000 fire department equipment bonds. Due from Jan 1 1931 to
1946; $8,000, 1947; $7,000, 1948: $8,000. 1949; $7,000, 1950; $8,000, 1951;
inclusive.
$7,000, 1962; $8,000, 1953; $7,000 in 1954, and $8,000 in 1955. Principal
The following is an official list of the other bids received:
and semi-annual interest (A. and 0.) payable at the First National Bank,
Prem.1 Bidder
Bidder-1940,
Rocky River. A certified check for $9,350, payable to the order of the Iowa-Des Mones Co. and assoc.$995 Wells
-Dickey Co
Pr3m.
$e0 0
50
5
above-mentioned Clerk, must accompany each proposal. Bids are to be Carleton D. Beh Co
575 Geo. M Bechtel & Co
opened at 8:15 P. M.
White-Phillips Co
550
SAINT EDWARDS, Boone County, Neb.-BOND SALE.
-The
SNYDER, Kiowa County, Okla -BONDS OFFERING.
-Sealed bids
$10,000 issue of 5% semi-annual park improvement bonds offered for sale will be received until 2 p. m.on Feb. 17, by George Robinson, Town Clerk,
on Feb.3-V.130, p.666
-was awarded to the U.S. National Co.of Omaha for the purchase of three issues of bonds aggregating $40,000 as follows:
for a premium of $80, equal to 100.80, a basis of about 4.93%. Denom. $22,000 water works extension; $15,000 town hall and $3,000 fire fighting
$500. Due in 1950 and optional after 1940.
equipment bonds. A certified check for 2% must accompany the bid.
(These bonds were previously offered on Feb. 4-V. 130, p. 1013).
SAFFORD, Graham County, Ariz.
-BOND SALE.
-A $61,701.81
Issue of 6% sewer improvement district bonds has recently been purchased
Charleroi), Waxhington County, Pa.
SPEERS
-BOND OFby Peck, Brown & Co. of Denver. Denom.$500, one for $701.81. Dated FERING. (P. 0. Heffran, Borough Secretary, will receive
-James T.
sealed
Nov.13 1929. Duefrom Jan. 1 1931 to 1940 incl. Prin.and int. (J. & J.) until8 p. m.on Feb. 18,for the purchase of $8.500S% improvement bids
bonds.
payable at the office of the Town Treasurer.
Dated Jan. 1 1930. Denom. $1,000, one bond for $500. Due on Jan. 1
SALINE TOWNSHIP FRACTIONAL SCHOOL DISTRICT NO. 1 1949. Int. payable on Jan. and July 1. A certified check for 2% of the
(P. 0. Saline), Washtenaw County, Mich.
-BOND OFFERING.
- amount of bonds bid for must accompany each proposal.
Anna Miller, Secretary of the Board of Education, will receive sealed bids
Canton), Ohio.
STARK
until 3 p. m. on Feb. 18, for the purchase of $150,000 school bonds, to bear MATED COUNTY (P. 0. -The sale on -SALE NOT CONSUM-BONDS RE-OFFERED.
Oct. 25 of $307,000 bonds,
interest at a rate not exceeding 5%. Dated March 11930. Denom. $1,000, consisting of $177.000 55, and $130,000 44s,to the Continental
Illinois Co.
Due on March 1 as follows: $3,000, 1933 to 1939 incl.; $4,000, 1940 to 1943 of Chicago, at 100.009. an interest cost basis of about
4.884%-V. 129, 13•
incl.: $5,000, 1944 to 1947 incl.; $6,000, 1948 to 1950 incl.; $7,000, 1951 2896
-was not consumated.
to 1955 incl.; and $8,000 from 1956 to 1960 incl. Purchaser to furnish
-Edith G. Coke. Clerk of the Board of County ComBOND OFFERING.
printed bonds and legal opinion. A certified check for $2,000, payable missioners will receive sealed bids until 10 a. m. on
to the order of the District Treasurer must accompany each proposal. chase of $177.000 5% road improvement bonds. Feb. 19, for the purDated Oct. 1 1929.
Prin. and semi-annual int. payable at some bank mutually agreeable. Denom.$1,000. Due on Oct. 1 as follows: $20,000 from
1931
These bonds were authorized to be sold at an election held recently. Of and $19,000 from 1937 to 1939 incl. Prin. and semi-annualto 1936 incl..
int. payable
the votes polled, 196 favored the measure and 151 disapproved of it.
-V. at the County Treasury. A certified check for $500, payable to the order
129, p.4170.
of the Beard of County Commissioners, must accompany each proposal.
SAN BERNARDINO HIGH SCHOOL DISTRICT (p. 0. San BerSTRATFORD Fairfield County, Conn.
-BOND SALE.
-The $200.nardino), San Bernardino County, Calif.
-LIST OF BIDDERS.
