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r The VOL. 128. 1 financial SATURDAY,FEBUARY 16 1929. NO. 3321. too, proved fruitless of tangible results, as far as the knowledge of outsiders is concerned. The Board PUBLISHED WEEKLY was in session from 2.30 in the afternoon until 6:50 Terms of Subscription—Payable in Advance including Postage— 12 Mos. 6 Mos. in the evening. When the meeting broke up the Within Continental United States except Alaska $6.00 810.00 In Dominion of Canada 11.50 6.75 waiting representatives of the press were again met Other foreign countries, U. S. Possessions and territories 13.50 7.76 The following publications are also issued. For the Bank and Quota- with the cryptic statement, "No announcement." tion Record the subscription price is $6.00 per year; for all the others is No intimation was given of what had been the sub65.00 per year each. COMPENDIUMS— MONTHLY PUBLICATIONS— ject of the deliberations or what had taken place. PUBLIC UTILITY—(80/111-01111U-GEY) BANS AND QUOTATION RECORD RAILWAY & INDU8TRIAL—(fOUZ11 year) MONTHLY EARNINGS RECORD It would probably be going too far to say that nothSTATE AND MUNICIPAL—(semi-annuaily) ing had been accomplished. Manifestly, the meetTerms of Advertising Transient display matter per agate fine 46 cents ing would not have been so prolonged if there had Contract and Card rates On request CHICAGO OrricE—In charge of Fred. H. Gray, Western Representative, not been weighty discussions and deliberations of an 208 South La Salle Street. Telephone State 0613. LONDON OFFICE—Edwards & Smith, i Drapers' Gardens, London, E. C. important character. The public has simply not WILLIAM B. DANA COMPANY, Publishers, been let into the secret of what went on behind closed Front, Pine and Depeyster Streets, New York doors or what was under consideration. Perhaps and perhapsthat was the best Published every Saturday morning by WILLIAM B. DANA COMPANY. there was design in this President and Editor, Jacob Seibert; Business Manager, William D. Riggs pursue in the existing situation. Lack of Treas., William Dana Seibert;See., Herbert D.Seibert. Addresses ofau. office of Co course to knowledge and uncertainty tend to keep things unsetThe Financial Situation. tled, and in the extraordinary circumstances of toThe uppermost topic in financial circles the pres- day, unsettlement may be more effective than anything ent week, in fact the only topic, has been the prob- else in achieving the aim and end which are in view. able course of the Federal Reserve with reference to It is a time to go slow and the whole community the present and the future. Last week's warning of will be inclined to go slow when it is seen that the the Reserve Board against excessive borrowing by the Reserve directors are deeply concerned about the sitmember banks at the Federal Reserve Banks and es- uation and are studying the problem from every pecially against borrowing for the purpose of carry- angle, with a view of determining what steps it is ing on and maintaining speculation in the stock best to take. The Board is faced by a difficult and market, has been viewed and discussed from every trying situation. Its easy money policy of the sumstandpoint, and its import weighed and pondered. mer and autumn of 1927 was plainly a mistake and Every one has been concerned to know what was to for this it must accept full responsibility. That unfollow this action of last week. Would the Federal fortunate policy has had serious consequences which Reserve Bank of New York make a further advance cannot now be readily dealt with. It is impossible in its rate of rediscount, now 5%? What was to be to undo what has been done in that respect. There its policy with reference to the purchase of accept- has been no further advance the present week in the ances? Would the bills it now holds be allowed to rate of re-discount of the Federal Reserve Bank of run off and not replaced by the purchase of other New York or of any other Federal Reserve instituacceptances? tion. That much is known with reference to this • At the end of the week the community is no wiser week's two Board meetings, because no notice of any than it was at the beginning. It is still in the dark advance has gone out. on all the mooted points. The special meeting of The acceptance business has come up as a new the directors of the Federal Reserve Bank of New difficulty which must be kept in mind in any acYork, which had been called for Monday of this week tion taken. Up until now, the Federal Reserve and advance notice of which had been given on Banks have been the main prop,in support of the Thursday of last week, was the matter of chief in- acceptance business. The events of the last few terest and of more or less anxiety as the week months have made it plain that the banks and acopened. The meeting was held as scheduled, but ceptance houses have been presuming too much upon what was discussed and what took place no one Federal Reserve aid and have loaded up the Reserve knows except those in attendance. The session was institutions with too large a volume of acceptances. a long one and the directors evidently deliberated That is a state of things, of course, that must be earnestly, but after adjournment the representatives remedied, but the Federal Reserve cannot suddenly of the press were simply told that the board had withdraw all support and let the acceptance busino announcement to make. Thereby the mystery ness flounder by itself. This week's further advances created by the original announcement of last week in acceptance rates have made it palpably evident that this special meeting was to take place was how deeply disturbed the acceptance business is. No simply deepened and prolonged. one seems to know precisely what to do about it. Interest then centered on the probable action of The situation is the same with reference to brokers' the board at its regular meeting on Thursday. This, loans and excessive borrowing. Having allowed bor- financial Chronicle 928 FINANCIAL CHRONICLE [Vorm 128. rowing to reach its present proportions, the Federal a prelude to similar decreases for many weeks to Reserve authorities cannot all of a sudden ban all come. That, however, may be too much to expect borrowing, since that would have serious conse- at this stage. This week's decrease of $101,000,000 quences. In like manner the member banks on their does not even cancel the whole of last week's inpart cannot deny the use of their credit facilities crease, which was $110,000,000, and leaves the total entirely on behalf of stock speculation and the Stock of these loans the largest on record excepting only Exchange, for that would lead to a veritable panic, that of last week. For the present, there is nothing the end of which it would be impossible to foresee. to do except to record and watch the changes from Therefore we repeat it is a time to go slow. It is a week to week. In view of the tremendous antecetime to view things calmly and dispassionately and, dent expansion, this week's decrease, if unattended above all, it is a time not to act hastily and without by further decreases in succeeding weeks, would be due caution, but to proceed with the utmost deliber- a mere drop in the bucket, as will be evident when we ation. That will be the wisest and best policy in the say that even after the decrease this week's total of end—in fact, it is the only policy that can be pur- $5,568,000,000 compares with $3,819,000,000 a year sued without making the last stage worse than the ago on Feb. 15 1928. To the decrease of the week, first. the loans under all the different categories have conWith reference to the protracted nature of the ses- tributed. The loans made by the reporting member sion of the New York Reserve's directors on Thurs- banks for their own account have fallen from $1,116,day, it is quite possible that not a little of the time 000,000 to $1,097,000,000; the loans for account of of the board was taken up with consideration of the out-of-town banks from $1,931,000,000 to $1,another matter. Different members of Congress 859,000,000 and the loans for account of others from have shown an insistent desire to know whether the $2,621,000,000 to $2,612,000,000. Board in issuing its warning last week was promptIn their own returns, the Federal Reserve Banks ed to that end by the conferences which it had with show some moderate changes which may or may not Montagu Norman, the Governor of the Bank of Eng- be significant. The 12 Reserve institutions have reland. Some of these conferences took place in New duced their holdings of acceptances somewhat, the York and others with members of the Federal Re- amount of such holdings, the present week, being serve Board at Washington. They were presumably 391,058,000 against $410,742,000 a week ago, but on largely confidential. How much information re- the other hand, the member banks have enlarged garding them should be disclosed in a desire to sat- their borrowings at the Reserve Banks with the reisfy the quest of Congress—how much indeed could sult that the discount holdings of the 12 Reserve inproperly be disclosed with due observance of the or- stitutions now stand at $903,949,000 as against $851,dinary rules of courtesy when discussions take place 621,000 a week ago. The Reserve banks have also rewith a distinguished foreigner of the eminence of duced their holdings of U. S. Government securities, Governor Norman and without violating the implied these being down the present week to $177,170,000 confidential character of' discussion of that nature. as against $200,089,000 last week. The result, altoThe Board may have found that a hard nut to gether, is that total bill and security holdings are crack. only slightly larger, standing now at $1,481,252,000 Then, also, the Senate has adopted a resolution against $1,471,527,000 last week. The amount of requesting the Federal Reserve Board "to give the Federal Reserve notes in circulation increased from Senate any information and suggestions that it feels $1,646,308,000 to $1,659,777,000 during the week and would be helpful in securing legislation necessary to gold reserves have risen from $2,663,920,000 to $2,correct the evil complained of and prevent illegiti- 686,221,000. It deserves to be noted that as a parmate and harmful speculation." In any such advice tial offset to the diminution of their own holdings or suggestions the Federal Reserve Board would of of bank acceptances, the 12 Reserve Banks report course want first of all to consult with and obtain an increase during the week from $306,111,000 to the views of the directors of the New York Reserve $312,893,000 in the bills purchased for foreign corinstitution. As a matter of fact, newspaper ac- respondents. counts tell us that the Federal Reserve Board was in session in Washington during the whole of the For the stock market, the week was a short one. time that the directors of the New York Reserve in- On Saturday last the Stock Exchange was closed by stitution *ere in session here and that the two bodies its own voluntary action. Tuesday was Lincoln's were in constant telephone communication with Birthday and a legal holiday. On Monday the diseach other. Altogether, it will be seen, a whole va- position was to take a bright view of things, after riety of matters may have occupied the attention the gloom engendered last week by the warning of of the New York Reserve directors, accounting for the Federal Reserve Board and the action of the the length of the session. Bank of England in raising its rate of discount from 4 % to 5 %. Consequently the stock market / 1 2 / 1 2 This week's returns of the Federal Reserve Banks showed recovery all around, the upward reaction and of the member banks show no great changes reaching large proportions in the case of a number as a result of last week's pronouncement of the Fed- of the market leaders. On Wednesday, after the eral Reserve Board except that the total of brokers' Tuesday holiday, the market again showed decided loans has been reduced to a moderate extent, and not unsteadiness. The meeting of the directors of the further expanded, which, of course, is a highly de- Federal Reserve Bank of New York on Monday havsirable accomplishment. The grand total of these ing resulted in nothing definite, as far as the public loans on securities to brokers and dealers by the was advised, anxiety began to develop as to the probreporting member banks in New York City has fallen able action at the regular meeting of the Board on from $5,669,000,000 Feb. 6 to $5,568,000,000 Feb. 13. Thursday. This is a shrinkage of $101,000,000 for the week and It so happened, too, that a number of Stock Exis of course a step in the right direction. May it be change houses were advising their *clients to reduce FEB. 16 1929.] FINANCIAL CHRONICLE 929 / their market commitments, or to get out of the mar- Coach at 37 against 3678; National Dairy Products / / 1 2 being, in view of the uncer- at 125 against 1261 8; Western Union Tel. at 188 ket entirely for the time / 1 2 tainties prevailing. As a result, many of the gains against 190; Westinghouse Electric & Mfg. at 148 established in the recovery on Monday were lost on against 148; Johns-Manville at 202 against 208; Na/ 1 2 Wednesday. On Thursday a drive was made against tional Hellas Hess at 198 against 199 ; Associated the market by operators for a decline, the copper Dry Goods at 61 against 59%; Commonwealth Pow/ 1 2 stocks, which had been especialy strong, being made er at 115 against 115 ; Lambert Co. at 130 against / special objects of attack and yielding very readily. 131; Texas Gulf Sulphur at 73% against 7418; and But as the day progressed the copper shares enjoyed Kolster Radio at 58 against 58%. The copper stocks give an unusually good account quick recoveries, due to the fact that reports of sevof themselves for the reason mentioned above. Anaeral of the copper companies appeared for the De/ cember quarter or for the last half of 1928, and conda Copper closed yesterday at 1311 4 against / 1 2 / last Friday; Kennecott Copper at 156 1 2 showed surprisingly large earnings. The market 125 / was quick to perceive that as these satisfactory in- against 15414; Greene-Cananea at 174% against / 1 2 come returns covered a period when the price of cop- 170; Calumet & Hecla at 55 against 55; Andes / 1 2 per was not nearly so high as it is at present, even Copper at 54 against 50; Chile Copper at 96 / 1 2 / better earnings might be counted on for the current against 911 8; Inspiration Copper at 52 against at 129% against 127%; quarter. The upward reaction in the copper shares 50; Calumet & Arizona / / 1 2 carried the whole market along in an upward direc- Granby Consol. Copper at 89 against 881 8; Amer. & Rfg. at 113 against 114%, and U. S. tion, though the volume of trading was greatly re- Smelting / 1 2 duced and the close was quite irregular and uneven. Smelting Rfg. & Min. at 66 against 65 . In the oil / 1 2 On Friday the substantial reduction in brokers' group Atlantic Ref. closed yesterday at 55 against loans during the week and the fact that the Fed- 5578 on Friday of last week; Phillips Petroleum at / 4 / 1 2 eral Reserve Board at its protracted meeting on 373 against 38; Texas Corp. at 57% against 59 ; / Thursday afternoon and evening, had made no move Richfield Oil at 41% against 4278; Marland Oil at towards another advance in its rediscount rate, were 361 2 against 37; Standard Oil of Ind. at 89 against / considered favorable factors and the market at the 92%; Standard Oil of N. J. at 48% against 48%; / 1 2 opening responded with a slight upward surge. Soon, Standard Oil of N. Y. at 39 against 40, and Pure however, worry developed regarding the probable ac- Oil at 2358 against 23%. / tion of the Advisory Council of the Federal Reserve, In the steel group U. S. Steel closed yesterday / 1 2 which was holding one of its quarterly meetings, be- at 171% against 173 on Friday of last week; Beth/ sides which call money on the Stock Exchange ad- lehem Steel at 891 4 against 87%; Republic Iron & vanced to 10%. Accordingly the market again moved Steel at 841 8 against 80, and Ludlum Steel at 70% / sharply downward. Trading was of moderate vol- against 75. In the motor group General Motors ume as compared with other recent weeks, the sales closed yesterday at 79% against 80%; Nash Motors on the Stock Exchange having been 3,889,100 shares at 105 against 105%; Chrysler Corp. at 100 against / against 1 2 on Monday; 4,528,210 shares on Wednesday; 3,726,- 1021 8; Studebaker Corporation at 86 / / 1 / 1 2 050 shares on Thursday; and 3,902,450 shares on 8678; Packard Motor at 1302 against 131 ; Hud/ / 1 2 Friday. On the New York Curb Market, the deal- son Motor Car at 83% against 84 ; and Hupp Mo/ 1 2 ings aggregated 1,417,200 shares on Monday; 1,664,- tor at 7114 against 73 . In the rubber group Good/ / 1 2 500 shares on Wednesday;1,332,300 shares on Thurs- year Tire & Rubber closed yesterday at 122 against / Friday, and B. F. Goodrich at 9078 Friday. 118 the previous day, and 1,248,400 shares on , distinctive feature of the mar- against 912 while U. S. Rubber closed at 48 against / 1 On the whole, the / . ket the past week has been its unsteadiness after 49 and the pref. at 85 against 8278 the recovery which ensued on Monday. It follows In the railroad group New York Central closed % from this that closing prices yesterday in the great yesterday at 188% against 1903 the previous Fri/ 1 2 majority of instances are irregularly changed from day. Del. & Hudson at 192 against 193; Balti4 those on Friday of last week, with the general trend, more & Ohio at 1203 against 123; New Haven at / however, towards lower levels. General Electric 8878 against 89%; Union Pacific at 2201 8 against / 4; closed yesterday at 228 against 233 on Friday of 224; Canadian Pacific at 244 against 2463 Atchilast week; Amer. Tel. & Tel. closed at 209 against son at 198 against 2017 Southern l'acific at 130% 8; 209%; National Cash Register at 124 against 12314; against 133; Missouri Pacific at 711 against 71; / 2 / Inter'! Tel. & Tel. at 208 against 208 ; Union Kansas City Southern at 88 against 8814; St. / / 1 2 / 1 2 / 1 2 Carbon & Carbide at 208 against 209; Radio Corpo- Louis Southwestern at 104 againq 104; St. Louisration of America at 356 against 352; Montgomery San Francisco at 117 / / against 1171 8; Missouri1 2 Ward & Co. at 125 against 127; Victor Talking Ma- Kansas-Texas at 471 8 against 48; Rock Island at / chine at 146% against 145; Wright Aeronautic at 1301 8 against 132; Great Northern at 107 against / 26514 against 265; Sears, Roebuck & Co. at 155% 107 ; Northern Pacific at 106 against 106%, and / / 1 2 against 157%; International Nickel at 60% against Chicago Mil. St. Paul & Pac. pref. at 57 against 58. / 1 2 57 ; A. M. Byers at 13818 against 140 ; American / 1 2 / / 1 2 & Foreign Power at 119 against 93%; Brooklyn Merchandise exports and imports from the United Union Gas at 175 against 180; Consolidated Gas of States in January were again higher. Interest now New York at 106 against 109; Columbia Gas & shifts to the increase in the value of imports, the / 1 2 Electric at 147 against 143 ; Public Service Cor- movement last month being considerably in excess / 1 2 / 1 2 poration of N. J. at 8414 against 85 ; American of that for any month back to April of last year / / 1 2 Can at 110% against 1102 Allied Chemical & Dye and being larger than the amount for January in / 1; / at 282 against 27914; Timken Roller Bearing at 75 / both preceding years. Exports in January this year 1 2 against 75; Warner Bros. Pictures at 125% against were also heavy, exceeding the value for the corre121 ; Commercial Solvents at 230 against 227; sponding month for each year back to 1924. Exports / 1 2 / Mack Trucks at 10614 against 108; Yellow Truck & in January were $491,000,000 and imports $371,000,- 930 FINANCIAL CHRONICLE [VoL. 128. 000. These figures, as to exports compare with have amounted to $32,430,000 in contrast with $221,4475,602,000 for December and with $410,778,000 for 867,000 for the corresponding time of the preceding January of last year, while imports in December year. Imports of gold for the same period of the were valued at only $339,024,000 and in January current fiscal year, have been $124,157,000 against 1928, $337,943,000. There were only four months $73,745,000 for the same time in the preceding year. in 1928 in Which imports made a gain in the com- There has been an excess of gold imports for the parison with the corresponding months of 1927 and dast six months included in this comparison of $91,these four months were in the early part of that 727,000, whereas for the corresponding six months year, except one month and that was December. of the preceding year there was an excess of gold Since May last there has been a substantial exports amounting to $148,122,000. Exports of silreduction in the value of merchandise imports and ver in January this year were $8,264,000 and imthis continued right up to the end of the year. On ports $8,260,000. the other hand, exports have shown an almost constant increase, especially since September. All European securities markets moved about in For the seven months of the current fiscal year, irregular fashion this week, with credit developmerchandise exports from the United States were ments one of the main influences. The London marvalued 'at $3,242,745,000 against $2,909,861,000 for ket over the last week-end began to discuss the posthe corresponding period of the preceding fiscal sibility of still another rise in the Bank of England year, a gain of 11.4%. The value of merchandise discount rate. Nervousness• was apparent Monday imports for• the same period covering the current in London, Paris and Berlin because of the special fiscal year was $2,375,995,000 and for the corre- meeting on that day of the New York Federal Responding time in 1927-28 $2,399,511,000, a small de- serve Bank, which had been heralded the previous crease, amounting to less than one per cent. For the week. Uneasiness over the money situation was last six months of 1928, a period included in the again noted Thursday. In all sessions of the imabove comparisons, merchandise imports showed a portant European markets the action of the New decline of $56,573,000 from the amount reported for York market was carefully followed and was a primthe same time in 1927, but the increase of $33,000,000 ary influence. The London Stock Exchange opened in the imports for January cut that loss down very the week with a distinct trend toward lower levels. materially as is shown in the comparison for the Gilt-edged securities continued heavy and both home seven months. The excess in the value of exports and foreign rails were easy. Industrials, mines and over imports in January was $120,000,000—for De- oils also showed the effects of the sharply higher cember it was $136,578,000, but for January 1928 money charges. Tuesday's market in London was $72,835,000. For the seven months of the current notable chiefly for a widespread recovery in interfiscal year, the excess value of exports has been national stocks based on the unchanged rediscount 4866,750,000, while for the corresponding period of rate at New York. In a comparatively quiet session the preceding fiscal year it was $510,350,000. Wednesday, home rails were in the forefront because It has previously been shown in these columns of better dividend announcements than had been exthat the growth in the value of our export trade, par- pected. British funds remained under the influence ticularly in the three or four closing months of 1928, of tight money, while the industrial market was was the result of the larger movement of our manu- ragged. Gilt-edged securities finally hardened somefactured products, machinery lines, industrial ma- what Thursday on retention of the 5 % Bank of / 1 2 chinery of all kinds, agricultural implements, motor England rate, but selling was pronounced in other cars and other iron and steel products. In all prob- departments and the market generally declined to ability much the same movement has continued in lower levels. Price movements yesterday were narJanuary. Cotton exports last month were also row and uncertain. Home rails turned easier, while larger than in January 1928, but the increase in some of the industrial specialties attracted a small this movement for the month just closed in compari- following in a moderate upturn. son with the same period of the preceding year was The Paris Bourse was decidedly weak in the opennot nearly so great as was the heavy movement ing session of the week, with uncertainty regarding abroad of cotton in October, November and Decem- the measures intended by the Federal Reserve Bank ber last. Total merchandise exports last month of New York generally given as the cause of the were practically 20% higher in value than they were sharp decline. An equally abrupt recovery followed ia January 1928, but cotton exports, which for the on Tuesday, all sections of the list moving ahead, month just closed were valued at $84,881,000, show presumably in sympathy with the recovery in the a gain over January 1928 of only 11%; for Decem- New York market the day before. These movements ber the increase in value of cotton exports was were followed Wednesday by a good deal of hesita41.2%. As to quantity, the increase in exports of tion, with trading falling off to very light proporcotton last month was practically the same as that tions. Dealings were again highly restricted Thursshown above for the value. day, with share prices rather weak. The offerings The foreign movement of gold to and from the on the floor of the Bourse were attributed largely to United States in January again shows much the Paris Curb traders. Price changes in yesterday's same variation, as it did in December, reflecting market were irregular. The Berlin Boerse also deconditions in the local money market. Exports of veloped a bearish tendency at the start of the week, gold in January were low as they were in December, with rumors of increasing discount rates in almost being valued at $1,378,000, while gold imports in- all markets unsettling the price structure. Only creased considerably, amounting to $48,577,000, be- one or two issues moved upward in the face of the ing the largest reported for any month since Janu- general decline. As in other European- markets, ary two years ago. Gold exports for the six months Tuesday was a period of recovery on the Boerse since July last, when the heavy export movement of owing -to the failure of the pessimistic rumors to gold, which had continued for ten months, ceased, materialize. The opening Wednesday was again FEB. 16 1929.] FINANCIAL CHRONICLE 931 mittee, as follows: "Following the completion of preliminaries, Governor Moreau was recognized and presented briefly the French view as to the work of the committee. In turn, the observations of the other delegations were presented by Sir Josiah Stamp for Great Britain, Signor Pirelli for the Italians, M. Francqui for the Belgians, Bango Mori for the Japanese, Mr. Morgan for the Americans, and finally Dr. Schacht for the Germans." Mr. Morgan, according to the reports, said in very few words that the American members were present to lend their serto vices to the effort to find a solution of the great probThe committee of fourteen experts appointed revise or complete the Dawes Plan and determine lem in hand. The other delegates were represented the total of German reparations and the scale of as having outlined the views of their respective annuities met for the first time in Paris last Satur- governments. The committee also decided to sit day at an unofficial gathering at the Bank of France, each week day, until further notice, at 11 A. M. and after which they were the guests at luncheon of at 3 P. M. Although no communication was issued Tuesday Emile Moreau, Governor of the Bank. M. Moreau presided at this first meeting, at which, according covering the two meetings held on that day, it was to a communication issued later, "practical ques- understood that Dr. Schacht, as the first German tions" concerning future meetings were discussed. delegate, occupied the time almost entirely by a preDispatches indicated that the experts of the five sentation of the situation in Germany. He emformer Allied Governments and of Germany joined phasized, a special cable to the New York Times said, in offering the chairmanship of the committee to that German industry, and especially agriculture, Owen D. Young, notwithstanding Mr. Young's pre- were still far from being on a normal bads and that viously expressed belief that it would be most fitting the burden now laid upon Germany to produce the to have a European serve in this capacity. It be- Dawes annuity within Germany was very heavy. As came virtually certain over the week-end that Mr. for payments outside Germany, the head of the Young would consent to serve as chairman, and that Reichsbank was said to have made the point he has President Coolidge had waived all objections and made often before, that these transfers have been there was no surprise, therefore, when the com- made largely through the use of credits obtained in mittee, at the first formal meeting at the Hotel foreign loans and that if it should be decided, as has George V, Monday, nominated him to this office with been proposed, that the transfer clause should be his own consent. In a special cable to the New York abolished, most careful and expert study should be Times it was remarked that "the unanimity with given to the problem of Germany's ability to transwhich Mr. Young has been designated to preside over fer wealth abroad. Dr. Schacht's contentions dealt the efforts to reach a final settlement of reparations also with the real wages prevalent in Germany, as is, of course, a tribute to his own personality and to measured by their purchasing power, and with the the leading part he played in the work of the Dawes relative burdens of taxation borne by Germans and committee. But it is also a tribute to his national- by citizens of other countries. Other delegates com!, ity mented on the observations and asked many quesWith the formal meeting definitely under way tions, dispatches said. At the conclusion of the two meetings on WednesMonday, and Mr. Young in the chair, the second act of the gathering was to send a telegram to Vice day, a formal statement was issued which said: President Charles G. Dawes, who acted as chairman "At the morning session, in response to the comof the first experts' committee in 1924. This step mittee's request, Dr. Hjalmar Schacht and his colwas proposed by Governor Moreau and seconded by leagues of the German delegation presented certain Dr. Hjalmar Schacht, head of the Reichsbank. The observations upon various points as to Germany's telegram said: "The second committee of experts economic situation as set forth in the recent report at the inception of its first meeting in Paris ad- of the Agent General for Reparations. The discusdresses to General Dawes the homage of its respect sions, which continued throughout the two sessions, and the expression of its hope of accomplishing work touched upon questions of living standards in Geras useful as that which was realized under the chair- many, upon certain features of the Reich's budget pomanship of General Dawes in 1924." Mr. Dawes's sition, upon the comparative yield of German indusreply, read at a subsequent session, said: "I grate- try, upon Germany's trade balance, &c." On behalf of fully acknowledge the message from the committee the American delegation it was intimated later, acof experts. The world is confident of their high pur- cording to a dispatch to the New York Herald Tripose and competency and awaits hopefully the con- bune,that the viewpoint which Dr. Schacht presented summation of their great work, so vital to its wel- was not necessarily in opposition to the spirit of fare." Mr. Gilbert's report, but that the head of the ReichsIt was decided at the first meeting that no de- bank brought forth figures which "interpreted" certailed minutes would be kept and that only con- tain parts of the Agent General's document without clusions would be recorded. It was further voted contrasting with them any specifically contradictory not to have a formal secretariat, although Frederick conclusions. The spokesman for the Americans was Bate, formerly of Chicago, was appointed as secre- represented as saying "there has been such a spirit tary to the chairman. Next it was voted that com- of co-operation manifested that more has been munications to the press should be confined to such achieved in three days than it was thought would joint statements and formal explanations as would have been done in ten." be agreed upon. This gave point to the communicaOnly the morning session was held Thursday, the tion issued later in the day on behalf of the corn- occasion apparently marking something like the corn- firm with mining shares especially in demand, but a weaker tendency developed later in the day and the highest prices were not maintained. Prices were again firm on Thursday, however, owing to reports from the Paris reparations conference which traders in Berlin found satisfactory. Virtually the entire list moved upward and prices were at the highest levels at the close. The firmness was maintained in yesterday's session and further advances were recorded in a number of issues. 932 FINANCIAL CHRONICLE pletion of the preliminary statement of position by the German delegates. Dr. Karl Melchior, one of the German alternates, expounded in this session on Germany's unfavorable trade balance, citing numerous figures. It was officially stated, according to a dispatch to the New York Times, that the reason for the adjournment was to give the experts time to examine and check the mass of figures and of arguments presented by the German members of the committee. Yesterday's sessions were given over to a general discussion of Germany's economic status, according to Paris reports, with Governor Moreau, M. Francqui, and Signor Pirelli asking many questions. Dr. Schacht led the discussion for Germany, it was said, although he was joined by his colleagues in replying to the crossfire of questions. There were indications that the experts will discontinue plenary sessions beginning Monday, the conference to proceed thereafter in a series of private meetings in different salons of the Hotel George V. [VoL. 128. resolution, it will be doing practically the same thing at the same time against the same aggressor as other nations will be doing in accordance with their League obligations." In a Paris report to the same journal it was stated that in Europe generally the Capper resolution "would be received as a great step toward bridging the gap between the United States and the League of Nations, a gap which was not closed by the Kellogg treaty." It was argued that every meeting of the League of Nations which has tried to plan definite measures to apply to a breaker of world peace has been up against the danger that an economic blockade would result only in trade being shifted from League members to America, and also up against the danger that in the case of a blockade of peace breaking nations, America's doctrine of freedom of the seas might result either in making that blockade ineffective or precipitating a crisis between the United States and the nation carrying out the blockade on behalf of the League. "If Senator Capper's idea goes through," the Times dispatch added, "this trouble would be largely removed. America would be committed not to supply nations breaking the peace and that would make us parties, in effect, to any economic blockade, and as for a naval blockade, we would scarcely be expected to use our fleets to enforce rights to carry on a trade we had already branded as illegal." League of Nations officials, although declining to be quoted on the matter, also greeted the Capper resolution with a good deal of enthusiasm. Small as the likelihood is of Congressional acceptance of the Capper and Porter resolutions in support of the Kellogg peace pact and supplementing the international effort to outlaw war,these two suggested instruments were hailed in Europe with quite unusual fervor and enthusiasm. Senator Capper's resolution would empower the President to place an embargo on the export of munitions of war to any belligerent nation which violated the multilateral pact renouncing war as an instrument of national policy, the decision as to such violation to rest with the President. Representative Porter proposed a resolution of the same general intent as Senator CapIndications that proposals regarding the limitaper's, but giving the President even broader authority tion of naval armaments will be made by Great Britto declare that it shall be unlawful to export muni- ain to the United States later this year were contions of war to "any country," where "conditions tained in London reports of the last two days, and of domestic violence or of international conflict exist they gained a measure of confirmation last evening or are threatened." The Porter resolution is in- at the hands of Sir Esme Howard, the British Amtended as an extension of the legal authority at bassador to Washington. Such proposals have been present conferred on the President to stop shipment discussed informally on many occasions as it is conof munitions of war to any American country where sidered that the way for further discussion was left disorders prevail. It appears improbable that the open by the American reply to the Franco-British resolutions will be even considered by Congress be- provision al accord. Attempts in the House of Comfore the regular session next December. Moreover, mons in London to elicit a statement on the question Senate leaders like Mr. Borah, whose aid was in- from Sir Austen Chamberlain, the Foreign Secredispensable in securing ratification of the Kellogg tary, have invariably drawn the reply that the Britpact by the Senate, have already voiced opposition ish Governm ent was unable to discuss the matter. to the resolutions. In a statement issued to the press correspondents Notwithstanding the great uncertanty surround- in Washingt on, yesterday, Sir Esme said: "There ing eventual acceptance of these resolutions in the would seem to be every reason to believe that, now United States, Europe as stated greeted them with that the Fifteen Cruiser Bill has become law, a furunaccustomed warmth. No official comment was ther effort before long will be made to reach an obtainable in London over the week-end, but a Lonagreement between the principal naval powers of the don dispatch to the New York Times made it clear world for limitation of naval armaments. As long that "the British Government is not only favorable as that bill was under discussion any proposal to but enthusiastic about the proposal." If the United renew conversations on this vital subject might have States really commits herself to forbid trading with been interpreted in the United States as an attempt an aggressor state, England believes, the dispatch to interfere with passage of the bill. By its passadded, that the world has reached a point which age the ground is cleared and any discussions that would have been reached ten years ago if the United take place will certainly proceed on the assumption States had then entered the League of Nations and that these ships will be built. The English elections accepted her share of responsibility under Article this summer may, however, postpone discussion for XVI of the Covenant. "That lack is now met by the some months longer. The disarmament clause of the Capper resolution, according to opinion here," the Covenant of the League of Nations (Article 8) report said, "because it is impossible for any nation makes it practically imperative that all memto violate the Locarno treaties or League Covenant bers of the League should make further efwithout also violating the Kellogg pact. Therefore, forts toward restriction of armaments. The if the United States functions under the Capper United- States has hitherto shown itself favor- FMB. 16 1929.] FINANCIAL CHRONICLE able to the idea of continuing negotiations for an agreement in this sense. It would therefore seem that everything points toward an early resumption of negotiations, and, with a far better understanding of the needs of the respective parties than existed at Geneva in 1927, there should be a very good prospect of their being brought to a satisfactory conclusion." All of Europe with the exception of Spain has been shivering this week in the coldest weather experienced in many decades, with the result that several hundred deaths have been caused, communications disrupted by land and sea and intense suffering brought to wide sections of the populations. The "Siberian cold" was first reported from Central Europe in the first days of this month, with sub-zero temperatures freezing rivers that normally remain open. All Balkan countries reported great difficulty in running trains, while from peasant villages reports of attacks by wolves were frequent. At one point in Russia the mercury froze in the thermometers. The cold extended to Constantinople and was accompanied in near-by Thrace by a heavy snowfall which trapped the Simplon-Orient express for ten days. Water-supplies began to fail and food to run out in cities, towns and villages which were isolated by the break-down of railway service. In Vienna the need of conserving water supplies resulted in a ukase against bathing. Dozens of ships were imprisoned in the ice in the Baltic, while skaters managed to cross on the ice from Denmark to Sweden. Automobiles were able to cross parts of the Zuyder Zee of Holland. Snow fell at Rome and on the Riviera early this week, while ice choked the canals of Venice. The cold gradually covered Britain as well, although it was less rigorous than on the Continent. Berlin reported the coldest day Monday in 200 years, while in Silesia all records were broken as far back as 1690. Coal shortages, reported from innumerable places, made the suffering intense. Meteorologists explained the situation as due to the formation of three low pressure areas over the Middle Atlantic, the Mediterranean and Iceland, combined with very high pressure areas over Continental Europe and Russia. Relief will come only with the shifting of these areas, it was said, and no predictions could be ventured as to when that will occur. Soviet Union was represented by M. Litvinoff as Assistant Commissar for Foreign Affairs; Poland by her Ambassador, Stanislaus Patek; Roumania by Carl A. Davila; Latvia by Minister Karl Osols, and Estonia by Minister Seljamaa. M. Litvinoff made a brief speech emphasizing the protocol'simportance. He called it the "latest link in a long chain of Soviet efforts toward disarmament and peace." It was noted in a Moscow dispatch to the New York Times that the Roumanian delegate signed jointly with Poland in the absence of diplomatic relations with the Soviet. "It was noticeable," the report said, "that M.Litvinoff took care to remark,in welcoming the adherence of Roumania, that it was 'a country with which we had serious old difficulties—difficulties not settled by this protocol'." It was noted in subsequent reports, however, that the tone of comment in Moscow regarding Poland and Roumania had already begun to change because of the signature of the protocol. Representatives of five Governments in Eastern Europe met in Moscow last Saturday and signed the "Litvinoff Protocol" agreeing to put the Kellogg treaty outlawing war into immediate operation after ratification by their respective Parliaments, without waiting for the international enforcement of the treaty, which may require several months. The signatory States were Soviet Russia, Poland, Roumania, Latvia and Estonia. Signing of this regional application of the Kellogg treaty was regarded as a highly important step toward continued peaceful relations in Eastern Europe, where a number of troublesome questions have recently threatened an outbreak of hostilities. The proposal for such a protocol was first made by Russia to Poland in the first days of this year. Other nations were invited at the instance of Poland, and the signature took place after several postponements occasioned by diplomatic difficulties. At the signature ceremony, which took place in the Soviet Foreign Office, the 933 Mysterious plottings and counter-plottings in Soviet Russia, centering chiefly about the person of Leon , Trotsky, the former Minister of War, have brought a flood of reports but very little enlightenment from Russia and the neighboring countries during the last several weeks. It was indicated late in January that Soviet police had arrested 150 adherents of Trotsky on charges of an alleged anti-Soviet plot. Although linked with this alleged plot, Trotsky was at the time a political prisoner in a small city in Russian Turkestan. It appeared subsequently that Trotsky was to be banished from Russian territory and with his actual whereabouts at no time definitely known, he has since been reported in half the countries of Europe. Germany was said on Feb. 5 to have refused him a visa, and then for a time dispatches made it appear that he was to remain in Russia after all. All reports agreed finally that he had arrived in Constantinople on Feb. 13 aboard the Soviet steamship Mitch with his wife and two children. The exile's ultimate destination is the subject of much conjecture. Treaties in settlement of the Roman Church question were formally signed at noon Monday in the Lateran Palace, Rome,by Premier Benito Mussolini, who acted as Foreign Minister of the Italian Government, and Cardinal Gasparri, the Papal Secretary of State. Three separate documents were signed, putting an end to the anomalous state of official strife that has lasted almost sixty years between united Italy and the Holy See. The arrangement will become effective when the treaties are ratified by the Italian Parliament, which will hold its next meeting in April, and until then the official texts of the documents will not be published. It is understood, however, that the three documents comprise a treaty mutually recognizing the Holy See and the Kingdom of Italy as independent sovereignties, a concordat regulating the future activities of the Roman Catholic Church in Italy, and a financial convention granting to the Papacy an indemnity of P7,500,000 for the losses entailed through the events of 1870, when the temporal power of the Church was lost. Only eight persons, including the two signatories, attended the meeting in the Lateran Palace which finally disposed of the Roman question. The indemnity was placed in early reports at 2,000,000,000 lire (about 105,000,000), but this was subsequently 934 FINANCIAL CHRONICLE [VoL. 128. reduced to 1,750,000,000 lire (about $87,500,000), of There have been indications from Washington, which 750,000,000 lire will be paid in cash and the meanwhile, that the United States Governm ent is rest in Government bonds. A lengthy official com- considering the abolition of America extraterr itorn munication summarizing the agreement was issued ial privileges in China. Conferences with this end Tuesday. This document was in substantial accord in view have been held between Secretar y of State with the previous intimations given in the copious Kellogg and Dr. C. C. Wu, who is to become the Associated Press dispatches from Rome. Pope Pius new Minister of the Chinese Governm ent to the XI, in referring to the new arrangement Monday, United States. The present treaty extraterr itoriof said he had asked from his "Italian children" only ality does not expire until 1934, it is pointed out, the minimum required for visible temporal power of giving the United States ample time to negotiate, but the Papacy. He wished to demonstrate, he added, the expiration of the treaty may be anticipated. Sevthat the Vatican had no territorial ambitions. The eral plans for the progressi ve abolition of extraterFascist press, which had previously maintained vir- ritoriality are under considera tion. With these netually complete silence on the negotiations, an- gotiations in progress, the Senate in Washington nounced the signature of the treaties to the Italian ratified last Monday the treaty between the United people Monday afternoon. States and the Nationalist Government of China, On the following day Pope Pius signalized the recognizing the right of that Governm ent to comsettlement of the Roman question as well as the plete control of its customs tariff. A further deseventh anniversary of his coronation as Pontiff velopment of profound significance to China was by appearing on the balcony outside of the Basilica noted in the arrival at Shanghai last Saturday of of St. Peter's and blessing a great crowd which had the Kemmerer commission of sixteen American ecoassembled in the square underneath. In Catholic nomic experts which is to seek means for stabilizcountries generally the reconciliation of the Vati- ing and unifying the varied currencie s of the nacan and the Italian State was celebrated by Church tion. observances early this week. Congratulatory statements were also made by high officials of many Several events in Mexico over the past week-end world powers. In a speech at Birmingham, Monday, gave emphatic evidence of the continue d unsettleSir Austen Chamberlain, Foreign Secretary of the ment in that country. The first of these occurrences British Government, said: "We, a Protestant na- was the execution in Mexico City last Saturday of tion, cannot but remember that among the subjects Jose de Leon Toral, who shot and killed Presidentof His Majesty are many Roman Catholics to whom elect Alvaro Obregon on July 17, last year. The this news will be tidings of great joy. For myself, acknowledged aim of the murderer was to avenge I offer my respectful congratulations, alike to His what he considered the wrongs of the Church in Holiness the Pope, and Signor Mussolini, on this Mexico, where priests have refused to comply with happy close to the quarrel." It was stated in Lon- the regulations of the Government and where redon, Tuesday, however, that no change is expected ligious services, in consequence, have been virtually in British diplomatic relations as a result of the new suspended. Toral was regarded by the civil authoritreaty and concordat. Rumors circulated recently ties in Mexico as a religious fanatic. When he was. that the new "Vatican City" will join the League of executed before a firing squad,he attempted to shout Nations received little encouragement, and it now "Viva Cristo Rey"—"Long live Christ the King"— appears from Geneva reports that there is little but he fell unconscious before finishing the senlikelihood that the Papal State will apply for ad- tence. When Toral's body was removed to the Spanmission to the League and even less likelihood of ish cemetery on the following day, a crowd estimated a favorable vote in case such application is made. at 100,000 lined the streets and edifices along the In 1920 admission was denied the principality of way. During the entire march, the hearse was subLiechtenstein because it was considered too small, jected to a bombardment of flowers. and this ruling was applied also against the princiThis incident was followed within less than 24 pality of Monaco. The new Papal city could apply hours by an attempt upon the life of President for admission only as a temporal power,it is pointed Emilio Portes Gil, which proved entirely unsuccessout, and as such it is smaller than either of the ful. The President, with his immediate family and two principalities mentioned. an entourage of officials, was returning to the capital early Sunday morning from the State of TamauHopes for an early settlement of the Sino-Japa- lipas, in the Presidential special train. When the nese difficulties centering around the Tsinan inci- train was within 150 miles of the capital, a terrific dent of May, last year, were again dashed when it explosion of dynamite threw the locomotive and sevwas reported late last week that Dr. C. T. Wang, eral forward coaches off the track, killing the firethe Chinese Foreign Minister, and Kenkichi Yoshi- man. The private car of Senor Gil was farther zawa, the Japanese Minister to China, had found back and was not derailed, nor was any member of themselves unable to sign the modus vivendi reached his party injured. Concurrently, it developed that earlier last week. Both sides had agreed to submit threatening letters had been received by President the claims resulting from the Tsinanfu clash to an Gil and ex-President Calles. Three unexploded impartial commission, a Shanghai report to the New bombs were found in residences of prominent memYork "Herald Tribune" said. This was apparently bers of the National Revolutionary Party, which is not satisfactory to Tokio, which was represented as dedicated to preserve the policies of Senor Calles desiring both sides to waive claims for damages. and of General Obregon. President Gil issued a "As the damage to Chinese lives and property was signed statement on the followin g day saying that said to be probably fifty times greater than to Jap- the Government was convinced that the authors of anese, Mr. Wang was unable to consent to that set- the bomb attempt against his life Sunday morning tlement, and therefore the parleys were suspended," were "elements who undoubte dly obeyed exalted, the dispatch added. fanatical Catholics." President Coolidge last Sun- Pas. 16 1929.] FINANCIAL CHRONICLE 935 day sent a personal message to President Gil con- £236,929 bringing the total amount held up to £150,154,375. Circulation decreased £4,821,000 and this gratulating him on his escape. item together with the increase in gold brought Death this week claimed two old-world rulers about an increase of £5,058,000 in reserve. The whose renown far exceeded their domains. Prince total loan account was reduced £4,620,000. Loans Johann II, ruler of the tiny principality of Liechten- on government security declined £7,510,000 while stein, which perches up in the Alps between Austria those on other security increased £2,890,000. This and Switzerland, died Monday at one of his castles latter includes "Discounts and Advances" and in Czechoslovakia in his eighty-ninth year. Liech- "Securities" which increased £1,732,000 and £1,158,tenstein has an area of 65 square miles and a popula- 000 respectively. Total deposits rose £417,000; the tion of 11,000. Prince Johann was considered a sur- decrease in "Other Deposits" of £10,867,000 being vival of the almost forgotten days of personal rule. offset by the increase in "Public Deposits" of £11,He succeeded his father at the age of 18, making his 284,000. Of the decrease in "Other Deposits" rule one of the longest in history. Strict adherence £10,301,000 was in "Bankers Accounts" and £566,000 to medieval traditions earned him the title of the to "Other Accounts." The Bank's rate of discount Proportion of reserve to lialast Grand Seigneur in Europe. He is succeeded by remains at his brother, Prince Franz von Paula. Dispatches bilities stands at 50.2% as against 46% last week which reached Paris on Feb. 11 from Tunis reported and 38.09% a year ago. We show below the dethe death of Sidi Mohammed Ben-el-Habib, Bey of tailed statement ofr several years. Tunis, at the age of 71. The Bey had been ill for BANK OF ENGLAND'S COMPARATIVE STATEMENT. 1927. 1928. 1925. 1929. 1926. some time. He ascended the throne of Tunis in 1922 Feb. 16 Feb. 17 Feb. 15 Feb. 18 Feb. 14 on the death of his cousin and reigned under the proCirculation tection of France, which he visited first in 1923 Publicdeposits 6352,698,000 134,282,000 136.187,880 140,448,135 124,232,200 19,635,000 12,970,000 17,507,674 23,582,893 13,705,282 94,636,000 101,138,000 102.282,388 106,917,556 111,243.895 and later in 1926. Another cousin, Sidi Ahmed Bey, Other deposits Bankers' accounts 58,199,000 succeeds him. 36.437,000 Other accounts_ The Imperial Bank of India on Thursday raised its rate of discount from 7% to 8%. There have been no changes this week in the rediscount rates of any of European central Banks. Rates continue at 63/2% in Germany and Austria; 6% in Italy; 5% in Great Britain, Norway and Spain; 5% in Denmark; 43/2% in Holland and Sweden; 4% in Belgium, and 332% in France and Switzerland. London open market discounts for both short bills and long bills are now up to 5 5-16% against 51A@ 5 3-16% for short bills on Friday of last week, and 5 3-16% for three months bills. Money on call in London was 534% on Wednesday and Thursday but. 43 % yesterday. At Paris open market dis4 counts remain at 3 7-16% but in Switzerland there has been an advance from 3 3-16% to 3 5-16%. The Bank of France, reporting for the week ending as of Feb. 14, shows a decrease in note circulation of 766,000,000 francs, reducing the total to 63,100,593,305 francs, as against 63,866,593,305 francs last week and 62,152,593,305 francs the week before. On the other hand, creditor current accounts rose 952,000,000 francs, and current accounts and deposits 771,000,000 francs. Gold holdings aggregate 34,018,098,489 francs, an increase of 14,076,411 francs having occurred during the week. French commercial bills discounted rose 740,000,000 francs, and bills bought abroad 74,000,000 francs, while credit balances abroad dropped 132,852,480 francs, and advances against securities 25,000,000 francs. Below we furnish a comparison of the various items of the Bank's return for the past three weeks: BANK OF FRANCES COMPARATIVE STATEMENT. Changes for Week. Francs. Gold holdings-.- -Inc. 14,076,411 Credit hallo. abr'd_Dec. 132,852,480 French commercial bills discounted _Inc. 740,000,000 Bills bought abed_Inc. 74,000,000 Adv. agt. secure...Dec. 25,000,000 Note circulation —Dec.766,000,000 Cred,eurr. accts.—Inc. 952,000,14/0 Curr.accts.& dep-Ine. 771,000,000 Status as of Feb. 7 1929. Jan. 28 1929. Feb. 14 1929. Francs. Francs. Francs. 34,018,098,489 34,004,022,078 33,995,440,752 12,302,943,167 12,435,795,647 11,789.204,404 4,910,886.525 18,144,244,173 2,314,407,276 63,100,593,305 19,366,629,928 6,429,613,248 4,170.886,525 5,051,886,525 18,070,244,173 18,631,244,173 2,339,407,276 2 ,198,407,276 63,866,593,305 62,152,593,305 18,414,629,928 20,206,629,928 5,658,613,248 7,154,613,248 47,876,000 Govt. securities 27,132,000 Other securities_ Disc't & advances 10,446,000 16,686,000 Securities Reserve notes & coin 57,456,000 Coin and bullion__8150,154,375 Proportion of reserve 50.2% to liabilities Bank rate 534% 36,295,000 29,812,691 43,782.247 43,941,830 52,507,000 74,428,607 80,884.205 75,044,583 43,464,000 33,738,531 23,972,421 24.097,030 157,996,582 150.176,411 144,670,556 128,579,230 38.09% 414% 28.16% 5% 18% 5% 195i% 4% a Includes, beginning with April 29 1925, £27,000,000 gold coin and bullion Previously held as security for currency notes Issued and which was transferred to the Bank of England on the British Government's decision to return to gold standard. b Beginning with the statement for April 29 1925, includes £27.000,000 of Bank of England notes issued in return for the same amount of gold coin and bullion held up to that time in redemption account of currency note issue. In its statement as of Feb. 7 the Bank of Germany reports a decrease in note circulation of 211,769,000 marks, reducing the total to 4,236,113,000 marks, as against 3,983,848,000 marks last year and 3,273,692,000 marks the year before. Other daily maturing obligations rose 78,385,000 marks, while other liabilities dropped 45,933,000 marks. On the assets side of the account gold and bullion decreased 71,000 marks, reserve in foreign currency 11,921,000 marks, bills of exchange and checks 75,872,000 marks, silver and other coin 1,844,000 marks, investments 148,000 marks, advances 57,459,000 marks, and other assets 11,374,000 marks. Notes on other German banks increased 8,775,000 marks, while deposits abroad remained unchanged. Below we furnish a comparison of the various items of the Bank's return for the past three weeks: REICHSBANIVB COMPARATIVE STATEMENT. Changes for Feb. 7 1929. Feb. 7 1928. Feb. 7 1927 Week. Reichsmarks. Reichsmarks. Reichamarks, Reichsmark:. Assets— 71,000 2,729,111,000 1,886,620,000 1.834,601,000 Dec. Gold and bullion 85,626,000 83,532,000 107,472,000 Of which depos.abr'd_ Unchanged Res've in for'n curr__ -Dec. 11,921,000 140,296,000 292.851,000 293,419,000 checks.Dec. 75,872,000 1,942,858,000 2,243,589,000 1,378,338,000 Bingeexch.& Sliver and other coin_ _Dec. 1,844,000 129.634,000 67,374,000 125,422,000 17,052,000 Notes on oth.Ger. bks.Inc. 8.775,000 18,862,000 13,487,000 44,395,000 Dec. 57,459,000 22.776.000 47.833,000 Advances 148,000 93.208,000 Dec. Investments 93,124,000 88.885,000 Dec. 11,374,000 470,981,000 571,291.W 598.118,000 Other assets LtobUities— Notes in circulation Dec.217,769.000 4,238,113,000 3,983,840,000 3,273,692,000 0th. daily mat. oblig_Inc. 78,385,000 501,314,000 508,999,000 543,355,000 Dec. 45,933,000 142,428.000 278,807,000 203,183,000 Other liabilities Money in the New York market again moved uncertainly this week, high call loan rates of the early sessions giving way to more moderate quotations in the mid-week market, but these were susperseded The weekly statement issued by the Bank of in turn yesterday by a sharp advance to the highest England on Thursday shows an increase in gold of level in some weeks. A hardening of time loans and 936 EvoL. 128. FINANCIAL CHRONICLE several advances in bankers' acceptances were more significant features of the market. Demand loans renewed at 8% Monday, but outside trades were reported at 7%, and the official rate finally dropped to this figure, whereupon another concession was made in the outside market to 63/2%. After the holiday Tuesday, renewals Wednesday morning were fixed at 732%, but successive reductions brought the rate down to 6% at the close. The official rate Thursday was 63/2% throughout, with outside loans reported at 6%. In yesterday's market the renewal rate was again 63/2%, but withdrawals which finally totaled $65,000,000 caused a quick tightening in the afternoon, the rate rising to 10% at the close. Brokers' loans against stock and bond collateral, as reported by the Federal Reserve Bank of New York for the week ended Wednesday night, declined $101,000,000. This reduction was viewed as a very moderate one both in consideration of the extremely great total of such loans outstanding and of the drastic reaction in stock prices on Thursday of last week. Gold movements reported for the week ended Wednesday reflected the heavy engagements of gold in the London market for shipment to New York previously reported. The imports aggregated $22,076,000, of which $22,007,000 came from Great Britain, while exports were $313,000. 0 5% bid and 530 asked for 120 days, and 5/% bid and 5%% asked for 150 and 180-days. The Acceptance Council on longer gives the rate for call loans secured by bankers' acceptances, the rates varying widely. Open market rates for acceptances have also been advanced and are as follows: Prime eligible Ms SPOT DELIVERY. —180 Days— —150 Days— Bid. Asked. Bid. Asked. 534 534 534 534 Prime eligible bills —90 Days— Bid. Asked. 531 534 Chief interest has again centered on the market for banks' and bankers' acceptances which has continued deeply disturbed. Rates have been repeatedly marked up and are now at the highest figures on record. On Wednesday the American Acceptance A Council raised its rates for all maturities 1 in the in the asked bid column, and also raised its rate column except in the case of 60 day bills and 90 day bills in which no change was made. Some dealers had been quoting the new rates on some maturities as early as the previous Friday and one large bank had been quoting 30 day paper at the new rate for more than a week. On Friday the Council made in the bid column for all another advance of in the asked maturities and also an advance of and the 90 day column except that now the 60 day rate was advanced %. Accordingly the posted rates of the Council yesterday were 534% bid and 4 5% asked for bills running 30 days, 53 % bid asked for bills running 60 and 90 days, and 534% —80 Days— —30 Days— Bid. Asked. Bid. Asked, 534 534 534 534 FOR DELIVERY WITHIN THIRTY DAYS. Eligible members banks Eligible non-member banks 534 bid 534 bid It should be added that the Federal Reserve Bank on Friday raised its buying rate for bills running from 1 to 45 days from 4% to 5%, its rate for 4 bills running from 46 to 90 days from 5% to 51 % and its rate for bills running from 91 to 180 days from 5% to 534%. There have been no changes this week in Federal Reserve Bank rates. The following is the schedule of rates now in effect for the various classes of paper at the different Reserve banks: DISCOUNT RATES OF FEDERAL RESERVE BANKS ON ALL GLASSES AND MATURITIES OF ELIGIBLE PAPER. Federal Reserve Bank. Dealing in detail with the call loan rates on the Stock Exchange from day to day, renewals on Monday were at 8%,but with the rate for new loans 7%. Tuesday was Lincoln's birthday and a holiday. On Wednesday with the renewal rate still at 732%, new loans were put through at 6%. On Thursday all loans were at 63'% but on Friday after renewals had again been effected at63/2%, there was an advance to 10%. Time loans have advanced to 7% for all maturities. On Monday the range was 73/2@, 79.% for all maturities. On Wednesday 30,60 and 90 day maturities were quoted at 7U% and loans for four, five and six months at 73/2%. On Thursday and Friday the rate for all maturities was 7%%. The commercial paper market continues unchanged, but with nothing doing, and rates purely nominal. Names of choice character maturing in four to six months remain quoted at 532%, with a few names of exceptional character selling at 534%. For names 4 less well known the figure is 53 %. New England mill paper sells at 5@59%. —120 Days— Bid. Asked. 534 534 Boston New York Philadelphia Cleveland Richmond Atlanta Chicago Bt. Loub3 Minneapolis Kansas City Dallas San Francisco Rate in Effect on Feb. 15. 5 5 5 5 5 5 5 5 434 434 434 434 Date Established. Previous Rate. July 19 1928 July 13 1928 July 28 1928 Aug. 1 1928 July 13 1928 July 14 1928 July 11 1928 July 19 1928 Apr. 25 1928 June 7 1928 May 7 1928 June 2 1928 434 434 434 434 434 434 434 434 4 4 4 4 Sterling and the leading European exchanges this week have been dull, irregular and inclined to ease owing very largely to the continued firmness of money in New York. The increase in the Bank of England rediscount rate last week to WA% and the seasonal circumstances favoring sterling were the only factors which kept the rate from moving on average much lower. However, the tone is sufficiently firm to preclude any possibility of further gold exports from London to New York and many foreign exchange traders feel that there will be a gradual firming up of the rate until cable transfers may be quoted around 4.86, within probably a month or so. The range this week has been from 4.84% % to 4.85 3-16 for bankers' sight, compared with 4.843 to 4.85 9-16 last week. The range for cable transfers has been from 4.85 5-16 to 4.853/2, compared with 4.84 11-16 to 4.85 13-16 the previous week. On Friday sterling cables opened at 4.85 5-16, which was the lowest point reached since the Bank of England raised its rediscount rate a week ago. Whenever firmness has appeared in the rate during the past few days bankers have been inclined to ascribe it to official support under the guidance of the Bank of England. It was also stated in foreign exchange circles that the Federal Reserve banks were buying sterling bills with a view to steadying the quotations and assisting in the arrest of the gold movement from London to New York. However, there are no means of actually confirming central bank open market operations, especially at this time, until long after they have any practical interest for the market. The further increase in bankers' acceptance rates in New York to the point where yields are from 53 to FEB. 16 1929.] FINANCIAL CHRONICLE 4 53 %, depending upon maturity is a bearish factor on exchange, as dollar acceptances are powerfully attractive to European short-term funds at current rates. The advance in the Bank of England rate last week came as a shock to the London market. The business world had hoped that the advance might be avoided. Present opinion in banking circles here and abroad is that there will be a general hardening of money rates at all centres if the firmness continues in New York. The London "Economist" says that the advance in the Bank of England rate comes as a definite signal to America and that it must not be supposed that the Continental States will remain indifferent to London's lead, and its cumulative effect may well be a definite pronouncement that Europe is not prepared to stand idly by and see the world's gold stock swept into the maelstrom, meaning New York. It advocates the establishment of European interest rates on a higher level, expressing the belief that such a course will draw gold back from New York before long. This week the Bank of England shows an increase of £236,929 in gold holdings. On Tuesday the Bank of England sold £37,881 in gold bars and on Wednesday £53,136 in gold bars. No gold was available in the London open markets on Tuesday but approximately £920,000 are expected to reach London next week and £707,000 the following week. London bankers hope that the Bank of England will receive £1,000,000 in the next two weeks. On Thursday the Bank sold £35,906 in gold bars and exported £4,000 in sovereigns; on Friday the Bank sold £8,652 in gold bars. At the Port of New York the gold movement for the week Feb. 7-Feb. 13, inclusive, as reported by the Federal Reserve Bank of New York, consisted of imports of $22,076,000, of which $22,007,000 came from Great Britain and $69,000 from Latin America. Gold exports consisted of $313,000, of which $260,000 were shipped to Java, and $53,000 to Germany. The Federal Reserve Bank reported no change in gold earmarked for foreign account. Canadian exchange continues at a discount, Montreal funds ranging this week from 7-16 to Yi of 1% discount. The economic situation of Canada is more prosperous than ever in its history, and the discount on Montreal is due to the combined influences of an adverse commodity trade balance with respect to the United States and of the heavy transfers of Canadian funds to the New York security markets. Referring to day-to-day rates sterling on Saturday last sold off from the high quotations of Friday. Bankers' sight was 4.84 31-32@4.85X, cable transfers 4.85 11-32@4.85 7-16. On Monday the market was quiet and steady. Bankers' sight was 4.84 15-16 @ 4.853"g, cable transfers, 4.85 5-16@4.853/ On 2 Tuesday, Lincoln's Birthday, there was no market in New York. On Wednesday sterling showed a firmer tone. The range was 4.85@4.85 3-16 for bankers' sight and 4.853 @4.85 15-32 for cable trans/ fers. On Thursday sterling was under pressure. The range was 4.84%@4.85% for bankers' sight and 1 4.85 11-32@4.85 7-16 for cable transfers. The range on Friday was 4.84%@4.85 1-16 for bankers' sight and 4.85 5-16@4.853 for cable transfers. Closing % quotations on Friday were 4.84 15-16 for demand and 4.85 5-16 for cable transfers. Commercial sight bills finished at 4.84 13-16;60-day bills at 4.80 5-16;90-day bills at 4.78 3-16; documents for payment (60 days) 937 at 4.80 5-16, and seven-day grain bills at 4.84 1-16. Cotton and grain for payment closed at 4.84 13-16. The Continental exchanges have ruled lower, largely in sympathy with the easier tone in sterling exchange, and bankers believe that many of the European exchanges were influenced by transfers of funds to New York money market, for as a seasonal matter the trend of exchange should be steadily firmer from now until toward autumn, although, of course, at the present stage it is too early to observe the effects of seasonal influences on quotations. It must therefore be taken for granted that there is a greater demand for dollars in the European centres than for foreign currencies on this side. German marks have been noticeably weak. This is taken to indicate a reduction in borrowing requirements in New York by German interests, and it is generally believed that a considerable volume of German surplus funds has been transferred to the New York market. Business in Europe is still seasonally dull, a circumstance which also affects the exchanges adversely. A few weeks ago it was believed that the Reichsbank would make a further reduction in its rediscount rate, as money was steadily becoming more plentiful, while money rates were declining in the German centres. Now, however, since the Bank of England has increased its rate of rediscount Berlin dispatches state that there is no prospect of a further reduction in the Reichsbank rate. At the present quotations for the mark the normal expectation is that gold would move presently from , Berlin to New York, but bankers state that under the circumstances governing the German financial situation no gold would be permitted to move out, however low the mark rate might go with respect to the dollar. Present quotations also preclude the possibility of Germany's taking gold from either London or Paris. This week, as noted above, the Federal Reserve Bank of New York reports another small shipment of $53,000 in gold to Germany. This brings the total of these small shipments to Germany to $1,295,000 in a period of 25 weeks. It is hardly possible that these shipments are made on an exchange basis. They are probably special transactions. French francs have moved slightly lower, due in large measure to transfers of funds from Paris to other centers, including New York, for temporary employment at more attractive rates than obtained at home, without a corresponding demand anywhere for francs. It may be asserted, however, that the rate is permitted to move down with the sanction of the Bank of France, as its gold holdings are not threatened from any quarter. Were there a chance of an important seepage of gold from Paris to Berlin, it may be safely asserted that the Bank of France would increase the franc rate through foreign exchange operations to any point it might desire, regardless of the outflow of temporary French funds to other centers. Paris dispatches state that it is considered certain by all well informed bankers that the Bank of France will refrain from withdrawals of gold from foreign markets if it is found that such operations will increase the difficulties which already exist on such markets with respect to money rates. This policy is particularly applicable to London. This week the Bank of France shows an increase in gold holdings of 14,000,000 francs and its ratio of 938 FINANCIAL CHRONICLE gold reserves to liabilities stands at 41.25%, against the 35% legal requirement. Italian lire have been decidedly weaker this week, and this condition is attributed largely to a temporary cessation in transfer of funds from New York to the Italian markets, as well as to a considerable diminution of immigrant remittances. Both developments are believed to have been due largely to continued firmness of money rates in New York and to activity in securities here. On Jan. 7 the Bank of Italy rate of rediscount was increased to 6%. While this advance met with some slight criticism in Italian quarters as unnecessary, there is nevertheless some discussion at this time in Rome as to the possibility of another upward revision of the rate in the near future. The London check rate on Paris closed at 124.28 on Friday of this week, against 124.31 on Friday of last week. In New York sight bills on the French centre finished at 3.90%, against 3.90 7-16 a week ago, cable transfers at 3.90%, against 3.90 11-16, 8 . and commercial sight bills at 3.90, against 3.903/ 13.89% for checks and Antwerp belgas finished at 13.904 for cable transfers, as against 13.903/ and 13.9134 on Friday of last week. Final quotations for Berlin marks were 23.71% for checks and 23.72% for cable transfers, in comparison with 23.7234 and 23.7334 a week earlier. Italian lire closed at 5.233/i for bankers' sight bills and at 5.23% for cable transfers, as against 5.2334 and 5.233. Austrian schillings closed at 14.07 on Friday of this week, against 14.07 on Friday of last week. Exchange on Czechoslovakia finished at 2.963', against 2.96 3-16; on Bucharest at 0.599, against 0.6034; on Poland at 11.25, against 11.25, and on Finland at 2.52, against 2.52. Greek exchange closed at 1.29 for checks and 1.29M for cable transfers against 1.29 and 1.29%. The exchanges on the countries neutral during the war have been quiet and have ruled on average slightly lower than last week. This situation was to be expected, in view of the general trend of European rates, as discussed above. Holland guilders have been especially weak, with cable transfers around 40.05, which compares with dollar parity of 40.20. Relatively there is a money stringency in Holland created very largely through the transfer of funds from Amsterdam to other markets, which has been going on for some time owing to more active and profitable opportunities for the employment of Dutch funds away from home. The Bank of Netherlands rate of rediscount has been at 432% since Oct. 13 1927. The Amsterdam market is expecting an increase in the rate. Foreign exchange traders say that London is exerting a powerful pull on. Amsterdam, bringing guilders close to the gold point. It seems almost certain that the rates will be increased as a defensive move to keep the bank's gold holdings as nearly intact as possible. This is all the more necessary since the legal ratio of gold reserve was recently increased from 20% to 40%. The metallic cover of the bank has been between 50% and 55% during the past few years. Spanish pesetas have averaged slightly lower than last week; nevertheless the peseta has fluctuated within extremely narrow limits and seems no longer subject to shock from the attempted revolution. No official support appears to have been given to the peseta and the task of bringing the rate back to the [VOL. 128. point where it was before the political imbroglio has been made more difficult. The Scandinavian currencies have been steady, although ruling fractionally lower than a week ago. In view of the import surplus in the foreign trade of Sweden, the comparative steadiness of Swedish exchange is signficant. During 1928 Swedish imports amounted to 1,710,000,000 krona, and exports to 1,567,000,000 krona, leaving an import surplus of 143,000,000 krona, against an export balance of 36,000,000 krona in 1927. The flow of funds has been an offsetting factor. Exports of capital from Sweden in 1928 are estimated at 190,000,000 krona and imports at 125,000,000 krona, giving an export balance of 65,000,000 krona, compared with an export balance on capital movements in 1927 of 47,000,000 krona. Bankers' sight on Amsterdam finished on Friday at 40.023/, against 40.033 on Friday of 2 last week; cable transfers at 40.0432, against 40.0534, and commercial sight bills at 39.99, against 40.00. Swiss francs closed at 19.2234 for bankers' sight bills and at 19.2334 for cable transfers, in comparison with 19.233/2 and 19.243/ a week earlier. Copenhagen checks finished at 26.66 and cable transfers at 26.671 , against 26.683 and 26.70. Checks on A Sweden closed at 26.713', and cable transfers at 26.73, against 26.743' and 26.76, while checks on Norway finished at 26.66 and cable transfers at 26.673', against 26.673/b and 26.69. Spanish pesetas closed at 15.62 for checks and 15.63 for cable transfers, which compares with 15.69 and 15.70 a week earlier. The South American exchanges have been quiet. Argentine pesos have ruled lower, although the business and economic situation of the Southern republic is steadily improving. Exports in December from Argentina to the United States totaled $6,708,000, an increase of 10% over the figure for December 1927. Total exports to the United States during 1928 were $99,902,000, or 3.4% higher than in 1927. However, the strength in Argentina at any time arises chiefly from its trade with European countries, as it imports a great deal more from the United States in the form of manufactured goods than it exports in raw materials. The total value of the imports from the United States in 1928 was $178,708,000, which compares with a total of $162,790,000 in 1927. The weakness in Brazilian exchange continues to arise, as during many weeks past, from the comparatively depressed state of trade in Rio de Janeiro and other Brazilian cities. Argentine paper pesos closed on Friday at 42.10 for checks, as compared with 42.21 and at 42.16 for cable transfers, against 42.27. Brazilian milreis finished at 11.91 for checks and 11.94 for cable transfers, against 11.91 and 11.94. Chilean exchange closed at 12 1-16 for checks and at 123/i for cable transfers, 4, against 12 1-16 and 121 and Peru at 4.00 for checks and 4.01 for cable transfers, against 4.00 and 4.01. The Far Eastern exchanges are lower, owing chiefly to the lower ruling rates on silver. On Wednesday the Imperial Bank of India raised its rediscount rate to 8% from 7%. This was largely due to the heavy demands for money from agricultural sources. The adoption of China's new tariff on Feb. 1 is seen by both Chinese and foreigners in China as the beginning of a new era of sharply increased living costs. Although there has not been time to determine the result accurately, increased levies are applied to virtually every commodity. This will, of course, have an effect on Chinese exchanges later on, and may, it is believed, cause a rise in silver prices. Another item of importance bearing on Far Eastern exchanges is the arrival on Feb. 9 at Shanghai of Professor Kemmerer and his advisers, who have been invited by the Nationalist Government to make suggestions for reform in Chinese financial set-up and to help establish a central bank somewhat along the lines of the Bank of England, so that an end to the tael system may be expected ultimately. It is believed that when these measures become fully effective foreign exchange quotations on China will become of dominating importance. Closing quota-1 tions for yen checks yesterday were 45 3 6@45V8, Friday of last week. against 45 7-16@459. on Hong Kong closed at 48.70(4)48 15-16, against 4 49.15@493(; Shanghai at 61%@621 ,against 62%@, 62%; Manila at 50/, against 50%; Singapore at / 563 1(4)56 5-16, against 563@56 5-16; Bombay at 363/2, against 363/2, and Calcutta at 363/2, against 363/2. Pursuant to the requirements of Section 522 of the Tariff Act of 1922, the Federal Reserve Bank is now certifying daily to the Secretary of the Treasury the buying rate for cable transfers in the different countries of the world. We give below a record for the week just past: FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE BANKS TO TREASURY UNDER TARIFF ACTS OF 1922. FEB. 9 1929 TO FEB. 15 1929, INCLUSIVE. Country and Monet Unit 939 FINANCIAL CHRONICLE FEB. 16 1929.] Noon Buying Rate for Cable Transfers to New York, Value to Untied States Money. Feb.9. EUROPE-ft Austria, schilling .....140575 139028 Belgium, belga 007212 Bulgaria. lev Czechoslovakia. kron .029595 Denmark, krone .266730 England, pound a .853505 ling .025169 Finland, markka .039049 France,franc Germany,reichsmark. .237269 .012918 Greece, drachma .400442 Holland, guilder .174303 Hungary, pengo .052322 Italy. lira .266695 Norway, krone 111968 Poland,zloty .044210 Portugal. escudo Rumania,len .006010 Spain, peseta .156584 Sweden,krona 267395 Switzerland, franc_ -- .192327 Yugoslavia, dinar-- .017578 ASIAChinaCheloo tael .645208 Hankow tael .638437 Shang tael .621964 Tientsin tael .657708 Hong Kong dollar_ .489464 Mexican dollar- -_- .447750 Tientsin or Pelyan dollar .448760 Yuan dollar .444583 India, rupee .363535 Japan. yen .453175 SIngapore(13.13.)dollar. .558791 NORTH AMER. Canada, dollar .997597 Cuba, peso 1.000370 Mexico. D080 .485750 Newfoundland, do .994875 SOUTH AMER. Argentina, peeo(gold) .958494 Brazil, milreis .119163 Chile, D080 .120531 Uruguay, peso 1.027161 Colombia. peso .970900 Feb. 11. Feb. 12. Feb. 13. Feb. 14. Feb. 15. 8 .140586 .139004 .007205 .029593 .266721 8 $ 8 .140534 .140548 .139013 .138969 .007200 .007167 .029590 .029591 .266764 .266694 8 .140508 .138943 .007200 .029590 .266691 4.853057 .025168 .039046 .237244 .012917 .400495 .174296 .052318 .266719 .111986 .044210 .006013 .156468 .267384 .192312 .017580 4.854203 .025171 .039049 .237226 .012919 .400480 .174265 .052312 .266754 .111925 .044135 .005998 .156409 HOLI- .267369 DAY .192320 .017577 4.853164 .025171 .039047 .237194 .012916 .400460 .174281 .052291 .266681 .112015 .044170 .005999 .156929 .267261 .192282 .017575 4.853372 .025168 .039049 .237220 .012916 .400474 .174268 .052305 .266697 .111800 .044090 .005994 .156339 .267266 .192298 .017572 .645416 .838437 .622142 .657916 .488750 .447500 .643750 .636250 .621160 .657708 .488303 .447250 .645000 .637916 .620714 .660625 .487857 .447000 .841666 .635000 .618928 .655416 .486428 .448500 .449166 445833 .363392 .453225 .558625 .449166 .445416 .363364 .452500 .558958 .448750 .448333 .445416 .443750 .363507 .363758 .452093 .452206 .558958 .558958 .997460 1.000088 .485666 .994812 .997014 .996775 .996594 1.000216 1.000216 1.000276 .484166 .481833 .481333 .994595 .994312 .993922 .959038 .119185 .120361 1.027161 .97691W) .958570 .119166 .120370 1.026161 .970900 .958013 .119065 .120318 1.026749 .970900 .957755 .119070 .120343 1.026249 .970900 Owing to a marked disinclination on the part of two or three leading institutions among the New York Clearing House banks to keep up compiling the figures for us, we find ourselves obliged to discontinue the publication of the table we have been giving for so many years showing the shipments and receipts of currency to and from the interior. As the Sub-Treasury was taken over by the Federal Reserve Bank on Dec.6 1920,it is also no longer possible to show the effect of Government operations in the Clearing House institutions. The Federal Reserve Bank of New York was creditor at the Clearing House each day as follows: DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANK AT CLEARING HOUSE. Saturday, Monday, Feb. 11. Feb. 9. Tuesday, Wednesday Thursdli, Feb. 12. Feb. 13. Feb. 14. 5 $ 129,000E00 109.000.000 $ Holiday Friday, Feb. 15. $ $ $ 143,000,00f 143.600.040 151,004,060 Aggregate for Week. $ Cr. 704,000,000 -The foregoing heavy credits reflect the huge mass of checks which come Note. to the New York Reserve Bank from all parts of the country in the operation of the Federal Reserve System's par collection scheme. These large credit balances; however, reflect only a part of the Reserve Bank's operations with the Clearing 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 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 Bank for collection for the account of the local Clearing House banks. The following table indicates the amount of bullion in the principal European banks: Feb. 16 1928. Feb. 14 1929. Banks of Gold. Salver. Total. Gold. Silver. I Total. £ I £ 157.996.582 150,154,375 157.996,582 England-- 150,154.375 173.712,846221.753.269 13,717,023 235,470,292 d France a__ 173,712,846 Germany b 136,455.550 c994,600 137,450,150 94,331,000 c994,600 95,325,000 Spain -.102,370,000 28,398,000 130.768,000104.287,000 27,769.000 132.056.5003 49,288,000 54,640,000 49.288.000 54.640,000 Italy Netherl'ds. 36,213,000 1,874,000 38,087.000 36,268,000 2,354,000 38,622,000 27,130,000 21,217,000 1,243,000 22,460,000 Nat. Belg_ 25,860,000 1,270,000 Bwitzerl'el. 19,281,000 1,819.010 21,100,000 17.400,000 2.490.000 19,890,000 12,991,000 13,095,000 12,991,000 13,095,000 Sweden 641,000 10,750,000 491,000 10,603,000 10,109,000 Denmark _ 10,112,000 8.180,000 8,159.000 8.180,000 8,159,000 Norway I Total week 730,052,771 34,846,600764.899,371 733,820,851 49.208,823 783,029,474 Prey.week 821.496,923 34,746,620 856,243.523 731,515,369 52,957,623784,472,992 a These are the gold holdings of the Bank of Prance as reported in the new form of statement. b Gold holdings of the Bank of Germany are exclusive of gold held abroad, the amount of which the present year Is £2,481,300. c As of Oct. 7 1924. d Silver Is now reported at only a trifling sum. The Capper and Porter Resolutions. Seldom, if ever, has a proposal seriously to alter the foreign policy of the United States been brought to public notice under circumstances so extraordinary as those which attended the introduction in the Senate, on Monday, of Senator Capper's resolution for the enforcement of peace. The text of the resolution, with its long preamble, was first made public by the New York "Times" on Sunday, together with an explanatory statement by Senator Capper and the announcement that the resolution would be introduced the following day. Under ordinary circumstances, the resolution would have been regarded as an interesting piece of news, and readers of the "Times" or other papers would have waited until Monday before learning what distinguished citizens or publicists thought about it. Not so in this case. The same Sunday edition that carried the text of the resolution carried also a halfcolumn statement by President Butler of Columbia University, taking to task "the cynics and the legalists, both in the Senate and out of it, who do not seem to understand in the least what has happened in the world," warmly praising the resolution, and declaring that it "should be adopted as speedily as may be." President Butler, apparently, had had an opportunity to study the resolution before it appeared in print. Professor Shotwell of Columbia, leader of the champions of peace and the League of Nations in this country, and Director of the Division of Economics and History of the Carnegie Endowment for International Peace of which Dr. Butler is President, was ready in the same issue with about a third of a column of commendation. Professor Manley 0. Hudson of the Harvard University Law School, a trustee of the World Peace Foundation and for several years a member of the legal section of the Secretariat of the League, was a little more noncommittal than President Butler or Professor Shotwell, but he, too, was ready with three paragraphs of 940 FINANCIAL CHRONICLE friendly opinion. Some eight other more or less prominent persons were also quoted, to an extent sufficient to show that they had either seen the resolution in advance or had been told of its nature. This was not all. Europe, too, had apparently been prepared for the great event. The Geneva correspondent of the "Times" cabled that League officials "who have learned of the proposal" "welcome it with much the same joy as scientists would have at the discovery of 'the missing link' ." Immediately following this was the statement that "responsible officials of the League such as Sir Eric Drummond,its Secretary General" (the only official, it would seem, who could with propriety have spoken for the League in the absence of a meeting of the Council), "naturally declined to comment one way or another," but others in Geneva were quoted as giving expression to such paeans of praise as "the end of war," "the one thing needed," "extraordinarily helpful," "of the highest importance," and "bravo." "A spokesman for the French Government" was reported, also on Sunday, as saying that the Capper resolution "was of transcendent importance"; Ramsay MacDonald pronounced it "a most interesting and significant resolution," and Wickham Steed, formerly foreign editor of the London "Times" and recently a visitor to this country, exclaimed "God bless Senator Capper!" "when a copy of the resolution was shown to him." All this, it is to be noted, appeared on the day on which the resolution was first made known to the American public, whom, presumably, it first concerned, and before the resolution itself had been offerred in the Senate. Whether President Coolidge had seen the resolution at the time when the proponents of the League were preparing to cheer for it is not certain, but he was quoted unofficially as saying, as late as Tuesday, that he had not read it, but had "perused comments on it." The conclusion is inescapable. The text of the Capper resolution, or so much of it as to indicate its import, had evidently been circulated about Europe and America before either the American public or Congress knew anything about it, to the end that when the news came it might "break big." It would be putting the matter mildly to say that the affair was well buttressed with propaganda. What,now,is the purport of the Capper resolution, and of the supplementary resolution which Representative Porter of Pennsylvania, chairman of the House Committee on Foreign Affairs, introduced in the House on the same day that the Senate received the Capper document? The Capper resolution, after reciting the declaration of Congress on Aug. 29, 1916, in favor of the settlement of international disputes by arbitration, rehearsing the declarations of the Pact of Paris, and asserting that the Governments which have associated themselves in the Paris treaty "should not permit their nationals to encourage a breach of the obligations of the treaty by exporting to a Government which has committed such breach, arms, ammunition, or implements of war or other articles for the support of such Government," proposes "that whenever the President determines and by proclamation declares that any country has violated the Multilateral Treaty for the Renunciation of War,it shall be unlawful, unless otherwise provided by act of Congress or by proclamation of the President, to export to such country arms, munitions, implements of [VoL. 128. war or other articles for use in war until the President shall by proclamation declare that such violation no longer exists." It is further declared "to be the policy of the United States that the nationals of the United States should not be protected by their Government in giving aid and comfort to a nation which has committed a breach of the said treaty," and the President is requested to enter into negotiations with the Governments that sign or ratify the treaty with a view to securing an agreement for similar action on their part. The only qualification is that the declaration of policy just quoted "shall apply only in case of a breach of the said treaty by war against a Government which has declared its adherence to a similar policy." The Porter resolution, in turn, after alluding to the multilateral treaty and declaring that "no agency is more potent for promoting and encouraging war than traffic in arms, munitions of war," proposes to amend Section 1 of the joint resolution of Jan. 31, 1922, prohibiting the exportation of arms or munitions of war from the United States to certain countries, to read as follows: "That whenever the President finds that in any American country, or in any country in which the United States exercises extraterritorial jurisdiction, conditions of domestic violence or of international conflict exist or are threatened which are or may be promoted by the use of arms or munitions of war procured from the United States, and makes proclamation thereof, it shall be unlawful to export, except under such limitations and exceptions as the President prescribes, any arms or munitions of war from any place in the United States to such country until otherwise ordered by the President or by Congress." The purpose of the Capper resolution, as explained by Senator Capper in the statement which accompanied the publication of the resolution (before, that is, the resolution had actually been introduced), is "to put the Government of the United States on record, in response to an insistent and well-nigh unanimous public demand, by taking the first step toward safeguarding international peace, following the ratification of the Pact of Paris." "I believe," said Senator Capper,"the adoption and effectuation of this resolution will tend to make the peace pact effective. It will in a measure underwrite the peace pact without compelling us to police the world." Representative Porter, on the other hand, in a prepared statement given to the New York "Times," explained that his own resolution "amends the existing law by extending the power of the President to lay embargoes not only in cases of domestic violence in the Americas, but to all the countries of the world where domestic violence or international conflict exists or is threatened . .. . This resolution is intended to put the control of the munitions traffic in the hands of the President, who is fully informed as to conditions in foreign countries and can exercise this power with all the facts before him, as there are no two cases alike." A casual reading of these two resolutions might leave the impression that they were not only harmless, but probably useful. They wear an exceedingly plausible look and are most appealing. But for that very reason they should receive the closest scrutiny and study. As it is, they will not bear examination at all. The truth is there are weighty objections to both of them. The adoption by Congress of the Capper resolution would seriously impair the efficacy FEB. 16 1929.] FINANCIAL CHRONICLE 941 of the Kellogg pact, and almost certainly make many every effort to secure action on the resolution before nations hesitate to ratify it. The great virtue of the the adjournment" of the present session, while SenaKellogg pact is its simple declaration of a principle tor Capper proposes to wait until the new Congress of international conduct—the renunciation of war as meets), would go far to perpetuate and enlarge a an instrument of national policy and resort to ar- situation which has long been a subject of serious bitration or conciliation in its stead—to which the criticism, in Congress and out, and which ought, if nations of the whole world are asked to agree. The possible, to be remedied rather than consecrated. Capper resolution would inject into the pact what Presidents Taft, Wilson and Coolidge, acting upon has thus far been scrupulously kept out, namely the the authority vested in them by Congress, have imdesignation 'and imposition of sanctions. No posed embargoes upon the shipment of arms to Mexstronger argument in support of the pact was ico, but there has been an increasing volume of critibrought forward,in answer to critics who doubted if cism of the policy which makes the United States, by it were practical, than the fact that the agreement act of the President and without the approval of Concarried no sanctions either expressed or implied, but gress, a party to armed conflicts in Latin-American rested solely upon the good faith of the nations in countries. The recent American intervention in Nicobserving the high principle to which they sub- aragua, undertaken by the President without conscribed. Moreover,the Capper resolution,if adopted, sulting Congress, while it resulted in an election carwould leave the United States in the anomalous posi- ried through without bloodshed, is not an experition of framing for itself, without consultation with ence which the American people care to see repeated. the other signatory Powers, a particular form of The Porter resolution imposes upon the President, sanction to which it not only proposed to adhere as not only in every American country but in any other a matter of national policy, but which it was Also country in which the United States exercises extrabound to urge upon other nations; and this, not- territorial jurisdiction, a duty of inquiry and dewithstanding that the Kellogg pact is a multilateral cision similar to that which the Capper resolution treaty which is to be changed, if it is changed at all, imposes upon him with regard to every other country only with the consent of the other parties to it. on the globe. Such a grant of authority goes much There is more than one nation, we may be sure, that too far. The Constitution confers upon Congress would hesitate a long time before ratifying the pact alone the right to declare war. Precedent has alif the United States, following the proposal of Sena- lowed the President to bring about a situation in tor Capper, were suddenly and of its own motion to which war was inevitable, as Polk did in the war adopt a program of sanctions which finds no sup- with Mexico, and to make the United States virtually port in the treaty itself or in the discussions which a party to a domestic conflict without first consultpreceded its signing or ratification. ing Congress. It is desirable that this power should There is a weightier objection than this, however. be curtailed rather than enlarged, and the more beIf the Capper resolution were adopted, the President cause of the likelihood that it will be exercised, if of the United States would be called upon to pass at all, only against countries too weak to resist. The judgment, presumably forthwith if the mischief Constitution is still the supreme law of the land, and which the resolution aims to prevent were to be there is nothing but danger in departing from it. prevented, upon every international dispute in It is earnestly to be hoped that the Capper and which war was threatened or had actually broken Porter resolutions will get no further than the comout, and announce which of the contending parties mittee rooms to which they will be consigned. Inwas in the right. No matter how remote from any stead of widening the influence of the United States, American interest the controversy might be, no mat- they would unquestionably weaken it. They would ter how complicated the situation or how wide its alienate our friends and multiply our enemies. It ramifications, the President must promptly take a is not for the United States to pull the League chesthand. It is no answer to the objection to say that nuts out of the fire, or to force upon a multilateral the arms embargo for which the resolution provides treaty, out of hand and before the treaty itself has is to become effective only "whenever the President been generally ratified, a program of sanctions determines and by proclamation declares," and that which the treaty sedulously avoids. No nation can the President might, if he found the problem too mix in the affairs of other nations without courting knotty, merely do nothing and let the export of arms for itself endless trouble, and the Capper and Porter go on. The resolution announces a national policy, resolutions would plunge the United States into the intended as a support to the Kellogg pact, and the thick of the most difficult and vexatious controPresident would be morally bound to give effect to versies which international rivalry or national bad the policy if the dispute were one in which he could faith can stir up. The resolutions should be alfind any ground for rendering an opinion. The lowed to die. whole spirit of American foreign policy is against such intermeddling, and the intermeddling itself The Totals of Taxation. would be pernicious. No wonder that League According to a report of the Tax Division of the officials at Geneva, only too well aware of the vexa- National Industrial Conference Board, the total tion which the question of sanctions under the taxes collected by the Federal, State and local govCovenant has been to the League, should have ex- ernments in the United States in the fiscal year endclaimed "Bravo!" when they learned of the Capper ed in 1927 amounted to $9,074,000,000. This asproposal to have the President of the United States tounding sum is taken from the people before they take the whole responsibility off the League's are allowed to retain anything for themselves. It shoulders, and announce decisions which, backed by is said to amount to 12% of the national income the weight of the United States, the League Council "having risen almost steadily since 1923, when it would probably lose not one moment in accepting. was 10.1%." Again, divided per capita among the The Porter resolution, if it were adopted (and population it amounts to $76.50. Nor is this all. Mr. Porter has announced that he intends "to make Total gross expenditures by all gdvernment agencies, 942 FINANCIAL CHRONICLE Federal, State and local, are estimated (complete data for which are not yet available) for 1927 at approximately $12,000,000,000. There has also been an increase in expenditures since 1923, Federal expenditures for 1926 showing a net increase, however, of only $51,000,000, amounting to $3,936,000,000 for 1926 as against $3,885,000,000 in 1923. Fees, rents, interest and other miscellaneous income and borrowed funds make up the excess of expenditures over taxes collected. "Nearly half of the excess of total public expenditures over tax collectionsin 1927, about $3,000,000,000, was made up of new borrowings incurred by the State and local governments, which in 1927 borrowed $1,500,000,000 against $1,300,000,000 in the previous year," says the New York "Times" epitome of the Conference report, from which we take the above figures. A tentative estimate of total taxes collected in the United States for the year 1928 (for which complete returns are not available) is placed at, approximately, $9,169,000,000. Perhaps the most telling contrast in figures is found in the per capita tax which was in 1913 pre-war total of $22.73 as against the 1927 total, $76.50. Another revealing contrast is in the 1921 peak of war taxation, a total of $8,838,000,000 including heavy war expenditures as against the total collected in 1928 (estimated) $9,169,000,000, showing that with our national debt materially decreased, though with our State and subdivisional debts increased, we are still collecting more taxes than we did in the peak year nearest the war, 1921. From all these figures, which more particular analyses and comparisons would naturally qualify to some extent, certain general deductions are permissible. The first leads us in the direction of cause. With increase of population a rising cost of government in a democracy is inevitable. But it should on this basis be moderate as well as gradual. Take our elections for an example. With the same machinery it takes more men to register and count the vote. Representation based on population must continually cost more, though we have had little in the way of reapportionment as far as the nation is concerned. But the ratio of taxation has increased more rapidly than population. We must look to the machinery of government, therefore, for a large part of the increase. And is it not to be found in what we term bureaucracy? We govern more, not less. Bureaus, Commissions and agencies, have multiplied since the war inordinately. More are coming. Every one of the thousand and one petty statutes continually brought forth by Congress and the Legislatures adds to the cost of government. There is, it is true, an effort made to make some of these agencies pay their way, as for instance a gasoline tax to be expended on road building. But in few of these instances of inspection and supervision do we escape without some increase, not thus to be covered. Governmental machinery, whatever may be the truth about physical machinery, does make more jobs for men. And it is not too much to say that some of these government machines are created with the prime motive of making more holes for pegs. And it all costs money that can come only from taxation. And taxes can only come from the earnings of the people. The root cure, then, lies in the simplification of rule. We must get rid of the cause by reducing the offices created. We must economize in the structure and operation of government itself. We must govern less, not more. EvoL. 128. It has been the fond hope that budgets would restrict expenditures. And in some ways they have done so. But a more effective means, if it can be established, and it can be in some way, is to place restrictions and limitations upon the power of legislative bodies to appropriate. As long as this power is unrestricted, the budget will be amenable to it. In the Constitutions of the States there were placed limits upon the objects of taxation. But in the growing complications of government these have not proved sufficiently effective. An urge for more and ever more appropriations is chargeable to the people themselves in that they are asking services from the government that do not belong to it. Paternalism is a progenitor of both laws and appropriations to execute them. Fewer services by government, fewer laws, fewer appropriations—and consequently fewer taxes. If we will apply this remedy, the economy will surely follow. But as long as we ask for Boards, Commissions, agencies, we must expect to pay for them. And as long as appropriations can be made for independent services not found in current budgets they will be compelled to appear in subsequent ones. Putting a clamp on the power to appropriate must reduce taxation. And the holding in check of this growing drain upon the energies and resources of the people is vital to the perpetuity of republics. The power to tax is the power to destroy. Governments that oppress the people, themselves breed revolutions. Whether true or false in essence and reality the people of the United States have been made to believe that they are passing through an era of unprecedented prosperity. They have not pondered the question of taxation. Small corporations have denounced the iniquities of an unjustly gradated income tax. Hundreds of thousands under the exemption clause in the Federal income tax pay nothing. And the large corporations that are prosperous have been so prosperous that they have been able to pay taxes based on war needs without serious interference with their earnings. Such conditions are not healthy. When the time comes, and it is surely coming, when the pendulum of general profits swings in the opposite direction, the "fixed charges" of government will bear heavily on all business. Then will come protests. Then, the false theories of socialism and communism will gain recruits from the "well-to-do" as well as from the proletariat. The present murmurings will become loud outcries. And government will be held accountable for its extravagant expenditures. Twelve per cent. of the national income is an enormous tax. In certain States on certain classes of business the rate on incomes runs far higher than this. And while the national or Federal taxation has been reduced, that of the States has shown alarming increase. This fact reveals a fault in our dual system of government. Independent autonomies voting taxes tend to lull the people to the constant taking away of their labor and property. It were better if the total of all governmental taxes could be bulked against the individual, corporation or unit of assessment. It does not seem possible, for some pay one tax and do not pay another. The country school district that at its annual meeting votes a building tax is not conscious that this adds to the grand total. The county that votes a road tax does not consider that this becomes a part of the general road tax voted by the State and duplicated by the FEB. 16 1929.] FINANCIAL CHRONICLE national government. A merchant's license tax levied by a town or city seems something apart from all other taxes. But all of these various forms come from the earnings of the people and are tributes upon toil and trade by means of inconsiderate if not extravagant or profligate governments. We will not be able to lower taxation as a whole until the people resolve collectively to live more economically. We will not be able to rationally consider the subject until we get rid of the idea that government is the protector and progenitor of prosperity. A "Little Father" able and willing to collect funds for all public enterprises is not consonant with a representative democracy. That government rules best which first rules through its component parts, through individuals that first rule themselves. We can not have, in any one decade, the best of everything man can devise. Not only does collective extravagance breed personal extravagance but the fine things bought and builded by the government are reflected in the tastes and desires of the citizens. Frugality is the tape line by which to measure a normal and equable taxation. And it is high time to think on these things. Everyone knows the proportion of taxes caused by war—past, present, future. Somehow, we cannot escape from this burden as far as the past is concerned. We can escape present and future if we will. But surely, while in debt, we can check the governmental cost increase! Fashions In Finance—The Merger. Virgil Jordan, chief economist of the National Industrial Conference Board, addressing the annual convention of the Northeastern Retail Lumbermen's Association in this city, recently, talked at length on mergers and consolidations. In the course of his remarks, he said: "They have not proved, and are not likely to be, a cure-all for excess capacity, over-production or cut-throat competition, or a royal road to exceptionally large profits in any field. The courts and the government are no longer the most important check upon the merger movement. The best safeguard against the acquisition of monopoly power lies in the definite economic limits that exist to undue increase in the scale of business consolidations. . . . Mergers have to depend to-day mainly upon their potential superiority in efficiency to control or dominate the market. While such superior efficiency has been achieved in some fields, it has not been demonstrated in every instance, and in most cases it is clear that the benefits of consolidation have accrued chiefly to the consumer through lower prices. This is the most striking effect in the whole experience of American consolidations, that not the investor, or promoter, but the consumer should have benefitted most by mergers." He further said, and it is very plain language:"Many mergers that have been promoted by financial interests in recent years have been based upon exaggerated hopes or uninformed calculations of cost reduction and market control, and have disappointed investors. . . . If the merger movement is going on so strongly to-day, it is chiefly because the widespread ignorance of fundamental business conditions and the fantastic security market based upon this ignorance have offered an exceptional opportunity to unload contingent securities upon the general public. . . . Consolidation in itself has nowhere guaranteed success or obviated the necessity for hard work and good judgment on the part of the 943 management or fair dealing toward its public and toward its competitors. . . . It is being realized more and more clearly that the essential requirement for industrial and business success to-day is not size, but flexibility of adjustment to changing market conditions." While there is abundant truth in these statements, it is pertinent to say that enterprises represented by consolidated corporations have come to stay because they are founded in need. Saving in operation, reductions in selling prices, more compact industrial organizations, more efficient powers of distribution of finished products, are benefits quite apart from the elimination of competition or domination of the market, and they are sufficient causes for the present trend. Yet it is proper to add that this trend has undoubtedly gotten out of hand. A noticeable fact not to be forgotten at this point is that the people are no longer afraid of size in industries—a marked change from the years when the trust-busters were beseeching Congress to curb and control by law the "blood-sucking monopolies" that were destroying the people. And this, we hold, to prove that corporate consolidations have in many ways proved their worth. But to fully appreciate the present standing of these combinations we must consider first the integral causes which drew them together. Fundamentally they were not the mere product of promoters, they were the result of genius in business expansion and organization. They served the public better than the segregated corporations that were combined. Proof of this also is found in the fact that they have survived political onslaught and continued even in the face of adverse and restrictive laws. That form of progress which meets the demands of a growing and expanding population will always continue. In one way the bigger these industrial integers, the bigger the competition which is the safeguard of the people. As an example, the United States Steel did not prevent the growth and flowering of the Bethlehem Steel. Nor did the unscrambling of the original Standard Oil prevent the growing of present units almost or quite as large. As the speaker above quoted indicates, it is the economic conditions in which the consolidation appears which direct its destiny. Neither prejudice nor passion, neither Federal law nor financial manipulation, can prevent the unfolding of business as a natural result of the wants and needs of the people. It is indubitably true, however, that when a people becomes mad for sudden wealth, the best of business devices and the most worthy of industrial enterprises will feel the pull and push of unbridled ambition. Have we not in many ways reached that condition in the present time? There is little doubt, as Mr. Jordan so plainly points out, that many of the mergers now being made have yet to prove their ability to stand the test of profitable operation. In the last twenty-five years, particularly in the last ten years, we have been rushing too fast into what is known as "big business." It had to come; and it will grow bigger. Where the industries knitted together by consolidations and mergers are basically sound and necessary, unless they have been. carelessly joined, they will stand. But where they have been financially forced into existence without regard to essential qualities to meet imperative demands, where they have been thrown together without power to sustain themselves in competitive mar- 944 FINANCIAL CHRONICLE kets, where they have united discordant factors primarily in opposition to each other, they will fall. Sometimes mere apparent opportunity invites to disaster. New inventions have brought into existence business enterprises that have not yet found their strength, form, or ability to fill a need. No ability in construction or management can make these succeed. And, if we pause to reflect, flexibility to meet a flexible market does not in itself augur safety and stability. A concern that must keep shifting to meet unestablished currents of trade, or variable fancies of the people, or even the researches and inventions constantly producing changes of form and service, or new and obliterating machines, cannot build wisely and solidly. The mere combination of small integers that appear to give this scope to meet all comers, and all opposition, all advance and improvement, is not an assurance of success. The cost of abandoned machinery, practices, and plants, may prove too great. And this discloses, we think, the chief danger in this haste we now witness to effect mergers. By the time the market demands over wide and dissimilar territory are met, the needs and especially the wants may have changed, and the process must be repeated. Let us see what industrial factors can be safely merged. First, are the banks—these confront the whole of a changing business world, and in the very diversity of their loans lies a prime element of their safety and their enlarged and continued success. Second, the public utilities—for though they mat meet all unforeseen improvements, the market demand is inevitably and always growing, and they will be able by slow and controllable changes to meet the costs of improvement and abandoned machinery out of normal profits. Third, the railroads—these have elements of new competition that are disheartening, but these elements of themselves constitute departures from the basic law that brought the roads into existence—the transportation of necessary and perennial products over long distances in obedience to seasonal demands—services which motor lines and air lines will never be able to perform adequately. We might inject here as an aside that the railroads are worth preserving and that public opinion and private favor should nourish their continuous success by public good-will and private patronage. We have now developed the striking truth—that the big mergers, if they follow the laws indicated, are the best mergers. Banks may sin by trying to run branches in straight lines from coast to coast over diverse and contradictory territory. Public utilities may sin by trying to consolidate small plants scattered in shoe-string fashion, regardless of centralized power development and population— spread over too wide a scope of country. And the railroads may sin by failing to foresee the reciprocal relations between, say, agriculture and manufacture, or the trend of population movement, the growth of cities, the cross currents of trade, and the integral resources and compelling energies of established territory, or by a failure to unite the small ends of opposition (weak roads) that sometime may be powerful. These are but a few of the elements that may be mentioned in a huge panorama of growth, development, change, and diversification of commingling industries, which sound mergers must meet. The future is hard to map. And for this reason to rush [voL. 128. into these consolidations because they are the fashion, because they offer a way to make money fast, is unwise. In this very rush, though it is unpleasant to say so, there is opportunity for manipulation by the issuance of securities on expectations. There is chance for what we call the unloading of undesirable properties. There is a chance, in the purchase of seemingly necessary integers, to pay too dear for the whistle. And yet, we repeat, the merger has come to stay. A large number of competing companies, and we do not mean cut-throat competition rather than the necessity by small concerns to too strenuously seek for business, is an expense that cannot long be borne. They all grow up naturally, and just as naturally (to give the greatest service at the least cost) they swing together—not into one dominating monopoly able to cover all markets, but into strong, able, capable, industries, builded to sustain themselves and to make a reasonable and continuous profit. If in the rush and heat of battle we make mistakes we will be compelled to correct them later. And if prosperity should lag correction will add to our burdens. China and America. A cultured Chinese gentleman, speaking here recently, introduced his address with this story: An American lady employing a Chinese butler in her suburban home told him to be very courteous in receiving her visitors. He was to open the door wide, bow, hear their requests, take their cards and show them to a chair in the parlor. He said he understood. When he had turned away she thought she would try him. Going to the back door she went around to the front and rang the bell. He answered promptly, opened the door and bowed profoundly, took the card she offered and led her into the parlor. All was satisfactory. Later the door bell rang. A lady had called, extending her card and asking to be received. He took the card, fumbled in his pockets, drew out the card the hostess had given him, held the cards together, scrutinized them carefully, and then shaking his head said "No good! No come in!" and turned his back to close the door. This he said described China's attitude to America. She holds our card in her hands and other nations must present one like it to be welcomed. For many years America has shown herself China's friend and has taught her what she ought to expect in others. We remember that when a century or more ago our representative sought recognition, he was told that we were not wanted and should go and stay away. The English had established relations by a show of force some time before, and our ships and traders were finding protection under their flag. The opium war came on in 1839 and others have followed; and without active participation, we have shared in all the advantages they secuied. We have joined in the long list of "unequal treaties" and little regarded engagements which have accumulated since. Following the Boxer outbreak, under the lead of Secretary Hay, we inaugurated a new policy. The "open door" was proclaimed; the bulk of the indemnity was returned; we have sought no "concessions" and have signed new treaties disclaiming extra-territoriality and recognizing China's right to control her tariff and trade. With Jan. 1 of this year these new relations went into effect, and we are foremost FEB. 16 1929.] FINANCIAL CHRONICLE in pledging ourselves to their continued recognition in spirit as in word. This then is the situation: We have shown ourselves friendly, and a new door of opportunity and of friendly helpfulness is open. China needs primarily an established government; and wants recognition by the nations, of her national equality. Her union with us in the future in any purpose will embrace one-third of the world's population with practically incalculable resources. This at the moment is unattainable, but it presents a vision of vast possibilities. It would represent a union of the civilization of the West with that of the East, hitherto separated as by a gulf, but once united, making a union of the forces of the past with those of the present which would be a contribution to the evolution of humanity such as has never existed. Visible contact is pitifully slight. According to the customs reports of 1925 there were only 337,000 foreigners in China, of whom only 15,000 were British and 9,800 Americans. Of the rest 218,000 were Japanese, and 79,000 Russians, a total penetration of foreigners of less than one-tenth of one per cent of China's population, and about the same ratio as the Orientals in the United States bear to our total population. But how far beyond comparison is the effect of our diminutive migration! Western civilization has carried with it germs that have penetrated the entire structure and are beginning to disturb and to a degree recreate a cultural system that has stood the shock of foreign invasion for centuries. This is already the testimony of men best acquainted with the situation. Great changes are already begun. China has definite aims. She wants a settled government as we have said. The Kuomintang created to carry out the conceptions of Sun Yat Sen, its reverenced leader, dominates the Government now established in Nanking, the ancient capital. It holds that democracy is not a cure-all, and that Parliamentary Government is not successful in China because the people are not ready for it. Its problem is to hold together long enough to establish new conditions. It has created a Central Executive Committee to run the State, embracing men of every class, with a Cabinet of 10, six of whom are graduates of schools in America, and four of these are Christians. Other leading men in business and industry are graduates of American universities. Politically they aim to secure four results: There shall be no more war; China shall be one nation; a strong Government shall •be established; and the people shall assume responsibility. Every effort is making to secure unity among the leaders, and that is accomplished in all but a few provinces. Soviet troops are being disbanded and work found for former soldiers. The Nation shall be consolidated and democracy on the pattern of the United States shall be striven for. Three revolutionary attempts have been tried and failed since the overthrow of the Empire. One was, Government, as that of Napoleon, founded on bayonets, that of Chang Su Ling set up in Manchuria and extended over North China. Another that of the Soviets directed from Russia, which has been freed of its early control, and its military force reorganized for the present Administration. The third was a republic set up in Nanking founded on bayonets; and that also has passed. Assuming that the political system is in the way of being estab- 945 lished, the next step is the recreation of the inner life of the Nation. The years have been full of war, brigandage, plunder and ruin of homes, even of pestilence and famine, and old evils still exist in persistent force. There is a new spirit. Sun Yat Sen's son-in-law, director of the new Bureau of Propagation of the Kuomintang, pressed three leading principles. These are: Abandon the selfish impulses of the "youth movements." Keep out of arenas of strife, conserve youth by keeping the peace. Make education productive. With the advance of the Southern army, Nanking became the headquarters of :the Kuomintang, and now that the new Government has moved there from Peking it remains to be seen how thoroughly its principles will be carried out. The desire for education seems to have taken hold of the Nation. The first step toward literacy made 10 years ago by selecting some 1,300 of the 24,000 Chinese characters and using them in an effort to teach the people to read, has advanced so rapidly by volunteer aid of hundreds of young people giving themselves to teaching the villagers, that already one great province has been covered, and the movement is set for reaching the entire population. Four simple text books are provided, costing 3 cents each. While the schools are open for every one, male and female, the chief purpose is to reach the young people. When it is remembered that the only education offered in the past has been the historic Mandarin schools for the select few whom the Government sought and taught for its own higher uses, it will be seen how great the change is and how it appeals to the people as a new privilege offered to all. It accounts in large part for the enthusiasm for education. The Government recognizes the change, has closed the former system entirely, and has moved in the new direction, ordering all schools to complete their registration by Jan. 1, 1929. Religion is to be made voluntary; and this is generally accepted by the missionary schools on the ground that Christianity is to be presented in daily life rather than by academizing it. The transformation they seek is to be individual, and to begin in a sense of need which has to be awakened. This native educational movement links in with the new economic and social conditions. New roads are opening in all directions. Railroads and machinery will come later, by degrees, as the people are accustomed to heavy physical labor and make it productive. As money is relatively scarce, foreign merchandise chiefly available is that of small inexpensive articles, which explains the sudden popularity of cigarettes, matches, kerosene, and in lesser extent sewing machines. A marked effect of Western contact is the strong new movement of the country to the city. Hong Kong,formerly an uninhabited island has 625,000 people, of whom 95% are Chinese. Shanghai, a little over a generation ago a small fishing village, is now a city of a million and a half. The International Settlement, only a part of the metropolitan area, held 315,000 Chinese in 1910, and has 810,000 now, an increase mainly of peasants from adjoining villages. Manchuria, the former home of the Manchus, the Chinese are determined to hold,as a part of their empire, is being flooded with Chinese countrymen, seeking new homes on its rich arable lands, swelling the population from twelve to twenty-five millions within the last 20 years. 946 FINANCIAL CHRONICLE The larger cities everywhere, from Hankow to Dairen, are beginning to play important roles. Old forms of finance and of business are passing; international trade demands international usage. Modern banks are appearing and foreign nations are rapidly following America's lead in abandoning the claim of extra-territoriality and recognizing China's right to fix and control her customs. [Vou 128. China is taking up the torch of her own advance. She is modernizing with all haste; but with Western culture "only touching the hem of her garments" and with a rooted appreciation of her own culture, cherished through long centuries, she will advance slowly and in her own way to take her part in contributing to the progressive culture of the new age— incomplete as it still is. Gross and Net Earnings of United States Railroads for the Month of December The earnings of United States railroads for the month of December make an unusually good comparison with the results for the corresponding month of the previous year. This is particularly true in the case of the net earnings where the increases in both absolute amount and in ratio are the largest of any month of the year 1928. To say this is of course the same as saying that reductions in expenses growing out of greater efficiency of operations and the development of new economies have played an important part in the improvement shown. The satisfactory nature of the comparisons is the more noteworthy inasmuch as the month had one less working day than that of the previous year, December 1928 having contained five Sundays, whereas December 1927 had only four Sundays. Stated in a nutshell, our tabulations record $27,178,944 increase in the gross earnings, or 5.80%, and $48,444,421 in the net earnings (before the deduction of the taxes), or 54.43%, expenses having been reduced in amount of $21,265,477, as will appear from the following comparison of the grand totals. previous year, even if it did not show a complete recovery. The statistics are absolutely conclusive on all the points mentioned. The increase in coal production was perhaps of most general application, since coal traffic constitutes such a universal item of traffic. Statistics just published by the United States Bureau of Mines show that 43,380,000 tons of bituminous coal were produced in the United States in.December 1928, as against 41,114,000 tons in December 1927, though comparing with no less than 57,180,000 tons in 1926. The anthracite produced in December 1928 was 6,226,000 tons, as against 5,990,000 tons in December 1927 and 7,478,000 tons in December 1926. As regards the revival of general trade, this found its manifestation in various directions, but especially in the automobile industry, and in the iron and steel trades. The production of motor vehicles in the United States in December 1928 is reported at 233,135 passenger cars and trucks, against only 133,571 in December 1927, and 167,924 in December 1926, but 316,572 in December 1925. In other words, nearly 100,000 more cars were turned out in the 'Month of December— Inc.(+) or Dec.(—). 1928. 1927. Mlles of road (184) +1,051 0.04% month under review than in the same month of 240,337 239,286 the Gross earnings 1495,574.485 1468,395,541 +527,178,944 5.80% Operating expenses 357,281,040 378,546,517 —21,265,477 5.112% previous year. The improvement here very naturalRatio of expenses to earnings_ 8.72% 72.09% 80.81% ly was reflected in the iron and steel trades. AcNet earnings 1138,293,445 189,849,024 +148,444.421 54.43% cording to the "Iron Age," the make of iron in the In explanation of the improvement here dis- United States in December 1928 aggregated 3,369,closed, it need only be said that virtually all the 846 tons, as against 2,695,755 tons in December 1927, conditions were favorable during the month in 1928, and according to the American Iron & Steel Instiwhile on the other hand, in the previous year vir- tute, the production of steel ingots aggregated 4,019,tually all the leading conditions and circumstances 432 tons in December 1928 in comparison with only affecting the results were unfavorable. This latter 3,175,484 tons in December 1927. It only remains statement with reference to the results the previous to add that the carloadings, comprising freight of year deserves to be emphasized. In reviewing the every kind, reveal a similar recovery, a total of figures for December 1927 we pointed out that our 4,413,778 cars having been moved by the railroads compilation for that month was a duplicate of that of the United States in the five weeks of Decemfor the month of November in the unfavorable show- ber 1928 as compared with 4,175,277 cars handled ing it made,the two months together ranking among in the corresponding five weeks of 1927 and 4,490,the very poorest of the year. Trade depression then 391 in the five weeks of 1926. was the common cause responsible for the unsatisIn another direction there was also improvement factory nature of the showing in all parts of the —virtually for the first time, it may be said, during country, accentuated by certain special adverse cir- 1928. We allude to the improvement disclosed by cumstances and conditions. The coal carrying roads, the railroads of the Southern States. Evidently we added, had suffered most of all, in part by rea- business prostration in that part of the country, son of the mild winter weather prevailing, but even which for over two years had been playing havoc more because of the absence of certain special favor- with the traffic and revenues of Southern roads, ing circumstances, which had served in 1926 greatly has at length run its course, thereby presenting a to swell traffic and revenues. new and brighter outlook for the future. One or two In the remarks then made we have the clue to of the Florida roads, or those serving Florida, are the great change for the better revealed by the re- still obliged to report some loss, at least in the turns for December 1928. Trade and industry were gross earnings, but otherwise the larger railroad experiencing a veritable slump at the close of 1927. systems have scaped further losses and reductions Contrariwise, the country's industries enjoyed great in expenses have tended still further to improve the and growing activity in the closing month of 1928, showing as far as the net is concerned. Thus the as indeed they had been enjoying during virtually Atlantic Coast Line reports $338,367 decrease in the whole of the year 1928. In addition, coal min- gross with $672,627 increase in net; the Florida ing proceeded on a much larger scale than in the East Coast $198,740 falling off in gross with $61,- FEH. 16 1929.] FINANCIAL CHRONICLE 947 603 gain in the net. The Seaboard Air Line, on the with the period of the flood disaster in the previous other hand, shows improvement in gross and net year and reports $361,232 gain in gross and no less alike-$140,718 in the former, and $455,795 in net. than $2,936,522 gain in net, it having been operated The Louisville & Nashville shows $123,884 gain in at a heavy deficit in December 1927. In the followgross and $807,309 in net. The Southern Railway ing we show all changes for the separate roads for on its part is able to show $440,478 addition to gross amounts in excess of $100,000, whether increases or and $544,668 addition to net. This last is for the decreases, and in both gross and net: Southern Railway proper. For the Southern Rail- PRINCIPAL CHANGES IN GROSS EARNINGS FOR THE MONTH OF DECEMBER 1928. way system (including the Alabama Great SouthIncrease. Increase. 84,927,16 Central of New Jersey__ $270,323 & Texas Pacific, Pennsylvania ern, the Cincinnati New Orleans 265.078 a2,308,190 Yazoo & Mississippi Val_ New York Central Norfolk & the New Orleans & Northeastern, the Georgia South- Atch Top &Western (3) - 1,507,189 Colorado & Southern (2)_ 228.792 221.239 1,192,744 Chic Ind & Louisville Sante Fe 180,578 1,175,536 Lehigh Valley ern & Florida and the Northern Alabama), the im- Erie(3) 149,172 1,135,738 Elgin Joliet & Eastern_.. Wabash 142.236 1,045,848 Cin New Onl & Tex Pac_ Great Northern provement reaches $615,149 in the gross and $724,- Chesapeake & Ohio 140,718 987.048 Seaboard Air Line 139,718 940,350 Union RR (Penn) Baltimore & Ohio 068 in the net. 137,862 881,243 Galveston Wharf Reading 125,612 724,493 Det Grand Haven & MU. Chic Rock Is & Gulf (2).. Elsewhere than in the South gains are nearly Chicago& North Western 679,527 Louisville & Nashville 123.884 108,628 652,774 Ann Arbor Texas & Pacific everywhere the rule, though there are, as is always Missouri Pacific 107.617 639,682 Indiana Harbor Belt__ 104,481 557,411 St Louis Southw (2)--Grand Trunk Western the case, a few exceptions to the rule, such as in Michigan Central 551,457 828.302,295 Total(57roads) 534,373 Missouri Hans Tex Lines Decrease. the case of Western Maryland, whose coal traffic Detroit Toledo & Ironton 486,892 450,646 Chic Burl & Quincy---- 8411,994 is still falling below that of the preceding year, and Southern Pacific (2)477,385 Kansas City. Mexico & Illinois Central 339,375 Orient of Texas 449,571 Pittsburgh & Lake Erie.. 338,367 b440,478 Atlantic Coast Line- one or two of the railroad systems in the territory SouthernRailway 310,143 421,001 Chic MU St Paul & PacUnion Pacific (4) 281,514 gridironing the spring wheat territory of the North- Hocking Valley 375,616 Clev CM Chic & St Louis 218,687 365,504 Western Maryland N Y N H & Hartford.. 198,740 361.232Florida East Coast west, like the Milwaukee & St. Paul, where there CentralVermont 169.571 355,382 Atlantic & St LawrenceWheeling & Lake Erie-Railroad Assowas some falling off in the movement of spring Del Lack & Western-- 331,083 Terminal of St Louis...... 160,892 elation 305,943 Western Pacific 299,910 wheat to market,though the spring wheat harvest in Pere Marquette Erie__..294,951 Total (9 roads) 8 2,429,283 Bessemer dz Lake York that part of the country was abundant in 1928 just la a These figures merely cover the operations of the Newlike theCentral Michiitself. Including the various auxiliary and controlled roads, as it had been in 1927. On the other hand, other gan Central, the "Big Four," &c., the result Is an increase of $3,132,185. b This is the result for the Southern Railway proper. Including the New Orleans & Texas Pacific, systems in the Northwest are able to submit very Alabama Great Southern, the CincinnatiOrleans & Northeastern and the the Georgia Southern & Florida, the New the whole going to form the Southern Railway System. favorable statements, which is the more significant Northern Alabama. the result is an increase of 8615,149. inasmuch as in their cases comparison, as a rule, is PRINCIPAL CHANGES IN NET EARNINGS FOR THE MONTH OF DECEMBER 1928. with good results in the previous year, the roads in Increase. pernpgripwommilip3ft. Increase. that territory having then been an exception to the $5,544,906 Chic Ind & Louisville-- 8301,238 lvama Chicago & North West.. 294,906 New / Vermont general rule of shrinking revenues because favored Centralbrk Central 284,225 2,936,522 Illinois Term nal 281,147 2,808,230Wheellng & Lake Erie__ _ Ohio Baltimore by an exceptionally heavy movement of spring wheat Erie(3) & 274,904 2,530.217 Great Northern 273,146 Atch Top & Sante Fe(3)- 2,077,119 Detroit & Mackinac--to market. The Milwaukeee & St. Paul itself, Chic Mil St Paul & Pac. 1,998,314 Pere Marquette 250,571 1.968,148 Denver & Rio Grande Ghesapeake & Ohio 248,834 Western though showing a loss of $310,143 in gross, reports Boston & Maine 1,852,667 236,981 Quincy-- 1.461.590 Indiana Harbor Belt 219,792 1,167,765 Lehigh Valley a gain in the net of no less than $1,998,314, owing to Chic Burl & Wabash 210,490 1.100.421 Western Pacific Missouri Pacific 198,234 1,069,664 Elgin Joliet & Eastern__ reduced expenses. The Great Northern adds $1,- Illinois Central 188,826 & St Louis 1,050.178 West Jersey & Seashore.. Clev Cin Chic 170,394 1,030,564 Chicago & Eastern Ill__ 045,848 to gross, but only $274,904 to net. The NYNH& Hartford 166,691 971,162 Chicago River & Ind-- Norfolk & Western : 60 981 163 444 05 07:309 Texas & Pacific 864 8 ty Northern Pacific has enlarged gross by $35,465 and Readl Central of 8 Louis le & Nashville-157.841 :stern1 672,627 Chicago Great3 Coast Line-net by $329,623, while the Chicago North Western re- Atlantic Central 132,158 622.926 Del Cr Haven & Mil Michigan ports an increase of $679,527 in gross and of $294,- Southern Railway Erie.. b544,668 Los Angeles & Salt Lake.. 130.444 531,142 Kansas City, Mexico & Pittsburgh & Lake 18 1142 9 11 : 16 Orient Toledo & Ironton 906 in net. The Chicago Burlington & Quincy falls DetroitTrunk Western-- 462,166 Midland of Texas Valley 462,166 Grand Air Line but through reduced ex- SeaboardMississippi Val- 455,795 Kansas City Southern.... 101.481 behind $411,994 in gross, 449,494 Yazoo & Decrease. 847,562,309 Total(69 roads) & Lake Erie penses has converted this into $1,461,590 gain in net. Bessemer & Western-- 444,493 428,087 Del Lack 377,173 Chicago St Paul MinValley 60 54 9 The Rock Island has bettered its gross by $724,493, Hocking Tex & Mex (3)- 350,898 neapolls & Omaha_ __ _ $202:232 New Or, 339,175 Western Maryland 197,538 but shows a decrease of $197,538 in net. The Atchi- Colorado & Southern (2) 338,810 Chic Rock Is & Pacific(2) 158,960 Union RR (Penn) 329,623 St Louis San Fran (3).... Pacific son reports 1,192,744 increase in gross and $2,077,- NorthernKan Tex Lines- 329,186 Atlantic & St Lawrence- 130,076 Missouri 119.583 328,093 Southern Pacific (2)--Union Pacific(4) Terminal Railroad Asso119 increase in net, and the Union Pacific $421,001 Minneapolis St Paul & MP 104,423 elation of St Louie-317,206 Marie i exico Sault in gross and $328,093 in net, but the Southern Pa- Kansm Ste $ 1.167,772 Total (7 roads) 305.328 Orient of the New York Central cific, though having enlarged its gross by $450,646, a These figures merely cover the operationscontrolled roads, like the itself. Including the various auxiliary and has $119,583 decrease in net. Michigan Central. the "Big Four, &c., the result is an increase of Including the ' The great East-and-West trunk lines all give a $6012.163.s1, the result for the Southern Railway proper. Texas Pacific. Alabama Great Southern, the Cincinnati New Orleans & Florida, the New Orleans & Northeastern, and the good account of themselves and show large gains Georgia Southern & ohormimtn form the Southern Railway System' ew tAl an n rthern is abalia. the f e which is natural, considering the extent of their ir losses in the previous year. The Pennsylvania RailSpeaking once more of the roads collectively, it road. reports $4,927,160 increase in gross and $5,- has been indicated above that comparison is with 544,906 increase in net, and the New York Central notably unfavorable results in the previous year. $2,308,190 in gross and $3,558,409 in net. This last Only part of the loss then sustained in the gross has is for the Central proper. Including the various been recovered in the month under review, but more auxiliary and controlled roads, the whole going to than the whole amount of the loss in net. In other form the New York Central Lines, the result is $3,- words, while we have for December 1928, as noted 132,185 increase in gross and 6,012,163 increase in at the outset of this article, $27,178,944 gain in gross net. The Erie reports $1,175,536 gain in gross and and $48,444,421 gain in net, in December 1927 the $2,530,217 in net; the Baltimore & Ohio $940,350 in falling off in the gross was no less than $59,294,705, gross and $2,808,230 in net, and the Wabash $1,- though the falling off in the net was only 1128,169,135,738 in gross and $1,167,795 in net. In New Eng- 018. Even the showing in 1926 was a poor one, there land the New York New Haven & Hartford has to its having then been only $2,943,972 gain in gross and credit a gain of $365,504 in gross and of $1,030,564 $15,267,349 loss in net. In the years prior to 1926, in net. Perhaps the most noteworthy showing of all likewise the December showing did not come fully is that of the Central Vermont which is comparing up to expectations. In December 1925 the exhibit 948 FINANCIAL CHRONICLE [VoL. 128. was quite an indifferent one, due to the strike at the top of a whole series of losses in net in the same anthracite mines, with the complete stoppage of the month of the years immediately precedi ng. In the mining of hard coal involved, this having operated to following we furnish the Decemb er summaries for pull down the earnings of the anthracite carriers, all each year back to 1906. For 1910, 1909 and 1908 we of which suffered heavy losses in gross and net alike use the Inter-State Commerce totals, but for the at that time. Stated in brief, our compilations for preceding years (when the Commiss ion had not yet December 1925 showed no more than $18,591,184 in- begun to require monthly earning s) we give the recrease in gross, or 3.69%, and $10,354,676 increase sults just as register ed by our own tables each year in net, or 8.34%, notwithstanding the country was —a portion of the railroad mileage of the country then enjoying great prosperity. In the previous year, being then always unrepre sented in the totals, owing too, the improvement was rather moderate, our ta- to the refusal of some of the roads at that time to bles for December 1924 having shown only $11,308,- give out monthly figures for publication. 819 gain in gross, or 2.29%, though the net earnings of the roads by reasons of the growing efficiency Dec. Gross Earnings. Net Earnings. Year Year with which they are being operated, increased Inc. 1+) or Year Year Inc. (+)or Given. Preceding. Dec.(—). Given. Preceding. Dec.(—). $17,998,730, or 16.90%. On the other hand, $ 135,735,226 124,733.435 this followed losses in both gross and net in the year 1906.- 132,199,762 141,312,429 +11,001,791 43,831,182 42,943,900 +887,282 1907-—9,112,667 34,354,158 45,998,206 —11,644,048 1908-- 205,777,451 194,222,311 +11,555,140 51,533,086 preceding (1923). The contraction in the gross in 1909._ 222,692.092 205,971,898 +16.720.194 68.495,740 68,653,301 +16.962,654 68,467,305 —185,996 1910._ 236,835,304 220,870,151 +15.965.153 70,357,004 67,858,550 +2,498,454 December 1923 (as compared with 1922) was not 1911._ 233.614,912 232,275.177 +1,339.735 61,225,377 56,766,970 +4,458,407 1912._ 263.788,603 234,087,361 +29,681.242 81,701,974 72,932,360 +8,769,614 large, relatively speaking, being $19,212,804, or 1913._ 254,218,891 266,224,678-12.005.787 68,800,028 82,622,271 —13,822,245 1914._ 232,598.369 256,285,270-25.686.001 61,134,950 —7,139,272 3.75%, but it testified to a slackening in trade, of 1915._ 295,202,018 232,763.070 +62,438,948 105,878.758 68,274,222 +44,692,200 61,186,558 1918_ 262,171,169 242,064.235 +20,106,93 86,302,108 —3,064,713 which much had been heard in the summer and au- 1917-- 343,875,052 317,836,386 +26.038,664 83,237,395 103,520,028 —17,804,301 6 85,715.727 1918._ 438,365,327 335,607,571 +10275775 85,767,019 tumn of 1923. This falling off of $19,212,804 in the 1919._ 451,991,330 440,481,121 +11,510,206 44,738,149 44,919,752 —41,028,870 9 38,536,432 —6,383,320 1920._ 539,197,615 443,124,176 +96,073.439 51.322,679 37,517,854 +13,804,825 1921._ gross was attended by a reduction in expenses of 1922.. 406,864,055 527.480,047 -120,615,992 67,849,188 44,250,090 +23,599,098 512,433,733 424,898,143 +87,735,590 111,942,758 76,738,093 +35,204,666 1923-$16,773,652, leaving nevertheless a small falling off 1924-- 493,099,550 512,312,354 —19,212,804 106.248.158 108,687,310 —2,439,152 504.818,559 493,509,641 +11,308,918 124,480,894 106,482,164 +17,998,730 1925._ in the net, viz.: $2,439,152. In considering this 1926-- 523,041,764 504,450,480 +18,591,184 134,445,634 124.090,958 +10,354,676 525.411,572 522,487,600 +2,943.972 119,237,349 134,504,698 —15,267,349 466,526,003 525,820,708 shrinkage in gross and net, however, in December 1927._ 495.574,485 468,395.541 —59,294,705 90,351,147 118,520,165 —28.169,018 +27,178,944 138.293,445 89.849,024 +48.444.421 1923, the circumstance should not be overlooked Note.—In 1906 the number o roads included for the month of December was 96' In 1907,89;In 1908 the returns were based on 232,007 miles of road; In 1909, 239,481 that comparison then was with extremely heavy to- in 1910. 241,364; in 1911. 238 561; in 1912, 238,072; In 1913, 243,322; In 1914,• 246,807; 248,437; 216,811; 247,988; 232,774; tals in the year preceding (1922)—so much so that In 1919, In 1915, In 1920, In 1916, In 1921, in 1917, in 1922, In 1918, In 1923, 233,899; 229,422; 225.619; 235,920; 235,379; in 1924, some falling off in traffic and revenues was rendered 1928, 240,337. 236,196; in 1925, 236,959; in 1926, 236,982; In 1927, 238,552; In When the roads are arranged in groups, or geoinevitable, as a matter of course, the moment the slackening of trade made its influence felt. In re- graphical divisions, according to their location, it is viewing the results for December of this year (1922), found that all the different districts and all the we noted as an interesting fact that as the country different regions in those districts record gains in got farther away from the disturbing influence of gross and net alike, just as in the preceding year all • the coal miners' strike of the previous spring and registered losses, the one of course following from summer and of the railway shopmen's strike of the the other. Our summary by groups is as below: summer, the returns of earnings were becoming bet- We now group the roads to conform with the classiter. The addition to the gross in December 1922 fication of the Inter-State Commerce Commission. over December 1921 was no less than $87,735,590, The boundaries of the different groups and regions or 20.66%, and though this was attended by an aug- are indicated in the footnote to the table. mentation in expenses in amount of $52,530,924, SUMMARY BY DISTRICTS AND REGIONS. District and Region. V E i there remained an increase in the net of $35,204,Month of December. 1927. Inc. (-I-) or Dec.(—). 1928. Eastern District— i $ $ % New England region (10 roads)._ 666, or 45.87%. +673,846 2.66 ..... 22,133,724 21,559,878 Great Lakes region (34 91,101,622 83,392,629 +7,708,993 9.24 roads) There was, however, a qualifying consideration to Central Eastern region (30 roads) 110,467,531 101,580,737 +8,886,794 8.75 take into account in connection with the big gain Total(74 roads) 223,702,877 206,533.244 +17,169,633 8.31 Southern Distria— made in December 1922. Comparison was with a Southern region (31 roads) 64,174,220 63,059,022 +1,115,198 1.76 21,915,404 19,451,444 +2,463,980 12.66 period of intense business depression in the pre- Pocahontas region(4 roads) Total(35 roads) 88,089.824 82,510,466 +3,579,158 4.33 vious year, our tabulations for December 1921 hav- Western District— Northwestern region (18 roads).— 54.469.397 52,727,138 ing shown $120,615,992 falling off in the gross earn- Central Western region (24 roads). 83,717,642 80,906,495 +1,742,259 3.28 +2,811,147 3.47 ings, though accompanied by a curtailment in ex- Southwestern region (33 roads).— _ 47,594,945 45,718,198 +1,876,747 4.10 Total(75 roads) 185,781,984 179,351,831 +6,430,153 3.58 penses in the huge sum of $144,215,090, leaving, 495,574,485 468,395,541 +27,178,844 5.80 hence, a gain in net of $23,599,098. As it happened, Tota alldistricts(184 roads) District and Region. Net Earnings Month too, this gain in the net in December 1921 followed Easternof December. —mileage— 1928. 1927. Inc (+)orDec.(—) District— 1928. 1927. 1 $ 8 % New England region-- 7,298 7,243 8,687,507 2.812,361 a moderate gain in the net in December 1920, mak- Great Lakes region__ 24,375 +5,875,146208.90 24,404 26,144,443 15,235,408+10,909,035 71.66 Central Eastern region 26,845 26,985 27,272,449 14,137,171+ ing the December statement for 1922 the third con13,135,278 02.91 58,518 58,632 62.104,399 32,184,940+29,919,459 92.99 secutive one in which improvement in the net had Total Southern District— Southern region been recorded. 40,129 39,810 17,475,758 12,872,267 +4,603,491 35.75 Pocahontas region __ 5,632 5.820 9.608.954 6,546,774 +3,062,180 46.77 It is proper to state that the improvement in the Total 45,761 45,430 27,084.712 19,419,041 +7,665.871 39.47 net in December 1920 followed entirely from the Western District— Northwestern region 48,952 48,466 11,331,090 7,977,792 higher schedules of passenger and freight rates Central Western region 52,077 51,958 24,603,357 20,384,870 +3,353,298 42.02 Southwestern region.. 35.029 34,800 13,169,887 9,882,381 +4,218,487 20.69 +3,287,506 33.26 which had then been put into effect a short while Total 138,058 135.224 49,104.334 38,245,043+10,859,291 28.39 before. In December of that year business depres- Total all dlatricts 240,337 239,286 138,293,445 89,849,024+48,444,421 54.43 sion had already begun and a marked falling off in NOTE.—We have changed our grouping of the roads to conform to the C1E1738111cation of the Inter-State Commerce Commission, and the following indicates the traffic had occurred. But owing to the advance in confines of the different groups and regkinu: rates referred to, the falling off in traffic was obEASTERN DISTRICT. New England segyou,—This region comprises the New England States. scured. Our tabulations for December 1920 showed Great Lakes Region.—Thla region comprises the section on the Canadian boundary between New of Lake Michigan to Chicago, and a gain of $96,073,439 in gross and of $13,804,825 in north of a line England and the westerly shore New York. from Chicago via Pittsburgh to Central Eastern Region.—Thle region comprises the section of the Great the net. Moreover, this small gain in net came on Lakes Region, east of a line from Chicago through Peoria tosouthLouis and the St. MIsidasIPPI River to the mouth of the Ohio River. and north of the Ohio River to FEB. 16 1929.] Parkersburg, W. Va., and a line thence to the southwestern corner of Maryland and by the Potomac River to its mouth. SOUTHERN DISTRICT. Pocahontas Regton.-This region comprises the section north of the southern boundary of Virginia, east of Kentucky and the Ohio River north to Parkersburg. W.Va.,and south of a line from Parkersburg to the southwestern corner of Maryland and thence by the Potomac River to Its mouth. Southern Region.-ThIs region comprises the section east nt the Mississippi River and south of the Ohio River to a point near Kenovs. W. Va., and a line thence following the eastern boundary of Kentucky and the southern boundary of Virginia to the Atlantic. WESTERN DISTRICT. -This region comprises the section adjoining Canada lying Northwestern Region. west of the Great Lakes region, north of a line from Chicago to Omaha and thence to Portland and by the Columbia River to the Pacific. Central Western Recion.-This region comprises the section south of the Northwestern region, west of a line from Chicago to Peoria and thence to St. Louis. and north of a line from St. Louis to Kansas City and thence to El Paso and by the Mexican boundary to the Pacific. Southwestern Recton.-This region comprises the section lying between the MLJsissippi River south of St. Louis and a line from St. Louis to Kansas City and thence to El Paso and by the Rio Grande to the Gulf of Mexico. Western roads in December (taking them collectively) suffered a contraction in their grain traffic, and with the single exception of corn, which showed a slight increase, the falling off extended to all the different cereals. Thus the receipts of wheat at the Western primary markets for the four weeks ended Dec. 29 1928 were 30,352,000 bushels, as against 31,144,000 bushels in the corresponding period of 1927; the receipts of corn 39,944,000 bushels, as compared with 39,296,000 bushels; the receipts of oats 11,240,000 bushels, as against 12,084,000 bushels; of barley 5,599,000 bushels, as against 6,178,000 bushels, and the receipts of rye 1,603,000 bushels, against 2,772,000 bushels. At all the Western primary markets combined the receipts for the five cereals (wheat, corn, oats, barley and rye) for the four weeks ended Dec. 29 aggregated 88,702,000 bushels, as against 91,474,000 bushels in the corresponding period of 1927. In the following table we give the details of the Western grain movement in our usual form: WESTERN FLOUR AND GRAIN RECEIPTS. 4 Weeks Ended Dec. 29. Flour Corn Wheat Oats Barley Rye (bbls.) Chicago(bush.) (bush.) (bush.) (bush.) (bush.) 1928-- 935,000 1,542.000 16,721,000 4,010.000 969.000 493.000 1927-- 1,180,000 1,233,000 9,477,000 5,584,000 900,000 428,000 • AlciUnmakes1928-- 146,000 76,000 3,232,000 684,000 1,039,000 43,000 1927...- 243,000 77,000 1,474,000 375.000 961,000 88.000 St. Louis1928.- 498,000 2,713,000 3,732,000 1,471,000 206,000 1,000 1927.-- 540,000 2,373,000 2,589,000 1,508,000 160,000 41,000 Toledo284.000 540,000 359,000 19289,000 3,000 493,000 1,017,000 484,000 19271.000 13.000 Detroit88.000 121,000 86,000 6,000 192813,000 78,000 448,000 179,000 2,000 1927_ 41,000 Peoria766.000 133,000 2,747,000 250,000 1928.-. 263,000 152,000 2,255,000 691.000 120,000 1927.-- 364,000 Duluth153.000 439,000 793.000 7,316,000 589,000 1928139,000 2.086,000 1,756,000 25,000 7,777.000 1927_ Minneapoils8.110,000 2,121,000 1,741,000 2,320,000 1928_ 461,000 1,585,000 1,930,000 1927_ 8.903,000 1,187,000 358,000 Kansas City 346,000 1928 _ 5,428,000 3,732,000 198,000 1927... 4,789,000 9,664,000 Omaha and indianspolls1,208,000 1928-1.789,000 4,055,000 1,044,000 10,000 1927.-1,936,000 8,116,000 Mout env 278,000 7,000 __ 1928_ 1,756,000 166.000 266,000 4.000 1927227,000 1,629,000 1,000 St. Joseph 64,000 1928_ 666,000 816,000 120,000 1927--458,000 2.137,000 Wichita 38.000 1928.-371.000 1,602,000 25,000 1927..89,000 1,898,000 Total AU1928-- 1,842,000 30,352,000 39,944,000 11,204,000 5,599,000 1.603.000 1927... 2,267,000 31,144,000 39,296,000 12.084,000 6.178,000 2,772,000 The Western livestock movement, on the other hand, was larger than in December of the previous year. At Chicago the receipts comprised 22,133 carloads in December 1928, against 20,640 carloads in December 1927; at Kansas City 7,286 carloads, against 7,059 carloads, but at Omaha 5,206 carloads against 6,146 cars. Coming now to the cotton movement in the South this was on a greatly increased scale as compared with December 1927, in which latter year the crop was very small. Gross shipments overland in December 1928 were 171,900 bales as against 138,903 bales in December 1927, but comparing with 229,232 bales in December 1926; 245,888 bales in December 949 FINANCIAL CHRONICLE 1925, and 285,573 bales in December 1924. Receipts of the staple at the Southern outports in December 1928 aggregated 1,260,645 bales, as against only 695,985 bales in December 1927, 1,606,850 bales in December 1926, 1,313,425 bales in December 1925, and 1,376,675 bales in December 1924, as will be seen by the subjoined table. RECEIPTS OF COTTON AT SOUTHERN PORTS IN DECEMBER FOR SIX YEARS, 1923 TO 1928, INCLUSIVE. Month of December. Ports. 1928. Total 1925. 1924. 1923. 421,172 384,668 281,217 8,337 41,393 143 40,097 206,941 483,603 234,110 492,227 152,908 338,823 1,423 44,975 16,841 990 633 29,465 102,091 517,655 235,124 330,280 557,021 257,278 359,485 374,594 192,047 243.334 29.604 3,254 84.892 25.907 2,250 67,181 56,003 19,555 68.583 31,876 14,683 66,057 37,610 37,610 32,333 11,874 519 43.827 489 28,284 17.657 70,361 1,260,645 695.985 1,606,850 1,313,425 1,376,675 bales Galveston Texas City, arc New Orleans Corpus Christi Mobile Pensacola, do Savannah Brunswick Charleston Wilmington Norfolk Lake Charles 1927. 982.986 16,071 24,991 40,522 2,034 13,624 12,368 27,682 1926. Different Types of Investment Trusts. [From an address delivered on Dec. 20 by Jerome Thralls before the Cincinnati Association of Credit Men.] During the last five years, there have been several outstanding examples of value given to the American investors and the investment banking world by several types of investment trusts. Barely a half dozen trusts formed in this country have a record of five years management behind them. These half dozen trusts, however, have records of outstanding successes. They embrace a management trust of the purely British type, which includes in its portfolio chiefly American bonds and stocks, and international investment companies which diversify their resources equally between European and American securities, and participate in underwritings with originating investment banking houses; and investment companies specializing in public utilities; and another specializing in stocks of insurance companies. Broadly speaking, the investment trust idea as devised to meet conditions in the United States has resulted in the formation of four different types of trusts. Numerically the largest is the "Unrestricted Management" type, which perhaps may more properly be called an "Investment Company." This type sells its own securities to the investing public, usually through the medium of underwriting by a banking group. The securities 90 offered follow the accustomed pattern of first mortgage bonds, debentures, preferred stocks and capital stock. The senior securities usually are underlaid by bonds or stocks purchased by the trust in the open market. The portfolio of underlying stocks and bonds generally represent in dollar market value, from 110 to 125% the par of the senior securities offered to investors. It has been estimated that over 80% of the trusts formed in this country are of this broad general type. There are no restrictions as to the operations of the management, except that the policy of the management is usually defined as placing a certain proportion of the funds of the company in bonds and other senior securities, and a limited amount in common stocks, with perhaps a restriction that not more than 5% of the funds may be placed in the securities, senior or junior, of any given corporation. Of the remaining classifications, numerically the largest is the management company which specializes in the securities of a given industry. Some notable successes have been made by management companies specializing in public utility securities alone, others in insurance securities solely. These are called "Specialized Trusts," and their appeal has been that a management trained for a business life-time in one specific field prima fade can make a wiser selection of securities in that field than can the average investor, or even the average investment banker. The third class is known as the "Fixed Trust." This type is what the Courts have declared to be a true "Trust." The management of such a trust purchases a designated list of securities, usually comprised of the issues of from thirty to fifty corporations. A list of the securities is printed in the offering circular, and the combined financial statements of the corporations in the trust are also submitted to the investor before he invests in the shares of the Trust. The securities are placed, as purchased, in trust, either with a trust company or the trust department of a 950 FINANCIAL CHRONICLE Form 128. bank. Against the securities there is issued what is known vestor. Hence, the willingness of the investor to purchase as "Collateral Trustee Shares," instruments patterned securities of an investment trust or company managed by somewhat after the well known "Collateral Trust Bond." bankers and business men with years of experience and The trustee bank is a party to a deed of trust or Trust In- perhaps of personal acquaintance with the leading corpodenture, under the terms of which the deposited securities rations in the essential industrie s in the country. The are held in trust, and under the terms of which there is investor realizes although he may have purchased a comissued series of Collateral Trustee Shares authenticated by mon stock, well protected at the time of purchase by large the bank and sold by the maangement company to the in- assets, accumulated surplus and liberal earnings, that in vesting public. The term of these "fixed trusts" is usually order to be assured of the continued safety of his holding, 20 years and at the termination of the trust, the trustee someone, either the investor or a delegated authority, must bank liquidates the securities and turns the proceeds over constantly watch the earning position of the corporation to the investors who then own the collateral trustee shares. and the position of the industry it serves in order to be asIn the meantime, the trustee bank collects all dividends, sured of the continued safety of the investment. exercises or sells all rights, warrants and other accumulaIn these days of intensive competition in all branches of tions originating from the securities held in the portfolio, Industry the business man of substantial affairs finds his and pays the proceeds in dividends semi-annually to the day entirely filled with the pressure of his own business. holders of the collateral trustee shares. A security, once Success means constant applicatio n. Growth brings inplaced in the portfolio of the "fixed trust," cannot be sold creasing problems. Business men of large affairs realize but must be held in the trust for the full twenty years or that they cannot successfully specialize in more than one other designated term of the trust. industry and do justice to each. The study of the shiftDuring the last 18 months, there has arisen a modification ing positions of many corporations is too great a task for of the fixed trust, known as the "Designated Trust." This a mind already intensively engaged in private business. type of trust has been a product of the demand by investors Therefore, a proven management of an investment trust for a type of trust which designates in advance exactly or company finds many investors willing to delegate to it what corporate securities the investors' funds may be placed the task of selecting securities of unquestioned safety and in at the time of his investment or at any future time dur- of constantly scrutinizing the selection to the end that it ing the life of the trust. It is intended to give the investor remains first of all safe, and second, the best selection opportunity to analyze the statements, and asset and earn- that can be made from the standpoint of yield and possiing power of each security in the trust, or which in the fu- bilities of growth of the investor's principal. ture can be placed in the trust, before he purchases its Another factor in the rapid growth in popularity of the Collateral Trust Shares. The "designated trust" may be investment trust idea in the United States is the result of regarded as a true "trust." Its securities are also de- the creed of diversity, preached for years by investment posited under a trust indenture with a bank or trust com- bankers in relation to bond investment. It has become pany, which acts as Trustee for the term of the trust. recognized by investors at large that the first mortgage The "designated trust" differs chiefly from the "fixed bond of a single corporation must be less safe than is a trust" in that it has a primary list and a reserve list, each selection of twenty first mortgage bonds issued by twenty designating certain securities. The primary list sets forth leading corporations located in different sections of the the securities owned by the trust, at the time its shares country. are first offered to the public. The reserve list designates This acceptance of the idea of great safety of principal exactly which securities can be purchased by the trust in obtained through wide diversity coupled with the desire the event that it sells, for any reason, a security held in of the American people to own common stocks and thus Its primary list. This type of trust has certain limited free- share in the growth of corporations of issue and the indusdom of management, while a fixed trust has no freedom of tries they serve, has created an ever increasing demand for management or need for management once the securities in securities of investment trusts and investment companies. No individual investor can begin to exercise the requisite the trust are decided upon. A number of trusts of the "designated" type have issued care and close scrutiny that are necessery to maintain selecmore than one series of "Collateral Trustee Shares." A tirns of widely diversified securities of unquestioned safety. start has been made in what might be termed an experi- The responsibility for such selection can be entrusted to mental way, by a few trusts of this character to issue experienced and competent management of highly repuseries of collateral trust shares based on the ownership of table investment companies. In selecting the company that is to serve him, the investor bank stocks. These bank stock series have sold more readily than most any other type that has been brought out in should bear in mind the fact that a company to be strong and highly reputable must have first of all men of experiAmerica. There has not yet been offered to the public an oppor- ence, ability and good reputation in its management. This new idea of investment operation has many good tunity to invest in the shares of a trust or investment company formed exclusively for the purpose of specializ- features to commend it to the American investor. It is ing in shares of financial institutions and managed by expanding rapidly. It has already absorbed investment men who have had a business lifetime of experience in all capital in excess of a billion dollars. Any branch of busibranches of commercial banking. The demand for such a ness that engages so much of the country's investment and trust has been definitely suggested by the unusual suc- credit resources deserves the watchful consideration of cess of the bank trust shares or series brought out by every credit man. The investment trust, or investment company, as it is trusts originally organized for a general investment purmore appropriately styled here, is an instrumentality of pose. I Afi, The American public has definitely turned toward a de- tremendous value in times of peace. It is also a most helpsire to own common stocks. An interesting example of the ful factor in times of war. When England was struggling In her effort to finance the way investors have turned from bond investment alone to a combination of bonds and stocks is illustrated by the World War, she found in the holdings of her investment announcement of the American Telephone & Telegraph trusts huge lots of foreign securities which proved to be Company that its stockholders' list has reached the amazing one of that country's most helpful and most valuable retotal of 300,000 people. A number of our leading railroads sources. Like the Federal Reserve system and the open discount and public utilities have more than 50,000 stockholders market, these new investment facilities that we are deon their books. The popularity et well selected investment securities is veloping here are not only a valuable device in our domestid largely based on the desire of the investing public to di- progress, but one that is essential in carrying on the work versify the placement of their funds between the conven- of a world banker and a creditor nation. tional pattern of first mortgage bonds and a selection of Report on Hoch-Smith Inquiry. common stocks which can reasonably be expected to grow Washington advices published in the "Wall Street Jour In value with the prosperity of the United States. The Investor realizes that the selection of these common stocks nal" of Jan. 14 stated: A readjustment of inter-State rates on sand and gravel, "rushed stone so as to secure first of all, safety; second, a reasonable and related commodities in Southwestern territory is urged on the Interyield and third, opportunity for consistent and considerable State Commerce Commission in a report by Examiner E. H. Waters. The report, made under the Commission's general investigation of these growth, is a job for the specialist, and is beyond the carates pursuant to the Hoch•Smith Resolution, also recommends a basis pacity in training, time and experience of the aNerage in- of rates for intra-State application between Louisiana points. 1 FEB. 16 1929.1 FINANCIAL CHRONICLE B. H. Meyer of Inter-State Commerce Commission Finds Hoch-Smith Edict Unworkable—Holds Resolution Attempts to Balance Prosperity Through Railroad Rates. The Hoch-Smith Resolution "attempts to make the railroads in the United States the shock absorber and balance wheel for the entire economic life of the country to the extent to which this may be accomplished through the instrumentality of railroad rates," according to Inter-State Commerce Commissioner B. H. Meyer, in a recent address before the Traffic Club of Milwaukee. In fact, he maintained (we quote from "Railroad Data," Feb. 1), literal and complete execution of all its provisions is probably beyond the power of any body of men, for the program would keep a "hundred Solomons busy for a hundred years." His address in part is taken as follows from "Railroad Data": "From the time of its creation to the passage of the Hoch-Smith Resolution, the Inter-State Commerce Commission had said hundreds, and probably thousands, of times in its official reports that its duty under the law was to deal with transportation conditions and not with commercial conditions. The dividing line between transportation conditions and commercial conditions is often difficult to draw, and overlapping of the two domains is common. In a certain sense, the Commission had always given consideration to commercial conditions, but this was rather in an incidental and indirect way by giving weight to such well-known factors as value, risk, competitive articles, and other considerations known to every experienced traffic man. Law Has Revolutionary Effect. "The Hoch-Smith Resolution changed all this. It not only authorizes but it directs us to take into consideration commercial conditions. This 951 in a word is what may be termed the revolutionary effect of that piece of legislation. "Please note that two great considerations pointed out in this language are that we shall weigh the conditions which at any given time prevail in our several industries and further that we shall do whatever it may be possible for us to do to promote the free movement of commodities. Here we have a general legislative mandate which is not confined to a limited group of commodities but it embraces all commodities. It embraces everything which the railroads carry, everything contained in our classifications with their more than 10,000 items. Outlines Duty of the Commission.. "The second paragraph of the resolution is long, and contains provisions of the highest significance. It authorizes and directs the Commission to make a thorough investigation of the rate structure of common carriers subject to the Inter-States Commerce Act. We are to study the character of all of these rates and subject them to the tests laid down in the law. We are to measure the burdens which existing rates impose upon different commodities, to study the advantages and disadvantages of various localities and parts of the country, to apply the tests of the law to all classes of traffic and to all kinds of commodities; and then, having done all these things, we are to make changes, adjustments, and redistributions of the burden of transportation wherever our investigations suggest such changes should be made. In making these changes, adjustments and redistributions of the transportation burden we are to keep in view three leading factors: (I) the general and comparative levels in market value of the different classes and kinds of commodities through a period of years; (2) a natural and proper development of the country as a whole; and (3) the maintenance of an adequate system of transportation. "Please reflect upon the scope and meaning of these instructions from Congress. The men present in this room are nearly all engaged in industry and commerce. Will you please tell me whether the manner in which you are conducting your industry and the places in which you have located them indicate that you are contributing your share to a natural and proper development of the country as a whole? I IIIMUDIE that you are, but how can we know? What tests are to be applied in order to determine whether national development is proceeding along sound lines or along lines that should be diverted or obliterated? What Is a natural and proper development of the country? These are mighty questions of the highest importance and the Commission must answer them." The New Capital Flotations during the Month of January New financing in this country during January, the opening month of the new year, reached an imposing aggregate. The amount of the new issues brought to market during the month was not quite as large as that for December, when a new high record for any month of any year was established, but nevertheless the total ran well in excess of a billion dollars, which surely must be considered a notable achievement in view of the continued tension in the money market and the high rates of interest prevailing there for all classes of loans. Our compilation, as always, includes the stock, bond and note issues by corporations and by States and municipalities, foreign and domestic, and also farm loan emissions. The grand total of the offering of securities under these various heads during January reached in exact figures $1,063,012,703. In December the offerings aggregated $1,178,659,651, or far in excess, as already stated, of any previous monthly total. In November 1928 the offerings were $961,566,999. In October before full recovery had occurred from the mid-summer slump which was such a conspicuous feature of the 1928 financing, the new emissions were $797,508,691. As against these amounts, the aggregate of the new issues brought out during September was only $543,095,069 and that for August no more than $267,001,422, this last standing as the smallest amount of new financing done in any month of any year since July 1923. In the diminutive figures just given, we see reflected the very pronounced slowing down which occurred during the summer of last year in the bringing out of new stock and bond Issues for public subscription because of the money tension and the readjustment of security values that this made necessary. In July, also, of last year, the money situation, along with the congested condition of the bond market, operated to hold down the appeals to the money and investment markets and as a consequence the aggregate of the new capital issues brought out in that month reached no more than $446,542,439. On the other hand, during June the grand total of the offering of new securities ran above a billion dollars, the same as now for the month of January, the precise amount for June 1928 having been $1,029,567,131. In May 1928 the total of new financing also exceeded a billion dollars, the exact amount being $1,033,438,110. In April the new offerings aggregated $1,057,531,542, this having been the largest amount ever recorded for any month of any year up to that time. In March of last year the new issues totaled $970,625,316; in February they were $879,530,021. The present total of $1,063,012,703 for January 1929 compares with only $762,967,579 in January of last year. The municipal awards during the month were relatively small owing to the difficulty of effecting sales of municipal securities because of the relatively low return which these yield, even though this yield now is vastly higher than it was prior to last July, and the grand total of the municipal securities brought out during January 1929 was no more than $72,916,565. This compares with $99,246,627 in January 1928 when the municipal disposals were also relatively light. The new corporation issues again bold the center of the field, these accounting for $970,276,138 out of the grand total of $1,063,012,703. In January of last year, the new corporation emissions footed up no more than $577,072,952. The characteristic of these new corporation Issues noted in all other recent months, is again in evidence in the figures for January. We refer to the fact that the bulk of the financing consisted of new stock issues rather than new bond issues. The offering of common stock reached $495,720,388 and the offering of preferred $128,117,750. The total for the two classes of stock, it will be seen, is $623,838,138. This compares with only $136,769,952 in January of last year. In this we are speaking of the domestic corporation issues. The foreign corporate issues were relatively small. The corporate bond issues aggregate $306,878,000 in January 1929, against $337,042,000 in January 1928, and the amount of short term issues $15,560,000 against $16,980,000. An analysis of the corporate offerings during January shows that industrial and miscellaneours corporations continue to account for the bulk of the financing credited to corporations. They aggregated $706,528,662, or more than 72% of the total corporate offerings. In December they totaled $714,141,555 and comprised nearly 72% of the corporate aggregate that month. Public utility issues during January totaled $202,134,476, exceeding by a bare 2 million the total of $199,707,527 during December. Railroad financing during January amounted to $61,613,000 against $79,479,000 for the previous month. Total corporate offerings, foreign and domestic, during January were, as already stated, $970,276,13 8 and of this amount stock issues, foreign and domestic, comprised no less than $632,738,138, long-term issues totaled $321,978,000, while short-term obligations aggregated only $15,560,000 . The portion devoted to refunding was $142,547,192, or nearly 15% of the total. In December the amount which went into refunding was only $61,654,750, or about 61 % of the 4 total while in January a year ago $165,028,100, or almost 29% of the total, was used for this purpose. The more prominent issues brought out during January of this year 952 for refunding purposes were as follows: 296,252 shares of Westinghouse Electric & Mfg. Co. common stock (par $50), offered at $105 per share, involving $31,106,460 to be used entirely in retiring 5% notes due Sept. 1 1946, and 447,912 shares of Mid-Continent Petroleum Corp. common stock offered at $31 per share, involving $13,885,272 to be used in retiring bonds and preferred stock. The total of $142,547,192 used for refunding in January (1929) comprised $35,203,500 new long-term to refund existing long-term, $8,500,000 new long-term to refund existing short-term, $13,000,000 new long-term to retire existing stock, $4,726,000 new short-term to refund existing shortterm, $55,377,560 new stock to retire existing long-term, $3,362,000 new stock to retire existing short-term and $22,378,132 new stock to replace existing stock. Foreign corporate securities floated here during January aggregated $24,000,000 as against $56,211,000 in December. The January offerings were as follows: Canadian: $4,000,000 Dominion Tar and Chemical Co. Ltd., deb. 6s "A" 1949, / 1 2 priced at par; $4,500,000 of the same company's 6 % cum pref. offered at $100 per share with a bonus of 5 shares of common on every 10 shares of preference; $2,500,00 Montreal Tramways Co. gen. and ref. 4%s "C" 1955, offered at 902 / 1 , to yield about 5.15%; $1,400,000 Standard Fuel Co. Ltd. cum pref. offered at $100 per share, a bonus of % share of common accompanying each preferred share: $1,/ 1 c00,00o United Securities Ltd. coil tr 52s "B" 1952, offered , at 1001 4, yielding 5.46% and $3,000,000 Western Grain Co. Ltd. 1st mtge 6s A 1949„sold at par. Other foreign offerings 'comprised; 50,000 American shares of Pirelli Company of Italy offered at $60 per share and $4,000,000 Prussian Elecoric (Jo. (Germany) deb.6s 1954;priced at 91,to yield 6.75%. Among the domestic issues during January, the largest was 3,250,1)00 shares Petroleum Corp. of America capital stock offered at $34 per share, involving $110,500,000. Other industrial and miscellanethis issues of exceptional size comprised: $35,000,000 Allegheny Corp. coll. tr cony. 5s 1944, offered at par; 296.252 shares Westinghouse Electric & Mfg. Co. Common stock (par $50) offered at $105 per share, involving $31,106,460; $25,000,000 Tr -Continental Corp. 6% cure pref. offered at $104 per share; 1,000,000 shares of cornthou stock of the same company, offered at $27 per share, involving. $27,000,000; $25,000,000 American International / 1 s Corp. cony. deb. 52 1949, priced at 105, yielding 5.10%; 750,000 shares Prudential Investors, Inc common stock, ofered at $27 per share, involving $20,250,000; $20,000,000 Pittsburgh Coal Co., deb. 6s 1949, offered at par; 150,000 shares The Winslow Lanier International Corp., common stock Offered at $100 per share, involving $15,000,000 and 1,500,000 shares International Paper & Pr. Co., class C common stock offered at $10 per share, involving $15,000,000. Public utility financing during January was featured by the folawing: 257,162 shares'Middle West Utilities Co. common stock offered ae $130 per share, involving $33,431,060; / 1s $25,000,000 Associated Gas & Electric Co. cony. deb. 42 1949, offered at 95, yielding 4.90%; 814,832 shares of United Corp. common stock offered to stockholders of American • Superpower Corp. at $25 per share, involving $20,370,800; 800,000 shares United Corp, common stock which, with option warrants for 2,000,000 shares of common stock, were purchased by organizers of the corporation for $20,000,000 cash; $10,000,000 The Milwaukee Electric Ry. & Lt. Co. ref. & 1st mtge. 58 "B" 1961, offered at 100%; $8,150,000 Kentucky Utilities Co. 1st mtge 5s series I, 1969, offered at 99, to yield 5.06% and $8,000,000 Penn-Ohio Edison Co. deb. 52 "B" 1959, offered at 962 to yield 5.75%. / 1s / 1 , Railroad financing during January included $32,000,000 Railway Express Agency, Inc. serial 5s "A" due 1929-48, all inaturities priced at par, excepting those prior to Sept. 1, 1931, which were not publicly offered and $24,784,000 / 1 2 The Chesapeake & Ohio Ry. Co. ref. and imp. mtge. 4 s "A" 1993, offered at 95, to yield 4.74%. Three foreign government loans aggregating $15,750,000 were sold here in January HS against $13,000,000 in December. The new offerings were: $1,750,000 Dept. of Antioquia (Colombia) est. secured 7s "D" 1945, issued at 93, to yield 7.75%; $10,000,000 Republic of Cuba public works 5 % / 1 2 serial ctfs. due 1932-33, offered at par and $4,0 , 00000 'Province of Hanover (Germany) Harz Water Works Loan / 1 2 second series 6 s 1949, priced at 94%, to yield 7.00%. There were no farm loan offerings during January. Offerings of various securities during the month, which did not represent new financing by the companies them- [Vol,. 128. FINANCIAL CHRONICLE selves, and which, therefore, are not included in our totals, embraced the following: 31,250 shares (J. D.) Adams Mfg. Co. common stock, offered at $40 per share; 43,800 shares American Commercial Alcohol Corp. common stock price on application; 70,000 shares Art Metal Works, Inc. common stock, priced at $36 per share; 300,000 shares Automatic Registering Machine Co. Inc., cony, prior participating stock, offered at $31 per share, every 3 shares carrying 1 share of common; $2,500,000 Brown Durell Co. 6 % cum. / 1 2 cony. pref. priced at $100 per share; 12,500 shares of the same company's common stock offered at $30 per share; 80,000 shares The Bullard Co. common stock, priced at the market; 20,000 shares Campe Corp. (Del.) common stock offered at $27 per share; 40,000 units Canal Construction Co. (Del) priced at $27% per unit of one share convertible pref. and % share common stock; 100,000 shares Chicago Pneumatic Tool Co. $3 cum. div. cony. pref. offered at $55 per / 1 2 share; 25,000 shares Compo Shoe 'Machinery Corp. (Del) common stock, price on application; 82,175 shares Consolidated Aircraft Corp. (Buffalo, N. Y.) common stock, offered at $25 per share. 10,000 shares Consolidated Instrument Co. of America, Inc. common stock offered at $12½; block of Consolidated Steel Corp. $1.75 cum. pref. offered at $252 / 1 per share; 70,000 shares Fabrics Finishing Corp. common stock, offered at $222 per share; 100,000 shares Federal / 1 Water Service Corp. class "A" stock, priced at $57% per share; 25,000 shares Grand Rapids Varnish Corp. common stock offered at $142 per share; 20,000 shares Guardian / 1 Fire Assurance Corp. of N. Y. capital stock, marketed at $5812 per share; block of units of International Securities / Corp. of America at $153 per unit, each unit comprising one share of 6% pref. and one share of class A common stock; 50,000 shares Kirsch Co. (Sturgis, Mich.) cony. pref. priced at $28 Pei •Share;"74,077 shares Link-Belt Co. (Chicago) . common stock, offered at $48 per share; 26,000 shares Merritt-Chapman & Scott Corp. common stock, offered at $26 per share; 37,500 units of Muncie Gear Co. offered at $372 / 1 per unit, comprising one share of class A stock and % share of common stock; 20,000 shares New York Investors, Inc. (formerly Realty Associates) common stock sold at 48% per share; 8,870 shares Ohio Wax Paper Co. common stock priced at $222 per share; 65,000 shares Patterson-Sargent / 1 Co.. common stock offered at $38 per share and 955,000V shares United States Electric Light & Power Shares Inc. trust certificates, series• A§ priced to yield .about 6%. The following is a complete summary of the new financing-corporate, State and city, foreign government, as well as farm loan issues-for the month of January. It should be noted that in the case of the corporate offerings we subdivide the figures so as to show the long-term and the shortterm.issues separately, and we also separate common stock from preferred stock, and likewise show by themselves the Canadian corporate issues, as well as the other foreign corporate flotations. SUMMARY OF CORPORATE, FOREIGN GOVERNMENT, FARM LOAN AND MUNICIPAL FINANCING. 1929. MONTH OF JANUARYCorporateDomestic Long term bonds and notes Short term Preferred stocks Common stocks Canadian Long term bonds and notes Short term Preferred stocks Common stocks Other foreign Long term bonds and notes Short term Preferred stocks Common stocks Total corporate Foreign Government Farm Loan Issues War Finance Corporation Municipal Canadian United States Possession Grand total New Capital. Refunding. Total. $ $ 8 250,174,500 10,834,000 105,838,850 437,081,596 56,703,500 4,728,000 22,478,900 58,838,792 306,878,000 15,560,000 128,117,750 495,720,388 11,100,000 11,100,000 5,900,000 5,900,000 4,000.000 4,000,000 3.000,000 3,000,000 827,728,946 15,7.50,000 142,547,192 970,278,138 15,750,000 71,357,965 1,558,800 3,750,000 . 72,918,586 3,750,000 320,000 320,000 915,158,911 147.855.792 1.(1113 012.703 In the elaborate and comprehensive tables on the succeeding pages we compare the foregoing figures for 1929 with the corresponding figures for the four years preceding, thus affording a five-year comparison. We also furnish a detailed analysis for the five years of the corporats offering, showing separately the amounts for all the different classes of corporations. Following the full-page tables we give complete details of the new capital flotations during January, including every issue of any kind brought out during that month: SUMMARY OF CORPORATE, FOREIGN GOVERNMENT, FARM LOAN AND MUNICIPAL FINANCING FOR THE MONTH OF JANUARY FOR FIVE YEARS. 1928 1927 MONTH OF JANUARY. 1929 Total. Total. New Capital. Refunding. New Capital. Refunding. Total. New Capital. Refunding, Corporate$ $ Domestic-$ $ $ $ 88283.800 424,378,000 335194.200 Long-term bonds and notes_ 250,174,500 56,703.500 306,878,000 207,539.100 129,502.900 337142,000 10,821,000 520,000 16,980,000 10.821,000 16,460,000 Short term 15,560,000 4,726,000 10,834,000 15,730,300 79,935.550 55,214,825 52,366,825 2,848.000 64,205,250 Preferred stocks 22,478.900 128.117,750 105,638,850 11,000.000 56,834,402 52,708,575 41.708,575 9,296,400 47.538,002 Common stocks 58,638,792 495,720.388 437,081,596 Canadian 18.256,000 2.225,000 2,225,000 18,256,000 11.100,000 Long-term bonds and notes_ 11,100,000 term Short 1,000,000 1,000,000 5,900,000 Preferred stocks 5,900,000 Common stocks Other Foreign 64,100,000 64,100,000 61,750.000 9,978,500 51,771,500 4,000,000 Long-term bonds and notes.. 4,000,000 2,000,000 2,000,000 Short term Preferred stocks 587,500 587,500 4,275.000 4.275,000 3,000.000 Common stocks 3,000,000 508.503,100 102.531,800 611,034,900 827.728,946 142,547,192 970,276,138 412.044,852 165,028,100 577.072,952 Total corporate 52.383,300 27.000,000 25,383,300 79,808,000 25.492,500 54,315,500 15,750,000 Foreign Government 15,750,000 24,250,000 24,250,000 1,500.000 1.500.000 Farm Loan issues War Finance Corporation 4.129.000 206,877.975 202,748,975 99.246,627 1,900,000 97,346,627 72,916,565 71,357,965 1,558,600 1Iunicipal 43,550.000 26.800,000 16,750,000 4.340.000 4,340,000 3.750,000 3,750,000 Canadian 1.385.000 1.385.000 1,000,000 1,000,000 320,000 320.000 United States Possessions 779.020,375 160,460,800 939.481,175 015,156,911 147,855.792 1,063,012,703 570,546,979 192.420,600 762.967,579 Grand total 1926 New Capital. Refunding. $ 56280,000 300,818,000 43,059.195 4,100.000 78,403,242 2,676.575 70,842,227 1825 Total. New Capital.•Refunding. $ $ 3 20,372,425 357,498,000 251,424.575 62,400,000 44,000,000 43.059,195 1,683,500 42.917,500 82,503,242 687.500 25,112.185 73,518,802 271/97,000 106,400,000 44.601,000 25,799,685 10,050,000 15,000m0 Total. 9,250,000 4,950.000 33,000,000 33,000,000 33,000.000 12,000,000 10,000.000 5,720.000 545,842,664 15,899,000 5.000.000 10,000,000 5,720,000 68,706,575 614.549,239 24.972,000 9,073,000 5,000,000 413.404.260 8,000,000 36,875,000 95,193.425 508.597.685 8.000,000 36,875.000 70.366.623 11.000.000 5.748.000 731.635,862 132,819.622 4,000,000 3,000,000 598.098,882 2,716,500 97.909,925 135,536,125 4,000.000 3,000,000 696,008,807 1925 Total. New Capital. Refunding. $ $ $ 46.670,000 5,380,000 17.212.000 10.559,000 162,326.000 152,219,500 27,000.000 11,700,000 Total. $ 22,592,000 162,778,500 11,700.000 350.000 731.200 5,000,000 2,805,000 1,000,000 31,293.500 22,500,000 48,373,000 4.000,000 68,394.573 11.000,000 5,748,000 651,884,237 5,250,000 1,972,050 79,751,625 33,000,000 12.000,000 FEB. 16 1929.] CHARACTER AND GROUPING OF NEW CORPORATE ISSUES IN THE UNITED STATES FOR THE MONTH OF JANUARY FOR FIVE YEARS. 1929 MONTH OF JANUARY. New Capital. Refunding. $ Long Term Bonds and Notes$ 48,836,000 12,777,000 lailroads 32,500,000 48,650,000 'ublic utilities 2,246,500 18,853,500 ron, steel, coal. copper, &c Equipment manufacturers dotors and accessories 19,100,000 )ther industrial & manufacturing 400,000 )11 1,600,000 2,780,000 58,285,000 ,and. buildings, skc 1,000,000 lubber 6,000,000 1,000,000 Shipping 67,950,000 discellaneous 265,274,500 Total 56,703,500 Short Term Bonds and Noteslailroads 3,781,000 3ublic utilities 2,609,000 ron, steel, coal, copper, &c Equipment manufacturers dotors and accessories )ther industrial and manufacturing )11 4,920,000 ,and, buildings, &c lubber Shipping 945,000 3,305,000 discellaneous 4,726,000 10,834,000 Total Stockslailroads 8,225.000 106,369,476 'ublic utilities 4,567.500 8,063,500 ron, steel, coal, copper, &c Equipment manufacturers 1.362,000 10.503,000 dotors and accessories 52,669,420 )ther industrial and manufacturing 117,039,910 )ii 13,885,272 118.685,000 408,500 ...and, buildings, &c 2,615,000 lubber ;hipping 9,900.000 discellaneous 178.444.560 Total 81,117,692 551,620,446 Total12,777,000 48,836,000 tailroads 44,506,000 157,628,476 'ublic utilities ron, steel, coal, copper, &c 6,814,000 26,917,000 Equipment manufacturers 1,362,000 10,503,000 deters and accessories 52,669,420 )ther industrial and manufacturing 136,139,910 14.285.272 )il 120,285.000 3,188,500 ,and, buildings, &c 65,820,000 1.000,000 lubber 10,900,000 6.000,000 ihiPPing 945.000 viiscellaneous 249,699.560 827,728,946 142,547,192 Total corporate securities 1928 Total. New Capital. Refunding. $ $ $ 36,032,500 21.118,500 61.613,000 53.106,200 117,778,800 81,150,000 21,527,300 13,172.700 21,100,000 500,000 700,000 19,200,400 37,619,600 19,100.000 2,000,000 1,815,000 59,352,000 61,065.000 1.000,000 7,000,000 7,800.000 27.325,000 67.950.000 277,566,600 139,481,400 321,978,000 9,750.000 9,750,000 23.650,000 16,400,000 1.150.000 5,421,000 3,115,000 25,000,000 3,115,000 25,000.000 650,000 10,821,000 5.194.195 43,059,195 79,231,925 7,500,000 2.960,000 2.750.000 2,000,000 2.000,000 120,000 2.200,000 2,020.000 5.421.000 3,650.000 18,980.000 650,000 10,821,000 13,571,400 36,310,000 12.436,375 68,231,925 88,683,800 _...-_-_ 50,000,000 2,800,000 4.000,000 50,000,000 2,800,000 5.194.195 43,059,195 5.000.000 3.000.000 56,000,000 E,000:666 3,000,000 118,400,000 34,170,242 34,170.242 37,732,500 4.190.000 1.563.500 39,296,000 4.190,000 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 2,588,500 13,751,900 50,386,135 18,457.140 1.288.500 1,064,537 15,351,935 3,900,000 2.600,000 687,500 120,000 16.039.435 3,900,000 2.720,000 2,848.000 13,848,000 15,061.250 109,510,900 50,035.090 164,965,469 50.035,090 171,742,044 4.255,250 68,029.685 2.371,000 4,255.250 70,400,685 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 2,966,000 94.724,800 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 31,647,000 180.480,242 26,100,000 2,588,500 13.751,900 86.368,560 40,157,140 56,355.500 27,164,537 46.670,000 206.246,242 27.000.000 2,588.500 13,751,900 107,711.135 43,857.140 58.330,500 27,164,537 17.212.000 213,602,000 32,290.000 1,150,000 650,000 49,914,235 21,400,000 50.968.000 350,000 1.418,700 55,000,000 2,925,000 22,992,000 237,724,500 32,290,000 1.150,000 1,000,000 51,332.935 76,400.000 53,893,000 37.438,250 508,503,100 2.848.000 102.531.800 40,286,250 611,034,900 81.229,285 545.842,664 81.229.285 614.549.239 5,684.775 20.533,250 413,404,260 4,315.225 1.282,000 95.193.425 10,000.000 21.815,250 508.597.685 4,250.000 15,560,000 3.650,000 18,460,000 114.594.476 12,631,000 4.275,000 23,410,000 12.436,375 11,865,000 169,709,330 132,570,272 3,023,500 13,096,100 13,096,100 15,553,500 9,978.975 1,042,400 15,553,500 11,021,375 11,630,225 587.500 1.000,000 2,000,000 37,268,302 116,018,252 1.787,900 25,026,700 39,056,202 141,044,952 12,213,250 95,662,900 32.893,500 143,748,800 25,609,075 500,000 1,350,000 50,715.700 2.080,000 76,925,500 9,978,975 45,328,900 66,406,200 21,527,300 19,200,400 120,000 1,815.000 1.042,400 78.222,400 210,155.000 47,136.375 500,000 1.350,000 69,916.100 2,200,000 78.740,500 11.021.375 68,243.302 412,044,852 9.587.900 165,028.100 77.831,202 577.072,952 520,000 5,000,000 4,315.225 1,282.000 14.560.000 30.422.425 319,797,000 400.000 35,650.000 16.400,000 1,150,000 4.920,000 9.296,400 12.900,000 61,930,000 400,000 12,000.000 650.000 650,000 684,775 13.278,000 289,374.575 2,750,000 400,000 2.080,000 2,020,000 11,865,000 188.809,330 134,570,272 69,008,500 1,000,000 16,900,000 250.644,560 970,276,138 26.000,000 399,748,000 650.000 30.562,300 17,500.000 45,568,000 26,000,000 337,818,000 24.575,000 402,019,200 7,500,000 2,560,000 61,613,000 202,134.476 33,731.000 57,121:666 25.400,000 53.927,000 1.100,000 24,575,000 490,703.000 35.125.000 417,048,000 6,390.000 9.900,000 178,444.560 632,738.138 1926 New Capital. Refunding. Total. $ $ $ 15.023.000 31,647.000 9,346.000 25,766.000 136,560,000 228.102.500 26,100,000 900,000 1,000,000 1,270,000 50.000,000 17.366,000 39,959,000 40.450,000 900,000 24,500,000 68,000,000 1.975,000 51.952,000 67.959,500 1,100.000 1927 Total. New Capital. Refunding. $ $ $ 2,966,000 6,380,000 57.151.000 83,724.800 144,377,700 170,885,000 1,000,000 34,700,000 1,270,000 500,000 50,000,000 700,000 668.000 39,782.000 56,820,000 68,000,000 1.325,000 66.634,500 61.167.000 11,000,000 • 668,000 1.325,000 4,000,000 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 68.706.575 62,400,000 5,780.000 24,122,500 951 FINANCIAL CHRONICLE [VOL. 128. DETAILS OF NEW CAPITAL FLOTATIONS DURING JANUARY 1929. LONG TERM BONDS AND NOTES (ISSUES MATURING LATER THAN FIVE YEARS). Amount. Purpose of Issue. Price. Rail roads 24,784,000 Retire 6% note;addns,bettmts,&c 61,613,000 95 Placed privately. Public Utilities 1,200,000 Acquisitions, additions, &c 983i 25,000.000 Acquire or retire securities 95 1,000,000 Acq. securities of subsidiaries, &c_ 99 325,000 Construction;other corp. purl). _ 1,750.000 6,000,000 8,150,000 10,000,000 Company and Issue, and by Whom Offered. 4.74 The Chesapeake and Ohio fly. Co. Ref. & Imp. M. 434s "A" 1993. Offered by J. P. Morgan dr Co.; Kuhn, Loeb & Co.; First Nat'l 13k., N.Y.: Guaranty Co. of N. Y., and The Nat. City Co. Chicago and Eastern Illinois fly. Equip. Tr. 5s "B" 1929-43. Offered privately by Halsey, Stuart & Co., Inc. Refunding Chicago and North Western fly. Gen. M.4358, 1987. Offered privately by Kuhn,Loeb & Placed privately. Chicago, St. Paul, Minneapolis and Omaha fly. Equip. Tr. 4)is "G" 1929-38. Offered Co. New equipment Placed privately. privately Acq. prop. of Am. fly. Exp Co.: by Halsey, Stuart & Co., Inc. working capital 5.00 Railway Express Agency, Inc., Serial 5s "A" 1929-48. Offered by J. P. Morgan & Co.; Huhn. 100b Loeb & Co.; First Nat. Bk., N.Y.,and The Nat, City Co. 562,000 New equipment 3,577,000 690,000 32,000,000 To Yield About. 9834 New construction Acquisition of securities, &c Refunding:acquisitions, &c Additions to property 98 100 99 1003i 2,500,000 General corporate purposes 9034 725,000 Construction; other corp. purp_ _ _ 4,000,000 Refunding: other corp. purp 97 100 1,500,000 Development: pipelines. &c 8,000,000 Acquisitions, construction, &c 99 9635 4,000,000 New construction; enlargemts., &c 91 6,000,000 Liquidate debt:investments 1,000,000 General corporate purposes 97 98 6.10 American Electric Power Corp. Cony. Deb. 65 "A" 1957. Offered by Bonbright & Co., Inc., and A. C. Allyn dr Co., Inc. 4.90 Associated Gas & Electric Co. Cony. Deb. 4)4s 1949. Offered by Harris, Forbes & Co.: Lee. Higginson & Co.; Guaranty Co. of N. Y.; Kidder, Peabody & Co.: Field, Glore & Co.: Brown Bros. & Co.; Edward B.Smith & Co.; E. H.Rollins & Sons; The Equitable Tr. Co. of N. Y., and John Nickerson & Co. 6.10 Atlantic Gas & Electric Corp. let Lien Coll. Tr. Os "A" 1943. Offered by Plrnie, Simons & CO.; Inc.; Yeager, Young & Pierson, Inc., and Craiamyle & Co. 6.12 Eastern States Gas & Power Co. let M. Coll. Tr. Os "A" 1949. Offered by L. S. Carter & Co.; Inc., New York. 6.75 El Paso Natural Gas Co.Cony. Deb.6345, 1938. Offered by White, Weld & Co. 5.00 Insult Utility Investments,Inc. Deb.5s"A" 1949. Offered by Halsey,Stuart & Co.,Inc. 5.06 Kentucky Utilities Co. let M.5s "I" 1969. Offered by Halsey, Stuart & Co., Co. 5.00 The Milwaukee Electric Ry. & Lt. Co., Ref. dr let. M.5s '13" 1961. Offered by Dillon, Read & Co.; Harris, Forbes dr Co., and Spencer, Trask & Co. 5.15 Montreal Tramways Co., Gen. & Ref. M. 434s "C" 1955. Offered by Aldred & Co., and Minech; Mona & Co., Inc. 6.25 North Carolina Gas Co., let M.Os"A" 1948. Offered by Brooke, Stokes & Co.,Philadelphia. 7.00 Northern Texas Utilities Co., 151 M. 7s, 1935. Offered by A. M. Lampert dr Co., Inc., and Freeman,Smith & Camp Co. 6.60 Ohio-Kentucky Gas Co., 1st M.634e"A"1943. Offered by P. W.Chapman dr Co., Inc. 5.75 Penn-Ohio Edison Co., Deb. 51(a "B" 1959. Offered by Tionbright & Co., Inc.; Eastman, Dillon & Co., and Harper & Turner. 6.75 Prussian Electric Co.(Germany) Deb. 68 1954. Offered by Harris, Forbes dt Co.; Brown Bros. & Co.: Equitable Tr. Co. of N. Y.; New York Tr. Co.; Mendelssohn & Co., Amsterdam; International Acceptance Bank,Inc., and J. Henry Schroder Banking Corp. 5.75 Public Service Subsidiary Corp., Deb.5348"A" 1949. Offered by Halsey,Stuart & Co.,Inc. 6.17 United Telephone Co. (Del.) Deb. 68 "A" 1948. Offered by Wm. L. Ross dc Co., Inc.; Whitaker & Co., and F. B. Keech & Co. 81,150,000 Iron, Steel, Coal, Copper, &c. 1,000,000 Retire pref.stock: new plant 100 100,000 Additions;retire debt, &c 100 20.000,000 Refunding; plant impts., &c 100 6.00 Bliss & Laughlin (Del.) let M.(is"A" 1949. Offered by Kalman & Co.and Merch. Tr. Co.,St.Paul. 7.00 Electric Steel & Mfg. Co., 1st M.7s, 1930-38. Offered by The John M.C. Marble Co., Los Angeles. 6.00 Pittsburgh Coal Co., Deb.65, 1949. Offered by The Union Tr. Co.of Pitts., and Mellon Nat.13k. 21,100,000 Other Industrial & Mfg. 275,000 Retire bank debt &c.; wkg.cap__ __ 4,000,000 Acquire predecessor company ____ 1,500,000 Acquire constituent cos.; wkg. cal). 1,200,000 1,000,000 1,500,000 1,000,000 200,000 101 100 9934 Acquire Steel Equip. Corp Capital expenditures, &c 100 Additions, improvements, &c 100 Retire bank loans; other core. PurP. 98 Acquire predecessor company _ 100 500,000 Acquisition of properties 99 3,250,000 Acq. predecessor cos.; wkg. cap_ .... 1.060c 175,000 Expansion of business 1,500,000 Retire debt; acquisition 3,000,000 Acquisition of constituent cos 100 993O 100 (Macon,Ga.) let M.78, 1930-41. Offered by Citizens& Southern Co.,Savannah,Ga. 5.95-6.87 Bibb Brick Co. 6.00 Dominios3 Tar & Chemical Co., Ltd., Deb.133"A" 1949. Offered by Wood,Gundy & Co., Inc., and Greenshields & Co. 6.05 Fabrics Finishing Corp., let M. 13e "A" 1939. Offered by Zwetsch. Helnzelmann & Co., Inc.: Thompson,Ross dr Co.,Inc., and J. S. Ackerman & Co.,Inc. 6-6.25 Globe-Wernicke Co.,Cony,78, 1931-40. Offered by N.S. Hill& Co.,Cindnnati. 6.00 Magnet Mills, Inc.,Secured 6s, 1939. Offered by The Foreman 'Tr. & Savings Bank.. Chicago. 5.00 Marquette Cement Mfg. Co.. 1st M.58, 1929-41. Offered by Hitchcock & Co., Chicago. 6.25 Monolith-Portland Cement Co., 1st. M.6s. 1939. Offered by Reed, Adler& Co.,and California Co. 6.50 Ohio Wax Paper Co., Cony. Deb. 634s, 1939. Offered by Will J. Thompson Co., and Raymond T. Brower, Inc., Columbus, 0. 6.10 Richmond Dairy Co.. 1st M.6s, 1944. Offered by J. A. W.Iglehart & Co., Baltimore. _ Roseville Commercial Alcohol Corp., Cony. Deb. 68, 1949. Offered by The Nat. City Co.; Bauer. Pogue, Pond & Vivian, and Wm.Schell ds Co. 6.50 Smoot-Holman Co.(Inglewood, Calif.) let M.6345, 1929-38. Offered by Lot Angeles Investment Securities Corp. 6.55 Southwest Dairy Products Co., Deb. 634s, 1938. Offered by Geo. EL Forman & Co., and Moore. Leonard & Lynch. 6.00 Western Grain Co.,Ltd.. 1st M.6s"A" 1949. Offered by Wood. Gundy & Co., Lee. 19,100,000 Oil 2,000.000 Refunding; working capital Land, Buildings, &c. 625,000 Finance constr. of building 315,000 Real estate mortgage 375,000 Finance constr. of apartment 245,000 Finance constr. of building 1,000,000 Working capital 125,000 Finance constr. of apartment 135,000 Real estate mortgage 10,000,000 Refunding; acquisitions 800,000 Fund temporary debt; constr 95,000 Real estate mortgage 1,500,000 Provide funds for loan purposes_ _ _ 800,000 Finance constr. of building 110,000 Real estate mortgage 1,900,000 Finance constr. of building 600,000 Finance constr. of building 500,000 Provide funds for loan purposes_ 150,000 Financecompletion of church bldg. 5,000,000 Acq. land; constr. bldg.; wkg. cap. 3,000.000 Acq. land; constr. bldg.; wkg. caP• 750,000 Retire debt: acquire corn. stock___ 550,000 Acquisitions, construction, &c_ _ 350,000 Real estate mortgage 750.000 Finance constr. of buildings 800,000 Real estate mortgage 75,000 Finance constr, of building 2,000,000 Finance constr. of building 2,780,000 225,000 390,000 190,000 Real estate mortgage Retire debt; development Real estate mortgage Finance lease of properties 400,000 Real estate mortgage 150,000 Finance sale of property 800,000 Fin. constr. of bldg.; wkg.cap.,&c. 00 2,850.0 Fin,constr. of bldg.; wkg.cap.,&e. 750. 000 Fund debt incurred In construct 0 6.00-6.2 (H. F.) Wilcox 011 & Gas Co., let(C.) M.Os. 1930-39. Offered by Continental Nat. Co., N.Y.,and Commerce Trust Co., Kansas City, Mo. 634-63.5 Apartment Hotel Holding Corp. of Calif. (San Fran.) let Mtge. 6)4e, 1930-43. Offered by Bond & Goodwin & Tucker, Inc., and Wm. Cavalier & Co., San Francisco. 5.75-6.00 Belmont Apts. (Denver, Col.) 1st Mtge. 6s, 1931-40. Offered by Straus Bros. Investment Co.; Chicago. 6.00 (The) Brighton (Chicago) 1st Mtge. Os, 1931-38. Offered by Cochran & McCluer Co., Chicago. 100 6.50 Brooklyn Bldg.(45th & Brooklyn Investment Co.) Seattle let Mtge. 634s, 1931-38. Offered by 100 Seattle Title Trust Co. Cardiff Corp. 6s, 1948. Offered by Spear Securities Corp., N. Y. 1,025d 6 Chedmer Bldg. - 56 (The) Charmaine Apts. 1st Mtge.(is, 1930-37. Offered by Gerard Trust Co., Chicago. 100 Corp. of East St. Louis (III.) 1st Mtge. 65, 1931-39. Offered by Real Estate Price on application Mortgage Trust Co., St. Louis. 5.50 Cigar Stores Realty Holdings, Inc. Deb, 534s, A 1949. Offered by Kuhn, Loeb & Co., Guaranty 99If Co. of N. Y., Chase Securities Corp., and Wertheim & Co. 5.50 College of St. Mary's of the Springs (Columbus,0.) 1st Mtge. 5348, 1932-49. Offered by Stix 100 Co., St. Louis. and The First Citizens Corp., olumbus. Ohio. 5.50 Congregation of the Incarnate Word R. C. dhurch (New Orleans) 1st Mtge. 5348, 1932-44. 100 Offered by mortgage & Security Co., New Orleans. 5U-5N Continental Bond & Investment Co.(Bait.) let Mtge. Coll, Tr. 5348, E 1931-38. Offered by on. 6.00 (The) Edgewater Chateau let Mtge.68, 1931-41. Offered by Gerard 'Tr. Co., Chicago. 165-6.00 (The) Elmhurst (Elmhurst, Ill.) 1st Mtge. 6s. 1930-38. Offered by Chicago Trust Co. 100 6.08 Exchange Building (United Exchange Building. Inc.) Seattle, Wash. let Mtge. Os, 1948. 09 Offered by Lawrence Stern & Co., Chicago, and Drumheller, Ehrlichman & White. 7.00 Exchange Building (United Exchange Building, Inc.) Seattle. Wash. Oen, Mtge. 634e, 1943. 95!; Offered by Drumheller, Ehrlichman dr White, Bond & Goodwin & Tucker, Inc., Marine Nat'l Co., Ferris & IIardgrove, Seattle Title Trust Co.,Smith, Strout dr Eddy,Inc., Thos, B. Greening & Co., and Murphey Fevre & Co. 6.00 Fidelity Home Investment Co. 1st Mtge.(ltd. Coll. Tr. 6s, 1934-41, Offered by Smith, Hull dr 100 Co., Minneapolis. 6.00 First Baptist Church of Phoenix. Aria. 1st Mtge. 6e, 1932-13. Offered by United States National 100 Co., Denver, Colo. 5.50 Fuller Building (G. A. F. Realty Corp.) let (closed) Mtge. 53.s, 1949. Offered by the National 100 City Co.. and Blair & Co., Inc. 6.00 Fuller Building (G. A. F. Realty Corp.) Deb. 6s, 1944. Offered by the National City Co., and 100 Blair & Co., Inc. 6.00 Greater Savannah Co.(Savannah, Ga.) let (closed) Mtge. Os, 193049. Offered by Citizens & 100 Southern Co., Atlanta, Ga. 6.50 Greenway Apt. Co.(Bait.) Gen. kftge. Cony. 634e, 1938. Offered by Gillet & Co., Bali. 100 6.00 (B. B.) Hall Bldg. Corp. (San Angelo, Tex.) let Mtge. 6s, 1930-39. Offered by Mortgage & 100 Securities Co., New Orleans. 6-6.12 Hodgson Bldg.(Bigelow Bldg. Corp.) Minn. let Mtge. 6s, 1930-40. Offered by Peabody, Houghfeline & Co. 6.00 Keogh Bldg.(Chicago) let Mtge. 68, 1929-38. Offered by Chicago Trust Co. 100 6.50 Kuhen Bldg. No. 3(Seattle) let Mtge. 634s, I931-38. Offered by Seattle Title Trust Co. 100 5.50 Larrabee Bldg. Corp.(Chicago) 1st (closed) Mtge. 5348, 1954. Offered by Lawrence Stern & Co. 100 and First Trust dr Savings Bank, Chicago. 5.50 Lawyers Mortgage Co.(N. Y.) 534% Mtge. Ctfe., 1933-34. Offered by Lawyers Mtge. Co., N.Y. 6.00 Lochmoor (Mich.) Club let Mtge. 138, 1944. Offered by J. G. Holland & Co., Detroit. 100 6.50 Lowell Apt -Hotel (Seattle) let Mtge. 634e. 1931-40. Offered by W. D. Comer & Co., Seattle. 100 5.50 (Howard D.) McElroy (Dallas, Tex.) let Mtge. 534s. 1931-38. Offered by Commerce Trust CO.. 100 K. C., Mo. 5.30-6.00 McKinlock Bldg. (Chicago) let Mtge. Bldg. & Leasehold 6s, 1930-41. Offered by Greenebaum Sons Securities Corp. 100 6.00 (Newman) Meginnity (Det.) 1st Mtge. 68, 1936. Offered by Jennings Ayers Co., Equitable Trust Co., Detroit. and J. G. Holland & Co., Detroit. 6.85 Merchants & Manufacturers Bldg. (Houston, Tex.) Secured Deb. 634s, 1938. Offered by Pea, 9735 Phila. body, Houghteling & Co., Chicago, and Paul & Co.' 100 6.50 Merchants & Manufacturers Bldg.(Houston,Tex.) let Mtge.6348, A 1943. Offered by Peabody, Houghteling & Co., Chicago, and Paul & Co., Phila. 100 6.50 Merchants Exchange Bldg. of Los Angeles, Inc. 1st Mtge. 634e, 1943. Offered by GriffithWageneeller & Co., Los Angeles. FEB. 16 1929.] Amount. FINANCIAL CHRONICLE Purpose of Issue. Price. To Yield About. 955 Company and Issue, and by Whom Offered. $ Land, Buildings, &c. (Coact.) 1,500,000 Acquisition of properties 994 1,000,000 Extension of business 974 550,000 Improvements to property 100 6.00 Merchants National Properties, Inc. 6s, 1958. Offered by Merrill, Lynch Sr Co. 6.25 Metropolitan District Finance Co. Coll. Tr. 65 A, 1943. Offered by Halsey. Stuart dr Co., Inc. 6.00 Montgomery (Ala.) Memorial Hospital, Inc. 1st Mtge. 68, 1932-49. Offered by Marx & Co.; Birmingham. 2,000,000 Provide funds for loan purposes__ _ 6.00 Mortgage Guarantee Associates lot Mtge. Coll. 5s and 54s A, 1930-38. Offered by Halsey; Stuart & Co., Inc. ." 500,000 Real estate mortgage 100e 7.00 National Jewelers Board of Trade Building (26 West 48th St. Corp.) N. Y. City Gen, Mtge. 7s, 1944. Offered by Robjent, Maynard & Co., N. Y. 3,000,000 Acquisitions; other corp. pure_ _ 1074 5.55 Neisner Brothers Realty, Inc. Cony. Deb. 6s, 1948. Offered by Geo. H.Burr & Co., N.Y. 50,000 Furnish & equip. building 100 5.50 Newman Foundation at the University of Illinois Direct Obligation 545, 1929-38. Offered by Lafayette South Side Bank & Trust Co., St. Louis 1,000,000 Complete financing of club-house_ 100 7.00 New York Athletic Club (N.Y. City) Second Mtge. 78, 1938. Offered by S. W.Straus & Co., Inc. 600,000 Improvements to property 100 6.25 North Chicago Hospital, Inc. 1st (closed) Mtge. 634s, 1931-38. Offered by Lackner Butz & Co.. Chicago. 1,100,000 Finance constr. of building 984 6.60 Ocean Center Bldg. Co. lot (closed) Mtge. 645, 1948. Offered by Blyth & Co.. and Anglo-California Trust Co. 800,000 Real estate mortgage 100 6.00 Park Royale (Chicago) 1st Mtge. 6s, 1930-38. Offered by Cochran & McCluer Co., Chicago. ' 490,000 Real estate mortgage 100 5.50 Postal Service Bldg. Corp. of N. Y. and Chicago) lot Mtge. & Coll. Tr. 54s, 1934. Offered by Robert Garrett & Sons, Baltimore. 1,100,000 Real estate mortgage 100 6.00 (The) Powhatan (Chicago) lot Mtge. 6s, 1930-41. Offered by Chicago Trust Co. 175,000 Real estate mortgage Price on application Ravenswood Court Apts. (Chicago) 648, 1939-45. Offered by Ritchie Bond & Mortgage Co.' Chicago. 500,000 Provide funds for loan purposes 5.75-6.25 Republic Realty Mortgage Corp.(Chicago) Direct Obligation Coll. Tr.6s, 1930-39. Offered by co. 1,000,000 Acquire land; construct building_ _ 106- 5.00 St. Joseph's Hospital ((Milw.) let Mtge. Ss. 1931-43. Offered by Second Ward Securities Co.; First Wisconsin Co. and Paine, Webber & Co. 70,000 Real estate mortgage 100 6.00 Second Church of Christ Scientist (Grand Rapids, Mich.) let Mtge. Os, 1938. Offered by Union Trust Co., Detroit. 525,000 Refunding; other corp. PurP Price on application Security Realty Co.(Cedar Rapids, Ia.) lot & Ref. Mtge. 6s, 1930-38. Offered by First National Co., St. Louis. 1,070,000 Provide funds for loan purposes 100 6.0 Standard Mortgage Co.(Asheville, N. C.) 6s H, 1939. Offered by Baltimore Trust Co. 600,000 Refunding; impts. & betterments_ 100 6.5 (Chas.) Stern & Sons, Inc.(Wineville, Calif.) 1st Mtge.645, 1938. Offered by Alvin H. Frank & Co., and Drake, Riley & Thomas, Los Angeles. 500,000 Provide funds for loan purposes._ 100 6.00 Straus Bros. Investment Co.(Chicago) Junior Mtge.6% Panic. Ctfs. A, 1938. Offered by to. 285,000 Real estate mortgage 100 5.50 Tacoma (Wash.) Masonic Corp. lot Mtge. 545. 1929-48. Offered by Peirce, Fair & Co. 475,000 Finance construction of building 100 6.00 Terminal Arcade Bldg. (Terminal Arcade, Inc.) Highland Park, Mich. lot Mtge. Os, 1940. Offered by S. W. Straus lc Co., Inc. 200,000 Finance constr. of church building 100 5.50 Third Church of Christ Scientist 1st Mtge. 545, 1931-44. Offered by Meyer-Kiser Bank,Ind. 1223 Spring Street Apts. (Seattle) 1st Mtge. 645, 1931-39. Offered by Win. D. Perkins & Co.; 350,000 Real estate mortgage Seattle. 100 6.50 540,000 Finance construction of building -Jackson Bldg.(Chicago) lot Mtge. Leasehold 64s, 1932-39. Offered by Leight & Co., Chi. 100 6.50 Wells 61,065,000 Rubber 1.000,000 New plant, working capital, &c_... 100 Shipping 4,500,000 Refunding, working capital 98 2,500,000 Refunding, working capital 98 7.000,000 Miscellaneous 35,000,000 Acquisition of securities 100 3,000,000 Reduce temporary debt, addl cap. 99 1,500,000 Acquisition of stores 1024 25,000,000 Additional working capital 105 100,000 General corporate purposes 100 1,000,000 Acquire predecessor to., expansion 1,600,000 General corporate purposes 750,000 Development of property 99 1004 100-99 67.950.000 6.50 Samson Tire & Rubber Corp. Cony. Deb.648, 1939. Offered by Geo. H. Burr, Conrad & Broom. Inc., Hunter, Dulin & Co., Inc., and Banks, Huntley & Co., Los Angeles. 6.30 Munson Steamship Line Secured 13s, 1937. Offered by Harris, Forbes & Co., Kidder, Peabody & Co., Brown Bros. dr Co. and Otis & Co. 6.83 Munson Steamship Line Deb. 648, 1937. Offered by Brown Bros. & Co. and Otis & Co. 5.00 Allegheny Corp. Coll. Tr. Cony. 5s, 1944. Offered by .1. P. Morgan & Co., Guaranty Co. of New York, First National Bank, New York, and The National City Co. 5.08 Alliance Investment Corp. Deb. 5e, 1949. Offered by Howe, Snow & CO. Inc. 5.7 American Department Stores Corp. of Penna. Cony. Deb. 6s, 1948. Offered by Schluter & Co.. American International Corp. Cony. Deb. 5345, 1949. Offered by Lazard Freres, Lehman Brothers, Chase Securities Corp., W. A. Harriman & Co., Inc., Scott & Stringfellow, Cassatt & Co., Tucker, Anthony & Co. and International Acceptance Bank, Inc. 7.00 Appalachian Publishers, Inc.(Johnson City, Tenn.) 1st Mtge, 7s, 1931-39. Offered by Grace Securities Corp., Richmond, Va. 6.1 (Isaac) Benesch & Sons Co.(Baltimore) Cony. Deb. 6s, 1939. Offered by Baker, Watts & Co. and Ilambleton dr Co. 5.46 United Securities, Ltd., Coll. Tr. 548 "B," 1952. Offered by Aldred dr Co. and Chase & Co. 6-6.12 Virginia Hardwood Lumber Co., Inc., 1st Mtge. 68. 1929-41. Offered by Baker, Fentress & Chicago. 5.1 SHORT TERM BONDS AND NOTES (ISSUES MATURING UP TO AND INCLUDING FIVE YEARS). Amount. Purpose of Issue. Price. Public Utilities 540,000 Acquisitions, capital expenditures_ 084 350,000 Acquisitions,Improvements,&c___ 98°i 5,500,000 Refunding, add'ns, Imp'ts, &c____ 99 Company and Issue, and by Whom Offered. To Yield About. 6.50 American Union Telephone Co. 1-Year 5% Notes, Jan. 11930. Offered by Troy & Co., Lawrence Regan & Co. and David F. Thomas & Co., Chicago. 6.30 Mississippi Utilities Co. 1-Year Secured toi "A," Sept. 15 1929. Offered by R.. E. Wilsey & Co.; Inc., Chicago. 5.73 Montana-Dakota power co. 1st Mtge. 54s. Jan. 11934. Offered by The Minnesota Co., Illinois Merchants Trust Co. and First Wisconsin Co. 6.390,000 Land, Buildings, 120,000 Real estate mortgage estate 2,000,000 Provide funds for loan purposes_ 319,000 Real estate mortgage 500,000 Provide funds for loan purposes1,600,000 Acquisition of property 100,000 Refund indebtedness 106,000 Provide funds for loan purposes 175,000 Real estate mortgage 4,920,000 Miscellaneous 3,000,000 Refunding, acquisitions, Imp'ts 750,000 Acquisitions, additions, &c 500,000 Acquisitions, additions, &c 100 5.50 Congregation of St. Ann Roman Catholic Church (New Orleans) lit Mtge. 54s, due to 1934. Offered by Hibernia Securities Co., Inc., New Orleans. 5.40 Conveyancers Title Insurance & Mortgage Co. 1st Mtge. 58, Jan. 15 1934. Offered by Kidder, Peabody & Co., The Shawmut Corp., Jackson & Curtis and Conveyansers Title Ins.& Mtge. Co. 100 6.00 Davenport Hotel, Inc. (Spokane) 1st & Gen. Mtge. 6s, 1930-34. Offered by Ferris dr Hardgrove, Seattle. 6.0 Gerard Trust Co.(Chicago) Coll. Secured Discount & Coupon Notes, 1929-32. Offered by Co. 6.0 Michigan-Delaware-Chestnut Realty Trust(Chicago) lit Mtge.3 -Year 6s, Jan. 11032. Offered by Central Trust Co. of Illinois, Chicago. Price on application Missouri Conference of the Methodist Episcopal Church Direct Oblig. 6s, Jan. 11934. Offered by Oliver J. Anderson & Co., St. Louis. 100 6.00 Mortgage Corp. of Virginia (Richmond, Va.) 1st Mtge. Coll. Tr. 68, 1929-32. Offered by Scott & Stringfellow. 5.50 1024 Avenue N (Brooklyn. N. Y.) 1st Mtge. 540, Jan. 1 1932. Offered by National Title Guar100 anty Co., Brooklyn, N. Y. 9834 ioo 994 100 99 6.60 American Service Co.5 -Year Cony. Deb.645, Jan. 11934. Offered by A. B. Leach & Co.,Inc. 6.50 Southern Utilities Service Co. lot Mtge. 645 "A," Dec. I 1933. Offered by Paul C. Dodge dr Co., Inc., Chicago. 7.00 Southern Utilities Service Co. I-Year Os, Dec. 11929. Offered by Paul C. Dodge & Co..Inc., Chi. 4,250,000 STOCKS. Par or No. of Shs. Purpose of Issue. Public Utilities *60,000 shs Acquisitions; other corp. purposes4,000,000 Acquisition of securities *200,000shs Acquisition of securities *82,976 she Retire notes 2,500,000 Retire 7% dr 8% prof.; add'ns, &c_ 6,000 she Extensions and betterments •25,000 she Acquisitions; other corp. purposes_ *25,000 she Acquisitions; other corp. purposes_ *55,000 she Retire funded debt *60.000 ohs Acquisition of securities, &c .15,000 she Acquisitions; other corp. purposes_ *50,000 she Acquisitions of securities .92,993 ohs General corporate purposes *42.993 ohs General corporate purposes a Amount Price To Yield Inrolred. Per Share. About. Company and Issue, and by Whom Offered. 1,620,000 27 American States Public Service Co. Common Class A. Offered by Pynchon & Co. American Utilities & General Corp. Cony. Class A stock. Offered by G. E. Barrett 4,000,000 1 share A and 8.7. Co., Inc. share B for $201 American Utilities & General Corp. Class B stock. Offered by G. E. Barrett & Co.. Inc. 2,074,400 25 Associated Telephone Utilities Co. Common. Offered by Paine, Webber & Co.. New York. 2,500,000 100 6.00 Birmingham (Ala.) Water Works Co.6% Cum. Pref. Offered by company. 450,000 75 Charlestown (Mass.) Gas & Elec. Co. capital stock. Offered by company to stockholders. 737,500 2934 Community Telephone Co. Cum. Partic. stock. Offered by P. W. Chapman & Co.. 2,475,000 99 6.06 Electric Investors Inc. $6 Pref. Offered by Bonbright & Co., Inc. 5,225,000 95 6.32 Federal water Service Corp. $6 Cum. Pref. Offered by G. L. Ohrstrom & Co.. Inc.; Field, Glore & Co., Janney dr Co. and Graham, 6,000,000 Placed privately Instill utility Investments, Inc., 554 Prior Pref. Parsons & Co. Offered by Uti..ty Securities Corp. 1,485,000 99 7.07 Intercontinents Power Corp. 57 Cum. Pref. Offered by Stroud & Co'.. Inc., and E. H. Rollins & Sons. 2,575,000 514 International Superpower Corp. capital stcok. Offered by Calvin Bullock and Ilincks Bros. & Co. 2,882,783 31 Louisville Gas & Electric Co.(Del.) Class A common. Offered by company to stockholders. 1,332,783 31 Louisville Gas 8c Electric Co.(Del.) Class B common. Offered by company to stockholders. 