-The 000 coupon or registered school bonds offered on Feb. 10-V. 130,
following is an official list of the other bids submitted on Feb. 3 for the were awarded as 4s to R. L. Day & Co. of Boston, at a price p. 1013
of
$55,000 semi-annual 5% school bonds purchased by Weeden & Co. of San a basis of about 4.46%. The bonds are dated Feb. 1 1930 and 100.34.
mature
Francisco for a premium of $2,355, equal to 104.28, a basis of about 4.67%: $10,000 on Feb. 1 from 1932 to 1951 incl.
BidderPremium.
The purchasers are reoffering the bonds for public investment
William H. Staats Co
$2,319.35 yield 4.35%. The securities are stated to be legal investment priced to
for savings
National Banidtaly Co
2,093.00 banks and trust funds in New York and Connecticut. The
following is a
American National Bank
2,038.43 list of the unsuccessful bids submitted for the issue:
Anglo London Paris Co
1,983.00
Biddermt. Rate. Rate Bid.
The Detroit Co
1,980.00 Estabrook & Co
43%
100.86
Dean Witter Co
1,979.00 H. M.Byllesby & Co
4 TO
4;1
10178
0 19
Wm. Cavalier & Co
1,938.00 A. B. Leach & Co
Harris Trust & Savings Bank
1,930.00 Eldredge & Co
4
s
101.19
SANTA CLARA COUNTY SCHOOL DISTRICTS (P. 0. San Jose), Dewey, Bacon & Co
4,1%
100.84
Calif.
-BONDS OFFERED. FOR PUBLIC SUBSCRIPTION.
-The two
SWEETWATER INDEPENDENT SCHOOL DISTRICT (P. 0.
issues of 55" coupon school bonds that were purchased by the Detroit Co.,
-BONDS OFFERED.
-Sealed bids
of San Francisco, at a price of 103.02, a basis of about 4.61%-V. 130. Sweetwater), Nolan County, Tex.
Inc.
p. 1012
-are now being offered for investment by the successful bidders at were received until 2 p. m. on Feb. 15 by W. H. Bartlett. Secretary of the
prices ranging from 100.48 to 107.23, according to maturity, yielding from Board of Trustees, for the purchase of an issue of $180,000 5% school
4.50% to 4.45%. Due from Feb. 1 1931 to 1950 incl. The National bonds. Dated Feb. 10 1930. Due as follows: $2,000, 1931 to 1940:
City Co. of New York, is associated with the above named firm in the re- $3,000, 1941 to 1950; $5,000, 1951 to 1960, and $8,000, 1961 to 1970, all
offering of the bonds, which are reported to be legal investments in Cali- incl. Prin. and int. (F. & A.) payable at the Central Hanover Bank &
Trust Co.in New York City. Legal approval to be furnished by Chapman
fornia.
& Cutler of Chicago.
Financial Statement.
(This report supplements that given in V. 130, 13. 1013)•
High School District
SWIFT COUNTY (P. 0. Benson), Minn.
-BOND SALE.
Assessed valuation
-The two
$44,003,005 Issues
of bonds aggregating $70,000, offered for sale on Feb. 11-V. 130, p.
Bonded debt, including this issue
1,340,000
1013
-were awarded to the Wells-Dickey Co. of Minneapolis, as 44s.for a
School District
Assessed valuation
$44,027,930 premium of $181. equal to 100.25, a basis of about 4.47%. The issues are
Bonded debt, including this issue
990,000 as follows:
Population, High School District (1920 census), 39,650; School District $336,000 refunding bonds. Dated March 11930.
34,O0 in ir
Due refundingbonds. Dated April 11930.
0
years.
census), 39,604: present estimate, 50.000.
(1920
SAYREVILLE SCHOOL DISTRICT, Middlesex County, N. J.
SYRACUSE PAVING DISTRICTS (P. 0. Syracuse), Hamilton
BOND OFFERING.
-Fred S. Davis, District Clerk, will receive sealed bids County, Kan.
-Sealed bids will be received until
-BOND OFFERING.
until 8 p. m.on Feb. 18,for the purchase of $142,000 44% coupon or regis- Feb.
20
tered school bonds. Dated June 15 1929. Denom. $1,000. Due on coupon by Sherman Williams, City Clerk, for the purchase of two issues of
bonds aggregating $34,000 as follows:
June 15 as follows: $5,000, 1931 to 1952 incl. and $4,000 from 1953 to
Paving district No. 1 bonds. Dated Jan. 11928.
1960 incl. Prin. and semi-annual int. (J. &'
D.) payable at the South $17,000 434%follows: $2,000, 1931 to 1933; $3,000, 1934, and Due on Jan.
1, as
$2,000, 1935
River Trust Co., South River. No more bonds are to be awarded than will
to 1938,all incl.
produce a premium of $1,000 over the amount of the issue. The bonds
17,000 44% paving district No. 2 bonds. Dated Jan. 1 1929. Due on
will be prepared under the supervision of the International Trust Co., New
Jan. 1, as follows: $1,000, 1931; $2,000 from 1932 to 1939.