11 956 Par or No. of Shs. FINANCIAL CHRONICLE a Amount Prise To Yield Involved. Per Share. About. Purpose of Issue. Public Utilities (Conzi.)*257,162shs General corporate purposes 2,435,150 Extensions, additions, &c •800,000shs Acquisitions of securities *814,832shs Acquisition of securities 33,431.060 130 2,435,150 50 20,000,000 25f 20,370,800 25 5,000,000 100 50,000 shs Acquisitions, construc'n, &c * [VOL. 128. Company and Issue, and by Whom Offered. Middle West Utilities Co. Common. Offered by company to stockholders. Rockland (N.Y.) Light & Power Co. Common. Offered by company to stockholders. United Corporation (Del.) Common. Purchased by organizers of corporation. United Corporation (Del.) Common. Offered by American Superpower Corp. to holders of its common stock. 7.00 United Gas Co.(Del.) $7 Cum. Pref. A. Offered by G. E. Barrett & Co., Inc. 114,594,476 Iron. Steel, Coal,Copper, &c. *66,635 shs Expansion of business *45,000 shs Retire bonds and pref.stock 6,663.500 100 4,567,500 101% 1,400,000 Acquisition of property 1,400,000 100g A. M. Byers Co. Common. Offered by company to stockholders. Ludlum Steel Co.$634 Cum.Cony.Pref. Offered by Edward B.Smith & Co., Gurnett & Co. and Jesup & Lamont. 6.50 Standard Fuel Co., Ltd., 634% Cum,Pref. Offered by Wood, Gundy & Co., Inc. 6.40 12,631,000 Motors and Accessories 235,000 Retire notes and other debt *60,000 shs Expansion; working capital *85,000 shs Acquire Brown-Lipe Gear Co..&c 90 55 51 Bend': Corp. capital stock. Offered by company to stockholders. Marmon Motor Car Co. Common. Offered by company to stockholders: underwritten. Spicer mtg. Corp.(Vs.)$3 Div. Cum.Cony.Pref. A. Offered by Merrill, Lynch & Co. and Cassatt & Co. 1,750,000 40 3,640,000 140 1,200,000 15 J. D. Adams mtg. Co. Common. Offered by Otis dz Co. Allis-Chalmers Mfg. Co. capital stock. Offered by company to stockholders. American Beverage Corp. capital stock. Offered by Samuel Ungerleider & Co. and Hambieton dr Co., Inc. American Chicle Co. Common. Offered by company to stockholders; underwritten. American Commercial Alcohol Corp. common. Offered by company to American Cyanamid Co. Class B common. Offered by company to stockholders. stockholders; underwritten. American Glanzstoff Corp. Class B common. Offered by company to stockholders; underwritten. Binks Mfg. Co. $2.20 Cum. Cony. Pref. A. Offered by Geo. M.Forman Co. Consolidated Chemical Industries, Inc. (Del.) Class A Partly. Pref. &Offered by Dean, Witter & Co. Consolidated Instrument Co. of America, Inc., Common. Offered by Marlon S. Emery & Co., Inc. Crown Zellerbach Corp. $6 Div. Cony. Series B Pref. Offered by Blyth & Co., Blair dr Co., Inc. and J. Barth & Co. Curtiss-Capronl Corp. capital stock. Offered by G. M-P. Murphy & Co., James C. Willson & Co., Bancomit Corp. and National Aviation Corp. Dominion Tar & Chemical Co., Ltd., 634% Cum. Pref. Offered by Wood, Gundy & Co., Inc., and Greenshields & Co. Dunhill International, Inc.. Common. Offered by company to stockholders. Slier Company 7% Cum. Cony. Pref. Offered by Glover & MacGregor, Pittsburgh. E. Z. E. Cushion Corp. Common. Offered by Traver & Dugan. New York. Grigsby-Grunow Co. capital stock. Offered by company to stockholders. Innovation Trunk Co.,Inc.,Common. Offered by Alliston, Charles& Co.,Inc., N.Y. International Paper & Power Co. Class C common. Offered by company to stockholders. Kelvinator Corp. Capital stock. Placed privately with bankers. Knapp-Monarch Co.(St. Louis)$3.25 Cum.Pref. Offered by McMurray, Hill & Co., Inc., Des Moines, Iowa, and Hawes & Co., Inc., St. Louis. Knapp-Monarch Co.(St. Louis) Common stock. Offered by McMurray, Hill & Co., Inc., Des Moines, Iowa, and Hawes & Co., Inc., St. Louis, 4,230,000 3,300,000 4,335,000 11,865.000 Other Industrial & mtg.*43,750 shs Working capital 2,600,000 Expansion *80,000 ohs Acquisitions; working capital *62,199 shs Retire $7 prior pref. stock *34,952 shs Retire bonds; acquisitions 4,935,000 Expansion of business 2,487,960 2,796,160 4,935,000 40 80 20 • 150,000shs Expansion of plant capacity 9,000.000 60 *60,000 shs Acquire predecessor company *80.000 shs Retire bonds;additions,&c 1,620.000 2,000,000 27 25 *45,000 shs Acquisitions; other corp. purposes_ 562,500 *60,000 shs Acquisitions; other corp. purposes_ 5.700,000 95 *200,000shs Acquire plant; development,&c_ _ 2,500,000 12% 1234 4,500,000 100h 4,600,000 Acquisition of predecessor company 2,500,000 50 *50,000 shs Additional capital 300.000 Acquisitions; reduce bank debt,&c. 300,000 100 500,000 10 *50,000 shs Expansion of business 5,827.200 80 *72.840 shs Expansion of business *24,400 shs Expansion of sales organiza'n, &c_ 366,000 15 *1500000 sh General corporate purposes 15,000,000 10 *30,000shs. Working capital *7,500 shs. Retire bds.& pref.stk.; wkg. cap.._ *3,750 shs. Retire bds.& pref.stk.; vats. cap.... 375,000 I. 6.32 6.50 7.00 1234 375,000 1 sh. pref. and Si1 sh, corn. for $50 •127090 shs Repay loans made in acquiring cap. stock of Lambert Pharm. Co_-- 13,344,450 105 *75,000shs. Expansion of business 1.275,000 17 Lambert Co. Common. Offered by company to stockholders; underwritten. Likly Luggage, Inc. (Fitchburg, Mass.) Common. Offered by Bennett, Converse & Schwab, Inc., New York. Monroe Chemical Co. Preferred. Offered by Shields & Co., Inc. *30,000shs. Acquire predecessor company 1,800,000 1 sh. pref. and *15,0130 shs. Acquire predecessor company sh. corn, for $601 Monroe Chemical Co. Common. Offered by Shields & Co., Inc. Monsanto Chemical Works of St. Louis Capital stock. Offered by company to *15,715shs. Acquire English subsidiary 785,750 50 stockholders. Maud Muller Candy Co. Common. Offered by Huffman Co. Dayton, Ohio, *16,68001s. Acquire predecessor company 196,000 123.4 Must Hatch Incubator Co. Clam A stock. Offered by Dulz;enberg-Wichman *20,000shs. Development of business & CO., San Francisco, 600,000 2 shs. A and lab. Must Hatch Incubator Co. Class B stock. Offered by Duisenberg-Wichman *10,000shs. Development of business B for $60 Co., San Francisco. 6.06 Oxford Paper Co. Series A $6 Cum. Pref. Offered by Lee, Higginson & Co. *66,000shs. Retire 7% Pref.stk.; oth. corp. pur 6,534,000 99 Pirelli Co. of Italy American Shares representing Common stock. Offered 50,000 shs. Acquired from abroad 3,000,000 60 by the National City Co. 12,500,000 Retire6% pref.; new plant. 5.00 (The) Procter Se Gamble Co.5%•Cum.Pref. Offered by First Investment & Securities 12,500,000 100 Corp., Cincinnati; the National City Co., Bankers Co. of N. Y.; Guaranty Co. of N. Y.; W. E. Hutton & Co., and Hayden, Miller & Co. Rossville Commercial Alcohol Corp.(Md.) $7 Cony. Pref. Offered by Bauer, Pond, *27,500shs Acquire predecessor co.;wkg.cap-Pogue & Vivian. 2,983,750 1 oh. pref. and%I sh.com.for $10834 Rossville Commercial Alcohol Corp. (Md.) Common stock. Offered by Bauer, *13,750shs. Acquire predecessor co.; wkg.cap.... Pond, Pogue & Vivian. -- Standard Milling Co. Common. Offered by company to stockholders; underwritten. 6,497,100 100 6,497,100 Retirefunded debt Stein Cosmetic Co., Inc. Cony, Pref. Offered by Moses & Co., New York. *22,500shs. Acquisitions other corp. purposes_ } 900,000 1 sh pref. and oh. SOM.for $401 Stein Cosmetic Co., Inc. Common stock. Offered by Moses dr Co.. Now York, *22,500shs. Acquisitions other corp. Purposes. -- Time-O-Stat Controls Co. Cony. Class A $2 Cum. Pref. Offered by Lane, Roloson 1,575,000 31% *50,000shs. Acquisitionswkg. capital, &c & Co., Inc.; Thompson. Ross dc Co., and Lane, Piper & Jaffrey, Inc. 15,000,000 10 shs. pref. and 41 United Aircraft & Transport Corp. 6% Cum, Pref, A. Offered bY the National 7,500,000 Expansion; working capital sh.com.for $1,000 City Co. *60,000shs. Expansion; working capital (i) United Aircraft & Transport Corp.Common stock. Offered by the National City Co. United Paper Box Co. Cony. Class A stock. Offered by de Fremery & Co., San Fran. *14,000shs. Consolidation of properties 322,000 23 Warchell Corp. $234 Cony.Pref. Offered by Bard & Co. and R. P. Minton & Co., *30,000 shs. Acquire constituent companies_ Inc., Chicago. 1,230,000 1 oh. pref. and % *15,000shs. Acquire constituent companies_ sh. com. for $41 Warchell Corp. Common stock. Offered by Bard & Co. and R. P. Minton & Co., Inc. Chicago. 2,125,000 4234 7.05 (Northam) Warren Corp. Cony. Pref. Offered by Bond & Goodwin, Inc., and Bond *50.000shs. Acquisition of properties & Goodwin and Tucker, Inc. 31,106.460 105 Westinghouse Electric & mtg. Co. Common. Offered by company to stockholders; 14,812,600 Retire bonds underwritten. 169,709,330 Oil Beacon Oil Co. Common. Sold to Standard Oil Co.(New •350,000sh. Retire real estate oblig.; wkg.cap.._ 6,685,000 19.10 Beacon Oil Co. Common. Sold to Clifford M. Leonard. Jersey). •100,000sh. Retire real estate oblig.; wkg.cap.. 1,500,000 15 Mid-Continental Petroleum Corp. Common. Offered by company • 447,912sh. Retire bonds and preferred stock__ 13,885,272 31 to stockholders; underwritten. Petroleum Corp. of America Capital stock. Offered by Blair & Co.. Inc.; Hayden, *3250000sh Acquire oil securities 110,500,000 34 Stone & Co.; Haligarten & Co.; Hemphill, Noyes & Co.; E. H. Rollins & Sons; E. F. Hutton & Co.; E. A. Pierce & Co.; J. S. Bache & Co.; Jas. C. Willson & Kalman & Co.: Bond & Goodwin and Tucker Inc.; Hunter. Dulin & Co., Co.: and 132,570,272 Stifel, Nicolaus& Co., Inc. Land,Buildings, &c. 408,500 Retire preferred stock 7.00 American Town Lot Co.(Indianapolis) 7% Pref. Offered by company. 408,500 100 100,000 Expansion of business 7.03 Central Bond & Mortgage Co., Inc.(Richmond, Va.) 7% Cum. Pref. 100,000 9934 Offered by Walter W. Craig% & Co., Inc., Richmond, Va. 1,000,000 Finance operation of trust Chain Realty Trust (Chicago) 7% Cum. Pref. Trust shares. Offered by Prudential Co., Chicago. 1,100,000 lab. pref. and 1 •10,000shs. Finance operation of trust sh. corn. for $110 Chain Realty Trust(Chicago) Class A Common Trust shares. Offered by Prudential Co., Chicago. 250,000 Provide funds for loan purposee7.00 Continental Bond & Investment Co.(Baltimore) 7% Cum. Pref. Offered by co. 250,000 100 600 etts. Finance lease of property 534-634 (The) Oliver Hotel and the Oliver Hotel Apartments (South Bend, Ind.) Land 600,000 1,000 Trust certificates. Offered by Citizens Trust & Savings Dank, South Bend, Ind., and Fletcher American Co., Indianapolis. 2,500 ctfs. Finance lease of property 5.00 131-139 West 50th St. (Cincinnati) Land Trust certificates. Offered by W. E. Fox 250,000 100 & Co., Cincinnati, 630 ctfs. Finance lease of property 5.50 Walgreen Bldg. Site (Columbus, Ohio) Land Trust certificates. Offered by Drolla315,000 500 Scott Co., Columbus, Ohio. 3,023.500 Shipping *430,000sh. Acquisitions; working capital United Dry Docks, Inc., Common. Offered by Hayden, Stone & Co.; Minsch, 9,900,000 22 Monell & Co., Inc., and Pynchon & Co. Miscellaneous *20,000 shs Provide funds for invest. purposes_ All-American Shares Corp. Common. Offered by A. L. Chambers & Co., Inc. 500,000 25 240,000 shs Additional capital Almar Stores Co.(Phila.) capital stock. Offered by company to stockholders; under1,320,000 53i written. *20,000 shs Acquire addl securities, &c 6.06 American European Securities Co. $6 Cum. Pref. Offered by A. Iselin dr Co. and 99 1,980.000 Jackson & Curtis. •199,000shs Provide funds for invest. Purposes. 12,935,000 65 American Founders Corp. (Md.) Common. Offered by company to stockholders: Underwritten by Founders General Corp., Ames,Emerich & Co.,Inc., Bond & Goodwin,Inc., and Bond & Goodwin dr Tucker, Inc. 12,000 shs Expansionof business American-Pacific Sales Corp. Class A stock. Offered by Chester C. Terrill & Co., San Francisco. 150,000 2 shs. A and 1 sh. 8,000 shs Expansion of business B for $25 American-pacific Sales Corp. Class B stock. Offered by Chester C. Terrill & Co., San Francisco, •100,000shs Acquisitions; expansions 1,525,000 153i (approx.). American Service Co. Common. Offered by A. B. Leach & Co., Ins., and Paul H. Davis & Co. %I I 1 I 11 Par or No. of Shares. 957 FINANCIAL CHRONICLE FEB. 16 1929.] Purpose of Issue. Price To Yield a Amount Involved. per Share. About. Company and Issue, and by Whom Offered. Miscellaneous (Cona.)*51,000 shs Provide funds for invest. purposes. 8,670,000 3 she. pref. and 8she.com.tor $5101 •136,000shs Provide funds for invest. purposes _ 850,000 25 *34,000shs Provide funds for invest. purposes. 3,450,360 20 *172.518she General corporate purposes 10,400,000 40 •260,000shs Expansion of business Chartered Investors, Inc. (Del.) $5 Cum. Pref. Offered by Clark, Dodge & Co. Chartered Investors, Inc. (Del.) Common stock. Offered by Clark, Dodge & Co. Chartered Investors,Inc.(Del.) Common stock. Purchased by Clark, Dodge & Co. City Stores Co. Common. Offered by company to stockholders. Commercial Credit Co.(Bait.) Common. Offered by company to stockholders; underwritten. Cudahy Packing Co. Common. Offered by company to stockholders. 2.124,950 50 (par) 2,124,950 Improvts., construction, &c Federal Land Value Insurance Co. (San Francisco) capital stock. Offered by 750.000 30 500,000 Expansion of operations Mysell, Moller & Co., Inc., San Francisco. Federal Surety Co. capital stock. Offered by P. W. Chapman & Co.. Inc., Chas. D. 1,325,250 45 29,450 she Expansion of business Robbins & Co. and Throckmorton & Co. Foltis-Fischer Inc. Common. Offered by A. B. Leach & Co.,Inc. 2,268,75 3734 *60,500 shs Acquisition of constituent cos Founders Securities Trust Panic. Pref. Series AA. Offered by H. G. Lea & Co.. 525.000 263i 500,000 Provide funds for invest. purposes_ Inc., N. Y., and Lea, Sheeran & Co.. Boston. The Granger Trading Corp.capital stock. Offered by Sulzbacher, Granger & Co.,N.y. 975,000 3234 *30,000 shs Provide funds for invest. purposes _ (W. F.) Hall Printing Co.(Chicago) capital stock. Offered by company to stockhold1,200,000 20 600.000 Plant expansion ers. Industrial Banking Corp. of America 6% Cum. Cony. Pref. Offered by National 2,000,000 Provide funds for invest. purposes. 2,000,000 50 (par) Management Corp., New York. Jackson & Curtis Investment Associates Beneficial Interest shares. Offered by com300,000 100 .3,000 shs Provide funds for invest. purposes_ pany to shareholders. Justice Credit Corp.(N. Y.) capital stock. Offered by company. 570,000 51s90 300,000 New capital 1 hs. A & 2 shs. - Keystone Investing Corp. Class A stock. Offered by B. H. Roth es Co. } 295,000 *10.000 shs Additional working capital for $14734 Keystone Investing Corp. Class B stock. Offered by B. H. Roth & Co. *4,000 shs Additional working capital 6.50 Lincoln Loan Corp. (Indianapolis) 634% Pref. Offered by Meyer-Kiser Bank, 750,000 100 750,000 Working capital Indianapolis. % --- McGraw-Hill Publishing Co.,Inc., Common. Offered by Goldman.Sachs & Co. *60,000 shs Acq. or redeem pref. of subs., &c_ _ 2,505,000 415 624,000 26 *24,000 ohs General corporate purposes --- Merritt-Chapman & Scott Corp. Common. Offered by Hemphill, Noyes & Co., Lage & Co. and Peabody, Smith & Co., Inc. 250,000 Provide funds for invest. purposes. 1 312,500 1 oh. Pref. and 1 Nathan Hale Investing Co. 7% Cum. Pref. Offered by company. Common for $25 Nathan Hale Investing Co. Common stock. Offered by company. *12,500 she Provide funds for invest. purposes. National Industrial Bankers,Inc.,$3 Cum.Pref. Offered by Clarence Hodson & Co. *20,000 shs Working capital 1,160,000 1 sh. Pref. and lob. Com.for $58 National Industrial Bankers,Inc., Common stock. Offered by Clarence Hodson&Co. *20,000 shs Working capital Northeastern Surety Co.(N. Y.) capital stock. Offered by E. H. Rollins & Sons. 400,000 16 250,000 Additional capital Pittsburgh Investment Securities Corp. capital stock. Offered by company to stock1,125,000 2234 *50,000 shs Working capital holders. Prudential Investors, Inc., common. Offered by Tucker, Anthony & Co., J. Henry *750,000shs Provide funds for invest. purposes. 20,250.000 27 Schroder Banking Corp. and Laird, Bissell & Meeds. Reliance Management Corp. Common. Offered by Ames, Emerich & Co., Inc., and *200,000shs Provide funds for invest. purposes. 6,000,000 30 F. A. Willard & Co. 7.00 Seaboard Dairy Credit Corp. 7% Cum. Pref. Series A. Offered by Banks. Huntley 1,250,000 Retire bank loans; working capital_ 1,250,000 100 & Co. and 13Iankenhorn & Co., Los Angeles. Seaboard Fire & Marine Insurance Co.capital stock. Offered by Rutter & Co., N.Y. 1,000,000 Working capital 2,800,000 28 • 100,000 Provide funds for Invest. purposes_ Shares in Maine. Inc., capital stock. Offered by H. M.Payson & Co., Portland, Me. 105,000 21 Stouffer Corp. Class A Common. Offered by Borten & Berton, Cleveland. •10,000 she Expansion of business 300,000 30 S. W. Straus Investing Corp. 6% Cum. Pref. Series A. Offered by S. Mr. Straus & 5,000,000 Provide funds for loan & my. purp _ Co., Inc., and Love, Macomber & Co. 5,200,000 1 oh. Pref. & 34.1 *50,000 shs Provide funds for loan & inv. purp _ oh. Cora. for $521 S. W. Straus Investing Corp. Common stock. Offered by S. W. Straus & Co., Inc., and Love, Macomber & Co. Taubman Stores Corp. $2 Cum. Panic. Pref. B. Offered by Aubrey Harris & Co. *25,500 she Expansion of business 675.750 2634 and Frothingham, Kelly Co., New York. 1,000,000 Acquisitions,improv'ts,&c (John R.) Thompson Co.(Chicago) Common. Offered by company to stockholders. 2,000,000 •50 .54,000 shs Provide funds for invest. purposes_ Tobacco and Allied Stocks, Inc. (Del.) capital stock. Offered by Colvin & Co. 2,943,000 5434 25,000,000 Provide funds for Invest. purposes_ 25,000,000 104 5776 Tr -Continental Corp. 6% Cum. Pref. Offered by J. & W. Seligman & Co. •1000000 oh Provide funds for invest. purposes. 27,000,000 27 Tr -Continental Corp. Common stock. Offered by J. & W. Seligman & Co. 5.000 shs Provide funds for invest. purposes_ United Equities, Inc.(Mass.) Common. Offered by company to stockholders. 500,000 100 250,000 Provide funds for invest. purposes_ Westchester First National Corp. (White Plains, N. Y.) 7% Cum. Pref. Offered 4 shs.Pfd.& 2shs.{ by F. B. Wilcox & Co., Inc., New York. 325,000 *10,000 shs Provide funds for invest. purposes_ Corn, for 41301 Westchester First National Corp.(White Plains, N.Y.) Class A Common. Offered by F. B. Wilcox & Co., Inc., New York. 2,000,000 Provide funds for invest. purposes _ 2,000,000 102 5.88 Western Reserve Investing Corp.6% Cum,Panic. Pref. Offered by Hayden. Miller & Co.. Cleveland. *90,000 shs Expansion of business 2.745,000 3034 Wextark Radio Stores, Inc., capital stock. Offered by Mitchell, Hutchins & CO.; Chicago. *42,000 she Acquisitions; work. capital, &c., 2,310,000 55 Wit-Low Cafeterias, Inc., Cony. Pref. Offered by Goddard de Co.,Inc., and Jackson. Storer dr Schwab. *42,000 shs Acquisitions; working capital, &c__ 1,050,000 25 Wil-Low Cafeterias, Inc., Common. Offered by Goddard & Co.. Inc., and Jackson, Storer & Schwab. •150,000shs Provide funds for invest. Purposes- 15,000,000 100 The Winslow Lanier International Corp. Common. Offered by Winslow, Lanier & Co. 178.444.560 13 I FOREIGN GOVERNMENT LOANS. Ainount: Issue and Purpose. Price. 1,750,000 Department of Antioquia (Colombia) Ext. Secured 75, D 1945 (new construction on Antioquia Sty.) 93 10,000,000 Republic of Cuba 534% Public Works Serial certificates 1932-33 (refund indebtedness incurred for work completed and accepted in accordance with provision of Public Works 100 Law) 4.000,000 Province of Hanover (State of Prussia, Germany), Harz Water Works Loan,Second Series 634s, 1949 (construction of waterworks system) 9434 To Yield About. Offered by. 7.75 Blair & Co., Inc.: E. H. Rollins & Sons and Chase Securities Corp. 5.50 Chase Securities Corp.; Blair & Co., Inc.; the Equitable Trust Co. of New York, and Continental National Co. 7.00 Lee, Higginson & Co.; Illinois Merchants Trust Co.. and White, Weld & Co. 15.750,000 •Shares of no par value. a Preferred stocks of a stated value are taken at par, while preferred stocks of no par value and all classes of common stock are computed at their offering Prices. h Bonds maturing prior to Sept. 1 1931 not publicly offered. c Per Unit of $1.000 debenture and voting trust certificates, representing 5shares of common stock. d Price per $1,000 note and 10 shares of common stock. e Bonus of 8 shares of capital stock accompanies each $1,000 bond. f Organizers purchased for $20,000,000 cash 800,000 shares of the common stock and option warrants for 2,000,000 shares of common stock. g Bonus of 34 share of common stock with each share of preferred stock. h Bonus of 5 shares of common stock with every 10 shares of preference stock. 1 The 60,000 shares of common stock comprising part of this unit offering does not represent new financing by the company. 3 These shares acquired partially from the corporation and partially from individuals. Public Utility Gross and Net Earnings for December and the Calendar Year. Gross EarningsGross earnings of public utility enterprises in December, January exclusive of telephone and telegraph companies, as reported February March to the Department of Commerce by 95 companies or systems April May operating gas, electric light, heat, power, traction and water June services and comprising practically all of the important July August organizations in the United States, were $198,000,000 as September compared with $193,000,000 in November, and $194,985,134 October November in Dec. 1927. Gross earnings during 1928 totaled $2,214,- December 700,000, an increase of 4.8% over 1927, while net earnings Total (year) amounted to 57,040,000, an increase of 10.6% over those Net Earnings of the previous year. Gross earnings consist, in general, of January gross operating revenues, while net earnings in general February represent the gross, less operating expenses and taxes, or March April the nearest comparable figures. In some cases the figures for May earlier years do not cover exactly the same subsidiaries, June July owing to acquisitions, consolidations, &c., but these dif- Austin ferences are not believed to be great in the aggregate. This September summary presents gross and net public utility earnings by October November months from Jan. 1925, the figures for the lastest months December being subject to revision. Total (year) • PUBLIC UTILITY EARNINGS. 1927. 1926. 1925. $ $ $ 163,500,133 177,473,781 191,702,022 151,639,283 165,658,704 177.612,648 151,583,666 167,642,439 179,564,670 147,841.101 166,927.022 176.467.300 145,571,954 159,135,618 171,255,699 142,448,670 157,744.715 167.975,072 141,063,557 153,245,315 161.638,462 142.422,405 153.188.101 162,647,420 146,666,696 159,519,246 169.413,885 158,770.250 170,733,069 177,734,493 163,128,279 176,000,649 182,077,497 172,488,624 188.146,705 194.985,134 1928 $ 196.573,107 187,383,731 187,726,994 181,143,683 180,255.407 178,696,556 173.645,919 173,952,469 178,346.441 186,000,000 193,000,000 198,000,000 1.827.124.618 1,995,415,364 2,113,074,302 2,214,724,307 58,671,777 54,102,576 52,475,643 51,016,359 48,972,398 47,777,644 44,309.630 44,770,778 49,139,669 55,057,277 60,511,807 65,414,632 66,974,941 61.555,164 60.696,920 59,471,359 54,993,907 55,699.751 49.238,806 49,844,522 56,930,481 60,878,181 65,844,729 73,023,848 73,746,891 66,907,757 65,412,739 64,907,729 61,194,779 59.167.096 53,980,280 53,551.164 61,897,207 65.259,721' 70,214,468 78.937.417 632,220,190 715.152.609 775 177 254 . . 79.013.279 74,296,576 72,811,146 68,971,324 67,732,911 67,537.149 62.260,333 61,809,794 67.967,383 72,000,000 78.000,000 85.000.000 247.329.89 958 FINANCIAL CHRONICLE [VoL. 128. RECORD OF PRICES ON THE CLEVELAND STOCK EXCHANGE. 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 1928. BANKS, Central National Cleveland Trust Guardian Bank Lorain Street Say & Loan Morris Plan National City Pearl Street Say & Loan Union Savings & Loan Union Trust United Bank MISCELLANEOUS. Aetna Rubber Rights Preferred _ _ ___ _ Air Way preferred Akron Rubber Reclaiming Preferred Alien Industries Preferred American Fork & Hoe First preferred American Multigraph American Shipbuilding Preferred Bessemer Limestone Bishop Babcock Bond Stores "A" January February March April May June July August September October November High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low December High Low 335 335 --------375 375 400 400 --------400 400 ------------------------400 400 410 410 445 410 365 359 376 365 400 378 396 384 375 369 375 367 365 364 367 365 375 365 385 375 385 376 428 390 440 425 465 410 460 455 455 450 450 445 435 424 424 424 420 415 430 427 465 450 400 385 530 475 --------------------------------280 280 290 290_ ___ _ 295 295 3011230112 -----------------------310310 215 21212 395 62 6 --------245 2 - 6 --------245 4 240 240 240 240 2 -515 iici --------250 245----------------------------------------290 ----------------290 __ _ __ _ __ _ 1 17 16-------------------- ---- 165 16--------165 1- 165 1- -325 325 62 62 160 290 265 300 695 300 299 301 298 305 297 304 29714 298 285 290 285 295 289 300 287 341 304 340 leo 310 265 265 267 267 275 270 ----------------280 280 --------275 275 --------300 282 290 28512 290 285 2-4-g• hiA 27 25 26 25 26 26 257 25 s 2412 24 2312 23 1812 18 18 18 24 20 30 23 26 24 261 24 I _ _ _ _ _ _ job 10 6 16112 il)412 10i 1551 16414 155f4 166 1551- 162 155 102 155 161 6541 104% --------10413 foi --------103 2- 1554 4 8 --- 12 113 37 20 29 2612 2712 21 2418 17 24% 20 1712 22 2012 2618 21 19 19 1814 18 1712 1712 21 2434 23 989610099 1512 1512 15 -1113 1-51z -14-34 1738 -11512 14 414 1434 -fi 1234 -1- Hi., -11 1412 -II 1714 -1- .3- 1612 li 1334 84 -3:1 012 fi 37 3112 37 33 35 355 3412 3512 35 --------3114 30 35 8 3119 3014 3312 3014 35% 3312 3512 3312 33% 31 --------------------108 108 110 110 1081810818 1081210812 112 112 115 115 ---- ------- ---- ---- ---____ ____ ____ ____ ____ ____ 112 112 ---- ------- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- -2714 263 283 2612 2812 2712 30 28 33 297 3112 30 3 363 3312 3812 3412 3814 35 4 31 3012 3212 31 36 34 11712106 107 105 105 105 110 110 103 102 103 96 9512 94 90 8912 84 81 _______ 90 83 93 90 373 36 4 3612 353 37 37 36 37 36 3512 3512 333 35 34 4 35 3414 3518 3438 3712 361, 37 36 3712 3714 512 5 --------522 512 8 512 7 85 8 7 7 ____ ____ 7 712 7 7 8 6 638 6 63 4 6 1 1 . 1 --------3 212 2 12 212 114 114 --------84 5 3 4 712 1 3 4 513 3 5 312 3 8 14 ----------------113 1 114 1 12 3 4 3 14 4 54 --------2 14 12 3 4 12 13 4 1 "A" preferred Buckeye Incubator Bulkley Building pref Byers Machine "A" 45 . . 444 - 4 4 4 6 4i - - - 54 - - -3- 37 - - 3 12 4 2 4 6 2212 151 16 35 2 19 --------18 -14 - -12 13 1012 1514 1012 12 9 10% 70 6912 7012 6912 --------69 68 6812 68 68 68 4 4 663 66% 663 663 --------67 8512 87 67 67 87 4 40 39 39 37 3812 35 3712 34 3712 3612 30 25 19 32 28 28 23 23 25 23 26 21 24 15 ____ ____ ____ ____ ____ ____ ____ ____ 112 112 Canfield Oil 116 114 ----------------180 135 175 154 181 170 190 180 Preferred -4-1--102 102 Central Alloy Steel 8 2 2 2 4 3 912 35 ----------------42 40 4412 18 4312 4082 ,r, 1 ,- 7.7.7.r Preferred 110 4 10914 11034 11012 111 11012 ill 11012 11012 1095 1105210 3 8 1212 111 112 11012 11212 111 11114 1012 11112 11012 11112 110 --Christy (H C) 22 22 ------------------------ 10 10 ___ 10 10 --------15 15 -- -- ---- - - ---- - City Ice & Fuel 373 363 3712 3612 443 37 4 4 4 4614 43 547 4812 54- 503 4 5212 51% 55 5214 60 .543 58 4 53 5714 - - 8218 - 56 56 Rights Clark (Fred G) 3% - -5 2; 344 - -58 3% - -58 a 2 2 - -34 if2 iti L - -12 i --12 iT2 2 4 3 714 812 6 8 5 i 5 9i2 . 8 -12 6 714 Cleveland Akron Bag Cleveland Automatic Machine_ 2 2 ------------------------ -------- 7 E:12 '712 - - -------- 7 714 7 --------10 10 ---_ Preferred - - -- ---- ---- ---- 3 2 32 3512 3512 4112 40 50 41 61 5112 5012 49 4118 54 82 50 61 54 75 ii 301 30 Cleveland Builders Supply 31 30 ____ 3018 30 283 2812 2812 28 4 28 28 2812 27 4 28% 28 _-__ _. 3112 261. 28 27 1 Cleveland Cliffs Iron 108 104 11053105 120 1- _- 15 147 9 114 117 116 113 109 106 106 120 106 14712 122 144 140 140 13.5 13312 130 Cleveland Electric Illum 367 355 410 370 410 410 425 416 431 430 435 425 - ---- !-,- - - ---- 114 11214 114 11212 11312 1123 115 113 115 113 113 11012 ---- 1 -- ----- ---6% preferred 4 111 -10 112 1 -1014 112 fff 11138 11114 11212110% 112 no Cleveland Ry 108 10718 107%10714 109 1053 106%10514 1051 102 10414 10212 10312 10212 105 10212 104%103 10412 104 4 10512 104 106 10412 Cleveland Securities prior pref 3 214 3 17 3 2 318 212 25, 212 212 2% 214 15 21 8 214 2 2 3 214 2 218 312 2% Cleveland Stone 70 70 75 70 79 7514 79 77 77 77 65 65 ---- --- 597 5012 --------55 53 60 56 8 77 70 Cleve Un Stk Yds (8100 par) 109 10812 10812 10712 110 1063 110 110 ____ 4 _ ____ _ _ __ ---- ---- ---- ---- ---- ---- ---- ---- --- --------------------------- 2712 27 No par stock 27 211 287 26 381 2512 25 24 14 2 8 2434 2414 23% 23 2484 21 24 24 Cleveland Worsted Mills 23 2212 2212 212 30 2 18 28 22 2212 2112 2212 2112 21 20 1912 1812 19 17 23 17 22 20 22 20 Cleveland & Buffalo Transit._ _ 60 55 55 55 --- - - ---- -___ 55 55 55 55 56 55 5.5 55 ----------------35 35 Cleveland & Sandusky Brew -__- -- ----------------17, -- ____ 218 2 178 __ 2 2 212 2% -------- 2 2 _--11 12 3 4 % Preferred ---- ---- 1578 1578 1812 518 --------15 -- --------14 15 14 ----------------12 12 1218 12 13 12 Detroit & Cleveland Nay Dow Chemical 140 ------------------------151114 e3 175 140 et3------------------------------------------------17160 225 190 iiii lei : Rights Preferred - -)- - - - - - - - 71 -----10414 105 105 11)5 icif12 lOais 113 io5 fa --------106 115'12 iiii we , - -3,; Eaton Axle ...„.„, ..._ i5 ii 78 7312 ----------------------------------------5312 - -- --------70 -Edwards (William)6% pref 8 9 iii -6312 6 1 Electric Controller 543574 - 4 56 55 58 55 % 12 sJ93 63 60 4 62 593 61 5812 MIN 5934 62 58 615 69 8 4 Falls Rubber - --- - — 412 412 7 7 12 10 1278 10 812 814 83 1112 10 10 4 814 7 13 1 8 12 71 7 7 12 5 Preferred ------------------------1613 15 ----------------15 2018 15 15 184 181 --------1183 10 20 20 Faultless Rubber 393 37 38 37 38 37 37 35 36 35 343 31 4 31 33 31 30 3212 30 3212 30 33 33 32 2918 Federal Knitting Mills 35 32 3412 32 33 32 3914 3314 3912 38 38 373 3638 38 375 40 38 38 3813 33 373 37 37 4 37 Firestone Tire &Rubber 232 224 220 185 192 170 195 175 180 173 175 168 185 173 180 174 17812 172 175 185 182 17414 253 190 6% preferred 111 109 110 109 112 110 11012 110 11014 110 110 110 10912 10912 11014 110 11118 10912 110 110 11214 110 11012 110 7% preferred 11112 10912 110 10812 10912 10812 10912 109 1091210814 10912 109 110 10914 110 108 109 10734 1083 107 10812 10512 4 109%107h (new)42 Foote Burt 40 "A" - - - ii 515 "25 28j2 2 12 9 21 3 -. 31 42 I6- 42 12 --------4113 31 5£1 . 41 i6 - 4i 57 61) Preferred 80 80 85 80 92 9112 95 91 88 8712 9134 90 86 86 95 95 95 93 4 98 95 100 100 108 105 3 Gabriel Snubbers General Tire & Rubber 190 190 184 186 lin 16 . i6O i65 i5O fio iii fii 175 lei 172 167 180 170 205 186 200 ioli- iii 211 6 111 11012 Preferred 6% preferred ___. - _ 102 liii ioa 11112 10113 166 10.612 116 ioo foo 9812 9612 100 99 106 16 98 97 98 95 . 651 19 4 Glidden Varnish Rights ----------------------------------------------------- ---1 Preferred 912 973 96 4 99 99 o 24 104 i6-ii2 14 ioiT2 1- liiii4 16311 10 4 106 983 98 4 64 11--------10484 4 Godman Shoe 59 585 59 57 8 5814 5712 58% 5614 60 58 56 53 Goodrich (B F)-----------------------8614 8814 ------------------------89 69 7012 7513 ---- ---- ---- ---- 8734 85 --------1063 1083 4 4 Preferred -------------------------------------------------------- 112 112 Goodyear 'fire & Rubber Rights 7% preferred 120 120 1st preferred 9914 987 951 26 65 li --------96 - 9i ----------------9812 9812 67 17 --------10214 1 4 -66" Grasselli Chemical (g100 par).— 135 130 134 1293 135 134 142 136 172 143 165 153 ---4 -- ---- ---- ---- ---- ---- ---- ...._ _ ____ ____ No par _ ____ __ _ _ _ __ _ _ _ — - --- --- -- ---3 65 60 - -- _ - _--_ 50 17 62 48 85 4 70 3 95 88 Preferred-109 108 109 10512 109 10712 111 109 11012 10912 110 10953 1093 109 110 10712 110 10814 109%10812 110 109 -4 Great Lakes Towing 9014 89 887 88 9313 9218 95 95 8 91 91 89 88 88 88 95 95 95 95 97 95 --------9523 24 Preferred 108 108 --------110 108 110 110 ----------------109 109 110 110 1091410914 111 110 112 111 110 110 Greif Brothers Cooperage 41 40 4214 3912 4512 4245 40 40 40 43 41 4412 42 39 43 40 41 4112 41 4338 42 41 41 Guarantee Title &Trust 150 150 157 157 152 152 152 152 ---------------- ---- ---- ----------------142 142 1421214212 Halle Brothers Preferred i941 1662 Hanna (M A) 1st pref 75 88 Harbauer 14 14 24 23 Harris Seybold Potter Higbee 1st preferred -Second preferred 20 18 India Tire & Rubber Preferred Industrial Rayon (old no par). 39C4 -fi New no par 1362 126 Interlake Steamship _..— ____ ____ _-__ 16412162 2 164- 166- 104 104 10412 1037 . -18 --------68 65 637 83% 6014 6014 3 1312 1258 1238 1238 14 14 14 14 20 20 20 18 1812 15 15 13 10312 10312 105 105 --------106 108 iail io -II i5 --- iis -- ia -- iii --2 i 2234 T 26 2614 36 i6 18 .8 1- 35 1- - Z5 -- -12 i 6 9 . 22 125 123 120 125 12512 120 130 12812 132 128 - 30 2812 30 2912 2912 273 325 29% 38 325 4 8 Jaeger Machine Jordan Motor 35 -------------5 Preferred 25 34 3634 4312 393 351.1 3312 34 33 3112 41 4 Kaynee 8 1023 10118 -------- 102 102 --------10112 10113 Preferred 55 52 513 50 4 53 4012 53 527 Kelley Island Lime & Transp„ 5518 55 8 812 812 ---- -------- ---- - -Korach 20 1812 17 1812 ____ ____ 21 - 1712 21 2 0 Lake Erie Bolt & Nut --- ---Lamson Sessions ___ ____ 343 27 4 35 293 35 3112 4 LeMu r14 Rights Certificates o ___ ____ ___- ____ ____ ...._ __-10414 104 10418 104 10213 10212 102 --------6113 61 69 6212 75 13 13 13 128 1312 1318 13 2018 18 14 22 147 21 10 106 106 --------10713 107 107 38 36 2512 25 403 35 102 102 5418 533 8 ____ 23 if 135 132 363 L12 ---8 8i F 347 jai 137 -- ____ __ __ _ __ _ __-- -- 47% 46 101 103 10013 10212 101 104 102 7212 8714 871 91 90 13 184 15 2718 185 26 /3 8 -12 15 191 18 15 15 16 14 107 --- - ---- 10618 10812 - --48 150 140 35 4 3738 3612 40 3 49 -- 14 41 36 150 140 3714 39 37 348 --- 165 148 3 34% 30 4 34 23 2212 28 3118 3212 30 33 iio 156 4212 3812 4618 42 38 22 1918 1928201835 18 31 26 32 30 30 29% 34 30 32 30 3112 30 --------------------------------100 100 _ 54 53 58 53 5812 50 54 5318 53 52 ____ ____ 4513 34 38 31 261 29 59 - .58 1212 1212 33 28 22 2518 25 32 3212 3211 ---- ---- ---- ____ 28 23 FEB. 16 19291 FINANCIAL CHRONICLE 959 MONTHLY RANGE OF PRICES ON CLEVELAND STOCK EXCHANGE FOR 1928 (Concluded) February March January April VAugust September May June -41d ay October November December 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 Loews Ohio 1st pref McCaskey 1st preferred McKee Metropolitan Paving Brick Preferred Miller Drug Miller Rubber Preferred Mohawk Rubber (old no par) New no par Preferred Morgan Lithograph Murray Ohio Preferred Myers Pump Preferred National Acme National Carbon preferred__ National Recording Pump_ _ _ _ National Refining Preferred National Tile Rights National Tool Preferred Nestle-LeMur"A" Nineteen Hundred Washer _ NO P & L 6% preferred 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) 100 100 100 100 100 100 100 100 100 100 100 100 4314 41 42 42 41 "4012 16- -4)5;2 16- -4114 -- - 404 3912 42 4 6 373 49 433 49 473 48 473 48 47 4 4714 45 46 45 4 , 4 48 4 4 108 107 108 108 10814 10814 10914 10812 10912 10914 109 109 27 2618 2712 25 28 24 2712 263 -564 2314 2314 24 2012 2012 9112 9314 77 8112 70 76 -55j4 77 - -56- 1i- 8178 74 81 80 75 76 35 50 140 155 135 140 11714 143 130 185 124 224 163 242 200 246 3112 37 - 1- -382 36 33 31 2 107 10412 107 107 45 44 98 35 9514 89 .- 94 95 293 40 33 58 4 70 55 80 7012 85 73 8912 73 15 15 15 15 16 15 15 86 80 15 34% 3312 373 33 4 3712 3514 4312 3612 4212 38 1053 1053 8 8 1378 712 13% 101 -i5- 111 " 4 1612 " "1 1 -1618 - 3 f4. " 11 71 140 139 -41514 - 4 6" 2 -i6- 11.139 -2 3 8 3512 -36 - -7- -5514 -i(;- 3512 35 38 3512 135 135 135 130 131 131 132 130 353 33 4 347 33 3414 33 8 35 3314 3512 32 218 112 16 16 812 2912 2812 3018 283 30 4 97 93 100 98 100 11214 11012 9778 91 108 107 27 25 42 41 ---- -1112 1114 4812 47 333 33 8 1114 912 107 107 212 30 98 291. 29 100 99 11212 III 973 973 4 s 108 108 25 24 40 38 99 99 12 50 35 11 11312 11212 11434 113 1001, 97 2 98 97 , 108 106% 10712 106 24 24 40 39 40 40 100 100 ioi- 16f113 1614 13 1818 15 4812 60 50 60 56 3238 347 3318 37 33 4 8 3 1012 10 10 14% 9 4 3 108 10612 123 10612 132 115 90 78 85 68 8912 86 95 1312 1312 14 14 105 10418 3712 36 4012 36 10514 10514 10412 10412 1412 1412 14 1312 3312 24 40 -55is 16 - 40 398 30 II -56i-2 137 137 31 25 13214 130 39 39 36 3512 -56- 1i- -56- 3434 132 131 13212 13212 29 31 32 4 263 323 30 4 15 37 24 41 4 11212 109 1113 110 96 92 93 90 10812 10753 108 105 24 24 24 3912 471, 16 50 44 101 101 112 11012 114 1113 114 113 114 111 4 87 89 86 9212 88 91 95 85 108 10512 107 107 105 10412 106 106 61 4712 69 53 78 18 59 37 4 , 14 135 124 2114 6814 3812 1638 /1 -14 65 36 13 125 120 78 37 39 112 8 40 30 23 99 36 33 14 7 39 263 4 23 98 11312 112 94 87 10512 10414 7214 74 69 -_-_-_-_ 10612 166 2 12112 68 4012 1512 65 33 12 -3212 2712 -32 4 -3714 343 -3714 1614 -55- 16 3 ; 13212 1321, 134 133 134 134 3512 2812 383 333 3814 3612 4 8 112 112 712 712 -----_4 74 712 712 712 712 73 3 ____ 25 ---. 17 -55- 2712 29 25 -1 2812 2812 265 26 21- "2i" "24; 24 23 24 263 2618 2514 23 4 8 100 993 100 983 9912 98 9812 97 12 98 9714 9712 97 9712 96 2 8 114 112 9612 92 943 4 -- 1 3 ; 6 4612 44 46 10514 105 14 12 4 2834 27 1 24 72 76 72 230 240 235 60 56 -65- 42 2 -45- 16- -56- 4 . 90 88 -1 95- 1i6 2214 391. 81 -55- 85 87 - 4 11514 81-135 3412 3312 35 37 35 1618 --_ -153 20 8 4 193 1812 193 18 -i54 19 1618 19 111-16- - 2 -1612 16 18 17 125 122 124 122 128 12312 42 4112 4323 42 4312 27 90 85 64 383 353 3612 4 8 8 165 1412 102 3553 86 ii4- 115 35 32 32 171 2418 19 1612 2018 18 447 12 42 -Peerless Motor ^21. 1718 173 17 2312 19 4 25 23 21 21 1912 1912 Reliance Manufacturing...... . 9 38 "ails 3712 498 17 3 5312 47 385 -1Richman Brothers 566- 251- 285 216 567- 2 1 §6" 263" 565- 275 566- 268 281 273 331- is - ; 66 - 353 328 346 333 400 3397 390 350 6 8 River Raisin Paper 103 8 83 1038 1018 103 4 912 12 4 10 4 1138 11 , 103 103 8 8 8 712 712 7 Robbins & Myers preferred_ 14 1s _-__ V t c series 1 1012 10 _-__ 9 9 --614 -134 V t c series 2............... 614 614 11 10 9 8 Preferred v t c 1612 15 1412 13 1012 8 Rubber Service Laboratories- 40 40 45 40 40 40 . - 35 55 Sandusky Cement 164 116 170 170 200 170 180 170 215 166- 565- 200 20318 2031s 565- 205 230 205 550 iii" 5545i:216 . 1 ; Scher Hirst "A" 2612 26 27 2612 267 26 8 2712 27 29 2712 2712 26 24 22 25 22 26 26 24 23 25 23 24 2212 Seiberling Tire & Rubber 447 39 8 42 3218 41 36 4712 38 47 4214 5212 457 513 45 50 41 39 4434 3814 46 4 8 55 45 4 67 51 , Preferred 4 1053 104 10412 103 10512 103 10514 1033 10712 104 10712 106 105 104 10512 10214 10512 103 106 1033 108 10512 10712 104% 4 2 Selby Shoe 47 41 42 4014 45 4012 43 4138 4112 3512 41 38 387 37 2 34 37 35 33% Preferred 101 9912 10114 99 Sheriff Street Market Sherwin Williams Preferred Smallwood Stone Sparks Withington Rights Sinking fund preferred Preferred Stahl(HA)Properties pref.-Standard Textile "A" preferred "B" preferred Star Rubber Preferred Stearns Motor (F B) Steel & Tubes Rights Steel & Tubes Inc"A". Income "B" Preferred Telling Belle Vernon "B" preferred Thompson Products"A" Preferred Trumbull Cliffs Furnace prof.. Trumbull Steel Certificates of deposit Preferred Certificates of deposit Union Metal Union Mortgage First preferred Second preferred Van Dorn Iron Preferred Weinberger Drug Wellman Seaver Morgan prof White Motor White Securities pref Wood Chemical "A" "B" Youngstown Sheet ec Preferred 61 61 69 66 10914 10812 301. 2912 60 597 s 68 657 8 10812 107 32 30 61 37 60 5312 _68 6512 70 66 761 10912 107 10914 108 108 106 313 30% 3112 3012 32 4 31 63 63 1057 1057 8 s 4212 14 13 16 6218 0014 65- - -- 6712 61 3112 3012 3414 34 3212 5 61 414 53 5 33 4 6218 57 42 42 80 78 212 10712 107 3212 30 30 30 100 100 1 3 4 105- 16i---11513 107 ---____ -i8 14 123 - 3 4 12 4 7012 6712 64 6314 63 56 35 34 3012 2912 3112 31 1 1 - in-612 614 5 8 33 32 -56- 7812 95 7812 9314 8734 107%106 108 106 108 106 30 25 30 30 ------- ------- ---118 115 ---55 166- - 10712 186 115 514 514 -- 16012 120 -6-i- 10518 10 80 72 57 4 6 4212 15 15 63 71 3212 35 1 5 3 68 61 8 14 63 33 1 5 9112 64 6 3 -- -48 4512 4712 4512 4712 45 108 108 2312 22 -2518 23 243 23 4 93 120 110 170 -15 --818 . -i5f4 1112 -155114 71 56 5014 66 55 70 267 35 321! 33 2 31 28 28 12 1 1 1 7 2 - -6 412 6 -112 77s 434 7 191 160 188 180 74 105 105 jai- 16i5412 4612 5418 - 1- 52 49 664 30 30 2512 26 9112 87 883 83 2 108 105 4 107 10612 3 2914 29 __-____ __-__-_ 170 11 11 12 6514 72 65 32 3212 3114 8 8 14 12 --- _ 5 5 512 6 5 190 180 71 95 76 ---- 51" 1i- -Li- 16- -5614 5914 ---- ____ 92 75 ---- 321- -56- 3312 -56- 32 -.iW3 1i- -5314 35 2 iffs 105 105 10212 10212 103 103 1051. 105 10512 16512 i66- 105 105 103 103 1027 104 10212 103 10012 104 104 i65- 103 io5i4 103 104 10312 i6i- 104 -. 8 1112 1112 11 1014 13 12 1114 12 ------1214 113 ---4 1012 9 ---1112 12 12 11 12 1014 13 11 . 12- 11 -i5- 1184 ---- --_- ---____ ---9912 5512 10812 9712 10012 100 10012 9818 100 100 100 ---____ ..-------100 -_---__ 5812 90 108 95 8 101 97 101 3 97 10012 97 ------------48 7 30 12 5 89 37 -- 1 44 2 ; i 3553 -55- 16- 47 45 4 47 473 46 4612 46 4818 46 47 45 8 46 423 4412 427 49 43 4 I. 12 118 1 1 12 1 3 i2 12 12 1 12 14 53 3 4 3 4 10 14 143 10 4 10 9 9 4 6 3 5 9 5 7 _ 13 8 138 1 1 ---5 712 7 4 6 5 5 4 ---- 4 — 40 40 35 30 -56- 16 40 40 - - - 16-_ -55- 1i- "ii" 19 -56 - . s636 31 32 32 4214 42 105 104 104 104 i6i- 1631- i45- 10314 105 105 2 104- 16f4 4 253 2512 263 25 273 2512 27 4263 27 4 8 2514 25 2 25 -6E11 - 1- -897 898 4 88 4 8 108- 166- 108 107 10912 108 164- 166- 10614 16514 - BONDS. City Ice general 68 Cleveland Akron Bag 8s -65- 41Cleveland Ry 5s 100 16 3 101 101 14 - 54 1 Cleveland & Sandusky Brew 6s 101 101 Cleve S W Ry & Lt Div Mtge 68 Gen & con 5s Steel & Tubes deb 6s Wash Halt & Annapolis 5s_ _ 073 9734 4 10012 10012 101 101 101 101 98 98 14 10014 10014 15614 166 10012 10014 10118 10118 10114 10112 10114 10114 _ ---_ -- ---- -55- 33 -5512 4 4512 443 62 14 14 14 3 212 238 18 18 4 4 4 28 30 28 23 -55 55 71 44 57 12 12 14 23 2 27 s 3 4 4 8 28 2812 2134 24 70 70 4818 14 212 18 34 3 28 22 60 103 101 1041 10412 105- 98' 3 2514 24 4 28 26 28 28 2112 1812 2112 2114 -9414 9414 997 9914 i6i- 9913 ioir. 166- • 8 - 101 101 101 99 09 10014 10014 i64- 16610114 10114 10112 161 10112 10112 -14 85 85 . -55 1i-46- 43 2 - -1- 1003 4 MONTHLY RANGE OF PRICES ON CLEVELAND STOCK EXCHANGE FOR 1927. BANKS. January February March „hay April August September May October June November December Per High Low High Low High Low High Low High Low High Low High Low High Low Iligh Low High Low High Low High Lott _ _ _11eveland Savings & Loan_100 _ _ _ 100 311 3 El 516 316 5i6 3 Cleveland "frust ( 6i 100 215 260 28018 275 305 300 Ciuardian Bank 100. Ltwain Street Bask 100 200 200 21E1 216 Mixrris Plan Bank - . 100 176 171 175 175 180 180 NIatonal city Bank 100 --------290 290 28512 285 girl Street Bank leo ____ __ ....._ UIxion Savings & Lean .. 155 155 100225 218 225 224 250 225 lion Trust UI 100 ?" 975 965 205 265 265 UIalted Bank _ ---- --- -7-7 ---- _ _ - 160 116 565 3 .516- 3 -- 565- 30 - 5456i2i66 5545 3 6 6i 350 33012 335 iiE 61 6 308 302 316 31012 330 325 355 335 375 355 377 37612 410 387 ii iii iii iii 390 386 400 390 _ --- ____ -_-_ __ -- - _— ---------------- 178 fig ____ ____ 180 180 200 185 _ 201 201 201 201 202 202 285 28 285 2 . 8 285 285 _ _ _ _ _ _ _--- .-- 285 285 285 285 __-_ ____ ____ ___ 157 157 --------156 156 --------------160_, 160 170 170 _—_ -----------24912242 250 248 2 65 250 285 25 290 280 285 279 , ____ ____ 270 270 276 275 275 275 275 270 207 207 282 2275 274 260 2,11 260 265 265 --------265 960 FINANCIAL CHRONICLE [VOL. 128. MONTHLY RANGE OF PRICES ON CLEVELAND STOCK EXCHANGE FOR 1927 (Continued) MISCELLANEOUS. April May November December March June July August September October January February Par High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low 19 17 20 19 26 19 28 251 2512 25 2514 25 27 26 171 --------17 17 18 Aetna Rubber • 1912 1912 1914 19 Preferred 2 6 Akron Rubber Reclaiming_ • ----------------------------------------------20 -15•2 iiii fi ii -fi 1514 If ii -1812 ii -Preferred lo ----------------------------------------92 92 92 92 92 92 --------98 98 --------95 95 e 1612 1134 16 ----------------------------------------10 10 10 10 334 15 14 1112 11 1112 10 Allen Industries - ---- ---- ---- ----------------------------31 31 33 32 Preferred 31 31 3112 3012 31 3014 34 3014 34 31 American Fork & Hoe _ _ 106 106 106 106 10e 10138 10138 104 104 --------------------------------105 105 12 ----------------110 o12 --------110 III ----------------1101411014 11614 11 14 First preferred 6 -100 ----------------10712 914 2h 1934 24 2112 2514 2312 27 25 26 2514 283 26 2714 2614 2613 241z American Multigraph 4 4 • 2018 1912 103 1912 1934 1912 American Ship 4 90 92 1103 97 1191 110 120 110 __-- ---100 1,212 80 8512 82 85 84 8412 8334 84 84 85 85 96 86 ----------------------103 103 --------------------------------110 110 --------11018 11018 Preferred 100 10214 10214 American Vit Product 4 3912 3514 3312 3712 Bessemer Limestone * 33 32 35 3212 35 34 343 3314 3418 323 3312 3214 33 3118 36 33 3812 38 51 812 --------812 814 714 71 5 5 Bish Bacock 5 5 5 50 ----------------10 112 ----------------------------------------2 Bond Stores "A" 20 214 214 214 2'8 112 113 11 14 14 12 54 34 ---------------"B" 7 34 --------13 • lh 1 --------8 i2 12 --------118 12 5114 48 5112 4614 934 4613 49 48 5272 49 5012 47 53 47 50 4812 498 47 Buckeye Incubator • 48 43 4714 47 12 70 75 77 74 7412 74 75 72 72 72 70 68 68 88 74 70 Bulkley Bldg preferred____I00 68 68 7034 7034 7034 7034 71 6912 ------------- ---- 3838 35 3914 36 39 371 411 3712 4034 40 42 39 4112 3812 42 39 41 39 Byers Machine • --------100 loo loo o ____ __ ____ ____ ____ ______ _ loo No Canfield Oil preferred 10lo H loocio_ 2612 26 ----------------30 29 --------3 100-4 4 2838 0 -30 283g --- 26 2534 2534 253 31 30 263 26 * 2834 27 Central Alloy Steel 10734 1093 1073 1083 108 109 10818 10913 1081 10932 107 109 108 10912 108 4 4 4 Preferred 100 10714 10612 108 10612 10812 107 10812 10712 10 Christy H C 100 _ 4 278 2 28 14 4 3112 552 - -13 11 4 22233233 30 5284 - -12 551 • 2412 2318 2434 24 ------------------------------------------------222612 City Ice & Fuel ------------- 2 212 2 3 2 2 2 10 314 3 --------212 212 212 212 3 3 314 ---- ---- 314 314 Clark (F G) • Cleveland Akron Bag 100 _ Preferred Cleveland Auto Machine_ _50 ----------------5 - 45 45 i41 -- ----- ----. ---100 50 45 SO 5 Preferred 28 32 -- - 3314 3113 311 31 2412 26 -2634 10 3 0 3112 30 30 -60 3014 55 10 3013 28 28 27 -Cleveland Builders Supply___• 30 29 7612 7612 7713 7613 85 78 115 8513 101 100 100 9212 101 96 100 9834 10512 105 77 75 • 77 75 7512 74 Cleveland Cliffs 100 --------30212302123021230212300 300 310 297 320 320 325 320 325 322 327 325 331 331 350 336 Cleveland Elec Ill 4 100 1093 10812 10912 108 11014 10814 11114 11912 11114 119 1111 1103 11112 110 11012 110 11134 111 11112 111 113 11114 113 112 6% Preferred 4 s 4 4 100 99 9614 993 99 100 9814 993 99 10112 9912 10218 101 10312 10212 10434 1023 105 103 1053 104 106 10512 10714 1057 Cleveland Ry 132 132 132 114 112 112 112 2 4 llz 234 13 Cleveland Sec Pr pref 10 134 114 112 114 134 112 138 114 113 114 112 114 18 51 50 49 4812 49 47 67 50 63 62 60 60 8018 55 66 80 --------70 88 52 52 Cleveland Stone • 52 01 8 Cleveland Union Stk Yds_100 108 107 --------108 108 10712 10712 106 106 --------107 107 110 1097 110 110 110 108 111 109 108 108 2412 23 26 24 2413 2212 2238 2212 2234 21 36 22 31 25 26 25 25 22 100 27 26 2714 26h 26 21 Cleveland W Mills 70 65 65 85 65 65 65 6212 I00 ----------------6212 57 ------------------------80 80 80 80 Cleveland & Buff Trans 213 -------------------------------- 213 212 ____ ____ ____ ____ 234 --------21 234 3 100 --------28 Cleveland & San Brew 18 18 20 197 713 ---- ----18 1712 --------18 17 20 1) Preferred 100 171 77 70 80 77 8313 80 95 89 9914 95 100 99 100 9912 101 101 105 162 108 105 73 7118 73 71 Dow Chemical Preferred 100 --------100 100 10613 105 105 105 10312 10312 103 101 1023 1023 103 102 103h 10312 106 104 10413 104 10412 10412 4 4 Eaton Axle ii ---- ---------------- -------- ---- 75 ------------------------231275 75 70 70 Edwards 6% preferred 100 80 7512 --------7782 75 '72 f2 i5 571 5414 Elec Contr & Mfg • 66 64 65 63 8814 6518 68 8313 67 64 6734 66 67 68 85 4 6212 6312 62 61 53 5712 57 3 _ ____ ____ ____ ___ ___ __ _ _ _ _ — _ _ _ Elec Vacuum Cleaner pref_100 ------------------------1103811038 - 5 6 if iii- -6 iii3 1212 552 - 2 ---- --__ ---- ---- ---- ---Elyria I & S 4 5 2 212234iso 4234 54312 -- ii 25 0 Preferred Falls Rubber 10 _ g I i 1 --------12 12 ----------------------------------------10 10 10 10 Preferred 25 15 10 4 4 Faultless Rubber 38 373 3812 353 39 3814 38 37 45 40 42 3934 4013 3738 39 3714 4314 39 40 3813 4(8 88 * 4012 38 32 2912 3112 30 341 29 3 3 8 Federal Knit • 3038 29 2912 287 29 29 29 2834 311 29 30 30 30 2913 29 29 30 28 Firestone T & R 6 Preferred 7% Preferred Foote Burt preferred Gabriel Snubber General T & R Preferred Glidden Co Prior preferred Goodrich T & R Preferred Goodyear T & R 7% preferred First preferred Prior preferred 10 122 117 130 119 130 12512 12512 123 136 123 148 135 138 13512 152 140 165 155 160 148 18812 148 234 183 100 103 10112 10412 104 10612 104 106h 105 106 106 10814 106 10714 10412 107 106 10612 106 10712 106 10812 10618 10814 108 4 4 100 10013 99 100 99 101 9933 10234 10014 103 10012 104 103 1033 103 105 10218 10613 10418 1073 10614 10714 10534 10912 1063 4 100 3813 35 45 448346 44 --------53 53 54 54 54 54 54 50'358 55 95 80 92 85 95 95 __ ___ __ _ _ ___ _ _ _ 8 8 * 3012 3012 3114 3013 ___ -- 3713 3413 421 3714 4313 43 607 607 --6 - No 17 175 174 190 120 6 25 152 150 150 ,148 150 150 150 150 168 150 155 145 --------155 116 iio fs , 04 104 100 10212 10212 ----------------------------------------104 1021: --------1023810238 -------- 1 2134 204 --------21 15h 1734 163 ----------------1518 1518 153 3 • 2114 1914 2012 19 3 3 514 --------2038 214 100 87 84 88 8412 9333 8934 9312 9312 9184 8518 100 8912 9112 91 87 8812 90h 87 90 8612 92 89 9534 94 • 10 0i2 -6 6 109 -- 4 100 --------9811 9812 99h 9912 . . 101 -------------------------------- -- 10 -3- 1.158 10 . __ _ _ 67h 1711 . 4 • 30 29 36 30 41 36 48 40 58 45 543 4l 5113 5112 563 5213 647 5213 _ __ 8 4 3 -734 100 100 100 100 100 10112 10112 110 108 11714 109 4 115 112h 114 114 120 11613 122 116 122 11-- 121 115 120 117 * --- ---- 9412 9414 9414 9414 95 95 -113; ____ ____ ____ ____ ____ - i55- for Hilts 1 ---- --- ---- ---- ---- ---- 61--____ ____ ____ ____ ____ ____ 100 ----------------108- 1 7 Grasselli Chemical 100 128 12713 130 12812 13312 13012 134 133 134 133 133 132 3 13212 129 13011127 133 128 133 13013 134 12913 135 133 Preferred 100 103 103 10313 103 10312 10212 10312 10213 10613 105 108 1061 108 107 10812 107 109 10714 107 10612 10914 106 109 107 _ Great Lakes Towing 100 80 7512 85 85 85 85 95 90 90 90 -------- 93 8912 90 90 89 87 90 8912 88 8612 8712 8712 100 104 10014 104 104 104 104 105 104 103 103 -------- 103 103 103 103 10512 10512 107 106 107 106 107 107 Preferred 3913 39 41) 39 40 39 3913 39 393 38 3734 3614 364 38 3612 45 39 4534 4514 45 44 * 40 39 Grief Bros 157 ---------------------------157 157 157 157 ---- ,-- -,,- ,,- 7, .7 -Guarantee Title & Trust_100 --------157 157 --------157__ 100 100 101 10012 10112 10012 101 9912 101 100 10112 11 1114 101 10234 10112 10312 103 103 103 104 104 104 10314 Halle Bros preferred 56h 56 60 56 --------60 60 6232 80 63 6112 69 6812 100 6614 58 60 5614 6514 6514 60 60 56 56 Hanna 1st preferred 1512 15h 15 15 15 14 • 12h 1213 1233 1232 --------------------------------14 1314 14 14 14 14 Harbauer Co * 3112 30 30 30 Harris Auto Press 2 6 29 28 28 25 2 6 25 8 - 2 12 3014 30 515 30 2912 2812 2913 -2112 ii -- -12 i912 --- i514 --- i1514 -* 8 Harris Seybold Potter . 2 2 8 100 ------------------------------------------------1027 10273 104h 1041 10413 10412 10412 10412 106 10412 10412 10412 Higbee 1st preferred --- .„Second preferred 100 ---------------------------------------------------------10412 10412 ---15 18 15 2312 -2 2 263 4 2 • 3112 2913 2912 29 26 25 2112 22 17 2 India T & R Ind Fibre 712 7 1913 13 2414 163 4 1012 912 14 10 63 3 613 54 73 6' 1013 7 5 12 734 633 8 3 4h 8 Ind Rayon • 7 4 • 110 10934 110 10934 115 110 115 112 115 115 120 116 120 119 120 119 120 120 133 117 120 120 130 121 Interlake SS 23 23 _ pref___50 ---------------------22 21 Int Term Warehouse 29119 2 if 29536128 2 i 2t 5014 2814 3134 298 3212 2412 30'4 Iii -iors - -1- -iiis -- 2 -airs - - -ii- - -1- -5612 - 4 -gra - 3 Jaeger Machine • Jord:n Motor 52 48 52 45 - --,0 5 -6 -- 52h 50 6 133 63 45 45 50 50 50 48 log--Preferred 2712 27 28 2612 27 -3213 32 3314 3212 34 3212 2 6 5 21 133 33 30 3312 32 2 10 2512 21- -2814 -- 14 2814 26 Kaynee Co -_ 4 Preferred 103 ----------------97 97 983 96 -------- ------------- - 99 96 99 99 --------100 99 101 101 — * 135 13 135 3212 135 135 135 135 137 135 140 140 150- 148 165 16012 166 185 185 180 200 180 ---Kelley Is 15 -----------------------10 10 ______ 8 612 8h 712 ----------------15 -Korach "A" 133g 1234 17 14h 161 16 --------16 16 17 1512 --------18 1512 18 17 Lake Erie B & N • 13 12 --------13 12 Lake Shore Elec First preferred - ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ----- ---- ---100 Loewe Ohio 1st pref 100 101 101 --------------------------------101 iiif ----------------101 101 ----------------100 loo 1CCaskey 1st preferred Metro Paving Brick Preferred Midland Steel Miller T & R Preferred Mohawk T 8c R Preferred Morgan Lithograph Murray Ohio Preferred Myers Pump Preferred 4 2eif.3 2314 . ii4 iii4 223 24 2314 24 illy 294 -- - -------ii 55 - 3- 1031g 1013i --------1031, 2312 ---- Ia 501-4 * 23 ---- 103 103 105 104 --------105 105 10312 _ ____ 100 • __ 14: _____ ______ _ _ 554 2114 2413 241 31 55 31 ii * - -5a 98h 3 9 8 9912 - - 9934 9838 100 99 9 6 100 103 1001z 106 10114 1027 10114 103 101 103 10013 loii4 -- 12 iirz -15 15 --------15 15 ____ ____ _ ___ 17h 17 22 1833 22 22 17 17 • 4612 46h 85 60 60 60 100 ----------------45 45 46 411 40 35 ----------0212 5918 • _ 1 51 • fill ii2 V14 712 718 _ _ E 514 5 5 4 - 14 iii4 - 12 11i2 1 .1IC 18 7 612 1312 9i 100 ---- --- 9612 9612 -------- 95 96 95 943g 95 94 96 96 96 96 96 95 ei -• 100 _ 45 -45 5a 16 3313 28 10512 10512 105 105 2:11 4 9914 22 60 21 85 21 50 17E3 9513 267g 58 ---13 2 6 91 20 50 iij II, ___. .... g 98 98 - - 6 10 0 532 434 814 812 1112 6 6 6 712 813 5 National Acme 7 8 618 512 612 534 ---- ----538 514 7 135 National Carbon pref 100 _135 National Recording Pump_ _ _* ----- ii 16 41 40 -- ---- ---- ----- ---- ---- --- ---- -- --- --,- _- ..- ---- ---- ---3 4 3 5 3512 35 35 -3 7 37h National Refining 3512 3332 3713 34 3 6 3 414 36 -35 35 -37 38 - - 373 358 3714 --14 3634 393 4 25 4114 -- - 38 -- 133 132 134 130 130 130 ---------------13013 13012 13113 13113 132 13012 Preferred 100 130 130 130 130 130 130 ___3 3 3533 33 3412 33 37 33 38 3673 3738 36 3634 33 35 33 35 31 National Tile • 33h 33 3312 33 3314 33 3412 -National Tool 50 1 -- --1 _ 1 ---------------------------------------------------Preferred 100 -s 6 26 25 2612 26 4 2 _ ---------------------4633 2612 Hit --- 2612 2612 27h 26h 29 - _ _ iih 2812 28 illy ii Nineteen Hundred Washer_ • _ 2 6 N 0 P & L 6% pref .8 iio 8112 W., ii- '614 8112 80 8114 7914 83 823g 8413 8333 8334 83 8414 84 85 8412 --------90 87 92 9012 4 Ohio Bell preferred 2 100 11212 11014 112 111 114 1113 11314 11214 113 11214 1121210534 1101210714 112 10912 11234111 112 11012 113 11114 1128 1103 s 8614 82 997 8212 110 96 11614 9412 4 Ohio Brass"B" • 85 78 85 82 8472 8212 85 81 843 83 8413 83 8232 82 83 81 4 4 Preferred 100 104 102 10234 102 106 1013 10812 111612 107 10512 107 107 10512 10512 106 1053 10612 106 106 106 107 106 10612 105 __ 28 251 273 27 2712 27 2712 2812 4 Ohio Confection "A" * 33 31 3812 33 4012 37h 45 43 2 6 264 -3 6 2 211; — 21- -itiTa 3 6 Ohio Seamless Tube------- • ---- ---- -5:ir -- - -55- -- - -56- -211- -iify Ohio Tele Ser. pref iii0 -------------------------------------------------------- 10111 101 ---- ---- __------- ---1014 10 16 --- .--4 4 812 73 1012 8 4 812 11 14 fd ------ 53 83 .{ 1 712 9 Otis Steel 8 • 813 8 Packard Electric • --------------------------------------------------------38 38 36 35h 45 4034 4514 43 51 48 Packer Corp • * No Dar value. FEB. 16 19201 FINANCIAL CHRONICLE 961 MONTHLY RANGE OF PRICES ON CLEVELAND STOCK EXCHANGE FOR 1927—(Concluded). January February Ifarch April July June August May September October November December Par High Low High Low High Low High Low High Law High Low High Low High Low High Low High Low High Low High Low Paragon Refining 25 714 67 8 714 614 712 67 8 612 6 7 614 918 712 914 8 914 814 81/4 8 9 8 9 814 1012 8 Preferred / 1 4 100 70 70 75 70 72 70 6612 6612 67 66 87 70 83 83 84 81 85 85 94 90 105 95 10934 102 Peerless Motor 50 32 2812 2858 2684 2614 2134 273 223 2712 25 277 29 8 4 4 263 2412 26 8 2214 23 2112 2114 2118 28 2112 2434 23 Richman Bros • 168 160 162 143 152 1427 180 1517 20212 174 22434 20012 22312 20712 2201221012 290 8 8 219 2891z260 276 263 298 272 . 722 612 712 7 River Raisin Paper 7 7 718 63 8 73 8 67 8 8 714 814 814 73 712 712 7 8 814 8 4 712. 73 4 73 4 8 3 Robins & Myers preferred__100 ----------------4 25 ----------------23 8 4 234 234 23 4 212 2 -----------------------23 Rubber Service Labs ----------------------------------------40 3012 4212 3618 35 35 42 354 48 / 1 41 4 51 50 RusslMfg MISCELLANEOUS Seiberling Rubber Preferred Sheriff St Market Sherwin Williams Preferred Smallwood Stone Sparks Withington Preferred Standard Textile "A" Star Rubber Preferred Stearns Motor Steel & Tubes * 2514 21 23 22 25 2312 24 2212 30 233 27 25 8 3312 30 347 27 8 38 / 3214 3812 3314 1 4 3912 3712 100 9712 96 97 97 100 100 100 99 100 100 10018 10018 100 100 10112 101 10212 10012 10212 10112 4014 30 102 100 105 10212 100 73 72 ----------------------------------------70 70 70 70 69 65 67 65 2 45 4412 50 44 544 4812 54 51 / 1 4 5 / 513 5512 533 61 5514 61 41 4 5612 613 593 62 - - 70 4 4 60 4 62 100 109 10712 1081 106 10712 10612 1073 107 108 107 4 10812 107 10712 10514 10614 10512 6112 60 4 4 10512 104 107 106 108 10712 109 10784 • 31 3014 31 3012 303 30 4 3014 30 3312 3014 3512 3224 35 35 35 35 34 33 33 33 32 30 3024 2912 4 • 153 153 15 4 153 1812 1512 18 4 3 4 17 ----------------13 1112 15 15 2014 13 22 20 34 24 34 33 100 95 95 95 95 98 96 98 96 100 8 / 712 7 1 4 7 712 712 --------------------------------1612 1212 103 -4 1th2 1722 - 3- ii -118 13 100 30 2314 26 25 29 27 32 2914 4212 2812 50 41 48 4512 50 4634 63 52 6312 60 74 64 6012 62 -100 13 13 13 13 137 13 8 1512 13 14 13 --------22 22 32 25 36 32 3912 354 3312 3312 31 30 • 100 _ . ____ ____ ____ ____ ____ _ _ __ _ _ ' 812 7 / 8 1 4 714 7 / 63 1 4 4 77 8 63 4 7 67 8 6 / 612 --------413 312 5 1 4 334 4 312 5 4 47 8 3 / 1 4 25 _ --- ---- --__ -___ 5212 50 51 50 52 50 * 38 36 38 37 44 36 441: 42 4814 423 47 43 4 4814 43 473 42 4 49 44 49 4114 47 43 47 44 Telling Belle Vernon "B" preferred Thompson Products "A" • Preferred 100 98 97 Toledo Edison pror pref_100 117 11418 Trumbull Cliffs pref 100 9912 98 Trumbull Steel • 1014 912 Preferred 100 75 73 Truscon Steel Preferred 100 _ Union Metal • 4012 4018 Union Mortgage 100 60 52 First preferred 100 85 80 Second preferred 100 79 76 99 _ 100 1112 8334 41 58 82 8014 9714 9712 97 _ 117 11512 --- 10014 nal8 9912 __ _, 10 1114 1014 7278 84 SO 100 98 10012 100 11658 11514 117 1163 arm nal --4 ,...,_2 101 100 4 1278 11 1214 1014 88 8112 90 82 4012 5118 80 80 4312 6012 80 7912 4034 6112 8314 82 4018 5712 81 80 40 59 76 77 Van Dorn Iron * Preferred 100 90 90 85 85 Wash Bait & Ann RR pref 50 17 17 Well Seaver Morgan • 26 25 20 - 3 6 io '5 6 Preferred 100 91 87 os 92 95 ss 85 51 White Motor 50 563 5614 --------503 483 463 4638 4 8 8 White Motor Secur pref__ A00 107 10612 10612 16 107 106 107 10414 Youngst Sheet &Tube pra.100 110 10712 10912 108 111 1083 111 109 4 4312 59 81 80 427 8 58 8012 80 70 70 25 2014 1003 1003 102 101 8 8 115 115 116 115 1017 1004 1007 100 s g 1114 1312 1112 13 88 8214 85 82 4312 59 82 8112 42 58 81 78 43 58 8112 79 --------60 in a 87 87 --------3924 3714 105 112 106 104 111 110 11012 10912 42 5714 80 78 2,- -- - 2 Ts 21T2 23 . 2 11 4 4 21 2i4 -25 .2 26f2, --. 10234 1023 ----------------1023 10112 1018 1018 4 4 4 4 11612 116 11612 16 _— ___ ---- ----101 1007 102 102 10314 103 10414 8 165 12 14 1218 11 1114 914 1214 10 114 1012 8612 82 8312 SO 7912 75 100 95 9018 70 1-64 10522 -___ 4312 51 80 75 ____ 42 40 7934 60 ioL 16E ioi 104 47 4334 46 45 48 1612 49 47 37 25 27 26 2618 6 884 4 ---- --- 57 57 57 30 21 35 55 45 --------45 30 20 10 -- --------4213 6 6 -421 897 if in "ii in - 3 8 8 4 ---- --- 404 404 40 40 105 104 10312 10314 104 103 109 10612 109 10712 109 107 / 1 4 _ _ _ _ _ _ _ _ _ _ __ _ __ _ 8884 51 892 - 8 55 394 3912 34 33 104 10312 10618 105 10812 1063 10912 107 4 36 36 8928 11 ---- -106 103 1093 10812 4 BONDS. City Ice gen 6s Cleveland Akron Bag 8s Cleveland Ry 5s Cleveland & San Brew 6s 9412 -------- 95 95 ___95 95 95 95 ------------.= 95 -i, ..5. 100 993 100 993 100 - - 3- 993 993 _ _ _ __ _ _ 10014 997 10014 10014 10014 10014 64 ii 4 4 9 4 6 4 4 . 8 . . . . _ _ __ . _ . 993 99 10014 10014 10014 10014 _ _ 4 --- -- ---- ---- ---- ---- 10012 10012 - _ Cleve S W Ry & L Div M 6s_ ini2 - - - 7914g3 _ 7 6 - -14 in - - - ----------------7612 19 Lake Shore Elec gen 5s ---- ---- ---- ---- ---- ---- 60 60 60 60 ___ ___---- ---- ---- ---- ---- ---- ---- ---- ---Firestone of Califiis___________________ _________________________________________________002 f ici, Stark Elec Ry 5s 95 ii ___ _ 1004 106 /1 -- 7612 ---- ------ ---- ---- 9a2 ---c --, 92 --i 9i 96, i6, ii 9812 MONTHLY RANGE OF PRICES ON CLEVELAND STOCK EXCHANG E FOR 1926. January February March A pill May July September June August October November December High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low BANKS Par Amer Savings Bank 1003501135012 Central National Bank......l00 --------282 282 --------2901 z go ------------------------------------------------290 Cleveland Trust __,_ 100 300 290 295 290 291 287 293 290 260 ---- -292 290 293 289 300 295 299298 29629529629412 303 294 307 304 Guardian 100 24412 237 243 243 250 248 253 250 258 256 255 254 255 253 255 255 25712 252 252 249 250 24912 24912 249 Morris Plan / 1 4 National City 100 176 175 ---- ---- -_-- ---- ------- ---- ---- 175r4 174 - 170- fid" iii" ffi" iii" Cii- iii- iii- iii" 172 -Pearl St Bank 100 State Bank & Trust 100 176 169 17513 175 20514 178 Union S & L 100 ----------------170 170 --------172 fi6 Fro 176 --------160 fii 155 iii --------152 152 Union Trust 100 222 211 221 220 225 220 224 215 224 21512 220 21712 219't218 2171 215 220 216 221 / 4 / 1 4 United Bank 100 ----------------287 285 287 29 28518 219 22012 21712 222 285 28518 285 285 285 285 285 285 MISCELLANEOUS Aetna Rubber Preferred Amer l'ork & Hoe Preferred Amer Multigraph Amer Ship Bldg Preferred Amer Vit Products • 100 _ 100 9612 9612 100 _ • 23 / 2214 1 4 100 73 73 oo 100 100 50 _ .. _ 2084 2012 20 / 20 1 4 1934 1812 1812 1812 16 1 15 8 1812 17 18 16 99 99 94 94 99 99 --------10238 166 --------100 100 - 104 104 ..--- _ .106 106 ----------------107 107 23 211 22 / 4 21 21 - - 2012 20 20 1912 20 20 19 912 20 723 72 4 74 724 7312 71 / 1 70 70 75 80 80 741 711 78 4 4 1612 1612 --------1612 1612 17 102 102 ___ ---20 193 8 7812 78 104 102 102 102 100 / / 1 4 1 4 106121061 ---- ____ ____ / 4 2014 194 21 / 1 201 2012 / 4 7918 77 / 791 7814 80 1 4 / 4 16 12 99 -20 79 331. -- -12 221 -- 12 - -- - - ---- 20 - 4 32 4 3 i 2 .....i4 i i 28 -- -18 ---- --- - ; --- -- - -_ - _ 27 244 29 29 2 6 / 1 32 3911 Bishop Babcock 50 1412 912 15 1214 1472 14 12 12 --------1322 8 11 12 12 11 1214 12 11 Bond Stores "A" 10 10 9 9 20 4 8 11 4 4 4 --------4 4 _ 3 3 ---------------- 213 212 212 212 212 24 — ''11" / 1 • 24 2 / 1 2 2 2 2 2 112 --ii2 14 . 112 112 112 I ____ 118 1 1112 14 14 1 Buckeye Incubator _ 1i4 -• 33 29 1 / 3312 311 33 30 1 4 / 4 / 32 1 4 / 32 1 4 32 311 3212 31 / 4 8 4 44 40 333 313 40 33 37 Bulkley Bldg preferred_100 70 6912 7012 3912 - 4312 411 45 42 / 4 70 70 70 70 69 7018 6914 70 69 69 69 69 69 70 70 70 684 6914 68 / 1 69 68 Canfield 011 100 Preferred 100 -100 100 Central Steel -95 95 95 95 • 72 628 74 69 68 - - 64 fil 1 .3 Preferred - -• -56r2 e1 6128 7114 _6_9: 32_ _3_1_7_8 iii4 fic 7 :._0 68 100 106 105 107 105 li38 105 10712 60 10612 1071 10'7 110 107 10912 108 110 10912 11012 11014 Cent Alloy Steel 4 14 • --_- __-- ____ ____ -___ ____ ____ ____ -Preferred 1064 10712 10613 -0-- 10 — - / 3114 - 2 13714 -- i 28 1 100 i81 -0 2 t 0 i ---_ ____ _____— Christy II C ; 10 1-3 ---- ---- ----3612 100 ------------------------15 15 151,2 111 ----------------18 / 4 City Ice & Fuel 18 ------------------------16 • 255 25 8 25 4 244 241 24 3 / 1 / 4 15 2412 23 / 2458 23 1 4 2414 23 F G Clark / 1 / 244 2312 2410 2212 2314 2212 2214 211 223 215 233 221 1 4 10 5 / 4 4 5 4 4 4 23 4 23 4 3 / 3 1 4 / 3 1 4 --------- 322 314 412 4 / 314 ---1 4 4 35 -------- 312 31 8 _ Cleveland-Akron Bag • as 14 14 14 14 74 74 74 ---Preferred 78 78 ---- ---- - --- - --- ---- ---- 14 14 14 'I 100 Cleveland Auto Machine____50 3 3 4 4 4 4 ---------------------Preferred z -- U, 118 ---- ----51 172 i 100 30 30 fc 31 418 41 i 30 35 3514 3 / 4 / 1 4 i 37 t ----------50 so Cleveland Builders Supply---• 39 38 60 51 ____ _ si 39 38 3712 3618 35 3434 35 35 51 Cleveland -Cliffs Iron 3412 333 34 34 31 31 32 30 2 3014 - • 72 6912 7212 71 3 0 75 71 30 30 . 29- 21I 75 74 75 Cleveland Electric Illum_100 ----------------288 7212 7212 70 7912 7212 82 79 82 80 80 78 -------- 78 75 283 6% preferred 100 104 10312 105 103 105 10312 ---__ 291 291 --------------------------------305 303 -------- 305 305 / 1 4 106- 105 107 105 10712 10614 10812 11161 108 1057 1075 - / 1 4 / 4 8 8 106 10812 10712 4 10634 109 1075 Cleveland Stone 100 150 146 152 150 -------- 170 165 166 1(12 166 163 Cleveland Stone (new) • Cleveland Railway _ in ii ii a ii Ei 100 9512 88 ni 93 9212 9312 92 iii- -iii- ii- -56- 4:8 97- - - -0- - 63 7 95 Cleveland Sec Pr pref 94 97 - -12 97 96 9612 9514 964 94 / 1 10 955 9312 9618 95 8 _ ____ _ __ / 97 957 1 4 _ __ ____ Cleveland Union Stocky'ds_100 116 115 115 115 _ ____ ____ 214 214 2 110 108 114 112 113 ffi 113 1 - 1123 13 2 11 / 4 / 0 4 -10 Cleveland W Mills 4 1 -- 110 110 108 108 108 108 4 108 10734 11 -12 100 37 34 3412 30 3014 27 30 2912 3012 10712 1061 3012 2514 3112 30 Cleve & Huff Tran 2512 23 3012 30 100 90 90 ----------------85 85 ---- 27 30 2612 30 29 28 27 ---- 85 85 75 75 Cleve & Sand Brew 65 65 65 65 ---- ------------ 62 63 100 3 4 3 1 / 5 1 4 5 572 478 5 5 34 314 -------- 3 3 Preferred 2 / 214 23 1 4 100 1712 1712 23 22 4 23 --__ 4 23 23 17 17 -------- 20 2212 201 --------228 2212 / 4 17 ___- -----_-_ --------_-_-_-18 -10i4 --Dow Chemical • 70 70 80 80 78 75 7612 7018 75 75 78 Preferred 78 78 78 77 76 100 ___ ____ 102 102 --------100 100 -------- 78 78 76 71 71 72 71 100 100 ----------------1001210011 76 Eaton Axle & Spring • . 30 30 _ _101 101 --- ------ --Edwards 6% preferred 100 70 69 / 70 65 1 4 ijo ii" -5/ - - -in- - - - "ni- 24 24 a 9 g- -----------------------5 --- ---- -g io Ili 78 7 70 8 •NO par value. [VoL. 128. FINANCIAL CHRONICLE 962 MONTHLY RANGE OF PRICES ON CLEVELAND STOCK EXCHANGE FOR 1926 (Concluded). MISCELLANEOUS Rieetric Contr & mfg Preferred Elec Vacuum CI pref Elyria Iron & Steel Preferred November December October August September May July June A wit March February January Par High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low • 58 58 100 106 106 100 105 104 25 60 61 108 107 105 105 58 58 5812 58 108 108 108 108 106 10514 10712 10812 -- ---- 67 56 5712 58 4 / 571 53 6212 4812 5414 50 4 533 6112 56 56 ------------------------10813 10812 109 109 -10 110 108 110 110 110 110 110 10912 --------109 102 110 1 ---- ---- ____ ____ ____ ____ ____ ____ ____ --__ ____ ____ 55 51 Falls Rubber 4 -3 .3Preferred 25 187 187 ----------------------------------- -1812 1822 184 183 i8 4 18 4 8 8 4 3412 3412 3714 36 35 3412 412 373 43 4212 45 43 40 34 Faultless Rubber 42 40 • 4312 41 ------------------------• ----------------------------------Federal Knitting Mills 117 108 106 100 114 104 110 109 110 109 11314 11014 Firestone Tire & Rubber-10 125 117 12412 1193 116 10 4 6% preferred 100 10114 99 103 10114 10312 102 10114 101 102 10114 10312 10218 10234 102 102 102 102 102 9712 9612 9712 9612 4 4 994 973 99 9712 99 973 9918 98 9914 98 9912 99 100 100 99 7% Preferred Foote-Burt preferred 664 6211 4 1 / 512 478 - ---- ------ - - ---0 4 12 4110 1 / 40 434 - -12 41 --- 4112 i 29¼ 283 29 2814 3122 29 11512 11212 125 115 116 115 1 / 4 10218 1003 10212 101 10212 1024 4 / 8 984 973 991 9812 97 98 Gabriel Snubber 3 * 40 4 3912 General Tire & Rub, (old)_50 375 375 3 ' 07 -- ---- Tr- ,r_,0 ---- --- ---7 •-r- , -- -,7- -T- ---- --- ---r...:- ---- 4 1 -- / -0 160 158 155 145 145 1iii 150 143 109 160 -General Tire & Rub. (new).25 ---- --- 185 _185 180 175 170 '125 160 155 155 150 140 14 -- ---- ---- ---- ---__ 110 110 110 110 108410612 106 106 107 10614 10712 10722 ---Preferred 100 108 106 ____ 4 19 4 __ 193 -- 3 1 / 12 8 4 1818 1712 203 183 194 - 14 --4 173 16 1 / 4 213 204 2018 --------1818 17 4 23 22 243 - Glidden Co • 24 24 85 2 312 8712 85 4 87 853 87 86 22 87 86 87 86 4 / 901 8812 89 8812 89 88 3 93 4 90 Prior preferred 100 91 894 95 , 92 --------------------------------------------------------4312 • Goodrich, B F 26 _ 9 __ 98 99140914___ -__---_ 100 _ Preferred - 271- 27 3112 16 4 4 3712 333 3414 312 35 29 31 28 4 / 3 371 -2__--__---38 31 35 30 32 40 4 1 / 35 • 3812 3312 38 Goodyear Tire & Rubber 8 8 ------------------------1013 1012 ------------------------10714 1074 105 105 110 105 Preferred100 -_ -- 107 107 4 _ __ -_ __ 10734 1073 __ _ ---__ 106 106 106 106 -- ____ 100 _ Prior preferred 618 1283 126 4 -__4 ---30 12712 127 130 12612 128 126 130 12 -- --100 130 12912 145 12912 12712 120 12812 124 124 12-1- 121 1 17 126 12 Grasselli Chemical 4 100 102 102 103 10212 10312 102 10212 102 103 102 103 10112 10212 102 10212 102 1023 102 10312 103 10312 10212 103 102 Preferred 4 / _ 72 701 75 72 70 - 70 70 69 69 70 7014 7012 70 71 73 71 72 71 100 75 65 Great Lakes Towing 9 65 -1 100 loo l00l4 100 10038 1664 4 / 971 9712 9714 9412 99 9712 99 99 98 98 99 99 9912 99 100 100 99 Preferred 4 1 / 39 4 4 4 8 8 4012 393 393 383 393 383 41 4 4 / 391 3612 393 383 42 40 4 4 4 / •--------4038 401 4018 3912 40 373 39 37 Greif Bros Cooperage 5812 54 6014 55 5018 55 51 51 5712 535 5312 50 4 493 45 4812 4512 55 50 4512 45 8 54 58 1312 124 4 4 1614 153 153 1312 13 . 18 4 / 171 1712 ____ 18 ---18 - ____ 1914 18 20 21 4 293 3012 293 3112 30 31 4 -- 3112 31 3112 21 30 294 3018 --- 31 ---- 32 31 4 303 3112 3012 3114 294 31 ___ 4 100 1643 150 160 156 156 150 165 149 160 159 3 4 / 3 31 204 301 204 293 2918 4 3012 2912 30 29 3112 36 3112 20 _ ____ ____ __ _ _ - 32 30 • ___,_ 0 b 8 6 012 913 i • 10 4 0 44 0 - -12 814 i 8 4 1 / 1418 -- -3- 1114 9 8 622 74 - -12 7 10 4 12 1 / 0 103 94 0 1714 11 16 • 1912 1712 19 97 93 100 984 99 9712 10014 9914 103 100 10412 10212 115 105 97 9512 9412 93 98 97 4 • 94 923 99 94 Hanna(MA)1st preferred100 57 • 21 Harbauer Co • 33 Harris Automatic Press India T & R (old) India T & R (new) Industrial Fibre Industrial Rayon Interlake S S • 30 Jaeger Machine Jordan Motor preferred_ ___100 90 Keynes Co Preferred Ke1Ie y IsIa nd L & T Korach "A'' 55 20 30 4 1 / 2612 243 2518 243 27 2812 24 4 4 4 4 253 2914 263 2728 25 85 84 8412 82 81 90 8812 92 8812 8712 85 89 10 _ 100 _ .__100 120 118 • Lake Erie B & N Lake Shore Electric Ry Loewe Ohio let preferred 125 124 5 5 __ ____ ____ __ ____ _ ____ ____ _ 97 ____ 97 -96 __ 96 ---1 12 3 122 120 121 121 12112 12 -123 12 5 5 5 5 5 5 5 5 11 10 1112 1012 11 11 • 1212 922 12 212 212 ----------------3 _ 100 __97 99 99 97 96 6 9 100 96 - - - 97 97 25 81 3212 271 295 29 8 4 / 29 27 4 4 4 253 243 263 25 75 70 80 80 __---- 7712 7712 70 70 24 2314 2518 2312 243 2311 4 ____ ____ ____ ___ 234 23 98 98 _ 99 99 _ ___ _ __ ___ 0 -0 -12112 12 - 130 13 - 132 131 133 132 130 129 133 120 __-- ---6 6 5 5 5 5 ____ __-- 512 5 1318 1012 12 12 13 13 13 13 10 1012 11 1012 14 1 / 104 11 218 2 2 -_— __ 2 __ __ 3 3 ----------------3 99 --------100 100 _-97 ------------------------101 99 100 - 92 91 ...._ ---- 8712 8712 8712 8712 8812 8812 9712 9712 --------95 94 100 90 90 Metro Paving Brick -12 23 22 231 221 23 22 • Metro Paving Brick , , 1 -- - 1- Preferred100 101 101 101 101 102 1024 11 614 10014 ------------------------10112 10112 ____ _----- ---- 100 2 100 2 ---- -- 3412 3412 -------------------------------34 34 - ---• 44) 3718 45 3914 ---- -- ---Miller Rubber 024 100 101 100 9 9 -4 100 1033 101 104 102 10212 101112 102 101 102 - - - 100 58l3 10112 904 103 9 12 102 100 100 100 Preferred 25 25 25 20 3412 34 40 35 35 35 ------------------------42 34 40 40 65 65 • Mohawk Rubber 70 74 73 70 70 ----------------7070 --------7373 75 75 75 80 80 100 80 80 Preferred 4 / 4 4 603 6 3 6412 641 ____ ___ ____ - ,_- - .._,, _ .-61 ------------------------57 57 • 5712 5712 6312 6312 61 Morgan Lithograph 12 514 -54 412 4 --------------------------------6 4 4 1 / • 54 35 4 8 512 538 512 514 4 Murray Ohio Mfg 96 96 95 95 96 9412 ----------------93 93 93 93 ---- ---- 95 95 95 93 92 92 100 87 87 Preferred 512 678 6 -- 7 8 814 75 1 / 8 9 818 8 8 712 8 4 113 1112 1018 078 812 812 84 77 1212 12 4 / 3912 411 404 41 4018 39 8 8 3714 --- -38 4 1 / 38 38 3712 38 8 3912 385 3912 385 393 3714 38 37 4112 41 44 41 4 / 127 1281 12818 --------13023 13014 1303 13012 13012 13012 133 131 --------132 132 4 12912 12912 ----------------12814 4 1 / 12 16 18 18 1314 1314 16 80 79 80 7812 79 77 0 biT2 - - -12 tiiTz -7 -8 . 9 7 8622 8613 iiifa -- 8012 80 6 7 78‘ - -- iii 7912 80 75 80 7512 80 National Acme National Refining Preferred National Tool Preferred N OP & L 6% preferred 10 25 100 50 100 100 Ohio Bell preferred Ohio Brass"B" Preferred Otis Steel 100 10914 109 11012 110 112 10912 110 10812 10912 109 4 763 75 77 75 75 8 • 795 7712 7912 7712 81 4 100 100 9914 1003 100 102 10012 102 10112 10218 102 8 914 9 4 / 1112 912 101 95 4 / • 1414 111 1414 12 Paragon Refinlag Preferred Peerless Motor 25 9 4 7 4 822 8 3 3 6712 67 100 65 65 3 313 26 31 50 36 8 66 28 4 / 4 113 1093 112 109 11112 10914 11034 10912 11034 110 11212 1101 8 4 1 / 7212 794 743 80 7 7412 76 7512 7412 75 7412 78 4 / 1021 10212 10212 101 102 101 101 100 103 101 103 1024 812 8 8 8 104 10 812 8 1 / 1014 912 912 9 4 1 / 4 / 4 1 / 74 734 71 74 68 7 712 7 612 814 62 2 812 612 74 712 7 4 712 63 4 / 71 70 70 - 70 70 __-__ - -- - -- 65 55 --------80 70 ____ 66 ___8 -- 3114 2312 3924 2311 012 32 2 3 2414 2978 2512 3212 25 4 2312 28 - 3314 293 3212 -4 333 28 • 180 166 160 132 15212 13612 145 136 Richman Bros 7 7 4 714 714 7 4 71 4 63 10 73 River Raisin Paper Rob & Meyers preferred__ __I00 4 4 1093 108 7612 7544 102 102 9 10 150 145 160 14518 155 15012 180 155 160 155 15512 155 157 15512 168 152 ------612 Ps 8 57 7 5s 7 3 8 67 6341 63g 64 614 614 614 5 4 6 119 1_ • 132 120 13212 13212 ____124 124 ------------------------118 118 118 118 125 2114 Sandusky Cement 2314 2412 22 8 207 25 2214 2512 23 -14 2334 9 2718 2012 2112 1918 26 • 294 2612 28 26 Seiberling Rubber 4 3 95 92 95 95 100 94 4 95 933 96 95 9514 9312 95 9412 94 94 97 95 100 95 95 Preferred 74 74 __-_ - - 75 72 74 73 80 7812 7812 75 --------72 72 100 80 7912 80 80 Sheriff St Market 43 4 1 / 4312 - - 4314 42 4 1 / 43 42 4 1 / 44 41 40 3812 42 39 40 41 4212 40 4312 42 4 / 25 431 43 Sherwin-Williams 10712 10614 107 105 4 4 / 8 100 1075 106 1071 1054 107 106 10812 10612 108 10612 10812 107 1073 107 108 10712 31 Preferred 4 293 3014 2912 -• -------- ---- -------------------------------------3212 29 Smallwood Stone 12 12 14 16 ----------------12 1312 10 15 13 18 16 4 / 261 22 4 / 261 25 • Sparks-Withington 1 Preferred10 101 56 09 i5 58 12 56 2 6:t "di 64 64 _ ___ -- 66, -bill65 66 __ __ 16 ___ - __ 10 -1- ____ __ 100 Stahl (11 A) pref 0 ___ 4 — 103 10 9 -- -11 14 14 -4 143 14 13 100 13 Standard Textile 37 -38 37 9 37 40 2 46 4214 4212 38 40 4012 45 -4212 41 47 9412 46 100 4612 40 A preferred 192219 19 20 20 --------20 18 23 18 19 _ 24 24 29 _ _ 29 , B Preferred 100 25 4 25 1012 11 12 12 Star Rubber I 814 7 i 614 1 O T2 74 634 8T24 1 / 6 i4 - -3 7 8 8 7 9, 8 9T2 -8 • bT8 -Stearns Motor 34 31 4 / 38 3612 37 351 38 34 4 / 4 / 3612 3912 3612 381 341 39 38 41 Telling B V • 48 4012 4512 41 9914 9914 101 101 101 101 ___ ---- -- --- 101 101 B Preferred , 100 _-- 0912 99 2 9912 99 100 100 —__ __ ---- 115 110 98 90 101 101 102 102 _ — 92 90 Thompson Products 90 --------95 95 100 90 9414 96 __ 96 _ 944 ---95 9314 9312 934 ____ 95 Preferred 100 --------9214 9214 95 93 95 115 115 114 115 1147 11512 1 8 -15 116 11514 116 116 1145 11412 8 Toledo Edison prior prof_ _ _ 115 114 115 114 115 9012 9912 99 9834 4 - --- 9831 9812 99 983 9912 99 99 99 99 99 9 Trumbull-Cliffs pref 100 99 99 4 4 1014 2 012 1112 94 1218 103 1212 1111 113 1012 11 H1110 11 8 Trumbull Steel • 104 914 1312 1014 123 10 78 734 77 7312 80 74 75 66 68 60 66 61 74 6812 70 68 Preferred 4 1 / 100 69 6312 77 69 ii3i,2,2 Union Metal Mfg Union Mortgage First preferred Second preferred Van Dorn Iron Preferred (W S) Morgan Preferred White Motor Second preferred Y S & Tube pref • 464 100 87 100 00 100 7814 • 1312 100 - 45 8412 9912 7814 1312 47 85 8812 81 1512 92 4412 83 85 81 1312 92 4412 8318 90 85 1512 ____ 43 39 79 79 8612 88 86 83 14 15 ---- -- 40 57 4 813 8112 14 ---- 17 17 17 18 8 157 15 14 • 14 55 -------58 60 57 57 100 58 150 100 108 10614 107'210i 2 10712 107 - 168 106'i - 1100 110 10812 110 103 10912 10812 109 108 42 50 84 75 12 9318 43 50 85 76 1214 --- 40 4912 80 76 12 ---- 4014 47 ____ _ _ ii 9212 23 23 4 173 16 10 16 17 17 55 70 53 52 --------52 50 5514 551 ---- --- -4 -- -- ---- - --- -- -10712 10612 10712 106 107 107 107 107 110 110 11012 109 11014 1084 11012 110 25 75 -- -107 111 25 75 - r107 1081z 23 23 754 75 5534 106 108 11012 10812 4 413 62 83 8212 13 9112 4034 43 79 79 13 9122 42 4314 79 70 1812 91 41 43 74 70 14 91 4212 53 82 75 17 ---- 42 43 72 68 18 ---- 43 54 86 75 1312 , 93 8 40 45 ____ _ 12 - 14 92 107g 22 -9512 95 73 73 43 42 107 1044 3112 30 14 18 25 20 08 100 72 71 454 43 10712 1053 8 3112 303 8 174 18 10 __ 10 ___ 8 285 2818 30 30 13 ____ ____ 15 iTz "7 758 W 373 333 39 36 4 4 104 104 104 10312 120 120 120 120 4 / 100 961 7 --117 115 117 1 16 4 983 9854 9712 4 / 101 014 934 924 7221 7612 754 76 1 / 4 403 48 79 75 12 92 41 40 4012 4 5012 433 40 79 79 79 74 70 75 12 12 12 92_--- 25 75 25 75 25 80 567s 106 1054 110 109 26 90 54338 -105 105 10912 109 BONDS. cfty Ice gen 6s Cleveland Akron Bag 8s _ _ ____ ___ Cleve & Elyria Div mtge 6s---- .--, Cleveland Ry 5s 9914 92 Cleve & San Brew 6s ---CI SW Ry & Lt G & C 5s Lake Shore Elec gen 5s Lorain & Cleveland 5s Stack Ry 5s • No Par value. __ 98 - 60 99 - - -14 _ 91 i2T2 -_-_ 17 ______________ 96 96 96 96 97 97 3 5912 5912 604 60 4 6114 8114 9912 9912 ___ ___ 99 99 4 / - 96 981 964 984 _, 91-: 1 1- 222 -I 5- 14 17 1712 1712 1714 /1 ---- ---- 1718 1712 9712 98 62 80 98 62 9S3 982 95 8212 0 99 4 97 17 95 6212 4 992 3 963 17 ___ __ 10014 98 --- ___. 66 Wi 90 -- 6712 _ - --3 9 9 4 99 - 12 100 -- 0 99 4 4 / 9813 981 ---98 ---- ---- ---. ____ 86; 65 ii 6712 _ 9934 150i 4 994 ---- 9512 9812 _______ ____ 65 Vi 86t2 6812 3 4 990 99 4 -- -- ---_ _ FEB. 16 1929.] FINANCIAL CHRONICLE 963 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 1928, 1927, 1926 AND 1925. Calendar Year 1928. LISTED SECURITIES. High. Calendar Year 1926. Calendar Year 1927. Calendar Year 1925. Low. Close. High. Low. Close. High. Low. Close. High. Low. 17 2434 17 B 1531 American Laundry Machine 114 9134 American Products 3154 3031 Preferred 30 2431 American Rolling Mill 120 8334 American Seeding Machine 534 54 Preferred 26 20 American Thermos A 2231 11 Preferred 4934 43 Atlas National 540 537 Baldwin404 24 preferred 6% 110 103 Buckeye Incubator 49 734 Bros 144 9 Preferred 42 56 Byers Machine A 19 1531 9234 3031 27% 9534 531 22 18 47 537 25 104 1031 9 42 ____ ____ ---- ---- ---- ---- ---- ---- 661A 3 11334 1483; 188 11634 25 10934 54 50 134 4434 535 4031 110 48 13 56 4131 2731 5934 29 75 2031 444 440 224 4431 23% 58 931 35 434 22% 4634 2334 58 10 35 440 8134 37 76 ---- 29 65 ---- 416-- 461-- 22 58 42 2134 44 54 16 7 34 525 41 10634 44 12 5031 39 48 ------- 56K ------- 41,------- 58-i ------- ------- 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 275 1264 2931 276 4 142 114 110 110 5031 3334 3934 10031 151 170 15 1094 85 222 120 2231 255 234 115 108 105 10531 35 324 28 97 12231 110 15 974 75 230 12331 28 276 234 142 112 10531 108 35 33 333-1 99 150 125 15 100 75 252 125 190 11334 24631 124 181 115 173 111 173 11331 185 113 135 105 177 110 288-234 1254 115 31 28624 110 110 2853; 20 4 . 3 148 . 110 -188 80 158 101 1663; 45 286-234 140 11034 -164 ' 45 258-- 16831 47 286-234 183 111 -188 70 2:18-134 140 10831 116 48 288-1 110 109 __ 163 344 146 110 -163 68 5531 10131 140 5134 934 11231 5. 31 6 994 12231 5531 95 125 22 8831 11231 2331 9331 123 oi 1264 55 103 13____ 6534 813; Of.) 9831 84 63 71 71 76 67 86- 1 3 113 --- 78 60 8531 Cincinnati New Orleans & Texas Pacific Preferred Cincinnati Postal Terminal pref Cincinnati Street fly Cincinnati & Suburban Telephone Cincinnati Union Stock Yards City Ice &Fuel Coca Cola A Columbus Railway 1st pref B preferred Cooper Corpation Preferred Croaky Radio Crown Overall pref DixieIce Cream Dayton & Michigan Preferred Douglas pref DowDrug Preferred 480 121 9231 55 128 *4931 61 38 1094 1094 70 107 110 1074 5834 3954 420 110 85 4931 100% *35 3631 3034 107% 105 62 84 25 102 58 3956 450 11231 85 504 109 45 130 109 36 125 Eagle-richer Lead Preferred Early & Daniel Preferred Egry Register A Excelsior Shoe Fay & Egan Preferred Fenton United Prefer red Fifth Third First National Fleischmann prof Formica French-Bauer deposited Undeposited Preferred Gallaher Drug old New preferred 2474 118 9334 110 3734 4 16 48 190 105 374 420 128 30 18 2234 100 153-4 100 56 106 29 334 12 35 90 94 330 36031 120 20 16 16 90 10434 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 26 544 97 99 2474 103 10044 57 116 19 105 7534 60 1015,1 43 104 3734 Ahrens-Fox A Kahn 1st pref Participating A Kemper-Thomas Special preferred Kodel A Preferred Kroger 1st preferred Lincoln National LittleMiami guar Special guaranteed Lunkenhelmer Maneschewitz Preferred Mead Pulp & Paper Preferred Meteor Motor McLaren A 108 4334 59 11234 5534 504 y12834 120 430 11014 494 33 3834 Procter & Gamble 8% preferred 6% preferred Pure Oil 6% pref 8% preferred • Based on no par. 13 100 78 13 8931 70 450 315 500 1123.1 11231 103 9231 90 93 50 38 61 1174 so% 117 x155 x160 x136 3734 223-4 373-4 3134 2731 3431 108 994 108 105 105 96 70 63 73 9734 103 9734 825 270 360 103 101 103 88 95 904 32 39 3831 93 81 93% z153 x125 x131 21% 25% 23 6634 9754 87% 108 Ort 94 6531 9931 OO 94 774 10234 75 47i..5 - 663; 4831 ____ li53i 857 1,i 31 75 ---- 410 29---31Burge -- 67 700 500 700 105 1014 10134 99% 90 90 3934 334 3131 94 764 8334 x160 :129 x155 26 23 25 6 -8-117 88-9834 108 181-- 107 8, i311 166-53% 165; 5831 16i-54 161-54 161-54 167-- 109 40 127 109 4231 126 108 3331 112% 103 39 126 166-- 168-- 16834 118-- 168-- 109 115-- 116-- 11634 115-- 167-- 112 31 11734 554 1103.4 22 116 47 102 2254 11734 554 1104 35 113 4934 103 2631 109 374 93 274 112 47 100 4034 112 484 100 31 108 34% 95 34 111 40 100 10-40 6634 987-4 95 360 376 126% 2831 -, -i i 30 40 85 95 30254 325 11331 19 -8-45 80 28 55 40 64 -81 75 95 -8-45 GO -8-45 6834 3- 6- ; 7 3 350 116 27 -3113 321 112 20 ---365 350 11331 2234 ---325 326 115 32 ---275 270 112 18% --320 326 11434 2534 18-95 iiK 90 16-9034 101 2034 100 72 110 36 334 12 43 164 105 350 420 125 30 16 1934 9934 - 21pref 02 ---- ---- ---- ii-8934 21 ---- 18-98 21 ---- 16-90 21 ---- 105-8254 204 ---- 1833 90 21 ---- 14 43 88 94 23 94 99 44% 1113-4 12 97 44% 394 97 284 8931 29% 14 50 6234 95 24 10034 10034 5034 114% 13 98 69 60 101 43 90 32 37 37 3934 4331 85 9534 101 85 ___---- 57 44 101 10034 ---- 234 3631 80 81 ---- 50 43 8934 90 ---- io-973.4 10234 ---- 80 9534 ---- w- 56; 97 100 100 35 3654 49 49 112 112 13 16 26 314 770 7116 115 115 410 410 10234 104 46 473-4 2534 2831 33 3354 634 101 2732 16034 48 117 106 23 20 434 560 300 200 11531 102 11535 99 28 105 105 17 17 404 495 249 170 105 96% 1104 x Based on $100 par value. *35 61 3434 10834 109% 68 85 110 107 5834 3931 28 107 1831 55 1431 44 535 53 1104 181 168-5834 ---- 82 112 45 2154 Nash (Al Company National Recording Pump Ohio Bell Telephone pref Ohio Shares prof paragon Refining B voting trust certificates A preferred Pearl-Market 1194 118 Close. 1654 71 10474 32 Iasi ____ 55 46 9834 101 ____ -43; — 0 -104 -a-- -Y- 9534 ---- 853i 86-- 58-- 116 sog 105 45 ____ 9934 134 101 28 ____ 114 18 101 44 ---- 110 184 1024 ------- 10334 144 100 ------- 109 1534 101 ---. ---- 45-4 3 ---3934 104% 23 106 ------- ---30 1004 16 100 ------- 55-10234 ---- 5734 994 ---- 5531 99% ---- 55J4 . 10236 ---- 31 5189 ---- lio; 101 ---- --:: 188 ---- :::: 97 ---- 100 99 104 110 100 10034 42 39 4534 45 4134 43 59 48 59 65 59 59 112__-_ 112 112 934 50 80 18--63; 9 794 2034 214 5554 2031 20 z145 z118 *140% 43534 *10434 43231 ---- ---- 60-112% 2334 224 z14134 0 -10934 17 204 *73% --6/ 109% 17 22 1265z 280 93 86.-.1 456-10434 49 30 ---118 6434 10634 :14 416-9434 4136 2631 ---118 6034 999.4 2)3115 153 129 100 32 3834, 4134 11234 114 10634 106 23 ____ ____ 20 ____ 43 560425 500 283 250 177 197 201 163 111 10134 16i-oi-114 11434 111 y Based on no par. 40 55 98 95 360 376 125 24 - ---3754 10454 18 10234 ---:98 ---- 418-1043-4 49 2731 ---118 64 10634 351-95 386-91 358-94 28634 95 288-92 ------- ------- ------- ---____ ---____ ------- ---- ---- --- 0-3 A 50- 1 3 0 -- 18-- ::-- ---- ---- 115 409.4 111 -118 -166 11831 ____ __— __-_ 11631 -____ _ _ 188____ 1663; ___. ____ li6-170 li5-156 1363i 168 ____ 500 250 201 166-- 11234 z Based on $10 par value. 100 100 100 _ 165 163 66-- 112 1563i 160 8813 107 168 163 61111 86-108 Ai-103 88-. 106 [VOL. 128. FINANCIAL CHRONICLE 964 RECORD OF PRICES ON CINCINNATI STOCK EXCHANGE (Concluded). Calendar Year 1928. LISTED SECURITIES. High. Low. Close. Putman Candy Preferred Queen City Petroleum pref Printing Machinery Preferred Rapid Electrotype Richardson Rol'man Sons pref Sabin-Robbins Paper pref Second National Sparks-Withington Co. pref Sycamore-Hammond Preferred Standard Drug A 17 101% 103 12% 90 100 14 90 103 753i 230 104 107 254 150 273 1013 34 172 97 97 241 114 25 100 ____ 64 230 103 99% 255 150 25 100 __-- 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 37% 136% 85% 103 9% 72 26 100 76 108% 26% 109% 62 100 53 45 20 100 ---52 10231 36% 111 853( 100 8 66 20 100 ---76 108 110% , 116-- 117 7 Cleveland Is Confident. By Leonard P. Ayres, Vice-President of the Cleveland Trust Co. Clevelanders made twenty million more local telephone calls, and one million more long distance calls in 1928 than they did in 1927. They founded one thousand new businesses. They ran their founthin pens across 400 million dollars more of bank checks than they had in the preceding year. They increased their new building construction by nine million dollars, and loaded thirty thousand more freight cars, and almost doubled the trading on their local stock exchange. Cleveland was a busy town • in 1928, and it expects to be still busier in 1929. The three basic industries of the Cleveland district are iron and steel, and automotive products, and tires. All three of these industries made new high records for production in 1928, so it was inevitable that the district should be prosperous. Most of the shipping on the Great Lakes is owned in Cleveland, and the boats always operate at a profit during the big iron and steel years. Aside from these great lines of activity the industries of the Cleveland district are extraordinarily diversified. Most lines of industry and trade did well last year, and even coal mining increased its output steadily from month to month, although its total production is still below that of recent earlier years. Industrial employment in Ohio reached new high levels. The cash income from agriculture was almost the same in the State in 1928 as it had been in 1927. That it did not increase was due to a decline of almost 30% in the income from corn and other grains, for nearly all other products yielded larger money returns. This was particularly true of dairy products which increased in value by some 15%. Iron and steel, the automobile industry, and the tire industry are entering 1929 with a running start. In 1928 for the first time the automobile industry displaced the railroads as the best customer of the iron and steel industry. The automobile manufacturers have planned production schedules that would, if carried through, make 1929 by far the greatest automobile year we have ever had. In any event, it is probable that the output during the first half year will reach new high records. This prospect, together with the probability that there will be increased activity among the makers of railroad equipment, renders it likely that the producers of iron and steel will make generous profits during a number of months to come. Calendar Year 1926. Calendar Year 1927. High. 20 92 Low. 13% 88 Close. High. 24% 100 15 88 Low. 20 95 Close. 22 95 Calendar Year 1925. High. 23 100% Low. 22 90 Close. 22 100 28-- 278-- 08-- ------------110-- loo-- lio----- ---- ---- 270 38 ---- 270 25 ---- 270 ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- 2ig----31 102 14 -2ig ---29% 100 11 ---240 ---31 101% 11 ____ 224 ---- ____ 210 ---- -__ 224 ---- ____ 191 ---- ____ 165 ---- ---190 ---- ---155 84% 98 10 66 38 ---291% 59 100% ___112% ---107% 59 77% 5% 47 30 ---291 16% 43 __-105 1,16 80 101 9 62% 29 ---312 65 104 400 118 86 55 87% 5 35 20 ---312 51 95% 210 115 137 80 101 6% 58 20 ---312 57% 102 216 118 ig 187 95 100 8 , 56 31 ---312 56 109% =,,-135 74 91 • 5 42 27% ---310 43 98 .- 1i83i 167 15 ---178 77 92 5% 42% 28% ---312 50 102% ---- 114% ---- -----143 813 94 6 62 32% ---291% 54 100% --108 The prospects for the tire industry are even brighter, for the prices of cotton and crude rubber are relatively low and well stabilized, and the industry is becoming steadily more nearly independent of changes in general business, for its output is going in ever-increasing proportion to supply the needs of old cars, and in less measure to equip new ones. So long as a car is in use it is wearing out tires, and its owner can do little to economize in this respect. The tire industry has become pretty nearly independent of the business cycle. In general the Cleveland district is optimistic about 1929. Its industries are active, and its securities are quoted at high prices. Business men are critical about prevailing high money rates, but they have not been much hampered by them except that stiff rates have probably had some real effect in slowing down new construction. The course of prices on the New York Stock Exchange is of general interest, and a cause of some apprehension, but few people are either analytical or really worried about it. The interests of this district are centered on industrial production and on the doings of the Van Sweringen brothers rather than on problems of economic theory. Confidence prevails. Review of the Cleveland Stock Exchange—I928. By Francis J. Smith, Secretary. Sharing in the effects of country-wide interest in the securities market in 1928, which resulted in new records for transactions on practically every stock exchange in the country, the Cleveland Exchange enjoyed the most successful year in its history. Both volume of sales and the market value of transactions were greater than ever before. During the year 222 separate issues were traded in representing a turnover of 2,122,685 shares haying a market value of $114,366,462. This was an increase over 1927 of 861,259 shares with a market value of $48,120,733. Twenty-seven new issues were approved for listing in 1928 and five additions to capital already listed representing par value stocks totaling 29,566,478 and 2,315,450 no par value shares. These new listings brought to market the stocks of several old and established Ohio corporations of national prominence whose common stocks had never been listed and made available for public participation. The aggregate market value of securities listed on the Cleveland Exchange as of December 31 1928 was approximately one and one-half billion dollars. Although price enhancement was FEB. 16 1929.] FINANCIAL CHRONICLE distributed pretty well throughout the list, there were quite a number of market favorites among local stocks which responded exceedingly well to reports of improved conditions and increased earnings. Heading the list of stocks with the widest price range for the year were the following: Dow Chemical City Ice & Fuel Cleveland-Cliffs Iron Firestone Tire & Rubber General Tire & Rubber Goodyear Tire & Rubber Interlake Steamship Mohawk Rubber National Acme Ohio Seamless Tube Packard Electric Richman Brothers Seiberling Rubber Union Trust Low. 112% 36% 104 168 165 70 123 29% 7% 38 47 256 33% 285 High. 225 62% 147 253 283 133 190 246 32% 78 125 400 67 341 Ten memberships changed hands during the year at prices ranging from $3,400 to $6,500. That seats on the Cleveland Exchange did not sell at prices comparable with those on some of the other exchanges was due to the fact that a part of the demand for seats was satisfied by the issuance of treasury seats by the Governing Committee, there being no others available for purchase. While the prices placed on such seats were comparatively low, the Committee had in mind the broadening of the scope of membership rather than the realization of record prices. Cleveland is still a "cash market." Early in 1928 steps were taken toward the establishment of call money in Cleveland but with the advent of increasingly high money rates the actual placing of the plan into operation was deferred until more stabilized conditions in the money market warranted. With the large increase in transactions officials of the Exchange took steps to facilitate the handling of large orders. Now it is possible to buy or sell in lots of 1,000 shares or more, while formerly transactions were handled on the basis of the unit of trading, 100 shares. This is regarded as an important move and business is expected to develop on a larger scale. The Record of the Cincinnati Stock Exchange. By Kenneth P. Hill, President Cincinnati Stock Exchange. During 1928 nearly every group of stocks listed on the Cincinnati Stock Exchange showed an upward trend. The Cincinnati security market also participated in and received its proportionate share of the increased activity and buoyancy which has been noted in other investment centers throughout the nation. This is evident by the increased volume of business transacted on the Cincinnati Stock Exchange during the year 1928. All previous year records for volume of trading were shattered. The turnover of securities aggregated 1,591,832 shares, representing in dollars and cents a market value of the stupendous sum of $150,000,000. This shows an enlargement of public interest in the stock market, and that security ownership has been distributed on a scale which has not been paralleled in the history of the local market. There has been a steady and gradual climb in the number of shares traded in during the past five years-the period of time in which the local exchange has become an important and an indispensable part in the "building up" of the wealth in this community. The records of the local institution reveal that in 1924 the total volume of shares traded in amounted to 488,740; in 1925, 873,506 shares; 1926, 665,350 shares, and in 1927 1,157,399 shares, 965 from which there has now been a further increase to 1,591,832 shares in 1928. Two outstanding features of the year's activity have been the remarkable increase in the number of "individual" trades recorded on the Exchange, and the generally enhanced values of securities. Other conspicuous features of the year were the trading list, materially strengthened by new listings, and the extensive distribution of new securities. All previous year records for new listings were surpassed. There were nineteen corporations approved for listing, representing twenty-two separate classes of securities, which shows that corporations are recognizing the advantages to be gained by having their securities admitted to the Exchange. The investing public also is becoming educated more and more to the advantages of securities that are listed on a recognized stock exchange. They appreciate the potentialities of the sound and wellmanaged corporations whose shares are publicly available, through the trading channels of a stock exchange. When the securities of a corporation are listed, an open market is provided, whereby the public, through its brokers, is free to buy and sell under conditions of perfect equality. Further, when listed, the borrowing, or collateral value is better regarded by the banking institutions. In addition to this, full statistical data is also available to the investing public when securities are admitted to trading on an Exchange. The new securities listed during 1928 totaled 1,228,592 shares, as contrasted with 427,337 shares listed in 1927. The new listings during the year 1928 also had a combined market value of more than $70,000,000, as compared with a market value of $19,000,000 for the ten new listings during the year 1927. The following shows the number of shares of companies listed and their total market value: Ahrens-Fox Fire "A" American Products common Carthage Mills common Preferred Central Brass & Fixture "A" Champ. Coated special preferred Cincinnati Ball Crank preferred Cincinnati Land Shares Crosley Radio common Egry Register "A" Goldsmith Sons common Griess Pfleger preferred International Printing Ink Preferred Julian & Kokenge common Meteor Motor common Ohio Shares preferred Queen City Petroleum preferred Sabin Robbins preferred Sparks Withington preferred United Milk Crate "A" Total Number of Shares Listed. 25,000 30,000 80,000 15,000 5,000 25,000 10,000 63,500 10,000 250,000 21,000 60,000 10,000 276,022 70.000 182,070 42,000 6,000 3,000 5,000 10,000 30,000 Market Value. $450,000 450,000 2,480,000 750,000 490,000 750,000 1,050,000 2,095,500 1,250,000 23,750,000 735,000 1,440,000 1,000,000 14,629,166 7,000,000 6,372,430 1,344,000 630,000 309,000 500,000 1,500,000 1,050,000 1,228,592 870,025,096 There were more than two dozen new securities that were publicly offered during the year, and an oversubscription was noted in practically every one of the new issues. There are at present a total of 207 separate classes of securities listed on the Cincinnati Stock Exchange, representing a market value of more than two billions of dollars. Of the total of 207 issues listed, 166 were traded in during the year, which evidences the wide diversification of trading on the exchange. More than three-fourths of the securities that have been traded in during the year 1928 have shown an enhancement of values over that of the close of 1927. In many instances, new high peaks were attained during the year. 966 [voL. 128. FINANCIAL CHRONICLE Increased trading and increased importance of Cincinnati as a security market has had its effect on the value of seats on the local exchange during the year. During the year 1928 a sale of a "seat" was made at $25,000, a new high record. During January of this year a "seat" on the Exchange sold up to $31,000. Only half a dozen years or so ago seats sold as low as $2,500. While the Cincinnati Stock Exchange is undergoing a normal and healthy growth, the Governors see the necessity of further work if the Exchange is to keep pace with the rapid growth of this community. The organization at present has under consideration many important and constructive plans to inaugurate during the new year. Many listed corporations are now preparing to "check" their actual inventory to arrive at their earnings for the year. The earnings for 1928 of many of the local industrial enterprises are expected to show substantial increases over 1927. The security market outlook for 1929 is very promising. During January of this year a marked increase in the volume of trading was noted. Many of the standard group of stocks also reached new high record prices for all time. Extra cash and stock dividend distributions were numerous during the year 1928, which shows that practically all of the industrial corporations are in a healthy financial shape. Monthly Record of Sales on Cincinnati Stock Exchange for Four Years. The following shows the comparisons of shares traded in on the Cincinnati Stock Exchange by months during the years 1925, 1926, 1927 and 1928. Compiled by Richard Seving, Secretary Cincinnati Stock Exchange. 1928. 162,809 141.868 144,922 168.477 187,821 130,670 75,989 77,409 117,912 125.403 124.832 126,224 1927. 65,000 70.634 81,132 99.395 82,690 84,955 102,188 76,527 91,697 104,256 137.653 165,322 1926. 88.226 76,732 86,684 47,232 36,397 41,449 60,979 43,337 35,183 48.270 48,311 52,550 1925. 73,246 68,721 67,095 52,299 85,580 57,395 61.150 63,200 98,912 107,350 73,130 65,225 1,591,832 1,157,399 665,350 873,506 January February March Aprll May June July August September October November December Total RECORD OF PRICES OF TOLEDO STOCKS FOR 1928. 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 1927 on the stocks which are traded in more or less actively in the Toledo market. Important Toledo stocks, such as Owens Bottle, common, National Supply common and preferred, 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. Libbey Owens Sheet Glass common, also City Machine and Tool, is traded in on the New York Curb, and appears in our regular records for that Exchange. Low. STOCKS. High. 3834 46 100 106 102 105 104 102 102 100 See Clev eland E xchange 3034 25 110 110 111 110 105 100 108 110 102 100 Airway Electric Appliance,common Preferred Fifty Associates,common Preferred Haughton Elevator, preformed Harris Auto Press Larrowe Milling La Salle & Koch, preferred Toledo Scale Co., preferred Toledo Edison,6% preferred 7% preferred Woolson Spice, preferred BONDS. La Salle & Koch 6s, series Secor Hotel 63•94, 1932 102 99 98 95 Low. High. Scott Realty 6s. serial Toledo Gas, Electric & Heating 5s, 1935 Waldorf Realty 6s, serial 100 100 100 102 105 101 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 125 125 200 200 400 170 300 280 220 210 240 125 150 225 225 450 180 325 300 220 215 250 BONDS-Continued. RECORD OF PRICES FOR TOLEDO STOCKS FOR 1927. Low. STOCKS. High. Dec Nov 124 43 Alt -Way Electric Appliance,common Dec 103)4 Dec 100 Preferred Mar Jan 105 101 Fifty Associates,common 102 102 Preferred Feb 10034 Jan 101 Haughton Elevator, preferred Harris Automatic Press (See Clevela nd Exch.) Harbauer Co Apr 27;4 Dec 18 Larrowe Milling,common Dec Jan 110 110 La Salle & Koch, preferred Nov Sept 118 116 Libby Owens, preferred • July 117 115 Owens Bottle, preferred • 110)4 Oct 109 Toledo Scale, preferred Dec Jan 103 94 Toledo Edison,6% preferred Jan 110)4 Dec 101 7% preferred (Cal led) 8% preferred _a 60 40 U.S. Sheet & Window Glass, common 11854 Sept 122)4 Mar Preferred_a Dec Jan 100 100 Woolson Spice, preferred •Balance of outstanding preferred to be called on July 1 1928 at 115 and accrued dividends (50% called April 11927). a Entire fames called on Oct. 1 1927 at 115 and accrued dividends. Bid Dee. 31 Bid Dee. 31 1927, 1926. BANK STOCKS. 125 American Bank Bankers Trust Co_a b City Savings Bank_g Commerce Guardian Trust & Savings Bank Commercial Savings Bank & Trust Co-0 Dime Saving 13ank_e First National Bank."' Home Bank & Trust Co Ohio Savings Bank & Trust Co_e Peoples Bank & Trust Co.5 Security Savings Bank & Trust Co Spitzer Rorick Savings Bank & Trust Co Toledo Trust Cod Union Trust & Smvinile Bank 130 195 340 275 350 150 400 150 250 220 190 250 125 145 140 220 400 275 400 180 450 285 220 207 250 a Opened for business April 2 1927. B Consolidation Bankers Trust Co.and PeoplesBank & Trust Co.as of Dee. 1 1927 c Extra d vidend of 4%. d Extra dividend 01 3%, e Extra dividend of 2%. Low. High. 100)4 95 100 10134 100 BONDS. La Salle & Koch 6s. serial Secor Hotel 634s, 1932 Scott Realty 6., serial Toledo Gas, Elect. & Heating 5s, 1935 Waldorf Realty 6a, serial 10134 100 102 103 100 I Extra dividend of 4%. g Consolidation Commercial Savings Bank & Trust Co. and City Savings Bank; to be effective Feb. 1 1928. Exchange on basis of five City for three Commercial and a cash consideration of 825. RANGE OF PRICES ON COLUMBUS (OHIO) STOCK AND BOND EXCHANGE DURING 1928. We are indebted to Stevenson, Vercoe, Fuller & Lorenz of Columbus, Ohio, for the following compilation, showing the range of prices during the calendar years 1928 and 1927 on the Columbus Stock and Bond Exchange. It includes the principal securities traded in during the year, as also the active unlisted issues. High. 5234 108 2934 54 221 125 10934 107 10734 71 10634 234 150 103 1117 Jan June Nov Dec Aug May May June Apr May Apr Mar Dec Aug nor Low. 47 105 2234 53 218 115 10334 10234 104 70 104 2 120 102 101 June Aug July Dec Aug Mar Aug July Sept Apr Dec Aug Feb June Dee STOCKS. Keever Starch preferred Maramor 8% 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 High. ' 5034 104 104 8234 10334 108 15 4334 10 7234 3234 102 10934 98 Dec Aug June May Dec Apr June Jan Apr Jan Jan July Feb June Low. A A ...Z..q"al.fg's-4n't:/ 0d g 4...nIrri;t '4'cii 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 Godrnan second preferred Gordon Oil Huber Manufacturing common Preferred -- -. ngaftnfortnrin0 nrefarraell 4•0103-40.1A.00C4, 1b70.-.0 • STOCKS.. FEB. 16 1929.] FINANCIAL CHRONICLE 967 RANGE OF PRICES ON COLUMBUS (OHIO) STOCK AND BOND EXCHANGE DURING 1927. STOCKS. Low. Alcron Guarantee Mortgage Brown Manufacturing Buckeye Steel Castings common Preferred Cities Mortgage units Claycraft Mining & Brick, preferred Columbus Dental common Preferred Columbus Mutual Life Insurance Columbus, Ry., Power & Light common First preferred Second preferred Columbus Union Oilcloth preferred Franklin Mortgage Godman Shoe second preferred Gordon Oil Huber Manufacturing Co. common Preferred Jeffrey Manufacturing Co. preferred sr..... Cta eel, nrnfarred 331 431 45 10531 85 99 4951 111 195 80 9014 9834 100 69 103 234 120 100 10134 50 Nov Apr Sept Dec Dec Dec Mar Apr Jan Apr Mar Feb Jan Mar Mar Aug Sept Mar Sept Aue High. 351 9 60 10734 10731 100 51 11234 225 125 107 105 103 71 10551 3 140 104 10531 Mt June Dec Jan Apr Jan Mar Mar Dec Nov Dec Dec Dec Mar Oct Nov Feb Feb Sept Nov Don STOCKS. Indications of Business Activity THE STATE OF TRADE—COMMERCIAL EPITOME. Friday Night, Feb. 15 1929. Some increase has taken place in wholesale and jobbing trade, but not in retail business. That if anything is rather smaller than it was recently. Prices have risen in grain, rubber, and cotton, as well as butter, eggs and hogs. Rubber has had a sensational rise. Grain markets have also been strong under the stimulus of extraordinary weather in Europe, the coldest for several centuries which may have had a damaging effect on European winter crops. Lower prices have prevailed for cattle, hides and sugar. There has been very severe weather in vast areas of the United States militating against retail business. Freezing temperatures have even penetrated as far south as the Gulf of Mexico. They have given rise to some fears of damage to the winter wheat crop. They are supposed to have been more or less destructive to the hibernating boll weevil in the southwestern cotton region. Rains and snows have in parts of the country made the roads impassable and naturally this halted trade for the time being. But taking business and industry as a whole, conditions are better than they were a year ago. The steel industry is operating at the rate of 85 to 92%. Strips and sheets are said to have risen about $2 a ton. There has been a good business in anthracite coal. Heavy leather has declined. In some branches of the shoe manufacturing trade the output is larger than a year ago. Some damage has been threatened to the fruit crops in southern California by the coldest weather in five years. Copper mining has been active in Montana and south to Arizona. Coarse yarn cotton cloths have been in rather better demand. The sales of print cloths as a rule have been in small lots, but in the aggregate they have made a better showing than the totals of recent weeks. Print cloths have been firm. Rather larger sales have been made of sheetings and also fine and fancy cloths. Finished cottons and new lines of washed fabrics have sold very well. A larger trade has been done in some branches of woolen and worsteds goods for spring wear, though others have been quiet, notably men's wear. Broad silks have been in good demand especially crepes and similar fabrics. Raw silk has been steady, but quiet. Good beef cattle are $4 to $5 lower than last summer. Higher prices for eggs and butter have been due to cold weather. Detroit employment continues to gain. The increase this week is some 2,700; that is, the total is 294,903 against 292,228 a week ago, 229,797 last year, 219,338 in 1927 and 267,486 in 1926, keeping in mind that the peak was reached in September 1928, when it was 300,739. In other words the present total is not very much below the high record point. Lumber prices have been noticeably strong. Production has been reduced, partly voluntarily and partly because of severe weather necessitating the closing of logging camps. Fir, spruce and hemlock lumber advanced $1. Refined sugar declined to 4.90c. Wheat advanced 4 to 6c. on reports of the coldest weather in Europe in 200 years and fears of damage to the winter crops. Speculation increased and it is noticed that on any small decline new buying enters the market. Some of the Russian crop news was unfavorable. Corn has followed wheat at a distance, rising 1 to 1%0. Export business has been lacking but country offerings have continued small. Rye advanced 3 to 50. in response to the advance in wheat. Eastern interests and seaboard houses bought. Besides the crop news was less favorable and the firmness of wheat counted in favor of rye. Low. Maramor 8% preferred_ Marion Steam Shovel units Moores & Ross preferred Morehouse-Martins preferred Neil House common Preferred Ohio Power preferred Ralston Steel Car common Preferred Riley Shoe preferred Scioto Valley Ry., Power & Light common First Preferred Second preferred Seaboard Oil common Preferred_ Smith Agricultural Chemical preferred Smith Scale Troy Laundry preferred Tracy-Wells preferred Wolfe Bros Shoe Co. nrefe rred 96 102 82 91 1 6 9731 8 41 80 954 58 27 5 45 9434 88 105 92 80 Oct Dec Jan Jan Dec Dec Jan Jan Jan Aug Mar Feb Feb Dec Dec June Jan June Jan Jan High. 101 115 100 95 6 35 105 11 45 90 1734 7334 3831 17 92 9834 200 110 98 90 Dec July Dec Apr Jan Jan Dec Dee Dec Apr Apr Deo July Mar Mar Dee Nov Dec Oct Au. I Cotton advanced for a time on large est'mates of the consumption of American cotton in this country, but when the Census Bureau stated the total for January as 668,389 bales it was found to have been discounted and prices dropped 25 to 30 points on the 14th inst. from the early high on that day. Then followed heavy liquidation from all directions and the catching of stop orders. Wall Street, the South, if not the West, sold. Today there was some recovery on better technical position and for the most part what were considered bullish weekly statistics. Rubber was active and advanced 3 to ni cents on big consumption, decreased exports and rumors of a strike in the Far East which may restrict production, all capped by a sharp rise in London. Coffee advanced owing to big storms in Brazil tending to delay the forwarding of coffee, if they do no worse. Besides, Brazilian and European markets have advanced and here Europe and Brazil have been buying. Sugar futures have declined a little under the influence of sales of prompt Cuban at 1 31-32c. on a large scale. Provisions have been rather irregular, but the later months have advanced. The stock market has been irregular, up for a time when money was easy, say at 634%, and no change made in the rediscount rate by the New York Federal Reserve Bank, and then down this afternoon, when money rose to 10% and the bill market also became stronger. There is a disposition among some operators to go a little slow on the idea that the Federal Reserve authorities, whatever the appearances to the contrary, may be considering if they have not actually decided upon some plan to apply an effective curb on inordinate speculation in stocks. Acceptance rates are the highest on record. At New Bedford, Mass. the operations of the mills are said to have been increased as regards fine goods, but output of plain goods outruns the demand. In the Greenville,S. C. and the Piedmont section cotton mills are still operating day and night. While many officials do not approve of night work there has apparently, been no concerted effort to stop it. Charlotte, N. C. reports cotton !yarn mills running full time with orders coming in better than for the past 18 months. Manchester cabled that spinners of Egyptian cotton have agreed to curtail production by 33 1-3% during the next two months. The automobile factories probably will turn out more cars and trucks this month than in any previous February in the history of the industry, according to Automotive Industries, despite the fact that a new record for January production was established this year. On the 13th inst. New York temperatures were 22 to 26 degrees overnight. Boston had 14 to 30; Chicago 16 to 18; Cincinnati 18 to 28; Cleveland 16 to 20; Detroit 12 to 18; Kansas City 12 to 32; Milwaukee 12 to 18; Philadelphia 22 to 32; Portland, Me., 6 to 26; San Francisco 48 to 56; Seattle 26 to 42; St. Louis 26 to 34; St. Paul 4 to 18. On the 13th inst. it was 20 degrees below to 16 above in the far West. Chicago reported 18 degrees above with light snow, and New York had 22 degrees. At Van Buren, Me., on Feb. 13 the temperature was 36 degrees below zero, the coldest of the winter. Tupper Lake, N. Y., wired Feb. 13 that a cold wave engulfed the Adirondacks region last night, sending the thermometer readings below the zero mark. The lowest recorded there was 28 below zero. To-day it was 27 to 38 degrees here. 968 FINANCIAL CHRONICLE Department store sales of January showed an increase of 5% over last year, according to reports to Federal Reserve by 430 stores, but actual increase reported to be but 1%, as January this year has one more business day. On Feb. 11 the cables reported the coldest day in Berlin in 200 years, 22 degrees Fahrenheit below zero at Breslau, schools closed in Bulgaria, the Rhine and the Danube both frozen, the coldest in Silesia since 1690, with 49 degrees Fahrenheit below zero, London and Liverpool the coldest in years, and a heavy toll of life. On the 13th inst. France and England were still very cold. In France there was a heavy snowfall even in the Riviera, and it was feared the Marne and Seine would freeze over. Continued distress was reported from Germany, Holland, Scandinavia, Austria and the Balkan countries. Warsaw, Poland, reported an entire gypsy band of 34 men, women and children, frozen to death in their camp near Lublin. Paris shivered in 5 degrees above zero Fahrenheit. Eastern France had weather well under zero Fahrenheit. The Weather Bureau predicted continued severe cold for as long as even a week. Sofia, Bulgaria, reported the Black Sea ports of Varna and Burgas closed, with ice for the first time since 1849. Later in the week the deaths from the abnormal cold in Europe rose to 300 as cities faced a shortage of food and fuel. The intense cold has given rise to fears of serious damage to the winter grain crops of Europe and has caused a sharp rise in American wheat markets, making it something that trenched closely on great business interests in the United States. (Vol,. 