York,which will certify as to the genuineness of the signatures of the officials
,
Denom. $1.000. Int. payable on Jan. and July 1. A certified check
and the seal impressed thereon. A certified check for 2% of the amount for
2% of the bid is required.
of bonds bid for must accompany each proposal.
-BOND SALE POSTPONED.
TACOMA, Pierce County, Wash.
-We
Financial Statement.
Assessed valuation of taxable property, 1929
$7,077,714 are now informed that the sale of the $1,500,000 issue of electric light and
Bonded debt of school district, not including this issue
-has been
180,000 power bonds that was scheduled for Mar. 1-V. 130, p. 839
Postponed. Int. rate not exceeding 6%. Due from 1934 to 1947 incl.
SCHUYLER COUNTY(P.O. Watkins Glen), N.Y.
-OFFER $150,000
TALMAGE UNION SCHOOL DISTRICT NO. 2 (P. 0. Talmage),
43 % BONDS.
-Batchelder & Co., of New York, are offering an issue of Dickinson
-BOND SALE.
-The $25,000 issue of 5%
County, Kan.
$150,000 4H% coupon or registered highway and bridge bonds for public
-was PurInvestment at prices to yield 4.25%. The bonds are stated to be legal school building bonds offered for sale on Feb. 7-V. 130, p. 839
investment for savings banks and trust funds in New York State and were chased by the Guarantee Title & Trust Co. of Wichita. Dated Jan. 1
awarded on Jan. 25 at a price of 100.58, a basis of about 4.43%.-V. 130, 1930. Due from Jan. 1 1931 to 1950, inclusive.
TONAWANDA UNION FREE SCHOOL DISTRICT NO. 1 (P. 0.
P. 838.
Kenmore), Erie County, N. Y.
-PRICE PAID.
-In connection with the
Financial Statement (As Officially Reported).
Assessed valuation
$13,634,087 sale on Jan. 28 of two issues of coupon or registered bonds aggregating
Total bonded debt
471,000 $665,000 as 5.40s to a group composed of Edmund Seymour & Co., A. C.
Allyn & Co., and Rapp & Lockwood, all of New York-V. 130, p. 1013Population, 1925, 13,456.
we learn that the purchasers paid par plus a premium of$1,923 for the bonds.
SEATTLE, King County, Wash.
-BELATED BONDS SALES.
-We equal to 100.28, a basis of about 5.36%. The bonds are dated Jan. 1 1930.
are informed by the City Clerk that during 1929, in addition to the sales are in $1,000 denoms.,
and mature on Jan. 1, as follows: $22,000, 1931 to
already reported in these columns as they occurred, the City sold the 1935 incl.:
$23,000. 1936 to 1940 incl.; $27,000. 1941 to 1945 incl.; $29,000,
following issues:
1946 to 1950 incl., and $32,000 from 1951 to 1955 incl.
FEB. 15 1930.]
FINANCIAL CHRONICLE
Financial Statement (As Officially Reported).
Actual valuation taxable property
$110,000,000
Assessed valuation 1929
69,006,824
Total bonded debt (incl. this issue)
2,690,400
Population, est. 1929, 20,000.
THERMOPOLIS, Hot Springs County, Wyo.-LIST OF BIDDERS.
-----The following is an official list of the other bids submitted for the $35,000
water system bonds purchased by the First National Bank of Thermopolis,
-V. 130, p. 1013:
as 5s, at par
5%% and 101.60
Benwell & Co., Denver, Colo
% and 100.12
5% and 98.34
4%% and 95
Geo. W. Vallery & Co.. Denver, Colo
57, & par on $18,000 and
a3% & Par on $17,000
'5% and 96.00
Sullivan & Co., Denver, Colo
5X% and 98.11
5A % and 100.571
5
and 97.271
Th International Co.of Denver,Denver,Colo_
The
_ 5k% and 100.631
Sidlo Simons Day & Co., Denver, Colo
54% and 100.0714
All of the above bids were "plus accrued interest from date of bonds
until delivery of same."
TRUMBULL COUNTY (P.O. Warren), Ohio.
-BOND OFFERING.
David H. Thomas, Clerk of the Board of County Commissioners, will
receive sealed bids until 1 p. m. on Feb. 28 for the purchase of the following issues of 4%% bonds, aggregating $83,000:
$46,200 road improvement bonds. Due as follows: $3,200, April 1 and
$3,000. Oct. 1 1931; $3,000, April and Oct. 1 1932 and
$2,000, April and Oct. 1 from 1934 to 1940, inclusive.1933, and
A certified check for $1,000 is required.
36,800 road improvement bonds. Due as follows: $2,800, April 1 and
$2.000, Oct. 1 1931, and $2,000, April and Oct. 1 from 1932 to
1940, inclusive. A certified check for $1,000 required.