128. The rate of manufacturing activity in January compared with December 1928 and January 1928, all figures adjusted to 26 working days and based on consumption of electrical energy as reportel to "Electrical World" (monthly average 1923 25 equals 00), follows: Jan. 1929. All industrial groups Metal industries group Rolling mills and steel plants Metal working plants Leather and its products Textiles Lumber and its products Automobiles and parts Stone, clay and glass Paper and pulp Rubber and its products Chemicals and allied products Food and kindred products Shipbuilding Dec. 1928. Jan. 1928. 132.5 142.6 153.5 135.8 94.3 129.4 107.4 149.4 137.4 126.2 148.2 129.2 128.0 MR 2 127.3 139.2 142.2 137.5 93.7 126.3 107.3 130.0 136.6 127.4 124.8 132.8 113.7 21 5 118.4 124.4 131.3 117.4 112.2 116.7 107.7 135.2 150.2 121.3 120.4 124.2 102.4 049 Continued Gain in Detroit Employment. The Detroit Employers' Association reports for the week ended Feb.12, 294,903 employed, an increase of 2,675 over the previous week and an increase of 65,106 over the corresponding week last year. Electric Output by Light and Power Industry Increased 10% During 1928 -Between 6 and Seven Billion Kilowatt Hours Produced Monthly in Year. The „electric light and power industry in the United States during 1928 increased its monthly production about 10% over 1927, according to the W. B. Foshay Co. in its weekly report on the public utility industry issued Jan. 5. The report follows: Between 6,500,000,000 and 7,000,000.000 kilowatt hours of electrical energy were produced monthly by the electric light and power plants of the United States during 1928, according to figures of the United States Geological Survey. The average increase in output over the previous year was about Sales of department stores showed an increase of 5% in a remarkable showing because of.the fact that industrial conditions, 10%. while January over the corresponding month last year, according generally good throughout the year, were spotty. Some industrially quiet sections used less electrical energy than during the preceding year. to reports made to the Federal Reserve system by 430 stores. Of the total energy generated an average of 1,325,000,000 kilowatt After allowance is made for the fact that January of this hours was used for lighting. about 3,600,000,000 kilowatt hours for power year contained one more business day, the increase was and the remainder was consumed for other general purposes. The figures do not include energy generated by electric railway companies, reclamation about 1%. The Board's preliminary survey Feb. 9 adds: service or manufacturing plants. over January of Of the 430 reporting stores. 228 showed increased sales During this year utility companies purchased an average of about 1.300.last year. The largest increases were reported by stores in the Chicago. 000,000 kilowatt hours monthly for resale purposes, as compared with a Kansas City and San Francisco Federal Reserve districts, while there were total of about 1,200,000,000 kilowatt hours monthly in 1927. decreases in the Boston, St. Louis and Minneapolis Federal Reserve districts. Energy used in inter-company business, including line losses in transSales of two mail order houses were 26.5% larger, and those of eight mission, also reached a high monthly figure during the year with an average -cent chain stores 7.6% larger, than in January of last year. of about 1,175,000,000 kilowatt hours, as compared with an average or 5 -and-10 Changes in the volume of business of both mail order houses and chain stores about 1,080,000,000 kilowatt hours monthly in 1927. reflect in part an increase from month to month in the number of retail outlets operated. Percentage changes in dollar sales between January 1928 and January Monthly Index of Real Estate Activity-December 1929 are given in the following table: Figures 85.6. Report of Federal Reserve Board on Retail Trade Shows Gain in January as Compared with Same Month Last Year. Preliminary Real estate activity for the month of December 1928 is indicated by the index figure 85.6, according to the staTotal tistics compiled by the National Association of Real Estate Reporting Increase Decrease Boards from the number of deeds recorded in 63 cities from 42 37 79 Boston which the Association draws its data for this new series, 19 28 47 +6.1 New York 15 17 32 +5.1 Philadelphia using 1926 as a base year upon which to compare activity 12 20 32 +6.1 Cleveland 20 17 37 from month to month. This is the fourth index figure to. +1.3 Richmond 19' 11 30 +3.6 Atlanta be computed by the Association in the new series. The fig22 24 46 +11.2 Chicago 10 8 18 St. Louis ure for November was 89.9. 10 3 13 -5.6 Minneapolis 11 16 +8.7 Kansas City Index figures formerly compiled by the Association were 10 18 +0.9 Dallas 16 45 62 +8.7 based not on deeds alone, but on all transfers and conSan Francisco 228 202 430 veyances recorded in the cities reporting, so that the series+5.0 Total now being issued monthly is not comparable with the figures which have preceded it. The Association's revised' Industrial Activity Based on Consumption of Elecmonthly index from January 1924 to date is as follows: tricity Higher in January. Manufacturing operations of the country in January, 1925. 1924. 1926.* 1927. 1928. based on consumption of electrical energy, were 4.1% January 97.7 100 91.3 97.9 89.6 January February 95.7 100 94.6 92.7 greater than in December and 11.9% higher than in 90.5 March 98.0 100 91.7 88.6 85.2 1928 according to reports received from more than 3,600 April 102.4 100 99.8 90.6 82.6 May 107.9 100 91.2 100.9 90.2 industrial plants by "Electrical World." The increase in June 97.4 100 88.2 87.8 84.2 106.8 100 94.4 94.1 84.3 activity reflects record rate of operations for January in the July 107.0 100 August 96.3 06.1 91.3 109.0 100 rolling mills and steel plants, and in the automotive industry. September 96.0 91.2 83.8 112.6 100 October 103.0 94.7 95.0 The month also witnessed high activity in the textiles November 105.7 100 92.5 96.9 89.9 109.6 100 December 9&7 55.11 99.9 division, says the "Electrical World," which adds: Federal Reserre District Percentage of Increase or Decrease in Sates January 1929 Compared totth January 1928. Number of Stores Number Reporting Consumption of electricity by the rolling mills and steel plants was on a plane 8% greater than that for December, and 16.9% above the January -working plants, taking the country as a whoIl, level of last year. Metal reports a rate of operations in January that was 15.7% greater than in the same month last year. In the automotive industry, including production of parts for replacement, the rate of operations in January was 14.6% above that of December and 10.5% higher than in January 1928. The high mark in this industrial .group was established in September last year. The rate of activity in textiles for January was slightly higher than in the preceding month, the gain amounting to 2.5%. Compared with January a year ago, however, the increase amounted to 10.97.• With the exception of the Southern States, all sections of the country reported a higher rate of operations than in January last year. Increases over January of last year were: New England, 10.8%; Middle Atlantic, .9%; North Central. 18.6%, and Western States. 20.3%. General manufacturing activity in the South was 0.7% under last year. *Activity for each month of 1926 is taken as the norm of activity for that month. January Construction Contracts Show Moderate Decline-F. W. Dodge Corporation's Review of Building and Engineering Activity. Total construction contracts awarded during January in the 37 states east of the Rocky Mountains amounted to $409,967,900, according to F. W. Dodge Corporation. These states include about 91% of the total construction volume of the country. When the above figure was compared with the total for the corresponding month of last year there was a decrease of 4% and when compared with the total for December 1928 there was 5% decrease. Analysis. FEB. 16 1929.] FINANCIAL CHRONICLE of the January contract total showed the following important classes of work: $138,068,600, or 34% of all construction, for residential buildings; $100,378,000, or 25%, for commercial buildings; $66,522,000, or 17%, for public works and utilities; and $63,108,900, or 16%,for industrial projects. During the month of January there was $818,284,000 worth of new projects reported in contemplation in the 37 Eastern States. The above figure was 13% ahead of the amount reported in December 1928, but there was a drop of 10%, from the amount reported in January of last year. Further details are furnished as follows: New York State and Northern New Jersey. New building and engineering work started in New York State and Northern New Jersey during the month of January amounted to $101,684,200. This figure was 26% less than the total for December of last year and there was a decrease of 22% from the January 1928 total. Included in last month's contract total were the following important classes of work: $45,770,000, or 45% of all construction, for residential buildings; $20,827,500, or 20%, for commercial buildings: $20,492.100, or 20%, for public works and utilities; and $5,941,800, or 6%,for educational projects. During the past month there was $162,308,900 worth of new contemplated projects reported in this area. The above figure was 17% under the amount reported in the preceding month and it was 47% less than the amount reported in January of last year. New England States. January construction contracts let in the New England States amounted to $29,318,400. This figure exceeded the December 1928 record by 4%, but it was 19%less than the total for January of last year. The following were the most important items in the January building and engineering record: $11,894,900, or 41% of all construction, for residential buildings; $10,088,200, or 34%, for commercial buildings: $1,641,500, or 6%, for educational projects; and $1,495,800. or 5%, for industrial projects. New contemplated work reported last month in the New England States reached a total of $54,348,300. This figure represents an increase of 43% over the amount reported in December 1928, but there was a loss of 2% from the amount reported in January 1928. 969 works and utilities: $8.441,800, or 23%, for residential buildings; $14.145,500, or 38%, for industrial projects, and $4,182,400, or 11%, for commercial buildings. Contemplated new work reported last month in the Southeastern States reached a total of $63,182,400. This figure was 10% ahead of the amount reported in December 1928, but there was a 3% decrease from the amount reported in January of last year. Texas. The State of Texas had $15,899,300 in contracts for new building and engineering work during the past month. The above figure was 6% below the total for December 1928 and there was a drop of 4% from the total for January 1928. Included in the January construction records were the following items of interest: $5,207,000, or 33% of the total, for residential buildings; $4.710.700, or 30%.for public works and utilities; $2,669,900, or 17%,for industrial projects, and $1,734,300. or 11%. for commercial buildings. New contemplated projects reported during January in this State amounted to $38,192,300. There was an increase of 17% over the amount reported in December 1928, but there was a loss of 6% from the amount reported in January 1928. Saturation Point Not in Sight for Construction According to A. E. Dickinson of Indiana Limestone Co. There is no saturation point in sight for new construction. A seven billion dollar building year has just closed. Signs all indicate another record program for the current year, says A. E. Dickinson, President of the Indiana Limestone Co. He adds: New economic conditions, new architectural tastes and new popuLar demands are being met steadily by increased programs of construction and reconstruction. A stable population requires replacement of obsolete structures and maintenance of existing ones. And a growing population must have more building to accommodate its new peoples. In all metropolitan centers, land values have risen to such phenomenal heights it is only a question of time when most pre-war low structures will be replaced with minumental ones. To realize a fair return on the investment, every possible dollar must be extracted from the plot of ground. Maintaining the upkeep of the building at a minimum by building artistically and with substantial materials is another means of getting the most Middle Atlantic States, out of the money invested. But to build these cities in the clouds will The Middle Atlantic States (Eastern Pennsylvania, Southern New Jersey, require years of construction activity. Thousands of tons of stone from Maryland, Delaware, District of Columbia and Virginia) had $49,083,400 the Indiana Limestone Co. quarries have been shipped each year for these in contracts for new building and engineering work during January. Last towering structures as well as buildings of less size. And there is sufficient Month's total was 6% less than that for December 1928 and it was 4% stone to carry on this gigantic program indefinitely. below the total for Janaury of last year. As long as prosperity continues the nation will express its wealth in imAnalysis of the January contract record showed the following items of proved comfort in living and that means more and newer homes, offices, note: $20,473,100. or 42% of the total, for residential buildings: $16,- churches, theaters and schools. 803,000, or 34%,for commercial buildings; $3,631,900, or 7%,for industrial projects; and $2,819,400. or 6%. for public works and utilities. Contemplated new work reported in January in the Middle Atlantic States reached a total of $134,296,600, being a gain of 19% over the amount Henry Ford Says Falling Values Hurt Business reported in the corresponding month of a year ago, but a loss of 1% from By-Products from Ford Plants Reach Huge Totals. the amount reported in December 1928. Discussing business just before his departure from DeThe Pittsburgh District. troit for Florida on Feb. 4, Henry Ford said: January construction contracts awarded in the Pittsburgh District "The only thing that hurts business is falling values. Keep value up to (Western Pennsylvania, West Virginia, Ohio and Kentucky) amounted beaten all chances of slump or panic. It is when to $57,108,300. This is the largest amount ever recorded in this district prices, and you have for the month of January. It was more than double the January 1928 the balance between these is disturbed that the country senses trouble." A dispatch from Detroit to the New York "Journal of total and it was 46% ahead of the total for December 1928. The awarding of a large contract for a power plant to be constructed in the state of Commerce" quoting lir. Ford to the foregoing effect, stated: Pennsylvania helped to make the above record. The Ford company is at present employing 135,000 men in Detroit alone. Last month's contract total included the following important items: The world employment is close to 200,000. Soon there will be 150,000 $24.870,000, or 44% of all construction,for industrial projects; $11,832.300. men at work in Detroit plants. or 21%, for residential buildings; $10,245,800, or 18%, for public works time our men are trying to do away with the midnight "At the same and utilities; and $4,729,200, or 8%,for commercial buildings. shift," Ford said. "And probably before long it will be practically The Pittsburgh District had $139,418,000 worth of reported contemplated abolished. I never believed it right for men to work at that unnatural hour work during the past month. This figure was more than three times greater than the amount reported in the preceding month and it was 50% of the day." Ford By-Products. ahead of the total for January of last year. By-products derived from manufacturing in Ford Motor Co. plants The Central West. • reached astounding totals. From the coking process of coal The Central West(Illinois, Indiana, Iowa, Wisconsin, Southern Michigan, during 1928 Missouri, Kansas. Oklahoma and Nebraska) had $113,171,000 in contracts alone was produced at the rouge plant the following: 13,552,394 gallons of coal tar. for new construction work during the past month. The above figure was 17,238 tons of ammonium sulphate. almost the same as the January 1928 record, but there was a loss of 6% 13,661,595 gallons of motor benzol. from the December 1928 total. 16,845,232,000 cubic feet of gas. Included in the January building and engineering record were the following 1,101,689 tons of coke. classes of importance: $37,555,600, or 33%, for commercial buildings: The coal tar was burned as fuel; the ammonium sulphate sold for fer$33,966,100, or 30%, for residential buildings; $18.026,200, or 16%, for . public works and utilities; and $13.877.700. or 12%,for industrial projects. tilizer ; many motorists bought Ford benzol in Detroit and vicinity; the Ford Motor Co. consumed part of the gas, the remainder being disposed of New projects reported as contemplated during the past month in the to a Detroit gas company. The coke was consumed or sold. Central West amounted to $214,107,000. There was a drop of 1% from the amount reported in the preceding month and there was a 4% decrease Lumber District Report. from the amount reported in January of last year. By-products derived from the northern Michigan hardwood lumbering The Northwest. district near Iron Mountain comprised, in part: Building and engineering contracts were let last month in the North15,898 tons of charcoal briquets. west ( Minnesota, the Dakotas and Northern Michigan) to the 2,827,237 pounds of hardwood pitch. amount of $6,220,900. This figure was the second highest January contract 197,406 gallons of wood alcohol (known under the trade name of 0 P total on record for this district. It was more than double the amount contracted methanol). for in January of last year and it was 63% ahead of the amount contracted 853 tons of calcium acetate. for in December 1928. 650,408 gallons of ethyl acetate. The following were the most important items in the January contract By-products in the rouge plant include: record: $4,457,800, or 72% of all construction, for commercial buildings: 80,075 barrels of portland cement. $798,200, or 13%, for public works and utilities; 5483.400, or 8%. for 283,210 net tons of slag (used in the manufacture of portland cement). residential buildings, and $250,000, or 4%, for social and recreational Square feet of plate glass was manufactured as follows: projects. Rouge, 5,399,773 square feet. New contemplated projects reported last month in the Northwest reached Twin Cities, St. Paul-Minneapolis, 2,240,526 square feet. a total of $12,430,500. There were increases of 36% over the December Glass Mere, Pa., 6,515,208 square feet. 1928 total and of 78% over the January 1928 total. The paper production for the same period amounted to 4,443% tuns. Southeastern States. Rouge produced 304,191 gross tons of pig iron in the blast furnaces and January construction contracts let in the Southeastern States (the Caro- 321,476 gross tons of ingots in the open hearth. linas, Georgia, Florida, Tennessee, Alabama, Mississippi, Arkansas and 2,884,728 tons of coal were mined by the company in 1928. Louisiana) amounted to $37,482,400. There was an increase of Production of the new Ford reached the first million this afternoonwhen 11% over the total for the preceding month, but there was a drop of 20% from Model A, Engine 1,000,000, came off the assembly line in the Motors Build' the January 1928 total. ing at the Rouge plant of the Ford Motor Co. The occasion was marked Analysis of last month's building and engineering record showed the by the gathering of officials of the company who have been active in the following items of note: $8,520,700, or 23% of all construction, for public production of the new ear since its inception. [VOL. 128. FINANCIAL CHRONICLE Gain in Factory Employment in Pennsylvania-Wages Drop-Delaware Employment Conditions Unchanged. Factory employment in Pennsylvania showed a gain of 1 Y2% between December and January and was 2.2% larger than in Jan. 1928, according to figures received by the Federal Reserve Bank of Philadelphia from 790 manufacturing firms. Industries fabricating metal products, transportation equipment, and stone, clay and glass products were chiefly responsible for the small gain in the month, says the Bank, which in reviewing employment conditions further says: Wage disbursements, on the other hand, showed a drop of 2.6% in the month, reflecting the year-end let down in operation, mainly on account of inventory taking and overhauling of plant equipment. Compared with a year ago, however, payrolls were nearly 5% larger. Gains in wage payments over Jan. 1928 were reported by groups comprising metal products, foods and tobacco, stone, clay and glass products, lumber products, and chemical products, whereas groups manufacturing transportation equipment, textile proeucts, leather and rubber products, and paper and printing showed smaller wage disbursements. Most groups, however, showed declines in payrolls from December to January. Employee-how's worked during the month decrease 2%, according to figures from 472 reporting firms. The number of workers in Delaware remained practically unchanged from that in December, but wage payments dropped about 4%, metal being fabricators and foundries, leather and miscellaneous industries chiefly responsible for this decline. The compilations of the Bank follow: EMPLOYMENT AND WAGES IN PENNSYLVANIA. [Compiled by the Federal Reserve Bank of Phiadelphia and the Department of Labor and Industry. Commonwealth of Pennsylvania.] 100. Index Numbers, 1923-1925 Averag Payrolls January 1929. Employment January 1929. All manufg. industries (51). Metal products Blast furnaces Steel works & rolling mills Iron and steel forgings Structural iron work Steam and hot water hestbig apparatus Stoves and furnaces Foundries Machinery and parts Electrical apparatus Engines and pumps Hardware and tools Brass and bronze products Transportation equipment Automobiles Automobile bodies & parts Locomotives and cars Railroad repair shops Shipbuilding Textile products Cotton goods Woolens and worsteds_ _ Silk goods Textile dyeing & finis/101g Carpets and rugs Hats Hosiery Knit goods, other Men's clothing Women's clothing Shirts and furnishings Foods and tobacco Bread & bakery products_ Confectionery Ice cream Meat packing Cigars and tobacco Stone, clay & glass products Brick, tile & pottery Cement Glass Lumber products Lumber & planing mills Furniture Wooden boxes Chemical products Chemicals and drugs Coke Explosives Paints and varnishes Petroleum refining Leather and rubber products Leather tanning Shoes Leather products, other.. Rubber tires and goods__ . Paper and printing Paper and wood pulp Paper boxes and bags Printing and publishing *Preliminary figures, Per Cent Change Since Dec. 1928. Jan. 1928. 790 232 9 43 10 10 +0.5 +2.2 77.8 +1.5 +8.1 88.0 46.9 +11.7 -1.7 79.9 +2.3 +3.9 92.0 -7.6 +11.1 101.1 -5.7 +9.7 17 9 38 40 17 10 19 10 40 6 11 13 6 4 159 14 15 39 9 9 4 26 15 0 9 10 97 27 13 11 14 32 66 30 14 22 42 17 19 6 48 28 3 3 9 5 49 17 22 6 4 57 13 6 IS 92.8 5.5.5 87.5 108.0 151.4 97.6 88.3 97.0 .71.3 98.2 101.9 52.4 87.3 31.0 96.4 82.9 89.1 95.3 119.1 88.2 97.0 115.9 76.8 96.7 129.3 88.9 92.1 104.5 95.5 78.2 103.1 86.7 82.5 91.9 77.2 86.7 73.7 65.1 77.0 105.3 97.7 89.2 117.8 141.8 121.5 88.7 95.8 100.8 89.2 121.2 75.2 91.3 80.6 93.9 104.3 Per Cent Change Since Jan. Index +3.3 -38.5 -2.3 +0.5 +7.5 -2.1 +2.4 -5.4 +5.6 +7.2 +14.2 +0.2 +1.0 +4.0 -2.4 -0.5 -2.6 -6.6 +1.0 -1.3 -0.6 -0.2 -10.2 +34.7 +8.2 -4.3 -3.6 -0.9 -2.1 -2.6 +0.2 -6.4 +1.2 +2.1 +3.5 -1.9 -3.7 -0.3 -7.3 -2.9 -0.4 -2.1 +0.4 -0.2 -2.1 -0.1 +0.4 -0.4 +2.3 -1.9 -0.8 -1.4 0.0 -5.2 -2.0 +13.2 -2.8 +7.9 +13.1 +24.2 +11.2 +8.1 +24.0 -9.4 +30.9 +28.3 -23.1 +8.2 -27.7 -5.9 -8.0 -1.9 -13.0 +2.1 -12.8 +0.6 0.0 0.0 +8.5 +4.3 -14.8 +2.2 -0.8 -1.8 +2.0 +5.9 +0.9 +5.8 +9.3 -6.9 +18.4 +2.5 +4.7 +1.0 -1.2 +2.8 -0.8 -2.9 +13.9 -1.1 +7.3 -5.0 -5.4 -5.1 +7.1 -8.8 -7.0 -11.3 -3.5 -0.5 CO S00 ot• 00C,JWC.40 , 5.+40N4 424. . No. of Plants Reportlag. Dee. Index. 1-, 4, . 9C1,4=. 1 • ,, , I=G".pgiCCOCACItOq01.00VICO 40 40 50D5OCOCOCACISCOWCOCOC4IXICD , 4-.000=00000C.00IO.D.J 4-. 0 Group and Industry. Dec. 1928. Jan. 1928. +4.6 -2.6 +0.3 +16.2 +8.3 -6.6 +4.6 +14.4 -11.6 +21.5 -11.5 +6.7 Mil -3.8 +12.8 -44.2 +2.5 -6.0 +17.5 -5.8 +17.0 +6.1 +20.4 -9.2 +20.4 -0.6 +17.8 +5.0 +29.7 +2.8 -11.9 +12.5 +32.0 +5.8 +27.2 -0.6 -23.0 -4.8 +7.8 -3.7 -20.9 -10.1 -9.3 -14.1 -15.0 -4.8 +1.6 -20.3 -21.1 -0.6 +5.1 -7.7 -14.4 -2.4 -5.5 -10.1 -6.1 -3.9 +5.1 +40.9 -8.0 +3.0 +0.9 -9.4 -7.4 +4.7 -6.1 -1.6 -2.8 -2.2 +7.3 -0.5 -0.3 +0.5 +8.6 -16.2 +0.5 -5.4 +11.8 -6.3 +21.0 -6.7 -11.4 -3.3 +38.9 -11.6 +0.8 -5.9 +2.8 -17.5 +0.4 -8.2 -7.2 +3.0 -5.1 -2.1 +3.7 -1.9 -2.5 -OA +42.7 -3.2 +2.4 -8.0 +3.5 +0.3 -6.7 -1.2 -5.6 +5.7 -8.4 -15.2 -2.6 -2.8 -10.5 -0.7 -2.4 +0.6 -6.4 -17.0 -1.4 -0.3 +2.4 WO EMPLOYMENT AND WAGES IN DELAWARE.. [Compiled by Federal Reserve Bank of Philadelphia.) Industry. All industries Foundries and machinery products Other metal manufactures Food industries Chemicals, drugs and paints Leather tanned and products Printing and pubithing Miscellaneous industries Number of Plants Reporting. 28 4 5 3 3 ' 3 4 6 Increase or Decrease. Jan. 1929 Over Dec. 1928. Employment. Total Wages. Average Wages. -0.0 -1.6 +0.7 -5.5 +6.9 -0.4 -0.9 -1.8 -4.1 -4.6 -3.1 -5.2 +0.7 -3.1 -8.0 -7.8 -4.1 -3.1 -3.7 +0.3 -5.8 -2.7 -5.2 -5.9 EMPLOYF.E-HOUREI AND AVERAGE HOURLY AND WEEKLY WAGER IN PENNSYLVANIA (Compiled by the Federal Reserve Bank of Philadelphia and the Department of Labor and Industry, Commonwealth of Pennsylviudal Group end Industry. EmployeNo. of flours Average Plants Change Report- Jan 29 Hourly Wages. from trig. Dec.'28. Jan. Dec. Average *Weekly Wages. at in an Z:0 05 in 0,03 Z7, 0,05 ;P.:403 ia 04. by:4.• VG, . g 0 C4 . 0,0 in W f4 inan in , MW W0 , ....NNONCbdc0 14.MGJONNA.N.A.,W.-,0,-. C,C0. 4.NONWOONOMcZO...4.4 WQWNCOW000,0,-,OIAGAW4.0,-.4.Wo.OWC0c0.-.OWN.WM.C.3©0, 970 $25.66 $26.40 28.63 28.32 29.41 28.56 29.03 29.69 28.62 27.37 28.55 26.75 30.55 28.43 28.64 27.59 31.71 29.76 24.01 23.70 30.44 28.25 25.06 24.34 25.16 27.81 29.16 28.42 29.03 30.44 32.99 30.57 26.24 25.98 29.04 27.35 31.57 29.25 22.74 20.90 24.20 20.88 22.31 21.82 19.71 16.83 26.06 24.35 28.91 26.04 17.71 18.95 15.58 14.82 15.88 14.67 21.15 20.52 28.59 28.41 19.25 19.24 32.19 32.91 29.88 29.97 15.56 13.87 26.89 25.13 26.23 24.10 29.74 26.83 24.64 24.28 22.69 20.89 ' 21.70 N23.00 22.77 A 25.27 13.70 4 14.51 27.38 128.74 27.94 it 27.99 25.96 N26.27 29.97 27.50 22.58 V 22.75 .9 24.89 X 25 0 18.27 *17.69 19.43 N22.48 29.05 29.58 30.28 V 30.06 29.66 R 29.48 13.82 *15.78 33.88 .33.30 All manufg. Industries (46)___ 472 170 Metal products 7 Blast furnaces Steel works & rolling mills._ 26 7 Iron and steel forgings 7 Structural iron work Steam & hot water heat.app. 14 33 Foundries 32 Machinery and parts 14 Electrical apparatus 10 Engines and pumps 13 Hardware and tools 7 Brass and bronze products 31 Transportation equipment_ _ 6 Autmobiles 8 Automobile bodies and parts 9 Locomotives and cars 4 Railroad repair shops 4 Shipbuilding 66 Textile products 11 Cotton goods 9 Woolens and worsteds 21 Silk goods 4 Carpets and rugs 6 Hoalery 8 Knit goods, other 3 Women's clothing 4 Shirts and furnishings 45 Foods and tobacco 18 Bread and bakery products 5 Confectionery 8 Ice cream 9 Meat packing 5 Cigars and tobacco 39 Stone, clay and glass products_ 19 Brick, tile and pottery 8 Cement 12 Glass 33 Lumber products 13 Lumber and planing mills 15 Furniture 5 Wooden boxes 20 Chemical products 11 Chemicals and drugs 6 Paints and varnishes 3 Petroleum refining 29 Leather and rubber products 9 Leather tanning 12 Shoes 4 Leather products, other 4 Rubber tires and goods 39 Paper and printing 9 Paper and wood pulp 3 Paper boxes and bags 27 Printing and publishing -2.0 -0.9 +11.2 +1.3 -8.6 -11.8 -0.1 -7.4 -3.9 +2.8 -7.6 -0.4 +7.7 +5.1 +10.7 +12.0 -5.4 -5.0 -0.3 -12.0 -1.6 -6.9 -26.8 -6.1 +1.1 -8.4 +18.9 -1.0 -4.8 -0.3 +6.9 +1.4 +0.5 -78.7 -0.8 -3.7 -10.0 +18.0 +12.4 -3.2 -21.1 -2.3 +0.9 +0.3 -4.0 +2.0 +1.5 -0.7 +5.8 -5.7 -1.8 -1.8 -1.7 -9.6 -1.2 $.567 .600 .589 .622 .555 .566 .599 .610 .602 .523 .600 .527 .545 .619 .650 .593 .591 .681 .678 .456 .467 .448 .430 .515 .504 .400 .501 .292 .511 .520 .441 .589 .551 .376 .538 .527 .522 .571 .495 .540 .534 .325 .540 .497 .563 .545 .464 .530 .350 .538 .580 .605 .534 .309 .731 'These figures are for the 790 firms reporting employment and Jan. Dec. wages. EMPLOYMENT AND WAGES IN CITY AREAS. [Compiled by Department of Statistics and Research of the Federal Reserve Bank of Ph!lade!phial -1923-1925 Average=100. Index Numbers Payrolls Employment Percentage Change Percentage Change Jan. 1929 Since No. of Jan. 1929 Since Plants Jan. Dec. Jan. Report- Dec. 1028. 1928. 1928. 1928. Allentown-Bethlehem-Easton Altoona Erie Harrisburg Hazleton-Pottsville Johnstown Lancaster New Castle Philadelphia Pittsburgh Reading-Lebanon Scranton Sunbury Wilkes-Barre Williamsport Wilmington York 76 14 12 34 20 12 28 11 236 90 62 31 25 21 22 29 43 -2.1 -1.6 -0.8 +1.7 -0.1 -5.5 -1.2 -0.3 +1.8 +1.6 +0.1 -8.0 -10.6 +2.3 +2.4 +0.6 -6.9 -1.2 +4.5 +11.3 -0.4 -7.2 -4.7 -2.9 +0.9 +5.8 +8.4 -4.8 -27.0 -2.2 -0.4 +2.5 -1.4 -8.8 -4.7 -5.2 +2.4 -6.7 -7.5 -8.6 -1.1 -1.5 +1.5 -3.6 -11.8 -21.3 -10.8 -2.4 -3.0 -9.6 -3.5 -1.0 +19.4 -4.8 -12.1 -4.4 +2.6 +15.2 +18.8 -0.3 -25.9 +6.9 +7.2 Loading of Railroad Revenue Freight Ahead of 1928, But Not Up To 1927. of revenue freight for the week ended on Feb. 2 Loading totaled 946,892 cars, the Car Service Division of the American Railway Association announced on Feb. 12. This was an increase of 20,630 cars over the corresponding week in 1928, but a decrease of 18,772 cars under the corresponding week in 1927. Details follow: Miscellaneous freight loading for the week totaled 332,339 cars, an increase of 13,676 cars above the corresponding week last year and 4,446 cars over the same week in 1927. Coal loading totaled 211,094 cars, an increase of 30,438 cars over the same week in 1928 but 7,982 cars under the same period two years ago. Grain and grain products loading amounted to 49,718 cars, a decrease of 4,201 cars below the same week In 1928 but 2,838 cars above tho same week in 1927. In the Western districts alone, grain and grain products loading totaled 31,752 cars, a decrease of 2,015 cars below tho same week in 1928. Livestock loading amounted to 27,508 cars, a decrease of 7,754 cars under the same week in 1928 and 220 cars under the same week in 1927. In the Western districts alone, livestock loading totaled 20,830 cars, a decrease of 6,530 cars under the same week in 1928. Loading of merchandise less-than-carload-lot freight totaled 245,630 cars, a decrease of 3,464 cars below the same week In 1928 and 6,606 cars under the corresponding week in 1927. Forest products loading amounted to 59,453 cars. 9.959 cars below the same week in 1928 and 8.544 cars below the same week in 1927. Ore loading amounted to 8,669 cars. 781 cars over the same week in 1928. but 2.957 cars below two years ago. FEB. 16 1929.] FINANCIAL CHRONICLE Coke loading totaled 12,481 cars, 1,113 cars above the same week ,last year and 233 cars over the corresponding week two years ago. All districts except the Southern and Northwestern reported increases in the total loading of all commodities compared with the same week in 1928, while all except the Eastern, Centralwestern and Southwestern districts reported decreases compared with the same period in 1927. Loading of revenue freight in 1929 compared with the two previous years follows: 1929. 1928. 1927. Four weeks in January 3,570,978 3,448.895 3,756,660 Week ended Feb. 2 946,892 926,262 965,664 4.517,870 Annalist's Weekly Index 4,375.157 of Wholesale Prices. 4,722.324 Commodity There has been a further small decline this week in the "Annalist" weekly index of wholesale commodity prices. The "Annalist' says: Sizable declines in the food and miscellaneous groups combined with a lesser decline in the fuel group were for the most part, however, balanced by higher prices of farm products, fuels and building materials. The index of all commodities stands at 146.2 this week and compares with 146.5 a week ago. 971 Industrial Situation in Illinois During December and 1928-Analysis by Cities. Supplementing the item appearing in our issue of Jan. 19, page 329, presenting a survey of the industrial situation in Illinois during December and 1928, we give herewith the analysis by cities of industrial conditions in the State, as made available by Sidney W. Wilcox, Chief of the Bureau of Labor Statistics of the Illinois Department of Labor: With the closing of 1928, it is possible to note improvements in employment condition that have taken place in many Illinois cities. Cicero has become the centre of the vitaphone industry which is responsible for the employment of hundred of additional workers. Communities in which agricultural implements are manufactured, notably Moline, Rock Island, Chicago and Peoria, have also received increased payrolls from the industry. The furniture industry, which is centralized in Rockford, has recently shown indications of improvement. A corn products concern has recently been started in Danville and beginning with September placed 500 workers on its payroll. The revival of the coal industry has been very helpful to a number of centres, especially Springfield, which has ben enjoying increased industrial activity in recent months. AURORA. The past year has witnessed a steady decline in the extent of unemployment in spite of general reductions of forces which have taken place in factories. While no definite indications have been received, it seems THE ANNALIST WEEKLY INDEX OF WHOLESALE COMMODITY PRICES highly probable that laid off factory hands have been absorbed in trade (1913=100) or road building or by some new industry. Of the established industries in Aurora, metals show the greatest amount of improvement, a number of Feb. 111929. Feb. 5 1929. Feb. 14 1928. payrolls showing 100 additional names. Textile and clothing factories failed to show a decided movement, although at the close of the year fewer Farm products 145.4 144.8 148.1 Food products people were employed in this group than in the preceding year. Building 145.3 146.8 150.9 Textile products 154.9 154.9 152.2 has continued to increase in 1928 during which permits were issued for Fuels 162.6 163.0 154.4 the construction of buildings to the amount of $2,967,772. Metals 126.9 125.9 120.7 Building material 154.1 153.7 150.3 BLOOMINGTON. Chemicals 134.6 134.6 134.0 Miscellaneous 128.0 129.6 125.2 The general movement of factory employment in Bloomington has been All commodities 146.2 146.5 146.4 upward during 1928, with the majority of manufacturing establishments showing more names on payrolls than in the preceding year. The extent of unemployment as indicated by the free employment office ratio has Seasonal Decrease in New York Factory Employment. reflected these improved conditions with a steady decline, and in De106 applications cember there were Factory employment in New York State decreased some- compared with 116onlyDecember 1927. received for every 100 jobs, as in Building has been going on at what less than 1% between Dec. 15 and Jan. 15. This de- a very rapid rate and this year permit totals reached $1,382,800, as compared with $924,200 in 1927. crease in the number of people at work in our factories represents a usual seasonal tendency, according to Industrial Commissioner Frances Perkins, neither larger nor smaller than might be expected at this time of year. According to Miss Perkins' statement, which is based on monthly reports from about 1,500 manufacturing concerns employing approximately one-third of the factory workers in the State, and which was issued Feb. 11, these firms constitute a fixed list of manufacturers representing a wide range of products and located in various parts of the State. Continuing, the statement says: CHICAGO. Conditions of employment in the Chicago area have improved during decidedly better than they were in 1927. The outlook 1928 and are now for further improvement in 1929 is unusually good. Because of an expanding market for agricultural implements and a continued improvement in the electrical products line indications are that a further upswing will be experienced. Since a number of printing houses have also been adding to their plant it is entirely probable that Chicago printers will send in reports of increased employment. The meat packing industry has been experiencing a downward movement, as is the case of men's clothing factories. According to the free employment office ratio the extent of unemployment is less than it was at the close of last year, the figure for December 1928, showing only 138 applicants per 100 openings as compared with 192 for the same month of a year ago. Automobile Factories Busy. CICERO. The only conspicuous gains reported for the month of January were The industrial situation in Cicero has been unusually promising during in the automobile industry. Practically all of the larger concerns making 1928. According to all indications the coming year will witness even either automobiles or automobile parts showsd good increases in employ- greater improvement. The outstanding gains have occurred in the elecment. Among the smaller factories there was some irregularity but no trical products line which has now undertaken the manufacture of the vitalarge decreases. The repair shops in New York City were not as busy phone. Hundreds of workers have already been added to the payrolls of as in December. this industry, which, according to current reports, will continue to increase Heating Apparatus Dull. its forces at a more rapid rate in future months. A number of other metal There seems to be a fairly general slackening of activity in the heating factories have also been increasing their forces. Building has been mainapparatus industry. Several factories were closed for inventory or repairs tained at a high level, but the total amount of money expended en conand most of the others were employing fewer workers than in December. struction was less than a year ago. The plants which were closed the previous month had reopened in DANVILLE. January but even these concerns were, in most cases, employing fewer workers than According to all available information employment conditions in Danin November. ville have remained practically inchanged throughout the past year. The Small Decreases in Machinery. free employment office ratio has, with three exceptions, remained near 145, Manufacturers of machinery and electrical apparatus generally reported and very few changes are apparent in the yearly payrolls of 15 reporting small decreases in both the number of employees and the amount of pay- manufacturers who employed over 50% of the factory workers in Danville. roll. A few concerns had taken on employees since December but changes The amount expended on building has been lees than in 1927. $915,348 in either direction were not large. The same thing is true of the brass comparing with $1,036,791 expended a year ago. Danville has been parand copper industry, no big increases or decreases, but the majority of ticularly fortunate in obtaining a new industry which promises to be very firms reporting slightly reduced activity. Iron and steel mills had laid significant in this community. In September a corn products factory was off about 3% of their workers since December. put into operation giving employment to approximately 500 men. While some reductions are to be expected in this industry during the coming Men's Clothing Factories Busier. months, the outlook is said to be very favorable. Reports Irma clothing firms reflected a good deal of uncertainty. In DECATUR. the men's furnishings and women's underwear industries both increases and decreases were reported, but the general tendency was Employment conditions in Decatur have been much better than they downward. In were a year ago. Total employment has increased in the 19 factories the women's coat, suit and dress industries additions to forces in some which employ approximately 50% of all factory workers in the city, and factories nearly balanced reductions in others. Some of the men's clothing the free employment office ratio has declined steadily. Of the industries and women's millinery firms also reported dull business but in these represented by the reporting manufacturers textiles show the greatest industries enough concerns had begun work on spring orders to show a improvement, although a number of large gains appear in the payrolls of fairly good net gain for the month. metal factories. One manufacturer of automobile equipment reports that Decreases Irregular in Other Industries. 140 workers have been taken on during the past year, and the statement Among the food industries, canneries and tobacco factories manufacturer indicates an increase of 100 names on his payreported the of a clothing decreases in employment, the decreases amounting to largest 13 and 7%, re- roll. According to permit totals the volume of building has declined. the spectively. None of the food industries had increased the contrasting with $5,790,000 in 1927. number of their 1928 figure of $4,169,345 employees. Makers of flour and cereals, meat packers and EAST ST. LOUIS. makers of dairy products retained practically all of their December forces, while Manufacturers who employed over 30% of all East St. Louis factory candy and beverage factories were laying off workers. workers have closed the year with smaller forces. Meat packing plants Most shoe factories both in Brooklyn and in the up-State districts had have been a dominating influence in the downward movement, although taken on employees since December, although in some cases payrolls metal factories also showed a tendency to reduce forces. As indicated by had been reduced. Firms making leather were more active but the fur the free employment office ratio the amount of unemployment is less than shops reportd a seasonal drop in employmnt. It was last year, although no very marked changes have taken place. Fewer workers were needed this month in most chemical industries Building has declined from $5.597,943 in 1927 to $2,729,766, in 1928. and in paper goods factories. Increases in employment which occurred JOLIET. occasionally in drug and industrial chemical factories and in some of the photographic chemical factories were irregular. There was a While a number of increases appear in the employment reports of Joliet small net manufacturers the year has been marked by very few changes. Steel increase in the paper mills and a decrease in the printing shops but Plants within have slightly more workers, but in chemicals the course of employment has these industries some firms were taking on workers while others were been downward. The extent of laying them ctf unemployment as reflected by the free employment office ratio is less than it was last year, although conditions 972 FINANCIAL CHRONICLE continue to be rather unfavorable for the Job-seeker. Building has been going ahead rapidly according to building permits which indicate that the estimated cost of construction during 1928 was $3,095,320 as compared with $2,793,000 in 1927. PEORIA. That more workers are now employed in Peoria than was the case a year ago is indicated by both the free employment office and the reports of 33 manufacturers. An outstanding industry in this community has been agricultural implements, represented by an establishment that is now offering employment to twice as many men as it ever included in its forces. Building has also been well sustained and has passed its 1927 record by $542,000. According to press Information, trade has also been unusually active, reflecting the increasing payrolls in this community. QUINCY. Employment conditions have remained practically unchanged in Quincy during the past year. With only two exceptions the number of workers employed by 15 reporting manufacturers during December compared very closely with the number employed at the beginning of the year. The free employment office ratio has also remained relatively constant throughout 1928. Building has increased slightly over 1927. ROCKFORD. Rockford continues to report a shortage of skilled metal workers. Conditions are unusually promising with prospects for improvement in the metal and furniture industries, both of which have been moving ahead steadily. One implement factory closed the year with 76 more workers than it has ever had before, and in another 140 additional names appear on the payroll. Furniture factories generally report more workers than in January. but their forces continue to be somewhat lower than in the two previous years. Additional evidence of improved conditions comes in the form of the free employment office ratio of unemployment, which has declined steadily. The volume of building,however, was less than it was last year. ROCK ISLAND-MOLINE. This district has passed an unusually active year. Beginning near the first month of the year, the agricultural implement industry began an expansion program which has continued throughout the past year. Automotive equipment factories have also supported an upward movement. In both centres, however,the volume of building has declined. The amount of unemployment in this district has remained constant according to the free employment office, which reports that the existing labor supply is sufficient except in the skilled lines. [Vol,. 128. exhibit. The movement of coal and coke was considerably above that of a year ago. • • • Collections during the past 30 days developed some irregularity, both with reference to different localities and the several lines investigated. The average, however, was about even with the preceding month, and slightly lower than during the corresponding period a year earlier. In sections where cotton is the principal crop, liquidation both with merchants and the banks continued on a liberal scale, and payments in the tobacco areas showed favorable response to heavy marketings of that crop. December payments to retailers in the country showed the usual seasonal slump, but since the first of this month results have been more satisfactory. In the large cities unevenness was reported by retailers. For the most part wholesalers report Jan. 1 settlements up to expectations, with some lines, notably boots and shoes, hardware and dry goods, making a particularly good showing. Questionnaires addressed to representative interests in the several lines throughout the district showed the following results. Poor. Fair. Good. Excellent. December 1928 5.6% 33.8% 2.8% 57.8% 12.3% November 1928 34.2% 52.1% 1.4% December 1927 5.3% 36.4% 54.7% 4.0% Commercial failures in the Eighth Federal Reserve District In November, according to Dun's, numbered 103, involving liabilities of $1,477,305, against 125 defaults in November with liabilities of $5,740,158, and 84 failures for $2,923,187 in December 1927. Consumption of Rubber in January Reached New High Level, Totaling 43,002 Tons -Imports Increase -Stocks Higher. The consumption of rubber during January exceeded all previous months when 43,002 tons were used states the F.R.Henderson Corp.in its weekly market review to be issued to-day. This compares with 31,232 tons during December and 34,403 tons during Jan. 1928. This increase of nearly 40% was unexpected, as estimates made previously averaged 39,000 tons. The review continues: The Department of Commerce has issued a revised figure for net imports United States of America during 1928 which is 407,573 tons. The previous SPRINGFIELD. conditions. Coal figure. 404,356 tons, as well as the figure for 1927. 398,483 tons, which Springfield continued to report improved industrial mining activities are now much improved and have stimulated other lines, appeared in our "Monthly Market Digest" of Feb. 2 1929, should not have notably trade and manufacturing offood products consumed in this locality. appeared under the heading of Rubber Association Statistics, as the source Electrical products and agricultural implements both report increased work- was the U. S. Dept. of Commerce. The imports during January at all ports United States of America ing forces. The volume of building is close to that of a year ago. During the past 12 months permits have been issued for the construction of build- amounted to 52,305 tons, a compared with 46,840 tons the previous month, and 46,200 tons during Jan. 1928. ings whose estimated cost is $3.786.000. The arrivals from Feb. 1 to Feb. 15, incl., we estimate to be 34,100 tons. -ROCK FALLS. STERLING The stocks on hand and afloat at the end of January have each Increased Conditions of employment have improved very rapidly during the past about 10,000 tons over those existing the end of December. Jan. 1929. Dec. 1928. Jan. 1928. year. A number of agricultural implement factories have increased their 76,342 66,166 110,244 forces, as was also the case in a number of other metal lines. Employment Stocks on hand 78,596 68,764 41,256 Stocks afloat to United States industries has remained relatively constant. In food The world stocks at the end of January we estimate at 225,000 tons, an Increase during the month of about 18,000 tons. Business Conditions in St. Louis Federal Reserve ' The London stocks were increased last week by 1 4 tons to a total of -Resumption of Activities at Industrial 25,413 tons. It Is estimated that there will be a decrease this week of 700 District Christmas Holidays More Rapid tons. Plants After Than Is Usual. Stating, in its Monthly Review issued Jan. 31, that "reports relative to business and industry in this district during the past thirty days developed rather sharp contrasts" the Federal Reserve Bank of St. Louis adds: The F. R. Henderson Corp. in reviewing the activities during the week ended Feb. 15 on the Rubber Exchange, says: The market closed strong after very active sessions on Thursday and Friday. Prices advanced over 3c. during the week, the greatest advances taking place on Friday, when the opening prices were 60 points above the previous closing. During the first hour prices advanced another 60-70 achieved in the manufacturing Points and transactions reached a record volume, for any first hour of Relatively most satisfactory results were steel, packing and food products generally. trading, of 1,679 lots equivalent to 4,1973i tons. The advance continued lines, notably in iron and inven- during the day to new highs for all positions showing increases of 220 to Resumption of activities at industrial plants after the holidays and the 230 points over the previous close. torying interruption was snore rapid than is ordinarily the case. In The volume of transactions was 3,762 lots equivalent to 9,405 tons, distribution of merchandise, the retail section made a better exhibit than heavy volume second only to the record day, Jan. 11 1929. when 3,887 lots changed was the case in wholesaling and jobbing, though despite a of Christmas buying, retail sales in December were slightly below the hands. The sharp move upwards in the last few days was largely the result of volume of the corresponding month in 1927. Of the wholesale lines inan unexpected consumption in January. Interests who expected a further vestigated, a large majority showed decreases in sales both under the prereaction downwards were caught unawares, and short-covering plus a ceding month and the same period a year earlier. very definite trade demand provided the necessary buying to carry the Throughout December the movement into consumption of seasonal mermarket to a strong close. chandise, particularly apparel, fuel, boots and shoes, sporting goods and Prices for the Week. certain lines of hardware, was restricted by unseasonably warm weather. -The WeekFeb. 15. High. Low. Close. Reordering of commodities in these classifications was disappointingly 24.70 21.80 25.20 N were reported. Since the first of January, February small, and some cancellations 25.20 21.90 25.20 T March however, the spell of low temperatures has materially stimulated the de- May 25.70 22.40 25.60 T 25.90 22.70 mand for cold weather goods, and in all parts of the district merchants July 25.70 T --26.00 22.90 25.90 'I' 26.00 have been able to measurably reduce their stocks. A further stimulus September 25.70 23.10 26.00 N been the holding of October to retail distribution since the turn of the year has 20.20 23.20 _ 26.20 December with excellent response. numerous special sales, which have met Inventory taking has disclosed almost universally small stocks, both in wholesale and retail establishments. The same is true of raw materials Softwood Demand in 1929 Greater Than held by manufacturers in important lines, who during the past year have Prospective in 1928. adhered to the policy of purchasing principally on an actual requirement basis. For the most part orders booked by manufacturers and jobbers Preliminary summaries from a nation-wide survey of the for future delivery are below those of the corresponding period last year, and this is accountable in a large degree for the decrease in sales reported lumber demand situation being made by the National Lumin December as contrasted with that month in 1927. In the case of ber Manufacturers Association indicate that demand for certain wholesale and jobbing lines, the seasonal decline from November softwoods in 1929 will be slightly heavier than in 1928. to December was more pronounced than the average during the past half seasonal consid- The "Association" states: decade. Employment -conditions influenced mainly by These summaries so far cover railroad, millwork and box business. An erations, showed little change from the preceding month, and were on the whole satisfactory. Savings accounts in December decreased slightly as extended survey of prospective demand from retailers is nearing complecompared with November, but were 3.5% larger on January 4 than a tion. This will cover practically every State and is carried on with year earlier. Building contracts let in the Eighth Federal Reserve Dis- the co-operation of the large retail dealers' associations. Detailed results trict in December exceeded the November total, and the total for 1928 was will be published at an early date. Reports so far received indicate an estimated increase in retail lumber demand of 3.6% during the first 10.8% larger than in 1927. Freight traffic of railroads operating in this district attained high half of 1929 and 6.7% during the second half of the year. Widespread levels during the past 30 days, the volume reported by several important Inquiry from the furniture, casket, automobile, farm implement and woodtrunk lines being the largest on record for that particular period. The turning industries has been made but present returns are not sufficiently traffic decrease incident to the holidays was less marked than Is ordi- representative to warrant estimates. Reports from the railroads of the country, representing 58% of the narily the case, and increases were shown in virtually all classifications, with merchandise and miscellaneous freight making a particularly good total mileage of Class I roads, indicate decrease in demand of 2.5% FEB. 161929.] FINANCIAL CHRONICLE for softwood railroad ties and increase of .4% in softwood luniner requirements in 1929 over 1928. Reporting roads consumed 783,539 M feet of softwood lumber and 887,958 1.1 feet of softwood ties in 1928, although 15% of the mileage use no softwood ties. The greatest proportionate increase in tie requirements in 1929, it is indicated, will be in the Great Lakes region; the greatest decrease in Northwestern States. As regards softwood lumber, the Lakes region reports the greatest prospective increase, 8.3%; the Northwestern, the greatest relative, decrease, or 7.4%. Reports from the Great Lakes region cover 82% of the mileage of that section; from the Northwestern States, 43% of that territory; from the Southern district, 60%; from the Central West, 72%; from the Southwestern, 55%. The millwork establishments reporting used almost 600,000 Id feet in 1928 and estimate a gain of 1% during the first half of 1929 and 2.3% during the last half of the year. The Northwestern, Southwestern and Lake States made up 63% of the 1928 volume. The greatest prospective gain during both the first and last half of the year is indicated to be in Southwest, followed by the Lake States; the greatest relative decrease, in the Northeast. On the basis of reports from the wooden box manufactur ers of the country, representing about one-third of the industry, softwood requirements in 1929 will be approximately 41 billion feet, as / 2 compared with somewhat over 4 billion feet, the estimated amount of softwood lumber consumed by the wooden box industry two years ago, in 1927. Hardwood requirements of the wooden box manufacturers in 1929 are estimated at about one billion feet, approximately the amount consumed in 1928. Lumber Orders Continue in Excess of Production. Lumber orders continued their advance over lumber production during the first week of February. The demand for lumber has been good since the first of the year, and heavy snows in the Northwest and rains in the South continue to impede logging and manufacturing. Telegrap hic reports for the week ended Feb. 9 from 793 hardwood and softwood mills to the National Lumber Manufact urers Association give new business as 363,229,000 feet, whereas reports the week earlier from 38 more mills reported current orders as 367,099,000 feet. Unfilled orders of 510 softwood mills represent 26 days' production, as compared with 23.1 days for 531 mills a month ago. Production was reported as 296,234,000 feet and remains considerably below normal. Reports the previous week showed production as only 297,476,000, snow and rain having interfered now for several weeks past. Shipment s continue to lag considerably behind new business. For the week ended Feb. 9 shipments reported amounted to 324,170,000 feet. They were reported the previous week from 38 additional mills as 339,173,000 feet, continues the Association, which adds: Unfilled Orders. The unfilled orders of 333 Southern Pine and West Coast mills at the end of last week amounted to 1,034.200,864 feet, as against 992,804,330 feet for 330 mills the previous week. The 140 identical Southern Pine mills In the group showed unfilled orders of 255,148,86 4 feet last week, as against 242.673,330 feet for the week before. For the 193 West Coast mills the unfilled orders were 779.052,000 feet, as against 750.131,000 feet for 190 mills a week earlier. Altogether the 511 reporting softwood mills had shipments orders 127% of actual production. For the Southern Pine 110% and mills these Percentages were respectively 103 and 122, and for the West Coast mills 104 and 129. Of the reporting mills, the 511 with an established normal production for the week of 305,977,000 feet gave actual production 80%, shipments 88% and orders 102% thereof. The following table compares the lumber movement as reflected by the reporting mills of eight softwood and two hardwood regional associations for the two weeks indicated: Past Week. Preceding Week 1929.. (Revised). Softwood. Hardwood. Softwood. dwood Mills (or units)* 511 325 538 Production 356 838! 245.088,000 51,146,000 241.185,000 56,291.000 Shipments 269.912,000 54.258.000 283,331,000 55,842,000 Orders (new business) 311.263,000 51,966,000 308.389,00058.719,000 *A unit is 35,000 feet of daily production capacity. West Coast Movement. The West Coast Lumbermen's Association wires from Seattle that new business for the 193 mills reporting for the week ended Feb. 9 totaled 159,165.000 feet, of which 67.563,000 feet was for domestic cargo delivery and 22,403,000 feet export. New business by rail amounted to 63,539.000 feet. Shipments totaled 129.087.000 feet, of which 53,054,000 feet moved coastwise and intercoastal and 23,870,000 feet export. Rail shipments totaled 46,503,000 feet and local deliveries 5,660.000 feet. Unshipped orders totaled 779,052,000 feet, of which domestic cargo orders totaled 295.114,000 feet, foreign 256,723,000 feet and rail trade 227,215.000 feet. Weekly capacity of these mills is 221,825,000 feet. For the five weeks ended Feb. 2 orders from 136 identical mills were 14.01% over production and shipments 3.08% under production. The same mills showed an increase in Inventories of 1.09% on Feb. 2 as compared with Jan. 1. Southern Pine Reports. The Southern Pine Association reports from New Orleans that for 140 mills reporting shipments were 3.28% above production and above production and 17.83% above shipments. New orders 21.70% business taken, during the week amounted to 82,447.922 feet (previous week 68.205,196) shipments 69,972,388 feet (previous week 73,022.898 ) and production 67.748,876 feet (previous week 66,165,132). The normal production (three-Year average) of these mills Ls 75,566,807 feet. The Western Pine Manufacturers Association of Portland, production from 34 mills as 21.476,000 feet, as compared Ore., reports with a normal production for the week of 21,827,000. Thirty-three mills the previous 973 week reported production as 19,725,000 feet. Shipments were slightly larger last week and new business slightly less. The California White & Sugar Pine Manufacturers Association of San Francisco reports production from 22 mills as 8.846.000 feet, as compared with a normal figure for the week of 8.889.000. Nineteen mills the week earlier reported production as 11,286,000 feet. Shipments were slightly larger last week, with a heavy decrease in new business. The California Redwood Association of San Francisco reports production from 13 mills as 6,281,000 feet, compared with a normal figure of 7,743,000 and for the previous week 6,672,000. Shipments showed a slight increase last week and new business a nominal reduction. The North Carolina Pine Association of Norfolk, Va., reports production from 68 mills as 9,321.000 feet, against a normal production for the week of 11,106,000. Seventy-three mills the preceding week reported production as 11,982.000 feet. There was a notable decrease in shipments last week, with new business about the same as the week earlier. The Northern Pine Manufacturers Association of Minneapolis, Minn., reports production from 9 mills as 4,065,000 feet. as compared with a normal figure for the week of 6,706,000 and for the previous week 3,942,000. Shipments were somewhat lower last week and new business somewhat larger. The Northern Hemlock & Hardwood Manufacturers Association of Oshkosh, Wis. (in its softwood production), reports production from 29 mills as 3,449,000 feet, as compared with a normal production for the week of 4,729.000. Twenty-five mills the week earlier reported production as 3,695,000 feet. There was a slight increase in shipments last week, with considerable reduction in new business. Hardwood Reports. The Northern Hemlock & Hardwood Manufacturers Association of Oshkosh. Wis., reports production from 43 units as 10.051.000 feet, as compared with a normal figure for the week of 10,973,000. Forty-two units the preceding week reported production as 8.735.000 feet. Shipments and orders showed nominal increases last week. The Hardwood Manufacturers Institute of Memphis. Tenn., reports production from 282 units as 41,095,000 feet, as against a normal production for the week of 50,677,000. Two hundred and ninety-two units the week before reported production as 42,903,000 feet. Shipments were slightly larger and new business slightly less last week. Detailed softwood and hardwood statistics for reporting mills of the comparably reporting regional associations will be found below: LUMBER MOVEMENT FOR SIX WEEKS AND FOR WEEK ENDED FEB. 9 1929. Normal Produen Association— Production. Shipments. Orders. for Week. Southern Pine (6 weeks) 397,719,000 403,080,000 421,034.000 Week (140 mills) 67.74 .000 69,972,000 82,448,000 75.567,000 West Coast Lumbermen's(6 wks)851.092,000 824,381,000 978.089.000 Week (196 mills) 123,901,000 129,381,000 159.354,000 Western Pine Mfrs.(6 weeks) 132,712,000 159,442,001) 177,330,000 169,410.000 Week 21,476,000 27,284,000 28,558.000 Calif. White & Sug. Pine (6 wks) 84.535,000 138,717,000 133,786,000 21,827.000 Week (22 mills) 8,846.000 19,027,00014,795,000 8,889,000 Calif. Redwood (6 weeks) 38,375,000 38,675.000 44,132.000 Week (13 mills) 6.281,000 6,089,000 5.980,000 7,743,000 No. Caro. Pine (6 weeks) 59,784,000 58.406.000 46,454.000 Week (68 mills) 9.321,000 7,771.000 7.546.000 11,106,000 No. Pine Mfrs.(6 weeks) 23,796,000 39,301,000 49,418,000 Week (9 mills) 4,065,000 7,234,000 10,344,000 6,706,000 Northern Hemlock & Hardwood (softwoods) (6 weeks) 28,442,000 17,594,000 23,110,000 Week (29 mills) 3,449,000 3,154,000 2,238,000 4,729,000 Softwoods total (6 weeks).- _1,816.455,0001679.596,0001873,353.000 Week (511 mills) 245,088,000 269,912,000 311,263,000 Northern Hemlock & Hardwood (hardwoods) (6 weeks) 71,692,000 51,610,000 53,147,000 Week (43 units) 10,051.000 6.949,000 6,119,000 10,973,0 Hardwood Mfrs. Inst.(6 weeks)_233,426,000 247,799,000 261,313,000 303,473,000 Week (282 units) 41,095.000 47,309.000 45,847,000 50.677.000 Hardwood total(6 weeks) 105,118,000299,409,000 314,460,000 Week (325 units) 51,146,000 54.258.000 51,966,000 61,650,000 West Coast Lumbermen's Association Weekly Report. According to the West Coast Lumbermen's Association, reports from 194 mills show that for the week ended Feb. 2 shipments were 14.89% over production, while orders exceeded output by 32.84%. The Association's statement follows: WEEKLY REPORT OF PRODUCTION, ORDERS AND SHIPMENTS 194 mills report for week ended Feb. 2 1929. (All mills reporting production orders and shipments.) Production. Orders. Shipments. 148.391,779 feet 111,703,890 feet 128,337,169 feet. 32.84% over production 100% 14.89% over production COMPARISON OF ACTUAL PRODUCTION AND WEEKLY OPERATING CAPACITY (238 IDENTICAL MILLS) (All mills reporting production tor 1928 and 1929 to date.) Average Weekly Production Aetna Average Weekly x Weekly Production 5 Weeks Week Ended Production Operating Feb. 2 1929. Ended Feb. 2 1929. During 1928. Capacity, 160,377,347 feet 122,127,784 feet 194,082,476 feet y253.520,509 feet x Weekly operating capacity is based on average hourly production for months preceding mill check and the normal number of operating hoursthe 12 last per week. Y Includes adjustments result recent mill audit. WEEKLY COMPARISON FOR 190 IDENTICAL MILLS --1929. (All mills whose reports of production, order and shipments are complete for the last four weeks.) Weeks Ended— Feb. 2. Jan. 26. Jan. 19. Jan. 12. Production (feet) 111,687.890 166,866.573 168,235,884 162,462,405 Orders (feet) 148.391,779 184,562,777 190,993,281 156,359.330 Rail 57.549,609 66,654,885 74,616.048 58,836.782 Domestic cargo 67,160,09466,232.31874,851.353 68.394.332 Export 25.770.059 38,842,410 33,156.872 20,005.215 Local 7,912,017 12,833,164 8,369,008 9,123,001 Shipments(feet) 128,297,169 152,684,964 144,387.90(1 137.842,403 Rail 44.345,039 59,725.305 60.083,320 52,424.568 Domestic cargo 46,450.178 47,545,469 48,494.132 47.817.504 Export 29,589,935 32,581,036 27.441,440 28.477,330 Local 7.912.017 12,833,164 8,369,008 9,123,001 Unfilled orders (feet) 750.130.919 737,104,397 708.543.609 665.193,408 Rail 210,428,736 198,391,987 192,471,686 179,008.634 Domestic cargo 280,861.543 275,832.921 256,871,158 230,394,729 258.840,640 262,888,489 259,200,765 255,790.045 Export 111 IDENTICAL MILLS. (All mills whose reports of production, orders and shipments are complete for 1928 and 1929 to date.) Average 5 Average 5 Week Ended Weeks Ended Weeks Ended Feb. 2 '29. Feb. 2 '29. Feb. 4 '28. Production (feet) 78,867,856 94,472.609 93.888,384 Orders (feet) 102,076,563 106,054,879 103,525,462 Shipments (feet) 83,120,855 92,858,637 89,442,193 FoL. 128. FINANCIAL CHRONICLE 974 (109 Mills) DOMESTIC CARGO DISTRIBUTION-WEEK ENDED JAN.26'29 Orders on Hand BeOrders beg'g Week Jan. 26 '29. Received. Cancelfattens. Shipments. Unfitted Orders Week Ended Jan. 26 '29. represent a,a large part of the production of these fabrics in the United States. Transactions in Grain Futures During January on Chicago Board of Trade and Other Markets. Washington & Oregon Feet. Feet. Feet. Feet. Feet. (91 Mills)Revised figures showing the volume of trading in grain 92,088,306 29,934,184 299,578 15,989,195 105,733,717 futures on the Board of Trade of the City of Chicago, by California 121,373.968 26,757,482 975,960 21,947,645 125,207,845 Atlantic Coast 525,000 days, during the month of January, together with monthly None None None 525,000 Miscellaneous 231,466,582 totals for all "contract markets," as reported by the Grain Wash.& Oregon_ 213,987,274 56,691,666 1,275,538 37,936,840 Total Futures Administration of the United States Department of Brit. Col.(18 Mills) 557,443 512,756 None 425,199 645,000 made public Feb.6 by the Grain Exchange California 4,964,267 11,850,583 Agriculture, were 14,678,850 2,236,000 100,000 Atlantic Coast 899,958 Supervisor at Chicago. For the month of January 1929 345,000 None 900,364 344,594 s Miscellaneou 13,307,984 the total transactions at all markets reached 1,879,548,000 Total British Columbia 15,668,444 3.561,563 100,000 5,822,023 982,466,000 bushels in the same 1.375.538 43.758.863 244.774.546 bushels, compared with Total domestic cargo_ _ _ _ 229.055.718 60.253.229 in 1928. On the Chicago Board of Trade the transmonth actions in January 1929 amounted to 1,630,016,000 bushels, -Gain against 841,732,000 bushels in January 1928. 'Below we Falling Off in Paper Production in November give the details for January, the figures representing sales in Year Output as Compared with 1927. paper production in December, according to only, there being an equal volume of purchases: The total VOLUME OF TRADING. identical mill reports to the American Paper & Pulp AssoExpressed In thousands of bushels, I. e., 000 omitted. was 546,620 tons as compared with 599,311 tons in ciation, Total. Rye. Barley. Alas, Wheat. Corn. Oats. January 1929. November and 617,391 tons in October. The twelve months' production total for 1928 was 6,965,951 tons against 1 Holiday 536 573 --------31,035 17,779 12,147 992 627 6,762,942 tons in 1927, an increase of 3%. The Association 2 --------34565 23,422 0,524 3 --------51,225 10,151 1,086 1,022 38,966 4 survey under date of Feb. 11 adds: 840 828 --------48,625 13,552 hanging and Production in all grades with the exception of newsprint, against 1927. Book felts and building papers showed an Increase in 1928 as 1927 production, while and paperboard showed an increase of 6% over and writing 3%. The total wrapping increased 1%, tissue 5%, bag 4% 1927; hangfollowing grades registered production losses in 1928 as against ing, 18%; felts and building, 9%, newsprint, 5%. in all grades The shipments of paper in 1927 exceeded those of 1928 while production in the except newsprint, hanging and felts and building, in all cases. various grades increased enough to exceed the shipments those Stocks on hand at the end of December 1928 increased 12% above stocks were 3% over those at the end of December 1927, while December existing at the end of November 1928. over 1928, While 1928 paper production increased approximately 3% This increase the productive capacity of the industry increased about 6%. amounting to approximately was in the face of an existence of idle capacity one-quarter of the total productive capacity. St Pulp Identical pulp mill production reports to the American Paper Association for 1928 showed little change from the 1927 level. December tons in November 1928 production totaled 203,712 tons against 219,771 end of the year showed and 214,347 tons in October. Stocks on hand at the for groundwood, a decrease as compared with the same period in 1927 sulphite total and sulphate. 33,405 5 6 Sunday 7 8 9 10 11 12 13 Sunday 14 15 16 17 18 19 20 Sunday 21 22 23 24 25 26 27 Sunday 23 29 30 31 23,995 23,323 34,791 48,741 23,997 40,521 10,892 8,900 40,540 39,607 23,263 37,582 670 491 2,002 2,491 1,214 2,382 558 439 708 973 529 1,295 --------36,115 --------33,153 --------78,041 --------01,812 --------40,003 --------81,780 28,700 23,537 23,679 23,865 35,331 31,406 36,166 31,951 29,232 34,888 35,329 27,912 2,702 1,943 2,227 2,986 5,064 3.702 917 533 474 854 1,094 807 --------68,485 --------57,964 --------55,612 --------62,503 --------76,818 --------03,827 28,716 65.692 71,097 49,556 40,502 21,380 23,872 27,562 20,485 25,468 25,988 23,148 2,570 3,212 3,173 2,419 2,581 1,761 592 2,248 2,351 1,801 1,738 555 --------55,750 --------98,714 --------97,106 --------79,244 --------70,808 --------46,844 40,558 45,302 38,983 31,943 26,695 25,403 19,970 16,438 1,985 4.393 2,050 2,010 1,313 1,295 1,215 1,343 --------70,551 --------76,393 --------62,218 --------51,734 --------1,630,016 57,142 27,022 Chicago Board of Tr_ 909,187 636,665 ------- - 58,891 434 55 38,686 19,716 Board_ 84,681 5,433 2,350 0,439 1,536 OPERATIONS IN IDENTICAL MILLS Chicago Open of C. 88,923 ____ COMPARATIVE REPORT OF PAPER Minneapolis C. ----------------69,597 42,354 27,243 FOR THE MONTH OF DECEMBER 1928. City B. of T.. Kansas 2'381 542 94 --- 3,160 _ _ -_ •18,885 Stocks on Hand Duluth Board of Tr Shipments, Production, ----------------4734 2,763 1,971 End ofMo.,Tons St. Louis Mer. Exch. Tons. Tons. --------8,520 376 942 Grade2,956 4,246 Milwaukee C. of C 34,469 428 115,033 115,049 Newsprint Seattle Grain Exch.... 54,320 91,354 - 91,335 -- -Book Ex. Los Angeles Grain 55,465 193,007 - --201.535 ------ ----- Paperboard San Francisco C.of C. 54,633 47,645 48,203 Wrapping 6,629 12,839 14.013 Bag Total all markets 44,644 27,196 63,951 32,963 6,533 2,078 1,879,548 28.210 1,084.182689.841 Writing January 1929 11,207 1,977 982,466 12,182 12,695 384,180 510,661 64,491 19,257 1,900 Tissue January 1928 2,870 5,300 5,196 Hanging Total Chicago Board --------841,732 3,235 15,520 4,842 5,326 298,582 470.789 56,841 Felts and building January 1928 17.077 25,938 25,057 Other grades *Durum wheat with the exception 01 167 wheat. 285,449 535.336 546.620 CHICAGO BOARD OF TRADE Total-All grades "OPEN CONTRACTS"IN FUTURES ON THE NS IN IDENTICAL FOR JANUARY 1929. COMPARATIVE REPORT OF WOOD PULP OPERATIO an equal volume open on the "long' ("Short" side of contracts only, there being MILLS FOR THE MONTH OF DECEMBER 1928. Used Dur- ShippedUur-Stks.onhand side.) Production, Ow Month, ing Month, End of Mo., Total. Rye Oats. Tons. Tons. Corn. Tons. Tons. Wheat. January 1929. Grade82,342 3,015 83,371 90,190 Groundwood 9,310 2,739 1 Holiday 32,686 35.635 8,620,000 226,759,000 Sulphite news grade 2,709 2,117 2 128,918,000 63,713,000 25,508,000 20,793 22,961 8,641,000 x227,884,000 Sulphite bleached 570 283 3 x129,591,000 64,125,000 25.527,000 3,165 3,363 8,422,000 226,178,000 Sulphite easy bleaching 64,098,000 25,562,000 1,626 917 4 128,006,000 5,169 6,257 8,354,000 225,753,000 Mitscherllch Sulphite 4,317 5,184 5 127,629,000 64,071,000 25,699,000 17,903 22,988 Sulphate pulp 5,603 8,007 6 Sunday 14,593 22,398 8,377,000 225,473,000 Soda pulp 64,084,000 25,700,000 23 19 127,312,000 7 20 ---8,416,000 224,859,000 Pulp-Other grades 126,528,000 64,333,000 25,582,000 8 8,398,000 221,869,000 106,500 22,281 9 125,173,000 x62,825,000 25,473,000 177,680 203.712 Total -All grades 8,350,000 220,639,000 10 121,838,000 64,833,000 25,618,000 8,353,000 220,437,000 11 121,328,000 65,194,000 25,562,000 8,356,000 215,318,000 25,505,000 12 116,034,000 65,423,000 Cotton Cloths during 13 Sunday Production and Sale of Standard 8,406,000 216.255,000 65,827,000 25,400,000 14 116,622,000 8,466,000 216,580,000 January. 15 116,278,000 66,510,000 25,326,000 8,483,000 218,349.000 68,745,000 25,394,000 16 115,727,000 8,502,000 216,690,000 114,313,000 68,626,000 x25,249,000 x9,348,000 215,617,000 Statistical reports on the production and sales of standard 17 112,767,000 68,955,000 25,547,000 8,481,000 z214,853,000 25,631,000 cotton cloths during January were made public on Feb.9 by 18 19 111,871,000 68,870,000 8,460,000 217,540,000 the Association of Cotton Textile Merchants of New York. 20 Sunday 112,307,000 70,910,000 25,863,000 8,906,000 216,145,000 during 21 22 x109,839,000 71,194,000 26,206,000 The reports cover a period of five weeks. Shipments 8,973,000 219,450,000 23 112,584,000 71,339,000 26,554,000 8,943,000 220,691,000 71,942,000 26,689,000 345,354,000 yards. This was 24 the month amounted to 113,117,000 9,456,000 223.957,000 114,909,000 72,820,000 x26,772,000 9,536,000 224.405,000 equivalent to 100.7% of production, which was 342,806,000 25 73,381,000 26,693,000 26 114,795,000 27 Sunday yards. 0,568,000 225,945,000 115,471,000 74,173,000 26,733,000 28 11,472,000 226,070,000 116,092,000 74,246,000 26,260,000 Sales in January amounted to 317,078,000 yards, or 92.5% 29 9,897,000 227,751,000 116,610,000 74,677,000 26,567,000 :10.185,000 227,263,000 30 of production. Stocks on hand at the end of the month 31 115,317,000 175,081,000 26,680,000 amounted to 389,195,000 yards, a decrease of 0.7% as compared with stocks at the beginning of the month. Unfilled orders on Jan. 31 amounted to 440,585,000 yards, or 6.0% less than they were Jan. 1. These statistics on the manufacture and sale of standard cotton cloths are compiled from data supplied by 23 groups of manufacturers and selling agents reporting through the Association of Cotton Textile Merchants of New York and the Cotton-Textile Institute, Inc. The reports cover upwards of 300 classifications of standard cotton cloths and average Jan. 1029..... Jan. 1928_ _ _ Dec. 1928.- _ Nov.1928_ _ _ Oct. 1928._ Sept.1928.__ Aug. l028..._ July 1928_ _ _ June 1923... May 1928. _ . Apr. l928._ Mar.1928_ _ Fph 1028 118,503,000 81,733,000 128,515,000 129,718,000 120,644,000 114,061,000 111.279,000 90,257,000 92,547,000 104,123,000 105,609,000 88,281,000 80 079.000 x High. z Lows 68,461,000 83,525,000 78,736,000 90,553,000 81,548,000 77,168,000 79,207,000 78,156,000 83,174,000 82,361,000 91.532,000 98,849,000 98.133,000 25,896,000 36,132,000 28,548,000 29,997,000 29,314,000 29,562,000 26,765,000 23,824,000 23,901,000 30,890,000 34,559,000 33,671,000 37.221,000 8,783,000 9,882,000 10,366,000 12,222,000 11,826.000 10,431,000 9,005,000 10,381,000 10,249,000 7,763,000 8,551,000 8,355,000 9,580,000 221,643,000 211,272,000 246,165,000 262,490,000 243,332,000 231,222,000 226,256.000 202,618,000 209,871,000 225,137,000 240,251,000 229,156,000 231,613,000 FEB. 16 1929.] FINANCIAL CHRONICLE Census Report on Cotton Consumed in January. Under date of Feb. 14 1929, the Census Bureau issued its report showing cotton consumed, cotton on hand, active cotton spindles, and imports and exports of cotton for the month of January 1929 and 1928. Cotton consumed amounted to 668,389 bales of lint and 68,552 bales of linters, compared with 586,142 bales of lint and 56,138 bales of linters in January 1928 and 534,352 bales of lint and 59,555 bales of linters in December 1928. It will be seen that there is an increase over January 1928 in the total lint and linters combined of 94,661 bales, or 14.7%. The following is the statement complete: JANUARY REPORT OF COTTON CONSUMED, ON HAND, IMPORTED AND EXPORTED,AND ACTIVE COTTON SPINDLES. (Cotton In running bales, counting round as half bales, except foreign, which Is In 500-1b. bales.) Cotton Consumed During Cotton on Hand Jan. 31 - Cotton Six In Con- In Public Spindles Months suming Year Storage Active &slabEnded and at During Jan. Jan. 31. ishments Comp'ses. January. (Bales.) (Bales.) (Bales.) (Bales.) (Number). United Staten 1929 508,537 2,642,224 1,321,853 4,411,348 17,995,096 1928 442,330 2,689,420 1,172,326 4,708,249 17,850,478 1929 137,004 685,687 382,572 95,773 11,487,426 1928 121,304 780,982 460,353 108,567 12,450,628 63,317 108,216 1,275,030 1929 22,848 123.452 1928 22,508 157,092 75,967 196,795 1,415,640 New England States All other States Included Above Egyptian cotton 1929 22,176 1928 20,199 1929 6,330 1928 6,590 1929 1,825 1928 1,547 111,981 121.247 34,663 39,691 7,570 7,530 44.492 59,062 25,528 24.287 5,701 5.080 26,294 18,485 15,166 11,449 6.197 5,129 (1929 68,552 I 1928 56.138 409,496 405.739 202.736 226.576 82,516 58.990 Other foreign cotton Amer. -Egyptian cotton_ _ _ Not Included Above Linters Imports of Foreign Cotton (450 -lb. Bales). . 0 January. Country of Production. 1929. 6 Mos. End. Jan. 31. 1928. 1928. 20,072 838 18,707 455 1,364 9 123.773 9,201 19.484 35,819 16.641 1,548 121,532 13,788 34,825 2,791 13,384 804 54,939 Total 1929. 29,059 1,374 9,644 11,989 2,320 553 EgYPt Peru China Maxie° British India All other 41,445 206,466 187,124 Exports of Domestic Cotton Excluding Linters (Running Bales -See Note for Lintel's). Country to Which Exported. January. 6 Mos. End. Jan. 31. 1929. 1928. 254,677 84,078 72,383 139,839 85,089 100,395 52,184 United Kingdom France Italy Germany Other Europe Japan All other 178.860 1,351.193 689,387 82,091 584,274 628,368 68,409 418,661 363,983 164,404 1,399,433 1,373,783 85,112 621,703 583,747 90,838 917,909 642,183 42,415 283,601 214,797 1929. 1928. Total 788.645 712,129 5,976,774 4, 96.248 4 Note.-1Anters exported, net included above, were 27.226 bales during January In 1929 and 16,806 bales In 1928: 103.345 bales for the 6 mos. ended Jan. 31 in 1929 and 99,713 bales in 1928. The distribution for January 1929 follows: United Kingdom, 3,580: Netherlands, 2,207; France. 3,665; Germany. 12,776: Belgium, 1,110: Italy, 1,649; Sweden, 8: Canada. 2,145; Mexico, 1; Newfoundland, 4; Japan 1: Australia, 80. WORLD STATISTICS. The estimated world's production of commercial cotton, exclusive of grown in 1927, as compiled from various sources is 23,370,000 bales, linters, American in running bales and foreign in bales of 478 pounds lint, while counting the sumption of cotton (exclusive of linters In the United States) for the year conended July 31 1928 was approximately 25.285,000 bales. The total number of spinning cotton spindles, both active and idle Is about 165,000,000. Cottonseed Oil Production During January. On Feb. 13 the Bureau of the Census issued the following statement showing cottonseed received, crushed and on hand and cottonseed products manufactured, shipped out, on hand, and exports during the month of January 1929 and 1928: COTTONSEED RECEIVED, CRUSHED AND ON HAND (TONS). Alabama Arizona Arkansas California Georgia Louisiana Mississippi North Carolina Oklahoma South Carolina Tennessee Texas All other COTTONSEED PRODUCTS MANUFACTURED, SHIPPED OUT AND ON HAND. Item. Season. On Hand Aug. 1. Produced Shipped Out Aug.1-Jan.31 Aug.1-Jan.31 1928-29 *20,350,6821.157,382,41 1,082,071,337 Crude oil (Pounds) 16,296,641 1,118,997.136 985,439,41 1927-28 Refined oil 1928-29 a335,993,223 1932,722,54. 1927-28 378,612.700 853,194,20 (pounds) Cake and meal 1928-29 32,648 1,666,224 1,461,805 1927-28 63,632 (tons) 1,594,389 1.481,605 Hulls 1928-29 29,291 1,003,470 869,803 (tons) 1927-28 168,045 1,017,325 999,498 Linters 1928-29 43,994 777.525 605,901 (running bales) 1927-28 46,177 658,058 548,261 Hull fiber 1928-29 2,775 44,260 43,630 -lb. bales) (500 1927-28 51,184 21,930 52,023 Grabbots,motes,&c. 1928-29 1,903 29,837 19,178 (500 -lb. bales) 1927-28 1.842 24.208 17.221 On Hand Jan. 31. *141,595.247 170,498,770 a511,161,749 539,445,130 237,067 176.416 162.958 185,872 215.618 155,972 3,405 21,091 12,562 8 820 * Includes 3,093,476 and 16,171,785 lbs. held by refining and manufacturing establishments and 3,290,652 and 36,145,830 lbs. in transit to refiners and consumers Aug. 1 1928 and Jan. 31 1929, respectively. a Includes 7,594,021 and 4,253,802 lbs. held by re 'tiers, brokers, agents and warehousemen at places other than refineries and manufacturing establishments and 10,166,451 and 8,041,868 lbs. In transit to manu acturers of lard substitute. oleomargarine, soap, Ac., Aug. 1 1928 and Jan. 31 1929, respectively. I Produced from 1,010,916,678 lbs. of crude oil. EXPORTS OF COTTONSEED PRODUCTS FOR FIVE MONTHS ENDED DECEMBER 31. /tem1928. 1927. Oil-Crude, pounds 11,924,433 19,210,829 Refined. pounds 4,044,834 3.843,152 Cake and meal,tons 183,724 202,379 Linters,running bales 76.788 82,907 (1929 668,389 3,451,363 1,767,743 4,615,337 30.757,552 1928 586,142 3,627,494 1,708.646 5,013.611 31,716,746 Cotton-growing States__ State. 9 Received at Mills* Crushed On Hand at Mills 4u0. 1 to Jan. 31. Aug. 1 to Jan. 31. Jan. 31. ' 1929. 1928. 1929. 1928. 1929. 1928. 251,674 273,703 198,071 225,250 55,987 38,443 47,880 36.834 373.058 291,376 299,432 244,457 78,793 43,681 51,969 35,101 366,190 386,567 304.023 345,386 200,826 151,457 159,615 140,694 683,308 511,954 405,080 402,445 281,289 269,132 222,683 232,072 367,610 343,867 283.891 267,200 188.305 182,678 167,447 167,287 277.079 246,124 209,958 202,390 1 605,453 1,444,862 1,311.675 1,220,222 06,949 68,077 54,793 60,877 iTnItAd States 53,716 8,209 73,859 27,062 62,641 41,328 182,227 57,808 82,545 21,023 69,990 306,572 12,156 49,236 1.782 48,600 11,349 43,563 21,391 122.180 37.814 98.223 16,706 44,850 258,571 6,725 4690.5214.251.9213.716.5173.580.215 090.136 7anClon *Includes seed destroyed at mills but not 21,972 tons and 89,784 tons on hand nor 66,553 tons and 37,125 tons reshipped for 1929 and 928, respectively. Aug. 1, Petroleum and Its Products -Somerset Crude Oil Cut -American Petroleum Institute Votes for 15 Cents Oil Conservation Laws. A reduction by the South Penn Oil Co. of 15 cents per barrel on Somerset grade crude in Cumberland Pipe Line Co. lines is the only change in crude petroleum prices recorded this week. The new price is $1.60 per barrel. Two weeks have passed without important changes in petroleum prices and the industry is presumably marking time until it becomes apparent just what effect the new curtailment programs will have on production. Following close upon the decision to reduce materially the output of Oklahoma, the American Petroleum Institute this week went on record formally as approving the passage of State legislation which will permit agreements for curtailment of production. This action was taken at a meeting of the board of directors of the institute at St. Louis, Feb. 11. In another resolution, the board called for appointment of four zone committees to consider plans for international limitation of oil production, their first work, however, to be confined to the Western Hemisphere. These committees will be appointed Feb. 18 by E. B. Reeser, President of the American Petroleum Institute. The meeting also voted to utilize all legal means to curb production, pending the passage of the legislation sought. A statement by Mr. Reeser follows: With this recommendation for legislation to check what threatens to become an acutely serious situation, the American Petroleum Institute, the national trade association of the oil industry, has definitely gone on record as favoring the use of "policemen" to help conserve the nation's greatest natural resource. These measures will do much to hasten the proper balancing of production with consumption. New proration agreements were placed in effect in Oklahoma, Feb. 14, with production in the Seminole City, Bowlegs, Searight, Earlsboro and Little River pools fixed at 82% of the potential output. Production of crude in the greater Seminole field is reported as 289,380 barrels Feb. 14, as compared with 293,260 barrels on Feb. 13. Senator Pine of Oklahoma, a large oil operator, and the Wilcox Oil & Gas Co., have registered a protest against proration in Oklahoma, claiming that the rules work hardship on them. In a public statement early in the week, Senator Pine came out in favor of an import duty on crude oil. Proponents of this import duty point to increasing competition from foreign crude, particularly to that from South America. The trend of production in South America may be visualized by a comparison of operations of Venezuela Oil Concessions, Ltd., a British owned concern. This company in the week ended Feb.8 produced 957,988 barrels, as compared with 584,144 barrels in the corresponding week a year ago. Oklahoma's new proration plan cannot of course be expected to show immediate results in the total of production over the entire country. These totals have of late been registering an increase week by week and for the week ended Feb. 9, the report of the American Petroleum Institute shows an increase of 13,500 barrels per day over the previous week. The falling off of output in going wells is being more than offset by new production. The most important well of the week is that of the Mountain Producers Corp. in the Sundance pool of the Salt Creek field which is flowing at the rate of 5,000 barrels per day. 976 FINANCIAL CHRONICLE Crude petroleum price changes recorded this week follow: Feb. 15 --South Penn Oil Co. reduces Somerset grade crude in Cumberland pipe lines, 15 cents a barrel to $1.60. Prices are: $1.45 $4.10 Illinois Pennsylvania $4.10 Bradford Corning 1.50 Wyoming, 33 deg_ 11.1 1.75 Lima_ 11.8 Cabell 1.27 Plymouth 1.45 Indiana 1.62 1.45 Wooster ______ Wortham, 40 deg.. 1.32 Princeton 1.90 Gulf Coast "A"._ 1.10 Rock Creek 1.18 Canadian 1.14 Smackover,24 deg. .90 Corsicana, heavy_ .80 Panhandle 3.90 Buckeye 3.85 Eureka__ Oklahoma, Kansas and Texas $1.28 $1.08 Big Muddy 32 -32.9 1.38 1.32 Lance Creek 40-40.9 1.20 Bellevue 44 and above 1.44 1.00 Markham Louisiana and Arkansas1.60 32-32.9 1.08 Somerset 1.17 California-35-35.9 .50 14-14.9 SpindletoP. 35 deg. and up__- 1.27 1.95 42-42.9 Elk Basin 1.36 -WHOLESALE MARKETS FOR GASOLINE REFINERY PRODUCTS AND KEROSENE SEE ONLY SLIGHT SHADING OF PRICES -TANKWAGON GASOLINE CUT ON WEST COAST. Gasoline is easier but without change of open prices in the various important consuming markets. Consumption is holding up remarkably well for the worst month in the year from the standpoint of sales. U. S. Motor gasoline remains at 10 cents a gallon, tankcar, f. o. b. refinery, at % New York and the Chicago price is still 63 cents, with an occasional lot going at 6 cents. Kerosene is firm at New York at 834 cents per gallon, tankcar, f. o. b. refinery. The corresponding Chicago price is 534 cents. Price shading is slight. Furnace oil demand is being maintained and no changes have been made in price. Pennsylvania refiners reduced gasoline M cent per gallon on Feb. 9, but this had no apparent effect on consuming markets. Pacific Coast marketers reduced tankwagon and service station prices of gasoline 2 cents per gallon, Feb. 15, effective west of the Rocky Mountains except in Arizona. The Standard Oil Co. of New Jersey this week withdrew prices on export gasoline in cases and on export gas oil. Representatives of marketers of refined petroleum products throughout the country, this week adopted the American Petroleum Institute code of marketing ethics at a trade practice conference in St. Louis under the auspices of the Federal Trade Commission. This action is expected by its proponents to have a far-reaching effect in cleaning up the many abuses which have crept into marketing practices, and leaders of the industry are outspoken in their approbation of the code. The various sections of the code will have the official sanction of the Government when the Federal Trade Commission has studied and approved its provisions. Price wars and sharp practices are not expected to be done away with all at once, but leaders of the industry feel that adherence to the code will do much to minimize these evils The matter of training gasoline station attendants in the. rudiments of real salesmanship is also receiving attention from oil marketers. The American Oil Men's Association, whose members are Middle West Marketers, this week at their annual meeting heard various speakers stress the better training of service station men as one of the most important services the association can render members. The association also approved the marketing code of ethics. Stronger support of suggestions for uniform State legislation on gasoline tax matters is expected to come from the deluge of bills introduced in the legislatures of more than thirty States. These bills call for the addition of one cent, two cents or sometimes three cents per gallon to existing gasoline taxes. The outstanding example is a bill in the South Carolina legislature for a six-cent tax. A chronological summary of the week's price changes follows: [VOL. 128. Kerosene. 0534 I Philadelphia (delft.) .0934 New York .0831 iChicago .0534 .0834 I Oklahoma New York (dellv.)__ .09341Phlladelphia Note. -The above prices are Lob,refineries, tank car lots, unless otherwise noted. Delivered prices are generally lc. a gallon above the refinery quotation. Bunker Fuel Oil. 95 1.05 New Orleans New York 1.05 Norfolk .89 1.05 California Baltimore 1.05 Charleston Note. -The above prices are f.o.b. refineries; a charge of bo. a barrel is made for barging alongside. Gas and Diesel Oil. 2.00 Gas oil, New York .0534 I Diesel oil, New York Note. -The above prices are f.o.b. refineries. Export Quotations. Gasoline. Navy, New York, cases_ .2640 Kerosene,s. w., New York,cases-- .1765 1890 Bulk .09341 W.W., New York. cases Gasoline, New York City Tank Wagon Prices. 17 [Kerosene, w. vr., New York .15 Crude Oil Production in United States Higher. The American Petroleum Institute estimates that the daily average gross crude oil production in the United States, for the week ended Feb. 9 1929 was 2,693,550 barrels, as compared with 2,680,050 barrels for the preceding week, an increase of 13,500 barrels. Compared with the output for the week ended Feb. 11 1928 of 2,358,500 barrels per day, the current figure shows an increase of 335,050 barrels daily. The daily average production east ,of California for the week ended Feb. 9 1929, was 1,903,650 barrels, as compared with 1,901,950 barrels for the preceding week, an increase of 1,700 barrels. The following estimates of daily average gross production (in barrels), by districts, are for the weeks shown below: DAILY AVERAGE PRODUCTION. Weeks EndedOklahoma Kansas Panhandle Texas North Texas West Central Texas West Texas East Central Texas Southwest Texas North Louisiana Arkansas Coastal Texas Coastal Louisiana Eastern Wyoming Montana Colorado New Mexico California Feb. 9'29. Feb. 2'20. Jan. 26 '29. Feb. 11' 28. 670,750 728,350 728.700 723,650 97,350 109,650 95,700 96,800 81,250 61,200 56.850 59,600 70,350 84,200 85,100 86,150 52.750 52,050 52,750 52,450 376,050 373,450 376,650 282,350 24,900 20,700 21,050 20,800 22,250 43,500 49,350 47,500 45,050 35,950 36,350 35,700 88,550 78,100 77,250 77,400 101,700 118,600 122,000 119,000 21,300 14,350 20,550 21,500 106,000 110,600 111,600 109,600 54,200 50,100 52,000 53,700 10,450 10,900 11,150 10,850 7,150 6,850 6,900 6,500 2,500 2,000 1,950 2,050 768,300 613,700 778,100 789,900 Total 2,693,550 2,680,050 2,663,100 2,358,500 The estimated daily average gross production for the Mid-Continent field, including Oklahoma, Kansas, Panhandle, north, west central, west, east central and southwest Texas, north Louisiana and Arkansas, for the week ended Feb.9 1929 was 1,577,550 barrels, as compared with 1,579,950 barrels for the preceding week, a decrease of 2,400 barrels. The MidContinent production, excluding Smackover (Arkansas) heavy oil, was 1,526,250 barrels, as compared with 1,528.900 barrels, a decrease of 2,650 barrels. The production figures of certain pools in the various districts for the current week, compared with the previous week. in barrels of 42 gallons, follow: -Week Ended -Week EndedFeb.9. Feb. 2. North LouisianaOklahomaFeb.9. Feb. 2. 5,550 5,500 Logan County 28,950 29,500 Haynesville 5,400 5,550 Tonkawa 41,100 42,400 Urania Burbank 19,000 19,000 Arkansas Bristow-Slick 22,950 23,000 10,450 10,650 Cromwell 8,100 8,100 Smackover,light 6,750 6,900 Seminole 65,650 66,200 Smackover,heavy 51,300 51,050 101,600 101,900 Cliampagnolle Bowlegs Searight 14,100 14,250 Coastal Texas Little River 40,100 34,950 10,100 9,850 750 West Columbia 700 Rubber.) 11,800 11,950 St. Louis 127,150 129,850 Pierce Junction 33,900 32,950 Allen Dome 9,100 9,200 Hull 7,100 7.100 Maud 39,600 39,600 SpindietoP Mission 10,950 10,950 Coastal Louisiana Kansas6,000 6,700 Vinton 5,750 5,800 Sedgwlek County East Hackberry 2,500 2,500 Panhandle Texas 500 600 Hutchinson County.... 5,900 0,000 Sweet Lake 21,900 23,300 Sulphur Dome Carson County 4,200 4,200 26,050 27,100 Gray County Wyoming-North Texas17,600 17,700 Balt Creek Wilbarger 33,300 32,150 Montana Archer County 27,550 28,460 West Ceniral Texas Sunburst 6,750 6,750 ___ Shackelford County. _ 9,200 9,250 California 11,600 11,650 Santa Fe Springs Drown County 10,000 10,000 West Texas Long Beach 23,800 20,000 52,400 51,000 Huntington Beach 49,000 49,000 Feb. 9 -Pennsylvania refiners reduce gasoline in tankcars at refinery, Reagan County Howard County 39,250 41,150 Torrance 27,000 27,000 cent per gallon. 82,700 74,200 Dominguez Pecos County 3,800 3,800 Feb. 15 --Texas Co. cuts tank-wagon and service station gasoline 2 cents Crane & Upton Co.'s.... 18,800 19,000 Rosecrans 178,000 178,000 Standard Winkler County 170,050 177,300 Inglewood per gallon throughout Pacific Coast territory except in Arizona. 73,000 73,000 East Central Texas Midway-Sunset 6,500 6,500 Oil Co. of California, Shell Union, and Richfield met the reduction. Corsicana-Powell 9,100 9,100 Ventura Avenue 185,500 175,000 Southwest Texas Seal Beach 31,500 31,500 Prices are: Luling 12,000 12,000 Elwood-Goleta 15,000 15,000 Gasoline(U. S. Motor) Laredo District 13,000 13,100 Kettleman Hills 55,000 57,000 .0931 New York Tampa .10 .10 Jacksonville 07 Chelaea .1131 Oklahoma .07% New Orleans 073 Tiverton .1134 Providence (deny.). .1134 Houston 0934 Boston(delivered)._ .1131 Chicago 0651 Senator Pine Declines to Agree to Plan to Prorate Oil .10 Carteret Marcus Hook .10 Baltimore .10 Philadelphia in Oklahoma. Portsmouth .10 Norfolk .10 Note. -The above prices are f.o.b. refineries, tank car ots, unless otherwise noted. According to Associated Press advices from Tulsa, Okla., Delivered prices are generally lc. a gallon above the refinery Quotation. . 11' North 1 Gasoline (Service Station). •.1G. !Richmond New York Charlotte .20 'San Francisco Boston Charleston 21 22 'Wheeling Baltimore 22 Chicago .23 !Parkersburg Norfolk New Orleans .22 -The above prices are retail prices at service stations and include Note. taxes in States where a tax is imposed. Outside of Metropolitan New York the quotation Is 17e. 22 22 15 1934 State on Feb. 11, a flat refusal to subscribe to an agreement to prorate oil production in Oklahoma has been received from United States Senator W. B. Pine, it was announced by Ray M. Coffins, umpire of the curtailment program. Senator Pine owns considerable oil property, says the dispatch, which adds: FEB. 16 1929.] FINANCIAL CHRONICLE • The agreement wruld curb the daily yield of the major pools of the greater Seminole area and the St. Louis pool of Pottawatomie County in order to combat over-production and low prices. Senator Pine telegraphed Collins suggesting a tariff on foreign oil. "I cannot agree to a probation policy in Oklahoma when at the same time the principal promoters of this policy are increasing their own production in South America," the Senator's message read. "It is wrong to keep Oklahoma oil off the market to make room for foreign crude. All other industrials meet this condition by securing a protective tariff." Homer F. Wilcox, President of the Wilcox Oil and Gas Co. of Tulsa, also refused to subscribe to the proration agreement, Collins said, although 97% of the leading oil operators of Oklahoma have offered to co-operate In every way possible in restricting the State's crude oil output to 650,000 barrels a day. Hopes that the new conservation program may be made applicable on Feb. 14 are mounting in the face of slight opposition. Collins declared. Under the voluntary agreement of the operators the output of the older pools of the Seminole area would be prorate I approximately 18%, Collins explained. This includes the Seminole City Searight, Bowlegs, Earlsboro and Little River areas. Maud Pool would in all probability be reduced by 24% of its daily average production, while the St. Louis pool will be prorated approximately 20%• Much opposition has developed to holding Mission pool development in abeyance and passing up the flush production of its 75 or more wells in order to prorate their production to 200 barrels daily. The following table gives, in short tons, the output of United States mines, buster copper production of North and South America, and stocks of copper for North and South America, Great Britain, &c.: ProductionAug.'28. Sept.'28. Oct. '28. Nov.'28. Dec.'28. Jan.'29. Mines, United States-- 86,952 78,341 86,480 85,382 85,577 85,681 x Blister, No. America__ 98,376 95,102 110,618 113,984 115,891 112,178 x Blister, So. America--- 30,674 31,697 33,643 37,835 33,763 35,162 Refined, N.& S. Amer_- 143,560 137,018 149,199 155,448 147,905 154,472 Stocks End ofPeriod North & South America: a Blister (Including in 238,923 239,142 241,732 244,853 249,995 250,906 process) 54,793 51,812 45,648 52,153 65,466 62,749 Refined Total Z Great Britain: Refined Other forms In the opinion of some, danger lurks in the strikingly rapid advance in copper prices recently. With the quotation reaching 17.50 cents, delivered in the Connecticut Valley, on Tuesday. Feb.5,there have been six advances in as many weeks, or since Dec. 26, 1928 On that day the price was 16 25 delivered, so that, in the brief six weeks' period, the level has been raised 13c per pound. The same applies to the foreign quotation of Copper Exporters, Inc., whose quotation is Mc higher than the domestic market. And the end is apparently not yet. for 18c domestic metal is predicted in the near future. Anxious and precipitate buying on the part of both foreign and domestic consumers is reported to be the cause of this skyrocketing of prices. Fears lurk in the minds of many consumers that supplies are not adequate. Buying has been so heavy and general that the domestic consumers are almost completely covered for three months in advance and further positions well bought. Foreign consumers have still considerable to buy for the next three months. It is generally agreed that if consumers could concertedly realize that they are well covered far ahead, and that it is probable that supplies will be adequate, a runaway market could be prevented. Allusion was made above to some danger threatening this market. Already German industrialists are reported much dissatisfied with the rapid advance in prices and are said to be threatening to revive some of the worthy substitutes for copper discovered during the war and, if necessary, invent more. It will be easily recalled that aluminum in some from has been found to be an efficient substitute for copper. Even in the United States, severe competition of other materials may be invited if prices advance too high. In the background there looms a product which, while comparatively new, is of decided interest, namely, that fascinating material known as rustless iron. This is becoming cheaper, as made by at least half a dozen producers in this country, and it is probable that pipe and plumbing fixtures may easily appear, made of this noncorrosive steel, when relative prices will premit it, as a distinct competitor with brass. Rustless iron will easily outlast brass and many other materials. The sky is certainly not the limit to the advance in copper prices; tho situation is one which bears careful watching on the part of producers. What the solution is, they themselves do not now know. Wage Increases by Copper Companies in Utah. Supplementing the item in our issue of Feb. 9, page 806, regarding wage increases by copper producers, we quote the following Associated Press advices from Salt Lake City, Utah, on Feb. 8. Wage increases of 20 and 25 cents a day, effective Feb. 15, were posted by four smelting and mining companies of this vicinity to-day. Approximately 5,900 employees are affected, and it is estimated that the increase will amount to about $1,300 a day. Companies announcing the increase were: Utah Copper Company. American Smelting and Refining Company, United States Smelting, Refining and Mining Company and International Smelter Company,the latter a subsidiary of the Anaconda Copper Mining Company. The increase in the case of the two former companies is 20 cents a day for all regular employees drawing less than 4.50 a day, and 25 cents for those receiving over $4.50. The other companies made a straight 25 cents increase. Refined Copper Production at High Level in January Shipments at Record. Stooks of refined copper in the hands of North and South American producers and refiners Feb. 1 aggregated 62,749 short tons, compared with 65,466 tons Jan. 1, a decrease of 2,717 tons, or 5,434,000 pounds, acording to American Bureau of Metal Statistics. Production of refined copper during January came to 154,472 tons, the second largest in the history of the industry. Daily average in January was 4,983 tons compared with 4,771 in December and 5,182 tons in November. Output of copper in January by United States mines was 86,681 tons, a new high record. Total shipments of copper in January by North and South American producers and refiners came to 157,189 tons, highest in the history of the industry states the "Wall Street Journal," from which and other sources we have compiled the following: 293,716 290,954 287,380 297,007 315,461 312,845 1,624 7,979 2,243 7,726 1,983 7,646 1,139 6,628 1,074 6,543 1,426 6,934 9,969 Total 9,603 9,629 7,617 7,767 8,360 2,896 2,613 2,836 2,677 2,334 Havre 3.221 3,034 Japan 3,172 6,119 5,189 y 9 x Includes direct cathode copper. y Not available. z Official warehouses only. a New method. The following table shows in short tons shipments and production of refined copper by North and South American producers and refineries: Stfprisests. Production. The proposal to restrict oil output in Oklahoma was referred to in our issue of Feb.9, page 807. Danger in High Copper Prices. The increases in copper prices which have been referred to in these columns Feb. 2, page 652 and Feb. 9, page 805, were commented upon editorially in the New York "Journal of Commerce" of Feb. 8, as follows: 977 Primary. Scrap. 1929. January 1928. Janaary February March April May June July August September October November December Total 1928 1927. January February March April May June July August September October November December Total 1927 1923 1924 1925 1926 a Beginning 1926 Total. 154,472 147,777 8,695 116,245 117.788 123.152 117.088 122.738 125,076 127.718 137,574 130.897 143,524 148,373 140,779 6,478 122,723 7,060 124.848 5,810 128.972 5,736 122,824 6,498 129,236 5.948 131,024 7,374 135.092 5,986 143,560 6,121 137,018 5,575 149,199 7,075 155,448 7,126 147,905 1,551,062 78,787 1,627.849 128,736 119,528 123,885 121,810 121,889 108,911 113,849 114.142 114.465 118,965 111.152 121.683 4,874 3.145 3.090 4,186 8,692 4,322 4,284 5,544 4,635 5.962 7,117 7.240 133,110 122.673 126,975 125,796 125.581 113,233 118,133 119,786 119,100 124,927 118,269 128.923 1,418.815 57,691 1,476,506 1,136,624 1,267.810 1.299.832 I 70/ Am Daily Rate. Es- Domestic. port.a 4,983 57,054 100,135 3.959 4.305 4.160 4,094 4,169 4.367 4,358 4,631 4,567 4,813 5,182 4,771 Total. 157,189 56,721 64,824 121.545 60,603 73.789 134.392 55.970 72,642 128.612 64,989 72,234 137.223 56,738 79.103 135.841 57.067 81.436 138,503 56,785 82,245 139.030 60,240 83.398 143.638 51,292 88,707 139,999 54,992 100.371 155,363 49,121 99,822 148.943 49.703 84.889 134,592 4,448 674,221 983,460 1,657,681 4.294 4.381 4.098 4,193 4,051 3.774 3.811 3.864 3.970 4,030 3.942 4,159 48,130 43.690 49.767 55.636 46.979 61,487 48,140 58,784 54.683 58.919 52.013 53,637 76.499 67.564 79.537 73.976 69,779 63,465 61,965 71,736 71.578 68,619 59.264 60.862 124,629 111.254 129,304 129.612 116.758 124.952 110,105 130.520 126.261 127.538 111.279 124,499 4.045 641,865 824.844 1.466.709 27,261 1,163.885 32,522 1.300,332 52.477 1.352.309 AA MI 1 44n ARA 3,189 421.872 735.521 1.157.393 3,553 566.395 753.389 1.319.783 3,705 584.553 831,171 1.415.724 2055 295 SRI 059 175 1 AIR ma Includes shipments from Trail refinery in British Columbia. The following table shows output in short tons of mines in the United States for the past six months: Porphyry mines Lake mines Vein mines Customs ores Total crude prod x Estimated. Monthly Aug. Sept. Oct. Nov. Dec. Jas. Aver. 1928. 1928. 1928. 1928. 1928. 1928. 1929. 