Both issues are dated March 1 1930. Principal and is
semi-annual interest
(April and Oct. 1) payable at the office of the County Treasurer. Bids
for the bonds to bear interest at a rate other than 4%% may be submitted
In accordance with Section 2293-28 G. C. of Ohio. Checks should be
made payable to the order of County Treasurer Trace D. Harkelrode.
Cost of printing the bonds to be paid fer by county; successful
bidder to
furnish legal opinion.
TULSA, Tulsa County, Okla.
-BONDS VOTED.
-At the special
election held on Feb.4-V. 130, p. 502
-the
of the $6,230,000 in improvement bonds byvoters authorized the issuance
what was said to be a fairly
large majority.
UNIONVILLE, Orange County, N. Y.
-Ralph
W. Evans, Village Clerk, will receive sealed-BOND OFFERING.
bids
m. on
for the purchase of $6,500 5% coupon fire truck until 2 p. bonds.Feb. 27,
purchase
Dated
Mar. 11930. Denom. $500. Due on July 1 as follows: $500
in 1930 and
31,900 from 1931 to 1936 incl. Prin. and semi-ann. int. (J. & J. 1)
payable
in Unionville. A certified check for $130 must accompany each proposal.
VERO BEACH, Indian River County, Fla.
-WARRANT
A $71,000 issue of 7% general obligation warrants has recently SALE.
been purchased by the Guarantee Title & Trust Co. of Wichita. Denom.
Dated Jan. 151930, Due on Jan. 15 as follows: $11,000, 1932,and $1,000.
1933 to 1935. Prin. and semi-ann. int. payable at the Chemical $20,000
Bank
Trust Co. in New York. Legal approval by Caldwell & Raymond &
of
New York City.
VINCENNES, Knox County, Ind.
-BOND OFFERING.
-Joseph I.
Muentzer, City Clerk, will receive sealed bids until 1 p. m. on Feb. 26 for
the purchase of an issue of $100,000
% George Rogers Clark Memorial
bonds. Dated Mar. 11930. Denom. $1,000. Due
$3,000, Jan. 1 and $2,000, July 1 from 1932 to 1950 $2,000, July 11931;
incl. and
Jan. 1 in 1951. Int. payable semi-annually. The approving $3,000 on
e
opinion
Matson, Carter, Ross & McCord of Indianapolis, will be furnished of
the
successful bidder upon payment therefor.
•
WALTHAM, Middlesex County, Mass.
-ADDITIONAL INFORMATION.
-The $150,000 temporary
the Merchants National Bank of loan awarded at a $4.03% discount to
-is dated
10 1930 and is payable on June 30 Boston-V. 130, P. 1013list of the Feb.
1930. The following is a
other
bids received:
BidderDiscount.1 BidderDiscount.
W.0. Gay & Co
4.07%'Union Market Nat'l Bank _4.125%
Faxon, Gade & Co
4.12%1Salomon Bros & Hutzler
(Plus $1)
4.23%
WAPPINGERS FALLS, Dutchess County, N. Y.
ING.
-Joseph A. Sherman, Village Clerk, will receive-BOND OFFER7:30 p. m. on Feb. 19 for the purchase of $15,000 coupon sealed bids until
or registered fire
bonds to bear interest at a rate not exceeding
6%,stated in a multiple of
X of 1%. Dated Jan. 1 1930. Denom.
$1,000.
from 1931 to 1935 incl. Principal and semi-ann. Due $3.000 on Jan. 1
int. (Jan. & July 1)
payable in gold at the National Bank
check for $500, payable to the order of of Wappingers Falls. A certified
the village, must accompany each
proposal. The approving opinion of Clay, Dillon
& Vandewater of New
York, will be furnished to the purchaser.'
WASHINGTON COUNTY (P. 0. Washington), Pa.
-The $175,000 4 X % road improvement bonds offered -BOND SALE.
on Feb. 11-V.
130, p. 839
-were awarded to the First Bank & Trust Co.
Pa. at par plus a premium of $1,186.50, equal to a price ofof Washington,
100.67, a basis
about 4.19%. The bonds are dated Feb.
of '
1 1930 and mature
as follows: $10,000, 1942, $5,000. 1943 to 1951, incl., $5,000, on Feb. 1,
000, 1954, $5,000, 1956, $25.000, 1957, $50,000, 1958, and 1953, $15,$20,000 in
1959. The following is an official list of the other bids received:
BidderPremium.
W. H. Newbold's Son & Co., Philadelphia
$231.00
Mellon National Bank, Pittsburgh
1,087.63
Union Trust Co. Pittsburgh
467.25
Prescott Lyon & Co
'
762.00
M. M. Freeman & Co., Inc., Philadelphia
55.55
AUCTIONEERS
1149
WAUKESHA, Waukesha County, Wis.-BOND SALE.