32.432 33,201 33,992 38,746 39,363 37,589 37.948 7.457 7,307 6.847 8,221 6,663 6.364 7.166 32,053 32,539 32,748 34.640 35.336 37,318 36,966 3,812 3,905 3,498 4,879 4,020 4.306 :4.600 75,754 76,952 77,387 86,480 85,382 85.577 88,681 and Shipments of Slab Zinc Decrease. According to figures released by the American Zinc Institute, Inc., production during the month of January of slab zinc totaled 49,709 short tons as against 50,591 tons in the preceding month and 52,414 tons in January 1928. Shipments last month amounted to 49,732 short tons, of which 47,677 tons went to domestic consumers and 2,055 tons were exported. In the month of December 1928 there were shipped a total of 51,692 tons and in January last year, a total of 51,002 tons. The "Institute" has also released the following statistics: Metal sold, not yet delivered, at the end of January 1929 amounted to 45.725 tons; total retort capacity at Jan. 31 was 116,136 tons; the number of idle retorts available within 60 days 48,530; the average number of retorts operating during January 66,005; the number of retorts operating at end of month 63,314. A comparative table follows: zu PRODUCTION. SHIPMENTS AND STOCKS AT END OF PERIOD (FIGURES IN SHORT TONS). Pro• Doniestie Total Stocks as of*rob of(Wagon. Shipments. Exports. Minna*. End.of Mo. 49,709 1929-January 47,677 2,055 49,732 45,418 50,591 49,0252,081 1928-December 51.692 45,441 50.260 November 48,698 1,088 49,786 46,562 50,259 October 50,126 1.980 49,361 44,103 September 1.759 45,862 47,915 52,157 47,050 August 2,901 44,416 49.951 49,510 50.890 July 3.638 42,210 53.148 50.825 June 49,780 1,802 44,468 51,582 53,422 May 49,818 3,138 45.225 52,956 46,517 53.493 April 3.746 44,759 50,263 55.881 51.856 March 3,786 41,529 55,842 46,754 50.042 February 4,134 41,290 50.888 52,414 January 45,771 5,231 42,163 51,002 Total 12 mos.1928....619,695 52.347 1927-December November 49.217 October 50.185 September 47,735 49,012 August 47.627 July 49.718 June 51,296 May 51.626 April_ 56.546 March February 51,341 January 56.898 retain 1927 613,548 579.608 46,483 44,374 46.602 44,038 e9,739 43.359 43,122 45,560 44.821 48.107 43,555 45,884 35,270 4,433 1.746 1,637 4,007 4,009 4,803 4,784 4.698 1.576 5.098 4,760 2,989 814,878 50,916 46,120 48,239 48,045 53,748 55.162 47.907 50,458 46.697 53.205 48,315 48,873 549.644 45,040 594.684 40,751 39,320 36,223 34.277 34,581 39.329 43,858 42.046 41.208 38,279 32,933 29,912 978 FINANCIAL CHRONICLE Unchanged. Production is sustained, following January records in both pig iron and steel output, and prices of rolled steel are gaining in strength, says the "Iron Age" in its weekly review of iron and steel conditions. The "Age" continues: Steel Output Sustained-Prices Mill operations find their main support in the demands of the automobile Industry and the railroads. Motor car output last month was the largest for any January and is still expanding. Freight cars ordered during the week numbered 4,300, making a total of more than 22,000 bought since Jan. 1. Heavier specifications are also coming from the farm equipment industry, which is placing into operation recently added manufacturing capacity. The excellent prospects in the canning Industry are reflected in tin plate output, which continues at a 90% rate. Last month's production of steel ingots, calculated at 4,489.391 gross tons, was not only the greatest for any January, but was the fourth largest monthly total on record, having been exceeded only by October and March 1928, and March 1927. In view of such a high rate of output, the Steel -132.775 tons- is Corporation's gain in unfilled tonnage in January Impressive. shown no signs of letting up. Ingot Mill activity thus far in February has production at Chicago remains at 92% of capacity, while output at Pittsburgh is estimated at 85% and in the Youngstown and Wheeling districts at 90%. The price situation, although not without irregularities, appears to be hardening. The decline in scrap prices has been halted, heavy melting steel at Pittsburgh remaining unchanged at $18.75 a ton, after having receded 81 a ton in the preceding fortnight. Furnace coke at Connellsville has advanced 10c. a ton to $2.85, partly because of extra demands from steel companies but mainly on account of severe weather in the Central West, which has created a larger market for domestic fuel than by-product ovens are able to satisfy. Pig iron prices are largely untested, in view of a lack of interest in second quarter requirements except at Chicago and Cleveland, where the growing needs of automotive foundries are felt. The finished steel market is strongest in products used by motor car builders. Makers of hot-rolled strip have advanced prices $2 a ton to 1.90c. a lb., Pittsburgh,for wide sizes and 2c. for narrow material. Chicago base prices have been raised proportionately. The advance in hot strip has prompted a producer of blue annealed sheets to take similar action, and a $2 a ton increase in quotations is also contemplated for black and galvanized, despite recent weakness in both of those finishes, particularly the latter. No price change is expected in automobile body sheets. Most mills making sheets for the motor car industry have specifications to keep them running full for the rest of the quarter. Plates show strength at Chicago, where the requirements of a maker of electrically welded pipe have been added to the demands of railroad car builders and tank fabricators. Plates for a pipe line, placed during the week, total 25.000 tons. In other districts both plates and shapes have been irregular. In the determination to swell bookings late last year, some producers shaded prices to secure the large tonnages then offered. The present prospect is for higher realized prices for the second quarter. through stricter adherence to present quotations rather than through an advance. The tendency to make concessions on track supplies, especially tie plates and track spikes, has not yet disappeared. Fabricated structural steel awards, at 18,000 tons, were the smallest since the first of the year, but the list of pending projects was swelled by inquiries for 33,000 tons, of which 10.000 tons is for a railroad office building at Philadelphia. Machine tool demand continues to mount, with business coming from nearly all industries and with orders from motor car builders conspicuously large. Deliveries have become a major problem, ranging from six to ten weeks in extreme instances extending through the first half of the year. A feature of the market is a revival of buying in New England, where manufacturers of textile machinery are placing orders for shop equipment for the first time in a number of years. Copper has registered further advances, reaching 18c. a lb.Ydelivered Connecticut Valley, the highest price for electrolytic metal since 1920. Accompanying the rise in domestic prices were two advances by Copper Exporters, Inc., lifting the market to 1834c., c.i.f. European ports. Pig iron prices in Great Britain, according to our London cable, have advanced 6d. to Is. (12 to 24c.) a ton, reflecting a scarcity of supplies and an unwillingness to light additional furnaces. Both of the "Iron Age" composite prices are unchanged, that for pig iron at 318.38 a ton and that for finished steel at 2.391c.a lb.,as the following [Vol.. 128. strip 4 to 5 weeks. On highly finished sheets some makers are booked into April. In the East, bar and sheet deliveries are also receding. This tight delivery situation so closely engages both producers and consumers of finished steel that bookings have been subordinated. This apparent indifference to future requirements has caused less distress within the industry than without. Specifications, not contracts, are the measure of steelworks activity, and since Jan. 1 specifications have exceeded shipments. Their improved position prompts steelmakers to attempt to put prices on a more remunerative basis. Hot strip, following the lead of cold rolled, has been advanced $2 per ton. Some independent sheetmakers are asking $2 per ton more for all grades save autobody for the remainder of the quarter. Other sheetmakers, most of whom are booked up for the quarter, have taken no action. There is further talk of a rise in steel bars, plates and shapes, and at least one interest may make an announcement in 10 days. Semifinished steel prices are tighter, and coke is firmer. Railroad equipment buying still provides the spectacular phase of market activity and insures a flow of steel specifications for some time to come. Already in February freight car awards exceed 10,000, which with the 13,196 bought in January bring the year's business past 23,000, compared with only 44,763 cars ordered in all 1928. In the past week the Illinois Central has distributed 2,950 and the Pere Marquette 1,400 cars. The Pennsylvania will buy 1,000 bodies, while a New York Central inquiry is expected. Automotive steel requirements, while spotty, continue considerably heavier than a year ago. Some Steel producers evidence a tendency to corral the entire requirements of large automotive Interests, a process in which prices have suffered. Farm implement and tractor works, as a whole, are in the best February in their history. Typical of the widespread distribution of business at Chicago, orders for steel bars, which go into more metalworking plants than any other finished product, are running 15% ahead of 1928. Pig iron sales and shipments in most districts show a slightly rising tendency. Automobile users are pressing for delivery. Second quarter selling at Chicago, St. Louis and Boston is heavier. With a dishy rate of 166,274 gross tons, January easily set a new ingot production record, in only 3 months of 1928 was the output higher. Compared with the 160.777-ton rate of December, the increase is 4%. Since the -is only 161.812 tons, a recession from February record-reached in 1928 January would still leave February a record. But to pass the alltime peak of 172,144 tons of October 1928, the increase of January need only be duplicated this month. This week, like last week, Steel corporation subsidiaries are operating at 88%. Independents continue at 83 to 81%, with the entire industry not far under 88%. Chicago holds to a 92% rate. The lighting of two steelworks blast furnace stacks at Pittsburgh will better the 85-87% steelmaking rate there. In the Mahoning Valley one open hearth furnace has been dropped, but finishing operations are unchanged. For the third consecutive week the "Iron Trade Review" composite of 14 leading iron and steel products continues unchanged at $36.25, which is one point above the average for January and three points above the average for last December. The "Wall Street Journal" Feb. 13 says: With only a brief pause over the year-end, steel mill operations in this district consistently have maintained the high rate of production prevailing in the last quarter of 1928. Ingot production here is at 85% of capacity. Sheet mills are particularly busy. Orders for some types of sheets, particularly full finished automobile sheets, are 5 or 6 weeks ahead of production. The American Sheet & Tin Plate Co. is operating its sheet mills at 96% of capaciy. From the standpoint of shipments, January was the biggest month in the company's history. Two war years. 1916 and 1917, came the closest to the record just made. The weakness in the quotations of galvanized sheets which prevailed a few weeks ago has disappeared. The wide strip mills, which a few years ago threatened to unsettle the sheet trade, have not come fully up to expectations. The American Rolling Mill Co. still has much work to do in ironing out the troubles of the wide strip mill at Butler. Pa., which was bought from the Columbia Steel Co. A total of $3,000.000 is being spent to rehabilitate this plant which has been in operation only a year. The American Rolling Mill Co. has had good results from its wide strip mill at Ashland which has been in oper tion about four years. A good product has been obtained with some reductions in costs. The company is building an additional mill of similar type. In the old method of making sheets, short lentbs of material are rolled. The new types of mills have increased the widths of strips beyond the old limit of 20 inches, making it possible to roll some types of sheets In a long continuous ribbon. table shows: Thisrate ofoutput is expected Tin plate productionis at85% ofcapacity. Pig Iron. Finished Steel, to continue for the next two months. Considerable curiosity haslibeen Feb. 5 1929. 518.38 a Cross Ton. Feb. 5 1929. 2.391c. a Lb. 218.38 aroused in the trade over the new method of making tin plate in strips. 2.39Ic One week ago One week ago 18.46 Iron & Steel Co. According to present One month ago 2.391e One month ago 17.67 This is being tried by the Republic One year ago 2.380c One year ago. 15.72 plans the entire Trumbull plant is to be devoted to tin plate production. 10-year pre war average 1 689c 10-year pre-war average average of basic iron at Valley No large orders have been booked for the new type of tin plate although Based on steel bars, beams,tank plates. Based en wire nails, black pipe and black sheets furnace and foundry irons at Chicago. several sales of trial lots have been made. These products make 87% of the United Philadelphia, Buffalo. Valley and Sir The "Daily Metal Trade" says: States output of finished steel. m Ingham. Low. fifes. High. Sheet steel and hot rolled strip prices have been raised $2 a ton by Republic Low. Nov. 27 217.04 July 24 Iron & Steel Co. and Sharon Steel Hoop Co. effective 1928_2.391e. Dec. 11 2.314e. Jan. 3 1928_218.59 immediately on all 1927_2.453e. Jan. 4 2.2930. Oct. 25 1927___ 19.71 Jan. 4 17.54 Nov. I business not covered by contracts. Americatiatolling Mill.has advanced 1926_2.453c. Jan. 5 2.4030. May 18 1926_-_ 21.54 Jan. 5 19.46 July 13 18.96 Jelly 7 $2 a ton on blue annealed sheets only. Nolincrease in,fulifinishedfor 1925-2.560e. Jan. 6 2.396e. Aug. 18 1925___ 22.50 Jan. 13 1924_2.789o. Jan. 15 2.480e. Oct. 14 i934_ 22.88 Feb. 26 19.21 NoV. a auto body prices appears likely for the present. 1923-2.824e. Apr, 24 2.446o. Jan, 2 1923.... 30.86 Mar. 20 20.77 Nov. so Black sheets will be quoted 2.95 cents. blujannea1ee2.20 cents and February's steelmaking rate indicates not only another galvanized 3.70 cents, all base Pittsburgh; hot rolled prices are 1.90 cents monthly record but also brings within reach the highest for 6 1-16 inch to 24 inch and 2 cents for widths from to 6 in has. 111 Plats are daily ingot rate in history, says the "Iron Trade Review," future likely.strong In New York market with talk of a $2 advance in near Feb. 14, in its weekly summary of steel and iron markets. January's daily ingot basis, which is now disclosed as a Increase in Unfilled Tonnage ofiUnited3States1Steel record for that month, was 4% greater than December's Corporation During January. and if February can maintain this rate of increase even The United States Steel Corp., innts monthly7statement last October's alltime ingot record will fall, adds the "Re- issued Feb. 9 1929, reported unfilledftonnagotonrthe books view," which we further quote: of subsidiary corporations as of Jan.1131!1929 at 4,109,487. : Thus far in the month the trend of operations in all districts except Birmingham, where two steelworks stacks have been banked, has been up- This is an increase of 132,775 tons7abovethe orderlon ward. For the first time since the war a scarcity of semifinished steel at Dec. 311928, but a decrease of 166,460 below the figures Pittsburgh, Youngstown and Chicago-particularly the latter two districts for the same per od last year. On Jan.f31 1928 orders on s -i handicapping finishing mills. Delivery of steel generally has fallen hand stood at 4,275,947 tons and at thesame period-in farther behind this week despite record-breaking production. Bar and plate mills at Chicago are scheduling desired sizes for rolling 1927 at 3,800,177 tons. In the followinewe show the amounts every 30 days. All plate mill capacity at Chicago is engaged for the first back to 1924. Figures for earlier dates:may be found:in our time since the armistice. In the Pittsburgh and Youngstown district Important makers cannot promise cold strip short of 6 to 8 weeks and hot issue of April 17 1926, page 2126. UNFILLED ORDERS OF SUBSIDIARIES OF 1927. 1928. End of Month. 1929. 4,109,487 4,275,947 3,800,177 January 4,398,189 3,597,119 February 4,335,206 3,553,140 March 3,872,133 3,456,132 April 3,416,822 3,050,941 May 3,637,009 3,053,246 June 3,570,927 3,142,014 July 3,624,043 3,196,037 August 3,698,368 3,148,113 September.- _ 3,751,030 3,341,040 October 3,673,000 3,454,444 November _ 3,976,712 3.972,874 December -___ U. S. STEEL CORPORATION. 1924. 1925. 1926. 4.882,739 5,037,323 4,798,429 4,616,822 5,284,771 4,912,901 4,379,935 4,863,504 4,782,807 3,867,976 4.446,568 4,208,447 3,649,250 4,049,800 3,628,089 3,478,642 3,710.458 3,262,505 3,602,522 3,539,467 3,187,072 3,542,335 3,512,803 3.289,577 3,593,509 3,717,297 3,473,780 3.683,661 4,109,183 3,525,270 3,807,447 4,581,780 4,031.969 3.960,969 5.033.364 4,816,676 Production of Coal in 1928 Estimated at 569,489,000 Net Tons, a Decrease of 28,370,000 Net Tons as Compared with the Preceding Year. According to the United States Bureau of Mines, Department of Commerce, the production of coal during the year ended Dec. 31 1928 amounted to 569,489,000 net tons, as compared with 597,859,000 net tons in 1927, a decrease of 28,370,000 net tons. These figures included 76,734,000 tons of anthracite in 1928 and 80,096,000 tons in the preceding year. Among the States which showed large decreases for 1928 as compared with the previous year are Alabama, Indiana, Kansas,Pennsylvania, West Virginia and western Kentucky. The only State which showed a large increase in 1928 was Illinois, in which 55,640,000 net tons were produced, as compared with 46,848,000. The Bureau's table follows: ESTIMATED PRODUCTION OF COAL IN 1928, BY STATES, WITH FINAL FIGURES FOR EARLIER YEARS (NET TONS). (The estimates for 1928 are based upon reports of shipments of coal and beehive coke by originating railroads and waterways, and are subject to revision on receipt of complete detailed reports from the producers. For certain of the States the estimates here presented, which are based on the latest available data, differ slightly from the sum of the current weekly and monthly figures already Published in the weekly coal reports.) State- 1928. (Estimated) Alabama Arkansas Colorado 1111nois Indiana Iowa Kansas Kentucky-Eastern. Western Maryland Michigan Missouri Montana New Mexico North Dakota Ohio Oklahoma Penna. bituminous Tennessee Texas Utah Virginia Washington West Virginia Wyoming. _ _ Other States_ _ _ 17,400,000 1,800,000 9,877,000 55,640,000 15,965,000 3,910,000 2,220,000 47,465,000 15,790,000 2,780,000 565,000 3,400,000 3,170,000 2,905,000 1,828,000 15,095,000 3,050,000 124,720,000 5,680,000 895,000 4,810,000 12,330,000 2,184,000 132,600,000 6,486,000 190,000 1927. (Final) 1926. 1923. 1913. 19,786,000 21.000,962 20,457,649 17.678.522 1,549,000 1,459,017 1,296.892 2,234,107 9,724,000 10,637,225 10,346,218 9.232.510 46,898,000 69,366,923 79,310,075 61,618,744 17,936.000 23,186,006 26,229,099 17,165,671 2,950,000 4,625,487 5,710,735 7,525,936 3,444,000 4,416,480 4.443,149 7,202,210 47,919,000 47,460,439 33.887,038 11,098.960 21.205,000 15,464,023 10,890,279 8,517.640 2,815.000 3.078,353 2,285,926 4,779.839 686.707 1,172,075 1,231,786 757,000 3,064,000 3,008,495 3,403,151 4,318,125 2,967,000 2,797,760 3,147,678 3,240,973 2,935,000 2,817,923 2,915,173 3,708.806 1,385,400 1.528,000 1,370,244 495,320 15,800,000 27,872.488 40,546,443 36,200,527 3,818,000 2,842,673 2,885,038 4,165,770 133,142,000 153,041,638 171,879.913 173,781,217 5,783,000 5,788,741 6,040,268 6,860.184 1.326.000 1,091,158 1.187,329 2,429,144 4,781,000 4,373,793 4,720.217 3.254.828 12,916,000 14,133,386 11,761,643 8,828,068 2,635,000 2,586,568 2.926,392 3.877,891 145,122,000 143,509,340 107,899.941 71.254,136 6,754,000 6,512,288 7,575,031 7,393.066 238,868 279,000 261,910 341,317 Total bituminous_ 492,755,000 517,763,000 573,366,985 564,564,662 178,435,297 76,734,000 80,096,000 84,437,452 93,339,009 91,524,922 Penna. anthmcite Grand total 979 FINANCIAL CHRONICLE FEB. 16 1929.] 569.489.000 597.859,0006s7,Rn4,437 547.903.671 '69.966.219 Bituminous Coal, Anthracite and Beehive Coke Output Higher Than a Year Ago. According to the United States Bureau of Mines, the production of bituminous coal continued at a high rate during the week ended Feb. 2, totaling 11,675,000 net tons, an increase of 1,570,000 tons as against the corresponding period a year ago and compares with 11,771,000 tons in the week ended Jan. 26 1929. The total output of anthracite amounted to 1,718,000 tons in the week of Feb. 2, as compared with 1,667,000 tons in the preceding week, and 1,579,000 tons in the week ended Feb. 4 1928. The Bureau's report follows: BITUMINOUS COAL. The total production of soft coal during the week ended Feb. 2. including lignite and coal coked at the mines, is estimated at 11,675,000 net tons. Compared with the revised estimate for the preceding week, this shows a decrease of 96,003 tons, or 0.8%. Production during the week In 1928 corresponding with that of Feb. 2 amounted to 10,105.000 tons. Estimated United Slates Production of Bitumirums Coal(Net Tons)Including Coal Coked. 1927-1928 1928-1929------Coal Year Coal Year to Date.a Week. to Dale. TIreek. 9,724,000 376,121,000 11,686.000 394,752,000 January 19 1,525,000 1,621,000 1,603,000 1,948,000 Daily average 10,121,000 386,242,000 11,771,000 406,523,000 January 26 b 1.529,000 1,687,000 1,612,000 1,962,000 Daily average 10,105,000 396,347,000 11,675,000 418,198,000 February 2 c 1,684,000 1,533,000 1,620,000 1,946,000 Daily average a Minus two days' production first week in April to equalize number of daysin the two coal years. b Revised since last report. c Subject to revision. The total production of soft coal during the coal year 1928-29 to Feb. 2 (approximately 258 working days) amounts to 418,198,000 net tons. Figures for corresponding periods in other recent coal years are given below: 448,024,000 net tons 396,317,000 net tonsI1925-26 1927-28 396,143,000 net tons 487,341,000 net tons I 1923-24 1926-27 revised figures above, the total production of soft coal As shown by the for the country as a whole during the week ended Jan 26 is estimated at 11,771,000 net tons. This is an increase of 85,000 tons, or .07%. over the output in the preceding week. The following table apportions the tonnage by States and gives comparable figures for other recent years. Estimated Weekly Production of Coal by .Stalcs (Net Tons.) Jan. 1923 Week Ended Jaa.26 '29. Jan.19'29. Jan.28'28. Jan.29 27. Arerage.a State 434,000 .516,000 327,000 341,000 337,000 Alabama 30,000 31.000 47,000 82,000 55,000 Arkansas 226,000 258,000 215,000 267,000 285,000 Colorado 1,519,000 1,585,000 1,337.000 2,209,000 2,111,000 Illinois 659,000 658,000 380,000 398,000 400,000 Indiana 140,000 157.000 79,000 95.000 91,000 Iowa 103,000 134,000 58,000 79,000 72,000 Kansas 607,000 953,000 902,000 998,000 1,043,000 Kentucky-Eastern-- - 240,000 410,000 347,000 392.000 379.000 Western 55,000 64,000 62,000 63.000 65,000 Maryland 32,000 16,000 18,000 16,000 15,000 Michigan 87.000 83,000 97,000 77,000 97,000 Missouri 82,000 79,000 66,000 73,000 73,000 Montana 73,000 64,000 61,000 65,000 63,000 New Mexico 50,000 35,000 48,060 62,000 58,000 North Dakota 814.000 182,000 764.000 455,000 433,000 Ohio 63,000 69,000 100,000 64,000 92,000 Oklahoma 2,886,000 2,838,000 2,525,000 3,287,000 3.402.000 Pennsylvania 133,000 152,000 105,000 136,000 117,000 Tennessee 26,000 28,000 22,000 18,000 18,000 Texas 109,000 120,000 158,000 131,000 159,000 Utah 211,000 279,000 240,000 273.000 303,000 Virginia 74.000 56,000 42.000 50.000 45,000 Washington W.Va.-Southern b---- 2.210,000 2,155,000 1,877.000 2,103,000 1,168,000 746,000 728.000 767,000 800,000 787,000 Northern c _ _ 186,000 160,000 156,000 140,000 168,000 Wyorrlog 2,000 7,000 2,000 4,000 1,000 Other States Total bituminous Pennsylvania anthracite 11,771,000 11,686,000 10,121,000 13,483,000 11,850,000 1,667.000 1,789,000 1.236,000 1,658.000 1.968,000 13.438,000 13,475,000 11,357,000 15.141,000 13,818.000 Total all coal a Average weekly rate for the 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. ANTHRACITE. The total production of anthracite during the week ended Feb. 2 is estimated at 1.718,000 net tons, an increase of 51,000 tons. or 3.1 %over the output in the preceding week. Production in the week of 1928 corresponding with that of Feb.2 amounted to 1,579,000 tons. Estimated United Stales Production of Anthracite (Na Tow). ------1928 1927 1928,1929-----Coal Year Coal Year Week. to Date.. to Date. Week. Week Ended1,103,000 65,145,000 1,789,000 64,447,000 January 19 1,236,000 66.381,000 1,667,000 66,114,000 January 26 b 1,579,000 67,960,000 1,718,000 67,832,000 February 2 c two day's production in April to equalize number of days in the two coal a Minus Years. b Revised. c Subject to revision. BEEHIVE COKE. during the week The total production of beehive coke for the country with the output ended Feb. 2 is estimated at 105.100 net tons. Compared The in the preceding week, this shows a decrease of 3,700 tons or by States: table below apportions the tonnage Tons.) Estimated Production of Beehive Coke (Net 1928 1929 Week Ended to to Feb. 4 Jan. 26 Feb. 2 Date. Date.. 1929.c 1928. 1929.b 412,000 285,900 59,600 85,900 84,200 Pennsylvaniaand Ohio- 66,900 44,200 14,500 10.600 9,800 West Virginia 7,400 20,400 4,900 1,900 0 Ga.,Ky and Tenn 20,800 23,500 4,800 4.500 4,600 Virginia 29,700 24,200 4,700 6,500 5,900 Col., Utah and Wash. 3.4%. United States total__ _ 105,100 108,800 88,500 514,100 420,900 17,728 14,514 14,750 18,133 17,517 Daily average a Less one day's production in January to equalize number of days in the two Years. b Subject to revision. c Revised. Preliminary car loading reports indicate that in the week ended Feb. 9 1929, the total output of bituminous eoal exceeded 12,000,000 net tons for the first time since March, 1927. Current Events and Discussions The Week with the Federal Reserve Banks. bills and securities were $9,700,000 above the amount held The consolidated statement of condition of the Federal on Feb. 6. After noting these facts, the Federal Reserve Reserve banks on Feb. 13, made public by the Federal Board proceeds as follows: The principal changes in holdings of discounted bills were increases of Reserve Board, and which deals with the results for the $57,600,000 at the Federal Reserve Bank of New York, 511.700,000 at 12 Reserve banks combined, shows an increase for the Chicago, $9,900,000 at Philadelphia and $8,800,000 at Cleveland, and week of $52,300,000 in holdings of discounted bills and decreases of 58.100,000 at Boston, 86.700,000 at St. Louis and 56,000,000 in decreases of $19,700,000 in bills bought in open market and at Kansas City. The System's holdings of bills bought andopen market of Treasury declined 519.700.000, of Treasury certificates $21,900,000 of $22,900,000 in Government securities. Member bank notes $1,000,000, while holdings of United States bonds were practically reserve deposits declined $13,700,000 and Government unchanged. Federal Reserve note circulation was $13,500,000 larger than a week deposits $3,200,000, while Federal Reserve note circulation ago, increases of 510,200,000 at the Federal Reserve Bank of Cleveland. increased $13,500,000 and cash reserves $17,500,000. Total $9.700,000 at Philadelphia, and $1,800,000 at Chicago, being partly offset 980 FINANCIAL CHRONICLE by decreases of $2,900,000 at Boston,$2,600,000 at New York. and $1,700.000 at Richmond. The statement in full, in comparison with the preceding week and with the corresponding date last year, will be found on subsequent pages-namely, pages 1020 and 1021. A summary of the principal assets and liabilities of the Reserve banks, together with changes during the week and the year ended Feb. 13 is as follows: Total reserves Gold reserves Increase (+) Or Decrease (-) During Year. Week. $ $ 2,848,149.000 +17,544,000 -132,662,000 2,686,221,000 +22,301,000 -127,411,000 Total bills and securities 1,461,252,000 Feb. 13 1929. +9,725,000 +236,442,000 Bills discounted, total 903,949.000 +52.328,000 Secured by U.S. Govt.obliga'ns_ 617,744,000 +78,282,000 Other bills discounted 286,205,000 -25,954,000 +422,859,000 +299,563.000 +123,296,000 Bills bought in open market 391.058,000 -19,684,000 +36,271,000 U. S. Government securities. total.. 177,170,000 -22,919,000 Bonds --23.000 51,592,000 Treasury notes 96,843,000 --1,026,000 Certificates of indebtedness 28,735,000 --21,870,000 -231,263,000 --5,842,000 --116,861,000 --108,560,000 Federal Reserve notes in circulation 1,659,777,000 +13,469,000 +73,582,000 Total deposits Members' reserve deposits Government deposits 2,421,522,000 -16,618.000 2,372,622,000 -13,662,000 20,862,000 -3,180,000 -22,241,000 -18,532,000 -5,595,000 Returns of Member Banks for New York and Chicago Federal Reserve Districts-Brokers' Loans. Beginning with the returns for June 29 1927, the Federal Reserve Board also commenced to give out the figures of the member banks in the New York Federal Reserve District, as well as those in the Chicago Reserve District, on Thursdays, simultaneously with the figures for the Reserve banks themselves, and for the same week, instead of waiting until the following Monday,before which time the statistics covering the entire body of reporting member banks in 101 cities cannot be got ready. Below is the statement for the New York member banks and that for the Chicago member banks thus issued in advance of the full statement of the member banks, which latter will not be available until the coming Monday. The New York statement, of course, also includes the brokers' loans of reporting member banks, which show a decline from last week of $101,000,000. Although this week's reduction is substantial, it leaves the grand aggregate of these loans the highest in all time with the single exception of last week. This week's decrease of $101,000,000 follows an increase of $110,000,000 last week, $116,000,000 increase the previous week, $48,000,000 increase three weeks ago, and 2,000,000 increase four weeks ago. The total of these loans now stands at $5,568,000,000, as compared with $5,669,000,000 on Feb. 6 and with but $3,819,000,000 on Feb. 15 1928. CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL RESERVE CITIES. New York. Feb. 6. Feb. 15. Feb. 13. (In Millions of Dollars)1929. 1929. 1028. Loans and investments-total 67,227 $7,187 86,838 Loans -total $5,304 Investments-total $2,498 2,461 1,905 1,878 81,128 755 Reserve with Federal Reserve Bank Cash in vault $1,140 765 $1,087 791 740 61 Due from banks Due to banks Borrowings from Federal Reserve Bank Loans on securities to brokers and dealers: For own account For account of out-of-town banks For account of others Total 751 54 751 53 5,294 1,182 12 Net demand deposits Time deposits Government deposits 5,357 1,201 14 5,422 1,095 11 95 943 174 102 970 114 107 1,077 123 1,097 1,859 2,612 1,116 1,931 2,621 1,152 1,531 1,136 $5,568 $5,669 $3,819 $4,984 584 On demand On time 85,061 588 $2,898 922 Chicago. -total Loans 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 Borrowings from Federal Reserve Bank $4,959 $2,857 2,464 1,883 U.S. Government securities Other securities Loans and investments-total $5,321 $2,817 2,487 On securities All other $2,076 $2,066 $1.942 81,617 $1,613 $1,439 $899 718 459 $889 724 453 $792 647 502 $200 259 179 18 1,261 682 1 165 330 81 8199 254 182 16 1,243 675 1 150 328 7 [Vol,. 128. Complete Returns of the Member Banks of the Federal Reserve System for the Preceding Week. As explained above, the statements for the New York and Chicago member banks are now given out on Thursdays, simultaneously with the figures for the Reserve banks themselves, and covering the same week, instead of being held until the following Monday, before which time the statistics covering the entire body of reporting member banks, in 101 cities, cannot be got ready. Beginning with the statement of Jan. 9 1929, the loan figures exclude "Acceptances of other banks and bills of exchange or drafts sold with endorsements," and include all real estate mortgages and mortgage loans held by the banks; previously acceptances of other banks and bills sold with endorsement were included with loans, and some of the banks included mortgages in investments. Loans secured by U.S. Government obligations are no longer shown separately, only the total of loans on securities being given. Furthermore, borrowings at the Federal Reserve are not now subdivided to show the amount secured by U. S. Government obligations and those secured by commercial paper, only a lump total of the two being given. The figures have also been revised to exclude a bank in the San Francisco district, with loans and investments of $135,000,000 on Jan. 2, which recently merged with a non-member bank. In the following will be found the comments of the Federal Reserve Board respecting the returns of the entire body of reporting member banks of the Federal Reserve System for the week ended with the close of business Feb. 6: The Federal Reserve Board's condition statement of weekly reporting member banks in 101 leading cities on Feb. 6 shows an increase for the week of $133,000,000 in loans and a decline of $12,000,000 in investments. Borrowings from Federal Reserve banks increased $39,000.000 and net demand deposits $20,000,000, while Government deposits declined $34,000,000. Loans on securities were $112,000,000 above the Jan. 30 total at all reporting banks, the principal changes in this item by districts being increases of $63,000.000 in the New York district. $18,000,000 in the Chicago district, $15,000,000 in the Cleveland district, and $13,000,000 in the Philadelphia district, and a decline of $12.000,000 in the Boston district. "All other" loans increased $22.000,000 at reporting banks in the New York district and $21.000,000 at all reporting banks. Holdings of U. S. Government securities increased $2,000,000, while holdings of other securities declined $11,000,000 in the New York district and $14,000,000 at all reporting banks. Net demand deposits, which at all reporting banks wore $20,000,000 above the Jan. 30 total, increased $18,000.000 each In the New York and Chicago districts and $8,000,000 in the Philadelphia district, and declined $17,000,000 In the Cleveland district. Time deposits increased $26,000,000 in the Cleveland district and declined $7,000,000 and $6,000,000. respectively, in the San Francisco and New York district, and $2,000.000 at all reporting banks. The principal changes in borrowings from Federal Reserve banks for the week comprises increass of $28,000,000 at the Federal Reserve Bank of San Francisco, $15,000,000 at Chicago, $8,000,000 at Cleveland. and $6,000,000 at Kansas City, and decreases of $16.000,000 at the New York bank and $11,000,000 at Boston. A summary of the principal assets and liabilities of weekly reporting member banks, together with changes during the week and the year ended Feb.6 1929, follows: Inc.(+) or Dec.(-) Since Feb. 8 Jan. 30 Feb. 6 (In Millions of Dollars) 1928. 1929. 1929. Loans and investments-total +8963 822,296 *+$121 Loans-total On securities All other Investments--total U.S. Government securities Other securities Reserve with Federal Reserve banks Cash in vault Net demand deposits Time deposits Government deposits Due from banks Due to banks Borrowings from Federal Reserve banks *Jan. 30 figures revised. $16,255 +8133 • +81,008 17,555 8,700 •+$112 •+21 +3921 +86 6,041 --12 -45 $3,103 2,938 +52 -14 +$93 -137 1,751 237 -8 -7 -22 -14 13,415 6.891 50 +20 -2 -34 -240 +265 +7 1,154 3,006 +33 +142 +6 -345 619 +39 +280 Summary of Conditions in World's Markets According to Cablegrams and Other Reports to the Department of Commerce. The Department of Commerce at Washington releases for publication Feb. 16 the following summary of market conditions abroad, based on advices by cable and radio: ARGENTINA. The weather throughout the week was normal: rains were general but $234 came too late to be of great help to the corn crop. Economic and business 268 conditions were good. January failures resulted In liabilities amounting 185 to 13,800.000 paper pesos, a decrease of 4,200.000 paper pesos from the 18 previous month. As contrasted with the previous year, building permits 1,271 in Buenos Aires increased 6.0%• 645 2 AUSTRALIA. 167 General trade conditions in New South Wales continue steady but quiet, 383 due largely to lack of rainfall, although in the past week the outlook in 11 some sections has improved. Prices at Melbourne and Sydney wool sales FEB. 16 1929.] FINANCIAL CHRONICLE 981 have remained firm, with good clearances. Competition between Japanese INDIA. and German buyers is reported to have been keen. The lumber trade is Trading conditions in India are characterized by dullness in most lines of being adversely affected by a strike of lumber workers in New South Wales, import and export business, due largely to labor riots i Bombay, reports Victoria and South Australia. from northern India that crops have been damaged by frosts, and by the BRAZIL. political situation in Afghanistan. It is reported that the shellac crop has The Bank of Brazil has been making heavy purchases of foreign bills for been damaged by exceptionally cold weather and that as a result there is loan services with the result that exchange weakened 60 reis to the dollar good demand and a fairly large business is being done on a rising market. between Tuesday and Friday, the sight rate on Feb. 8 standing at 842 JAPAN. milreis to the dollar. The coffee market has been quiet and unchanged,and Improvement in the stock market is noticeable as a result of reduced the textile industry continue depressed. The favorable foreign trade interest rates, and the reported Chinese agreement has slightly strengthened balance for last year is estimated at £8,000,000. There is a general feeling the Japanese yen. No Diet legislation of importance is yet reported. Strong of uneasiness over the credit situation. opposition is shown in the Diet to the proposal to transfer the collection of taxes from national collecting agencies to those of prefectures and municiBRITISH MALAYA. palities. It is reported that the interest rate on postal savings deposits Bazaar goods are moving favorably due to the approaching Chinese may be reduced to 4.30%. The Daido Denryoku Electric Power Co.has New Year season. Business in staple lines, however, is expected to con- secured a domestic 5% loan of 20,000.000 yen. Reports are circulating tinue dull until after the Chinese New Year which began Feb. 10. the to the effect that the South Manchuria Railway Co. will make a call for celebrations lasting about 10 days. 30,000,000 yen of unpaid capital. (Average value of yen, approximately $0.455.) CANADA. PANAMA. A fair volume of retail business is moving, with an active spring forecast The carnival season has been on in the Republic of Panama and retail by the high level of production in most lines of manufacture, and the number continue favorable. Imports into Panama during January of orders being placed by wholesalers. A feature of the grocery market is sales should of which 69% came from the United States. It the strength in cereal products due to advances in the price of coarse grains. amounted to $1,632,000, the town of San Miguel, located in the Pearl Islands, has The market for canned vegetables is also firm. Hardware retailers con- is reported that tinue to do above average business for this season,and stocks of winter sport been destroyed by fire. PERU. goods are now moving more freely under the stimulus of favoring weather conditions. Advancing copper prices have raised quotations on brass wood The consensus of local opinion is that present business and economic screws, tubing, fittings, and similar lines. Garment business, particularly conditions in Peru and the prospects of successful crop returns justify the in women's wear, has improved in recent weeks. Mills manufacturing prevailing optimism. Seventy per cent of available labor is now employed cotton goods are reported to be fully employed and liberal deliveries of in harvesting the crops and other agricultural activities. Merchandise spring prints are being made. Shoe factories are also busy on spring mer- purchases are being confined to bare necessities, but sales are expected to chandise. Production of automobile accessories is high and the rubber increase on an expanding scale of credit until August. Thirty per cent of all manufacturers are increasing schedules. Primary steel producers look productive workers are earning wages which provide them with funds for a forward to capacity production for several months, although structural normal scale of expenditures with no curtailment threatened. Luxury steel demand has fallen off with colder weather. Heavy snowfalls have buyers are contributing their steady quotas to the merchandise turnover. facilitated the woods operations of the lumber companies. Carloadings Reserve bank figures as of Jan. 31 1929, show the total gold reserve at remain below the high level registered last year but the decline is largely Lp. 5,606.440, note circulation amounting to Lp. 5,953.138. and bank in the Western division, although not entirely accounted for by the earlier clearings totaling Lp. 6,749,430. movement of the grain crop to market in 1928. Collections are fair to slow. UNITED KINGDOM. CHINA. Headquarters of the entire Peking-Mukden railway line are being reestablished at Tientsin, which means the abolishment of its partial control by Mukden authorities and its reversion to full control of the Ministry of Railways. After an interruption of eight months, through freight service between Mukden and Tientsin was resumed on Feb. 5, with expectations that such service will be continued daily. It is reported that Mukden authorities will return all extra railway rolling stock exclusive of that required by the Three Eastern Provinces, and that daily through express service will soon be resumed between Tientsin and Mukden. Canton conditions are quiet, with the crop situation remaining unchanged from last month. Imposition of the new tariff schedule on Feb. 1 considerably stimulated import business during January, and exports of merchandise to the United States, chiefly raw silk, were higher during January than in any month of the proceeding year. General business conditions in the Shanghai area are quiet, and while trade optimism prevails, actual transactions are practically at a standstill because of Chinese New Year. Although the advance in the Bank of England's minimum rate of discount Is seen as disadvantageous to trade and industry, the change is considered by British business interests as unavoidable in view of rates in other financial centers. General improvement in the coal trade continues and is resulting in some shortage of coal for bunkers and for export. Additional supplies are being obtained through the reopening of pits and collieries in various districts. The Yorkshire production quota for February is set on a 70% basis with a probable additional lump allowance for bunkers. Proposed alterations in the Yorkshire-Midland marketing scheme include the inauguration of minimum price schedules with appropriate penalties for violations and provision for interchange of production quota allocations and closer control of output regulation. Steadily improving conditions in the Scottish coal miningl ndustry are indicated by the December trading returns which show a profit of nearly 2d. per ton, following a long period of trade losses. The latest weekly production report for Great Britain showed the output syll Shi 4 ca 4.itabdig ati _ I at 5.251.500 tons... The Department's summary also includes the following with regard to the Island possessions of the United States: FRANCE. PHILIPPINE ISLANpS. Conditions in France favor further business expansion and despite seasonal dullness in some lines the general situation is highly satisfactory. The The abaca market is very dull with practically no buying inquiry. The textile industries which have constituted an exception to the generally arrivals of abaca at Manila were extremely heavy last week, amounting to pronounced industrial activity, made further progress during January and 51,000 sales. Estimates for the current week place arrivals at 34,000 bales. their prospects are good. However, cotton and wool spinning establish- The heavy supplies at Manila are due partly to a temporary dislocation of ments have been calm, although the situation in the weaving industry is inter-island shipping on account of a recent typhoon in northern Mindanao. better. The iron and steel industry during January maintained the former Receipts of high grades of abaca are under the average of last year. Current high production level. There has been a marked improvement in the Prices are nominal with no sellers. Grade F is quoted at from 28 to 29 coal trade. In the engineering industries the factories are fully occupied. Pesos per picul of 139 pounds; I, 26; J179, 20c. JUL 15.50, and L, 14. Automobile manufacturers are planning for higher production and dealers (One pesos equals 50 cents.) Arrivals of copra are good but reports indicate are optimistic regarding future market requirements. The retail shoe decreasing production as the supply of nuts which fell during the November trade is very dull, the crude rubber market is unusually animated and the typhoon is rapidly being consumed and the normal season of low copra lumber market is strong. A beginning is being made on the huge program output is approaching. F. o. b. prices are 12.50 pesos per picul, Manila; involving the construction of 200,000 low priced dwellings with Government Cebu, 12.125; Legaspi, 12, and Hondagua, 11.875. The First National -day session in Manila aid. As a result prices of building materials tend to increase and labor Conference of Philippine business men opened a 4 shortage is feared, Production of potash during 1928 reached a record Feb. 6, with about 500 delegates from all parts of the Philippines in attendfigure. The money market has been easy. There was great activity and a ance. One of the main purposes of the convention was to form a national marked increase in quotations on the Bourse during January, followed Chamber of Commerce to bring about organization and co-operation in by weakness. The low interest rates favor speculation but pending relief developing industry and trade of the islands. from the excessive tax burden the condition•of the permanent investment PORTO RICO. market is still unsatisfactory. Keen interest is displayed in the conference for final settlement of the reparations question and the opinion is optimistic Business has shown the usual post-holiday decline since the first of the regarding its outcome and the definite liquidation of the remaining war Year, but to a degree much less marked than in previous years. Building problems. With the proceeds from the important French share of the construction is slower, but with some prospects of an early improvement. Roumanian stabilization loan large purchases of railway equipment and other Banks report collections as rather slow with no improvement over last goods will be made in France which will further stimulate local industry. month. The sugar cane crop has been late in maturing and the sucrose Conditions governing the issue of the new conversion loan are indicative of content is still reported low, owing to the setback from the storm of last the strong credit position of the Government. September, but more especially to the unusual amount of rainfall. Only a few mills have started grinding. With the recent diminution of the rainfall, GERMANY. cane is now making good progress and with another week of favorable The early part of 1929 finds German industry in general, maintaining its weather it is expected that the condition of the cane will permit of harvesting gains but handicapped by taxation, exceptionally high cost of money, wage operations. Sugar shipments to date are reported at less than 25,000 increase agitation, and the continued inadequacy of the domestic market's short tons. As a result of late plantings, the tobacco acreage is much greater support. The slight improvement in the latter's condition, as a conse- than anticipated earlier in the season. Both early and late tobacco presents quence of wages rising faster than living costs, is somewhat impeded by the a fine appearance and, with the continuance of present favorable weather. burden of a large group of unemployed. The continued progress of German the quality of early plantings now being picked is dependable only on curing export trade is indicated by the revised export figures of 11.640.000.000 results. Grapefruit prospects for the next four months indicate shipments marks in 1928 or a 14% increase over 1927; this figure is, however, 2,355,- of approximately 45,000 boxes and the delivery of a like amount to the 000,000 marks below imports which total 13,995,000,000 marks; this canneries. This is only about 20 and 25%,respectively,of the corresponding marks however, a slight decrease, owing to improved bread grain , harvests. figures for last year. The pineapple acreage is approximately the same as The Reichsbank has strengthened its position by increasing its gold holdings last year, but the anticipated production is somewhat less, owing in a large throughout the year and there is a reasonable probability of a further re- part to the heavy rains which interferred with proper fertilizing in the fall. duction in the bank rate from the present figure of 6.5%. The stock market In January reflected the seasonal industrial decline with the stock index at 130, or 6 points below the figure of a year ago. England Did Not Increase GREECE. Customs receipts during 1928 amounted to $31,300,000, or $5,700,000 more than in the previous year. The ratification of the Greek debt to the United States by the Ynited States Senate has had a favorable influence on the financial program of Greece. American automobiles continue to lead lead in this market, imports from the United States during November representing 89% of total. The recent telephone adjudication has been cancelled and new terms are now planned. Seek Authority to Bank of Fiduciary Issue Prior to Raising Bank Rate. The "Wall Street Journal" of Feb. 13 reported the following advices from London: Chancellor Winston Churchill, in reply to a question in the House of Commons, stated that Bank of England had not applied to the treasury for authority to increase the fiduciary issue above £260,000,000 prior to raising the bank rate. "Such an increase," he said, "would [VOL. 128. FINANCIAL CHRONICLE 982 only have had the effect of stimulating transfer of funds to gew York for speculative purposes." Senate Passes Bill Authorizing Secretary of Treasury to Conclude Agreement for Settlement of Greek Debt— Additional Advance of $12,167,000 Proposed. The U. S. Senate on Feb. 9 passed the bill authorizing the Secretary of the Treasury to conclude an agreement for the settlement of the indebtedness of the Greek Government to the United States. The bill, which, as noted in our issue of Dec. 29, page 3,628, passed the House Dec. 10, provides for a further loan of $12,167,000, to be secured by twenty-year Grecian gold bonds bearing 4% interest. Regarding the legislation, Senator Smoot, in addressing the Senate Feb. 9, said: The basis of the settlement with Greece under this bill is 34%% of the present cash value of the debt. With Italy the basis was 204%; with Yugoslavia it was 33%. So this is a better settlement than that with either one of those countries. Furthermore, I wish to say that the bill proposes to carry out the agreement between France, Great Britain, and America with the Greek Government Under that agreement we were to advance money to Greece, and a certain sum was advanced, but not our full proportion. England advanced her full proportion. Under this bill we will advance $12,167,000 to make the amount advanced by the United States equal to that advanced by Great Britain and to carry out our contract, just as England has carried out her contract. The settlement will be on the identical basis as England has settled with Greece for the money advanced by her in order that Greece might provide an army to co-operate with England and America during the war. I think that the settlement is all that we could possibly ask under the conditions, and the bill merely carries out on our part a solemn agreement signed and delivered. If the bill shall pass, it will simply mean that we are doing just what England has done in the case of Greece under the agreemnt. 2,000,000 Unemployed in Germany Drawing Doles. From Berlin Jan. 30 advices to the New York "Times" said: There are more than 2,000,000 unemployed now drawing doles in Germany, according to the latest statistics. The total has increased rapidly In the past few weeks, partly owing to the severe weather, which has compelled many outdoor undertakings to shut down. During the last two weeks 300.000 have been added to the jobless. The closing down of the Gera Greizer textile plants in Thuringia, which employ 30 000, on account of lack of orders, has added to the difficulties. There are 35,000 already out of work through a wage lockout in the tetzile ndustry in Saxony. Germans Receive $2,000,000 for North German Lloyd Piers at Hoboken Seized by U. S. during War. The first large amount of money which the United States has sent to Germany in payment for sequestrated German property arrived at Bremen on Jan. 22, it is learned rom Berlin advices to the New York "Times." The account further saic: The North German Lloyd steamshipline received 62,000,000 for its conboated Hoboken piers. In this sum is included $500.000.representing interest for the total period. According to law,20% is retained in United States. Negotiations over Lloyd's total demand of 120,000,000 marks (about $28,440,000) for sequestrated ships continue and are not affected by this Payment. Although $2,000,000 is only a trifle compared to the aforementioned sum, it nevertheless is greatly welcomed by the North German Lloyd In view of its extensive building program and the fact that its two ocean greyhounds will not be ready for the busy season on account of the three months' strike of the shipyard workers. Dividends will now be paid STATEMENT OF AVAILABLE FUNDS AND TRANSFERS FOR THE FIFTH ANNUITY YEAR TO DEC. 31 1928. (On Cash Basis, Reduced to Gold Mark Equivalents) Fifth Annuity Year—OmutaMonth of Me Total to December Dec. 31 1928. 1928. Gold Marks. Gold Marks. Available Funds— Balance as at Aug. 31 1928 Receipts in completion of the fourth annuity: Transport tax Interest and amortization on railway reparation bonds Receipts on account of the fifth annuity: 104,166,666.67 Budgetary contribution 24,166,666.68 Transport tax on railway reparation Interest and amortization 55,000,000.00 bonds 2,345,606.74 Interest and exchange differences 189,488,944.88 24,174,000.00 55,000,000.00 416,666,666.67 72,499,999.98 105,000,000.00 2,865,979.21 185,678,940.07 925,695,590.72 Less discount on advance payments for service of 801,835,85 3,197,919.20 railway bonds 184,877,104.22 922,497,671.52 Totals Transfers— In foreign currencies: 7,514,143.79 28,035,132.68 35,358,833.63 137,445,329.79 3,274,628.20 13,192,056.21 64,065,490.95 214,891,669.47 286,433.79 1,160,564.20 Service of the German External Loan 1924 Reparation Recovery Acts Deliveries under agreement Transferred in cash Costa of Inter-Ailled Commissions 110,499,530.36 394,724,752.35 By retchsmark payments for: Deliveries In kind Armies of Occupation Costs of Inter-Allied Commissions Miscellaneous objects 65,284,951.87 305,457,657.76 4,474,298.77 17,722,085.73 1,947,194.94 489,521.34 419,839.81 108,044.63 70,334,814.61 325,548,778.24 Total transfers 180,834,344.97 720,271,530.59 202,226,140.93 Cash balance as at Dec. 31 1928 Distribution of Amounts Transferred— To the Powers— Prance—Army of Occupation Reparation Recovery Act Coal, coke and lignite (including transport) Dyestuffs and pharmaceutical products Chemical fertilizers and nitrogenous products Coal by-products Refractory earths Agricultural products Timber Sugar Miscellaneous deliveries Miscellaneous payments Cash transfers 12,089,487.31 20,458,854.82 85,195,789.29 4,297,763.95 20,755,048.93 1,659,270.34 267,101.70 242,537.54 1,905,720.02 3,330,884.25 21,808,758.88 108,747,419.79 300,000.00 75,000.00 40,347,448.44 125,250,281.43 3,848,898.19 5,579,723.31 15,489,880.20 884,163.36 1,739,708.17 141,063,27 23,019.11 Dr.85.75 567,270.70 90,502,645.86 384,478,119.37 5,027,812.11 612,312.74 29,779,110.32 118,988,474.97 9,059,057.54 42,331,888.37 British Empire—Army of Occupation Reparation Recovery Act Cash transfers 39,450,480.60 104,348,175.45 9,228,122.24 34,233,626.98 951,109.08 218,580.01 851,818.05 23,113.33 1,520.57 5,813,744.57 17,983,861.69 Italy—coal and coke (including transport) Dyestuffs and pharmaceutical products Coal by-products Miscellaneous deliveries Cash transfers 15,283,560.15 53,821,936.37 624,806.31 13,285.84 906,983.69 4,070,809.90 837,157.08 2.887,937.10 1,480,242.87 392,485.71 779,684.06 236,280.03 3,898,420.80 17,788,578.79 3,003,005.42 9,340,225.17 Belgium—Army of Occupation Coal and coke (including transport) Dyestuffs and pharmaceutical products Chemical fertilizers and nitrogenous products Coal by-products Miscellaneous deliveries Cash transfers 9,085,598.37 38,732,182.00 Serb-Croat-Slovene State—Pharmaceutical productsMiscellaneous deliveries Miscellaneous payments Cash transient 204,843.52 5,980,994.58 21,289,256.85 118,449.90 30,114.28 1,101,098.88 3,303,299.40 7,112,207.74 24,913,849.67 United States of America—Deliveries under agree3,274,628.20 13,192,058.21 ment Cash transfers in liquidation of priority for Army 4,005,400.00 14,201,300.00 costa in arrears 7,280,023.20 27,393,358.21 fully. 1,335,621.83 7,320,258.43 323,025.13 475,402.04 2,193,859.13 1,470,331.49 Institution. 798,427.17 3,664,190.62 The National City Bank of New York, as trustee, has issued a notice to holders of Saxon State Mortgage Institution mortgage collateral sinking fund 8% guaranteed bonds, due September 15 1947, to the effect that $14,000 aggregate principal amount of the bonds has been called by lot for redemption at par on March 15 1929. Payment on the drawn bonds will be made upon presentation and surrender with subsequent coupons attached on March 15 at the head office of the National Clay Bank of New York, 55 Wall Street, after which date interest on the drawn bonds will cease. Portugal—Miscellaneous deliveries Cash transfers 707,336.50 80,154.70 3,302,000.77 371,446.73 787,491.20 3,673,447.50 Greece—MIscellaneous deliveries Cash transfers 681,004.90 120,179.313 1,978,398.26 626,535.80 861,184.26 2,594,933.76 46,070.32 930.35 172,321.79 3,389.91 12,499.69 47,000.67 188,211.39 Rumania--kilscellaneous deliveries Drawing of Bonds of Saxon State Mortgage German Reparations Receipts and Transfers During December. Total transfers of 180,834,344 gold marks during December are reported in the statement issued Jan. 9 at the office of the Agent-General for Reparations Payments. The total available funds for distribution during the month were $184,877,104. The report for the month follows: Japan—Nftscellaneous deliveries Cash transfers Poland—Agricultural products Miscellaneous payments Cash transfers Total transfers to Powers For Prior Charges— Service of the German External Loan 1924 Coasts of Inter-Allied Commissions Total transfers 172,544,248.05 689,128,638.77 7,514,143.79 28,035,132.68 775,955.13 3,107,769.14 180,834,344.97 720,271,530.59 Resignation of Charles Rist as Deputy Governor of Bank of France—Appointed Foreign Technical Advisor to Rumania. As we noted Feb. 9, page 816, Charles Rist, who recently played an important role in negotiations with Federal Re- FEB. 16 1929.] FINANCIAL CHRONICLE the serve Bank officials in New York in connection with support of gold reserves of central banks, has resigned as Deputy Governor of the Bank of France. Mr. Rist has been appointed foreign technical advisor to the National Bank of Rumania, which has undertaken to maintain the stability of leu exchange with the aid of an international loan of $102,000,000, the major part of which is about to be floated, and a large credit in which the central banks of fourteen countries will participate. An announcement issued in this city regarding Mr. Rist's new duties says: Mr. Rist will undertake his important task in Rumania well equipped in by past experience of this character. Ilia first notable accomplishment international finance was a study of the economic situation in Austria of Nations. as one of a Committee of Experts appointed by the League It was on the strength of this Committee's report that the League launched Its plan of stabilization. Mr. Rist also prepared the report on which the Council of the League of Nations subsequently decided that Austrian stabilization was successfully terminated and that international control could be suspended. In the following year he was called upon to collaborate with a committee of experts in the preparation of a plan for stabilizing the currency and exchange of his own country and was then made Deputy Governor of the Bank of France. This put him in a position to carry out the plan. In 1927 and 1928 Mr. Rist came to this country several times on financial missions, conferring with the Federal Reserve system authorities and with the American fiscal agents of the French Government. In his new post at Bucharest, Mr. Rist will be a representative not only of the Bank of France but also of the other thirteen central banks participating in the exrhange credit that has been established for the HaDonal Bank of Rumania. The bank's statutes have been amended to require maintenance against demand liabilities of a minimum reserve of 35% In gold or gold exchange, at least five-sevenths of which must be in gold. The bank's notes will be exchangable for gold or gold exchange drafts. The entire amount of foreign exchange realized from the $102,000,000 loan will be put at the disposal of the bank. After execution of all the measures provided in the plan, the State's debt to the Bank will be reduced to about 11% of the assets of the Bank and less than 20% of its outstanding notes. It is further provided that equilibrium of the budget will be strictly maintained. The plan empraces other measures which have been adopted and found efficacious in stabilizing the currency of other European countries in recent years. Economic and Industrial Conditions in Denmark. Surveying banking and financial conditions in Denmark during December, the statement issued by the National Bank of Copenhagen and the Danish Statistical Department, made available Jan. 31, says: Concerning banking and financial conditions the following should be noted: In the three private principal banks the outstanding loans increased in December with about 12 mill. kr., the deposits with 2 mill. kr. The other fluctuations are mostly due to the new year. Thus the banks' cash deposits from ultimo Nomember to ult. December have been -in spite of the increase increased with about 34 mill. kr. This has in the outstanding loans-been possible, partly because the banks have Increased their debt to domestic banks and savings banks (altogether especially the National Bank) with about 15 mill. kr., partly by their decreasing their foreign credits with about 23 mill. kr. Also the outstanding loan of the National Bank-as a result of the private banks' increased loan from same-has increased during the past month, namely with 20 mill. kr., and at the same time its stock of currency, on account of the private banks sale of foreign currency, has increased with 18 mill. kr. This increase in the assets is counter-balanced by the fact that the three principal private banks have deposited the greater part of the amounts by which their cash deposits are increased on the folio account of the National Bank, which during the month has been Increased by 26 mill. kr. At the same time the banks' amount of bills in circulation has during the month of December increased from 353.9 to 360.2 mill. kr. For settling of accounts at the check-clearing undertaken by the banks and savings banks through the National Bank checks to an amount of 576.0 mill. kr. were delivered in December against 458.2 mill. kr. in November and 535.0 mill. kr. in December 1927. The average weekly transactions on the Copenhagen Stock Exchange for bonds and stocks amounted in December to 4.3 mill. kr. for bonds and 1.6 mill. kr. for stocks (November 3.0 and 1.9 mill. kr.) ; in December 1927 the corresponding figures were 4.1 and 1.2 mill. kr. In the previous month's statement of the Bank and the Danish Statistical Department, bearing on conditions in November, the summary of the banking situation, contained the following: At the close of November the accounts for outstanding loans in the three leading private banks have been somewhat influenced by the fact that there on the balance of the Landmandsbank has been opened up a new account, namely, a settlement department, which has been established In accordance with the law concerning the adjustment of the Landmandsbank of April 1928, and to which in accordance with this law such engagements, which on account of their special characteristics are not found to be adapted to remain in the active part of the bank, must be transferred. To this department, whose administration is appointed by the government, 99,700,000 kr. have been transferred from the current account. In addition to the extract given above as to conditions in December, the review for the month says: The Danish export of agricultural products was in December 1928 somewhat larger than during the corresponding month last year for butter and eggs, but slightly smaller for bacon and meat; the average weekly exportations amounted to: Butter, 2,685,200 kilos (December 1927, 2,524,000 kilos) ; eggs, 693,900 scores (551,000 scores); bacon, 4,888,900 kilos (5,595,300 kilos) ; beef and cattle 1,238,700 kilos (1,268,900 kilos). The prices of the exported products were considerably higher for butter and bacon and somewhat lower for the other products than in December 1927. The average weekly notations were: Butter, 349 kr. (December 1927, 308 kr.) per 100 kilo; eggs, 2.20 kr. (2.63 kr.) per kilo; bacon 1.46 kr. (1.15 kr.) per kilo; meat, 62 ore (57 ore) per kilo on the hoof. 983 The trade balance with foreign countries in November amounted to 137 an mill. kr. for imports and 147 mill. kr. for exports, so that there was import export surplus of 10 mill. kr., while in November 1927 was an import surplus of 7 trail. kr. For the first 11 months of the year the surplus in 1928 was 82 mill. kr., in 1927, 83 mill. kr. as in The Statistical Department's wholesale index was in December November 151. Of fluctuations of consequence for the individual groups brought should be noted that animal food stuffs increased 6 points, which prices for about a considerable improvement in the relationship of the thus export and import articles; the import index for December was 157. 146, the export index 154 and the index for domestic products in The freight rate figure increased in December from 114.6 to 115.6, December 1927 the figure was 101.8. in December an In the index for stock exchange quotations there was rose from 94.9 increase for bonds as well as for stocks, as the bond index to 95.6 and the stock index from 96.0 to 97.5. Compared to December as the bank index was 1927 there was a decrease for all stock groups, industrial 83.4 (December 1927: 86.3) shipping stocks 114.8 (117.9), complete index stocks 91.7 (94.5), other companies 93.9 (101.9) and the 97.5 against 100.8 in December 1927. the preceding months, The unemployment was in December, as during considerably lower than during the corresponding month last year, as was 25.0 against the percentage of unemployed at the end of December comparatively 31.6 ult. December 1927. When the percentage increased among other things due to much from November to December, it was as in preceding years, closed up bethe fact that a number of activities, professions the tween Christmas and New Year's. In the real industrial percentage in December 1928 was 21.4 against 26.5 in 1927. The Government's revenue from consumption taxes was in December proper; 11.3 mill. kr. of which 4.4 mil. kr. were custom revenue taxes kr. in December 1927 the corresponding figures were 11.3 and 4.5 mill. Roumanian Stabilization Loan of $101,000,000-$l0,000,000 -Offerings Abroad Offered in American Market Stabilization Plan. The largest group of bankers ever banded together to carry out an exchange stabilization loan are participants in the $101,000,000 public loan to Roumania (Kingdom of Roumania. Monopolies Institute), the American portion of which was offered Feb. 14 by a syndicate headed by Blair & Co., Inc., the Chase Securities Corporation, Dillon, Read & Co., and the International Acceptance Bank, Inc. German bankers have a part in this operation, making this the first time for the investors of that country to have a hand in helping a former enemy country back to financial stability. Hungary and Austria, also opposed to Roumania in the late war, also have a part in distributing the bonds. Germany has subscribed to exchange credits in the past but not to a bond issue for public distribution. Of $12,000,000 allotted to the American syndicate, $2,000,000 were withdrawn for sale in Sweden by Skandinaviska Kreditaktiebolaget. The American portion of ($10,000,000) of the Kingdom of Roumania Monopolies Institute 7% guaranteed external sinking fund gold loan, which represents an important part of the plan for insuring stabilization of leu exchange at the rate prevailing since 1927, was offered at 88 and interest, to yield 8.07% to maturity. A cumulative sinking fund payable semi-annually commencing •August 1, 1929, will be applied to the purchase or redemption of bonds by lot at par, the amounts being calculated sufficient to retire the entire issue by maturity, Feb. 1, 1959. The new loan was referred to in these columns Feb. 9, page 814. The arrangements for placing the bonds here and abroad are indicated as follows in the official announcement: The total principal amount of the Loan of 1929 will be $101,000,000 currencies. Of this amount the or its approximate equivalent in other Swedish Match Company has agreed to purchase $30,000,000 at par. Arrangements have been completed for placing the balance as follows: £2,000,000 in England by Hambros Bank, Limited; Lazard Brothers & Co., Limited; Higginson & Co. Fes. 561,638,000 in France by Banque de Paris et des Pays-Bas and a group of French Banks. $1,000,000 in Austria by Niederoesterreichische Escompte-Gesellschaft. $3,000,000 in Belgium by Banque de Paris et des Pays-Bas; Banque de Bruxelles; Societe Generale de Belgique; Banque Beige pour l'Etranger; Banque Centrale Anversoise. $1,000,000 in Czechoslovakia by Zivnostenska Banks. $5,000,000 in Germany by Directio der Disconto Gesellschaft; Deutsche Bank; Berliner Handels-Gesellschaft; S. Bleichroder; Commerz-und Privat-Bank A. G.; Darmstadter und National Bank K. A. J. Dreyfus & Co.; Simon Hirschland; A. Levy; Norddeutsche Bank in Hamburg; Sal Oppenheim, Jr., & Cie.; Reichs-Eredit-Gesellsehaft Bankverein A. G.; M. M. Warburg A. G.; A. Schaaffhausen'scher & Co. $3,000,000 in Holland by Mendelssohn & Co. Amsterdam; Nederlandache Handel-Maatschappij; Banque de Paris et des Pays-Bas; Pierson , , C 000 mste n Ita & $87. A000 irdam by Banca Commerciale Italiana. $2,000,000 in Roumania by Banca de Credit Roman; Banque Marmorosch, Blank & Co.; Banca Romaneasca. $4,000,000 in Switzerland by Credit Suisse and associates. $12,000,000 in the United States of America by the undersigned of which $2,000,000 have been withdrawn for sale in Sweden fly Skandinaviska Kreditaktiebolaget. 984 FINANCIAL CHRONICLE The bonds are guaranteed unconditionally by endorsement by the Kingdom of Roumania. They will be dated Feb. 1, 1929, and will mature Feb. 1, 1959. They will be redeemable in whole or in part at the option of the Institute (other than for the sinking fund) at 100 and accrued interest, on 30 days published notice on Feb. 1, 1937, and on any interest date thereafter. Principal and semi-annual interest (February 1 and August 1) will be payable in New York City at the principal offices of the Fiscal Agents, in United States gold coin of the present standard of weight and fineness without deduction for any taxes or imposts now or hereafter levied by or within the Kingdom of Roumania; also payable at the option of the holder in pounds sterling, French francs, German reichsmarks, Swedish kronor, Swiss francs, Dutch florins, Belgian belgas, Italian lire, Czechoslovakian kronen, Austrian schillings or Roumanian lei at the rates of exchange and at the places specified in the Bonds. It was announced on Feb. 9 that the English portion of the loan would be offered at 88. London advices to the "Wall Street Journal" Feb. 14 stated: Lists on the portion of the Rumanian loan, amountnig to £2,000,000, offered here, closed at 10 a. m. The American banking group offering the new loan announced on Feb. 12 the receipt of the following dispatch from their banking associates in Europe: "Lists for the Frnech portion of the Rumanian stabilization loan opened this (Tuesday) morning in Paris and the volume of applications has exceeded all expectations. Pin the other European markets lists do not open until Thursday, but advices from all centres declare underwriting arrangements have been successful and all factors point to satisfacotry reception from the public. In London the fact that the Swedish Match Co. guarantees royalty to the Rumanian Government of $3,000,000 annually on the match monopoly representing about 36% of service of the entire loan is viewed as a strong point." Regarding the purpose of the loan, etc., advices received by the American group from Mihai Popovici, Finance Minister of the Kingdom of Roumania, and by M. D. Gusti, President of Kingdom of Roumania Monopolies Institute, under date of February 9, 1929, are summarized as follows: [VOL. 128. for operating expenses) from the monopolies acquired by the Institute, adjusted to give effect to the minimum royalty payments to be made under the contract with the Swedish Match Company (converted at the average rates of exchange for the respective years), have been as follows: Year Gross Receipts Net Receipts 1924 $19,210,000 $13,300,000 1925 24,304,000 16,826,000 1926 28,949,000 20,791,600 1927 39,222,900 25,391,500 For the year 1927, such gross receipts were equal to approximately 5% times the maximum annual interest charges on these Bonds, and to over 4 times maximum annual interest and sinking fund charges. For the same year net receipts after all expenses were equal to approximately 34 times such interest chares and over 3 times interest and sinking fund charges. The gross and net receipts for the year 1928 on the same basis are estimated at $43,848,000 and $28,303,000, respectively, or substantially in excess of such receipts for any of the four preceding years. Stabilization Plan. The Stabilization Plan has been prepared by the Roumanian Government in association with its bankers and international experts, and with the cooperation of the National Bank of Roumania. This plan which has been approved by law, provides among other things for the following: (A) The gold value of the Leu has been fixed at an amount corresponding to 167.18 lei to the dollar, approximately equivalent to the exchange rate that has prevailed without substantial change since the middle of 1927. (B) The National Bank will continue to have the exclusive right of issuing currency notes and its statutes, as amended to conform to the Plan, will require it to maintain against all demand liabilities a minimum reserve of 35% in gold or gold exchange, at least 5/7ths of which must be in gold. The entire amount of foreign exchange realized from the present loan will be put at the disposal of the Bank. (C) The equilibrium of the Budget will be strictly maintained and the authorized expenditure for all services will be limited in each month in conformity with a monthly Budget issued by the Minister of Finance. (D) or a period of three years, a Foreign Technical Adviser designated by the National Bank with the approval of the Minister of Finance shall advise with its Board in carrying out the plan. M. Charles Rist, member of the Transfer Committee under the Dawes Plan, has agreed to accept the National Bank's invitation to act as such adviser. Fiscal Data. The total public debt of the Kingdom on December 31, 1928, did not exceed the equivalent of $739,000,000, or approximately $42 per inhabitant, after giving effect to the issue of the Stabilization and Development Loan and the application of the Stabilization Plan, and also after giving effect to the various settlements affecting pre-war loans, and war debt and ohter debt annuities discounted at 5%. Government revenues for the years 1924-1927 inclusive have exceeded expenditures fo rsaid years. Provision has been made in the Plan for meeting the deficit in the 1928 budget, which was due to poor crops and to reduced returns from the export taxes on grain and from the alcohol tax. The Government has taken steps to assure the equilibrium of the budget for 1929 by increasing taxation. / 3 4 Monopolies Institute. The Kingdom of Roumania by virtue of the law of February 7, 1929, has created the Monopolies Institute for the purpose of acquiring under an exclusive concession, irrevocable until all the Bonds of this issue are retired, all the monopolies now operated by the Kingdom including the tobacco, salt and match monopolies. The Kingdom has transferred irrevocably to the Monopolies Institute for the duration of the concession and free of all mortgage or lien, all the fixed assets used in connection with the Federal Reserve Banks to Purchase $4,500,000 Comvarious monopolies. The net proceeds of this loan are to be paid to mercial Bills from National Bank of Roumania— the Government as part of the purchase price of the concession. The Part of Credit Arrangements. Monopolies Institute has agreed with the Swedish Match Company for With regard to the agreement by the Federal Reserve the operation of the Match Monopoly for a period of 30 years from July 1, 1929, by a corporation to be organized by the Swedish Match Banks to purchase $4,500,000 commercial bills from the Company nad the Roumanian Government, under a contract by which National Bank of Roumania, the Federal Reserve Bank of the Swedish Match Company guarantees to the Monopolies Institute a New York issued the following announcome\nt Feb. 14: minimum annual royalty payment equivalent to $3,000,000. The Federal Reserve Bank of New York, in association with other Purpose. The Government will use the net proceeds of the loan to put into effect a plan for the stabilization of the currency and the Federal Reserve Banks,has agreed,if desired, to purchase from the National Bank of Roumania up to a total of $4,500,000 of prime commercial bills. The net proceeds• are to be economic development of the country. deposited with the National Bank of Roumania to be withdrawn for The agreement of the Federal Reserve Bank of New York was made in the purposes of the plan which include: (A) the creation of working co-operation with other banks of issue as a part of the credit arrangements funds for, and the discharge of floating indebtedness of, the State aggregating in all $25,000,000, or its equivalent, which the banks of Issue have entered into with the National Bank of Roumania In furtherance of the Treasury and the State Railways; (B) the strengthening of the plans which have been completed for stabilizing the Rumania currency liquid position of the National Bank; (C) the improvement of the on a gold exchange basis. State Railways and their equipment, by double-tracking certain lines, Arrangements whereby the Central Banks of fourteen constructng new lines, etc., in accordance with the program recenity prepared by the Railway Administration in conjunction with M. Gaston countries including the Federal Reserve Banks, will place Leverve, Commissioner for the German State Railways under the credits at the disposal of the National Bank of Rumania, Dawes Plan; and (D) other productive public works authorized by were referred to in our issue of Feb. 9, page 816.. The Parliament. In furtherance of the plan for stabilization of the currency, the credits, it is reported, will aggregate $25,000,000 or their National Bank of Roumania will have at its disposal credits arranged equivalent. The official circular, offering the American by the following Central and Reserve Banks: Austria, Oesterreichische Nationalbank; Belgium, Banque Nationale portion of the Rumanian stabilization loan of $101,000,000, de Belgique; Czechoslovakia, Narodni Banka Ceskoslovenska; Finland, to which we refer elsewhere to-day, contains the following Finlands Bank; France, Banque de France; Germany, Deutsche Reichsbank; Great Britain, Bank of England; Hungary, Magyar Nemzeti relative to the credit arrangements: In furtherance of the plan for stabilization of the currency, the National Bank; Italy, Banns d'Italia; Netherlands, Nederlandsche Bank; Poland, Bank Polski; Sweden, Sveriges Riksbank; Switzerland, Banque Na- Bank of Rumania will have at its disposal credits arranged by the following Central and Reserve Banks: Austria, Oesterreichische National tionale Suisse; United States, Federal Reserve Banks. bank; Security. These Bonds will constitute the direct obligations of the Hungary, Magyar Nemzeti Bank; Belgium, Banque Nationale do Belgique; Italy, Banca d'Italia; Czechoslovakia, Narodni Banka Institute, and are to be unconditionally guaranteed as to principal, Ceskoslovenska; interest and sinking fund, by endorsement by the Kingdom of Rou- Netherlands, Nederlandsche Bank; Finland, Finlands Bank; Poland, mania. They will be secured, in the opinion of counsel, by a direct Bank Polski; France, Banque de France; Sweden, Sveriges Illksbank; first charge on the gross receipts of the monopolies (except beginning Germany, Deutsche Reichsbank; Switzerland, Banque Nationale Suisse; July 1st, 1929, the gross receipts of the Match Monopoly) and on all Great Britain, Bank of England; United States, Federal Reserve Banks. other revenues of the Institute, including royalty payments received The working agreement reached by central banks of issue under the agreement for the operation of the Match Monopoly. No to guarantee stability in the exchange of countries partiother bonds, ranking equally with this issue in respect of such first charge, shall be issued unless the net receipts from the monopolies, cipating in the late war is the strongest endorsement that during the preceding fiscal year, shall have been at least equal to twice could be given to the League of Nations, according to an the maximum annual service charges on all the bonds of the Institute opinion expressed by Prince Sturdza, Charge d'Affaires of entitled to the benefit of such charge, to be outstanding upon issuance . of such additional bonds. The Institue covenants to pay each month the Roumanian Legation in Washington, at a luncheon given into a special account with the National Bank two-thirds of the gross in his honor this week at the Broad Street Club by receipts. of the monopolies operated by the Institute and in addition Blair & Co., Inc., the bankers who head the group to pay into such special account the above mentioned royalty payments (which are payable quarterly) until in each month the accruals of which offered the American portion of the Roumanian bond interest and sinking fund for such month shall have beep provided for. issue. The luncheon was in connection with the signing Revenues. The gross receipts and the net receipts (after deduction of the contract for the Roumanian Stabilization Loan. In- FEB. 16 1929.] FINANCIAL CHRONICLE 985 troduced by Elisha, Walker, President of Blair & Co., Prince corporation are purchasable only in multiples of 1,000 Reichsmark, par value. Strudza, said in part: "I want to express the appreciation of the Roumanian people for the The corporation's coal reserves comprise more than 37,000 confidence implied in the plans now completed for extending to our Govern- acres of coal lands with many seams and reserves estimated the stabilization of the Id exment a loan and credit in connection with change and the economic rehabilitation of our country. International to contain 529,000,000 metric tons above the lowest level of bankers, under the leadership of the American group, representatives of present mining operations and with reserves above the depth which I am happy to greet to-day, were quick to recognize in the present of 1,500 meters estimated to total 3,700,000,000 metric government all the factors of stability requisite to Rumania's restoration to the gold standard. In M. Maniu, the leader of the National Peasant tons. The bonds will be secured by mortgages, subject Party, we have a man eminently qualified to solidify the various elements only to the charges securing $5,861,310 of industrial debenof our people and to open the way for the development of the country's tures, on the operating properties of the corporation and vast natural resources. "Rumania offers splendid investment opportunities for American capital, its subsidiary, Gewerkschaft Victoria Luenen, with a renot only through the medium of the gold basis now being prepared for public production value, exclusive of coal in ground, of not less sale, but also through direct commitment in mining and industrial enterthan $60,000,000. prises. "It may interest you to know that,from news just received from Europe, Net earnings of the corporation in 1927, after expenses, European b airing groups report a very genuine response from the investors, maintenance, renewals,replacements, taxes and depreciation, and successful issues with substantial over-subscription are expected in amounted to $2,562,027, while for the first half of last year France, England, Switzerland Holland. "The policy of an open door and equal opportunity to all foreign capital, such net was $796,805. Aggregate annual interest charges recently pronounced by our government, has contributed much to the present issue, on the 7% convertible debentures gratifying response that has been given to our invitation to the world to on the share in the development of Rumania's great resources. The scars of war and on present annual fixed charges on the industrial debenhave not entirely disappeared from our oil fields, but the damage yet to tures are $1,002,412. The pro forma consolidated balance be repaired is insignificant when one realizes the enormous wealth stored present beneath the earth's surface in our country. For the development of these sheet of the corporation and subsidiaries, adjusted to resources foreign capital will now be heartily welcome and assured of fair financing,shows current assets of more than 2.2 times current treatment and reward. The laws governing exploitation of Rumania's liabilities, after allowing $4,520,476 of the proceeds of this oil resources are being stripped of every discriminatory feature. Equal opportunity for all capital is assured in other fields that our country has issue which may be invested in fixed assets. thrown open to foreign investment. "The overwhelming majority given to the Government formed by the National Peasant Party gives assurance to the world that Rumania has decidedly entered upon a new era of political stability and economic development. "I also went to thank heartily, in the name of our country, the central banks of fourteen countries, which have agreed, under the leadership of the Bank of France, the Federal Reserve Banks and the Bank of England, to extend to our National Bank of Roumania the necessary credits to secure the stability of our currency." $15,000,000 Loan Offered for Berlin City Electric Co. A $15,000,000 loan for the Berlin City Electric Co., in the form of an issue of 30 year 63 % sinking fund debentures, is being offered by Dillon, Read & Co., Hallgarten & Co., Bankers Company of New York, Halsey, Stuart & Co., Inc., International Acceptance Bank, Inc., E. H. Rollins & Sons and Mendlessohn & Co., Amsterdam. The _debentures are priced at 933 and interest, yielding to maturity 7.02%, while the average yield, based upon retirement through the sinking fund is 7.16%. Proceeds of the offering will be used, it is stated, to liquidate all current borrowings of the company with the exception of about $3,900,000 due this year, to make extensions to leased properties and for other corporate purposes. The Berlin City Electric Co., Inc. was organized in 1923 to operate, under lease from the city, the electric works which since 1915 had been operated directly by the city. The company sells about 90% of the electric current supplied in Berlin, providing service to many large industrial enterprises. The City of Berlin, which owns all of the company's capital stock, has entered into an agreement, the bankers say, with the company, extending beyond the maturity of the debentures, empowering the company to fix rates for the sale of electricity adequate to cover all operating expenses, interest and amortization of loans, depreciation and all proper reserves. Upon termination of the agreement it is provided that the city shall assume all obligations of the company, including interest and amortization of loans. Offering of $10,000,000 Harpen Mining Corp. Bonds. The National City Co. offered Feb. 11 at 90 and accrued interest to yield 6.93% $10,000,000 Harpen Mining Corp. (Harpener Bergbau Aktiengesellschaft) gold mortgage 6% bonds, series of 1929, due Jan. 1 1949, with stock purchase warrants. The issue has been oversubscribed. A substantial portion of this issue was taken in the European market including $2,500,000 issued publicly in Amsterdam by Hope & Co. The corporation,founded 73 years ago,is, it is stated, the largest independent enterprise in Germany devoted to the production of coal and its by-products and the manufacture of coke and briquettes. The properties are located in the Ruhr district, the largest producing coal field in Europe. Each bond will carry a stock purchase warrant entitling the holder to purchase on or after July 1 1929, and on or before Apr. 30 1932, for each $100 principal amount, either one "American share", to be issued against the deposit in Berlin of 100 Reichsmark (about $23.81) par value of the corpora,tion's common stock at $36 per American share, or at the option, 100 Reichsmark par value, stock itself, at $36 for each 100 Reichsmark par value. The common shares of the Offering of $7,000,000 Copenhagen Telephone Co. Bonds. Guaranty Company of New York and Dillon, Read & Co. are offering $7,000,000 Copenhagen Telephone Co. 25-year sinking fund external 5% gold bonds due Feb. 15 1954, at 943 % and interest, to yield over 5.38%. The proceeds of 4 the issue will be used to retire $2,000,000 25-year sinking fund external 6% gold bonds, to be called for redemption on April 15, and to provide funds for capital expenditures and other corporate purposes. The Kingdom of Denmark owns, it is stated, Kr. 9,000,000 of the Kr.50,000,000 capital stock of the company and has the right to purchase half of any future stock issued, as well as to purchase in 1939 all of the outstanding stock. Copenhagen Telephone Co., established in 1882, operates the bankers say, under an exclusive Danish Government concession and under close Government supervision, and serves without competition the Islands of Amager and Zealand, which include the City of Copenhagen. Net earnings, after depreciation, taxes, &c., for four years ended Dec. 31 1928, averaged more than 3.20 times the annual interest requirements on the company's funded debt to be outstanding after the completion of this financing. For 1928 net earnings, it is reported, amounted to more than 3.65 times such interest requirements. Annual dividends of 6% or more have been paid on the company's stock since 1866, and at the rate of 8% since 1917. At present quotations, the stock has an indicated market value, it is figured, of more than $17,800,000, as compared with $10,500,000 in April 1925. Definitive Bonds of State of Sao Paulo Ready for Delivery. Speyer & Co. announce that definitive bonds of the State of San Paulo 40-year 6% sinking fund gold bonds external loan of 1928 are now ready for delivery at their office, 24 and 26 Pine St., New York, in exchange for and upon surrender of their interim receipts. Annual Report of Ohio-Pennsylvania—Joint Stock Land Bank. In his annual report to the stockholders of the OhioPennsylvania Joint Stock Land Bank, presented under date of Jan. 11, Samuel L. McCune, President of the Bank, states that "the growth of the Farm Loan Banks (Federal and Joint) during the year 1928, while not as extensive as In previous years, indicates conservative progress." "Decided improvement," he says, "has been brought about in the system as a whole. The Federal appraisers are more conservative in their work and every effort is being made by the different Banks to limit accommodations to deserving farmers in conformity with present day values." In supplying the report of the bank for the year ended Dec. 31, 1928. President McCune states that "our operating profits were approximately $100,000 after the creation of certain minor reserves." "This result," he says, "compares very favorably with the preceding years." We also take from the report the following extracts: Since the organization of this Bank we have made over 4,100 loans to farmers in Ohio and Pennsylvania, the average loan at present 986 FINANCIAL CHRONICLE being less than $3,800.00. The security for these loans is represented by 414,715 acres of improved farm land, together with the improvements thereon, plus the financial responsibility of the signer of the notes. The average amount loaned per acre in Ohio (improvements included) is $36.20, in Pennsylvania $27.42. The United States Census Report for 1925 gives the average value per acre of farm land in Ohio as $87.57, in Pennsylvania $71.81. Our borrowers have made semiannual payments of principal, the aggregate of whcih approximates 5% of the amounts originally loaned. These payments (close to $700,000) are reflected in a corresponding increase in the equity of the security back of our bonds. The $13,922,000 of loans shown in the balancc sheet are secured in the aggregate by over $40,000,000 of farm property, based upon the reports of independent Federal Appraisers. This would indicate that our loans have close to 300% of appraised value back of them as security. Every loan deposited with the United States Government as collateral for our bonds, carries not only the approval and recommendation of a Federal Appraiser, but that of the Farm Loan Board and the Executive Committee of this Bank as well. Out of over 4,100 loans submitted since organization to the Farm Loan Board to be approved for collateral, we have in our files but six that have not met the rigid requirements of the Board in every respect, so far as eligibility is concerned. We are endeavoring to adjust htese in conformity with the Board's requirements. We feel that this record indicates that our loans are made on a most conservative basis an d in strict accordance with hte provisions of the Act and the regulations of the Farm Loan Board. Farm Loan Bonds Outstanding—$13,000,000 Those interested will readily appreciate that the most important item in the Liabilities is the account representing outstanding bonds. These bonds are the direct obligation of this Bank They are in no way guaranteed, either as to principal or interest, by the United States Government under which authority they are issued. The bonds of this Institution are collateraled by 100% of first mortgages on farms in the two States in which we operate; they bear 5% interest; are tax exempt in every respect except inheritance tax; are legal investments for Savings Banks, Commercial Banks, Trust Companies, etc., in practically every State; and compare very favorably with United States bonds in eligibility as collateral. The $13.000.000.00 bonds outstanding have been well sold by a strong syndicate of Bankers and occupy a favored position in all listings of this class of securities. Every $1,000.00 bond has over $3,000.00 of tangible security back of it and should prove a most attractive investment at present market prices. We are emphatic in our assertion that from the standpoint of merit these bonds should command a higher rating today than ever before. Net Worth—(Including Real Estate)—$1,127,372.48. The Net Worth of the Bank was increased in 1928 over $250,000.00, out of which $53,900.00 of dividends were paid in cash. This increase is accounted for by the sale of 1100 shares of new Capital, which produced $137,500.00, the balance being represented by earnings from operation and bond premium. Based upon this showing your Directors were prompted to pay the extra dividend of I% on December 31st, in addition to the regular dividend. The Bank has sufficient Capita 1 and established Surpluses to permit the issuance of another $1,000,000.00 of bonds when needed. We feel that the Net 'Worth accounts are well balanced and that our established business assures the stockholders of an annual gross return in earnings of at least $180,000.00 over a long period of years. This established earning ability should serve to materially increase the potential value of your stock. [VOL. 128. balance in trade with the United States. They may also be attributed to the placing of a considerable volume of Canadian funds in the New York collateral loan market. "Sterling exchange was under pressure during January, with quotations showing a consistently downward trend. The advance in acceptance rates here, which increased the foreign demand for dollar acceptances, may well have been a contributing factor in the decline in sterling. The possibility of any important movement of gold to this country could hardly be regarded with equanimity in the London market. Since the end of last August the Bank of England has lost about $115,000,000 gold. About a third of this amount was shipped to the United States, and most of the remainder to France and Germany. "In the past two months net imports of gold into the United States have amounted to about $70,000,000, but in that same time approximately $80,000,000 of gold has been added to the amount earmarked. The result of these operations, therefore, has been a loss of about $10,000,000 gold." Survey by George H. Burr & Co. of Changing Conditions in Investment Market—Larger Offerings of Convertible Securities—Offerings of Latter Exceeded $1,000,000,000 in Past Four Years. More than $1,000,000,000 of bonds and preferred stocks carrying the privilege of conversion into common stocks have been offered to investors in the United States during the past four years. Approximately 70% of the total have been in the form of bonds and the balance in preferred stocks, according to George H. Burr & Co. who have Just completed a survey of changing conditions in the investment market in recent years. The survey states: In securities, as in merchandise, those styles achieve the greatest vogue which fulfill the conditions of public demand. During the past few years, there has been a decided trend toward securities of the convertible type. The conditions bringing this about have been many in number. Chief among them, however, has been the desire of the Investor in fixed income securities, such as bonds and preferred stocks, to share in some measure with the common stockholders in the future growth and prosperity of the issuing corporations. Numerous convertible issues have recorded phenomenal gains since originally offered. Brooklyn Union Gas convertible 5Wio debentures, sold originally at 100, were recently quoted at 350. Equitable Office Building convertible 7% preferred advanced from 100 to 250. Public Service of New Jersey convertible 4;6% debentures from 98 to 165; Neisner Brothers 7% convertible preferred from 115 to 205 and the Schiff Co. 7% convertible preferred from 100 to 260. The survey points out that "the prospective purchaser of convertible securities, however, should bear in mind the fact that while their record on the whole is excellent, it does not necessarily follow that all convertible securities are desirable investments. In the final analysis, these securities (aside from the potentialities existent in the conversion feature) must be Judged on their investment merF. W. Blair Re-elected to Board of Governors Repre- its." It is added that the convertible security is by no means a new development in finance, but is one which is senting Joint Stock Land Banks. Frank W. Blair, President of the Union Trust Co. of De- finding increasing favor with the investing public. troit, has been re-elected a member of the Board of Governors representing all the Joint Stock Land banks in the United Cotton Co-operatives Using Improved Marketing States at a meeting held in Washington Feb. 6. Mr. Blair Practices. is President of the Union Joint Stock Land Bank of Detroit. One of the most significant changes in co-operative cotton At the election of officers the Board of Governors elected marketing in recent years is the change of emphasis from Governor A. W. McLean, President of the Atlantic Joint monopoly control to that of rendering the grower-members Stock Land Bank of Raleigh, N. C., President of the Board marketing services through a system of efficient merchanand Mr. Blair First Vice-President. dising, declared J. S. Hatheock, of the Division of Co-operative Marketing, United States Department of Agriculture, Bank of America N. A. Finds Credit Situation and High addressing the Co-operative Marketing School at Humboldt, Interest Rates Without Effect on Economic Situation. Tenn., Feb. 8. During the present cotton marketing season, The credit situation and the relatively high commercial 1928-29, he stated, the cotton co-operatives are handling apInterest rates which it involves have thus far cast no proximately 1,100,000 bales of cotton, or about 8% of the shadow upon economic conditions, according to the review total United States production. "Co-operative cotton marof business by the Bank of America N. A., which notes keting associations," Mr. Rathcock said, "have made realso that the bright prospects for trade and industry indi- markable progress in recent years in the reduction of opercated in year-end reviews have been strengthened during ating costs, including costs of storage, insurance, interest, the past month. Practically all leading industries are and other items. They have made definite progress in the operating at a high rate and report forward contracts in initial problems of developing efficient managerial sersufficient volume to promise a continuance of such satis- vices and working out operating and sales details and techfactory conditions for some months to come, the review nique of pool payments; the establishment of satisfactory adds. It says: credit relations with banks and the building up of sub"The credit situation, and the relatively high commercial interest stantial reserves." rates which it involves have thus far cast no shadow upon economic Last September, the Division of Co-operative Marketing conditions. Whether they have been a factor in reducing future commitments in the building industry it is yet too early to decide. of the United States Department of Agriculture called a Building contracts awarded during the past six weeks have fallen below conference of cotton co-operatives at Memphis, Tenn., to the level of awards made a year ago. Numberous large construction discuss past experiences, the current situation, and, so far projects are being planned, however, and these may offset any decline as possible, future developments in the co-operative marin other types of building." keting of cotton. Discussing the money market, the review states: At this conference the following economic services that "International gold movements attracted more than their usual share of attention during January. Gold shipments to this country from cotton co-operatives can advantageously perform for the Canada are apparently due in large measure to Canada's unfavorable growers were subscribed to: FEB. 16 1929.] FINANCIAL CHRONICLE 1. 1. Grade and staple cotton accurately. (a) Classers licensed and supervised by the Government. 2. Make returns to growers on basis of grade and staple. 3. Sell direct to mills. 4. Provide an efficient selling agency for members using short-time pools. 5. Obtain highest possible average seasonal pool prices through: (a) Use of trained sales force; (b) Sales based on scientific analysis of market conditions. 8. Reduce market risks of individual growers by pooling. 7. Store and insure at minimum rates. 8. Obtain funds for commodity financing at low rates of interest. 9. Stimulate interest in better ginning. 10. Encourage the production of better staple. Mr. Hathcock reported that a comprehensive survey of the cotton co-operatives by the Division of Co-operative Marketing is now in progress as a result of the conference that was held at Memphis. It is anticipated that this survey, which involves a searching analysis of various cotton co-operatives, he said, will throw a new light on the whole co-operative cotton marketing situation and provide information that will assist in more accurately charting the course of the cotton co-operatives in the future. Agricultural Co-operatives in South Making Progress, According to J. E. Wells Jr. of Department of Agriculture—Development of Acceptances by Federal Reserve Bank. Vast improvement in the organization and operation of co-operative marketing associations in the Southern States, as compared with earlier attempts at group action in marketing crops, was reported by J. E. Wells Jr., of the Bureau of Agricultural Economics, United States Department of Agriculture, addressing the Meeting of Southern Agricultural Workers at Houston, Texas, Feb. 6. "The need for permanent farmer organizations with flexible set-ups," Mr. Wells said, "Is becoming more widely appreciated and is being adopted by the most successful associations. Southern growers and farm leaders have become more discriminating and insistent upon helpful services from the marketing associations, and from State and Government educational agencies. Both short-term operating and longer-time storage credit," he said, "have become more readily available for present associations. The development of the use of acceptances by the Federal Reserve Banks and member banks, and of marketing credit through original advances to co-operatives by the Federal Intermediate Credit Banks, have been of the utmost assistance to Southern marketing groups." Mr. Wells reported a steady increase in the proportion of direct-to-mill sales of cotton by the cotton co-operatives. A recent survey showed that direct-to-mill sales with one association increased from 53% of total sales made in 192122 to 92% of total made during 1924-25. The association sells on buyers' call when necessary, as contrasted with earlier efforts to dispose of practically all cotton on sellers' call. The futures market is used, and subsidiary sales corporations have been formed to handle these transactions. Mr. Wells added: "All the cotton associations have made important progress in understanding better the growers' prcblems and service requirements. Several of the associations are successfully operating finance subsidiaries to provide growers with production credit. Supply corporations have been formed for supplying producers with seed, fertilizers and other commodities. Group life insurance is also being provided by one association with apparent appreciation on the part of members. "The inclusion of optional price fixation pools in addition to the seasonal pools, and an annual withdrawal privilege, have been outstanding steps toward making the associations more flexible. These changes have been made to meet growers' economic conditions as they in contrast to some of the original inflexible provisions actually exist, which were included to match situations as one might like them to be. A large percentage of the cotton received the past year by all associations has been placed in short-time rather than seasonal pools." Senate Votes Down Curb on Cotton Futures—Carawa y Plan to Require the Actual Delivery Defeated. Proposals to curtail trading in futures on cotton and exchanges were defeated in the Senate on Feb. 14 grain when a bill sponsored by Senator Caraway of Arkansas was rejected by a vote of 47 to 27. A Washington dispatch Feb. 14, to the New York "Times" from which we quote, say: Eleven Republicans. fifteen Democrats and Senator Shipstead, Labor, supported the bill against twenty-eight Republicans and Farmernineteen Democrats. A similar measure, offered by Representative Vinson of Georgia and passed by the House, was considered unlikely to reach a vote in the Senate. Under the Caraway bill, trading in futures on cotton and grain exchanges would have been prohibited unless the contracts contemplated actual delivery of the commodity. Both buyer and seller would be required to make affidavit of intention to receive grain or cotton. Senator Caraway challenged a statement that the New York Cotton Exchange had eliminated all existing evils. He said the effect of the action was to make it"more advantageous to the man who wants to gamble:I 98 Robert Lehman Elected Member of Governing Committee of New York Stock Exchange. Robert Lehman of Lehman Bros. has been elected a member of the Governing Committee of the Exchange to fill the vacancy caused by the resignation of Edwin A. Seasongood. W. S. Muller Re-Elected President New York Curb Exchange. William S. Muller was unanimously re-elected President of the New York Curb Exchange on Feb. 13. George Scott Whiting was re-elected Vice -President and Mortimer Landsberg Treasurer. Mr. Whiting was also re-appointed Assistant Treasurer. Eugene R. Tappen was re-elected Secretary, while James S. Kenny, Charles E. McGowan, Martin J. Kenna, William B. Byrne and James R. Murphy were appointed Assistant Secretaries. Mr. Muller, who is now serving his second term as President of the New York Curb Exchange, is a charter member and started in the "Street" in 1902, and as a member of the Board of Governors has served on many committees. As chairman of the Committee on Clearing House, which position he held before succeeding David U. Page as President in February, 1926, he fostered the growth of that department from its inception in April, 1923, when there was but twelve stocks on the list. The present number is approximately 475 issues. The total par value of securities traded in on the Curb Exchange to-day is reported as approximately $15,000,000,000 and includes some 2,000 stocks and bonds of which about 600 issues are traded in during the course of a daily session. During Mr. Muller's regime, the price of memberships on the Curb Exchange has more than doubled in value to a record high of $185,000. New York Stock Exchange Firms Plan Sweeping Trade Changes—"Skip Delivery" System and Increase in Minimum Commission Favored. Regarding increased commission charges and a move toward the adoption of a plan, sponsored by the Association of Stock Exchange firms, for a change in the rules of the Stock Exchange so as to permit deliveries of stock two days after the execution of orders, instead of on the succeeding day as at present, the "Herald-Tribune" of Feb. 12 said: Several sweeping changes in trading routine are now being pushed in Wall Street, it developed yesterday. Of greater interest to the general public is the move, rapidly gaining headway and becoming more inclusive, of marking up margin requirements and minimum commissions to be charged in odd-lot transactions. But of paramount interest to Wall Street and its workers is the project to adopt a "skip delivery" system for clearing securities. The raising margin requirements has been going on ever since the present bull market got itself fairly launched in 1924. The requirements of Hornblower & Weeks, one of the largest commission houses in the Street, is typical of the trend. In 1924 the firm required a deposit of 25% of the debt balance. In other words, if a customer bought 100 shares of stock for $10,000 on a deposit of $2,000, his debit balance would be $8,000; his deposit, therefore, is one-fourth of his debit balance, or 25%. In 1926 the minimum was raised to 30% of the debit balance; in 1927 to 35%; last year to 40,7' and on March 1 will be increased again to 50%. 0 Other firms figure their margin requirements in a different way. E. F. Hutton & Co., for instance, has a sliding scale for margins, which requires that stocks under $10 a share be bought for cash only; that stocks between $10 and $20 a share have a 50% margin; stocks between $20 and $40 have a margin of 10 points, and so on up to stocks between $150 and $200 a share, for deals in which a margin of 40 points is required. Fifty per cent is required on stocks between $200 and $300 a share. Forty Per Cent Is Required E. A. Pierce & Co., a large wire house, requires for brokers' wire accounts 35% of the debit balance. For individual customers' accounts a margin of 10 points is demanded on stocks below 30; 12 points between 30 and 34; 14 points between 35 and 3974, and 35% of the market price on 40 and upward. On the following issues, however, the firm demands a margin of 40% of the market price: Allied Chemical, American Can Chrysler, Coty, Electric Auto-Lite, General Electric, General Motors, Goodyear, International Combustion, International Harvester, International Nickel, Packard, etc. Fifty per cent margin is required for, among others, American International, Byers, Case Threshing, du Pont, Kolster, Mexican Seaboard, Montgomery Ward, National Bellas Hess, Radio, Victor Talking, Warner Brothers, Wright Aero and Yellow Truck. Among the firms which have recently adopted a minimum charge of $5 for handling any single item are Post & Flagg, Livingston & Co., Chishoim & Chapman, E. A. Pierce & Co., Harris, Winthrop & Co., Thomson & McKinnon, Hornblower & Weeks, E. F. Hutton & Co., Clark, Childs & Co., Cassatt & Co. and Otis &•Co. The motive prompting the increase in the minimum charge is set forth as follows by E. A. Pierce & Co.: "The result of extensive study and painstaking analysis by several representative houses would indicate that under current conditions the unit cost of effecting security transactions ranges between four and five times our present minimum charge. In our opinion this condition is economically indefensible, and, to the end that needed reform be made effective, so far at least as we are 988 FINANCIAL CHRONICLE concerned, we hereby give notice that on and after the 1st proximo (Feb. 1) our minimum commission charge on security transactions of every description, excepting rights and partial executions of round lot orders, will be $5 per item." "Skip Deliveries" Urged Meetings have been held by brokers in various large cities in the last week to consider adopting similar measures on minimum charges. Such conferences have been held in Cleveland, Chicago, Boston, Philadelphia and other cities. Partners of several Exchange firms met at a dinner last Thursday night and formulated plans for furthering a proposal to have the "skip delivery" system adopted. E. A. Pierce, President of the Association of Stock Exchange Firms, has been fostering the move, and firms are now being solicited to sign a petition on the subject, which will be handed to governors of the Exchange. It is understood that firms are most favorably disposed to the plan and, in practically every case; are signing readily. The petition has not yet been filed with the Exchange, but a spokesman for the Exchange stated yesterday that Governors knew such a petition was being circulated. Petition Gives Plan The petition being circulated sets forth the advantages of the plan as follows: "It would give more time for the preparing of the clearing house sheet, resulting in fewer transactions being cleared ex-clearing house. "It would do away with a large percentage of the fail-to-deliver items, which items largely increase the amount of work to firms which fail to deliver, and also to firms who fail to receive. "It would do away with a great number of buy-in notices due to securities sold by out-of-town firms. "It would allow all the securities going from one house to another to be delivered by one messenger, obviating the necessity of making many deliveries from one house to another during the course of the day. "It would enable firms to arrange for the clearance .of their transactions ahead of time, and to have substitution of stocks in loans prepared in advance, and would permit firms to be able to make fewer substitutions at each lending institution. "It would also give sufficient time to various houses to prepare for their banking arrangements as each firm would know the day ahead how much money they would have to borrow, or how much money they would be paying off on the following day. "It would be of advantage to customers who sell securities as they would have sufficient time to deliver them in time to the firm to make delivery. "It would also allow sufficient time for customers who buy for cash to receive bills and send in their checks covering their purchases without any additional charges for interest. "It would be of advantage to the Stock Clearing Corporation as it would mean that all the daily settlements would be made much earlier in the day than at the present time. "This plan would unquestionably help the odd lot houses very much as the odd-lot business cleared by many firms has become so very large that it is a very serious factor in their clearance day owing to the transfer details and the figuring of odd amounts on such a large number of items. "There is a special advantage to the odd lot houses in having Thursday's transactions cleared on Monday and the double clearance of Friday and Saturday coming on Tuesday. Monday is now a difficult day for the odd lot houses owing both to the double clearance and to the accumulation of orders to be executed on that on the Exchange. "It would be of advantage to the banks and trust companies inasmuch as the substitutions, as previously stated, would be reduced in number and could be made earlier in the day. "It would also be to the advantage of institutions now certifying checks as these checks would be presented earlier in the day for certification and not as in many cases at present sent to the bank well after the official closing time. "It would also be to their advantage inasmuch as there would be less pressure on their transfer agencies to speed up the delivery of stocks in transfer." Another change in the routine now being advocated by member firms is that of allowing a responsible employee to sign stock certificates for the firm. At present this signing can be done only by a partner, who . usually takes no more time for the task than he can avoid. It is said than an employee would check the certificates more carefully and thus lessen errors. It is understood that this proposal is now before Exchange governors. Stock Speculation Enriches "Odd-Lot" Stock Firms $25,000,000 Net Profit Made in Year by One House From Small Income Deals. The following is from the New York "Herald-Tribune" of Feb. 12: Enormous growth of speculation among persons of small income has brought tremendous prosperity to the "odd lot" brokerage firms in Wall Street. One of the largest of these concerns, which executes orders for less than 100 shares, was reliably reported to have made more than $25,000,000 net profit last year. At the present time this firm is handling 500,000 shares a day for a net profit of about one-fourth of a point per share, or $125,000. Stock Exchange member houses handling ordinary business are not suffering. One of the larger brokerage houses yesterday let it be known that last year's profits on commissions alone were in excess of $12,000,000, while total assets have grown to more than $250,000,000, with $100,000,000 in securities in the strong boxes at all times. Because of the pressure of small-lot business 75 of the larger firms yesterday advanced their minimum commission to $5 for each transaction, while brokerage houses generally announced an intention to advance average minimum margin requirements on March 1 from 40% of debit balance, as at present to 50%. "New Eras" of 1896-1903 and 1921-1928 Compared by B. M. Anderson, Jr. of Chase National Bank. In an address before the Connecticut State Bankers' Association at Hartford, Conn., on Feb. 9, Benjamin M. Anderson, Jr., Ph. D., Economist of the Chase National Bank of New York compared the two "new eras" of 18961903 and 1921-1928, declaring that "both periods exhibited an immense increase in bank loans against stock and bond collateral and a great growth in bank holdings of securities, chiefly bonds, with a relative decline in bank holdings of commercial paper, in the first "new era," and an absolute [VOL. 128. decline in the second." He further observes that "both periods are characterized by rapidly rising prices in the stock market," his remarks being summarized as follows: That we live in a "new era," in which the laws of economics are suspended, in which all financial records are broken, and in which an indefinite continuance of the breaking of financial records may be confidently looked forward to, is believed by a good many people. But veterans whose memories go back to the middle '90s remember another "new era," not less remarkable in its financial demonstrations, and a good deal more impressive on the side of the production, transportation and exchange of goods, running from 1896 to 1903, and continuing, after a violent setback, in security prices but not in business in 1903, until the panic of 1907. They also remember the quieter years, in which the breaking of financial records was less frequent, running from 1907 to 1914. Cold and Bank Expansion. Both "new eras" were inaugurated and accompanied by a rapid growth in the monetary gold stock of the country, and by a resultant rapid expansion of bank credit, as shown by the following table: DEPOSITS AND MONETARY GOLD (IN MILLIONS OF DOLLARS). Monetary Cold Stock Beginning of Year. Deposits. 503 1,121 618 122.9 3,009.7 6,738.2 3,728.5 123.9 Year. Monetary Cold Stock Beginning of Year. Year. 1896 _ 1903 Increase P.C.inc. 1921 1928 _ In crease P.C.Inc. Net Demand Deposits and Time of Deposits ReAll Commercial porting MemBanks ber Banks June 30. Nearest June 30. 2,942 4,379 1,437 48.8 29,831.0 43,233.1 13,402.1 44.9 12,979 20,247 7,268 56.0 Uses of Expanding Bank Cred I. Both periods exhibited an immense increase in bank loans against stock and bond collateral and a great growth in bank holdings of securities, chiefly bonds, with a relative decline in bank holdings of commercial paper. in the first "new era" and an absolute decline in the second. Combining stock and bond collateral loans and bank investments in securities, I estimate these to have been about 41% of the total loaas and investments of National banks in 1896 and about 49% in 1903. For the National banks in 1921, the same figure would be 41.9 and for 1928, the figure is 55%. For the reporting member banks of the Federal Reserve System, bank investments in securities and loans against securities were 46.2% of total loans and investments in 1921 and this had risen to 60.3% in 1928. NATIONAL BANKS -TOTAL OF LOANS ON STOCKS AND BOND PLUS INVESTMENTS IN SECURITIES (IN MILLIONS OF DOLLARS). DateDate Oct. 6 1896 1,090.3 June 30 1921 6,724.1 Sept.9 1903 2,438.1 June 30 1928 12,261.1 Increase 1,347.8 Increase 5,537.0 Per cent increase 123.5 Per cent increase 82.3 NATIONALBANKS -COMMERCIAL LOANS(IN MILLIONS OF DOLLARS). DateDate Oct. 6 1896 1,249.5 June 30 1921 9,025.1 Sept.9 1903 2,108.8 June 30 1928 8,745.3 Increase 859.3 Decrease -279.8 Per cent increase 68.7 Per cent decrease The Stock Market. Both periods are characterized by rapidly rising prices in the stock market, the railroad stocks, however, monopolizing interest In the first "new era," whereas the industrial common stocks had the center of the stage in the second "new era." STOCK PRICES. New York "Times" Averages. 50 Combined Stocks 25 Rails and 25 Industrials 25 Industrials 1921 66.2 low 1921 58.6 low 1929 365.9 high 1929 251.5 high Increase_ _ _ _299.7 Incre,ase_ _ _ _192.9 P.C.increase452.7 P.C.increase329.2 Mitchell's Relative Prices of 40 Transportation Stocks 1896 61 low 1902 289 high Increase-- - _228 P.C.increase373.8 RANGE OF PRICES FOR SEATS ON THE NEW YORK STOCK EXCHANGE (IN THOUSANDS OF DOLLARS). 1896 1921 14 low 77.510w 1903 1928 82 high 595.0 high Increase Per cent increase Increase Per cent increase 68 485.7 TABLE OF SHARE SALES (IN 1896 53.40 1901 265.56 1902 188.28 1903 160.80 Increase 1896-1901 212.16 Percentage increase (5 years) -3 97.3 517.5 668.0 MILLIONS OF SHARES), 1921 171.60 1926 449.04 1927 576.96 1928 920.52 Increase 1921-1928 748.92 Percentage increase (7 years)__436.4 Interest Rates and Bond Yields. Both "new eras" were characterized by low interest rates, but, in general: Interest rates went lower in the first period than in the second. This was particularly true of bond yields, the yield on 10 railroad bonds going well below 4% and remaining below 4% on annual averages from 1899 to 1906 inclusive, averaging 3.77% for the year 1902. BOND YIELDS. Average 15 RR. Bonds (Standard Statistics Average). Year1921 1922 1923 1924 4.05 1925 3.90 1926 3.86 1927 4.07 1928 Average 10 RR. Bonds (Mitchell's Average). Year1896 1897 1898 1899 1900 1901 1902 1903 4.54 4.38 4.21 3.96 3.95 3.79 3.77 3.96 Year. 1896 1897 1898 1899 5.82 3.53 3.83 4.12 COMMERCIAL PAPER, 4-6 MONTHS. Year, Year. 1900 1921 4.39 6.53 1901 1922 4.28 4.43 1902 1923 4 92 4.98 1903 5.47 1924 391 Average 15 RR. Bonds (Standard Statistics Average). 5.57 4.85 4.98 4.78 4.67 4.51 4.31 4.34 Year. 1925 1926 1027 1028 4.03 4.24 4.01 4.84 CALL LOANS AT NEW YORK STOCK EXCHANGE. Year. Range, Mee. Year. Range. Avge. Year. Range, Aege. Year. Range. Avge. 1896_1-127 4.21 1900_1-25 2.93 1021_314-9 5.95 1925._ 2-6 4.18 1897_1-514 1.77 1901-_1-75 3.98 1922_2 U-6 4.34 1926_314-6 4.51 1898_ 14-6 2.16 1902__2-35 5.22 1923.-31i-6 4.91 1927_3%-53-6 4.05 1899-1-188 5.04 1903-1-15 3.79 1924-- 2-50( 3.08 1928_30142 8.09 FEB. 16 1929.] FINANCIAL CHRONICLE The Underlying Value-Stream. In the matter of physical volume of production, the old "new era" substantially outstripped the new "new era," the increase for the former being 43% and that of the latter 35%. Measured in dollars rather than in physical volume, however, the percentage increase of production was far greater in the earlier "new era" because commodity prices at wholesale rose rapidly in the first period and have not risen at all in the second. The underlying value-stream, namely production multiplied by prices, increased 83% in the first period and only 35% in the second. PHYSICAL AND PECUNIARY VOLUME OF PRODUCTION, 1896-1903 AND 1921-1928. Index of Physical Index of Pecuniary Volume Volume of ProducWholesale of Production lion Average for Prices Underlying 1894-96=100. 1896=100. Value-Stream. 18941 100 100 1895 100 1896 100.1 121.3 121.4 1897 122.5 104.3 1898 127.8 121.0 112.3 1899 135.9 122.5 120.7 1900 147.9 125.3 111.9 1901 149.0 144.8 126.5 1902 183.2 143.1 128.2 1903 183.5 Index of Index of Pecuniary Volume Physical Volume of Production Wholesale of Production Prices Underlying Year 1919_1921=100. 1921=100. Value-Stream. 19191 1920 100 100 100 1921 1922 109.8 99.1 108.8 1923 121.1 103.1 124.9 1924 119.3 100.5 119.9 1925 124.4 106.0 131.9 1926 128.8 102.5 132.0 1927 129.0 97.7 126.0 1928 134.6 100.1 134.7 Some Differences Between the Two Eras. The first "new era" grew out of a great increase in Lie world's production of gold. The whole world shared in the increase in gold, the United States being in fact somewhat late in beginning to get their share. The second "new era," that beginning in 1921, was due, not to an increase in world gold production, but rather to an abnormal concentration of gold in the United States alone. Gold, though superabundant here, was scarce and dear in the world outside. The first "new era" was thus an era in which there was an actual de• predation of gold, which manifested itself in safely based rising commodity prices. The second "new era," as we have seen, has not been accompanied by rising commodity prices, or by a depreciation of gold. Of course we have had the Federal Reserve System in the second "new era," and Federal Reserve credit, granted at discount rates below the market rates, and placed in the money market through open market purchases of government securities and acceptances, has intensified the influence of the excess gold. Moreover, the legal reserve requirements of the commercial banks undcr the Federal Reserve Act and its amendm6nts have been much lower in the second period than in the first. Further, the ability of the Federal Reserve System to steady the money market during short periods of strain prevented our call money rates from going as high in the autumn and December of 1928 as they went in the autumn and December of 1902, and has greatly narrowed the range of fluctaution in call money rates. We have, finally, in the Federal Reserve System an insurance against currency panics which the old "new era" lacked, though practically the old "new era" escaped this evil until 1907. Again, the first "new era" began at the end of a period during which the world had been moving to the gold standard, and during which there had been intense competition among the different nations of the world for their share of an inadequate gold supply. It was ushered in and accompanied by growing world gold production and by a cPasation in the international scramble for gold.. The present "new era" has already witnessed the beginning of a new international competition for gold, and it sees a world gold production,large to be sure, but still well below the figures from 1907 to 1915. The earliet "new era" witnessed a prosperity, which was shared by all the major elements of American economic life, including very especially agriculture. Agricultural prices rose, farm lands rose, and although agricultural debt increased, the burden of agricultural indebtedness diminished. The present "new era" has seen a great deal of agricultural distress. The present era, to a much greater extent than the old "new era." has been financial rather than industrial or commercial. Brilliant industrial performance there has been. But the underlying value-stream has not increased nearly so much in proportion to the financial superstructure built upon it in the second "new era" as it did in the first. What Follows "New Eras?" "New eras" spend their force and things become humdrum again. We do not, in a growing country like the United States, cease to make the normal increase in volume of production and business activity, but we do cease to break financial records for a while and we have our problems of liquidation and readjustment when we correct our misconceptions, revise our plans, and consolidate our position. The pace slackened after the earlier "new era." The physical volume of production distinctly continued to move upward. The underlying value-stream grew from 1903 to 1910, though it slackened rather distinctly after 1910. But the rate of growth in such things as Stock Exchange prices, volume of share sales, prices of Stock Exchange seats, bank holdings of securities, stock and bond collateral loans, ad even bank deposits, slowed down a great deal, and some of them (notably volume of share sales and prices of Stock Exchange seats) actually declined. The first ''new era" was not ended by the great collapse in stock prices in 1903. Stocks rallied in 1901, and reached new highs In 1906. But the maximum of 1902 was very close to the maximum for the next nine years, and well above the average for any of the next nine years. The following figures exhibit this: RELATIVE PRICES OF 40 TRANSPORTATION STOCKS (MITCHELL'S FIGURES) -AVERAGE ACTUAL PRICES 1890-1896=100. Low High Average 90 November 1896 61 August 289 September_a 1902 222 December 250 260 January 159 1903 Augusta 201 244 December 161 1904 May 192 278 December 220 May 1905 250 294 January 239 May 1906 267 270 January 183 August 1907 204 264 December 150 February 1908 201 307 December 240 1909 February 277 298 January 219 July 1910 254 271 224 June 1911 September 218 989 Indeed, the average for 1902 was not reached again until 1905, and was moderately exceeded by the averages of only three years out of the next nine, namely 1906, 1909 and 1910. It would be a mistake to try to draw any conclusions whatever from this parallel between the events of 25 or 30 years ago and those of to-day, with respect to the timing of future events, or the probable length of life of the present "new era." History repeats itself after a fashion, but with many differences, and, above all, with great variations in the amount of time required for particular phases to recur. It is sufficient for the present to conclude that our own "new era" is not, after all, so very new in principle, that like causes produce like results, that excessive gold and excessive bank reserves generate bank expansion, and that bank expansion running in excess of commercial needs will overflow into capital uses and speculative employments. One further generalization may be ventured, namely: That eras of speculation are fond of developing theories which will justify their speculative activites, and that the theory that a "new era" has come, in which old economic laws are suspended,is as useful as any other for this purpose. Comptroller of Currency Pole Says Scarcity of Trained Executives May Be Reason for Spread of Branch Banking. In an address delivered under the title of "The Demand for Professional Bank Management," Comptroller of the Currency J. W. Pole made the statement that "the scarcity of trained executives-that is to say executives with that degree of managerial ability required by modern conditions-may be one of the underlying reasons for the rapid spread of branch banking aid group or chain banking ideas among bankers and business men in this Country." Comptroller Pole added: "As the business of banking is growing at a more rapid pace than executives are being developed to operate each unit bank as a separate institution, it would seem to be an almost natural and logical outcome that this scarcity of talent will lead to a more centralized form of banking contri !." Comptroller Pole's address was deli‘:.1ed at Columbus, 0., on Feb. 12 before the Ohio Bankers' 1, sociation and his discussion dealt largely with modern banking, the development of fiduciary operations and other phases of banking. Leading up to that portion of his remarks which we have already quoted, Comptroller Pole expressed the view "that the large number of bank failures outside of the metropolitan centers during the past few years is an indication there are more banks than bankers." Wd likewise quote as follows what he had to say: The last two decades have witnessed a remarkable development in the volume and in the variety of the banking business. Demands for financial services unheard of by the last generation are now required to be met by banking institutions. The old simple form of banking in which the banker relied almost entirely upon his personal knowledge of his customers is no longer adequate to meet the present day situation. We need only refer to the history of banking in the State of Ohio for an illustration. In the year ending June 30 1908, there were 990 banks of all classes in operation in this State. These had total aggregate resources of about $952,000,000. Twenty years later, for the year ending June 30, 1928, there were 1,051 banks of all classes but with aggregate resources of $3,377,000,000. Thus while the number of banks in the State of Ohio has remained almost stationary the banking resources are nearly four times as great. This means that the officers of these banks have had nearly four times as much business thrust upon them as they had twenty years ago. Nor do these figures for resources tell the whole story because they do not take into account the tremendous growth of the trust business now in the hands of these banks nor of the investment securities which they buy for sale over their counters. The State of Ohio may be taken as an index of the development of banking throughout the United States, for here are represented every type of banking from those banks situated in the outlying agricultural districts to those in the most congested commercial and industrial centers. Twenty years ia an extremely short time in the history of a State or a nation. The remarkable increase in growth of the banking business within that time can be taken as an indication of the trend toward a future growth in even greater volume. Another twenty years should see the banking resources of this State exceed twelve billion dollars ($12,000,000,000). It takes no gift of prophecy to make this prediction. We are still a very young country and the full force of our economic vitality has yet to be developed. Our population will greatly increase, our cities become larger and larger and our rural population denser than it is today. There will be further expansions and intensifications of industrial activity. Our world commerce, already at imposing figures today, must be regarded as almost in its infancy. The very economic necessity of the situation will bring agriculture up to a higher point of efficiency. And any statement as to the future of transportation and communication must seem extravagant beginning as we are with transportation by air at great speed over vast distances and communication through the air by radio. All of these developments will be reflected in the expansion of banking resources for our banks are the hand maids of progress, supporting, sustaining and serving in an essential capacity every forward economic movement There was a time in this country when almost any person of average intelligence could aspire to become a banker without any special previous training. It may be said that it was the original theory of the law that any group of citizens had a right to form a banking corporation. The old-fashioned banker was primarily a custodian and a lender of money. If he possessed a natural shrewdness of mind and a strong character he was likely to succeed. In the a These dates mark the extremes of the great down-swing in the "Rich Man's local community he was the dominant financial figure. He had opportunities to make money outside of his banking business. He became -130 points, or 45%. Panic" 990 FINANCIAL CHRONICLE financially interested in the local street car company, in the light and power company, in the gas works, in the ice plant and in other such enterprises in which local capital participated. These opportunities are also fast disappearing not only because modern banking requires all of the energy and attention of the banker but also because these local forms of public utilities are fast giving way before the economy and efficiency of great central organizations operating through local branches and there is no local financing. Some banks of this old type still remain in existence but they must be regarded now as survivals of a financial era which has passed. Modern banking is a highly complicated and technical business and it is exemplified primarily by the city banks which have been compelled to meet the varied financial demands of commerce and industry. It is in these commercial centers that the competition in all lines of business is so keen as to compel the utmost economy in operation and the most efficient management control. Out of the experience of these city banks there has developed in the United States a fairly definite opinon in financial circles as to what constitutes sound banking. This standard of bank management has not been theoretically arrived at by any manner of means. It has grown up through hard knocks until finally the best method has been found to meet a given situation. Let us pass briefly in review some of the principal features of modern banking. First let us take the loans and discounts. The old fashioned character loans have almost disappeared. This does not mean that character is not a valuable asset in the transaction. It simply means we are no longer in the pioneer stage of our civilization. We have reached a stable development where the instrumentalities of credit are ample. Great emphasis now is laid upon adequate credit information and analysis. Nothing is left to chance, guess work or favoritism. This credit information is often obtained as a result of the most skillful scientific investigation, involving the study of plants, machinery, cost accounting, estimates of future operations, financial history, personal reports on management, personnel and the like. The bank must be in a position not only to acquire but to comprehend and digest the most technical information and data concerning its customers. In this country where every variety of business operation is caned on by corporations, the bank must be generally familiar with corporate organization and management in the field of production, manufacture, transportation and distribution, for the simple reason that it is to the banks that these corporations must turn for advice and assistance in financing their operations. Commercial banking therefore requires a fundamental knowledge of every process of commerce itself. Now let us look at the business of buying and selling investment securities by banks. This is largely a post war development. It is well known that the Liberty Loan campaigns during the war served to educate the public at large in making small investments in sound securities. The tremendous commercial expansion in this country following the war has been financed in increasing volume through the issuance of investment securities in which the general public is invited to invest. It is natural that the banks should participate in this development because their customers turn to them for advice. The amendment in the McFadden Bank Act of 1927 has added impetus to the movement to make the banks distributors of the best type of investment securities. This means that the modern bank must be equipped with the proper instrumentalities to deal with this new financial development. It imposes a grave responsibility upon the banks which in turn requires them to create the facilities for a comprehensive and accurate knowledge of the various issues of securities which from time to time come upon the market. Not only must they have adequate financial and statistical information with respect to each issue but they must be in a position to interpret this information and to apply it to the particular transaction in hand. Turning now to the fiduciary operations of the modern bank we find a similar growth and development. Within our own time we have seen the banks gradually displace the old type of individual and personal trustee, executor, administrator, guardian and custodian. It has become a function of banking to administer the estates of deceased persons, many of which are of great magnitude. In addition, largely as a post war development, there has been a most remarkable growth in the creation of corporate trusts. For every issue of si curities for Corporate Financing, whether in the form . at' stocks bends, debor tures or notes, a bank is required to perform some ministerial or fiduciary function. The bank has thus become an essential factor in the procedure of corporate finance and must act as trustee of bond and debenture issues and of long term notes, as fiscal agent, as registrar, as transfer agent, as a participant in underwriting syndicates, as depositary under Plans of reorganization, as assignee and receiver, as custodian or trustee for investment trusts—in fact in every fiduciary capacity which may be required by the machinery' of corporation finance. The future of the trust business of banks in the United States would seem to make it one of the most important phase4 of banking business. On the other hand its proper administration makes it absolutely necessary that the bank equip itself with the most advanced facilities for discharging these fiduciary responsibilities and obligations. The impressive growth of trust service in the banking field is illustrated by considering the expansion in recent years of the fiduciary activities of banks in the national banking system. The passage of the Federal Reserve Act made possible the further extension of corporate trust facilities to practically every section of the nation. Since Feb. 25 1915, when the first permit under this law was issued to a national bank, hundreds of banks throughout the United States have availed themselves of this opportunity to render additional service to their communities, until today 2,400 national banks have trust powers, representing 31% of the number and 73% of the capital of all banks in the national banking system During 1928 these banks were administering 63,776 trusts, with individual trust assets aggregating more than $3,000,000,000 and were acting as trustees for bond and note issues totaling close to $8,000,000,000. Compared with the year 1926, these figures represent an increase of 47% in the number of national banks administering trusts: an increase of 145% in the number of trusts being administered: an increase of 257% in the volume if assets of individual trusts, while the bond and note issues outstanding for which these banks are acting as trustees aggregate in amount four times that in 1926. [VOL. 128. About one out of every three national banks has authority to administer trusts, while in the State of Ohio 21% of the number of national banks, representing 65% of all of the capital of the national banks in the State are authorized to act in fiduciary capacities. Since 1926 the number of trusts being administered by these banks in Ohio has increased 52%, while the volume of note and bond issues for which they have been named to act as trustees has doubled. There is another phase of banking which has made remarkable strides within the last few years and that is the savings department The great increase in individual wealth affecting every class of our population has put before the banks of the country a potential opportunity to build up a large savings business. Here again the bank must know how to cultivate habits of thrift in its community and to carry on extensively an intelligent campaign for savings deposits. That this is being done is evidenced by the remarkable increase in the aggregate total in the savings deposits in the country Year by year. Taking the national banks alone, here in the State of Ohio these deposits have grown from $20,700,000 in 1908 to $269,000,000 in 1928, being an increase of over tenfold. There was an even greater increase in the State banks, although I have not the exact figures. For the country at large the ratio of increase is about the same as for the State of Ohio. This brings me back to the subject of this address and that is that banking in the future will be in the hands of professional management. (I am using this term as opposed to amateur management). This applies to banks of all classes, whether city or small town because banking in its essence is the same whether the population served be large or small. The very nature of our economic life which expresses itself through corporate organizations and in mass production will naturally demand of the smaller banks the same standards and type of banking services which have been demonstrated as sound and efficient by the larger city banks. While the need for a higher training is increasingly demanded for making commercial loans upon the proper credit basis it is in the newer fields of banking—the trust business and the securities business—where technical training and specialized experience are emphatically the essential requirements for success. It is in these two fields that there is likely to be the greatest future expansion in banking and those banks will maintain the largest growth which equipt themselves technically to meet this opportunity. It would be worse than useless for a bank to embark upon them with an amateur management. In general it must be said that old-fashioned business practices in banking must give way to scientific methods in the acquisition and the formulation of information, and in the application of the banking policies based thereon, by men who have acquired what might be called a professional knowledge of banking—a technical equipment to deal with method and policy. I have in this address attempted to point out a practical condition which is facing the banking business to which remedial measures must be applied, I have also suggested the type of management personnel that will be necessary whatever form the remedy may take but I have not attempted to go further than that. National City Bank On "Loans for Others"—Important Corporations Which Hold Aloof From Call Loan Market. The fact that some of the larger corporations are not among the lenders in the call loan market is pointed out by the National City Bank of New York in its February Circular reviewing banking and business conditions, which we quote in part as follows: The Broker's Loan Situation The increasing volume of loans at the stock market made by and for account of lenders other than the New York banks, and in yet greater volume for the account of lenders outside of the country and outside the banking business, has been a subject of discussion throughout the past year, and one of growing importance. It is perhaps not strange that at first the popular idea should be that nobody was concerned in the situation but the New York banks, and they only because they were losing deposits and profits; but a credit situation of such magnitude as the call money market has assumed, and of such known instability, is a situation of great general importance. The call money market is supplied with funds by thousands of scattered lenders, who are without contacts either with each other or the borrowers, and upon collateral which, whatever its ultimate value may be, is dependent for price stability upon a stable volume of loans, and there are no reserve resources but such as the New York banks may voluntarily furnish. No great body of credit, payable on demand, is safe without reserves of some kind, and there is room for question as to the degree of unanimity which the New York banks may manifest in an emergency. The Federal Reserve System The Federal Reserve system was established for the purpose of unifying the banking system and of giving leadership and supervision to it in the discharge of its functions in supplying and distributing credit. The intention was to make it strong where the old system was weak, to-wit: in an organized control which would protect the country from the errors and excesses of uninformed and ill-advised credit expansion. The Reserve authorities, however, can perform their functions only through the banking system. Every dollar withdrawn from the administration of the banks and loaned outside of their direction weakens the authority, the policies and the resources of the Reserve system. It tends to throw the administration and distribution of credit back into the state of semi-anarchy which existed before the Reserve system was established. Legislation in matters of this kind is useless without the co-operation of the public. A highly organized people must be capable of selfgovernment, or at least capable of understanding the intent of the laws which they pass for their own government, and be willing to conform to them. The fact that it is accepted and acted upon by some of the country's most important corporations gives evidence that this is not a fanciful or impracticable view. It is gratifying to be able to say that this co-operation si being given, on principle, by a list representing what FEB. 16 1929.] 991 FINANCIAL CHRONICLE their holdings may be called the vary aristocracy of American industry, including the invoked only when banks might wish temporarily to liquidate demand upon their credit facilities. How far from United States Steel Corporation, the American Telephone and Tele- because of increasing practice has carried the acceptance, however, is evidenced graph Company, the General Electric Company, the American Radiator this ideal present proportion of total bills carried by the Reserve banks, and by Company, General Motors Corporation, the National Biscuit Company, by the large the lack of a real market for this type of investment. all of whom we understand have consistently abstained from the call Suggestions for correcting this situation have been numerous and varied, loan market. No doubt there are others, but this list is a host in but in last analysis the matter bolls down to the fact that banks will not itself. It sets an example of sound business policy, considerate of the hold any appreciable volume of acceptances unless they find it profitable general interests. to do so. A comparison of the return yielded by the princiapal form of investment indicates very plainly the reason for the relatively small volume New York Federal Reserve Rank Again Advances of acceptances held by banks. This is shown in the following figures compiled by the American Acceptance Council, giving average daily rates Buying Rates For Bills. for various classes of investments during the first ten months of 1928: Noting action by the Federal Reserve Bank of New York Rate. 4.04 in advancing its buying rate for bankers' bills, the "Sun" Prime 90day bankers'acceptances 5.71 Stock Exchange call loan renewal rate of last night (Feb. 15) said: 4.75 Prime 90 day commercial paper Another chapter was written in money market history when rates on Time money 5.54 collateral -90 day-mixed bankers' bills, which were raised for the third time this year only two days the comparison is less Since the recent advance in acceptance rates, all ago, were advanced % % around again. 1928, but dollar acceptances are -day acceptances at marked than during the greater part of This advance, which placed the asking rate on 90 not yet in a position to compete very actively with other forms of in5%% and the bid rate at WI% was accompanied by changes in rates in average yield on United States Treasury notes of 1929 Boston, Philadelphia and Chicago, and in the buying rates for the Federal vestment. The nearly 5% and these notes offer the additional advantage Reserve banks in all cities except New York. The local Reserve Bank, maturity is now being tax exempt; stock exchange call loans are ruling however, virtually did likewise by taking such offerings as it desired at to corporations of 7% and have recently been much higher; best name commercial 5%. This is an unprecedented situation—a buying rate above the around for 4 to 6 months. Prime 90 day bankers' discount rate. The local Bank. however, adjusts its rate to suit each paper is quoted at 5% to 5%% acceptances, however, stand at 5%% bid. 5% asked. individual transaction—in other words it follows the market. An attempt to secure a wider distribution of acceptances through further While the acceptance market was being further demoralized, the effect rate advances would obviously defeat its own ends. of the Reserve policy of letting bill holdings run off and of sales of Gov- and more pronounced all probability serve to shift customers' requirements ernment securities hit the call money market hard. Banks were forced to Not only-would It in of financing, but unquestionably would also drive a call $65,000,000 to adjust reserves. This caused the money rate to go from to some other method very considerable amount of this business to London and continental 63% to 7%,to 8%,9%.and finally to 10%. centers, where interest charges are lower. London With acceptances now quoted far above the discount rate, more talk was European financial bankers' acceptances have recently ruled at 45-16% heard of the possibility of a change, but it was again pointed out on high market rates on 90 day offered around 3% in London. authority that the rates on bills is not a guide to discount rate changes and short-term money has been Fewer Sterling Bills. under present abnormal circumstances. Bill dealers to -day explained the further advance as another effort to The volume of sterling acceptances outstanding before the war has been move bills, which are coming on the market faster than they can be ab- estimated at about £325,000,000 or approximately $1,560.000.000. It is sorbed. They intimated that rates would continue to rise until the market generally believed that the total of sterling bills, outstanding has been found a natural level. reduced since that time to about £250,000,000 or about 51.200.000.000. -day This reduction Is attributed in large measure to the increasing volume of One dealer was not even satisfied with the 5%% asking rate on 90 bills and boosted his offering rate to 5j%, while bidding 5%% for that trade financed through dollar acceptances, although it has also been due maturity. in part to the larger amount of British treasury bills which are now comThe buying rate of the New York Federal Reserve Bank peting for investment funds. rapid growth in the use of the bankers' acceptance In this country for bills was yesterday (Feb. 15) raised an average of %%, Is The by the following table. This gives estimates of the totals of shown 3%, and 91 acceptances outstanding at the close of each year from 1919 to date: 1 to 45 days, 5%; 46 to 90 days, 53/ as follows: days to 180 days, 5%%. The Boston, Philadelphia and Chicago Reserve Banks similarly increased their bill rates. Bankers Acceptances. (in million dollars) Dec. 31 1919 51.000 1.000 Dec. 31 1920 600 Action Toward Broad Broadening American Accept- Dec. 31 1921 600 Dec. 31 1922 by Bank of America, N. A. ance Market Urged 650 Dec. 31 1923 The necessity of immediate action to broaden the American Dec. 31 1924 821 774 present Dec. 31 1925 acceptance market raising the market from its 755 dependent position as an adjunct of Federal Reserve opera- Dec. 31 1926 1,081 Dec. 31 1927 by The Bank of America N.A.in its February Dec. 31 1928 tions, is urged 1,284 review of business and credit conditions. Among the The total amount of dollar bills outstanding on Dec. 31 1916 has been represents an of 1928 total at benefits to be accomplished through such a step, the bank estimated as $250,000,000. The the 1916the end As the later decline in total. increase of more than 400% over foresees a fuller realization of the advantages already evident volume proved, the expansion in total acceptances outstanding in 1919 and from the efforts to develop the market, such as reduction 1920 was to a large extent due to the inflation in commodity prices and to classes of goods extent to the in the credit strain place upon the money market through some being carried. fact that fairly heavy stocks of most 1928 represents Consequently, the figure for Dec. 31 were crop moving and seasonal trade demands; the distribution an even greater increase since 1920 than Is indicated by a superf cial comof credit from large financial centers to outlying districts; a parison. favorable method of financing foreign trade transactions, Regarding Meetings This Week of at the same time eliminating the risks of exchange; and the No Announcements Directors of Federal Reserve Bank of New York— creation of a market for dollar exchange abroad and the Directors In Telephonic communication With broadening of the foreign contacts of American banks. The Washington. bank in its discussion says: Nothing whatever has been revealed by the Federal The problem of making the acceptance a profitable investment for banks, without raising the discount rate to a prohibitive rate, has been Reserve Bank of New York relative to the discussions at the discussed for many years. Recently, however, the problem has become on Monday, Feb. 11, or the so acute that some plan appears to be imperatively necessary. Several special meeting of its directors proposals have received serious consideration on the part of bankers,and a regular weekly directors meeting on Thursday, Feb. 14. move is now on foot to bring the matter before the proper authorities in a The latter, which was an unusually long one, almost 43. formal manner. All proposals that have been seriously considered to date as seem to require legislation, and, therefore, a considerable period of time hours—was expected to bring forth some announcement would elapse before any of these plans could be put into action. It is to the credit situation, but as on Feb. 11, Deputy Governor believed, however, that banks would voluntarily contribute to the support Bank, at the conclusion of the meeting on of the acceptance market If they were to see some permanent remedy in sight. Kenzel, of the The necessity of arriving at some plan for correcting the present situation Feb. 14 at 6:50 p. m. stated that there was no announceis becoming daily more patent. The value of our foreign trade is steadily ment to make. The directors had been in session from 230 climbing to new high levels and an increasingly large volume of acceptances last beyond an hour, and the will be needed to finance it. As time goes on. there will be some lessening p. m.; the meetings rarely of competition now felt by these bills in the investment market, by the customary time for making announcements to the press is gradual reduction in the volume of Treasury notes outstanding. Demand about 3:30 p. m. Regarding the protracted meeting on Feb. for stock exchange loans moreover cannot always eqatinue as urgent as at "Journal of present, nor will the rates paid for collateral loans always hold to their 14, we quote the following from the New York present high level. These factors will doubtless In thee have a favorable Commerce" of yesterday (Feb. 15): influence upon the acceptance business. The present situation, however, is one that seems to call for a more immediate cure. The bank also says in part: With about two-thirds of the total of $1,284,000,000 acceptances outstanding held by the Federal Reserve Banks or their foreign correspondents, and holdings of such bills by accepting banks averaging only about $25.000,000, the position of the acceptance business in this country resembles that of an industry whose development has been largely dependent upon a high protective tariff. The Reserve banks have hitherto borne the burden of this growth In the use of acceptances, but there is obviously a limit to the extent to which central banking credit can continue to be so employed. When the use of bankers acceptances was first initiated in the United States, 14 years ago, they were intended to be a short time liquid investment, which would move freely at stable rates in a broad market, act as a cushion of credit in the portfolios of banks, and be a form of secondary reserve. It was intended that the acceptance market should have the packing of Federal Reserve credit, just as the commercial paper and United States Government securities markets have it, but that this aid should be A late meeting is generally held to be due to the inability of the directors to make their decisions coincide. Since no such message on rates had been given out during the meeting yesterday (Feb. 14) it was generally understood that the discussion was confined to the discount rate, and that it was on this issue that they c uld not agree. Governor George L. Harrison, on leaving the building after the meeting was over, declared to those who attempted to interview him that there was absolutely nothing that he could say. This was his reply to the question of whether or not the rate had been discussed. During the week several informed bankers had predicted that the rate would be advanced at yesterday's meeting. Some of the directors, especially business men on the Board, are believed to have been advocating advancing the rate for several weeks. Those who oppose changing the rate declare that it would interfere with business and also would draw more gold to the United States, injuring British bank reserves and inflating credit here. Advocates of a rate change declare that it is necessary to check the advance of loans to brokers, which, according to the published figures, exceed $6,000.000.000. 992 FINANCIAL CHRONICLE [VOL. 128. Apparent further confirmation was given the view that the rediscount Reports that the Minneapolis Federal Reserve Bank was taking action rate was the subject of the unprecedently lengthy discussions of the Board to compel member banks to withdraw loans made in the call money market of the Federal Reserve Bank of New York by the fact that the Federal of Wall Street were denied by William B. (leery. Governor of the MinReserve Board in Washington continued in session throughout this period neapolis bank, when shown a dispatch from New York to the effect that and adjourned simultaneously with the close of the session here. The two the Minneapolis, Dallas and Kansas City banks were taking such action groups were in direct communication by telephone with each other. in an attempt to carry out the Federal Reserve policy against speculative The same paper had the following to say in its issue of loans. "This is the first that I have heard of it," Mr.(leery said when a New Feb. 12 regarding the meeting on Feb. 11: York dispatch was shown to him. "I cannot speak for the Dallas and The directors of the Federal Reserve Bank of New York met at 2 P. m., Kansas City banks, but no such steps have been taken by this bank. There and at 3:30 p. as. it was announced that no statement was to be made. has been no abuse of the rediscount privilege in the Ninth Federal Reserve Previously, reports had circulated that Secretary Mellon would also make a District. statement on the credit situation, but Washington dispatches said that he Banks in this district which have made call loans in the Eastern market also had nothing to say at the appointed time. These developments led made the loans with surplus funds and were not borrowers from this bank. to a widespread impression in the financial district that arrangements Banks which are borrowers from the Federal Reserve Bank in this district bad been made for the issue of statements here and in Washington, and have no money loaned on call. No steps have been taken here to compel something unexpected had happened to change the plans. The Passage by withdrawal by member banks of the loans made on call." the Senate of an investigation resolution was regarded as a possible factor. The meeting scheduled for Feb. 11 was referred to in these columns Feb. 9, page 825. San Francisco Federal Reserve Bank Conference. Under date of Feb. 14 the "Wall Street News" reports the following from San Francisco: Directors of the five branches, Spokane, Seattle, Portland, Salt Lake Quarterly Meeting in Washington of Federal *Advisory City and Los Angeles, of the Federal Reserve Bank of San Council—Indorses Reserve Board's Action to Curb directors of the head office, met in regular stated conference Francisco with here yesterday Speculative Loans. and will probably continue in session until noon to-day. The conference, which was arranged early in January, was not called for Following the quarterly meeting in Washington on Feb. any special purpose, but is a regular conference held for exchange of views 14 of the Federal Advisory Council of the Federal Reserve and information in order to promote better understanding of conditions in System the Council was in conference yesterday (Feb. 15) the district and increased efficiency of operation of the Federal Reserve with the Federal Reserve Board. A statement was issued Bank_of Sanffrancisco. by the council yesterday approving last week's action of the board to curb speculative loans. This statement of the Senate Adopts Heflin Resolution Calling Upon Federal Reserve Board for Information Helpful in Enacting LegisCouncil which is said to have been adopted by it on Feb. 14, lation to Curb Speculative Loans. is as follows: The Federal Advisory Council approves the action of the Federal Reserve In an amended form the U. S. Senate adopted on Feb. 11 Board in instructing the Federal Reserve banks to prevent, as far as possible the diversion of Federal Reserve funds for the purpose of carrying loans the resolution introduced on Feb. 8 by Senator Heflin requestbased on securities. ing the Federal Reserve Board to supply the Senate with inThe Federal Advisory Council suggests that all the member banks in formation which would be helpful in preventing "illegitimate each District be asked directly by the Federal Reserve Bank of the District to co-operate in order to attain the end desired. The Council believes and harmful speculation." As originally introduced Senator beneficial results can be obtained in this manner. Heflin's resolution also asked the Reserve Board for its reason According to the "Evening Post" of Feb. 14 those in for the last increase in the rediscount rate. On Feb. 11 in pressattendance at the meeting of the Federal Advisory Council ing his modified resolution for adoption by the Senate, Senator Heflin said: were: John Poole, President. the Federal American Bank, Washington; W. C. • Potter. President, the Guaranty Trust Co., New York; J. P. Butler, Jr., President, the Canal Bank & Trust Co., New Orleans; A. M. Heard, Minneapolis; L. L. Rue, Philadelphia; Harris Creech, Cleveland; P. W. Wetmore, Chicago; W. W. Smith, St. Louis; T. Wold, Minneapolis; P.W. Goebel, Kansas City; A. McKinney, Dallas, and L. F. Lipman, San Francisco. When previously submitted it contained a provision asking the Federal Reserve Board its reason for increasing discount rate. The Senator from Virginia [Mr. Glass] who objected to the resolution on Saturday, came over and talked to me about it, and stated that if I struck out that part of the resolution and framed it as now modified, he would have no objection to it. As agreed to by the Senate on February 11 the resolution As noted in another item in the current issue of our paper reads as follows: the meeting of the Advisory Council was held coincident WHEREAS in press dispatches recently, the Federal Reserve Board with the protracted meeting of the directors of the Federal has complained that money is being drawn from the channels of business and used for speculative purposes, and that some of said Reserve Bank of New York, on Feb. 14. speculation is illegitimate and harmful: Therefor be it Resolved, That the Federal Reserve Board is hereby requested to give to the Senate any information and suggestions that it feels would be helpful in securing legislation necessary to correct the evil complained of and prevent illegitimate and harmful speculation. U. S. Treasury Officials Doubt Legislation Would Curb Speculation. From the "Wall Street News" of Feb. 15 we quote the The following is the resolution as originally introduced by following from Washington Feb. 14: Senator Heflin: Legislation which might be passed by Congress would not curb speculation, in the opinion of high treasury officials, it was learned here today. Speculation is largely for some constructive purpose, and in the interest of the promotion of industry. In the opinion of these officials any legislation which might be passed to curb the marginal speculation would be disastrous to business as a whole. Such measures as have been proposed to curb activities on the exchanges would interfere with the establishment of values and would be more harmful to the producers of these commodities than it would be to the speculators. Speculation has caused some withdrawals from the banks in savings accounts and others, but has been used mostly, statistics show, for outright purchases, and not for marginal Speculation. It was also pointed out that the Federal Reserve Board cannot control call money, as this money is not being loaned by the banks, but is being furnished by large corporations and individuals who are desirous of taking advantage of the high rates. It was emphasized that the present speculative market is an actual result of the increase in values of various securities over a period of years. The rise in these securities has created a demand for stocks which caused their rise in value and nothing that Congress could do would remedy this situation, and in fact, it was said, it would have a contrary effect. Whereas, in press dispatches recently the Federal Reserve Board has complained that money is being drawn from channels of business and used for speculative purposes and that some of said speculation is illegitimate and harmful, and Whereas, said Federal Reserve Board in its efforts to correct what it regards as an evil in this matter, has increased the rediscount rate, Therefore be it Resolved, That the Federal Reserve Board is hereby requested to give to the Senate its reason for increasing the rediscount rate and to give any other information and suggestions that it feels would be helpful in securing legislation necessary to correct the evil complained of and prevent illegitimate and harmful speculation. In referring to the introduction of Mr. Heflin's resolution Washington accounts Feb. 8 to the New York "Times" said: Whatever the fate of the Heflin resolution, it was learned today that the Senate Banking Committee, through a subcommittee, is likely to make an independent inquiry into the speculative loan problem some time during the Summer. Mr. Heflin indicated that recent activities in the market probably would be discussed at length in the Senate in the near future. It was said that the subject probably would be brought up by Senator Brookhart of Iowa, among others. In discussing his resolution of inquiry, Senator Heflin said that he was not in any way opposed to legitimate activity in New York and other money centres, but that he was opposed to "gambling" with huge amounts of money that could more usefully be employed for industry and business. Report Regarding Brokers' Loan Ban by Minneapolis, Dallas and Kansas City Federal Reserve Banks. The New York "Journal of Commerce" on Feb. 11 that "the Federal Reserve banks of three districts have already taken steps to compel member banks in those districts to withdraw loans made on call in the New York market if The fact that Senator Heflin's resolution was similar to they wish to make active use of their rediscount privileges, one sponsored by Senator La Follette of Wisconsin, which it is learned here in informed quarters" The report in the had been on the calendar of the Senate since May 12 1928, was paper quoted went on to say: noted by Senator Glass in the Senate on Feb. 9, the "HeraldThese districts are Minneapolis, Dallas and Kansas City. It is underTribune" dispatch from Washington Feb. 9 reporting this as stood further that the other Federal Reserve banks will adopt a similar policy as the first attempt to carry out the drive against speculative loans follows: which the Federal Reserve Board originated last Thursday. A Minneapolis despatch Feb. 13 to the "Wall Street News" contained the following regarding the report: Senators Heflin and Glass have long had more or less of a feud over Federal Reserve matters, due to past attacks by Senator Heflin on the workings of the system which Senator Glass has defended. When Senator Heflin to-day sought to have his resolution, asking FEB. 16 1929.] FINANCIAL CHRONICLE the Federal Reserve Board why it raised the rediscount rate and what legislative suggestions or recommendations it had to offer to cure the speculative loan situation brought up, Senator Glass asked if the Alabama Senator knew the rediscount rate had not been raised since last July. Senator Heflin said he had learned that yesterday. La Follette Resolutions Senator Glass also wanted to know if Senator Heflin was aware there was pending on the calendar a resolution by Senator La Follette on Federal Reserve and speculative loan matters which was reported last May from the Banking and Currency Committee of the Senate, Senator Glass suggested the Heflin resolution was merely "a paraphrase" of the La Follette resolution. He thought courtesy to the Wisconsin Senator, who is absent, would require that the La Follette resolution be first considered. Senator Heflin said he was not familiar with the La Follette resolution, but that his own "deals with the worst gambling scheme" in the history of the country that he was simply asking the reserve board for information as to what it had done and for suggestions as to legislation. In addressing the Senate during the debate on the Heflin resolution on Feb. 11 Senator Glass further alluded to the La Follette resolution as follows: I may say that no law is required to enable the Federal Reserve Board to preserve its facilities from that sort of transaction [speculative]. It may do it under existing law. I have pounded and pounded the Board for three years to have them do it. They may do it, and conscious of the fact, and only because conscious of the fact, they issued their declaration of three days ago, doing just exactly what would have been expressed as the sense of the Senate as to what ought to have been done if the La Follette resolution had been adopted last May. Yet every time that resolution was reached upon the calendar it encountered an objection here. We would hear several say "Over" and the resolution did go over. In this belated way, a year after the resolution was favorably reported from the Banking and Currency Committee, the Federal Reserve Board does precisely what that resolution would have asked them to do, but they have done it too late. If the Board had shown the vision and the firmness and the courage that it ought to have had, and ought to have exercised, we would never have gone to this startling peak of $6,000,000,000 of loans to stock brokers. In its account of the adoption of the Heflin resolution the Washington dispatch Feb. 11 to the "Times" said: The Heflin resolution was adopted without a roll call after a debate in which Senators Glass, Thomas of Oklahoma, King, Brookhart, Heflin and others too part. "Stock gambling" was roundly denounced, and the hope expressed that ways could be found to check it. • • • Rediscount Request is Dropped The resolution, as adopted, left out a clause asking the Federal Reserve Board its reason for increasing the rediscount rate. The Senate did not act on the La Follette resolution which asked the Board to admonish member banks against speculative loans. Senator Glass, former Secretary of the Treasury, said the Heflin resolution could do no harm. "I venture to doubt whether it will do a great deal of good," Senator Glass said, "for the reason that the Federal Reserve Board is not charged by law with the supervision of stock exchange activities. except as speculative activities may relate themselves to the facilities of the Federal Reserve banks." Senator Glass called attention to the "practice" of great corporations of "throwing their surplus funds into the vortex of spot speculation, instead of distributing them among their stockholders in the nature of dividends." Says Banks _Tuggle Deposits He said individuals are doing the same thing, and that member banks of the system have "manipulated their deposit accounts so as to transfer from the demand deposit account, requiring a reserve of 7% to the time deposit account, requiring a reserve of only 3%, transferring from one to the other, and thereby releasing enormous funds of the bank to be thrown into the maelstrom of stock speculation. "To show how uttsrly unwilling some banks are to desist from this practice," Senator Glass continued, "when I presented a bill here last week to restore the reserve behind time deposits to the figure which obtained in the original set-up of the Federal Reserve System, banks all over the country began to write me letters of protest. That alone would withhold from these speculative activities at least $300,000,000; but the banks are not willing to some of desist." Budget Director is Criticized Senator Glass criticized the appearance in the budget statement transmitted to Congress by President Coolidge last December of an item of $2,700,000 for administration of the Reserve banking system, saying he could not comprehend how the Director of the Budget could have reported an item of that description to the President. He declared he supposed it was "to impress Congress with the fact that the Government is engaged in enormous expenditures, and that economy was very essential." When told by Senator Overman that the item is not in any of the appropriation bills, Senator Glass continued: "Oh, no. It was just in the budget estimate transmitted to the Congress by the President, and how the Director of the Budget could have made any such mistake is beyond my comprehension. Of course, the President is not to be censured for transmitting it. He does not know; but the Director of the Budget ought to have known. "Unless some man be wise enough and have wit enough to give a statutory definition of 'investments' as distinguished from 'stock gambling,"" Mr. Glass added, "I do not see how we are to curb these gambling activities. That ought to be done. Denounces "Gambling" in Stocks. "If one invests $10,000, for example, in General Motors, with a view of investment, with a view of deriving from the stock the dividends a prosperous company is supposed to pay annually, that is an invest- 993 ment; but if that person buys $10,000 of General Motors, or any other stock, this hour, with a view of selling the same stock even before delivery physically can be made, the next hour, or with a view to anticipating the future of tomorrow or the next day thereafter, that is nothing in the world but pure gambling—just as much gambling as if Senators were to sit at a roulette table and bet on the point of the arrow. "I have often pointed to the absurdity of States and communities and the nation enacting laws making it a criminal offense for a company of gentlemen to sit around the table and wager at poker, or to go to a race track and bet on a race, and then legalize a system of pure gambling that menaces the entire commercial and financial fabric of the nation. It is an absurdity, and there ought to be some statutory definition made of investment as contradistinguished from pure gambling, and laws should be enacted to put these people out of business. "There is not a thing in the world constructive in their operation. It is a matching of the gambling wit against gambling wit. They do not produce a thing on earth that contributes either to the happiness or to the prosperity of legitimate business." Comparison to Poker Drawn. Senator Edge asked: "Does not the Senator put the old-fashioned game of poker in rather a preferred class in comparison with the operations on the Stock Exchange, in the illustration he has just given?" "I may say to the Senator that I do not lmow anything about poker," Senator Glass replied, "and I do not know anything about stock gambling. I keep out of both operations." "At least it could be said for poker, that people bet their own money," Senator Caraway suggested. "But in stock transactions they are gambling in other people's wealth." "They sell things they do not possess, and they buy things they never expect to get," Senator Glass said. "And break people who are not concerned in their gambling," Senator Caraway added. "And thereby disturb the whole commercial fabric of this country," Senator Glass said, "and it ought to be stopped." Asserting that the Reserve Board has acted too late, Mr. Glass added: "If the Board had shown the vision and the firmness and the courage that it ought to have and ought to exercise, we would never have gone to this startling peak of $6,000,000,000 of loans to stock brokers. Heflin Explains His Purpose. Senator Heflin explained that he is not trying to prevent the owners of real shares of stocks and bonds from selling them. "That is legitimate business," he said. "But I am opposed to the sale in unlimited quantities of imaginary shares, fictitious values and watered stocks." Mr. Heflin declared that "Wall Street has become the most notorious gambling centre in the universe," and is "the hot-bed and breeding place of the worst form of gambling that ever cursed the country." The Louisiana State lottery "slew its hundreds," he continued, "but the New York State gambling Exchanges slay their hundreds of thousands." He pictured the "gambling monster" as destroying American homes and individuals. "The government," he added, "owes it to itself and to its people to put an end to this monstrous evil." Deplores Reserve Board Salaries. Senator Thomas of Oklahoma described to the Senate the "changing conditions of corporate financing in the United States, in which companies are turning to stocks instead of bonds for their financing," and deplored the salaries paid to members of the Reserve Board. He characterized the Board as "more important" than the Supreme Court by virtue of its great powers over money. Membership on the Board "is only a stepping stone to some other position," Senator Thomas said. The law forbids any member of the Board from going with a bank until two years after his retirement, Senator Glass pointed out "I call the attention of the Senator from Virginia to the fact," Mr. Thomas responded, "that within the past 30 days a member of that Board, the Comptroller of the Currency, Mr. McIntosh, resigned, and if press reports are true and published announcement are true, Mr. McIntosh is today a member of a brokerage firm in New York City." Senator Thomas declared that membership on the Reserve Board should be "the end of a financial career rather than a stepping stone to a financial career." Criticizes Foreign Loans Declaring that newspaper accounts show that $5,000,000,000 has been withdrawn from "productive purposes" and used for "speculative purposes," while some $14,000,000,000 has been lent abroad by American financiers Oklahoma Senator continued: "It occurs to me that if it is a bad policy to permit a banking institution to loan $5,000,000,000 here at home for speculative purposes, it is many times worse to permit $14,000,000,000 of America's money and credit to be loaned to foreign countries. This matter cannot be reached by the resolution proposed by the Senator from Alabama." "I think the Senator will find that almost half of the $5,000,000,000 referred to comprises loans made by others than banks, including corporations and private indviduals," Senator Barkley interjected. If $5,000,000,000 has been lent, he added, it is "difficult to say what is purely speculative, and what is not." "If a man goes into a bank with a perfectly good security and asks to borrow ten or twenty thousand dollars upon it," Senator Barkley continued, "I doubt whether the Federal Reserve System has the right to say to that bank that they must inquire what the man is going to do with the money before they allow him to borrow . • it." Edge Points to Interest Rates Senator Edge of New Jersey, said that so long as call money IS averaging from 6 to 9 or 10%, individuals all over the country who happen to have money will take advantage of such a high rate of interest. The present procedure in which banks can borrow money from the Federal Reserve System, lend it on call and make a substantial profit is a matter, Senator Thomas declared, which the Reserve Board should take under consideraton. "If it is true," he added, "that $5,000,000,000 is now being loaned for speculative purposes, that is more money than there is in circulation. 994 FINANCIAL CHRONICLE "I wish to call attention also to the fact that at the present time the financial structure of America is undergoing a radical change. In former years, when companies and institutions desired to finance a proposition, they issued bonds and sold those bonds and raised the money to finance their institution. That time, however, has largely passed. Today, companies are not floating bonds; they are issuing stocks. In place of constructing buildings with bond issues, as was done formerly, today institutions desiring to construct a building, in place of issuing bonds, issue stock and sell that stock to the public. "Great companies heretofore with large bonded indebtedness and with preferred stock issues are retiring their preferred stock and retiring their bonds by the issuance of common stock without any special par value. So I say, today it is important to know and understand the transition in the financial structure of the country." An item regarding the introduction of Senator Heflin's resolution appeared in our issue of Feb. 9, page 824. The Federal Reserve Board's warning against speculative loans appeared in the same issue page 822. [VOL. 128. than Montagu Norman, prior to and concerning the public statement issued by the Federal Reserve Board on Feb. 7, 1929 and what was said at such conferences, if any? It was stated in a despatch from Washington Feb. 11 to the "Times" that Representative McFadden has addressed a communication to Governor Young of the Federal Reserve Board asking whether the latter cared to reply to the queries in the Black resolution. We quote as follows from the dispatch: House Inquiry is Planned. In the House (Feb. 11) Chairman McFadden of the Banking and Currency Committee revealed that before the Federal Reserve Board had issued its warning on speculation on Feb. 6, his Committee had laid the ground work for an investigation of operations of the Board, with special reference to its increases in rediscount rates designed to check brokers' loans. Representative McFadden said he will introduce a resolution before March 4 for such an inquiry. A resolution was introduced today by Representative Brand of Georgia, calling for an investigation of loans "made by certain Federal Reserve banks," and proposing that the inquiry be conducted by members of the present Banking and Currency Committee who have have been elected to the next Congress. Th Senate Banking and Currency Committee, on its own account, has under advisement a proposal by some of its members for an inquiry. Chairman McFadden also announced today that he had sent a letter to Roy A. Young, Governor of the Federal Reserve Board, asking if the Board cared to reply to questions contained in a resolution by Representative Black of New York, on the alleged conferences between Governor Norman of the Bank of England and members of the Board prior to the warning of last week. Mr. McFadden proposes that members re-elected to the new Congress may proceed with their investigation at such times as may be found convenient between adjournment on March 4 and the assembling of the 71st Congress in regular session in December. Representative Black's Resolution Proposing an Inquiry Into Reasons for Issuance of Federal Reserve Board's Warning Against Speculative Loans. As indicated in these columns Feb. 9, page 824, Representative Loring M. Black (Democrat) New York, introduced in the House on Feb. 8 a resolution directing the House Banking and Currency Committee to seek information from the Federal Reserve Board as to the reasons for the issuance of its warning against speculative loans, given in our issue of Feb. 9, page 824. In discussing his resolution on Feb. 8, For Investment Trust Inquiry. Representative Black, according to Washington advices to "There are a number of trends in connection with our banking and the "Times" said: financial system that should be secrutinized by the House Committee "The recent damaging warning as to brokers' loans by the Federal Reserve Board requires Congressional action. The securities markets are protected so closely by rules that quotations reflect present values and future values as definitely as ascertainable. The only element of speculation is in future earnings. The Federal Reserve Board has introduced a new and unhealthy element of speculation, probable public statements by the Federal Reserve Board. Sees Danger to Prosperity. "Such an element is fraught with great danger, not only to securities dealings, but also to the economic progress of the country. This is a great departure from the legislative conception of the Federal Reserve Board as a steadying influence. "If the Board is to exert such an influence on fluctuation in business it could absolutely control the elections in the country by issuing pronouncements timed in accordance with its political predilections. "The credit situation is too delicate for such heavy-handed statements as the Board issued Wednesday. "Its action represents a government thrust at American prosperity. The Committee on Banking and Currency should immediately call the Board before it and clear the air for American business. "This recent action indicates clearly that the investment markets are best handled by the managements of the New York Stock Exchange, the New York Curb Market Association, and the various commodity exchanges, and that governmental agencies should refrain from interference. "When the Board was given its tremendous power over the credit situation, it was hoped that it would afford facilities for a normal flow of money to reenforce the course of trade. It was not anticipated that it would so use its credit power as to accelerate or depress trade securities, which, after all, only represent the trend of all Amrican business." Representative Black's resolution reads as follows: Resolved, That the Committee on Banking and Currency of the House of Representatives is hereby directed to summon before it officers and employes of the Federal Reserve Board and such other persons as the committee deems to have information concerning the causes and conferences leading up to the public warning issued by the Federal Reserve Board on Feb. 6, 1929 against brokers' loans; And the Committee is further directed to make inquiries of such witnesses for the purpose of advising the Congress as to the necessity for legislation to prevent the Board using its power to artificially raise or lower the markets in securities. Representative Black's Resolution Inquiring Whether Conferences Between Federal Reserve Board and Montague Norman of Bank of England Had Any Bearing on Board's Warning Against Speculative Loans—Inquiry into Operatons of Board Proposed by Representative McFadden.. Information as to the conferences a week ago of Governor Montagu Norman with the Federal Reserve Board is sought in a resolution introduced on Feb. 9 by Representative Loring M. Black (Democrat). The following is the text of the resolution: having jurisdiction," Chairman McFadden said. "The matter of loans advanced in the past year or so for purposes of speculation is only one of them. "Among the developments that I think should come within the scope of our inquiry would be the so-called investment trusts that have grown in number and size during the past few years. Also, the ownership of bank shares through holding companies and other forms of corporate organization. Other financing institutions have been brought into being entirely outside of existing banking channels, and these should be made the subject of our inquiries. "The whole trend of consolidation not only of banks, but of industry and the new methods of financing them, should have our attention. All these questions are directly related to banking. It is the duty of the House committee to study them in an effort to ascertain their precise influence on our Banking and Currency system. The inquiry should be undertaken in a spirit of building up instead of tearing down, and it is in that spirit that the committee will approach the problem." Presses Question as to Norman. Representative Black announced today that unless Governor Young made a satisfactory response to the letter addressed to him by Chairman McFadden, asking if he cared to state whether any members of the Board were in conference with Governor Norman, that he would demand immediate action by the House. Mr. Black contended that his resolution was privileged, and that under the rules he could call it up for a vote, in the absence of Committee action, ten days from the date of introduction. The ten-day period will expire on Feb. 17. "I have received a great number of letters and telegrams of protest against the action of the Federal Reserve Board in its fforts to restrict stock market sales," Mr. Black said. "The public demand is for a full explanation of this arbitrary action of the Federal Reserve Board, and Congress will fail in its duty if it does not call the members of the Board before it to give all the circumstances involved. I think that the American people are entitled to know if there have been any co-operative efforts between the Bank of England and the Federal Reserve Board concerning discount rates. "American investors should not be forced by Government action to suffer a depreciation in their securities to build up the gold Reserve of the Bank of England. Great Britain's shortage of gold is due to the increasing attractiveness of American business investments. "The general public has been trying to get a share in the prosperity of the country through stock market purchases, and they should not be deprived of their increment of gain by any altrustic attitude of our Government officials toward other powers. It is highly amfair that certain individuals should be forced by Government pressure to contribute toward the financial stability of a foreign nation." Representative Brand Seeks Investigation of Loans Made By New York and Other Federal Reserve Banks. A resolution introduced in the House on Feb. 11 by Representative Brand (Democrat) of Georgia calls for an investigatinn: by the House Banking and Currency Committee, of loans made by the Federal Reserve Banks of Now York, Chicago and New Orleans since 1925 to brokers Resolved, That the Federal Reserve Board be and is hereby directed and others for speculation in cattle cotton, tobacco, corn, to inform the House of Representatives, if not incompatible with the wheat, &c. public interest, of the following facts: I. Did the Federal Reserve Board confer with Mr. Montagu The "Times" Washington advices Feb. 11 state: Norman, Governor of the Bank of England, during the month of Feb. 1929? 2. Were such conferences, if any, solicited by Montagu Norman or by the Federal Reserve Board? 3. What was the subject matter of such conferences, and what agreement, if any, was entered into by the Federal Reserve Board and Montagu Norman, and what was said at such conference? 4. Were notes made of such conferences and, if so, what were they? 5. Did the Federal Reserve Board confer with any individuals other The Committee would be asked to report on the amount, rates of interest, and discount on loans made by banks to brokers and other persons for the purpose of speculating on cotton, tobacco, corn, wheat, swine and cattle. It also would be authorized to Investigate the effect of the loans and the fluctuations in discount rates on prices. The Committee also would investigate the activities of the Board since Jan. 1 1925, "with a view of determining whether, and in what instances. the policies of such Board have had the meet of decreasing prices olcommodities." FEB. 16 1929.] FINANCIAL CHRONICLE Resolution of Senator Shipstead Seeking Information from Federal Reserve Board Regarding any Understandings with Foreign Central Banks Relative to Changes in Federal Reserve Rates. In a resolution introduced in the Senate on Feb. 12 by Senator Shipstead of Minnesota (Farmer-Laborite) the Federal Reserve Board is asked to report to the Senate any information it may possess as to any agreements or understandings made by any Reserve Bank or officer of a Reserve Bank or of the Federal Reserve Board with the Bank of England, Bank of France, or other foreign bank relative to the raising or lowering of the Federal Reserve Bank rates since Jan. 1 1924. The following is the text of the resolution: than formerly. The action of the market in the past year indicates the confidence that purchasers have in good securities. Why should the Federal Reserve Board seek to disturb this confidence? Does not the purchase of such securities, whether they be stocks or bonds and whether it be on an 80%, 60% or 40% margin, indicate an abiding faith in the growth of industries of this country? Again, why should the Federal Reserve Board seek to disturb this confidence?" Senator Brookhard Declares Federal Reserve Act"Most Colossal Failure In all Legislative History." The Federal Reserve Act was declared to be "the most colossal failure in all legislative history." by Senator Brookhart, in addressing the Senate on Feb. 12, a dispatch to the "Times" on that date, reporting this, and adding: Resolved, (a) That the Federal Reserve Board be respectfully requested to report to the Senate as early as possible any information it may Possess concerning any agreements or understandings, if any, made by any Federal Reserve Bank or any officer of any Federal Reserve Bank or the Federal Reserve Board, with the Bank of England, Bank of France, or any other foreign bank or foreign acceptance corporation relative to the raising or lowering of the Federal Reserve Bank rates since Jan. 1 1924 and report to the Senate the ostensible or admitted reasons gvien, if any, for such agreements or understandings. (b) If such agreements were made and were effectuated, what, in the opinion of the Board, was the resulting effect upon the international shipments of gold. (c) What, in the opinion of the Board, was the resulting effect upon the pyramiding of bank credit and the general credit structure, speculation and the price of stocks and bonds, commodity prices, including agriculture. (d) What information, if any, does the Board possess in regard to the amount of foreign money or credit represented in the call loan report of the New York bank clearings within the last year. Resolved, That the Federal Reserve Board be respectfully requested to give the Senate any other information and such sugestions as, in their opinion, may be helpful to enact legislation for the purpose of stabilizing the international exchange, the domestic price level and the value of the dollar as a medium of exchange. The resolution went over under the rule. ore Prince of Stock Exchange Firm of Theodo ,I i Prince & Co. Criticizes Federal Reserve Board— Says Time Has Not Yet Come When Any One Can Dictate Use of His Neighbor's Money. Attacking the Federal Reserve board on its "futile" attempt to control the flow of credit into the stock market and charging that the Board has no more cause to be aroused over the purchase and sale of stocks than it has over the purchase and sale of real estate, Theodore Prince, head of the New York Stock Exchange firm of Theodore Prince & Company, says it is difficult to understand why the Federal Reserve Board should concern itself in an act of little or no consequence. "The time is still to come," declared Mr. Prince, "when this country by edict or commission has seen fit to dictate what anyone should do with his surplus money. The call rate of New York has been the financial power which will attract to it all the money that is not otherwise put into active use." Mr. Prince adds: "If the Board is to oversee the use of our money and credit, why not make a good job of it and let us have the figures as to the amount of money that is loaned on real estate in proportion to its value, and how much it has risen during the last year, following this out in installment sales, municipal borrowings, etc. For them to regulate the purchase and sale of securities is as futile as for them to regulate the money that any one should loan In and to a business or upon real estate or in the commodity markets. They are all forms of economic enterprise that need money at some state or other. "If the people of this country want to change their money surplus for securities, no power in the world can stop them so long as money is still available at reasonable rates for all commercial needs of the country. Even though money rates would become so high that commercial enterprises would be affected, I do not think that the Federal Reserve Board or any other board could regulate the allocation of credit or money. That depends upon the will of 15,000,000 people and if they make an error, they will have to pay the price, for speedily it brings about its own correction. "The fact that the Federal Reserve Board has made these gestures during the past year and has raised the rate seems to me to indicate that they have no real control over the situation. It is not a situation that lies under their control. Their agitation has simply resulted in the rich man keeping his stocks and the man not so rich selling them to his loss. "Our position to-day financially is infinitely superior to what it was In 1920 and 1921 where with approximately half the gold we had twice the amount of discounts and twice the amount of Federal Reserve notes outstanding with a legal reserve that was down to the minimum. Now our rediscounts have risen about to the point that represents the loss of gold added to the amount of rediscounts that were there before this loss of gold took place. This is perfectly normal. There is no way by which you can lose gold in this country, with conditions remaining the same, without rediscounts rising in approximately the same amount as the loss of gold. "Another fact is the tremendous increase in investnrnt trusts. Are they speculators or investors? How can anyone control the growth of legitimate Investment trusts or, let us say, companies that are formed for the purpose of buying and selling securities? Whether the public buy and sell their own securities or buy into these so-called investment trusts that buy and sell securities makes little difference. The fact is that absorption of stocks in this country are going into hands which are far more stable 995 Senator Brookhart, in a speech, quoted Senator Glass, author of the Federal Reserve act, as saying the law was intended "to cut away the cancer of speculation." Reserve Law Is Assailed. "It is quite evident that the 'cancer of speculation' was to be cut out of American business by the law," Senator Brookhart said. "If it failed in this, it failed in its primary purpose, But what has come of the law's operation. During the past few months stock-gambling loans have run over $6,000.000,000. The cancer is now nine times as large as before the operation. Therefore, upon the question of its primary purpose, as expressed by the authors of the law, the law is the most colossal failure in all legislative hisotry." making The Senator said he had introduced a bill to stop any bank from banks are a speculative loan in the same way that the Federal Reserve such a loan. prohibited from rediscounting "Why should a speculative loan be outlawed in the Reserve Bank for rediscount and at the same time be legalized as an original loan by the member bank_" he asked. "It should be outlawed all along the line. It is preposterous to claim that the Government of the United States or of the various States should be called upon to furnish a banking system to sustain an institution of stock gamblers. "Another bill would prohibit one ordinary bank from paying another ordinary bank for redeposits, and turn this item of Reserve Bank business into the Reserve banks. It would require the Reserve Bank to pay a 2% interest rate. This would increase the volume of Reserve Bank business very greatly. Proposes Slate Bank Measure. "These provisions have been criticized by the statement that they would drive all the business into the State banks. I have anticipated that argument and offered another bill to require the State banks to comply with the same rules or be denied the use of the United States mails and the privileges of interstate commerce. This would put all the banks under the same system of rules. Unless something of the kind is done, we are now headed for the greatest panic in the history of the world. The recent action of the Federal Reserve Board, while in the right direction, is powerless to actually stop this fabulous bubble of stock inflation. Perhaps it has gone too far already to be stopped by anything but a panic. In conclusion I want to ask: "Shall the Congress of the United States remain an impotent onlooker In this ruthless destruction of the prosperity of the great masses of our people." Representative Clarke of New York attacked the board in a speech in the House. "If the Federal Reserve Board can continue to exercise arbitrary power he said, "it is the greatest and influence ups and downs in the market," get-rich body, in possibilities, in the world. duty to intrude in Wall Street, it must also be its "If it is the Board's left a trail of hardduty to stop speculation in Florida real estate that has ships to multitudes, and the boom in Texas real estate and oil.I believe ultra-aristocratic we in Congress have erred in creating too many of these bureaucractics." Senate Adopts Resolution Providing for Winding Up of Affairs of War Finance Corporation. On Feb. 9 the Senate passed a bill amending the War Finance Corporation Act so as to provide for the liquidation of the assets and the winding up of the affairs of the Corporation after April 4, 192b. The following is the text of the bill: Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled. That the War Finance Corporation Act of April 5, 1918, as amended, be, and the same is hereby further amended so that at the close of April 4, 1929, the liquidation of the assets remaining at that time and the winding up of the affairs of the Corporation thereafter shall be transferred to the Secretary of the Treasury, who for such purpose shall have all the powers and duties of the Board of Directors of the Corporation under said Act, as amended. For carrying out the provisions of this Act the Secretary of the Treasury may assign to any officer or officers of the United States in the Treasury Department the exercise and performance, under his general supervision and direction, of any such powers and duties. He shall from time to time pay into the Treasury as miscellaneous receipts any moneys belonging to the Corporation which, in his opinion, are not required for carrying on and completing the liquidation of its remaining assets and the winding up of its affiars, including reasonable provision for the further expenses thereof. Nothing in the said Act, as amended, or this Act, shall be construed to affect any right or privilege accrued, any penalty or liability incurred, any criminal or civil proceeding commenced, or any authority conferred thereunder, except as herein provided in connection with the liquidation of the remaining assets and the winding up of the affairs of the said Corporation, until the Secretary of the Treasury shall find that such liquidation will no longer be advantageous to the United States and that all of its lawful obligations have been met, whereupon he shall iretire any capital stock then outstanding, pay into the Treasury as miscellaneous receipts the unused balance of the moneys belong. ing to the Corporation, and make the final report of the Corporation to the Congress. Thereupon the Corporation shall be deemed to be dissolved. 996 FINANCIAL CHRONICLE B. M. Anderson Jr. of Chase National Bank on Federal Reserve Board's Warning Against Speculative Loans—Says Federal Reserve Authorities Can Control Money Market. Addressing Group 3 of the Pennsylvania Bankers' Association on Feb. 12 on the warning against borrowings by member banks from Federal Reserve Banks for speculative loans, Benjamin M. Anderson Jr., Ph.D., Economist of the Chase National Bank of New York, declared that "the Federal Reserve authorities can control the money market If they will." Dr. Anderson contends that "the rise in the discount rate of the Bank of England has at last freed them [the Federal Reserve authorities] from their concern about British gold, and they have already taken steps toward lessening the dependence of the acceptance market upon the Federal Reserve system, so that they appear today to be a good deal freer to carry their policies through than was the case during 1928." The speaker notes that "the total of brokers' loans 'for account of others' as reported by the Federal Reserve Banks stood last week at $2,621,000,000, while the Stock Exchange reports an additional $939,000,000 in this category, which would run the total up to about $3,600,000,000. This," says Dr. Anderson," is the 'outside money' which the Federal Reserve authorities are supposed to be incapable of controlling. But the actual relief which this $3,600,000,000 of 'outside loans' has given to the heart of the money market, namely, the member bank reserves, is very much less, say 10%, or $360,000,000. If the Federal Reserve authorities should reduce the credit which they extend to the market by half of this amount, say $180,000,000, the resultant effect upon money rates in the stock market would leave no doubt as to who is master of the situation." The Reserve Board's warning was published in these columns Feb. 9, page 822. Dr. Anderson's discussion thereon, before Group 3, on Feb. 12, took place at Allentown, Pa. His remarks, under the title "Some Side Lights on the Money Situation," follow: [VOL. 128. amounts to over $43,000,000,000. We must look to a much smaller figure, namely, the reserves of the member banks of the Federal Reserve system, which stood last week at $2,388,000,000, this figure being the deposits which the member banks of the Federal Reserve system keep with the Federal Reserve banks. Here is the heart of the money market. Indeed, the thing may be narrowed much more. The commercial banks use their funds closely, making new loans and investments when their reserves exceed legal requirements, and calling loans and even selling investments when their reserves are deficient. The real play in the money market is in a figure of $50,000,000, plus or minus, around the required reserves. The power of the Federal Reserve authorities to increase or decrease reserves by fifty to on hundred million dollars through a more or less liberal policy in the matter of rediscounts, whether by discount rates or by other methods, or by a more or less liberal policy in buying or selling Government securities and acceptances, is unquestionably adequate. Filling the Gap in Bank Reserves. The $500,000,000 of gold withdrawn by foreign countries from our bank reserves, and the reserve credit withdrawn by the sale of Government securities during the first half of last year, made a very big gap in the $2,400,000,000 of member bank reserves, which had to be replenished, and which could only be replenished by methods which made rates move upward. The biggest single source was rediscounting by member banks, and the rediscounts stand on Feb. 6 at $852,000,000 as against $459,000,000 on Feb. 8 1928. Banks are properly reluctant to rediscount, and if rediscounting had been the only way in which the gap could be filled, money rates would have moved very much higher than they have moved. But several circumstances have come in to make it unnecessary for the banks to resort to rediscounting on as great a scale as might have been expected. I shall refer to three factors, which either operated to diminish reserve requirements, and to increase reserves, or both. Reduced Money in Circulation. The first was an unexpected decrease in "money in circulation," that is to say, actual American currency outside the Treasury and outside the Federal Reserve banks. This figure stood on the average, $110,000,000 less in 1928 than in 1927. It was lower during every month of the year, as shown by the following table: UNITED STATES MONEY IN CIRCULATION. Daily Average— 1927. 