-The two
issues of 5% semi-ann. bonds, aggregating $100,000, offered for sale on
Feb. 11-V. 130, p. 667
-were purchased by the First Wisconsin Co. of
Milwaukee, for a premium of $2,350, equal to 102.35, a basis of about
4.50%. The issues are as follows:
$70,000 sewer bonds. Due $7,000 from Dec. 15 1930 to 1939, incl.
30,000 water works bonds. Due $3,000 from Dec. 15 1930 to 1939.
WELLINGTON, Lorain County, Ohio.
-BOND OFFERING.
-Ray S.
Coates, Village Clerk, will receive sealed bids until 12 m. on Mar. 1 for the
purchase of $10,942.12 6% special assessment street improvement bonds.
Dated April 11930. Due as follows:$442.12, April 1 and $500, Oct. 1 1931,
and $500 on April and Oct. 1 from 1932 to 1941 incl. Bids for the bonds to
bear interest at a rate other than 6% will also be considered, provided, however, that where a fractional rate is bid such fraction shall be X of'1% or a
multiple thereof. Interest payable on April and Oct. 1. A certified check
for 5% of the amount of bonds bid for, payable to the order of the Village
Treasurer, must accompany each proposal.
WESTFIELD, Union County, N. J.
-BOND SALE.
-The following
issues of 5% coupon or registered bonds aggregating $401,000 for which
no bids were received on June 24-V. 128. p. 4365
-are reported to have
since been sold to the State Teacher's Pension and Annuity Fund:
$264,000 assessment bonds. Due on July 1, as follows: $25,000, 1930 to
1937 incl., and $32,000 in 1938 and 1939.
137,000 public improvement bonds. Due on July 1, as follows: $8,000.
1931 to 1935 incl., $9,000, 1936 to 1938 incl., and $10,000 from
1939 to 1945 inclusive.
Both issues are dated July 1 1929.
WEST HARTFORD,Hartford County, Conn.
-BOND OFFERING.
Richard J. Goodman, Chairman of the Board of Finance, will receive
sealed bids at the Hartford-Connecticut Trust Co., Hartford, until 2:30
p.m. on Feb. 18, for the purchase of $650,000 434% coupon second series
school bonds, registerable as to principal. Dated March 1 1930. Denom.
$1,000. Due $26,000 on March 1 from 1931 to 1955 incl. Principal and
semi-annual interest (March and Sept. 1) payable in gold at the Hartford
National Bank & Trust Co., Hartford. No bid for less than par will be
considered and it is requested that bids be made on the basis of $100. A
certified check for 27, of the par value of the bonds bid for, payable to the
order of the Town Treasurer, must accompany each proposal. Legal
opinion of Gross, Hyde & Williams, of Hartford, will be furnished without
cost to the successful bidder.
WEST LEECHBURG (P. 0. Vandergrift) Westmoreland County,
-BOND OFFERING.
Pa.
-M. Campbell, Borough Secretary, will receive
sealed bids until 8 p. m. on March 7, for the purchase of $25,000 43i%
improvement bonds. Dated March 1 1930. Denom. $1,000. Due on
March 1 as follows: $3,000, 1939, 1943, 1947, 1950, 1952, 1955 and in
1957, and $4,000 in 1959. The bonds will be sold subject to the approval
of the Department of Internal Affairs. A certified check for $1,000, payable to the order of the Borough Treasurer, must accompany each proposal.
WEST SALEM (P.O. Salem), Marion County, Ore.
-BOND SALE.
Two issues of bonds aggregating $40,000, have recently been purchased at
par by Knapp & Goss, of Camas. The issues are as follows: $25,000
water and $15,000 sewer bonds.
WEST VIRGINIA, State of (P. 0. Charleston).
-BOND
The $5,000,000 issue of coupon or registered road bonds offered for sale on
Feb. 11-V. 130, p. 1013
-was awarded to a syndicate composed of the
First National Bank of New York, Halsey, Stuart & Co., the BancamericaBlair Corp., R. W.Pressprich & Co., Phelps. Fenn & Co., Geo. B. Gibbons
& Co., Inc.. Salomon Bros. & Hutzler, all of New York, and the Northern
Trust Co., of Chicago, for a premium of $100, equal to 100.002, a basis of
about 4.34%, on the bonds divided as follows: $3,950.000, maturing from
1933 to 1952, incl., as 43
-is, and the remaining $1,050,000 of the issue
maturing from 1952 to 1955. as 4s.
BONDS RE
-OFFERED FOR INVESTMENT.
-The successful syndicate
Is now offering the above bonds for public subscription at the following
prices: The 43-% bonds yield 4.25%, and the 4% bonds yield 4.20%.
WEYMOUTH, Norfolk County, Mass.
-TEMPORARY LOAN.
-The
City Treasurer on Feb. 7 awarded a $100,000 temporary loan, due Nov.
20 1930, to the Merchants National Bank of Boston at a 4.03% discount.
WEYMOUTH, Norfolk County, Mass.
-TEMPORARY LOAN.
The Merchants National Bank recently purchased a $100,000 temporary
loan at a 4.03% discount. The loan is due on Nov. 20 1930. The following
Is a list of the other bids received:
BidderDiscount.
Faxon, Gade & Co
Salomon Bros. & Hutzler (plus $1.25)
Hingham Trust Co
4. 05
44 .15
-BELATED BOND SALES.
WICHITA, Sedgwick County, Kan.
We are informed by E. S. Monroe, City Auditor, that during 1929, in addition to toe sales already reported in these columns as they occurred, the
following issues of bonds were sold:
$24,000 434% refunding bonds at par and hit. over the counter. Dated
Jan. 1 1929. Due from 1930 to 1939.
26,000 434 %refunding bonds, at a discount of $149, equal to 99.426.
Dated Jan. 1 1929. Due from 1930 to 1939.
25,000 4 % market square bonds at par and int. over the counter.
Dated Apr. 11929. Due from 1930 to 1939.
22,449 434% rip rap bonds to the 4th National Bank of Wichita, and
183,384.59 434% paving and sewer bonds to the above bank, for a total
premium of$494. Dated Sept. 11929. Duefrom 1930 to 1939.
29,957.79 various purpose bonds at different prices over the counter.
WHITE PLAINS, Westchester County, N. '1.
-PRICE PAID
BONDS REOFFERED.
-In connection with the report of the award on
Feb. 7 of various issues of coupon or registered bonds, aggregating $2,470,syndicate composed of the International Manhattan
000, as 4.35s to a
Co., R. W. Pressmich & Co., Emanuel & Co., M. M. Freeman & Co..
Inc., Wallace & Co., and the American Trust Co., all of New York, we
learn that the successful bidders paid 100.119 for the securities, an interest
cost basis of about 4.34%, not 100.004 as previously stated.
-V. 130, P.
1014. The bonds are stated to be legal investment for savings banks and
trust funds in New York State and are being reoffered by the purchasers
CLASSIFIED DEPARTMENT
FINANCIAL
Adrian H. Muller & Son
Established 1837
We Specialize in
19 Liberty Street
NEW YORK
City of Philadelphia
Stock & Bond Auctioneers
Sales Every Wednesday
USE and CONSULT
the Classified Department of
MINING ENGINEERS
H. M. CHANCE & CO.
Mining Engineers and Geologists
COAL AND MINERAL PROPERTIE5
Examined, Managed, Appraised
Drexel Building
PHILADELPHIA
the Financial Chronicle.
3s
31
/
2
8
4s
/
41 4s
s
42
/
1
58
51/
45
51s
/
2
Biddle & Henry
1522 Locust
Street
Philadelphia
Members of
Philadelphia Stock Exchange
Baltimore Stock Exchange
Private New York Wire
-Canal 8437
FINANCIAL CHRONICLE
1150
for public subscription priced to yield 4.25%. Loren S. Spoor, Commis
sioner of Finance, sends us the following list of the other bids submitted:
BidderInt. Rate. Rate Bid.
Roosevelt & Son; George B. Gibbons & Co., Inc.; R. L.
I- Day & Co., and E. H. Rollins & Sons,jointly
100.529
4.40%
Bancamerica-Blair Corp.; Equitable Corp. of New York,
First National Old Colony Corp.; B. J. Van Ingen &
Co., and Hannahs, Bailin & Lee, jointly
100.231
4.40%
Stone & Webster and Blochzet, Inc.; Kean,
'Taylor & Co.;
Ames,Emerich & Co.; Eldredge & Co., and Estabrook
& Co.. jointly
100.110
4.40%
The National City Co.; Harris, Forbes & Co.; Bankers
Co. of N. Y., and L. F. Rotlaschild & Co., jointly_ _ _ 4.40%
100.109
Guaranty Co. of N. Y.; Lehman Bros.; Barr Brothers,
Dewey, Bacon & Co., and Manufacturers & Traders
Trust Co. of Buffalo, jointly
100.059
4.40%
Guaranty Co. of N. Y.; Lehman Bros.; Barr Brothers,
Dewey, Bacon & Co., and Manufacturers & Traders
Trust Co. of Buffalo, jointly
101.271
4.50%
Chase Securities Corp.; Stephens & Co.; II. L. Allen &
Co.; Batchelder & Co., and Rutter & Co., jointly__ _ 4.50%
100.369
-Sealed
WICHITA, Sedgwick County, Kan.
-BOND OFFERING.
bids will be received until 2 p. m. on Feb. 17, by C. C. Ellis, City Clerk,
for the purchase of three issues of 4N % coupon bonds aggregating $328,178.89 as follows:
$188,668.99 paving and sewer construction bonds.
72,150.00 bridge bonds.
67.359.90 street opening bonds.
All of the bonds are due serially for a period of from 1 to 10 years.