1928. January $4,903,000,000 $4,783,000,000 February 4,843,000,000 4,709,000,000 March 4.856,000,000 4,710,000,000 April 4,880,000,000 4,730,000,000 May 4,860,000,000 4,722,000,000 June 4,831,000,000 4,736,000,000 July 4,851,000,000 4,746,000,000 August 4,849,000,000 4,743,000,000 September 4.917,000.000 4,804,000,000 October 4,934,000,000 4,837,000,000 4,936,000,000 November 4,860,000,000 December 5,049,000,000 5,008,000,000 Average for year 4,892,000,000 4,782,000,000 There is no clear reason to anticipate that "money in circulation" will continue to decline, and the money market cannot count with any confidence upon a continuance of this factor as operating to interfere with Federal Reserve policy. The Federal Reserve Board's Warning. The warning with respect to speculation, and the use of credit in peculation, issued by the Federal Reserve authorities on Feb. 7, has teeth in it. The heart of the matter, as an announcement of policy, appears to be contained in the following passages: "It is its [the Federal Reserve Board's] duty . . . in the immediate situation . . . to restrain Acceptances as a Substitute for Rediscounts. the use, either directly or indirectly, of Federal Reserve credit facilities The second factor operating to lessen the need for resort to redisIn aid of the growth of speculative credit. . . . A member bank is not within its reasonable claims for rediscount facilities at its Federal Reserve counting was the acceptance situation. The acceptance liabilities of Bank when it borrows either for the purpose of making speculative loans American accepting banks stood at 1,080 millions on Dec. 31 1927 and at 1,284 millions on Dec. 31 1928, an increase of 204 millions for the or for the purpose of maintaining speculative loans." The Federal Reserve authorities justify their attitude by saying that, year. The acceptance assets of the American accepting banks, however, although they do not assume the right to set themselves up as arbiters averaged only 25 millions in 1928. The increase in their acceptance liaof security speculation or value, they are concerned when speculative de- bilities during this period, therefore, was really a substitute for 204 millions mands for credit have reflected themselves in a 1 to 1% increase in of rediscounting. In other words, they were able to take care of an inthe cost of credit for commercial uses. The great central banks in Europe crease of 204 million dollars in their commercial business by lending their do not hesitate to go much further than this. They concern themselves credit instead of lending their money, letting the general discount market about excessive speculation, whether in commodities or securities, and provide the funds. recognize a definite responsibility for protecting the quality of credit. The American Discount Market. What is this general discount market? If American banks do not buy Federal Reserve Policy in 1928. acceptances, who does buy them? Practically, the answer is that the This is not the first warning which the Federal Reserve authorities have Federal Reserve Banks and foreign banks constitute the discount market. Issued, and, indeed, the new policy implied in the statement quoted is not Of the 1,284 millions of acceptances outstanding on Dec. 31 1928, apthe first restraining policy which the Federal Reserve authorities have proximately 484 millions were held by the Federal Reserve banks, and 325 Inaugurated. But, up to the time of this announcement, their measures millions were held by foreign banks with Federal Reserve banks' endorsehave been inadequate, and It is worth while considering some of the un- ment. This is a matter of public record In the combined balance sheet expected developments which have made the measures which they employed of the twelve Federal Reserve banks as of Jan. 2 1929. In addition, forIn the first half of 1928 less effective than they were expected to be at eign banks are supposed to have held approximately 200 millions through the time. American bank correspondents, making a total of a billion dollars held In the first half of 1928, the Federal Reserve authorities sold Govern- either by the Federal Reserve banks or by the foreign banks. American ment securities, withdrawing reserve credit from the market, and raised brokers and dealers in the acceptance market are supposed to hold betheir discount rates, increasing the expense of replenishing that reserve tween 60 and 100 millions of accptanoes. American banks, for their own money by rediscounts. Between the high point of 1927 and the low point account, on the date in question, held approximately 48 millions, but their of 1928, we lost approximately $500,000,000 of monetary gold, again average through the year was about 25 millions. New York agencies of cutting under bank reserves. Meanwhile, the demands of the securities foreign banks hold an additional substantial block. American saving banks market for credit increased very greatly. hold some. But, in general, the market for acceptances is largely foreign The combination of these circumstances raised money rates substantially central banks and the Federal Reserve banks. In the field of commercial loans and very sharply in the field of stock The figure of 852 million dollars for rediscounts of member banks market loans. But the tightening of money has not been as decisive as in the Federal might have been anticipated from forces of this magnitude, and I want to the dependence Reserve system, therefore, is very far from representing of commercial bank reserves upon the Federal Reserve call attention to two or three circumstances which have delayed the full banks, to say nothing of foreign central banks. operation of the increased demand and the diminished supply, leading Acceptances and Commercial Bank Reserves. many people to the conclusion that the Federal Reserve authorities have If American banks generally held one another's acceptances—if lost control of the money market. their acceptance liabilities were offset in the aggregate by acceptance assets— Federal Reserve Power over Monty Rates. the large volume of acceptances outstanding would have no special signifiIt cannot be made too emphatic that this is an illusion. The Federal cance for the future of the money market. If bank A reduced its buying Reserve authorities can control the money market if they will. So far of acceptances of bank B, and bank B reduced its buying of acceptances of they have used their power cautiously and moderately, apparently influ- bank A, the commercial credits now handled by acceptances would be enced on the one hand by a reluctance to increase rates for ordinary shifted to a loan basis without increasing the total of loans and discounts, business, and, on the other hand, by an apprehension of pulling in too or affecting the deposits and reserves of either bank. Bank A, instead of much gold from England. They were restrained in the autumn also by lending its customer credit, with which to get money from bank B, would a special situation in our acceptance market, which I shall discuss in a simply lend its customer money directly; and so with hank B. Bank A moment. The rise in the discount rate of the Bank of England has at would get the money to lend to the customer from the proceeds of bank last freed them from their concern about British gold, and they have B's maturing acceptance held by bank A, and bank B would get the already taken steps toward lessening the dependence of the acceptance necessary money in the same way. market upon the Federal Reserve system, so that If the acceptances were all held by American saving banks or private they appear to-day to be a good deal freer to carry their policies through than was the case during investors, the situation would be different, since the shifting of the ac1928. ceptance credits to a loan basis would involve an expansion both of loans In estimating the supply and demand of money, we must not look to and deposits for the commercial banks, with an increase in reserve rethe gigantic total of commercial bank'deposits in the United States, which quirements. As the acceptance credits were shifted to a straight loan FEB. 16 1929.] FINANCIAL CHRONICLE 997 ernor of the institution had failed to co-operate with the member banks of the Eleventh Federal reserve dstrict, the Chairman of the Senate Committee on Banking and Currency appointed Messrs. Glass, Sackett, and Steiwer as a subcommittee to make such investigation. At the outset the subcommittee found that there had been an apparently exhaustive investigation of the charges in question by the Board of Directors of the Federal Reserve Bank of Dallas in December, 1927, on which occasion public hearings were had and testimony given covering some thousand printed pages. A comprehensive digest of this testimony, covering 150 pages, was furnished the subcommittee, after which prmopt notice was given of the readiness of the committee to hear additional testimony and included in the evidence taken by the Board of Directors of the Dallas Bank. It seemed to the Committee that it would be futile to have a repetition of hte testimony given over a considerable period of time by scores of witnesses in the Eleventh Federal Reserve District, all of which testimony was available in printed form. In response to the expressed readiness of the subcommittee to hear additional testimony there came an urgent request from the patron of Senate Resolution 152 to have the committee go to Dallas, Tex., for such additional heardings as the circumstances might seem to justify. The Committee did not deem it either necessary or desirable to pursue this course, whereupon repeated requests were made that the Chairman of the Subcommittee be authorized to go to Dallas and take evidence in the case. This latter course was decided upon; and accordingly, the Chairman of the Committee, as of date June 15, 1928, sent the following dispatch to the Governor of the Federal Reserve Bank at Dallas: Gov. Lynn P. Talley, Federal Reserve Bank, Dallas, Tex.: Please notify member banks of Dallas Federal Reserve District that, as Chairman of a subcommittee of the Banking and Currency Committee of the United States Senate, I shall go to Dallas immediately upon adjournment of convention at Houston to receive any docupersons who may mentary evidence or to hear any oral testimony from . desire to prefer charges of mismanagement or maladministration against the Governor or Board of Directors of the Federal Reserve Bank at Dallas. Have it distinctly understood that there will be no repetition of the testimony given before the Board of Directors of the Dallas bank. Only new and additional testimony will be received, as the Senate Subcommittee does not care t o have a rehearsal of testimony already given. Please engage the services of a competent stenographer to take any testimony offered and acknowledge this communication. Carter Glass. To the foregoing telegram the following response was received on the same date: Dallas, Tex., June 15, 1928. Hon. Carter Glass, Washington, D. C. Care Senate, As requested in your telegram of this date, I will immediately notify member banks this District of your visit to Dallas and its purposes. I would appreciate telegraphic authority from you to quota your telegram in the notice. If there are any further arrangements which we could make in your behalf please advise us. Lynn P. Talley, Governor. In furtherance of this arrangement the Governor of the Federal Dallas mailed to all member banks in the Eleventh Reserve Bank at Reserve District a circular letter notifying them of the appointed hearing of charges affecting the administration of the Federal Reserve Bank and the Chairman of the Subcommittee proceeded to Texas with a view to receiving the testimony of such member banks or responsible persons as might desire to be heard concerning the administration of the Federal Reserve Bank of Dallas where a competent stenographic reporter had been directed to hold himself in readiness to take testimony. While at Houston the Chairman of the Subcommittee received a dispatch from the Governor of the Federal Reserve Bank as follows: Dallas, Tex., June 28, 1928. Hon. Carter Glass, Rice Hotel, Houston, Tex.: Care Report On Senate Resolution Calling for Inquiry Into As requested in your telegram of June 18 and in connection with Administration of Affairs of Federal Reserve Bank of my circular letter of like date to all member banks of this Reserve District, I have to advise that up to date no replies have been received Dallas. signifying a desire to be heard upon the occasion of your visit to A report on the resolution adopted by the Senate a Dallas. When you: are able to advise date of your arrival I shall be glad to reserve accommodations for you. year ago (Feb. 24, 1928), calling for an inquiry into the Lynn P. Talley, Governor. No member bank or responsible person having responded to the Dallas Federal Readministration of the affairs of the serve Bank, was submitted in the Senate on Feb. 8 by invitation to be heard in respect of the charges of alleged mismanagement and arbitrary actions of the governor of the Dallas bank, the Senator Glass for insertion in the Record. The text of Chairman of the Subcommiteee wired Governor Talley as follows: Houston, Tex., June, 29, 1928. the resolution was given in these columns March 3, 1928, Talley, page 1,296. It was stated in the United States Daily of Hon. Lynn P.Federal Reserve Bank, Dallas, Tex.: Governor Feb. 9 that an adverse report on the resolution was adopted In view of the fact that no member bank of the Dallas Federal Reserve District has signified any desire to prefer charges of mison Feb. 8 by the Senate Committee on Banking and Cur- management or maladministration against the Governor or the Board of rency—the Committee acting upon a recommendation of Directors of the Dallas Federal Reserve Bank or any desire to be Subcommittee of the Banking and Currency Committee heard a subcommittee headed by Senator Glass. Senator Nor- of the by the States Senate empowered to investigate charges and to United no necessity for me beck (Rep.), South Dakota, Chairman of the Committee, hear testimony, there seems to be to Virginia to-night. to come to Dallas. Therefore, I am returning announced the action taken. The resolution was introCarter Glass. It should be stated that the officials of the Federal Reserve" Bank duced by Senator Mayfield (Dem.), Texas. In the report an obvious presented Feb. 8 by Senator Glass, it was stated that the of Dallas not only evinced entire willingness, butaffairs and itseagerrelaness, for the proposed investigation of the Bank's subcommittee found "that there had been an apparently tions with member banks of that Federal Reserve District; and it exhaustive investigation of the charges in question by should further be stated that information derived from authentic superthe Board of Directors of the Federal Reserve Bank of visory sources fully justifies the statement that, at the time of the proposed hearing at Dallas, the Federal reserve bank there and the member Dallas in December, 1927." Senator Glass reported further banks of the entire Eleventh Federal Resrv District wre in a that "no member bank or responsible person having re- system was instiuted. basis, the lending bank would increase its loans and would give an additional deposit credit, requiring additional cash reserves. When, however, the Federal Reserve banks reduce their holdings of acceptances, a new factor enters, not only are our reserve requirements Increased if acceptances are shifted to a loan basis, but, in addition, reserves are cut under by the full amount of the acceptances which the Federal Reserve bank gets rid of. The Federal Reserve banks collect maturing acceptances, not in "clearing house funds," i. e., checks against commercial banks, but rather in "Federal funds," I. e., checks or other debits against member bank balances with the Federal Reserve banks. As the Federal Reserve banks dispose of acceptances, therefore, they 'tend to increase the reserve requirements of the member banks by say 10% of the amount involved, and they reduce the reserves of the member banks by 100% of the amount involved. Foreign banks, in reducing their acceptance holdings, similarly increase the reserve requirements of the member banks, and they, if they take the proceeds out in gold, cut under the reserves of the banks by the full amount of the acceptances disposed of. During 1028, however, precisely the reverse of all these things occurred. The acceptance liabilities of American banks increased, and the holdings of acceptances by foreign banks and by the Federal Reserve banks Increased, delaying the tightening of money, retarding the growth of rediscounts, and, during the autumn, actually easing off money rates appreciably. The Federal Reserve authorities were reluctant to buy acceptances during the autumn, but feeling a special concern for the acceptance market, they bought them. Late in the autumn, the Federal Reserve authorities definitely protested against having the acceptance market dependent upon them to such an extent as to compel a modification of their general credit policy, and they have, in recent weeks, been reducing the volume of acceptances held. The volume of acceptances held by foreign banks with Federal Reserve bank endorsement has also been reduced from its peak. Brokers' Loans "For Accentnt of Others," and Federal Reserve Control. The third development which operated to retard the tightening of money has been the growth of brokers' loans "for account of others," as distinguished from brokers' loans held by American banks, and above all, by New York banks. This matter is now better understood than it was some months ago. When a corporation makes a broker's loan, it reduces its deposits with the banks, and it tends to take over loans which the banks are holding, or would otherwise have to hold. The result has been a tendency to reduce the reserve requirements of the banks. When the corporations call these loans, as was done on a considerable scale around the end of December, in preparation for dividend payments and in connection with the year-end settlements, the stock market is obliged to bid up sharply for funds to replace them, and the banks, in taking over the loan, are obliged to rediscount heavily at the Federal Reserve banks. At a price this can be done. It was done at 12% at the end of last December. But the experience of last December makes it very clear that the substitution of bank loans to brokers for loans by "others" to brokers involves a sharp increase in bank reserve requirements and a sharp tightening of money. The total of brokers' loans "for account of others" as reported by the Federal Reserve Banks stood last week at $2,621,000.000, while the Stock Exchange reports an additional $939,000,000 in this category, which would run the total up to about $3,600,000,000. This is the "outside money" which the Federal Reserve authorities are supposed to be incapable of controlling. But the actual relief which this $3,600,000,000 of "outside loans" has given to the heart of the money market, namely, the member bank reserves, is very much less, say 10% or $360,000,000. If the Federal Reserve authorities should reduce the credit which they extend to the market by half of this amount, say $180,000,000, the resultant effect upon money rates in the stock market would leave no doubt as to who is master of the situation. sponded to the invitation (pursuant to the resolution of February last year) to be heard in respect of the charges Nomination of Roy 0. West as Secretary of Interior of alleged mismanagement and arbitrary actions of the Confirmed by Senate. Governor of the Federal Reserve Bank of Dallas" there On Jan. 21, by a vote variously reported as 53 to 27, and seemed no necessity for him to go to Dallas for the proposed investigation. The report submitted to the Senate 54 to 27, the U. S. Senate, confirmed the nomination of Roy 0. West as Secretary of the Interior. Mr. West was named Feb. 8 by Senator Glass follows: Pursuant to Senate Resolution 152, Mr. Mayfield, patron, passed to the post by President Coolidge on July 20 1928, following February 24, 1928, directing the Committee on Banking and Cur- the resignation of Hubert Work), the recess appointment of rency, or a duly authorized subcommittee thereof, to make a full and last July having been followed by the submission by the complete investigation of the administration of the affairs of the Fedfor eral Reserve Bank of Dallas, Tex., responsive to charges that the President of Mr. West's name to the Senate on Dec. 6, affairs of the said Bank had been maladministered and that the Gov- confirmation. The Senate action on Jan. 21, said a Washing- 998 FINANCIAL CHRONICLE [vol.. 128. ton dispatch to the "Times," ended a contest which began and holding that a majority instead of two-thirds vote could amend the behind closed doors on Friday and occupied between nine archaic secrecy rule. But the Curtis objection kept a majority of any other number from voting on the subject to -day. and ten hours. The dispatch went on to say: For the better part of two hours, Senator Norris (R., Neb.), who has often Senators Nye, Norris, BlaMe, King and others held that because of past affiliations Mr. West was not qualified to occupy a Cabinet post. The advocates of confirmation were led chiefly by Senator Deneen of Illinois. The vote in detail on confirmation was not made public, but it was said that nany "lame duck" Senators ar,c1 a considerable number of Democrats voted for Mr. West, holding that the charges against him were not sustained. After the roll-call there were votes to make it public, and also the majority and minority reports. Both motions were defeated. Mr. West, a former Secretary of the Republican National Committee, obtained a recess appointment by President Coolidge last summer. He was attacked on the ground that he was once an attorney for Samuel Insult of Chicago. Before the. Public Lands Committee he testified that he sold his original investments of $67,000 for $118,000 just before taking office. Another criticism was that he sat as a member of the Federal Power Commission in a case in which Insull interests sought a power lease of Cumberland Falls, Ky. Mr. West volunteered to the Public Lands Committee to withdraw from any cases in which the Insull interests were involved. When notified of his confirmation this afternoon, he said: "I am interested in the work of the Interior Department. For six months I have devoted myself to it with results which must speak for themselves. I am gratified with the Senate's action." fought to open up executive sessions to the public and others debated the ancient issue. Senator Bingham (R., Conn.), said the President might "punish" Senators who voted- against his nominees if the votes were made public. Norris replied that any Senator ought to be willing to risk that, and that anyway the President has access to executive sessions and to the roll call in secret sessions. Norris denounced the action of the Senate in refusing to make public the roll call on West's confirmation. The confirmation by the Senate on Jan. 21 of the nomination of Roy 0. West as Secretary of the Interior is referred to elsewhere in our issue to-day. Following the reported publication of the vote, which was taken behind closed doors, the Senate's secrecy rules, came up in the Senate discussions on Jan. 23, an account of this from Washington on that date, having appeared as follows in the New York "Times:" The Senate was agitated to-day because a press association sent out the detailed vote of Senators in confirming the nomination of Roy 0. West to be Secretary of the Interior. After three hours' debate last week the Senate decided that it would consider Mr. West's nominaThe United States Daily of Jan. 22, in noting the confirma- tion behind closed doors and would not make public any other fact than that his nomination had been confirmed or rejected. To-day there was tion of the nomination said: further discussion, this time in open session, over the publication of the When the nomination of Mr. West was sent to the Senate at the be- roll call on the motion to confirm. ginning of the present session of Congress it was referred to the ComAnother phase of the flurry was that Senator Curtis, Chairman of mittee on Public Lands and Surveys which held hearings during which the Committee on Rules, which committee has charge of the press gallery, testimony was taken concerning Mr. West's relationship with the unities indicated that he might deprive all press association representatives of the companies in which Samuel Insull of Chicago, is interested. right to the Senate floor. Later he intimated that disciplinary action Two Reports Submitted. might be confined to applying denial of the floor privilege to the cor.ts a result of these hearings two reports were submitted to the Senate; respondent who gave the detailed vote to his press association for publia majority report presented by Senator Glenn (Rep.), Illinois, favoring cation. confirmation of the nomination, and a minority report filed by the Senator Dill of Washington started the discussion about the publicachairman of the Committee, Senator Nye (Rep.), North Dakota, which tion of the roll call. He was ironic and sarcastic in his references to opposed confirmation. the decision of the Senate to impose an injunction of secrecy on everyThe Public Lands Committee reported 9 to 4 on Dec. 20, thing that pertained to the West nomination. Why the Senate should in favor of Mr. West's confirmation. On Jan. 19, when the be so solicitous of keeping from the public its procedure on this subject Senate agreed to vote on Jan. 21 on the nomination, As- was not disclosed. A Century-Old Practice. sociated Press advices from Washington said: Again meeting in executive session, the Senate heard Senator Deneen, Republican, of Illinois, plead the cause of the Secretary to-day and listened to an attack by Senators Nye of North Dakota and Norris of Nebraska, both Republicans. More than four hours were consumed in the second day of argument. Senators Norris and Nye based most of their argument against West on his previous connection with the Samuel Insull power and utilities companies, pointing out that the Secretary of the Interior is a member of the Federal Power Commission, which must pass on all applications for licenses to develop water power. In this connection they cited that he already had sat as a member of the Commission at a hearing on the petition of the Cumberland Hydroelectric Co., a subsidiary of the Insull concerns, for a power permit at Cumberland Falls, Ky. A large bundle of protests against this application were presented by Senator Nye, including one from a mass meeting of organizations in Cincinnati, protesting against Mr. West's participation in the case. Senator Deneen recalled the offer made by Mr. West before the Senate Lands Committee to withdraw from participation in any cases coming before his department involving the Insull companies. He recalled also that Mr. West had invested about $67,000 over a period of 26 years in stock of the Insull companies which he had sold for about $118,000 at the time he became a member of the Cabinet. He said that the law business done by Mr. West for the Insull companies was only "casual." Furthermore, he said that in virtually every political contest in Illinois in the Republican ranks in recent years Mr. West and himself had been on opposite sides from Insult. -day for While friends of the Secretary stood on their rights again to the customary executive session for the consideration of nominations, so far as was learned, nothing new had developed since the public hearings on Mr. West by the Lands Committee. All of that testimony has been printed. However, the two-thirds vote for an open session was lacking, and neither the minority report submitted by Senator Nye from the Lands Committee nor the majority report recommending confirmation, which was presented by Senator Glenn, Republican, of Illinois, was made public. Mr. West's recess appointment was noted in our issue of July 28, page 496. In another item in this issue we refer to a move to end the Senate's secret rule, which developed following the vote on Mr. West's nomination behind closed doors. Senator Curtis Blocks Move to End Senate's Secret Curtis Vote Rule—Action Follows Publication of Purported Ballot Confirming Nomination of R. 0. West as Secretary of Interior. A special dispatch Jan. 31 from Washington to the New York "World" said: Publication last week by the United Press of the supposedly secret vote of the Senate in confirming the nomination of Secretary of the Interior Roy 0. West brought on another flurry of debate in the Upper Chamber to-day when the Republican whip, Jones of Washington, called up his amendment to upset the 150-year-old secrecy rule which repeatedly fails to achieve secrecy. The Republican leader, Vice-President-elect Curtis, who is Chairman of the Rules Committee, opposed the Jones amendment and prevented any action being taken on it. Vice-President Dawes, champion of his own lost cause of rules revision, did what he could for Jones by brushing aside a mountain of precedent The hearings of the Committee which investigated statements as to Mr. West's alleged legal relations with the public utility interests headed by Samuel Insull of Chicago were held in public, but a majority of Senators decided that not even the names of those who voted for or against the confirmation of his nomination should be given to the press. The situation revealed in the Senate's course in the West case is likely to attract attention to the practice of more than a century of discussing nominations for office behind closed doors. This state of affairs took on an exaggerated aspect in the West case on account of the measures adopted to prevent the public from knowing how any Senator voted. There were ironic references to this secrecy during to-day's debate and this afternoon Senator Norris of Nebraska gave out a prepared statement which amounted to a protest against the extraordinary methods adopted to keep the country in the dark as to what was said by Senators when the nomination was being considered and how each Senator voted. The nomination was confirmed by a vote of 53 or 54 to 27, but there has been no official disclosure of the exact figures. Case Likened to Refunds. Senator Dill brought up the subject in the Senate to-day during the debate on the proposal of Senator McKellar of Tennessee to take the disposition of tax refunds out of the hands of the Treasury Department, which acted on them secretly, and place refunds claims under the jurisdiction of the Board of Tax Appeals when the amount involved is in excess of $10,000. Secretary Mellon, said Senator Dill, probably got his ideas of secrecy on tax refunds from the Senate's secret sessions. Mr. Mellon, he said, was more successful than the Senate in keeping names secret. At this point a Senator advised Senator Dill to send to Mr. Mellon the newspaper man who published the secret roll call on the West nomination. This newspaper man, said the Senator, could ascertain the names of the taxpayers and how much money was refunded to them. Holding up the roll call as printed in a newspaper, Senator Dill said "I am recorded as against Mr. West, but under the rules of the Senate, I can neither deny nor affirm. I don't know if the roll call is correct, but if I did I could not say so." Dill Stirs Senate Mirth. Assuming an ironic tone, Mr. Dill asked if the desks of Senators were equipped with microphones or if dietaphones or hidden electrical devices for recording the human voice were in the Senate Chamber. Still ironical, he said that he did not believe that any Senator would break his oath not to reveal the Senate's secret proceedings. "We have reached an awful time," he went on, "when men in politics can no longer get behind closed doors and keep their votes secret." When Senator Bruce of Maryland interrupted, Senator Dill asked him if he would favor the expulsion of any Senator who disclosed what went on in the Senates secret sessions, but Mr. Bruce was not prepared to reply, other than to say that expulsion was provided for by the Senate's rules. "I can suggest a method by which the Senator can escape the disability under which he suffers," said Senator Norris, when Senator Dill complained that he was bound by his oath not to disclose whether he had been correctly represented or not in the published roll call. "If he wants his vindication before the people, he can go into executive session and state the truth and the papers will print it the next day." Even some Senators laughed. "Why men holding the high office of Senator want to keep their votes secret is beyond my imagination and a violation of the spirit of democracy," said Senator Dill. Senator Norris's Statement. In his prepared statement, Senator Norris argued that the question of Mr. West's nomination was in nowise a private matter. He contended that the transaction of public business in secret, where hundreds of millions of dollars of the people's money were involved and where the happiness and contentment of more than a hundred million people were directly con- FEB. 16 1929.1 FINANCIAL CHRONICLE 999 underlying the per- That the first and each succeeding alternate cruiser upon which work is cerned, "is contrary to every fundamental principle undertaken, together with the main engines, armor, and armament for petuation of a democracy," and continued: constituency such eight cruisers, the construction and manufacture of which is authorized "A Senator has the right to be for secret sessions and his but certainly they by this Act, shall be constructed or manufactured in the Government navy has the right to demand that he be for secret sessions, yards. naval gun factories, naval ordnance plants, or arsenals of the United have the right to know how he stands on this subject except such material or parts as are not customarily manufactured important to know this as to know whether he is in favor of States(1], "It is as In such Government plants. Federal inheritance tax or against it. It is as important to know a Sec. 2. The Secretary of the Navy is directed to submit annually to the treaty or this as to know whether the Senator is in favor of the peace Bureau of the Budget estimates for the construction of the foregoing vessels. whether he is against it. It is just as important to know this fact as to be Sec. 3. The construction of the light cruisers and of the aircraft carrier informed as to how he stands on the big navy bill now pending in the Senate. herein authorized shall be subject to the limitations prescribed by the treaty constituency of a Senator may be in favor of secret sessions. It limiting naval armament, ratified Aug. 17 1923, so long as such treaty shall "The may be an important issue in a Senatorial campaign, and yet the Senate has remain effective. undertaken, by its secret action, to keep this knowledge from the people. Sec. 4. In the event of an international agreement, which the President "Such action on the part of the Senate is contrary to the underlying is requested to encourage. for the further limitation of naval armament, to Public business should be tran- which the United States is signatory, the President is hereby authorized and principle of every free government sacted in public. Any other course, if followed to its logical conclusion, empowered to suspend in whole or in part any of the naval construction means the ultimate overthrow of every democracy in the world. No demo- authorized under this Act. cratic government can continue to endure if its public business is transacted [23 Sec. 5. First. That the Congress favors a treaty, or treaties, with all behind closed doom." the principal maritime nations regulating the conduct of belligerents and neutrals in war at sea, including the inviolability of private properly thereon. Second. That such treaties be negotiated if practically possible prior to the President Coolidge Signs Resolution Authorizing Exten- meeting of the conference on the limitation of armaments in 1931. Sec. [335 6. The Secretary of the Navy is hereby directed to present sion of Invitation to Foreign Nations to Participate in to the Congress on or before December 10, [43 1928 1929, preliminary World's Fair at Chicago in 1933. plans, specifications, and estimates of cost for the construction of two On Feb. 5 President Coolidge signed a resolution author- salvage vessels for use in ship disasters. The "HeraldTribune" in reporting in a Washington disizing the President to invite participation by foreign nations in a World's Fair at Chicago in 1933. The resolu- patch, Feb. 5, the passage of the bill by the Senate, said: Of the two amendments which the bill carries to the House, one relates to tion was passed by the House on January 21, and by the freedom of the seas to be attempted in a conIn the House on January 21 Rep- an international treaty on the authorized to call. This is the Borah amendSenate on January 26. ference which the President is resentative Chindblom, in response to a question as to ment,as it was modified to-day by a substitute of Senator Reed, Democrat. of Missouri. The Borah-Reed proposal is for a treaty with the leading mariwho was to finance the undertaking, said: the seat on the principles of the 1785 treaty beThe Chicago World's Fair Centennial Celebration Corporation, which has been organized under the laws of the State of Illinois as a The President, under the terms of the corporation not for profit. bill, will not invite nations to participate until $5,000,000 has been actually paid into the capital of that corporation, and it is planned to raise a total of $30,000,000 for the purpose of the exposition. The State government and the city of Chicago will participate in the plans for holding the fair. The bill even provdes for the expendture whch the Government will undergo in the Customs Department by assigning men to handle the collection of customs duties upon goods brought in for exposition and subsequently sold. It provides that the expenses for handling exhibits in bond shall be paid for by the corporation. It provides that the corporation will reimburse the Federal Government for every item of such expenditure. Some objection was raised in the Committee on Ways and Means on the ground that the Government should pay these expenditures but the committee was convinced th at the plan proposed by this organization was feasible and proper. time powers on the freedom of tween the United States and Prussia. Senator Borah accepted the Reed substitute and it was included in the bill by a vote of 81 to 1, Senator William Cabell Bruce, Democrat, of Maryland, alone voting no. The other amendment is a provision accepted by the Senate Naval Committee intended to strengthen the Dellinger amendment for construction for eight of the cruisers in Government yards. The House is expected to accept both amendments without sending the cruiser bill to conference. Senator Deneen, in the Senate, on January 26 in a statement regarding the Exposition and its purpose, said: It is proposed to celebrate the centennial of the organization of Chicago as a municipality in that year (1933). All that is asked in the matter is to have the President, by a proclamation or otherwise, invite the nations of the world to send exhibits to the fair. A provision has been made in the resolution itself whereby the city of Chicago will not ask for any appropriation from the Government, and that the Government hereafter shall be under no obligation whatever to make an appropriation. Calls for Five Cruisers a Year. The bill as passed contemplates that 15 modern 10,000-ton cruisers, at a maximum cost of $17,000.000 each, and one airplane carrier to cost up to $1e,000,000 shall be undertaken before the end of the fiscal year, July 1 1931, and that five cruisers shall be laid down in each of the fiscal years 1929, 1930 and 1931. President Coolidge came out flatly against the time limit feature of the bill on the ground that it might work hardship on the Treasury and that national financing could not be accurately foreseen. The President did not press his opposition to the time limit, however,and less than a week ago sent word indirectly to the Senate that if the time limit were dropped he would agree to send a budget estimate to Congress at once providing for a considerable number of cruisers immediately. At the White House to-day the President's position was made clear. It was that he did not favor the bill as passed with the time limit. The President, however, did not want to be understood as indicating that he would veto the bill. It was stated on his behalf that he had signed many bills which he had not favored in the exactitude of their enactment. The question of appropriations for the cruisers is still to be worked out and It Was indicated to-day that the President will insist that there shall be no menace to the 1929 budget in the initial appropriation agreed on in Congress. Bill for Construction of Cruisers Signed by President Noting the signing of the bill by the President on Feb. 13, Coolidge. the Washington correspondent of the New York "Journal of On Feb. 13 President Coolidge signed the bill for the Commerce" on that date, stated; construction of certain naval vessels—the so-called Cruiser In signing the measure the President overlooked his objection to its time Bill. The bill passed the House of Representatives a year restriction clause. Before affixing his signature, he conferred with leaders means of providing money for beginning the ago; March 17 1928. In an amended form the Senate on of both parties in Congress on the enactment of other measures for expendiconstruction and of preventing Feb. 5 1929, passed the bill by a vote of 68 to 12, and the tures in the present fiscal year. House on Feb. 7 1929, without a record vote, concurred in The Budget Bureau has recommended that $35,000,000 to $40,000.000 under the bill for use in the 1929-30 fiscal year, with a small the Senate amendments. The newly enacted measure pro- be appropriated unspecified, available for the current year. yet vides for the construction of 15 cruisers and one aircraft amount, as Sees Appropriation Forthcoming. carrier prior to June 30 1931. The principal change made Senator Hale, Chairman of the Senate Naval Committee, who attended in the bill by the Senate, and which as we indicate, was conference at the White House, predicted that the appropriation accepted by the House,is the insertion of a provision stipulat- to-day's included in the annual Navy Department supply bill, which is would be ing that "the Congress favors a treaty, or treaties, with all now in conference. Besides Senator Hale those who attended the conference with the Presithe principal maritime nations regulating the conduct of dent were Senators Curtis and Robinson, the Republican and Democratic belligerents and neutrals in war at sea, including the inviola- leaders in the Senate; Representatives Tllson of Connecticut and Garrett of bility of private property thereon," and further "that such Tenessee, majority and minority leaders of the House; Speaker Longworgth York, Chairman of the House Rules treaties be negotiated if practically possible prior to the and Representative Snell of New Committee. meeting of the conference on the limitation of armaments the Presidential action, Chairman Britten of the House Naval Following Capitol, said that in 1931." We give herewith the bill as enacted into law, Committee, in a statement at theDepartment, the "no false economy Bureau of the Budget should be permitted by the Navy the portion in italics (numbered 1, 2, 3 and 4) being the or the appropriating committee in Congress," to interfere with the conmatter carried in the bill as it passed the Senate, and agreed struction. He asserted the ships were needed because the "accepted principle of the Washington conference has been violated by each of its signato by the House: AN ACT. To authorize the construction of certain naval vessels and for other purposes. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the President of the United States is hereby authorized to undertake prior to July 1 1931. the construction of fifteen light cruisers and one aircraft carrier according to the following program: a () Five light cruisers during each of the fiscal years ending June 30 1029. 1930, and 1931, to cost, including armor and armament, not to exceed $17,000,000 each. (b) One aircraft carrier prior to June 30 1930, to cost, including armor and armament, not to exceed $19.000,000: Provided, That if the construction of any vessel herein authorized to be undertaken in the fiscal year ending Juno 30 1929 or 1930, is not undertaken in that fiscal year,such construction may be‘undertakeit in the next succeeding fiscal year: And provided further, tories excepting the United States." As to appropriations for the building of the new cruisers a Washington dispatch, Feb. 14, to the "Times," stated: President Coolidge and naval leaders in the Senate to-day clashed again over the cruiser program, when the President sent to the Senate an estimate of $12,370,000 to apply to cruisier construction in the fiscal year 1930 and a subcommittee of the Appropriations Committee, three hours afterward, voted to make $770,000 of that sum available for starting construct bi tion nidnetr present fiscalyear' authorizing cruiser construction signed by the President Under the yesterday five ships are to be started before the end of this fiscal year, on June 30, and five each in the two succeeding fiscal years. One airplane carrier is to be constructed in the fiscal year ending June 30 1930. Presiden Coolidge included no estimate for the remaining 4;4 months of this fiscal year. On the other hand, his letter to the President of the -Gen. H. M. Lord. Senate and an accompanying document from Brig. 1000 FINANCIAL CHRONICLE Director of the Budget, specified that the money was for the fiscal year 1930, which does not begin until July 1. The estimates were as follows: Construction and machinery $5,800,000 Armor,armament and machinery 6,000,000 Improving and equipping navy yards for construction of ships 670,000 Total $12,370,000 Understanding that the Navy Department has asked the Budget Bureau for about 321,000,000, and wondering why the President had declined to include money for the present fiscal year, the subcommittee of the Appropriations Committee, which is in charge of naval affairs, called Secretary Wilbur before it. His testimony was not disclosed, but a short time later the subcommittee voted to make $200,000 of the $6,000,000 item immediately available, as well as the $570,000 for navy yard improvement. An amendment was drafted and will be submitted to the Appropriations Committee to-morrow with a recommendation that it be included In the naval supply bill now before the committee. It is expected that the bill will be reported to the Senate to-morrow afternoon, with the amendment included, and perhaps another amendment to make $500,000 of the $5,800,000 item for construction and machinery available on July 1 for work on the second group of five ships. Secretary of Agriculture W. M. Jardine Announces His Retirement from Cabinet—To Become Counsel for Federated Fruit and Vegetable Growers. W. M. Jardine, Secretary of Agriculture, will retire from the Cabinet on March 4 and give his time to agricultural activities with particular emphasis to the co-operative marketing movement, according to an announcement made at his office on Feb. 13. Secretary Jardine has accepted a position as Counsel for the Federated Fruit and Vegetable Growers, with his offices in Washington, D. C. This is a cooperative organization with headquarters in New York City and reaches into many states in its business dealings. In accepting the position with the Federated organization, Secretary Jardine has an understanding that he will give to it only such time as may be necessary for the conduct of its business, thus leaving him free to participate in other agricultural activities. Arthur R. Rule, Executive Vice-Pres. of the Federated Fruit and Vegetable Growers, in carrying on the negotiations with Secretary Jardine, said: [VOL. 128. all the year around. In Canada this might not always be possible. Sir Henry explains how, within the Canadian National system, steps have already been taken to spread shop work out during the four seasons. This has been accomplished largely through consultation with the road's employees' representatives. "We even built some locomotives in Winnipeg," he adds, "which we could probably have bought at less cost. The advantage to us in doing this is that we do not lose men who, if we laid them off temporarily, might take jobs elsewhere and not return. It is investment in man power." Bill Embodying Proposal for Creation of Reserve Fund to Stabilize Employment Introduced in Massachusetts—Under Secretary of Treasury Mills Said to Doubt Feasibility of Plan. It was stated in Associated Press dispatches from Boston Nov. 24 that a bill embodying the plan for the stabilization of prosperity with a $3,000,000,000 reserve construction fund proposed at the recent Governors' Conference at New Orleans by Governor Brewster of Maine was filed with the clerk of the Senate on Nov. 24 by Senator Henry L. Kincaide of Quincy. The Boston dispatches added: Under its provisions a State reserve fund would be established and cities and towns would be authorized to appropriate ' and borrow money for reserve funds for employing citizens on public works in times of business depression. The State fund would be controlled by the State Treasurer and would be set up through appropriations by the Legislature. The Governor and Council would be authorized to expend the money when they deemed it advisable. The proposal, which was reported as having the approval of President-elect Hoover, was referred to in these columns Nov. 24, page 2905. As to the views of Under-Secretary of the Treasury Mills regarding the proposal, we quote the following Washington advices Nov. 26 published in the "Wall Street News": Such suggestions as that of Gov. Ralph A. Brewster of Maine for the The Federated has no desire to monopolize your time or your effort. creation of a $3,000,000,000 construction program of public projects to We want you to have unlimited freedom in giving to the co-operative check depression and provide employment are based on an "excellent marketing movement as a whole, the results of your experience and the theory," the main difficulty in which would be to put it into practice, benefits of the constructive policies which you have so strongly advocated. Ogden L. Mills, Under•Secretary of the Treasury, said to-day. Considerable thought has been given to this matter In making this announcement on Feb. 13 Secretary Jarby economists recently, Mr. Mills said, and the theory has been dine said: well worked out, in fact Is "very fine" as respects logical reasoning as to its possible success. I have held the hope that four years in public life is all that would be "But somebody must work out the mechanics of the proposition," he said. expected of one who must make a personal sacrifice to perform Federal He added that he would like to see this done, and that some practical apservice. plication must be made of it before it would be possible to express During the past four years I have consistentl held that the stabilizadefinitely an intelligent opinion of its merits. tion of agricultural production and prices is our most urgent economic Mr. Mills pointed out that William Trufant Foster and Waddill Catchproblem; that sound co-operative marketing associations and stabilization corporations must be the basis of aid extended by the Federal Government; Inge, writers on economics, had done noteworthy work in evolving this theory. He thought that Governor Brewster had drawn on Foster and that we should greatly increase our agricultural research, and that we Catchings for his suggestion of a $3,000,000,000 construction must keep the domestic market for the American farmer. "reserve" rather than on President-elect Hoover, who, Governor Brewster said, had I have fought for these principles. Even those who have differed with given his approval of the plan. Apparently, therefore, me on the fundamentals of the farm problem. know I have been sincere, the President-elect consistent, and determined in my stand. I believe that the bill introduced had merely looked over the proposition, and was favorably impressed with In Congress by Senator McNary will serve as a basis for solving many of Its practical possibilities. There are two main difficulties presented by the plan, Mr. Mills said. the Ills which have confronted the farmers of the nation since the war. While I appreciate deeply the confidence so generously expressed in First, the question of when the "reserve" or any portion of it would be released and who would make the decision as to the expenditure; and, me, I wish it known that because of obligations to my family and for my second, the problem of providing the money for financing the construcown personal interest. I feel I must retire to private life. I have repeatedly discussed with Mr. Hoover my desire o retire from tion. Mr. Mills did not consider the latter insuperable, although it involved public service and I have advised with him in my business negotiations. In considering the many proposals which have been presented to me I large difficulties. As to the accumulation of a fund of money by previous Washington in order that I might taxation, however, for financing a construction program on such a scale have expressed the wish to remain in as would check depression and relieve a condition of give to Mr. Hoover and his administration every possible aid. unemployment, he considered that out of the question. It would be strongly objected to, and rightly so, because it would involve the keeping on hand for uncertain Proposal to Stabilize Employment Through Creation of periods of time of a large amount of idle funds. On the other hand, the Reserve Fund Not Favored in Canada—Spreading money might be provided by bond issues. Yet, Mr. Mills pointed out, unless some arrangement were made for the early retirement of these Out of Shop Work on Canadian National System. bonds the remedy would bring new burdens. The proposal for an immense government fund to "staMr. Mills considered the co-operation of business very important in any bilize prosperity," whatever its merits in the United States, move made by public authority for accumulating and releasing at opporhas no present value in Canada, says Sir Henry Thornton, tune times a program of construction. One of the main factors of the theory is that business would with government action to check President of the Canadian National Railways. The plan depression; that, in fact, the fall in line that the government knowledge stood ready which is said to be looked upon with favor by President- to take such action would cause business to anticipate it, and make it unnecessary for the government to provide the means of relief. This feaelect Hoover was recommended to the consideration of ture Mr. Mills regarded problem Canada's rail executives by C. E. Neil, General Manager no opinion as to businessas another line with of the general plan. He gave the government under circumfalling in of the Royal Bank at the recent annual meeting of that stances of this nature. It should be pointed out that Governor Brewsters' version of the Foster Institution. "It would not be necessary," states Sir Henry. and half the plan. His idea was plan is "It strikes me that if a country's tariff policy, immigra- tion,Catchings the planonly the economists conceives the to check deflawhereas of employment of tion policy and railway policy are sound, prosperity should means to check both deflation and inflation. This would be administered follow under normal conditions. To devise a special remedy by a Federal board which as regards steps taken to prevent deflation would be a complement to the Federal Reserve Board, and for Canada such as the fund suggested for the United States check inflation would have powers reaching beyondin any efforts made to those of the Federal seems like offering medicine to a man who needs nothing Reserve Board, and more effective. The plan, as far as it concerns the prevention of depression Is described more than a little advice about his diet." by Foster and Catchings in their book entitled "The Road to Plenty" as Canada's "problem of prosperity," continued the Canadian follows: railroad executive, is a special one, distinct from that of "Our plan calls for a separate Federal board'which shalFgather and measure the data of the the United States. It depends largely upon the solution come, using best adapted to show the adequacy wealth flow of consumer inhowever, for its own purposes the of data gathered by of the question of seasonal employment ocasioned by the other agencies. Having thus collected the needed information, the board shall advise the government how to use it as a guide in all fiscal matters. northern winter. Public works, which in the United States The board itself, guided in the same way,shall determine when certain expenditures have been provided for by might be started to give work and which could draw their gress under are to be made, which alreadyof public works. Thus the Cona policy oflong-range planning board and its published reasons for its acts, will provide funds from the "prosperity reserve," could be carried on both through its own acts needed leadership." private business with the FEB. 16 1929.] FINANCIAL CHRONICLE The chief function of the board would be to gather data and to interpret it in indexes to be made public, and to advise government departments of the effects on economic welfare under existing conditions of taxes, tax rebates, refunding operations, payment of public debts, increase of wages and salaries, and other fiscal matters. Through the exercise of these functions, it is believed, the board would provide a leadership for business. However, as an extra function it would order expenditures on certain construction projects for which Congress had made appropriations over a period of years in accordance with business needs as shown by the indexes. In this latter respect it would be an agency for the regulation of government expenditure as the general business condition required, and it is in the exercise of this function that it is believed business could be induced to follow. On the other hand, under the plan, the board would prevent inflation by withholding expenditures for public works, opposing reduction in taxes, encouraging Treasury surpluses, and taking money out of circulation by borrowing it, and retaining it until business indexes showed the need of putting it back. Western Trainmen and Conductors Accept 63% Wage Increase Proposed by Emergency Board—Text of Report of Emergency Board. The conductors and trainmen employed on Western roads have decided to accept a 6W/0 wage increase, retroactive to May 1, 1928, the date when their former agreement with the railroads expired. As we indicated in these columns Nov. 3, page 2456, the Emergency Board named in September by President Coolidge to investigate the wage dispute on the Western roads, proposed increased wages of 62 to the conductors and trainmen on these roads, pro/ 1 % vided no change be made in the existing working rules, or an inrease of 7% with the elimination of the "doubleheader" and tonnage limitation rules. Announcement of the decision of the men to agree to the 61 h% wage advance was made as follows in Chicago on Nov. 23 by J. W. Higgins, Chairman of Conference Committee of Western Railway Managers. The wage controversy between the Western railways and their conductors and trainmen was settled through the granting of a 61 / 2 % per cent wage increase to these men retroactive to May 1, 1928. No changes were made in any working rules or conditions. The wage settlement arose out of the report of the Emergency Board appointed by President Coolidge to investigate the situation. This board reported, in effect, that either a wage increase of 61/%, with no change in working rules, or an increase of 7%%, with the elimination of certain restrictive rules limiting the length and tonnage of double-header trains, would constitute a fair settlement of the dispute. The conductors and trainmen, through their Brotherhood officials, chose to accept the 62 / 1 % wage increase without any rule changes. The decision arrived at affects approximately 42,000 road train service employes on the fifty-five of the principal Western railways. The wage increase will amount to approximately $6,500,000 annually. In this connection it must be remembered that the railways' original offers of wage increases to the conductors and trainmen, in response to their demands, were made solely because of the fact that the Western firemen, by arbitration, and the western engineers, by mediation, had previously received wage increases of 6%%. Under these circumstances it was considered unjust to deny corresponding increases to the conductors and trainmen who work with the engineers and firemen. A statement as follows was also issued Nov. 23 by A. F. Whitney, President of the Brotherhood of Railroad Trainmen: We have signed for an increase in wages of 6%%. We believe this advance is discriminatory in view of the fact, that it is lower than prevailing rates of pay in the East and the South. We decided to accept this rate of increase because we reached the conclusion that there was no other possible means of settlement of the dispute and because we did not wish to be a party to any step which might endanger the normal movement of traffic over the territory served by our employers. We were also moved to accept these terms to comply with the findings and suggestions of the Emergency Board of Mediation which so readily and patiently endeavored to compose the difficulty. At the hearings before the Emergency Board we presented evidence which we believed proved the unsafeness of long train operation resorted to by the carriers. While no immediate action to correct this situation appears eminent, we propose to continue our efforts to obtain legislation which will require the railroads to limit the number of cars carried in any train." According to the Chicago "Journal of Commerce" the text of the agreement is as follows: 1. Effective May 1, 1928, the standard rates of pay per mile, per day and per month for conductors, assistant conductors and ticket collectors, train baggagemen, train flagmen and brakemen, in passenger service; the standard rates of pay per mile and per day for conductors and brakemen in through freight service shall be increased 6%%. The existing rates per mile and per day for conductors and brakemen In work train service, shall be increased 6%%. / increase, the daily rates will be used as bases. 2 % In applying the 61 Mileage rates will be determined by dividing the new daily rates by 150 and 100 for passenger and freight service, respectively. The new monthly rates in passenger service will be thirty times the new daily rates. Applies to AU Classes. The same increases shall apply to milk, mixed, miscellaneous or any service not enumerated as are applied to the service in which they are now classified. Where there is a separate rate for milk, mixed, miscellaneous or other service, it shall be increased in the same amount of money compared with rates in effect this date, as the freight or passenger rate, according to the overtime basis on which it is calculated. All rates in excess of standard rates, including daily and monthly guarantees, and all mountain, desert or other differentials to be maintained; 1001 that is, the same amount of money now paid in excess of standard rates to be paid in excess of the standard rates which are herein agreed upon. 2. Effective May 1, 1928, train baggagemen required to handle United States mail shall be paid 34 cents per day more than the standard rate per day herein fixed for train baggagemen. "Handling" of Mail. The extra allowance for baggagemen handling United States mail will not apply when the amount of such mail handled does not exceed in volume, between any two points, that provided for the minimum space that can be authorized by the postoffice department, viz., three feet or its equivalent, 54 sacks or pieces. Loading United States mail into car, storing it in car, sorting it en route, or unloading it at intermediate or terminal points will constitute "handling" under this rule. The extra allowance for handling United States mail will not apply when "storage" mail is in charge of the baggageman, provided he is not required to "handle" it. The extra allowance for handling United States mail by train baggagemen will apply to other trainmen who may be assigned regularly or temporarily to that work. S. This agreemen stall not be so applied as to reduce compensation now paid to any of the employes covered by this agreement. 4. This agreemen shall remain in effect for one year from May 1, 1928, and thereafter subject to thirty days' written notice by any individual management or committee desiring change. The Chicago "Journal of Commerce" added: Yesterday's settlement brought to a close one of the hardest fought controversies over railroad wage matters the country has yet witnessed. Both parties attempted to arbitrate their differences in the ordinary arbitration proceedings, but failed to meet a satisfactory agreement. In their original edmands, the man had asked increases ranging from 12 to 18%. We take occasion here to give the text of the Emergency Board's report to President Coolidge as published in the "United States Daily." The Chairman of the board, James R. Garfield, In a letter to President Coolidge which accompanies the report, states that the board has not finally adjourned and awaits the President's further pleasure in the matter. The letter follows in full text: "Mr. President: The emergency board appointed by you on Sept. 29 1928. pursuant to the provisions of the Railway Labor Act, to investigate and report its findings upon a dispute between certain western railways and certain of their employees, officers and members of the Order of Rail way Conductors and the Brotherhood of Railroad Trainmen. has Completed the consideration of all matters presented to it and therewith presents its report and transmits the transcript of all proceedings had before it. The board has not formally adjourned and its members await[your further pleasure." The report in full text follows: Emergency Board Met in Chicago. The Emergency Board appointed by the President pursuant to the provisions of the Railway Labor Act, and in accordance with the Executive Proclamation of September 29 1928, to investigate and report its finding upon a dispute between certain western railroads, and certain of their employees, officers, and members of the Order of Railway Conductors and the Brotherhood of Railroad Trainmen, such disputes theretofore not having been adjusted under the provisions of the Railway Labor Act, met at the Congress Hotel, Chicago, Ill., on October 2, 1928. All the members of the board were present: George T. Baker, David R. Dewey,. James R. Garfield, Chester H. Rowell, and Walter P. Stacy. The board was organized, James R. Garfield chosen Chairman, and Frank M. Williams appointed Secretary. The board was in session from October 2 to October 24, inclusive. The hearings were public, and held in Kimball Hall. The employees, members, and officers of their respective organizations, hereinafter called the employees, were represented by E P. Curtis, Freddent of the Order of Railway Conductors, and A. F. Whitney, President of the Brotherhood of Railroad Trainmen. The appearance of the general officers and general chairmen of the railway systems in the western district were entered. The western railroads, hereinafter called the carriers, were represented by counsel, Kenneth F. Burgess and J. Carter Fort. The appearance of the railroads were entered. The lists of all appearances follow the report. In pursuance of an announcement by the board that persons other than representatives of the carriers and their employees, acting in the public interest, would be heard upon the questions in issue, the representatives of the following organizations appeared and were heard: The Chicago Association of Commerce and allied associations; The Illinois Manufacturers Association; The American Farm Bureau Federation. Oral evidence, explanatory tabular and statistical exhibits were reseived and arguments heard. The board having fully considered all the facts connected with the dispute between the employees and carriers now submits its report and transmits a complete transcript of its proseedings, the evidence, and exhibits. The two organizations appearing represent, approximately, 42,000 men, sonductors, baggagemen and brakemen, in both passenger and freight service; and approximately 24,000 yardmen. The total railroad mileage of the United States is 237,054. The mileage involved in this matter, represented by the carriers, is 138,672. The engineers and firemen running on this mileage number approximately 53,000. This fact is mentioned because those men operate the engines which haul the trains operated by the men involved in this dispute, and special reference to them is frequently made in this proceeding. In order to understand the dispute brought before this Board it is necessary to review briefly the efforts made by employees engaged in railway service to secure an increase of wages beginning with 1926. In the eastern district conductors and trainmen obtained an increase et 7%% by arbitration In the latter part of 1926; the firemen received a like increase by mutual agreement through mediation early in 1927, and the engineers by the same procedure received an advance of 71 / 2 % in August. southeastern district conductors and trainmen obtained an inIn the crease of 71 / 2 % by mediation in 1927, granting certain modifications of riles; engineers an increase of 634% by arbitration, and the firemen an increase of approximately 7%, also by arbitration. In the western district there was greater delay in arriving at settlements. The conductors and trainmen made demands for increases early In 1926. Subsequently, on February 23 1927, their demands were defined as follows: A. The application of principles and conditions as put in effect recently in the Eastern and Southeastern Territories as applied to the 1002 FINANCIAL CHRONICLE [vol. 128. schedules in effect on the railroads herein represented; except that on obtain in the southern district. Moreover, the proposals do not take care roads where the employees prefer their present pick-up and drop or conversion of the fixing of rates requested for trainmen handling United States rules to the rules awarded by arbitration board, Eastern Territory, that mail, nor do they deal with a situation which exists on a certain road they be permitted to keep the pick-up and drop or conversion rule they now represented in this proceeding." have. No Solution Found Through Mediation. B. Settlement which may be negotiated to be effective as of Dec. 1 Mediation was not successful in bringing the parties to a satisfactory 1926. settlement. Under the railway labor act, if mediation fails, the next step is This proposal was declined by the carriers February 27 1927, largely arbitration, it both parties agree. In this instance, the officials of the on the ground that its acceptance would "seriously impair" their credit Order of Railway Conductors and Brotherhood of Railroad Trainmen, "and indeed be fatal to the credit of some of those lines now barely earn- under date of Aug. 8, declined arbitration. They stated, however, that ing operating expenses and fixed charges. To grant the increases would their associations would be reconvened and would be ready to reopen certainly require curtailment of improvements essential to the develop- negotiations, if agreeable to the carriers, on Sept. 4. ment of the property in the interest of the employees as well as the On Aug. 1 the practical net result of the negotiations, ignoring minor owners." matters, was: Subsequently, on April 27 1927, wage demands of the conductors and % increase on standard rates for conducThe employees proposed 71 / 2 trainmen of the western district, larger than those mentioned above, tors and trainmen; no change of the rules; the new rates to be effective were brought before a board of arbitration which rendered an adverse March 1 1925. decision on June 25,, refusing an increase except to yardmen. % increase on standard rates for conductors The carriers proposed 61 / 2 The demands of the firemen in this district were submitted to arbitra- and trainmen; no change of rules; or 71 / 2 % increase and the elimination resulting in an increase of 61%, finally allowed in June 1928; the tion of the double-header, tonnage, and car-limit rule; new rates to be / 2 engineers were then granted a similar increase effective May 1 1928. effective July 16 1928. As a result of these various negotiations and settlements, we find that On Aug. 8 a strike ballot was issued in which the employees withthe several classes of employees in the three districts have received an drew their previous proposals for modifications of their original demands. and trainmen in the increase of pay, with the exception of the conductors The result of the strike ballot by 90% of the vote cast gave the officers western district who are parties to the present dispute. With approxi- and committees of the employees plenary power to settle the matters in mate uniformity the increases made in the foregoing negotiations ranged dispute in whatever manner they might deem proper. from 61 to 71 . / 2 / 2 % Thereafter negotiations were renewed and the so-called "Washington The conductors and trainmen in the western district who lost in the Agreement" was executed, it being subject to and dependent upon the arbitration of 1927, even before the advances were made to the en- approval of the associations of the general committees of the employees. gineers and firemen in this district, took prompt action to reopen their The essential provisions of the Washington Agreement were an increase application for an increase to take effect in the following year. On Nov. of 71% on the standard rates for conductors and trainmen, and a pro/ 2 1 1927 they renewed their demands for an increase to become effective cedure, including arbitration under the Railway Act, under which the March 1 1928, and in addition, they demanded a change in the pick-up and double-header, helper district, car limit, and tonnage limit rules might drop rule. be taken up by each carrier in special cases where a carrier claimed Increases in pay were demanded for conductors, baggagemen, brakemen, such rules produced burdensome or objectionable conditions. flagmen, and yardmen in both passenger and freight service. The amount The new rates under the Washington Agreement were to be effective of increases requested varied in the different classes of employees, ranging May 1 1928. from 50 cents per day for foremen in yard service to $1.34 per day for Employees Declined to Approve Terms. assistant conductors in passenger service. For the largest classes of The employees decided to approve the Washington Agreement. Thereemployees the advances proposed meant an increase in wages of from 16 to 27% over existing rates of pay. If these increases were granted after they submitted a proposal for the modification of the Washington the wages of conductors would be brought nearer to the existing level Agreement, by limiting the extent to which and time within which cases might be of wages of engineers, and the wages of brakemen nearer to the wage arising under the double-header, helper, and tonnage rules considered, and further introducing the right of the employees to bring up level of firemen. entertain No immediate action was taken upon these demands owing to the still the consideration of a pick-up rule. The carriers refused to pending settlement of the demands of the firemen and engineers. It was that proposal. Throughout all negotiations the carriers have insisted that both wage not, therefore, until the end of June 1928, that active negotiations were entered into in regard to the demands of conductors and brakemen which increases and change of rules are proper questions for arbitration in the event the parties fail to agree; on the other hand, the employees insist had been made in the previous November. that this wage increase is not a proper question for arbitration, because Conference Begun to Settle Dispute. arbitrations and agreements resulting in increases had been made for carriers began July 16 conductors and trainmen, engineers, and firemen in the eastern and southConferences between the employees and the 1928, in the course of which the carriers also asked for certain changes eastern districts, and for engineers, firemen, and yardmen of the western in rules, among which was the elimination of the double-header rule district, hence another arbitration would be a useless expenditure of and rules realricting tonnage and car limits. The controversy was, there- money and time. fore, broadened by a counter-proposition over rules. As the pick-up A difficulty with that argument is that while the other train-service and drop rule and the double-header rule played a large part in subse- men had received increases, yet these particular men had been denied quent negotiations, their significance requires explanation. any increase under the arbitration award of June 1927. However, an With respect to the double-header rule, which the carriers wish to have adverse discriminatory condition did result, which was recognized by eliminated, it may be stated that the employees prevailed upon the rail- the carriers in their offer of a 61 / 2 % increase. roads in the western district to adopt this rule as early as 1903 (modiEvidence was presented by the employees tending to show that the fied to some extent by agreement of the parties in 1924) but the same increase of wages of railroad employees since the pre-war period has has not been adopted generally in the other divisions of the United not been so great as in some other industries, and the conclusion was States, the eastern and southeastern districts. The rule is somewhat drawn that for this reason the classes represented in this dispute should different on different roads, but its purpose is to prohibit the operation receive increases greater than 71%. / 2 of long or heavy freight trains with two or more engines except on cerEvidence on the same subject was introduced by the carriers from which tain grades where helper engines are used, more particularly in mountain they drew conclusions adverse to the conclusions drawn by the employees. regions, and, in the main, this is accomplished by placing a limitation Likewise the representatives of the Chicago Association of Commerce preon the tonnage or number of cars that may be handled in such trains. sented evidence and statements on this subject. It is the contention of the employees that the double-header rule make; Partial View Given of Wage Changes. for safety of the employees and for better working conditions, while the The industries selected for comparison, however, were but few and carriers contend that under present conditions it only hampers efficient and economical operation and that its entire elimination would not presented only a partial view of wage changes which have taken place in all branches of employment. Apart from this we have felt that it add to the hazards of the men engaged in train and engine service. Generally speaking, the pick-up and drop rule provides that the higher would not be helpful in the present dispute to enter into a general wage scale of local and way freight wages shall be paid to through freight inquiry to determine whether the wage level in any industry was equitably conductors and trainmen when they are required to do a certain amount balanced with levels in other industries. The question of change of rules presents another problem. The emof local work by picking up or setting out cars at more than a given number of stations, usually four, though this number varies on some of ployees recognized the right of the carriers to present changes in rules for consideration of the joint conference between themselves and the the roads. carriers, but they insisted that this question of the elimination of workMediation Asked of Federal Board. ing rules of long standing and general application ought not now be subject The conferences extending from July 16 to July 19 1928 proved fruitless arbitration ; however, they later suggested the limited arbitration of in securing a settlement, and on the latter date the carriers applied to the to certain rules as evidenced by their latest proposal. United States Board of Mediation for its services in mediation; and, it The board finds this failed, suggested that the matters in dispute be submitted to arbi1. Considering the increases granted to other train service employees tration. Mediation proceedings began July 23. On July 26 the carriers eastern, southeastern and western dish-lets, and despite the award offered an increase of 61 / 2 % subject to changes in the restrictive rules in the affecting the use of double-headers and limiting tonnage. On July 27, the of June, 1927, the carriers would not have been justified in refusing similar to that granted the engineers and firemen of the employees proposed an increase of 71 / 2 % to conductors and trainmen an increase and certain increases for trainmen handling Government mail, and that western district. 2. Considering the evidence regarding rates of pay and different workall changes in rules submitted by either party be withdrawn from the controversy. In effect, therefore, the demand of the employees was re- ing conditions of train service employees in the eastern and southeastern duced to a simple proposal of a percentage increase in wages, 1% higher districts, and the rates of pay to engineers and firemen in the western than that already awarded the firemen and engineers in the same dis- district where working conditions are identical with working conditions trict. It was, however, no greater than the increase which had already of the entployees in the case at issue, the carriers were justified in of/ 2 % to the standard rates, containing, in addibeen granted to conductors and trainmen in the eastern and southeastern fering an increase of 61 tion to the rates so increased, the existing differentials for mountain and districts. The carriers on July 28 1928 refused this proposal on the ground that they other special service. 3. Considering that the increase to engineers and firemen in the could not agree to any increases in rates of pay unless they were relieved from the restrictive rules relating to the use of double headers and western district took effect on May 1 1928, it is thought by this board any increase granted to the employees in this dispute should take effect tonnage limitation. On Aug. 1 1928 the carriers withdrew their demand for a change in rules on the same date. 4. Considering the purpose and intent of the Railway Labor Act and offered a percentage increase to conductors and trainmen similar / 2 to that already given to the engineers and firemen, viz: 61%, and and the evidence presented, the question of the wage increase demanded and the differences arising thereon during the negotiations are proper / 2 submitted at the same time an alternative offer of an increase of 71% if the doubleheader, tonnage, and car-limit rules were eliminated from questions for arbitration, if the spirit of the law is to guide the actions the schedules. On the same date the employees rejected these proposals, of carriers and employees. However, it is difficult to see why this controversy should have arrived declaring that they were discriminatory and unfair. "We feel," they said, "that the western carriers could well afford to at a stage where it could not be settled by mutual negotiations. At one raise the percentage increase offered, in view of the fact that they have stage or another of this long-protracted dispute, the carriers have offered / 2 had the advantage of lower wage rates for the past 20 months than those 61% increase, with no change in rules; and at one stage or another / increase, with 2 % which obtain in the eastern district and 18 months than those which the employees have expressed a willingness to accept 71 FEB. 16 1929.] FINANCIAL CHRONICLE these offers, expressed in cents no change in rules. The difference between per day. The board regards per basic day, amounts to from 5 to 7 cents interruption of transportation in this diffrence as too small to justify an the territory affected. Efforts to Change Rules Caused Disagreements. introApparently the obstacle to a successful settlement has been the controversies in duction, first by one side then by the other, of certain a basis change rules, as regard to rules; and the effort of each party to wage issue. of settlement, has somewhat befogged the conductors and trainmen have at least In view of the fact that the to accept a flat peronce, if not twice during the negotiations agreed in rules; and centage increase of wages, irrespective of any vital change received an that the engineers and firemen in this same western district and 6% and 7%, % as in the east 2 / /, increase of but 61 2% (instead of 71 have not given serious attention to respectively, as in the southeast), we amountthe specific demands of the conductors and trainmen for increases ing to from 15 to 27%. If conductors and trainmen are to receive wages which are to place them on a nearer level to those of engineers and firemen, such a change should be divorced from the present controversy and considered on its own merits, entirely apart from the present dispute. 5. Considering the evidence presented regarding the origin of the double-header and tonnage limitation rule in 1903, and its modification, affecting changes in equipment, road construction, operation, tonnage, working conditions, and hazards, the problem presented is not free from the difficulty. A large part of the evidence at the hearings before the board related to rules. On the other hand, the employees wish a change in the pick-up and drop rule; on the other, the carriers wish the elimination of modification, through arbitration, of the double-header and tonnage limitation rules. These rules, however, involve technical questions affecting working conditions, over a wide range of territory, which cannot be adequately understood or appraised in the brief time open to this board in making its report. The carriers express a willingness to leave the entire settlement of double-header rules to arbitration, but the employees object to signing an agreement which would involve them in a commitment to arbitrate new and uncertain demands which are not specified at the present time. It is not the purpose, as we understand it, of the railway labor act to impose compulsory arbitration either upon the employees or on the carriers, and in this respect the position of the employees refusing to agree in advance to arbitrate all cases which might come under the doubleheader rule is not without merit. We were, however, impressed by the statements made by the carriers, that if such changes in double-header rules were submitted to arbitration, no sweeping changes would be asked for; and that the apprehension of the employees as to the effect of such changes was exaggerated. The board recognizes that arbitration does involve a certain amount of risk to the employees in the protection of fair and reasonable conditions of employment, but on the other hand the perpetuation of rules, adopted many years ago, may become an obstacle to economical operation. Inasmuch as contractual agreements between the carriers and the employees usually run for but one year, it is to be hoped that the principle of arbitration may be given a wider use, in the expectation that from such experience an orderly method of procedure may be developed for the settlement of disputes. In particular, it appears to us that the rules limiting the use of doubleheaders deserve a thorough investigation. There is also involved the question of the operation of long trains which the employees maintain increases the hazard of employment. The employees were insistent that the hazard was increasing; the carriers were equally insistent that train operation under current practive shows a decreasing hazard. We believe that this phase of the controversy can be settled only after an investigation by men skilled in technical and practical operation of railroads and suggest that the matter be laid before the Inter-State Commerce Commission for their advice and report. 6. In regard to the pick-up and drop or conversion rule, conditions of operation vary on different roads. We believe that controversies on this subject be settled by negotiations on the individual roads, or by adjustment boards, or through the services of the United States Board of Mediation when negotiations fail. In conclusion, the board suggests that the following proposals ans counterproposals be submitted to the employees for their election, and that the carriers abide by such election: % increase without change of rules. 1. 61 2 / 2. 7%% increase and the elimination of the double-header and tonnage limitation rules. Each of the above includes the continuation of existing differentials for mountain and other special service, and the addition of the requested increase to baggagemen for mail, express and dynamo service. 4 3. The Washington agreement, providing for an increase of 71 2% on the standard rates for conductors and trainmen, and a procedure, inunder which the doublecluding arbitration under the railway labor act, header, helper district, car limit, and tonnage limit rules might be taken up by each carrier in special cases where a carrier claimed such rules produced burdensome or objectionable conditions. 4. That whatever proposal is accepted should be made effective May 1 1928. Respectfully submitted: James R. Garfield, Chairman; Geo. T. Baker, Davis R. Dewey, Chester II. Rowell, W. P. Stacy. 1003 predicated upon the provisions of the Sherman and Clayton acts, finds that "the law provides the possibility of ultimate legal vindication for every species of corporate expansion which has economic warrant." The Board also points out that despite the increasing number of mergers, occasions for prosecution of consolidations evidently are growing less frequent. Making known the results of its study, the Board on Jan. 21 stated: Complaints against interference with the business rights by others and collusive agreements among competitors have played a considerably greater part in the actions brought under the anti-trust law than complaints against consolidations as such, according to the analysis of court cases and decisions predicated upon the provisions of the law. During the first 37 years since anti-trust legislation went into effect, 436 decisions were rendered in cases invoking the Sherman and Clayton acts. Of these, however, 262 were private suits, most of which were actions for damages under section 7 of the Sherman act; a considerable number were brought under the Clayton act under the section providing injunctive relief against aggressive invasion of private rights. The remaining 174 cases were governmental actions to curb aggressive interference with the business rights were sought of competitive enterprise, in about half of which injunctions by the government against labor organizations to protect employers from boycotts. In impairment of their property rights by strikes or organized the all, 75% of all cases instituted since the anti-trust law has been on statute books, have been cases in which the "liberty of the trader" and not mergers as such has been the primary issue, the Board finds. 38 Of the 174 governmental actions invoking the anti-trust law, only ; were found to have been "predicated primarily upon consolidation" in atless than 9% of all cases, including private suits, were the defendants tacked simply as mergers. It is the Board's conclusion that "in not more than 10% of the cases in which the penalties of the anti-trust acts have been invoked in the courts have industrial mergers as such been the occasion of complaint." Even greater significance is seen in the declining trend of anti-trust prosecutions during recent years. Only 7 of the total of 38 merger cases were instituted during the decade 1917-1927, while out of a total of 63 government prosecutions of collusive agreements 34, and out of 66 prosecutions of interference with the business rights of others, 42 were brought during that period. While this record is not advanced as proof of the absolute extent of the protection from economic oppression afforded or of the relative need for continued protection from each of the three possible sources of ecotnonic evil, the data cited are declared relevant to the consideration of projects to modify the anti-trust law. In its study of how the anti-trust law works, the Board comes to the following conclusions: (1) The restrictions upon the merging of competing enterprises are not as drastias those imposed upon interference with the business rights of others or upon col lusive trade agreements. (2) The appeals to the courts for relief against monopolization through merger have been fewer than appeals to the courts in the other distinctive types of antitrust cases. involving (3) There is a pronounced tendency in recent years for the proceedings alleged Interference with business rights and those involving concerted action or trade increase, while occasions for legal attack upon business mergers are agreements to diminishing. The Conference Board admits that confusion and controversy occasioned by conflicting court decisions under the anti-trust law has created much uncertainty among business men as to what policy to pursue in respect in this to contemplated mergers. It emphasizes the difficulties existing prinrespect in the field of railroad transportation, where consolidation in enactment. Existing ciple has official sanction by special Congressional as interpreted and administered by the anti-trust legislation, however, nor repressive. It is courts, is declared as neither excessively severe from an inflexible and pointed out that "the evils which might come broad license, would cerinelastic rule, either of narrow restriction or of of the anitainly outweigh any ill effects that may attend the operation trust law as now enforced." Myron T. Herrick Appointed Honorary Vice-President of Stable Money Association—Ex-Gov. Brewster of Maine In Letter to Association Discusses "Prosperity Reserve" and Strong Bill To Stabilize Prices Through Federal Reserve System. It was announced at the office of The Stable Money Association on Jan. 7 that Myron T. Herrick, American Ambassador to France and Chairman of the Board of the Society for Savings of Cleveland, Ohio, has accepted appointment as an Honorary Vice-President. It was also announced that a letter had been received from Ralph 0. Brewster, former Governor of Maine, commenting on a recent discussion in The Stable Money Associa, tion's Bulletin of Governor Brewster's plan for a "Prosperity Reserve," as announced at the Conference of Governors at New Orleans last November, (referred to in the Chronicle of Nov. 24, page 2905), and that a reply had been forwarded to Governor Brewster by Norman Lombard, Declining Trend of Anti-Trust Prosecutions Noted Executive Director. by National Industrial Conference Board—Law These two letters follow in full: Viewed as Needed Instrument to Protect Individual Business. The Federal anti-trust law Is upheld as a needed and effective instrument of protecting the individual business concern against "aggressive and predatory attacks and interference from outsiders," in a report dealing with the legal aspects of consolidations, completed by the National Industrial Conference Board, 247 Park Avenue, New York. The aderence Board, moreover, sees no serious barrier in extlng Federal anti-trust legislation to mergers of business tterprises but, as the result of its study of decisions in cases STATE OF MAINE OFFICE OF THE GOVERNOR AUGUSTA Dec. 28 1928. Dr. Edwin W. Kemmerer, Stable Money Association, President. The 104 Fifth Ave ua, New York City. Dear Sir: Your Id d invitation to me to address a meeting of your Association; and the discussion in your December "Bulletin" of th3 proposals I made at the Conference of Governors at New Orleans, lead me to make these comments. In the first place. I am glad to say that I agree with virtually all you say about the importance of the control of the price-level, through control et 1004 FINANCIAL CHRONICLE [VOL. 128. credit conditions. Your account of my proposal, however—no doubt of sailing for China, and exceedingly busy organizing the Commission because you had no adequate statement at hand is quite misleading. You which will assist him in connection with his important work there. This same preoccupation will no dot bt also have precluded his reading make it appear, as did most of the newspaper reports, that I had nothing to suggest but the old idea of the so-called "Prosperity Reserve." Nothing the discussion of your proposal for a "Prosperity Reserve," which appeared could be further from the truth. I tried to make that clear by stating In our December Bulletin, and for which I alone am responsible. As I note your letter has appeared in the press. I am taking the liberty explicitly, in my address to the Governors at New Orleans, that the economic foun ations of my proposal, and the specific means of putting of giving this reply to the newspapers, as well. We are still hoping to have 3 ou address a meeting of our members,and I It into effect, are expounded in "The Road to Plenty" by Foster and °etchings. In fact, Dr. Foster went to New Orleans with the New England greatly regret that the meeting proposed for December 21 has to be abanbefore doned, largely because of reasons personal to myself. Governors, Lt my request, la order to assist in expounding the plan You are quite right in assuming that we had no adequate statement of Conference. Now anyone, who is familiar with "Thc Road to Plenty" knows how carefully the authors differentiate their proposed program your proposal at hand. My telegram to you at New Orleans requesting it from a mere "Prosperity Reserve," and how explicit they are in pointing has brought only a brief "newspaper release" as yet. We hope for a fuller out the inadequacies of the prosperity reserve idea, as embodied in the statement as I personally find the exposition in Chapter IX of Business without a Buyer and in The Road to Plenty quite inadequate and entirely too Jones bill, now before Congress. It goes withoutisaying that credit conditions are of great importance in much "popularized" to afford the thoroughgoing and scientific consideraboth the ups and downs of the business cycle, so that a basic method of tion I should like to give the proposal. You refer to the Strong Bill, now pending before Congress. Possibly, preventing excessive movements of the price-level is found in the fundamentals of our banking situation. In the Lst four or five years,the Federal you do not realize that, as a research and educational organization, this Reserve System has been a powerful influence in the right direction, and Association is not advocating the Strong Bill, nor taking any position with the Federal Reserve System will have just as important functions after the respect to it—favorable or unfavorable. In fact, we have no pet plan for so controlling the monetary circulation relative to the needs of business plan which I advocated at New Orleans goes into effect, as before. What I especially object to in the recommendations of many advocates that the purchasing power of money will be stabilized, and we have no assumption that the Federal Reserve Board pet scheme for measuring fluctuations in the purchasing power of money. of a stable price-level is their actually has the power to stabilize the price-level. Some of the most We encourage discussion of all such plans and schemes, in the hope that widely-quoted advocates of the Strong Bill are mistaken on this very point. public opinion itself will decide on what it wants to have adopted in this They assume, incorrectly, that the Federal Reserve System has power to matter. Thus, our attitude toward your proposal is entirely one of inquiry. We control the gross volume of money in circulation. They further assume, also incorrectly, that the Reserve System, by controlli .g the gross volume are sympathetic toward your obvious aims,open minded as to your proposed of money in circulation, could keep prices on a dead level. The fact is that method, and critical only as to its economic implications. This is our unless the Reserve Banks were aided by important influences over which attitude toward all the other plans and schemes. With this understanding, may I ask you four leading questions, the they have no control, and by some such plan as I proposed at New Orleans, the most that the Federal Reserve System could do at certain times would answers to which, I hope, will tend to clear up doubts in the minds of be insufficient to curb a sharp movement of rrices upward or dowward. economists and others concerning your proposal. 1. Who are those "most widely quoted advocates of the Strong Bill" There are times when the leaders ip of the Reserve System is all that is necessary. But there are times when the most that the Si stem can possibly who, you say, assume "that the Federal Reserve Board actually has the and its open-market operations and its power to stabilize the price level?" do, through its rediscount rates Every competent authority I have read has readily admitted the existence advice to the banks, will not cause enough money to be spent for comof limitations on such power, while asserting that the powers of the Federal modities to sustain the price-level. All this is explained in Chapter LX of "Business Without a Buyer," by Reserve System to influence the price level are very large. 2. What are the times "when the most that the System can possibly do Foster and Catchings. In this chapter the authors go on to explain why the Reserve System, under the existing law, cannot permanently stabilize . . . . will not cause enough money to be spent for commodities to the price-level, unless its efforts are reinforced by some such means of sus-. sustain the price level," and are those not just the times when the prosperity reserve scheme will not accomplish the purposes for which it is designed? taming consumer purchasing power as that advocated at the New Orleans 3. How will a fall In the price level cause "surplus stocks" to be moved, conference. The main point is this; without further means than we now have of ad- remembering that, if one has wheat and wants corn, for example, a fall in justing the flow of consumer income, t e time is sure to arrive when the the price of corn relative to wheat may cause him to give up wheat, because flow of goods to market so far exceeds the flow of mon y to co Burners that a it will enable him to get more corn for his wheat, but, if both fail together, depression of business ensues. Under presont conditions, in other words, there will be no increased incentive to the owners of either wheat or corn the time is sure to come when the only way surplus stocks cln be moved to effect an exchange,and,on the other hand,remembering that, the surplus is by a fall in the price-level. To attempt to fix prices at such a time would stock of particular commodities will be readily moved by lowering their be -like fastening down the safety valve of a boiler and piling on coal." Prices if the general price level Is stabilized through proper control of the At present, when business gets under full steam, the dropping of the price- monetary circulation 4. How are you going to prevent the "Prosperity Reserve" from being level is like opening a safety-val e. Why this Is so is explained at length used for the political advantage of the party in control of the mechanism In "Profits," under the discussion of the Dilemma of Thrift. I believe that Governor Harding of the Boston Reserve Bank is right for the time being I hope there will be released to the public,at an early date, a complete and when he says that there is no way in which Congressional laws or the rulings of the Federal Reserve Board can prevent changes in the price-level, detailed outline of your plan and an exposition of the mechanism proposed with any advantage to the country, except insofar as such laws or rulings to be devised to put the plan into operation, together with answers to these "may be able to promote better marketing methods or to encourage a more questions which are being asked by earnest students. scientific adjustment of productioa to concumption." It will become clear when my proposals are fully understood—when it bec mes clear how far they go beyond a mere prosperity reserve—that what I am . dvocating $73,125,000 Apportioned to States by Secretary of is, in effect, a more scientific adjustment of production to consumption. Agriculture as Federal Aid in Road Construction. Many of the advocates of price stabilization bills seem to me to ignore The Secretary of Agriculture on Dec. 29 apportioned fundamentals. They assume that their purpose can be achieved merely by putting money into circulation at times, and taking money out of circu- $73,125,000 to the States as Federal aid in road construction lation at other times, regardless of what the money does. In particular, for the fiscal year which begins on July 1 next. This they make the mistake of thinking that stable prices can be achieved conthrough the control of currency and curedit Issues, regardless of the effect apportionment has been authorized by Congress for of such issues on the relation between the flow of goods and the flow of tinuing the Federal-aid program, and the funds will be incomes. They cling, implicitly at least, to the old fallacy of the automatic expended according to the same provisions which have consumption of goods, the mistaken idea that the production of goods in governed past expenditures. In general the States pay itself yields peop.e enough money to buy goods. That is why all the proposed plans for stabilizing the price-level, as they half the cost of Federal-aid construction. Federal-aid stand—whatever their merits as part of a complete program—seem to me funds are administered by the Bureau of Public Roads inadequate. These plans leave out of account important complications or the subject. Without far better measurements than we now have of and are available only for routes on the Federal-aid system certain factors—especially of changes in employment,in retail prices, and in which includes the main highways of the nation. During projected capital expenditures—nobody can tell just what measures to take, the last fiscal year improvements were completed on 8,184 or when to take them, in order to stabilize prices and prosperity. The main point which many advocates of a stable price-level overlook,and miles of Federal-aid road which had not previously been which Foster and Catchings have emphasized repeatedly in one book after improved with Federal assistance, and advanced stages another, is that a stable price-level is not an end in Itself, but merely one of improvement were completed on 2,014 miles. The means of attaining the end of sustained prosperity for all people, especially apportionment is as follows: those who need it most. It is possible to have stable prices in China while the people starve. It is just as possible to have stable prices in a nation APPORTIONMENT OF 273,125,000 FOR THE FISCAL YEAR ENDING JUNE 30 1930. where poverty has been virtually abolished. 21,554,221 Nevada $960,375 We can and must prevent extreme fluctuations in the price-level. That Alabama Arizona New Hampshire .. goes without saying. The Stable Money Association and various other Arkansas 1,284,382 New Jersey 93 ,425 3 7 63 66 4 2,495,345 New Mexico 4 3 184;788 1:6 0 5 agencies have so effectively promoted public education on this subject that California r 1,38 ,755 New York 8 inflation and deflation are now understood, throughout this country at Colo ado 477,110 North Carolina 11:1958 716: 9 7 918 Connecticut least, to be twin evils. Both must be prevented. 365,625 North Dakota Delaware But the only method of prevention which will sustain employment and Florida O 909,235 hio 2,754,448 1,980 443 Oklahoma , 1,748,857 bring about a wider distribution of the fruits of prosperity is one which HawaiiGeorgia 385,625 Oregon 1,191,989 does more than deal merely with money and credit conditions. It must Idaho 3,325,854 933,902 Pennsylvania go to the root of the problem. It must bring about a flow of money to the Illinois 3,118,949 Rhode Island 365,625 1,917,036 South Carolina 1,061,447 people who want to buy goods, which keeps pace with the increased flow Indiana 2,020,861 South Dakota 1,229,282 goods to market. Any other method of stabilizing prices may do more Iowa of Kansas 2.058,305 Tennessee 1,609,662 harm than good. Kentucky 1,417,634 Texas 4,531,162 Since you conclude your discussion of my New Orleans address with a Louisiana 848,592 1,026.896 Utah 365,625 678,501 Vermont quotation from the eminent British statician, Sir Josiah Stamp, let me Maine 633,615 Vinzinia 1,433,405 Plenty," says Sir Maryland conclude by quoting this same authority;"'The Road to 1,090,077 Washington 1,719469:440889 Massachusetts Josiah Stamp, "ought to impress many people upon its main thesis, and Michigan 2,204,966 West Virginia 2,108,104 Wisconsin the plan, if put into execution—like all concerted action based upon knowl- Minnesota 1,854,580 1,311.391 Wyoming 939,536 edge--ought to be an important contribution to the solution of our economic Mississippi Missouri 2 552060 1 394 021 : : troubles." Montana an $73,125,000 Very truly yours, Nebraska 1,586,299 ROB:EMD RALPH O. BREWSTER Mr. Lombard replied as follows: Jan. 4 1929. MY dear Governor Brewster: Your letter of Dec. 28 1928. addressed to Dr. Edwin W. Kemmerer. as President of this Association, has been received, and lam taking the liberty of replying to it, Without referring it to Dr. Kemmerer, who is on the point Return on Railroad Property Investment During Calendar Year 1928. Class I railroads in 1928 had a net railway operating income of $1,193,133,741 which was a return of 4.71% on their FEB. 161929.] FINANCIAL CHRONICLE property investment, according to complete reports for the year just filed by the carriers with the Bureau of Railway Economics and made public on Feb. 15. Their net railway operating income in 1927 was $1,085,141,596 or 4.38% on their property investment. Property investment is the value of road and equipment as shown by the books of the railways, including materials, supplies and cash. The net railway operating income is what is left after the payment of operating expenses, taxes and equipment rentals, but before interest and other fixed charges are paid. This compilation as to earnings in 1928 is based on reports from 184 Class I railroads representing a total mileage of 240,243 miles. The effect of increased economies and efficiencies in operation which have been inaugurated by the railroads of this country is reflected in the reports from 1928. This is probably best illustrated by the fact that the ratio of expenses to gross revenues during the past year was the lowest of any year since 1917. In 1928 the ratio was $72.40 per every hundred dollars of gross revenues compared with $74.54 in 1927 and $73.14 in 1926. In the face of an increase over 1927 of five-tenths of 1% in the volume of freight traffic carried by the railroads in 1928 compared with a similar percentage of decrease in gross revenues, reports for 1928 show a decrease of 3.4% in op-rating expenses. The effect of increased economies that have come about from improved operating methods, the more prompt movement of freight, fuel conservation, better physical condition of equipment and operation of longer trains due to installation of more powerful locomotives is reflected especially in the reduction in the transportation expense. Such expense in 1928 amounted to $2,097,151,101, a reduction of $70,415,146 or 3.2% compared with the preceding year. Expenditures for maintenance of way and structures in 1928 amounted to $845,612,454, a decrease of $33,883,739 or nearly 4% compared with 1927 while expenditures for maintenance of equipment amounted to $1,174,424,259 which was a decrease of $54,795,143 or 4.5%. Passenger traffic in 1928 was the smallest of any year in the past twenty. Passenger revenue in 1928 amounted to $900,326,854, which was a decrease of $75,858,762 or 7.8% compared with 1927. Gross operating revenues of the Class I railroads in 1928 amounted to $6,177,761,036 compared with $6,210,029,786 in 1927 or a decrease of five-tenths of 1%. Operating expenses in 1928 totaled $4,472,480,262 compared with $1,628,725,903 in 1927 or a decrease of 3.4%. Class I railroads in 1928 paid $395,066,480 in taxes, an increase of $13,467,890 or 3.5% over the total tax bill of the Class I railroads in 1927. Thirteen Class I railroads operated at a loss in 1928, of which six were in the East, two in the Southern and five in the Western District. Net railway operating income by districts in 1928 with the percentage of return based on property investment follows: New England Region Great Lakes Region Central Eastern Region Pocahontas Region 547,462,038 208,296.512 259,334,660 79,635,584 5.22% 4.88% 5.00% 7.57% Total Eastern District 5594,728,794 5.21% Total Southern District 133,803,577 4.14% 142,243,041 217,122,430 105,235.899 4.05% 4.53% 4.47% Northwestern Region Centmlwestern Region Southwestern Region Total Western District United States 3164.601,370 4.36% $1,193,133,741 4.71% For the month of December, the net railway operating income of the Class I railroads amounted to $94,385,667 which was at the annual rate of 4.44% on their property investment. In Dec. 1927, their net railway operating income was $54,264,574 or 2.61% on their property investment. Gross operating revenues for the month of December amounted to $495,815,838 compared with $467,727,020 in December 1927 or an increase of 6%. Operating expenses in December totaled $357,570,262 compared With $378,128,502 in the same month the year before or a decrease of 5.4%. Eastern District. The net railway operating income for the Class I railroads in the Eastern District in 1928 totaled $594.728,794 which was at the rate of return of 5.21% on their property investment. In 1927, their net railway operating income was $540,045,026 or 4.84% on their property investment. Gross operating revenues of the Class I railroads in 1928 totaled 13,033.516.264, a decrease of 1.5% under 1927 while operating expenses totaled $2.198,501,984, a decrease of 4.8% under 1927. Class I railroads in the Eastern District for the month of December had a net railway operating income of $50,796,488 compared with $22,372.038 in Dec. 1927. Southern District. Class I railroads in the Southern District in 1928 had a net railway operating income of 1133,803,577 which was at the rate of return of 4.14% on their proparty investment. In 1927, the net railway operating income amounted to $136,662,857 which was a return of 4,33%. Gross operating 1005 revenues of the Class I railroads in the Southern District in 1928 amounted to $773,417,477. a decrease of 5.1% under 1927 while operating expenses totaled $583,120,579, a decrease of 6%. The net railway operating income of the Class I roads in the Southern District in December amounted to $12,560,962 while in the same month in 1927 it was $8,377,257. Western District. Class I railroads in the Western District in 1928 had a net railway operating income of $464,601,370 which was a return of 4.36% on their property investment. In 1927, the railroads in that District had a net railway operating income of $408,433,713 or a return of 3.90% on their property investment. Gross operating revenues of the Class I railroads in the Western District in 1928 amounted to 12.370,827,295. an increase of 2.4% over the year before, while operating expenses totaled 11.690,857,699, a decrease of five-tenths of 1% compared with 1927. For the month of December, the net railway operating income of the Class I railroads in the Western District amounted to $31,028,217. The net railway operating income of the same roads in Dec. 1927 totaled $23,515,279. -UNITED STATES. CLASS I RAILROADS Month of December. 1927. 