Denoms. $1,000, $500 and various small bonds. Dated Feb. 11930. All
of these bonds are internal improvement bonds, payable semi-annually. A
certified check for 2% of the total bid is required. All bids are made and
will be received, it is stated, subject to the following conditions:
First: That the said bonds are required by law to be submitted to the
State's School Fund Commission which Commission has the option to take
or reject the same. If taken in whole or part bysaid School Fund Commission, the bonds so taken will not be included in this sale. Each bidder
is required to state whether his bid covers the whole or part of said bonds,
or whether he will take such portion thereof as has not been taken by the
State School Fund Commission.
Second: All proposals and bids are subject to the right of the Board of
Commissioners of the City of Wichita to reject any and all of said bids.
WICOMICO COUNTY (P. 0. Salisbury), Md.-BOND OFFERING.
-M.C.Smith,President of the Board of County Commissioners,is reported
to have issued a call for sealed bids, to be opened on Feb. 25, for the pur,
chase of $300,000 435% school bonds. Denom. $1,000. Interest payable
semi-annually. Due serially.
-TEMPORARY LOAN.
Worcester County, Mass.
WORCESTER,
Salomon Bros. & Hutzler, of Boston, on Feb. 11 were awarded a $1,200,000
temporary loan at a 4.07% discount, plus a premium of $11.00. Dated
Feb. 12 1930. Denoms.$50.000. $25.000 and $10,000. Payable on Nov. 10
1930 at the Old Colony Trust Co., Boston, or at the Bankers Trust Co.,
New York City. Legality approved by Storey, Thorndike, Palmer &
Dodge, of Boston. The purchasers are reoffering the notes for public
investment priced to yield 4.10%. The following is a list of the other bids
submitted for the loan:
Discount.
Bidder4.08%
F. S. Moseley & Co
4.10%
Mechanics National Bank, (plus $15.00)
4.13%
Worcester County National Bank
4.14%
Barr Bros. & Co
-BOND OFFERKan.
WYANDOTTE COUNTY (P.O. Kansas City),
ING.
-Sealed bids will be received by William Beggs. County Clerk, until
2 P. m. on Feb. 20, for the purchase of two issues of 434% coupon bonds
aggregating $91.000, divided as follows:
$75,000 J. C. Grinter road improvement bonds. Due $5,000 from Jan. 1
1931 to 1945 incl.
16,000 Ben Balance road improvement bonds. Duo $2,000 on Jan. 1
1931, and $1.000 from 1932 to 1945 incl.
Denom. $1,000. Dated Jan. 11930. Prin. and int. (J. & J.1) payable
at the office of the State Treasurer in Topeka. All bids must be unconditional and absolute. The County will print the bonds, furnish a transcript of the proceedings and also the legal opinion of Bowersock, Fizzell &
Rhodes of Kansas City. A certified check for 2% of the bid, payable to
the Chairman of the Board of County Commissioners, is required.
-The $100,000 issue
-BOND SALE.
YOAKUM, Lavaca County, Tex.
of 5% semi-annual street improvement bonds offered for sale on Feb. 6-was awarded to the Well Roth & Irving Co. of Cincinnati,
V. 130, p. 668
at a price of 97.05, a basis of about 5.24%. Dated Feb. 1 1930. Due
from Feb. 1 1931 to 1960 incl.
CANADIAN SECTION-
pe,
yoL. 130.
CANNDA,its Provinces and Municipalities.
BURNABY DISTRICT, B. C.
-The following issues
-BOND SALE.
of 5% bonds aggregating $309,410 offered on Feb. 3-V. 130, p. 840
were awarded to Wood, Gundy & Co., of Toronto, at a price of 95.70, a
basis of about 5.37%:
$127,000 impt. bonds. Dated Jan. 311930. Due Jan. 311945.
80,000 inapt. bonds. Dated Jan. 311930. Due Jan. 311960.
31,000 impt. bonds. Dated Aug. 11929. Duo July 311944.
26,980 impt. bonds. Dated July 11929. Due June 30 1939.
19,930 impt. bonds. Dated July 11928. Due June 30 1938.
14,500 impt. bonds. Dated Aug. 11929. Due July 311959.
10,000 impt. bonds. Dated July 11929. Due June 30 1939.
Delivery of the bonds other than at Vancouver will be arranged at the
expense ofthe purchaser.
GASPE, Que.-BOND OFFERING.
-A.D. Valpy, Secretary-Treasurer,
,
will receive sealed bids until 10 a. m. on Feb. 17, for the purchase of an
issue of $12,000 5% improvement bonds. Dated Jan. 1 1930. Denoms.
to suit purchaser. Interest payable semi-annually. Due serially in from
1 to 20 years. Payable at Gaspe. These bonds were previously offered
on July 8.-V. 129, p. 165.
GREATER WINNIPEG WATER DISTRICT (Comprising the City
of Vancouver and the Municipalities of Burnaby, North Vancouver)
B. C.
-District officials have issued a call for sealed
-BOND OFFERING.
bids to be opened on Feb. 17 for the purchase of $1,900.000 5% refunding
bonds, according to report. The bonds will be dated Feb. 15 1930 and will
mature on Feb. 15 1970. Proposals are to be submitted on the basis of
payment in Winnipeg funds. The proceeds of the sale together with $315,000
to be taken from accumulated sinking funds will be used to retire district
bonds soon due.
HAWKESBURY, Ont.-BOND SALE.
-The $23,784.59 bonds, consisting of a $15,784.59 consolidated redemption issue and an $8,000 bridge
construction issue, offered on Feb. 3-V. 130, p. 840-were awarded as
53is to H. R. Bain & Co. of Toronto, at a discount of $889.59, equal to
a price of 0.00. Both issues mature in 20 annual instalments.
LA SALLE, Que.-BOND OFFERING.
-Sealed bids addressed to A.
Ouellet, Secretary-Treasurer, will be received until 7 p. in. on Feb. 17, for
the purchase of an issue of $8,000 6% school bonds. Dated Nov. 1 1929.
Denom. $1,000. Interest payable semi-annually. Due serially in 20
Years. Payable in Montreal.
MANITOBA, Province of (P. 0. Winnipeg).
-TREASURY BILLS
SOLD.
-A syndicate composed of the Bank of Montreal. of Montreal, the
First National Bank, of New Ylork, and Salomon Bros. S.-. Hutzler also
of New York, recently purchased an issue of $2,500,000 5% treasury bills,
dated Jan. 31 1930 and due on Oct. 311930. The purchasers reoffered the
bills for public investment priced to yield 4.75% and stated on Feb. 14 that
the entire issue had been marketed.
TORONTO,Ont.-PROPOSAL TO ISSUE $19,000.000 11W PT.DEBEN.
-At the annual municipal election held on Jan. 1TURES DEFEATED.
-the rate-payers rejected the proposal to issue $19.000.000
V. 130, p. 3839
In debentures for various improvement purposes by a vote of 29.680 to
27.277. according to H. Reburn, Deputy City Treasurer.
-Bert R. Wemp, Mayor and
TORONTO Ont.-BOND OFFERING.
Chairman of the Board of Control, will receive sealed bids until 12 m.
(Eastern standard time) on Feb. 18 for the purchase of $5,590,000 4
and 5% bonds, issued for various purposes.
The bonds are issued in coupon form, with provision for registration of
principal, are in $1,000 denom. and are said to be an obligation of the city
at large. The bonds are payable both as to principal and interest in Toronto
or, at the option of the holder, at Lloyds Bank (Limited), London, E.C.,
England, at the fixed rate of $4.86 2-3 to the pound sterling, or in gold
coin of the United States of America of the present standard of weight and
fineness at the agency of the Canadian Bank of Commerce in the City
of New York. A certified check for 2% of the amount of bonds bid for.
payable to George Wilson, Commissioner of Finance, must accompany
each proposal. Only bids for the entire $5,590,000 bonds will be considered. The legality of the bonds has been approved by Clarke, Swaboy
& McLean of Toronto, and their opinion attesting such legality is engraved
on each bond. Bonds will be ready for delivery on March 3 1930, at which
time payment with accrued interest is to be made in Canadian funds at
the office of the Commissioner of Finance. The official notice of the proposed sale of the current bonds says:
"An option for one month to purchase $2,000,000 Toronto Harbour
Commissioners 5% straight term debentures guaranteed by the City of
Toronto, dated Aug. 1 1929, maturing Sept. 1 1953, payable both as to
Principal and interest in Toronto, London, Eng., or Now York, will be
given to the successful tenderer for the City of Toronto 4M % and 5%
debentures enumerated in this prospectus at the rate for straight term
debentures which is the equivalent of the rate paid for the serial debentures."
FINANCIAL
FINANCIAL
Chartered 1836
The"WH
The essence
of Direct Action
at Central Hanover
of Central Hanover spirit is direct dealing
vritit
customers.
The complete official staffs of Central Union and Hanover
National now combined in Central Hanover make up a large
group of experienced and carefully trained officers familiar for
years with the problems arising in banking and in the many
varieties of trust services.
re_ect
They dailyfl the Central Hanover policy of direct dealing in action in all types of banking and trust problems. To the
customer this means prompt decisions and a definite answer.
CENTRAL HANOVER
BANK AND
TRUST COMPANY
NEW YORK
14 Offices in 14 Manhattan Centers
No Securities for Sale
Capital, Surplus and Undivided Profits Over 100 Million Dollate
Institutions Desiring
Philadelphia Connections
are invited to avail themselves
of the Banking, Trust, Real
Estate and other facilities of
this Company, which is now
serving many clients in other
cities.
The continued steady growth
of this Company, without consolidation, since its establishment under perpetual charter
in 1836, is evidence of the
qttisfactory service rendered.
GIRARD
TRUST COMPANY
Broad & Chestnut Sts., Philadelphia
@FedFRASER