1928. $495,815,838,. $467,727,020 Total operating revenues 357,570,262 378,128,502 Total operating expenses 35,107,571 26,665,012 Taxes 94,385,667 54,264,574 Net railway operating income 72.12 80.84 Operating ratio-% 2.61% 4.44% Rate of return on property investment_ Twelve Months Ended Dec. 3181. $6,210,C29,788 $6,177,761,036 Total operating revenues 4,472,480,262 4,628,725,903 Total operating expenses 381,598,590 395,066,480 Taxes 1,193,133,741 1.085,141.596 Net railway operating Income 74.54 72.40 Operating ratio--% 4.38% 4.71% Rate of return on property investment Additional Railroad Consolidation Legislation Unnecessary, Says F. J. Lisman-Holds New York Central Decision Has Cleared Path for Consolidations During Next Two Years. Railroad consolidation made material progress with the handing down of the New York Central Decision by the Interstate Commerce Commission, and it now looks as though additional legislation for this purpose might be unnecessary, in the opinion of F. J. Lismam, railroad authority, who has analyzed the decision with particular reference to its effect on the numerous small railroads of the country. Mr. Lisman says: "The Transportation Act intended that all people of the United States should be assured of approximately equal transportation facilities, the same as they are assured 'of practically equal mail facilities. The people resident along the short and weak lines are actually desirous Of being permanently assured of proper transportation facilities, and their interests must be protected. This the commission has done. "This does not mean that the owners of the short or weak lines are entitled to get physical value for their properties. They are only entitled to the fair commercial value of their property, as the Commission states, and only insofar as their lines are a public necessity and convenience. "Quite a number of short lines intervened in the petition of the New York Central to permanently lease, and in effect merge with, its most important subsidiary corporations. It is very interesting to note how the Commission dealt with these various applications. "In the case of the Ulster & Delaware; the steam railroad of the Fonda, Johnstown & Gloversville; part of the Owasco Southern, a switching road at Auburn, N. Y.; the Federal Valley, a coal road in Ohio; the Boyne City, Gaylord & Alpena, a Michigan Line and the Chicago, Attica Sr Southern, an Indiana road, it held that these roads were naturally tributory to the New York Central and should be taken over within six months at their 'commercial value.' "In the case of the other roads, that is the Southern New York Railroad; Delarawe & Northern; Kansas & Sidell, the latter a little Illinois line, it held that these roads should not be alotted to the New York Central System because this system was not their natural There are many other short ines connecting with the connection. New York Cenrtal System which did not appear in the proceedings, "Thsi decision definitely fixes the status of the short lines and this situation is about to be accepted by an application which is nearly ready to be submitted to the Commission by the B. & 0. and the Van Sweringen interest, in which the New York Central will undoubtedly and in which the Pennsylvania Railroad will, by necessity of circumstances, be compelled to join. This application will be to the effect that all the railroads west of the Hudson River, east of Chicago and St. Louis and north of the Ohio and Potomac rivers, and the lines running westerly from Hampton Roads, be merged into four systems. The application will contain a provision that each one of these systems will acquire all the short lines found by the commission to be tributary to them, at a price to be arbitrated or fixed by the Commission. "There are a number of important railroads in this trunk line territory, the owners of which may or may not be willing to sell. Quite likely the owners of these lines may not be willing to join in any arbitration. Included among these lines are such important properties as the Delaware & Hudson, Pittsburgh, Bessemer & Lake Erie, owned by the U. S. Steel Corporation, Pittsburgh & West Virginia and the Delaware, Lackawanna & Western. "When the trunk lines' application comes before the commission, that body will cite before it the owners of all these railroads and representatives of the adjacent communities for the purpose of ascertaiMng the natural routes of traffic and the interests of the public.. To work out all the details of this will easily take two years." The Trans-America Corporation Spreading Out Stockholders of the Trans-America Corporation at their annual meeting in Wilmington, Del., on Feb. 9 approved an increase in the authorized capital to $1,250,000,000, to be represented by 50,000,000 shares of capital stock. It 1006 FINANCIAL CHRONICLE -- was also announoed that the company intends to form a British company with headquarters in London to take over the activities of the parent institution in foreign enterprises, its investment in foreign securities and foreign banks, including the Bank of America and Bank of Italy as well as its affiliated Amer-Italia Corp. As a result of the stockholders' action the directors are authorized to Issue and distribute any portion of the increased capital stock as dividends from time to time and also to use part of the stock for the purchase of stocks in banks or other enterprises. In connection with the stockholders' action, L. M. Giannini, Executive Vice-President of the corporation, said: "We are also in a position when called upon to provide for increase in the capital of affiliated and auxiliary companies of institutions controlled by Trans-America Corporation. More and more attention Is being paid to the subsidiary companies particularly since they have extended the scope of their activities to include participation on a larger scale in underwritings and distribution of high grade stocks as well as dealing in bonds. Continued widening of the field in which our affiliated organizations are interested requires constant enlargement of their capital structures, so that they may be placed on a basis comparable to other similar metropolitan organizations." Memberships on the New York Cotton Exchange advanced $1,000 yesterday (Saturday), Simon J. Shlenker of E. A. Pierce & Co., selling an extra seat for $40,000. The purchaser was John H. McFadden, Jr. of Geo. H. McFadden & Bros.,for another. A New York Cocoa Exchange membership was reported sold this week for $5,300 an increase of $300 over the last preceding sa le. New York Coffee and Sugar Exchange memberships reached a new high record this week (Monday) when the seat of Andre Leon Clerc of Paris was purchased by W. R. Craig & Co. for $29,500. On Saturday last Carl H. Stoffregen purchased the membership of Robert Zunz for $29,000. The sale of a Toronto Stock Exchange membership was reported this week for $200,000 a new high record. Vice-Presidents James Bruce and Arthur W. McCain of the National Park Bank of New York returned this week In regard to future dividends of the Trans-America from a business trip to France, Switzerland, Spain and Italy. Corp., Mr. Giannini stated:. The newly organized Gotham Loan Company of this city "Action will have to await the Feb. 15 meeting of the board and while we believe it is appropriate to refer to our general plans in opened for business on February 6 at 206 Broadway, as an order that we may set at rest the rumours as to the likelihood of industrial banking concern specializing in loans of $5,000 or an immediate stock split-up, it would be premature to anticipate what the board may do at that time as several proposals have been sug- less. The institution has a capital of $500,000 (par value gested for consideration." $100) and a surplus of $150,000, and is under the super"Since Trans-America is a holding company whose function is to vision of the State Banking Department. The stock of the control and direct operation of subsidiaries, it is essential that our plans should be formed with intention of building up and strengthen• company was disposed of at $130 a share. The following ing the working capital of these affiliations. We are prepared to information comes to us from the company: proceed with the establishment of our British company and will have A new feature in industrial banking which this company has inaugurated our Vice-President John M. Grant in charge of the London office. Is that interest and the fee allowed by law are not "Trans-America corporation now owns 1,979,512 shares of Bank of In advance. In a loan of say $100, the borrower deducted from the loan receives $100 and pays the Italy, 1,291,692 Bankitaly Co. of America, $100 par representing interest and fee in installments over the period of the loan, usually one year. 5,166,768 shares Bancitaly Corp., $25 par, also 9,105 shares California Joint Stock Land and 43,293 shares of Pacific National Fire "James A. Hoyt, formerly President of the Morris Plan Insurance Co., 9,993 shares of Bankitaly Agricultural Credit Corp., Corp. of America is President of the new company. Other 9,995 shares of Bankitaly Mortgage Co., 82,457 shares of Bank of America of California, 59,470 shares Bank of America, New York, officers are: A. T. Tamblyn, Chairman of the Board; H. and 13,491 shares orf the Oakland Bank, Oakland, Cal. This means H. Riddleberger, Vice-President and Secretary; Fred BillTrans-Tmerica Corp. owns over 99% of stock of Bank of Italy and man, Vice-President and Treasurer. The following are 99-1/3% of Bancitaly Corp. the directors of the company: Arrangements are now being concluded to acquire remaining shares James V. Barry, Vice-President, Metropolitan Life Insurance Co. of both institutions. Fred Elliman, Treasurer. "Ownership of Trano-America Corp. at present is lodged in hands Thomas B. Boss, President, American Reserve Insurance Co. of more than 110,000 stockholders." Benjamin S. Catts, real estate. The election of W. V. Garthwaite, President of the OakEllis P. Earle, President, Niptssing Mines Co., Ltd. William A. Gray. President William A. Gray & Co.. Inc. land Bank, Oakland, as a member of the board of directors Edgar F. Hazleton, President, Queen.sboro Savings Bank. was announced at the stockholders meeting. This would James A. Hoyt, President. seem, it is said, to point to closer relationship between Henry R. Johnston, Vice-President and Cashier, Chatham Phenix Nathe interests controlled by Trans -America Corporation and tional Bank & Trust Co. Raymond E. Jones, First Vice-President, Bank of the Manhattan Co. the institution of which Garthwaite is head. Other diFred E. Linder, Vice-President. Edmund Seymour & Co., Inc. Eugene T. McQuade, Lewis, Garvin & RelseY. rectors are: Wallace T. Stock, Lewis, Garvin & Kelsey. A. P. Giannini, President, Trans-America Corp., James A. BacigaA. T. Tamblyn, President, Lincoln Fire Insurance Co. lupi, President, and A. J. Mount, Senior Vice-President, Bank of Harral S. Tenney, Vice-President, New York Trust Co. Italy; P. C. Hale and A. Pedrini, Vice-Presidents, Bankitaly Co. of John T. Whalen, President, J. T. Whalen Co., Inc. America, L. M. Giannini, President and A. E.. Sbarboro, Vice-President, Pacific National Fire Insurance Co.; W. E. Blauer, Vice-President, The Irving Trust Company of New York announced on Bankitaly Mortgage Co., and California Joint Stock and Land Bank; Dr. A. H. Giannini, Chairman of the Board, and Edward C. De!afield, February 13 the appointment of Sidney H. &honer, of President, the Bank of America, New York; L. V. Belden, President, Louis Lowinson & Company, 72 Leonard St., as a member and J. E. Rovensky, Vice-President, the Bankameric Corp., N. Y.; Leon Bocqueraz, Chairman of the Board and E. J. Nolan, President, of the Advisory Boards of its Eight Street Office, Broadway Bank of America of California; N. C. Hawkins, Vice-President, at Eighth St., and of its Pacific Office, 470 Broadway. Bankitaly Agricultuml Credit Corp., W. H. Snyder, Vice-President, Commercial Holding Co.; W. F. Morrish and C. R. Bell, Vice-PresiThe City Trust Company of this city was taken over by dents, Corporation of America. the State Banking Department on Monday Feb. 11, the following notice signed by State Superintendent of Banks, ITEMS ABOUT BANKS, TRUST COMPANIES, ETC. Frank H.Warder, having been tacked on its doors, according The New York Stock Exchange membership of Robert to the "Herald Tribune". L. Leeds was reported posted for transfer this week to "The Superintendent of Banks took charge of the City Trust Company J. A. Straus for $625,000. This is an unchanged price to-day. Its capital was $1,226,000, book surplus $985,712 and deposits from the last preceding sale. This membership was reported $7,347,550. company represents the combination "The trust of the F. M. Ferrari to have sold with "rights" the Stock Exchange having voted private banking business and two other private banking establishments recently to increase its membership. Trading was reported and a corporate bank doing a so-called Italian business. "The officers and in the rights when it was announced that four applications Giannini, President;directors at the time of the closing were: Dr. A. H. James F. Cavagnars, Vice-Prestdent: Frederick for membership had been received the prospective Ferrari, Executive Vice-President: Louis Tavormina, Vice-President: Anthony Di Paolo, Treasurer. Directors: Francis X. Mancuso, Chairnew members having each purchased four fra ctiona man: A. Di Paolo, Louis Tavormina, Salvatore memberships for a nominal consideration, the following are Francis A. Sasso, Joseph F. Saphir, Gennaro Sonic', Isidore Stegeltuch. Aacione, Francis S. Paterno, the new applicants: Joseph A. Fitzpatrick, Robert E.Eising, Frederick Ferrari, William Bailey. H. H. Butler, H. Waren Hubbard, Benjamin E. Weeks, J. Vincent Labate, Henry H. Lazarus, Leonard Rose. William D.Stevens and H. Garen Bender. Alexander Meyer, Julius Sakolsky, Charles I. Rockmore. New York Curb Market memberships have advanced steadily in price this week arrangements having been made early in the week for the sale of a seat at $180,000 a new high record up to this time and an advance of $5,000 over the preceeding sale. Later two memberships were sold for $185,000 each and to-day announcement was made for the transfer of a membership for $187,000 this last being the highest at which a membership was ever sold. Giannines Connection Explained. In fairness to Dr. Glannini and his associates it should be stated that he was not affiliated with the inallitution prior to the death of Mr. Ferrari but came in at the request of the directors and signed what be regarded as an optional agreement to purchase the stock. On the date fixed in the agreement for the payment of the stock Dr. Giannini did not wish to make the payment for the stock and continue in charge of the institution because of the losses it is believed will be sustained in the liquidation of the assets. Conferences looking to a solution of the problem were started a week at which time one other institution was apparently Prepared to take over Its affairs but the directors felt that Dr. Glannlas Intimate lv FEB. 16 1929.] FINANCIAL CHRONICLE 1007 A. Cole was elected a director succeeding Mr. Lanman on the board and Willard P. Schenck, Vice-President and Secretary of the trust company was elected Vice-President Frank M. Ferrari, who had been President of the City (a newly created office) of the safe deposit company. Trust Company died the present month, Feb. 1. The "Herald Tribune" of Feb. 12 in its reference to the action A proposed amalgamation o- f the Third National Bank of of the Banking Department had the following to say: Syracuse, N. Y., with the First Trust & Deposit Co. of that It was recalled that upon the death of Commendatore Ferrari, Dr. A. H. Giannini was reluctant to accept the Presidency of the City Trust Co., city, under the title of the latter, was approved at special as he was said to have been in ignorance of its actual financial condition. meetings of the respective directors of the institutions on However, he finally consented to do so because of his respect for the late Feb. 8, according to the Syracuse "Post" of the following banker. However, when he assumed the office as head of the City Trust Co. he day. The merger, which when consummated will form one wished it to be definitely understood that the bank was in no manner of the largest banks, it is said, between New York and affiliated with the Bank of America and that his acceptance of the executive Buffalo, is subject to the approval of the State Superintenpost could not be construed as indicating the possibility that the bank would be merged, eventually, with the Bank of America. It is believed dent of Banks and the respective stockholders of the two that he made this stipulation because of the international reputation of banks. The enlarged First Trust & Deposit Co. will have his brother, A. P. Giannini, who has become one of the most powerful deposits of approximately $65,000,000 and resources of more and influential bankers on the Atlantic as well as the Pacific Coast. The only disorder created at the main office of the company was an than $75,000,000. The present capital of the First Trust 86 attempt by a score of boys to force a side door to the bank late yesterday Savings Bank is $2,500,000 and its authorized capital $3,afternoon. The group insisted that they had sums ranging from Si to Concerning the stock basis on which the union $20 deposited in the bank and that they wanted to get their money before 000,000. the heavy depositors. They finally were dispersed by the police. will be effected, the Syracuse paper said: The basii of the merger will be a share-for-share exchange of capital The notices of the closing of the City Trust were pasted & Deposit Co. with that of the Third National Bank, on the doors of the main office, at 2118 Second Ave., at 109 stock of First Trust Bank has a capital of 3,000 shares. The book value of The Third National to St; and its branches at 2,109 First Avenue, 431 Third the stock is $205 a share and that of First Trust is $230 a share. The new Avenue; 594 Atlantic Avenue, Brooklyn, and 182 Graham institution will be called First Trust & Deposit Co. ... Quotations on First Trust yesterday (Feb. 8) were at $495 a share, with Avenue, Brooklyn. Samuel Rauch, an examiner of the $505 asked for the stock in several instances, without offers. The stock of State Banking Department, was appointed on Feb. 13'a Third National has risen substantially in the last four weeks and yesterday was quoted at $350 a share. The Special Deputy Superintendent of Banks to conduct the in the transaction, 3,000, amountsdifference on the total number of sharaz to $435,000. liquidation of the assets of the institution. On Feb. 14, The interests of the Lacy family, which controls the Third the "Times" stated: National Bank, it is said, will be closely identified with the Meanwhile examiners were still at work on the books of the trust company, but to date no estimate of probable losses to depositors and stock- enlarged institution. Lucius G. Lacy,President of the Third holders has been forthcoming. As on the previous two days patrolmen National Bank, will be made a Vice-President of the new were on guard before each of the branches and small groups of persons organization. The present banking quarters of the Third clustered around the entrances through most of the day. Stockholders and directors have been holding informal meetings, but National Bank will become a branch of the First Trust & so far there has been no general call for a meeting of either stockholders Deposit Co. and its personnel will remain unchanged, acor directors to take steps to conserve their interests. Apparently they, as well as depositors, are waiting for some announcement from the Banking cording to present plans. The First Trust & Deposit Co. at present maintains five branch offices in different sections Department. Most of the directors were business men in the neighborhood of the of Syracuse and is about to open another in West Onondaga bank or its branches, brought in through the personal efforts of Frank M. Ferrari, the former President, whose death precipitated the crisis in the St., it is said. The size of the main office at South Warren bank's affairs. and East Washington Sts. was practically doubled lasts year. From the "Herald Tribune" of Feb. 13 we take the The Third National Bank, which is one of the oldest banks in Syracuse, began business Feb. 1 1864 with a capital of $150,following: Late last night, Francis S. Paterno, builder of numerous Park Avenue 000. It was organized the previous year (1863) by owners apartments and structures throughout the city, said that he was a director of the Bank of Salina (which it succeeded), an institution of the company, but had never been active in its affairs. He had attended the business meetings and said that the last directors' meeting held prior dating back to 1832 and the second bank to be organized in to the death of Commendatore F. M. Ferrari had indicated that the Syracuse. The First Trust & Deposit Co. was formed in business of the company was increasing rapidly. January 1919 by the consolidation of the Trust & Deposit He emphatically denied the report that there had been no inspection or examination by the State Banking Department within the last six Co. of Onondaga and the First National Bank of Syracuse. months. Mr. Paterno said that to the best of his knowledge the last The Trust & Deposit Co. of Onondaga had a corporate exexamination of the bank was either in the latter part of November or stence dating back to May 4 1866, although its founders did the early part of December. 1928. Although no report of the State officials' inspection was made at the subsequent directors' meeting, the not effect an organization until Mar. 28 1868, and it was not directors were informed that the State Department at that time found until a year later that the institution started business, while the affairs of the bank in good condition, according to Mr. Paterno. the First National Bank of Syracuse was organized on April According to the "World" of Feb. 13 the family of the 11 1863. According to an announcement by Albert B. late F. M. Ferrari came to the rescue of the institution on Merrill, President of the First Trust & Deposit Co., the proFeb. 12. The account in the "World" added: posed merger will become effective on April 1 or shortly The office building at Nos. 13 and 15 Park Row, and a farm in Rights - thereafter. town, N. J., now owned by the family of the late banker, are to be knowledge of the Italian communities and banking promised better results. The condition of the institution and the withdrawal of Dr. Giannini made it necessary for the Department to take charge of its affairs. placed at the disposal of the creditors, who feared they had lost money in the collapse of the bank, which held the funds of thousands of Italian depositors. • The loss is estimated by several men connected with the institution at about $3,000,000. James Raymond Boyce, a member of the New York Curb Market and a partner in the New York Stock Exchange firm of Eastman, Dillon & Co. died on Feb. 13 at his home in Englewood, N. J. Mr. Boyce was in his 55th year. The Hartford "Courant" of Feb. 8 stated that Webster D. Copp of Norwich, Conn., an examiner for the Connecticut State Banking Department, was appointed Treasurer of the newly organized Wethersfield Bank & Trust Co. of Wethersfield, Conn., at a meeting of the directors on Feb. 7. Mr. Copp, who has been a bank examiner for the past three years, was formerly with the Chelsea Savings Bank of Norwich, Conn. It is expected the new bank will open for business about May 1. According to the"Sun"of last night(Feb. 15), negotiations are proceeding for the acquisition of the Traders National Bank of Brooklyn by the Bank of America N. A. The acStockholders of the West P-hiladelphia Title & Trust Co., count further said: Philadelphia, on Feb. 11 approved the proposed merger Both banks were non-committal on the question, but it was not denied of the institution with the Integrity Trust Co. of that city, that a deal was under way. 12. A Should the merger take place it would expand the activities of the Bank according to the Philadelphia "Ledger" of Feb. of America in Brooklyn. The Traders National, organized in November meeting of the stockholders of the Integrity Trust Co. will 1926, has resources of about $3,500,000 and deposits of about $2.500,000. be held on Feb. 20 to consider the proposal, and if approved, Capital is $500,000 and surplus is $250,000. B. P. Van Benthysen is the consolidation will become effective Mar. 1. The apPresident. He was not at his office to-day. The acquisition of the Brooklyn institution indicates that the Bank of proaching merger of these companies was indicated in the America's expansion has not yet ended. The present Bank of America "Chronicle" of Jan. 19, page 364. is the result of a merger last year under Giannini control of the Bank of America, the Bowery and East River National and the Commercial Exchange Bank. The institution as been in Brooklyn for many years, having taken over the Franklin Trust Co. there many years ago. Willis McDonald, Jr., Vice-President of the Brooklyn Trust Co. of Brooklyn was elected President of the Brooklyn City Safe Deposit Co., subsidiary of the Brooklyn Trust Co., on Feb. 6 to succeed David H. Lanman who resigned to become President of the Brooklyn Savings Bank. Charles At a special meeting of the directors of the National Bank of Olney, (Philadelphia Co.) Pa., it was decided to reduce the par value of the stock from $100 to $10, issuing ten new shares to every one now held by the stockholders, according to the Philadelphia "Ledger" of Feb. 11. A meeting of the stockholders will be called within the next 30 days to vote upon the proposition. 4--- 1008 FINANCIAL CHRONICLE At special meetings on Feb. 14 the respective stockholders of the Ninth Bank & Trust Co. and the Northern National Bank of Philadelphia, unanimously ratified the proposed union of the institutions, according to the Philadelphia "Record" of Feb. 15. It is expected the merger will become effective Mar. 1. The stockholders of the Ninth Bank & Trust Co. at their meeting also approved an increase (under the merger plan) in the bank's capital from $1,000,000 to $1,300,000. Three shares of the new stock will be exchanged for four shares of Northern National Bank stock with a cash adjustment of $24 for each four shares of the latter institution. The new bank will be known as the Ninth Bank & Trust Co. and will have resources of more than $30,000,000. Business will be conducted from four offices: Front and Norris Sts., Allegheny and Kensington Ayes., Seventh and Dauphin Sts. and Chelten Ave. near Chew St. The approaching merger of these banks was indicated in our issues of Dec. 1 and Dec. 29, 1928, pages 3043 and 3652, respectively. [VoL. 128. sive alteration and renovations were ordered to be made Immediately by the directors. Under existing plans, the American State Bank will vacate its present home and occupy the new banking rooms by May 1. The new quarters will be adjacent to the Federal Reserve Bank and will have a frontage of 50 feet on Fort Street, extending to a depth of 130 feet. The paper mentioned quoted Gordon Fearnley, a Vice-President of the institutions, as saying: "Our growth has been so phenomenal that we have been obliged to enlarge our quarters. As a result of the merger of the National Bank of Commerce with the Union Trust Company, modern working banking quarters in the National Bank of Commerce Building have become available. We have 26 branches in operation in Detroit and now have more than 100,000 depositors with deposits totaling 240,000,000." The American State Bank began business in 1927 as the Fairview Savings Bank and for the past five years has been occupying space in the American State Bank Building at Griswold and State Streets. Its officers include the following: Robert M. Allan, President; Gordon Fearnley, Charles P. Lamed, Frank E. Doremus, A. J. Maynard, and Joel Stockard, Vice-Presidents; Oscar L. Green, Cashier, H. Matthews, President of the Bank of Commerce & and R. W. Slayton, William R. Botsford, Walter Van GoeTrust Co. of Cincinnati, died at Christ Hospital that city them, H. Runnels, Stanley M. Davis and J. F. McDonal4 on Feb. 9, following an emergency operation for appendicitis Assistant Cashiers. the previous Tuesday. The deceased banker was born at New Vienna, Ohio, but went to Cincinnati as a boy where Consolidation of the First National Bank of Chicago (inhe received his early education in the public schools. Later cluding its affiliated institution the First Trust & Savings he was graduated from the Yale Law School. Together Bank) and the Union Trust Co. of that city, giving Chicago with his brother, Councilman Stanley Matthews, former a bank with resources of more than $600,000,000, was forJudge, he founded the law firm of Matthews & Matthews, mally approved by the stockholders of the involved instituof which he was a partner at the time of his death. For tions on Feb. 11. As a part of the plan, the stock of the many years Mr. Matthews took an active part in politics. First National was increased to $24,000,000, of which 40,000 In 1926 he was elected Chairman of the Hamilton County shares, par $100, was allotted to Union Trust stockholders, Democratic Central Committee. He was a member of the share for share. The transfer of trust securities, amounting Cincinnati Chamber of Commerce. to upwards of $150,000,000, and cash and securities of current business, which amount to more than $100,000,000, The Midland Bank and Midland Corporation of Cleve- has been completed; the consolidation having been effected land, recently organized by a group of Cleveland capitalists as of the close of business, Feb. 11. The Board of Directors, headed by C. L. Bradley, President of the Cleveland Union elected at the same meeting, includes all of the directors of Terminals Co. (noted in our issues of Dec. 8 and 29 1928, both banks, with the addition of James B. Forgan Jr., Vicepages 3191 and 3652, respectively) will open Mar. 1 with a President of the First National Bank, of which his father total capital and surplus of $9,000,000. The Midland was so long chief executive. A comparison of the ten largest banks of the United Bank will have a capital and surplus of $6,000,000, while the Midland Corporation, its securities underwriting and States, according to deposits as of Dec. 31 1928, sent us distributing subsidiary, will have a capital and surplus of by the First National Bank, is as follows: $3,000,000. The institution will specialize in a complete 1—National City Bank, New York $1,349,024,386 2—Chase National 1,126,781,646 financial service to business and industry. John Sherwin, 3—Guaranty Trust Bank, New York Co., New York 842,358.215 4—Irving Trust Co., 734,455,423 Jr. will be President and E. E. Barker, First Vice-President 5—Bank of Italy, N.New York San Francisco T. & S. A., 698.435,840 6—National Bank of Commerce, New York 672,943,890 of both the bank and the corporation. The head of the new 7—Bankers Trust Co., New 584.088,640 York institution bears a name long identified with finance and 8—Continental National Bank & Trust Co., Chicago 536,634,830 9—Equitable Trust Co., New York 530,843,927 industry of Cleveland. His father, John Sherwin, Sr., 10—First National Bank of Chicago 509,655,015 Figures given for the First National Bank of Chicago include those of until recently was Chairman of the Board of the Union the First Trust & Savings Bank and the Union Trust Co., merged at close Trust Co., Cleveland, and is a director of many corpora- of business, Feb. 111929. tions. John Sherwin, Jr. entered the employ of the Union In commenting on the merger, Melvin A. Traylor, PresiTrust Co. in 1923 following his graduation from Yale. He dent of the First National Bank and the First Trust & later became a Vice-President of that institution. M. Savings Bank, said: Barker has been Vice-President of the Continental National Until recent years middle western enterprise was still in some measure Bank & Trust Co., Chicago, since 1926. Other officers dependent upon outside capital. With this consolidation, Chicago takes another important forward stride in meeting the increasing financial rewill be: quirements of the Middle West. The physical merger was completed yesterday and the $600,000,000 institution is ready to transact business today. The Middle West has achieved an independent position financially, and has met its own increasing capital requirements out of its own prosperity. Capital is being supplied from the Middle West for business and government enterprises in all of the states of the nation and many foreign countries. The closing of several State • banks in Indiana this week This consolidation, which places the bank among the ten largest in the the Associated United States, is typical of the remarkable development which has charwas reported in the following advices by Press from Bluffton, Ind., on Thursday, Feb. 14, appearing acterized the financial, industrial and commercial progress of the Middle West. in yesterday's New York "Times": What the Middle West is doing in the creation and accumulation of wealth is an epoch in our national growth and development. From 1860 The Union Savings & Trust Co., the only remaining bank In Bluffton, to the present, the value of Chicago's manufactured products has increased closed its doors this morning after a $50,000 run yesterday. The Farms, Deposit Bank of Montpelier, on the Wells-Blackford County approximately 25,000%; her wholesale trade approximates $5,000,000,000. and her retail trade, $2,000.000,000. This great area, of which Chicago line, with deposits of $500.000. also closed this morning due, it was said, to an $18.000 run Yesterday. Four banks in Wells County closed yesterday. is the center, produces so% of the iron ore of the country, 75% of the Fred J. Tangeman, President of the Union Savings & Trust Co., and motor vehicles, 67% of the meat packed, 57% of the flour mill products, Thomas Barr, State Bank Examiner, said the bank was solvent. Officers ss% of the agricultural implements. 38% of the bituminous coal, and 42% said they expected to take advantage of the 60 days permitted by law to of the steel rolling mill products. More than 9.000 domestic banks, oneeffect a reorganization and then hoped to reopen. The bank had deposits third of the banks in the country, now keep balances with Chicago banks. With these important developments and the rapid integration of industry of about $800,000. Yesterday the Wells County Bank (also in Bluffton) with deposits of into larger units of control, there has been an increasing demand for bank$1,250,000. was closed. A few hours later the State Bank of Uniondale ing facilities on an even greater scale. The consolidation will make availclosed. Petitions were filed in Circuit Court here asking for receivers able to the great Central West—the new center of American industry and for both institutions, alleging they were "in a failing and insolvent con- commerce—a bank whose resources and facilities will be more than ample to care for every need of industry, commerce and agriculture. dition." The Bank of Petroleum and the Liberty Centre State Bank also closed The following officers were chose for the new First Nayesterday. The three smaller banks cleared through the Wells County tional Bank on Wednesday, Feb. 13: bank. Frank 0. Wetmore, Frederick H. Rawson. Co-Chairman; Harry A. Directors of the American State Bank of Detroit on Feb. Wheeler, Vice-Chairman; Melvin A. Traylor, President; E. E. Brown, John P. Oleson, Craig B. HazIewood, Bentley G. McCloud, B. C. Harden6 announced the acquisition of the National Bank of Com- brook, Frank M. Gordon, Charles R. Holden, Arthur W. Newton, John merce Building, on West Ford Street, between Shelby and F. Hagey, R. Frank Newhall (and Cashier). C. V. Essroger, William J. Griswold Streets, that city, for approximately $1,500,000, Lawlor, H. H. Heins, George H. Dunscomb, A. N. Cordell, John FL Gleason, Harry Salinger, James B. Forgan Jr., Walter as reported in the Detroit "Free Press" of Feb. 7. Exten- Anderson Herbert P. Snyder, Emil A Stake andM. Heymann, Hugo A. A. B. Johnston. ViceA. F. Reed, Vice-President; I. B. Root, Vice-President and Cashier; Willard W. Wilson. Trust Officer; Thomas E. Hann, Assistant Trust Officer; 0. S. Sprung, Auditors; C. C. Sigmier, E. H. Dickerson, Robert Bandlow and A. J. Stiver, Assistant Cashiers. ‘ FEB 16 1929.] FINANCIAL CHRONICLE Presidents; John J. Anton, H. Lynn Benson, 0. C. Brodhay, James L. Nuchanan, Claude B. Carter, Chester E. Herrod, Fred W. Loco, Thomas 3. Nugent, R. K. O'Hara, Fred B. Tedford, E. M. Tourtelot, Edward M. Warner and H. Lindsay Wheeler, Asst. Vice-Presidents; Walter Lichtenstein, Executive Secretary; W.G. Strand, Manager Foreign Banking Dept.; G. P. Allmendinger, Thomas J. Butler, Clarence E. Carlson, Richard S. Carr, Ephraim S. Clark, Guy W. Cooke, A. V. Dillon, M. J. Haniacre, Paul L. Hardesty, Leland L. Hobbs, Edward A. Hoeft, Edward J. Jennett, Albert G. Keck,Charles J. Maurer,P.M.Reisterer, Alexander C.Miskelly, H.R.Ross, Carl E. Schiffner, E. E.Schmus,Norman G.Stockdale, Melvin H.Thies,Charles H.Wood Jr. and William A.Zimmermann,Asst. Cashiers; G. F. Richards, Asst. Manager Foreign Banking Dept.; William Rosbe, Asst. Mgr. Discount and Collateral Dept.; H. L. Droegemueller, Auditor; J. P. McElherne, Julius J. Buechner, Asst. Auditors; Harold V. Amberg, General Counsel; John N.Ott,Attorney;C.Edward Dahlin,Asst. Attorney. Officers appointed the same day (Feb. 13) for the First Trust & Savings Bank are: Frank 0. Wetmore and Frederick H. Rawson, Co-Chairmen; Harry A. Wheeler, Vice-Chairman; Melvin A. Traylor, President; Edward E. Brown, John P. Oleson, Craig B. HazIewood, B. C. Hardenbrook, Frank M. Gordon,Roy C.Osgood,Louis K.Boysen,James B. Keine, Vice-Presidents. Banking Department: B. C. Hardenbrook, Vice-President; Arlan W. Converse, Vice-President and Cashier; William K.Harrison, Roy R.Marquardt, Frederick G. Murbach,Asst. Vice-Presidents; Robert D. Forgan, Treasurer; C. George Fleager, W. Potter Hoist, Thomas S. McCarth, Edward Robyn, Daniel W. Westervelt. Asst. Cashiers. Bond Department: Frank M. Gordon, Irvin L. Porter, Albert C. Koch, Vice-Presidents; Alfred T. Sihler, Asst. Vice-President; James P. Feeley, John H. Grier, Austin Jenner, Walter G. Kropp, Louis H. Northrop, Julius 0. Serg, 3.11. C. Templeton, Asst. Cashiers. Trust Department: Roy C. Osgood, John C. Mechem, Charles E. Holden, Rufus F. Chapin, Vice-Presidents; Oliver A. Bestel, Raymond J. Darby, Asst. Vice-Presidents; Joseph R. Julin, Secretary; Robert L. Grinnell, Corporate Trust Officer; Henry H. Benjamin, Walter S. Davis, Coll Gillies, John H. Hamel, Charles W. Johnson, Emerson R. Lewis, William W. O'Brien, Louis R. Rochetto, Frank J. Shannon, Forrest Williams, Asst. Secretaries. Real Estate Loan Department: Louis K. Boysen. Charles P. Kenning, Vice-Presidents; Walter L. Cohn, Frank G. Guthridge, George Hill, Clarence B. Jennett, John D. Pollock, Roy W. Thies, Asst. Managers. Real Estate Department: James B. Keine, VicePresident; Emil 0. Grunwald, Fred L. Kris. Asst. Managers; H. L. Droegemueller, Auditor: J. P. McElherne, Julius J. Buechner, Asst. Auditors; Harold V. Amberg, General Counsel; John N. Ott, Attorney; 0. Edward Dahlin, Asst. Attorney; Walter Lichtenstein, Executive Secretary. The Argyle State Bank of Kansas City, Mo.—an institution capitalized at $100,000 and with deposits of approximately $400,000—was closed by its directors on Feb. 1. Some 800 depositors, it is stated, are affected. The Kansas City "Star" of that date stated that S. L. Cantley, State Finance Commissioner, who had been in Kansas City for two days previous to the closing of the bank, watching the efforts being made to maintain its solvency, placed State Bank Examiner L. J. Milligan in charge of the bank's affairs. J. Herbert Smith, President of the institution, was reported as saying that deposits were sufficient to save the depositors from loss, and that he was "very hopeful" the bank could be reorganized as a going concern within the ten days allotted by law. The following day (Feb. 2) Associated Press advices from Jefferson City, Mo. (printed in the St. Louis "Globe-Democrat" of Feb. 3) reported that Mr. Cantley charged on Feb. 2 that questionable paper accepted by the bank from Alva E. Smith and J. C. Harper, both listed as incorporators of the suspended Kansas City Bond & Mortgage Co., was responsible for the closing of the institution. This dispatch went on to say in part: Cantley said depositors faced a loss of $70,000 and, in addition, there were questionable notes amounting to $46,580. The Finance Commissioner listed as "bad paper" $10,000 in notes he said were placed in the bank by Smith and Harper. Harper recently has acted as promoter of the Roosevelt Hunting Club in New Mexico. The club was represented by him as having 1,000,000 acres of virgin hunting land in New Mexico. Some of the club's paper was found in the Argyle Bank. e • • Smith said he had deposits in the Argyle Bank more than sufficient to cover a $3,000 note in his name, and denied he was associated with Harper in the hunting club, the Kansas City Bond and Mortgage Company or any other venture. Investigation of the bank was started last November, Cantley said. A proposed merger of the First National Bank of St. Louis and the Liberty Central Trust Co. of that city, with combined capital resources of $20,000,000, was approved by the directors of both banks on Feb. 11, according to the St. Louis "Globe-Democrat" of Feb. 12. The new organization, which will retain the name of the First National Bank of St. Louis, "again becomes the largest bank in the city by a wide margin both in point of capital and surplus and total resources." Combined deposits of the two banks, it was stated, as shown by their latest statements, Dec. 31 1928, are $177,281,025, and their combined resources, as of the same date, are $213,750,408. Stockholders of the Liberty Central Trust Co., it was said, will retain their equity in the building at the southwest corner of Olive Street and Broadway, and as a result of this, the combined capital, surplus and undivided profits of the institutions, which are $21,597,866, are reduced to the $20,000,000 figure mentioned above, 1009 indicating the trust company's equity in the building is carried on its books at the difference between these figures, or $1,597,866. We quote from the paper mentioned as follows: Liberty Central stockholders, therefore, will receive a book equity in the building of $53.29 for each share of stock now held, and also $60.60 of book value in the consolidated bank, or one share of new stock for each three shares now held, and $4.24 book value in the First National Co.(an auxiliary of the First National Bank). The latter is a subisidary of the First National Bank. Present book value of Liberty Central Trust is $147.61. First National stockholders, whose shares have a book value of $171.69 at present, will receive one share of new stock for each share now held. The new book value will be $181.81. They will have their present equity of $14 the share in First National Company reduced to $12.72 on each share of new stock, because of the additional shares of stock to be issued. This circumstance results from the fact that the consolidated bank will have 110,000 shares, as compared with present 100,000 shares of First National and 30,000 shares of Liberty Central Trust Co. The entire assets of the First National are being taken into the merger. or $10,000,000 capital, and $7.169,309 of surplus and undivided profits, while those of Liberty Central, which are $3,000,000 of capital and U.428,557 of surplus and undivided profits, will be turned over after deduction of the $1.597,866 figure, representing the building. Stock of Liberty Central was quoted across the counter recently at $145 bid, while that of First National Bank sold on the local exchange yesterday at $400 to $420, closing at $405. The present quarters of the First National Bank will be the home of the new institution. F. 0. Watts and W. W. Smith, Chairman of the Board and President, respectively, of the First National Bank, will continue in the same capacities with the enlarged bank, while Felix E. Gunter,President of the Liberty Central Trust Co., will become Vice-Chairman of the Board. All the directors of the First National Bank and thirteen of the present 22 directors of the Liberty Central Trust Co. will become members of the new Board of Directors, while all officers and employees of both banks will be retained "in keeping with the custom of bank mergers." The new capitalization figures will be as follows: $11,000,000 capital, $5,000,000 surplus, and $4,000,000 undivided profits. Stock in the First National Co., it was said, will be prorated among the shares in the consolidated bank, as they are now owned by the stockholders of the present First National Bank. According to a joint statement announcement by Mr. Smith and Mr. Gunter the physical consolidation of the institutions will be effected next month. George E. Patterson, former Executive Vice-President of the Fourth National Bank of Macon, Ga. (which closed its doors on Nov. 26 and since that time has been in the hands of a receiver), was charged on a federal warrant issued Feb. 2 with the "misapplication of the institution's money, funds and credits" aggregating $50,000, according to a dispatch by the Associated Press from Macon on Feb. 2, appearing in the Atlanta "Constitution" of Feb. 3. The warrant alleges the offense was committed over a period of approximately eight months, beginning in April of last year and terminating when the bank was closed on Nov. 26. Mr. Patterson posted a bond for $25,000, returnable to the May term of the Federal Court. We quote from the dispatch as follows: to Friends of Mr. Patterson said to-night that there will be no loss the transactions. the receiver, nor to the depositors of the bank, through had no connecIt was also ascertained that the alleged misapplications Patterson said tion with events leading up to the closing of the bank. Mr. within a few days to the satisthat the entire affair will be cleared up faction of his friends and the public. Beyond that, he had no statement personal friends to make. It is understood that loans from outside banks to were involved. Proposed consolidation of three Charleston, West Va. banks with combined resources of $17,000,000 was announced recently, according to the Philadelphia "Ledger" of Feb. 11. The institutions are the Charleston National Bank, the Union Trust Co. and the Citizens' National Bank. The new organization, which will continue the name of the Charleston National Bank, will have a capital of $1,000,000 and surplus and undivided profits of $2,000,000. The proposed union (which is subject to ratification by the respective stockholders) will become effective Apr. 1. Col. T. B. Burbridge, director of the American National Bank of Denver and President of the American Agency & Investment Co., a subsidiary of the bank, died in Santa Barbara, Calif., Feb. 7, where he recent went in search of health. Besides his banking interests Colonel Burbridge was largely interested in mining and was a pioneer of the Cripple Creek gold camp. This is the third director of this bank to die in three months. The other two were President Godfrey Schirmer and John A. Kufe. 1010 FINANCIAL CHRONICLE The following news item was received last week from the Marine Bancorporation of Seattle, Wash. (the holding company of the Marine National, Marine Central and Marine State Banks, the National City Bank and the National Bank of Commerce, all of Seattle, as well as several other Washington banks): When the Marine Bancorporation was organized, its Board was made up of representatives of the Boards of the various banks and companies comprising the Marine Bancorporation. According to announcement made by Andrew Price, President of the Corporation, at the first annual election fol, lowing the acquisition of some of the corporation's ver st important present banking units, the presidents of these organizations were added to the board, namely: M. F. Backus, President of the National Bank of Commerce; C. J. Lord, President of Capital National Bank of Olympia; J. W. Maxwell, President of the National City Bank of Seattle and E. K. Bishop, President of the Grays Harbor National Bank of Aberdeen. In addition to their banking connections, these gentlemen have broad affiliations with the outstanding industrial and business activities of the Pacific Northwest. Mr. Backus has long been known as the dean of Seattle bankers. He Is a member of the Federal Reserve Board of San Francisco. By virtue of his broad connections and large personal interest in Seattle real estate and business activities, he has been closely associated with Seattle's developement throughout the past 40 years. Mr. Lord is known throughout the State of Washington on account of his large banking interests located in Olympia, Seattle and other principal Washington cities. In 1890 he founded the Capital National Bank and has contributed much to the upbuilding of the business and Industrial development of Olympia, which, in proportion to its size, is said to have the largest payroll and greatest diversity of commercial activities of any city in the State. Mr. Maxwell is founder of the National City Bank of Seattle, a member of the Board of Directors of the Northern Life Insurance Company, and has been conspicuously identified with activities which have contributed to the upbuilding of Seattle. Long a believer in the business advantages and benefits of good roads, he was one of the founders and for several terms the president of Automobile Club of Washington. Mr. Maxwell has just been re-elected to a second term as President of the Seattle Clearing House Association. Mr. Bishop, in addition to being one of the outstanding lumbermen and loggers of Grays Harbor, is actively identified with the aircraft business, being one of the joint owners of the Continental Aircraft Corporation of Buffalo, which has been one of the outstanding organizations in this field for the successful manufacture of airplanes for Government and commercial use. It is announced that F. A.Beane and G.F.Abell, formerly Joint General Managers, have been appointed Chief General Managers of the Lloyd's Bank, Ltd. of London. Mr. Beane became a General Manager in 1923, after occupying important positions in the Bank in London and Newcastleupon-Tyne and also in Lloyds & National Provincial Foreign Bank, Ltd. at Paris. Mr. Abell, before he became a General Manager, was for some years Manager of the City Office. Following these appointments it is announced that R. A. Wilson and S. Parkes,formerly Assistant General Managers, and S.P. Cherrington,formerly a Manager of the city office, have been appointed Joint General Managers of the Bank. The city office will in the future be under the joint management of G. L. Potter, G. D. Gold and E. J. Sawtell. The directors of the Midland Bank Limited (bead office, London) report that, full provision having been made for all bad and doubtful debts, the net profits for the year ended Dec. 31 1928, amount to £2,656,554 which, with £835,798 brought forward, makes £3,492,352, out of which the following appropriations amounting to £1,676,614 have been made: £965,614 to pay an interim dividend for the half-year ended June 30 last, at the rate of 18% per annum, less income tax: £500,000 written off bank premises,and £220,000 contributed to officers' pension fund, leaxing a sum of £1,815,738 from which the directors recommend the payment of a dividend calling for £967,174 for the six months ended Dec. 31 1928 at the rate of 18% per annum, less income tax, payable Feb. 1 1929, leaving a balance of £848,564 to be carried forward to the current year's profit and loss account. For the year 1927 the dividend was at the same rate, £500,000 was placed to bank premises redemption fund, £220,000 to officers pension fund and £835,798 was carried forward. The total of the current, deposit and other accounts of the Midland Bank as of Dec. 31 1928, was £394,591,227 and, we are informed, is the highest ever published by any commercial joint stock bank in Great Britain or any other country, while the total assets of the institution (£497,714,034) and its affiliations amount to £575,000,000, a figure considerably in excess of any similar aggregation of funds. The bank's paid-up capital is £13,432,968 and its reserve fund the same amount. The Midland Bank now operates over 2,010 branches in England and Wales, and together with its affiliations has more than 2,450 offices in Great Britain and Northern Ireland. The Right Hon. Reginald McKenna is Chairman of the Board of Directors. [VoL. 128. The 28th annual report of the Provincial Bank of Canada (head office Montreal) covering the fiscal year ended Nov. 30 1928, was presented to the bank's shareholders at their recent annual meeting and makes a very satisfactory showing. Net earnings for the period, after deducting charges of management, interest due to depositors, rebate on current discounts ($84,989) and provision for losses and doubtful debts, were $534,248, and when added to $310,410, the balance to credit of profit and loss brought forward from the preceding twelve months, made $844,65a available for distribution. Out of this amount the following allocations were made: $360,000 to pay four quarterly dividends at the rate of 9%; $65,000 to take care of Dominion Government taxes on banknote circulation and provision for income tax, and $53,818 for amortization in full of the cost of installation and maintenance of new branches and written off "bank premises," other "real estate" and "furniture and fixtures" accounts, leaving a balance of $365,841 to be carried forward to the current year's profit and loss account. Total assets are shown in the statement at $55,865,809, of which $32,160,539 are liquid assets, or 64% the bank's total liabilities to the public, while total deposits are given at $43,832,532, an increase of $3,547,903 over the previous fiscal year. The bank's paid-up capital is $4,000,000 and its reserve fund $1,500,000. At present 135 branches and 191 sub-branches are being operated by the institution. Sir Horraisdas Reporte is President, and Charles A. Roy General Manager. Barclays Bank Limited, London, one of the big five banks in England, has reached a new high record in resources which now total $1,930,318,782, an increase of more than $140,000,000 over the amount reported a year ago. Details of the balance sheet as of Dec. 31 1928, have just been received by the representative's office of the bank at 44 Beaver Street, New York, and the changes as compared with a year ago are a clear index of improved trade conditions. Deposits now stand at $1,675,406,113, an addition of some $83,000,000 to the previous total. The total amount of outstanding acceptances has almost doubled itself during the past year and now stands at the record figure of $124,371,584. Advances to customers and bills discounted show an aggregate increase of $62,000,000 totaling $1,034,395,222. All figures have been converted at the rate of $5 to the £. According to advices received by the bank's representative in New York, net profit of Barclay's Bank for the year 1928 including the amount brought forward from the previous year, amounted to £2,853,550. Of this amount, some £650,000 has been set aside to contingency and other accounts. There have been no changes in the dividend rates which remain at 10% on the "A" shares and 14% on the "B" and "C" shares. These rates were first put into efect in 1920. The ninety-sixth annual statement of the National Provincial Bank, Ltd. (head office London) was submitted to the proprietors at their annual general meeting on Jan. 31. The report which covers the year ended Dec. 31, 1928, shows net profits after making provision for all bad and doubtful debts and rebate of discount on current bills, of £2,108,664, which when added to £863,476, the balance to credit of profit and loss brought forward from the preceding twelve months, made £2,972,140 available for distribution. From this total appropriations were made as follows: £853,147 to pay an interim dividend of 9%, subject to deduction of income tax (£170,629); £853,147 to pay a further dividend of 9%, subject to deduction of income tax (n70,629), making 18% for the year; £100,000 contributed to pension fund; £100,000 written off bank premises account, and £200,000 transferred to contingencies account, leaving a balance to be carried forward to the present year's profit and loss account of £865,845. Total resources of the institution are shown in the statement as 1329,698,671, of which advances to customers and other accounts amounted to £150,523,520; investments to £36,975,699; bills discounted to £43,547,739, and coin, Bank of England and currency notes in the United Kingdom and balances with the Bank of England; balantes with, and checks in course of collection on other banks, etc.; money, at call and short notice to £70,091,842. On the liabilities side of the statement the bank's paid-up capital is given as £9,479,416, with a reserve fund of like amount, and total deposits as £290,310,253. During the year 42 new branches and agencies were opened, increasing the total number of the bank's offices to 1,262. Flo. 16 1929.] FINANCIAL CHRONICLE 1011 to a high rate at 10%. United States Steel common conTHE WEEK ON THE NEW YORK STOCK EXCHANGE. tinued heavy and was down about 20 points from its high Interest in the stock market this week again centered for the year. Oil shares and motor issues were practically at largely around the copper stocks. Price movements have a standstill and railroad securities dragged along without been more or less irregular and the market has slowly drifted noteworthy movement. International Combustion Engindownward, despite the occasional rallies. The weekly re- eering was one of the strong stocks of the day and again port of the Federal Reserve Bank made public after the moved into new high ground and new tops were recorded close of the market on Thursday showed a decrease in brokers' by Andes Copper, American & Foreign Power and Penick loans amounting to $101,000,000, leaving a balanee of and Ford. $5,568,000,000 still outstanding in this district. Call TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE DAILY, WEEKLY AND YEARLY. money slipped back from 8% on Monday to 6% on Wednesday, 6%% on Thursday and advanced to 10% on Friday. State, Railroad, Stocks, United dCc., Number of Municipal ct The New York Stock Exchange was closed on Saturday last. States Week Ended Feb. 15. Foreign Bonds. Bonds. Shares. Bonds. The market opened somewhat irregular on Monday, many HOLI DAY of the more active stocks showing moderate gains while others Saturday 83.360,000 87.027 000 3,889,100 8670,500 Monday HOLI DAY slipped back to lower levels. As the day advanced, buying Tuesday 3,347.000 481,000 6,877,000 4,528,210 Wednesday 3,358,000 orders came into the market in considerable volume and the Thursday 967,500 6,388 000 3,726,050 2,122,000 774,000 5,650,000 3,902,450 main body of stocks moved briskly forward, several of the Friday $2.893.000 16.045.810 825.942.000 912.187.000 more prominent issues closing with gains ranging from 1 to 7 Total points. Copper shares were the strong feature of the day, lan.1 to Feb. 15. Week Ended Feb. 15. Sales at New York Stock Anaconda assuming the leadership with a gain of 7 points, 1928. 1929. 1928. 1929. Ezchange. followed by Chile Copper with a similar advance. Kennecott 88,208,055 156,720,790 -No,of shares_ 16,045,810 10,128,580 Stocks improved five points and Greene Cananea was up about 10 Bonds. Government bonds_ _ _ points for the day. General Electric was one of the spec- State and foreign bonds $2,893,000 85.958,500 $20,193,500 830,965,000 130,670,625 88,345,550 12,187,000 15,599,625 tacular features as it recovered its early losses and sped up- Railroad dc misc. bonds 25,942,000 34,593,000 235,289,000 280,084,300 8343,828,050 $441,719,925 ward with a gain of 10 points and closed at 2043.. Johns- Totaibonds 841,022,000 856,151,125 Manville was up about 5 points at the close, and National DAILY TRANSACTIONS AT THE BOSTON. PHILADELPHIA AND BALTIMORE EXCHANGES. Cash Register had gained 7 points at 1303. Some of the railroad issues were in good demand at improving prices, esBoston, Baltimore. Philadelphia. pecially Pere Marquette which ran ahead 6 points to 170 Week Ended Shares. Bond Sates. Shires. Bond Saks. Shares. Bond Saks: Feb. 15 1929. 3 points to 196 and Del. & Hudson which moved ahead 2,016 HOLI DAY 811,000 HOLI DAY Chicago Great Western pref. also was a strong favorite at Saturday 52,648 849.000 689,366 826,500 *70,115 21,000 Monday HOLI DAY HOLI DAY HOLI DAY higher prices. United States Steel common rallied a point Tuesday 61,000 694,419 31,000 50,600 54,989 82,049 Wednesday 45,000 a54,934 65,004 66,300 54,370 22,500 or two and so did Bethlehem Steel. Consolidated Gas held Thursday 43,000 619,810 28,900 54,690 39,765 Friday its ground and the motor stocks were fairly steady with the $80,000 256,933 3198.000 258,529 18.713 $177.800 Total possible exception of Studebaker and Chrysler both of which slipped back a point or more. Radio Corporation was Pray arnalr revfoori 4114 0R2 11254 ROO 454 am sync 7110 vn 902 8210 awl * In addition, sales of rights were: Monday,50, moderately higher but Columbia Graphophone was inclined a In addition,sales of rights were: Monday,6.000: Wednesday,5,200; Thursday; to sag. The New York Stock Exchange and other local 15,500; Friday, 6,000. rights were: Saturday, 6.318: Monday, 7,959; Wednesday. b In exchanges were closed on Tuesday in observance of Lincoln's 17,533;addition, sales of Friday, 2,252. Thursday, 9,192; c In addition sales of warrants were: Monday,8; Friday, 3. Birthday. Copper stocks continued in the forefront as the d In addition, sales of scrip were: Saturday, 12-20; Wednesday, 8-20: Thursday, market opened on Wednesday and several of the leaders 15-20. forged ahe: d into new high ground. Anaconda shot upward COURSE OF BANK CLEARINGS. in the early trading to 136, but dipped to 134% and closed Bank clearings the present week will again show a sub% unchanged with a gain of 13 points. Kennecott advanced into new high ground at 1653( and Greene Cananea sold stantial increase compared with a year ago. Preliminary up to 182% at its top for the day. Some of the railroad figures compiled by us, based upon telegraphic advices from shares moved ahead against the trend, New York Central the chief cities of the country, indicate that for the week 4 for instance shooting upward 2 points to 1933 and St. Louis ended to-day (Saturday, Feb. 16) bank exchanges for all the % Southwestern which was up nearly 2 points to 1067 . United cities of the United States from which it is possible to obtain States Steel common opened at 180 on a block of 7,500 shares weekly returns will be 35.1% larger than for the correspondand International Nickel, in a 10,000 share sale moved ing week last year. The total stands at $12,023,222,340, ahead nearly 2 points to 65. Montgomery Ward also against $10,118,163,383 for the same week in 1928. At this advanced and gained 3% points to 134. Columbia Grapho- centre there is a gain for the five days ended Friday of 35.1%. phone again attracted considerable speculative attention Our comparative summary for the week follows: by its strong tone and moved steadily upward to 74, but Per Ckarings-Returns by Telegraph. Cent. 1928. 1929. dropped back later in the day and closed at 73% with a Week Ended Feb. 16. gain of 18 4 points. Warner Bros. Pictures and Loews, Inc. New York . / $4,394.000,000 $4,732,000,000 +35.1 542,716,248 +11.0 602,209,191 Chicago were the strong features of the amusement group the former Philadelphia 387,000,000 +9.8 425,000,000 -2.9 373,000,000 362,000,000 gaining a point and a quarter to 127 while Loews advanced Boston -5.5 *115,000,000 108,636.171 Kansas City 124,000.000 -5.6 117,000,000 4 points to 77. St. Louis 176,689.000 -13.8 152,227,000 Francisco The wave of selling that came into the market in the San Angeles 169,780,000 +6.7 181,239,000 Los +6.2 127.185.797 135,020.668 early trading on Thursday carried the list sharply downward. Pittsburgh 159.652,806 140.294,358 +13.8 Detroit 111,765,915 +4.7 117.013,701 There were occasional rallies and some of the more active Cleveland 77,246,555 81.944.669 -5.7 48.369,301 speculative stocks displayed moderate improvement at the Baltimore 56,275,316 -14.0 New Orleans close through the entire list was slightly below Wednesnay's Thirteen cities, 5 days 88,879.714,393 87.137.654.303 +243 +73 81,056,804,224 8984.522,212 closing figures. International Combustion Engineering was Other cities. 5 days 89,936,018,617 S8,122,176,615 +22.3 one of the strong features and surged upward into new high Total all cities, 5 days 32,087,203,723 $1,995,986,868 +4.6 ground at 101 with a gain of 234 points on the day. Chrysler All cities I day 912.023.222.340 $10.118.163.353 .4.18.8 mnt.I.11 Atlas for week was under pressure and dipped to a new low at 9834, General Motors was fractionally higher at the close, but most of Complete and exact details for the week covered by the the independent motors were down from 1 to 3 points. foregoing will appear in our issue of next week. We canCopper shares after selling off sharply, in the early trading, not furnish them to-day, inasmuch as the week ends to-day again assumed the leadership of the market on the after- (Saturday) and the Saturday figures will not be available noon rally, Anaconda closing at 13434 and Greene Cananea until noon to-day. Accordingly, in the above the last day making a net gain of 13/2 points. Calumet & Arizona of the week has in all eases had to be estimated. improved nearly 2 points and Andes Copper did the same, In the elaborate detailed statement, however, which we Case Threshing Machine advanced 20 points on sales present further below, we are able to give final and complete amounting to 400 shares. United States Steel common results for the week previous-the week ended Feb. 9. For closed at 175 and Radio Corporation was down about4 points. that week there is an increase of 41.3%, the 1929 aggregate The market opened strong on Friday and many of the of clearings for the whole country being $14,789,785,760, speculative favorities among the copper stocks and utilities against $10,462,726,389 in the same week of 1928. Outside moved ahead from 1 to 5 points, but as the day advanced of this city the increase is only 18.2%. The bank exchanges considerable liquidation appeared, due in a measure to the at this centre record a gain of 57.9%. We group the cities jump in the call money rate from the renewal figure of 6%2* now accordingito,the Federal Reserve districts in which they 1012 are located, and from this it appears in the New York Reserve District (including this city) the expansion reaches 58.1%, in the Boston Reserve District the increase is 14.9% and in the Philadelphia Reserve District 25.2%. The Cleveland Reserve District shows a gain of 11.1%, the Richmond Reserve District of 1.9% and the Atlanta Reserve District of 4.0%. In the Chicago Reserve District the totals are larger by 22.4%, in the St. Louis Reserve District by 6.1% and in the Minneapolis Reserve District by 4.8%. The Kansas City Reserve District has suffered a trifling loss (0.7%), while the Dallas Reserve District registers an increase of 8.1% and the San Francisco Reserve District of 12.1%. In the following we furnish a summary by Federal Reserve districts: SUMMARY OF BANK CLEARINGS. Week End. Feb.9 1929. 1929. 1928. Ine.or Dec. 1927. 1926. Federal Reserve Diets. $ $ s s % let Boston. _ _ _12 cities 5E6,360,000 510,036,632 +14.9 463,993,960 427,497,811 2nd New York _11 " 10,304,614,878 6,541,668,252 +58.1 4,607,275,304 4,804,790,647 483,340,329 526,295,001 +25.2 448,937,685 Brd Philadelphial0 " 658,837,196 451,345,455 406,232,405 +11.1 321,197,565 336,722,057 4114 Cleveland.- 8 " 175,451,969 172,140,505 +1.9 184,802,310 186,761,323 5611 Richmond. 6 " 195,075,146 266,149,436 6th Atlanta._ __13 " 197,038,684 189,391,996 +4.0 749,105,779 830,0E3,578 1,129,988,911 922,208,122 +22.4 7th Chicago _._20 " 203,144,080 225,535,802 Bib St. Louis_ _ 8 " 228,448,243 215,393,186 +6.1 85,218,090 105,902,275 115,487,302 110,207,379 +4.8 Dth Minneapolis 7 " 217,610,448 227,106,450 228,603,704 -0.7 295,271,057 10th Kansas CitY12 " 85,252,396 78,868,953 +8.1 68,760,145 76,569,178 5 " 11th Dallas 629,854,276 661,971,506 12.1 + 481,328,583 467,504,771 12th San Fran _ _17 129 cities 14,789,785,760 10,462,726,389 +41.3 8,054,109,704 8,427,467,646 Total 4,634,849,337 3,921,058,141 +18.2 3,542,293,047 3 7 Outside N. Y. City , 27,65 0,226 runtoia [VOL. 128. FINANCIAL CHRONICLE 21 MUM 541 OSA 121 418 375390 -l-945 715 481 078 MR MO 20R We now add our detailed statement, showing last week's figures for each city separately, for the four years: Week Ended February 9. Clearings al 1929. 1928. First Federal Reserve Dist rict-Boston Maine-Bangor._ 778,977 667,321 3,972,140 Portland 3,161,036 -Boston 521,000,000 455,000.000 Mass. 1,444,199 1,248.212 Fall River_ _ _ _ Lowell 1,211,639 1,432,927 1,099,356 New Bedford_ _ 903,719 Springfield _ _ 6,291.757 4,943,548 3,532,118 Worcester 3,101,936 -Hartford. 20,637,654 Conn. 16,729,069 8,287,608 7,706,311 New Haven__ _ 17,050,400 R.I.-Providence 14,660,600 832,864 N.H.-Manches'r 703,246 Total(12 cities) 586,360,000 Inc.or Dec. 1926. 937,737 +16.7 3,733,600 +25.7 +14.5 435,000,000 2.159.838 +15.7 1,366,687 +18.3 1,227,017 +17.6 4,255,812 +27.3 3,360,338 +13.9 12.120,247 +23.4 +7.5 - 5,756,523 12,691,500 +16.3 684.756 + 18.4 738,682 3,276,339 378,000,000 2,199,481 995,800 1,356,874 5,447,259 3,299,527 11,977,235 5,172,027 14,417,700 616,907 483,993,960 427,497,811 510,036,632 +14.9 Second Feder al Reserve D strict-New 6,529,637 6,241,624 N. Y. -Albany-2,349.450 Binghamton_ _ _ 1,438,600 56,245,645 46,463,675 Buffalo 1,215,058 944,883 Elmira 1,698,664 1,402,892 Jamestown_ _ New York- - -- 10 154 936423 6,429,007,268 19,499,996 11,496,494 Rochester 7,220,387 5,970,109 Syracuse 4,862,191 3,550,892 Conn. -Stamford 1,147,682 877,755 N. J. -Montclair 33,994,133 49,179,672 Northern N.J_ 1927. York. 5,051,869 5,176,954 +4.6 895.487 1,111,200 +63.3 39,930,800 +21.1 49,367,867 1,057,546 779,035 +28.6 1,292,445 1,505,708 +21.1 +57.9 4.511,816,657 4,701,816,722 9,600,380 11,016,686 +69.6 4,831,329 4,652,948 +20.9 3.092,803 2,994,636 +36.9 566,974 -24.2 523.488 29,139,014 +44.7 25,845,403 Total(11 cities) 10304614878 6,541,668,252 +58.1 4,607,275,304 4,804,790,647 Third Federal Reserve Dist rict-Philad elphia 1,395,593 1,653,742 -1.8 1,614,321 Pa. -Altoona__ _ _ 4,212,637 4,195,254 +5.4 4,420,045 Bethlehem _ 1,072,029 1,272,345 -7.6 1,175,967 Chester 2,368,815 +1.7 ' 1,854,694 2,407,163 Lancaster Philadelphia -- 624,000,000 493,000,000 +26.6 420,000,000 3,203,371 3,717,776 +8.7 4,040,623 Reading 5,154,711 6,060,049 +18.2 7,165,991 Scranton 3,844,842 4,419,765 -0.4 4,403,081 Wilkes-Barre- 1,495,683 York 2.222,213 1,743,758 +27.4 6,704,125 N.J. -Trenton 7,865,557 -6.1 7,387,792 Total(10 cities) 658,837,196 526,295,061 +25.2 448,937,685 1,261,216 3,826,813 1,181,311 1,844,100 458,000,000 2,932,744 4,725,568 3,037,189 1,569,530 4,961,851 Total(6 cities)_ 175,451,969 172,140,505 +1.9 Sixth Federal Reserve Dist trict-Atlan taTenn.-Chatt'ga. 7.714,523 8,275,997 -6.8 Knoxville 3,554,750 2,760,000 +29.3 Nashville 25,120,036 23,519,230 +6.8 Georgia-Atlanta 53.967,017 46,868,784 +15.3 Augusta 2,244,293 1,825,403 +22.9 Macon 2,054,822 2,153,098 -4.6 _ 18,725,724 17.817,699 -6.1 Miami 3.594,000 3,233,000 +11.2 Ala.-Birm'ham _ 22.963,112 22,487,662 +2.1 Mobile 1,957,995 1,588,951 +23.2 2,830,603 Miss -Jackson._ 1,888,000 +49.9 Vicksburg 476,128 498.023 -4.4 Ls.-NewOrleans 53,835,681 56,546,119 -4.8 Total(13 cities) 197,038,684 189,391,996 +4.0 1929. Total(20 cities) 1,129,988,911 1,433,463 7,075,772 49.350,000 3,292,717 101,875.789 23,733,582 184,802,310 186,761,323 7,654,033 2,693,722 17,359,484 50,038,304 2,199,850 2,083,603 22,259,855 7,773,804 22,754,957 2,077,351 1.931,826 460,385 55,787,972 7,086,276 2.763,100 21,578,765 72,742,244 1.830,012 1,503,595 45,744,952 21,137,540 27,963,011 2,219,879 1,814,000 545,793 59,219,369 195,075,146 266,149.430 922,208,122 +22.4 Eighth Federa I Reserve Die trict-St.Lo Ui8-Ind. -Evansville 5,904,087 5,039,283 +17.2 Mo.-St. Louis.. 136,700,000 130,500,000 +4.8 41,571,454 +11.8 Ky.-Louisville_ _ 46,493,608 Owensboro _ _ _ 574,531 544,343 +5.5 Tenn. -Memphis 22,192,651 +4.8 23,248,065 Ark.-Little Rock 13,829,937 13,872,623 -0.3 III.-Jacksonville 374,896 329,285 + 13.8 Quincy 1,324,619 1,343,547 -1.4 Total(8 cities)- 1927. 1926. 228,449,243 830,083,578 4,753,296 4,805,593 134,800,000 146,600,000 32,827,573 30,911,429 523,827 464,695 23,237,665 16,787,971 14,897,022 13,883,567 352,006 338,855 , 1,344,413 1.151,970 +6.1 203,144,080 224,535,802 5,446,315 51.581,355 23,065,795 1,530,416 1,012,495 456,714 2,125,000 6,289,558 66,093,957 27,710,751 1,545,125 1,206,578 551,965 2,504,341 +4.8 85,218,090 105,902,275 Tenth Federal Reserve Die trick-Kane as City Neb.-Fremont.. 484,697 -10.2 435,379 Hastings 633,937 481,889 +31.6 Lincoln 5,273,618 -7.7 4,868,872 Omaha 42,213,511 -2.8 41,049,524 Kan. -Topeka _ 3,913,299 3,789,068 +3.3 Wichita 8,608,412 8,134,538 +5.8 Mo.-Kan. City. 126,348,344 128,189,512 -1.4 St. Joseph _ _ -7,403,187 7,338,246 Okla. -Okla.City 31,151,000 30,143,005 +3.3 Colo. -Col.SUM 1,252,641 1,198,054 +4.6 Denver a a Pueblo 1,506,796 1,292,625 +16.6 366,712 399,640 3,652,169 30,997,891 3,524,673 8,231,931 140,717,476 6.665,447 28.427,543 990.122 a 1,297,453 340,749 402,522 4,090,573 35,408,869 4,341,870 8,194,676 125,145,269 7,486,113 29,923,651 1,163,031 Total(7 cities)- Total(12 cities) 115,487,302 110,207,379 1,113,125 228,603.704 -0.7 225,271,057 217,610,448 Eleventh Fade ml Reserve District -Da Tex. -Austin..._ _ 2,135,586 1,629,151 Dallas 56,801.347 50,116.456 Fort Worth-- _ 14,977,347 16.273,908 Galveston 6,096,000 4,260,000 La. 5,242,116 -Shreveport _ 6,589,438 Has-+31.1 +13.3 -8.0 +43.1 -20.4 1,454,767 40,684,683 12,007,934 8,432,000 6,180,761 1,176,116 47,157,827 13,229,736 8,561,000 5,844,499 +8.1 Total(5 cities). 227,106.450 215,393,186 749,105,779 Ninth Federal Reserve Dis trict-Minn eapolis Minn. -Duluth.. 6,168,685 5,377,593 +14.7 Minneapolis..74,105,244 70.111,788 +5.7 St. Paul 27,936,330 +2.0 28,507,952 No. Dak.-Fargo 1,983,886 1,921,267 +3.3 S.D. -Aberdeen 1,165,176 -3.0 1,130,575 Mont.-Billings_ 693,225 -3.8 66(1.960 Helena 3,002,000 -2.6 2,924,000 85,252,396 78,868.953 Twelfth Feder al Reserve D 'strict.-San Wash -Seattle.. 46,802,949 40,049,869 Spokane 11,253,000 12,121,000 Yakima 1,470,598 1,301,039 Ore. -Portland_ _ 35,539,673 30,364,267 Utah-S L City.. 16,138,437 15,604.102 Calif. -Fresno _ _ 3,832,233 3,936,793 Long Beach _ _ _ 8.829,821 7,162.897 Los Angeles -- 232,802,000 183,733,000 Oakland 20,459,587 19,484,917 9,182,672 Pasadena 7,377,797 8.207,274 8,089,383 Sacramento San Diego - -6,552,529 6,108.205 San Francisco _ 218,726,629 217,696,000 San Jose 3,175,529 2,934,422 1,927,769 1,613,315 Santa Barbara. 2,221,476 1,995,000 Santa Monica. 2,732,100 2,399,500 Stockton Total(17cltles) 629,854,276 561,971,506 Grand total (129 14789 785760 10462726 389 cities) 68,760,145 76,569,178 Franc it/CO.+16.9 33,391,977 10,052,000 -7.2 +13.0 1,051,671 34,404,815 +17.0 12,035,397 +3.4 2,741,393 -2.7 5,890,065 +23.3 +26.7 169.727,000 16,463,160 +5.0 5,792,102 +24.5 8,636,263 +1.5 6,781,933 +7.3 +0.5 166,044,437 2,351,019 +8.2 +19.5 1,226,410 +11.4 1,725,541 +13.9 3,013,400 31,202,838 10,721,000 1,082,745 34,112,646 13,646,716 2,915,941 6,233,480 148,924,000 18.758,708 6,052,679 8,094,082 5,529,227 172,101,000 2,039,801 1,534,056 1,735,252 2,820,600 +12.1 467,504,771 481,328,583 +41.3 8,054,109,704 8,427,467,646 Outside N.Y. _ _ 4,834,849,337 3,921,058,141 +18.2 3,542,293,047 3,727,650,926 Week Ended February 7. Clearings at- 1.142,850 5.407,6 43.368,000 3,000.000 105,078,124 26,805,682 Inc. or Dec. 1928. Seventh'Feder al Reserve D 'strict Chi cagoMich. 224,419 -Adrian _ 242,829 +21.4 294,684 212,867 Ann Arbor_ - __ 842,641 +16.5 882,858 981,517 899,193 Detroit 240,960,189 151,817,824 +58.7 115,585,053 121,564,168 Grand Rapids_ 6,747,924 +27.9 7.062,588 8,628,221 6,032,261 Lansing 2,100,000 3,615,318 2,620,966 +37.9 1,964,000 Ind. -Ft. Wayne 2,246,491 2,140,102 3,720,175 2,826,663 +31.6 Indianapolis_ _ _ 20,626,000 24,652,000 24,534,000 +0.5 23,400,000 South Bend... 2,322,137 3,587,270 2,835,200 +25.8 2,198,200 Terre Haute_ _ 5,225,825 5,213,978 5,176,734 +0.7 6,745,875 44,672,730 Wis.-Milwaukee 37,070,893 40,631,749 -8.8 46,427,983 Iowa-Ced,Rap. 2,082,995 2,909,351 2,762,534 +5.3 2,121,551 DesMoines 8,892,272 9,693,992 9,726,732 -0.3 7,393,888 Sioux City_ _ _ 6,199,178 7,303,944 5,115,221 7,000,861 +4.3 Waterloo 920,058 1,305,392 1,430,470 1,313,801 +8.9 III. 1,230,741 -Bloomington 1,740,446 1,443,191 +20.6 1,182,789 Chicago 763,161,470 649,931,809 +17.4 516,719,585 593,511,900 Decatur 1,180,469 1,406,216 1,340.147 +4.9 1,212,115 Peoria 4,142,670 8,093,571 4,653,345 +7.8 3,623,934 Rockford 2,565,538 4,428,096 3,037,938 +45.8 2,470,168 Springfield_ 2,430,543 3,013,110 2,721,234 +10.7 2,355,602 483,340,322 Fourth Feder al Reserve D istrlet-Clev eland Ohio-Akron.__ _ 5,116,000 5,677,000 5,593,000 +26.8 7,091,000 Canton 3,519,164 3,651,108 4,555,470 4,288,093 -6.2 Cincinnati_ _ _ _ 65,733,061 53,864,657 82,849,673 76.549,875 Cleveland 92,353,165 94,605,847 130,664,450 112,474,736 +16.2 Columbus 14,615.400 14,743,200 16.892,100 18,245,100 -7.4 Mansfield 1,744,371 1,913,590 1,850,195 1,651,932 +12.0 Youngstown__ _ 4,657,774 5,540,913 5,325,549 4,301,739 +22.8 Pa. -Pittsburgh 208, 4.818 176,828,132 +17.9 144,459.015 145,715,357 41 Total(8 cities)_ 451,345,455 406,232,405 +11.1 321,197,565 336,722,057 Fifth Federal Reserve Dist rict--Richm ondW.Va.-Hunt'g'n 1,137,870 1,138.376 -0.1 Va.-Norfolk _ _ _ 4,629,219 5,143,802 -10.0 Richmond _ _ _ _ 44.203,000 41,053,000 +7.7 S.C. -Charleston .2,000,000 2,118,291 -5.6 Md. -Baltimore_ 93,777,420 96,912,252 -3.2 D.C.-Washing'n 29,704.460 25,774,784 +15.2 1Veek Ended February 9. Clearings at 1928. 1927. Inc. or Dec. 1926. Canada Montreal Toronto Winnipeg Vancouver Ottawa Quebec Halifax Hamilton Calgary St. John Victoria London Edmonton Regina Brandon Lethbridge Saskatoon Moose Jaw Brantford Fort William. New Westminster New Medicine Hat_ - Peterborough__ _ Sherbrooke Kitchener Windsor Prince Albert---. Moncton Kingston Chatham Sarnia 180,116,630 195,921,610 53,790,408 25,011,751 10,951,132 8,022,092 4,144,362 7,606,639 12,598,424 3,184,697 3,208,727 3,921,095 6,838,575 5,043,095 599,653 630,555 2,345,264 1,348,966 1,696,409 1,092,140 842,012 436,376 1,021,718 1,063,658 1,536,625 5,736,423 472,496 1,040,195 909,751 994,868 926,977 141,089,741 151,651,682 48,570,854 21,327,334 8,192,058 5,506,080 2,846,828 5,484,433 12,248,022 2,600,320 2,443,017 3,183,205 7,446.829 4,043,079 787,480 635,880 2,083,890 1.233,334 1,244,537 811,829 727,692 411,188 828,529 877,548 1,246,800 4,168,287 437,379 881,471 782,730 989,601 495,633 +27.7 +29.2 +10.7 +17.3 +33.7 +45.7 +45.6 +38.7 +2.9 +22.5 +31.4 +23.2 --8.2 +24.7 --23.9 --0.8 +12.5 +9.4 +36.3 +34.5 +15.7 +6.4 +23.3 +17.2 +23.2 +37.6 +8.0 +18.0 +16.2 +0.5 +87.4 108,994,974 98,352,036 39,192,710 15,584,839 5.895,201 5,161,144 2,652,768 4,809,081 6,929,119 2,394,114 2,065,522 2,590,043 5,230,919 3,311,856 481,917 482,031 1.608,225 1,030,648 1,202,864 717,069 658,715 266,126 822,420 900,933 1,077,576 4,176,350 335,608 688,487 611,066 661,295 591,520 1925: 99,949,062 98,654,897 39,564,680 16,007,014 5,176,391 5,138,494 2,359,244 3,875,504 7,339,863 2,662,207 2,074,537 2,131,211 4,628,011 3,779,873 451,218 479,458 1,498,313 894,368 981,553 602,708 598,712 207,019 629,114 667,530 986,592 3,511,655 347,845 821,468 611,905 Total(31 cities) 543,053,321 435,278,290 +24.8 319,481,076 308.930,306 a manager of clearning house refuses to report clearnings for week ended Saturday. • Estimated. FEB. 16 THE CURB MARKET. The Curb Market was unsettled this week, the money market and possible pronouncements by the Federal Reserve Board being the adverse factors. Price movements were decidedly irregular with the trend downward. Aluminum Co. was off from 169% to 162, but to-day jumped to 17434 the close being at 170. Auburn Automobile was 4 a strong spot advancing from 143 to 1593 with the final figure to-day 1533. Boeing Airpl. & Transport dropped from 94 to 883 and ends the week at 89. Bristol-Myers Co. broke from 10634 to 101. Phelps Dodge Corp. dropped from 375 to 325. Utilities were very irregular. Amer. Gas & Elec. com. sold down from 160 to 15034 and at 151 finally. Elec. Bond & Share Securities fell from 26734 to 251%2 and recovered finally to 256. Electric Investors declined from 1177 to 10534. Oil stock show few changes 4 of importance. Standard Oil (Indiana) slumped off from 93% to 89. A complete record of Curb Market transactions for the week will be found on page 1041. DAILY TRANSACTIONS AT THE NEW YORK CURB MARKET. Bonds (Par Value). Week Ended Feb. 15. 1013 FINANCIAL CHRONICLE 1929.] Stocks (No. Shares) Saturday Monday Tuesday Wednesday Thursday Friday Total Rights Domestic 1,664,500 1,332,300 1,248,400 HOLI DAY $2,870,000 46,800 HOLI DAY 2,716,000 117,650 2,404,000 190,500 2,616,000 49,100 5,662,400 404,050 1,417,200 $10,606,000 Foreign Government $445,000 600,000 591,000 214,000 $1,850,000 INDIAN CURRENCY RETURNS. Jan. 22 Jan. 15 Jan. 7 (In lacs of rupees.)18909 18929 18910 Notes in circulation 9890 9996 10047 Silver coin and bullion in India and bullion out ofIndia-----Silver coin 3221 3221 3151 Gold coin and bullion in India ____ Gold coin and bullion out of India 4327 4327 4327 -Securities (Indian Government) 771 685 Securities (British Government) 685 700 700 700 Bills of exchange The stock in Shanghai on the 26th inst. consisted of about 76,100,000 ounces in sycee, 106,000,000 dollars and 5,160 silver bars, as compared with about 64,300,000 ounces in sycee, 105,000,000 dollars and 2,320 silver bars on the 19th inst. Quotations during the week: -Bar Silver, per Oz. Std.Bar Gold per 2M Oz. Fine. Cash. Quotations26 1-164. 84s. 11%cl. 264. January 24 84s. 1130. 26%cl. 263-16d. January 25 263d. 84s. 11%d. 26 1-16d. January 26 263-16d. 84s. 11%d. 2634d. January 28 263-164. 84s. 1 263-16d. January 29 265-16d. 84s. 11;idJanuary 30 845. 11.4d. 26.125d. 26.177d. Average - The silver quotations today for cash and two months' delivery are fixed a week ago. respectively 3-16d. and 34d. above those -PER CABLE. ENGLISH FINANCIAL MARKETS The daily closing quotations for securities, &c., at London, as reported by cable, have been as follows the past week: Fri., Thurs. Wed.. Tues.. Mon., Sat.. rues. Feb. 14. Feb. 15 13. Feb. II. Feb. 12. Feb. 9. 25% 25% 25% 25 13-16 25% Silver, p. oz_d_ 25% Gold,p.fineoz. 84s.113.ld. 848.111d. 84s.11%d. 84s.11%d. 848.113.ld. 84s.11%d. 55% 55% 553 Consols,2%%102 102 102 10114 102 British 5% __ _ _ 9834 9834 9834 9834 9834 British 44%__ • Rentes French 72 71.40 71.30 71.20 71.50 (In Paris) fr_ ....French War L'n 97 97.20 97.50 98.95 98.95 (in Paris)-fr- ---- The price of silver in New York on the same days has been: Silver in N. Y., per oz.(eta.): 5611 Foreign 5634 5634 56 56 5514 THE ENGLISH GOLD AND SILVER MARKETS. Treasury Cash and Current Liabilities. We reprint the following from the weekly circular of Samuel Montagu & Co. of London, written under date of The cash holdings of the Government as the items stood Jan. 30 1929: Jan. 31 1929 are set out in the following. The figures are GOLD. taken entirely from the daily statement of the United States The Bank of England gold reserve against notes amounted to £153,103,- Treasury as of Jan. 31 1929. 414 on the 23rd bast. (as compared with £154,171,272 on the previous Wednesday), and represents a decrease of £802,901 since April 29 1925 when an effective gold standard was resumed. About £817,000 bar gold from South Africa was available in the open market this week. The Bank of England purchased about £475,000 as is shown below, New York £300,000, and India and the Trade the balance. The following movements of gold to and from the Bank of England have been announced, showing a net efflux of £394,507 during the week under review: Jan. 24. Jan. 25. Jan. 26. Jan. 28. Jan. 29. Jan. 30. Received Nil £4,805 £53,000 Nil £474,300 Nil Withdrawn £51,425 Nil £3,451 827,524 41,212 £3,000 The receipt on the 26th inst. was in sovereigns from the Irish Free State, and that on the 29th inst. was in bar gold from South Africa. The withdrawals consisted of £49,000 in sovereigns and £877.612 in bar gold; of the latter about isoomo was for New York. The following were the United Kingdom imports and exports of gold registered from mid-day on the 21st inst. to mid-day on the 28th inst.: ImportsExports British West Africa £33,111 United States £1,500,000 British South Africa 795,887 France 18,357 Irish Free State 32,500 53,000 Switzerland Other countries 27,530 12,300 Germany British India 50,935 Other countries 18,135 £894,298 £1,647,957 The Southern Rhodesian gold output for the month of December 1928 amounted to 44,772 ounces, as compared with 47,705 ounces for November 1928 and 49,208 ounces for December 1927. Following are the balance of trade figures for India, in lace of rupees for the month of December 1928: Imports of merchandise on private account 1,849 Exnorts, including re-exports, of merchandise on private account 2.695 Net imports of gold 273 Net imports of silver 25 Net imports of currency notes Total visible balance of trade, in favor of India 552 Net balance on remittance of funds against India 464 SILVER. Sellers have been rather reluctant at the lower prices touched during the past week, neither China nor America being disposed to furnish supplies. Although the Indian Bazaars have made some re-sales, buying orders from this quarter have predominated, and the market has assumed a steady tone with subsequent recovery in the quotations. The rates fixed on the 24th inst., viz.: 26d. for cash and 26. 1-16d. for two months' delivery, were the lowest fixed for some considerable time-for spot since Oct. 29 1927 and for forward since March 9 1928. Purchases by the Indian Bazaars for near shipment resulted yesterday in the price for cash silver, which had been at a discount since last November, being quoted level with forward at 26 3-16d.: a premium of 1-164. on silver for two months' delivery was, however, re-established to-day. The following were the United Kingdom imports and exports of silver registered from mid-day on the 21st inst. to mid-day on the 28th inst.: ImportsExports France £20,791 Netherlands £57,400 Other countries 230 Irish Free State 12,058 British India 23.580 Other countries 4,577 £21,021 CURRENT ASSETS AND LIABILITIES. GOLD. Assets Gold coin Gold bullion- 696,395,051.90 Gold ctfs. outstanding__1,376,525,049.00 2,485,781,130.08 Gold fund, F. R. Board (Act of Dec. 23 1913, as amended June 21 1,484,593,457.74 1917) Gold reserve 156,039,088.03 Gold in general fund- 165,018,587.21 Total 3,182,176,181.98 3,182,176,181.98 Total -Reserve against $346,681,016 of U. S. notes and $1,291,900 of Treasury Note. outstanding. Treasury notes 01 1890 are also secured by silver dollars notes of 1890 in the Treasury. SILVER DOLLARS. LiabUttfes$ Assets 482,164,134.00 Silver ctts. outstanding_ 472,107,396.00 Silver dollars Treasury notes of 1890 outstanding 1,291,900.00 8,764,838.00 Silver dollars in gen.fd_ Total 482,164.134.00 GENERAL FUND. LiabilitiesAssets 165,018,587.21 Treasurer's checks outGold (see above) 8,764,838.00 standing Silver dollars (see above) 3,802,327.00 Depos. of Govt. officers: United States notes.Post Office Dept 1,535,525.00 Federal Reserve notes Bd. of trustees, Postal 98,754.00 Res. bank notes_ Fed. Savings System National banknotes-. 20,960,504.00 2,448,049.72 5% reserve, lawful Subsid. silver coin money 1,111,562.20 Minor coin Other deposits 6,029,978.89 Silver bullion Postmasters, clerks of Unclassified-Colleccourts, disbursing of 3,857,923.77 tions, &c !kers, &c Deposits in F. R. banks 25,072,488.21 Deposits for: Deposits in special deRedemption of F. It. positaries account of notes(5% fund,gold) sales of etfs. of indebt. 113,932,000.00 Redemption of nat'l Deposits in foreign dep.: 70,968.98 bank notes(5% fund, To credit Treas. U.Slawful money) To credit other Gov240,800.40 Retirement of addl ernment officers circulating notes, Act Deposits in nat I banks: May 30 1908 7,260,261.06 To credit Treas. U.S_ Uncollected items, exTo credit other Govchanges, &c ernment officers_ __ 19,577,899.31 Dep.in Philippine Treas. 805,121.69 To credit Treas. U.S. Net balance Total 482,164,134.00 $ 13,139,409.63 5,690,773.07 7,530,056.23 461,041.10 39,206,940.89 155,126,117.08 25,216,111.97 2,050.00 2,769,589.50 249,142,089.47 131,445,499.97 380,587,589.44 380,587,589.44 Total Total Note. -The amount to the credit of disbursing officers and agencies to-day was $379,929,461.06. Book credits for which obligations of foreign governments are held by the United States amount to $33,236,629.05. Under the Acts of July 14 1890 and Dec. 23 1913, deposits of lawful money for the retirement of outstanding national bank and Federal Reserve bank notes are paid Into the Treasury as miscellaneous receipts, and these obligations are made, under the Acts mentioned, a part of the public debt. The amount of such obligations to-day was $38,703,432.50. 1676,f 10 in Federal Reserve notes and $20,844,863 in national bank notes are In the Treasury in proms of redemption and are charges against the deposits for the respective 5% redemption funds. Preliminary Debt Statement of the United States Jan. 31 1929. The preliminary statement of the public debt of the United States Jan. 31 1929, as made upon the basis of the £97,615 daily Treasury statement, is as follows: 1014 FINANCIAL CHRONICLE Bonds Consols of 1930 Panama's of 1916-36 Panama's of 1918-38 Panama's of 1961 Conversion bonds Postal savings bonds $599,724,050.00 48.954,180.00 25,947,400.00 49,800,000.00 28,894,500.00 16,887,180.00 $770,207,310.00 First Liberty Loan of 1932-47 Fourth Liberty Loan of 1933-38 $1,939,149,400.00 6,284.034,100.00 8,223,183,500.00 Treasury Treasury Treasury Treasury Treasury bonds of 1947-52 bonds of 1944-54 bonds of 1946-56 bonds of 1943-47 bonds of 1940-43 $758,984,300.00 1,036,834,500.00 489,087,100.00 493,037,750.00 359,042,950.00 3,136,986,600.00 Total bonds $12,130,377,410.00 Treasury NoteaSeries A-1930-32, maturing Mar. 15 1932__-- $1,209,551,700.00 Series B-1930-32, maturing Sept. 15 1932____ 609,558.850. Series 0-1930-32, maturing Dec. 15 1932___. 516,857,650.00 Adjusted service-Series A-1930 22,200,000.00 Series A-1930 53,500,000.00 Series A-1931 70,000,000.00 Series B-1931 123,400.000.00 123,400,000.00 Series A-1932 127,700,000.00 Series A-1933 31,200,000.00 Berms A -1934 Civil service-Series 1931 14,400,000.00 42,500,000.00 Series 1932 529,000.00 Foreign service -Series 1933 2,944,797,200.00 P Treasury Certificates $360,947,000.00 Series TM-1929, maturing Mar. 15 1929 210,884,000.00 Series TM2-1929, maturing Mar. 15 1929.... 549,310,700.00 Series TJ-1929, maturing June 15 1929„....... 308,806,000.00 Series TS -1929. maturing Sept. 15 1929 209,918,000.00 Series TS2-1929. maturing Sept. 15, _ 310,245,500.00 Series TD-1929, maturing Dec. 15 1929 1,950,111,200.00 Treasury Savings Certtficates-5 54,914,062.30 Series 1924, issue of Dec. 1 1923 $17,080,199,872.30 Totalinterest-bearing debt Matured Debt on which Interest Has Ceased Old debt matured-Issued prior to Apr. 1 1917 Second Liberty Loan bonds of 1927-42 Third Liberty Loan bonds of 1928 331% Victory Notes of 1922-23 43j% Victory Notes 01 1923-23 Treasury notes Certificates of indebtedness Treasury savings certificates $1,960,080.26 13,778,550.00 38,429,650.00 21,600.00 1,871,700.00 940,000.00 1,127,600.00 6,112,250.00 64,241,430.26 MS MOM $346,681,016.00 156,039,088.03 Debt Bearing No Interest United States notes Less gold reserve [VoL. 128. -Month of January Seven Months Receipts. 1929. 1928. 1929. 1928. Ordinary$ Customs 45,549,050 41,975,080 347,327,687 347,238,966 Internal revenue: Income tax 35,139,213 41,577,105 1,047,934,804 1,065,499,785 Miscell. internal revenue 51,630,089 50,951,894 355,066,651 362,146,041 Miscellaneous receipts: Proceeds Govt. -owned secur.: Foreign obligations Principal 27,000,547 386,687 28,562,640 Interest 80,996,449 19,360 33,914 80,252,451 Railroad securities 87,765,916 869,381 1,248,064 5,692,939 All others 4,057,944 564,438 120,067 1,727,820 Trust fund recta. (reapproPrinted for investment) 38,606,568 7,190,557 5,750,767 33,654,166 Proceeds sale of surplus prop. 4,529.397 401,022 1,445,673 5,248,805 Panama Canal tolls, &c 17,163,912 3,238,651 2,420,213 16,446,071 Other miscellaneous 19,287,384 22,930,920 109,614,187 123,774,031 Total ordinary 163,889,145 168,840.384 2,031,528,221 2,158,779,556 Excess of total expenditures chargeable against ordinary rcts. over ordinary rects 207,706,219 180,301,381 376,181,916 114,792.010 Expenditures. Ordinary (Cheeks and warrants paid, &c.) General expenditures 177,868,866 Interest on public debt_a 32,712,574 Refund of receipts: Customs 2,123,435 Internal revenue 35.298.313 Postal deficiency Panama Canal 1,337,844 Operations in special accounts: Railroads 32,401 War Finance Corporation 57,013 Shipping Board 1,851,683 Alien property funds 1,340,882 Adjusted service elf. fund_ __c111,886,910 Civil service retirement fund_ 557.592 Investment of trust funds: Government life insurance 6,922,974 D.01 0.teachers' retireml. 50,800 Foreign service retirement 58.200 General railroad contingent_ 216,783 Total ordinary 164,687,050 1,218,867,245 1,130,091,364 42,169,886 370,708,351 404,278.318 12,666.787 123,669,170 30,000,000 5,974,248 12,669,714 83,479,627 18,045,645 6,071,260 51,268,107 5832,311 5471,598 5588,975 1,077.875 13,884,625 5189,536 265.557 112,438,142 c112,057,260 566,679 19,878,854 5474,666 52,062,196 18,974,738 631,095 112,085,450 2,082 1,690,658 14.132,146 5,045,645 637,026 5,649,364 28.787 51,000 72,616 38,042,027 328,792 115,200 235,749 32,916,357 351,001 326,329 386,808 371,570.660 345,514,898 1.940,648.683 1,821,614,199 $190,641,927.97 Deposits for retirement of national bank and Federal Reserve bank notes Old demand notes and fractional currency_ Thrift and Treasury savings stamps, unclassified sales, &c 38,703,432.50 2.044,817.43 3,500,701.71 234,890,879.61 $17,379,332,182.17 Total gross debt *Net redemption value of certificates outstanding. COMPARATIVE PUBLIC DEBT STATEMENT. [On the basis of daily Treasury statements] Aug. 31 1919, When War Debt Jan. 311928, Dec. 311928, Last Month. Jan. 311929. Was at Its Peak, A Year Ago. $ 26.596,701,648 18,050,061,121 17,309,749,136 17,379,332,182 Gross debt 131,445,500 269,543,968 109,376,956 Net bal.in gen.fund_ 1,118,109,534 Gross debt less net bal,in gen.fund.25,478,592,113 17,940,684,164 17,040,205,167217,247,886,682 Treasury Money Holdings. The following compilation, made up from the daily Government statements, shows the money holdings of the Treasury at the beginning of business on the first of November and December 1928 and January and February 1929: Holdings in U.S. Treasury Nov. 1 1928. Dec. 1 1928. Jan. 1 1929. Feb. 1 1929 Net gold coin and bullion_ Netsilver coin and bullion Net United States notesNet national bank notes__ Net Federal Reserve notes Net Fed I Iles, bank notes Net subsidiary silver Minor coin,&c $ 342,346,158 14,666,959 2.926.838 18,843,177 1,076,585 150,862 5.269,045 5,210,372 $ 338,968,597 18,130,452 4.094.691 18,352,862 1,288,470 79.283 4,521,329 4,314.308 $ 344,463,785 11,265,870 3,953,054 16,067.169 1,453,085 57,219 2,298,489 2.766,713 $ 321,057,675 14,794,817 3,802,327 20,960,504 1,535,525 98,754 2,448.050 4,969,486 Total cash in TreasuryLest gold reserve fund- 390,489,996 156,039.088 389,749.972 156,039,088 382,325,384 *369,667,138 156,039,088 156,039,088 Cash balance in Tress y Dell,in aPee 1 depositories, acct. Treasury bonds. Treasury notes and certificates of Indebtedness Dep.In Fed I Res. bank_ Dep.in national banks: To credit Tress. U.8 To credit dish, officersCash in Philippine Islands Deposits in foreign depts. Dep.In Fed I Land banks 234.450,908 233,710,884 226,286,298 213,628,050 189 322 000 ' 30:914.829 58,006,000 37.873.021 254,272,000 39,404,386 113,932,000 25,072,488 7.946.309 20,911,421 933,408 674,726 7,105,528 19.606.516 949,070 549,586 7,164,343 23,232.511 614,186 399,836 7,260,261 19,577,899 805,122 311,769 Net cash in Treasury and in banks Deduct current liabilities_ 485,153.601 274,916,336 357,800.605 266,773_876 551,373,558 281,829,690 380,582,589 249,142,089 Available cash balance_ 210 217 255 ,. . 01 or- ---- 11 •Ao 541 AM 131.445.500 •Includes Feb. 1 56.029,979 silver bullion and 111.111,562 minor, Jtc., coin not Included in statement "Stock of Money." Government Receipts and Expenditures. Through the courtesy of the Secretary of the Treasury we are enabled to place before our readers to-day the details of Government receipts and disbursements for January 1929 aid 1928 and the seven months of the fiscal years 1927-28 and 1928-29: Public debt retirem'ts chargeable against ordinary recta.: Sinking fund Purchases and retirements from foreign repayments_ Received from foreign gov'ts under debt settlements_ Received for estate taxes_ Purchases and retirements from franchise tax recta. (Fed'I Reserve & Fed'i intermediate credit banks) Forfeitures, gifts, &c 369.925,800 354,660,600 18,000 24,704 1,048,800 97,075,350 92,575,000 1,500 618,367 3,008,500 42,304 618,367 3,053,100 Total 24,704 3,626,867 467,061,454 451,957,367 Total expenditures chargeable against ordinary recelpts 371,595,364 349,141,765 2,407,710.137 2,273,571,566 Receipts and expenditures for June reaching the Treasury in July are included. a The figures for the month include $73,294.36 and for the fiscal year 1929 to data $479,802.93 accrued discount on war savings certificates of matured series, and for the corresponding periods last year the figures include $136,579.98 and 6867,782.54. respectively. b Excess of credits (deduct). c In accordance with established procedure the appropriation of $112,000,000 available Jan. 1 1929 and $15,700,000 of the interest On investments in the fund due on that date were invested in adjusted service obligations aggregating $127,700,000 face amount, bearing interest at the rate of 4% per annum. See adjusted service obligations under public debt receipts and expenditures on page 3[pamphlet report). The difference between the amount appropriated and the amount charged under ordinary expenditures above is due to variations in the working cash balance required. Eommertial andAlisceliatterrus Btu)); Breadstuffs figures brought from page 1086. -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 ended last Saturday and since Aug. 1 for each of the last three years: Receipts at- Flour. Wheat. Corn. Oats. Barley. Rye. Ols.1981bs. bush.6015,. bush.56 lbs. bush. 32 lbs. bush.4815s .bush.501bs. Chicago 387,000 2,925,000 288,000 520,000 270,000 31,000 Minneapolis_ 2,005,000 189,000 345,000 397,000 161,000 77,000 Duluth 525,000 47.000 187,000 96,000 19,000 329,000 Milwaukee41,000 69,000 133,000 18,000 Toledo 236,000 34,000 105,000 26,000 24,000 Detroit 20,000 6,008 7,000 37,000 Indianapolis692,000 280,000 St. Louis 178,000 24,000 246.000 86.000 33,000 968,000 25,000 Peoria 80,000 115,000 152,000 1,800,000 1,620,000 Kansas City42,000 43,000 486,000 Omaha 600,000 96,000 St. Joseph_ 229,000 438,000 22,000 393,000 167,000 Wichita 32,000 108,000 Sioux City... 36,000 24,000 3,000 Tot. wk.'29 Same week '28 Same week '27 433,000 480,000 421,000 6,496,000 8,303,000 5,651,000 12,993,000 4,962,000 4,046,000 1,803,000 1,225,0'' 3,378,000 1,161,000 2,584,000 502,000 314,000 299,000 427.000 Since Aug.I-1927 1926 13,574,000 328,371,000 170,388,000 93.036,00053.491.o0()25,349,000 13,194,000243.307,000135.776.000 92,258,00027,578,00021,971,000 FEB. 16 1929.] 1015 FINANCIAL CHRONICLE National Banks.-Tho following information regarding national banks is from the office of the Comptroller of the Currency, Treasury Department: By Adrian H. Muller & Son, New York: Capital. -The First National Bank of Sayreville, N. J Feb. 5 $100,000 Correspondent. Fred S. Davis, 394 Main St., Sayreville, N. J. BondsPer cent. $ per sh. Shares. Stocks. $12,000 Terre Haute Indianan. & 177 Great Basin Oil Co. (Ariz.), no 71 East. Trac. lot 5s, 1944 $5 lot par $12,000 Detroit Ypsilanti Ann Ar9 Low Volatile Coal Co.,corn. v.t.c.; bor dr Jackson Ry. 1st cons. Is, 218 Interstate Coal & Dock Co.. 5 1928 corn., v.t.c.; 20 Interstate Coal & $10 lot Sundry notes aggregating approxiDock Co., pref. V. t. e mately $5,529.78 $10 lot Per cent. Bonds$10,000 Androscoggin & Kennebec 203.i Ry. Co. 1st 65, 1940 APPLICATION TO CONVERT APPROVED. -The Citizens Nat'l Bank & Trust Co. of Everett, Wash_ 100,000 Feb. 6 Conversion of The Citizens Bank & Trust Co., of Everett, Wash. CHARTERS ISSUED. -First National Bank in Georgetown. Del Feb. 4 50,000 President, Landreth L. Layton. Cashier, E. B. Green. Succeeds Branch of Delaware Trust Co. at Georgetown; Main Office at Wilmington, Del. Feb. 5 -The Noose National Bank of Kosse, Texas 25,000 President, J. J. Suttle. Cashier, W. A. Jones. DIVIDENDS. Dividends are grouped in two separate tables. In the first we bring together all the dividends announced the current week. Then we follow with a second table, in which we show the dividends previously announced, but which have not yet been paid. The dividends announced this week are: APPLICATION TO ORGANIZE RECEIVED WITH TITLE REQUESTED. CHANGE OF TITLE. -The City National Bank of Gloversville, N. Y to "City Feb. 5 National Bank & Trust Co. of Gloversville." Name of Company. When Per Cent. Payable. Books Closed Days Inclusive. Railroads (Steam). VOLUNTARY LIQUIDATION. Boston & Maine, 1st pref. A(unstPd)-th $21.50 Feb. 28 *Holders of rec. Feb. 15 -The First National Bank of Berthoud, Colo Feb. 5 25,000 First pref. class B (unstamped)____*h $34.40 Feb. 28 *Holders of rec. Feb. 15 Effective Jan. 21 1929. Liquidating Agent, J. G. DoFirst pref. class C (unstamped)_ ___*5 $30.10 Feb. 28 *Holders of rec. Feb. 15 herty, Berthoud, Colo. Absorbed by The Berthoud Feb. 28 *Holders of rec. Feb. 15 First pref. class D (unstamped)____*h $43 National Bank, No. 7995. First pref. class E (unstamped)____•/1 $19.35 Feb. 28 "Holders of rec. Feb. 15 234 Apr. 1 Holders of rec. Mar. 1 Canadian Pacific, corn. (quar.) First National Bank of Olyphant. Pa 250,000 Apr. 1 Holders of rec. Mar. 1 2 Effective Feb. 4 1929. Liquidating Agent, P. J. Preferred *234 July 1 *Holders of rec. June 8 Chesepeake & Ohio, corn. (guar.) McGinty, Olyphant, Pa. Absorbed by Miners Sav*334 July 1 *Holders of rec. June 5 ings Bank of Olyphant, Pa. Preferred & Pittsburgh, guar.(quar.).. 8734c Mar. 1 Holders of rec. Feb. 9a The Pacific National Bank of Boise, Ida 300,000 Cleveland guaranteed (quar.) 50c. Mar. 1 Holders of rec. Feb. 9a Special Effective Jan. 30 1929. Liquidating Agent, First SeGulf Mobile & Northern, pref. (quar.).. •144 Apr. 1 *Holders of rec. Mar. 15 curity Bank of Boise, Ida. Succeeded by First Se*234 Apr. 1 *Holders of rec. Mar. 8 Hocking Valley, corn. (cmar.) curity Bank of Boise. Ida. Apr. 1 *Holders of rec. Feb. 28 N.Y. NH,& Hartford, corn.(quar.).. *1 Feb. 6 -The First National Bank of Detroit, Texas "1% Apr. 1 *Holders cf rec. Feb. 28 100,000 Preferred (quar.) Effective Jan. 14 1929. Liquidating Agent, W. E. 81 Feb. 25 Holders of rec. Feb. 18 North Pennsylvania (guar.) Holloway, Detroit, Texas. Succeeded by The Plant*1% Apr. 1 *Holders of rec. Feb. 25 Southern Pacific Co. (guar.) ers National Bank of Detroit, Tex., No. 13259. 234 Apr. 1 Holders of rec. Mar. 1 Union Pacific, corn. (quar.) 2 Apr. 1 Holders of rec. Mar. 1 Preferred BRANCH AUTHORIZED UNDER THE ACT OF FEB. 25 1927. Public Utilities. *134 Mar. 1 *Holders of rec. Feb, 28 Amer. Telegraph & Cable (quar.) Associated Gas & Elec.. $5 pref.(quar.), 81.25 Mar. 15 Holders of rec. Feb. 15 Public Utilities, corn. A (quar.). 50e. Mar. 1 Holders of ree. Feb. 20 Atlantic $1.75 Mar. 1 Holders of rec. Feb. 20 $7 preferred, series A (quar.) 500. Mar. I Holders of rec. Feb. 22 Auction Sales. -Among other securities, the following, Barcelona Trac., Lt. & Power, ord 1 Mar, 1 Holders of rec. Feb. 22 Participating preferred not actually dealt in at the Stock Exchange, were sold at auction Boston Elevated Ry., corn.(quar.) *134 Apr. 1 *Holders of rec. Mar. 11 "334 Apr. 1 *Holders of rec. Mar. 11 Second preferred in New York, Boston, Philadelphia and Buffalo on Wednes- Brooklyn City RR.(quar.) 10e. Mar, 15 Holders of rec. Mar. 2 Central Ill. Pub. Serv., pref. (quar.).... *81.75 Apr. 15 *Holders of rec. Mar.31 day of this week: *1% Mar. 1 *Holders of reo. Feb. 20 Central Indiana Power, pref.(guar.) Chicago South Shore & South Bend RR. By R. L. Day & Co., Boston: 1% Mar. 1 Holders of rec. Feb. 15 Class A preferred (quar.) Shares. Stocks. $ per sh. Shares. Stocks. $ Per sh. Community Water Service, $7 Pf.(qu.)- $1.75 Mar. 1 Holders of rec. Feb. 20 7 Federal National Bank 250 7 Brockton G. L.Co.v.t. c., par $2539 *234 Mar. 1 *Holders of rec. Feb. 20 Connecticut Power, corn. (guar.) 1 Merchants Nat. Bank 481 12 Mass. Utilities Associates pref., *1% Mar. 1 "Holders of rec. Feb. 20 Preferred (guar.) 1 Webster & Atlas Nat. Bank 207 par $50 44% Consol. Gas,El. L.&P.,Bait.. corn.(qu) *75c. Apr. 1 *Holders of rec. Mar. 15 3 Boston National Bank 190 25 Shawmut Bank Invest. Trust__ - 55% *1% Apr. 1 *Holders of rec. mar. 15 6% preferred series D (quar.) 5 National Shawmut Bank 320% 10 units Second Nat. Investors *134 Apr. 1 *Holders of rec. Mar. 15 554% preferred series E (quar.) 15 Industrial Bank & Trust Co 89 Corp100 *1% Apr. 1 *Holders of rec. Mar. 15 5% preferred series A (quar.) 1 Ludlow Mfg. Associates_ .....182 ex-cliv. 6 units First Peoples Trust 50 class A pref.(guar.)- - $1.80 Mar. 1 Holders of rec. Feb. 20 Gary Railways, 10 Plymouth Cordage Co 29 New Bedford Gas& Edison Light 75 Indiana Service Corp., 7% pref.(guar.). I% Mar. 1 Holders of rec. Feb. 15 Co. (undeposited), par $25 94 8 Waiworth Mfg. Co. pref., par $50_ 39 1% Mar, 1 Holders of rec. Feb. 15 6% preferred (quar.) 9 Salem G. I.. Co.(undep:), par $25 45 57 Old Colony 'Fe. Associates_ _6031-81 I% Apr. 1 Holders of rec. Mar. 120 Indianapolis Water, pref. A (quar.) 177-14 Charlestown G.& E. Co.._ _ 3% 5 Eastern Utilities Associates, corn. 40 *234 Mar. 15 *Holders of rec. Mar. 1 Laclede Gas Light, corn. (quar.) 1 Cent. Maine Power Co.7% Pre _ _108 16 units First Peoples Trust Mar. 15 "Holders of rec. Feb. 28 50 West Utilities, prior lien (quar.)_ *2 Middle 6 units First Peoples Trust 50 18 special units First Peoples Trust_ 3 *51.50 Mar. 15 *Holders of rec. Feb. 28 $6 preferred (quar.) 50 New England Guaranty Corp. 118 Atlantic & Pacific Internat. National Public Service, corn. A (quar.)- 40c. Mar. 15 Holders of rec. Feb. 27 pref.; 50 common $1 lot Corp., pref., par $50 41% Nebraska Power, pref.(quar.) I% Max. 1 Holders of rec. Feb. 14 50 Bonds2 units First Peoples Trust Per cent. New England Pub.Serv., pr. lien pf.(qu) "$1.75 Mar. 15 *Holders of rec. Feb. 28 50 $10,000 Cuba RR. irnpt. dr equip. 2 units First Peoples Trust 3734c Mar. 1 Holders of rec. Feb. 20 Corp.,corn. A (qu.) Pa. Gas & Elec. 5s, May 1960 5 New England Power Ass'n pref._ _ 97 $20 lot 1% Apr. 1 Holders of rec. Mar.20 Seven per cent preferred (quar.) .108 & div. $100 Boston Lodge B. P 0. E. 2d 4 New Eng. Pow. Co. pref. $1.75 Apr. 1 Holders of rec. NIar. 20 $7 preferred (guar.) 171% mtge. 8s, Apr. 1940 2 Collateral Loan Co 50 flat Southern Colorado Power, pref. (quar.). I% Mar. 15 Holders of rec. Feb. 28 mar. 16 Holders of rec. Feb. 28 Standard Gas & El., $4 pref. (quar.)._ $1 By Wise, Hobbs & Arnold, Boston: Virginia Elec. & Pow.,8% pref.(quar.). *I% Mar. 20 *Holders of rec. Feb: 28 $ per sh. Shares. Stocks, *1% Mar. 20 *Holders of roe. Feb. 28 Shares. Stocks. Seven per cent preferred (War.) 3 Per sh. 1% Mar, 1 Holders of rec. Feb. 15 150 5 units First Peoples Trust 10 State Nat. Bank. Lynn West Ohio Gas, pref. A (quar.) 50 490 5 Saco-Lowell Shops corn 21 First Nat. Bank Wisconsin Power & Light, 7% trf. (911.)- *134 Mar. 15 "Holders of rec. Feb. 28 1434 520 Santa Fe Gold Copper Min- 714 Wisconsin Public Service, 7% Pref.(au.) 1% Mar. 20 Holders of rec. Feb. 28 21 Whitman MiMs Corp inc Co., par $10 1% Mar. 20 Holders of rec. Feb. 28 20 Goodall Worsted Co. common_ _150 6;4% preferred (quar.) $75 lot 148 2 units First Peoples Trust 134 Mar. 20 Holders of rec. Feb. 28 12 Bates Mfg.Co 6% preferred (quar.) 50 4034 70 Revere Sugar Refg. co. corn, 10 Nashawona Mills (corporate name changed may Banks. 26 West Boylston Mfg. Co. cora __ _ 10 Mar. 1 Holders of rec. Feb. 15 1914 to Revere Securities Co.). _$2 lot American Colonial of Porto Rico (qu.) 2 34-35 25 Arlington Mills 14% 4 Boston Storage Co 582)4e Apr. 1 *Holders of rec. Mar. 15 10 Queen City Cotton Mills Chelsea Exchange (quar.) . 5 Mar. 1 Holders of ree. Feb. 25 3 10 H011110.9 Mfg. Co. pref 42 15 Boston Professional Hockey AsPort Morris 54 Farr Alpaca Co soc'n, Inc.. corn.(Boston Bruins) 201 115 45 Connecticut Mills Co.7% 1st pf. 30 52 units First Peoples Trust Miscellaneous. _ 50 22 Associated Textile Cos 90. Feb. 25 Holders of rec. Feb. 11 30 10 Johnson Educator Biscuit Co., Alabama Cash Credit, corn. (quar.).... 10 Gosnold Mills pref 11% class A 15c. Feb. 25 Holders of rec. Feb. 11 Preferred (quar.) 18% Shawmut Bank Inv.Trust _5534, 57,58 96 Bonds9c. Feb. 25 Holders of rec. Feb. 11 Preferred (extra) Per cent. 9 West Penn Steel Co.corn 400 $5,000 Chicago Elevator Properties, Amer. Brit. & Cont'l Corp. 1st pf.(qu.)_ $1.50 Mar. 1 Holders of rec. Feb. 14 5 Federal Inv. Trust8% pref 26% Inc., 6s, July 1942 pf. (qu.) 75c. Mar. 1 Holders of rec. Feb. 15 . Amer. & General Securities, $3 93 58 Old Colony Trust Associates.... 80 $2,000 Beard Erie Basin 6s -Nov. 30 '28) 1234c Mar, 1 Holders of rec. Feb. 15 $3 pref. (period Nov. 15 93 250 Pilgrim Export & Import Co. $3,000 Distribution Terminal & Apr. 1 Holders of rec. Mar. 12 Amer. Internat. Corp., corn.(No. 1)... $1 common $15 lot Cold Storage Co.834s. Apr. 1952 90 e2 Apr. 1 Holders of rec. Mar. 12 Common Stock dividend 48 units Oil Shares Inc 79 Mar. 1 *Holders of rec. Feb. 20 *$1 Amer. Laundry Machinery (quar.) June I *Holders of rec. May 20 Quarterly "8I By Barnes & Lofland, Philadelphia: Amer. Railway Express (quar.) •$1.50 Mar.30 *Holders of rec. Mar. 15 ree. Mar. Shares. Stocks. $ per sh. Shares. Stocks. 8 per at. Amer.Solvents & Chem., partic. Df.(qu) .75c. Apr. I *Holders of rec. Mar. 12 50 I% Apr. 2 Holders of 8% United Firemen's Ins., par $10_ 41 2 Burlington County Trust Co., Amer. Sugar Refining, pref. (quar.)-14 Overbrook National Bank *334 Mar. 1 *Holders of MC. Feb. 16 183 Amer. Window Glass, pref Moorestown, par EN 350 •1% Apr. 1 *Holders of rec. Mar. 9 15 Phila. Nat. Bank 900 58 Phila. Life Ins. Co., par 810_ Armour & Co. 2834 Armour & Co.(Ill.) pref.(guar.) *I% Apr. 1 *Holders of rec. Mar. 9 of Del. prof.(quar.) 25 Drovers & Merchants Nat.13ank 18734 9 Phila. Life Ins. Co., par $10 2834 Atlantic Refining, corn. (quar.) 10 Bank of Phila. & Trust Co 25e. Mar. 15 Holders of rec. Feb. 21 552% 9 Susquehanna Title 62 Common (extra) 250. Mar. 15 Holders of rec. Feb. 21 9 First Nat. Bk. & Tr. Co., Wood2 Courier Post preferred 98 bury, N. J., par $50 Automatic Regis. Mach., cony, pr. part. *50c. Apr, 1 *Holders of rec. Mar. 15 195 11 John B. Stetson Co., pref., par Delaware Co. Nat. Bank, Chester, (guar.). 4e. Feb. 25 Holders of rec. Feb. 11 8 $25 36% Badger State Cash Credit, corn. Pa Preferred (quar.) 20c. Feb. 25 Holders of ree. Feb. 11 355 10 John B. Stetson Co., corn 9434 4c. Feb. 25 Holders of rec. Feb. 11 10 Wharton Title dr Tr. Co., par $50 5034 10 John B. Stetson Co., corn Preferred (extra) 94 50c. Apr. 1 Holders of rec. Mar. 14 10 Wharton Title & Tr. Co., par 850 50 10 John IS. Stetson Co. corn 93% Barker Bros. Corp., corn. (quar.) Convertible 835% preferred (quar.)-- 1% Apr. 1 Holders of rec. Mar. 14 10 Republic Trust Co., par $50._.17534 4 Phila. Bourse common 31 Manheirn Trust Co., par $50 Corticelli, Ltd., pref.(quar.)__. 144 Mar. 15 Holders of rec. Feb. 28 Belding 8 6434 3 Lancaster Ave. Title dr Tr. Co_ 102 *75c. Mar. 15 *Holders of reo. Feb. 25 Best & Co.(quar.) 20 Northern Trust Co 1351 10 Phila. Co. for Guar. Mtges 393 42 Mar. 15 "Holders of rec. Feb. 21 Borne, Scrymser Jr Co 12 Northern Trust Co 1350 2 Franklin Trust 751 Bristol-Myers Co.(quar.) *31 Mar. 30 *Holders of rec. Mar. 20 5 North City Trust Co., par $50.._133 4 Hestonville Mantua dr Fairmont *250. Mar.30 *Holders of roe. Mar. 20 Integrity Trust Co., par 310, 55101Extra Pass. Ry. common 26 $1.50 Feb. 15 Holders of rec. Feb. 7 Cabot Manufacturing (quar.) lows: 10 at 157; 25 at 15834; 25 at 26 Green & Coates Sts. Pass. Ry 69 156%; 35 at 158. *$3 Mar. 1 *Holders of rec.'Feb. 15 Rights$ per right. Canada Bread, common corn. .1% (qu.) Case (J. I.) Thresh. Mach. 281 10 Penn. Co.for Ins. on Lives,&c 41 5 Colonial Trust Co., par $50 4.1% Preferred (quar.) 10 Bankers Trust Co., par $50 14034 122 Penn. Co.for Ins. on Lives,&c_ 40 60c. Mar. 11 Holders of rec. Feb. 250 140 Bonds34 Bankers Trust Co., par $50 Per cent. Childs Company, corn. (quar.) Preferred (quar.) 134 Mar, 11 Holders of rec. Feb. 250 $2,400 Benevolent & Protective Or10 Industrial Trust Co.. par 850_ _390 134 mar. 1 Holders of rec. Feb. 15 City Ice & Fuel, pref.(guar.) der of Elks (Lodge No. 2) 1st 19 Media Title & Tr. Co., par $25.213 Commercial Invest. Trust corn. (quar.).. $1 Apr. 1 Holders of rec. Mar. 54 M. 6s, 1942 5 Haddonfield (N. J.) Safe Dep. SE 40 Common (payable in corn. stock),,.. fl Apr. 1 Holders of rec. Mar. 50 127 $1,200 Benevolent & Protective OrTrust Co 134 Apr. 1 Holders of rec. Mar. 541 7% first preferred (quar.) der of Elks 1st M.8s, 1942 5 Glenside(Pa.) Trust Co., par $59_ 6034 38 8;4% first pref.(quar.) ,, 134 Apr. 1 Holders of rec. Mar. 541 Consolidated Cigar Corp., corn. (guar.). 81.75 Apr. 1 Holders of rec. Mar. 154 By A. J'. Wright & Co., Buffalo: Preferred (quar.) $31.75 Max. 1 Holders of rec. Feb. 210 Stocks. $ per sh. I Shares. Stocks. Shares. $ per sh. Continental $2 lotI 1,000 Baldwin Gold Mines, Par 81-2% c, Continental Can, pref. (altar.) in Zurich 1,1 Apr. 1 Holders of rec. Mar. 15a 100 Buffalo Steel Car, no par Securities Corp. 3c. 500 Bidgood Cons. Mines, par $I__ 40c. Night Hawks. Par $1 000 Certificates of deposit, registered 85.013 Feb. 15 Holders of rec. Feb. 11 250. lot 5Kelter Quante', Par 920 1, Feb. 6 -The National Bank of Washington, D. C. Location of Branch-1121-1123 Water St., Southwest, Washington, D. C. 1016 Name of Company. When Per Cent. Payable. Books Closed Days Inclusive. Miscellaneous (Continued). Coty, Inc. (stock dividend) n13it May 28 Holders of rec. May 13 Stock dividend n14 Aug. 27 Holders of rec. Aug. 12 Stock dividend n14 Nov.27 Holders of rec. Nov. 12 Cuneo Press, Inc., 634% pref. (quar.)-- *14 Mar. 15 *Holders cf rec. Mar. 1 Dresser (S. R.) Mfg., cl. A (No. *750. Mar. 1 "Holders of rec. Feb. 21 Class B (No. 1) (guar.) *373ic Mar. 1 *Holders of rec. Feb. 21 Durkee-Thomas Co., class A (quar.)_ _ '4331c Mar. 1 *Holders of rec. Feb. 15 Class B (guar.) *20c. Mar. 1 *Holders of rec. Feb. 15 Early & Daniels, corn. (quar.) *75c. Mar.30 *Holders of roe. Mar. 20 Preferred (guar.) . 2134 Mar.30 *Holders of rec. Mar. 20 Eastman Kodak, com.(guar.) $1.25 Apr. 1 Holders of rec. Feb. 28 Common (extra) 75c. Apr. 1 Holders of rec. Feb. 28 Preferred (guar.) 134 Apr. 1 Holders of rec. Feb. 28 Ely-Walker Dry Goods corn.(guar.)-- -- 3734c Mar. 1 Holders of rec. Feb. 18 Federal Mining & Smelt. pref. (guar.) *13I Mar. 15 *Holders of rec. Feb. 21 Fifty-five Park Ave., Inc., pref Mar. 1 Feb. 16 to Mar. 1 3 First Nat.Pictures. 1st pref.(quara---- "2 Apr. 2 Holders of rec. Mar. 13 Fitzsimmons & Connell Dredge & Dock Common (guar.) *50c. Mar. 1 Holders of rec. Feb. 23 Formica Insulation, com. (quar.) *350. Fuller(George A.)Co., partic.pr.pf.(qu.) $1.50 Apr. 1 Holders of rec. Mar. 10 Cum.& partic. pref.(guar.) $1.50 Apr. 1 Holders of rec. Mar. 10 GaIland Mercantile Laundry (guar.)---- '873ic Mar. 1 40. Feb. 25 Holders of rec. Feb. 11 Georgia Cash Credit, Corn. (guar.) 200. Feb. 25 Holders of roe. Feb. 11 Preferred (guar.) 40. Feb. 25 Holders of rec. Feb. 11 Preferred (extra) Goldberg (S. M.) Stores, $7 pref.(guar.) "$1.75 Mar. 15 *Holders of rec. Mar. 1 "400. Mar. 1 'Holders of rec. Feb. 15 Golden State Milk Products Goodyear Tire & Rub. pf. & let pf.(qu.) *131 Apr. 1 'Holders of rec. Mar. 1 75c. Mar. 1 Holders of rec. Feb. 180 Grand Union Co., $3 Pref.((Mara $1.25 Apr. 30 Holders of rec. Apr. 5 Great Northern Iron Ore Properties Guantanamo Sugar,Pref.-dividend defe rred Hamilton United Theatres(Canada) 131 Mar. 30 Holders of rec. Feb. 28 Preference (guar.) *500. Mar. 1 "Holders of rec. Feb. 15 Hart-Carter Co., cony. pref. Hathaway Bakeries. Inc., class A (qu.). 75c. Mar. 1 Holders of rec. Feb. 15 131 Mar. 1 Holders of rec. Feb. 15 Preferred (guar.) *15e. Mar. 15 'Holders of rec. Feb. 15 Heels Mining (monthly) "134 Mar. 1 *Holders of rec. Feb. 23 Horn (A. C.) Co., 1st pref. (guar.) Harni Signal Mfg. com. A & AA (gu.)-- *250. Mar.30 'Holders of rec. Feb. 28 10c. Feb. 25 Holders of roe. Feb. 11 Illinois Cash Credit, corn. (quar.) Common (1-100th share in pref. stock) (1) Feb. 25 Holders of rec. Feb. 11 200. Feb. 25 Holders of rec. Feb. 11 Preferred (guar.) 10e. Feb. 25 Holders of rec. Feb. 11 Preferred (extra) (.1) Feb. 25 Holders of rec. Feb. 11 Preferred (1-100th share pref. stock) 250. Mar. 1 oFeb. 16 to Feb. 28 Imperial Oil, Ltd.(guar.) 250. Mar. 1 oFeb. 16 to Feb. 28 Special 124 Mar. 1 Holders of rec. Feb. 18 Indiana Limestone, pref. (guar.) International Milling, 1st pref.(guar.)-- *81.75 Mar. 1 *Holders of rec. Feb. 18 Internat. See. Corp. of Am.,B com.(gu.) 124c Mar. 1 Holders of rec. Feb. 15 134 Mar. 1 Holders of rec. Feb. 15 7% Preferred (guar.) 134 ,Mar. 1 Holders of rec. Feb. 15 634% preferred (guar.) IMar. 1 Holders of rec. Feb. 15 Preferred (guar.) 6% lApr. 16 *Holders of rec. Apr. 2 *El Jewel Tea, com.(guar.) Johnson-Stephens-Shinkle Shoe (guar.). 6230 Mar. 1 Holders of rec. Feb. 16 Kaufmann Dept. Stores, pref. (quar.)- - "1.31 ,Apr. 5 *Holders of rec. Mar. 20 Kuppenheimer (B.) & Co., pref. (guar.) "124 'Mar. 1 *Holders of rec. Feb. 23 Mar. 20 Holders of rec. Mar. 11 h$5 Lamson aC Hubbard Corp. pref 25c.Nfar. 1 Holders of rec. Feb. 15 Lindsay (C. W.) & Co., com.(guar.) 14 Mar. 1 Holders of rec. Feb. 15 Preferred (guar.) 50e. Mar. 1 Holders of rec. Feb. 16a Loblaw Groceterlas, corn, (guar.) 131 Mar. 1 Holders of rec. Feb. 160 Prior preference (guar.) *134 Mar. 1 *Holders of rec. Feb. 15 Lord & Taylor. 1st pref.(guar.) Lyall(P.)& Sons Constr.,Ltd.,com.(qu.) 75e. Mar. 1 Holders of rec. Feb. 18 Mar. 1 Holders of rec. Feb. 19 1 May Hosiery Mills, pref. Mara McCahan (W. J.) Sugar Refining dr 131 Mar. 1 Holders of rec. Feb. 18 Molasses, pref. (guar.) Merritt, Chapman & Scott Corp. *40c. Mar. 1 *Holders of rec. Feb. 16 New common (guar.)(No. 1) '131 Mar. 1 *Holders of rec. Feb. 16 Series A 64% pref. (guar.) 2 .900. Mar. 15 "Holders of rec. Feb. 28 Morrell(John) & Co.(No. 1) Muncie Gear Co.class A (guar.) (No. 1) *50e. Apr. 1 "Holders of rec. Mar. 15 *50c. July 1 "Holders of rec. June 15 Class A (guar.) *50e. Oct. 1 *Holders of rec. Sept. 15 Class A (guar.) *50c. Jan1'30 'Holders of rec. Dec. 15 Class A (guar.) "30e. Murphy (G. C.) Co., cons. (guar.) 500. Apr. 1 Holders of rec. Mar. 4 National Sugar Refining (guar.) "400. Apr. 1 *Holders of rec. Mar. 15 Newberry (J. J.) Co., coin.(guar.) (y) Mar. 6 'Holders of rec. Feb. 18 -Pond Niles-Bement 74c. Apr. 20 Holders of rec. Mar.30 Nipissing Mines(guar.) *30c. Mar. 1 *Holders of rec. Feb. 20 North American 011 (monthly) 131 Mar. 1 Holders of rec. Feb. 20 Ogilvie Flour Mills, pref. (guar.) Apr. 1 Holders of roe. Mar. 16 $1 Owens Bottle, corn.(guar.) Apr. 1 *Holders of rec. Mar.20 'El Page-Hershey Tubes(guar.) Param't Fam's Lasky Corp., com. (gu) 75e. Mar. 30 Holders of rec. Mar. 8 50c. Mar. 1 Holders oof rec. Feb. 15 Photo Engravers de ElectrotyPers, Ltd 15e. M. 1 *Holders of rec. Feb. 15 Pines Winterfront Co., class B (guar.).- 2 Prairie Pipe Line, new $25 part.stk.(qu.) *750. Mar.30 *Holders of roe. Feb. 28 *50c. Mar. 30 'Holders of rec. Feb. 28 Extra Proper Silk Hcsiery Mills, com.(guar.)- *50c. Mar. 1 'Holders of rec. Feb. 19 Apr. 15 *Holders of rec. Apr. 1 *$1 Quaker Oats, cons. (guar.) Apr. 15 *Holders of rec. Apr. 1 Common (special) Corn.(in corn.stk., noe new for ea. 25) (f) Apr. 20 'Holders of rec. Apr. 1 *81.25 Apr. 1 *Holders of rec. Mar. 28 Remington Typewriter, corn. (guar.)- s$4 Apr. 1 'Holders of rec. Mar. 28 Common (extra) •124 Apr. 1 *Holders of me. Mar. 28 First preferred (guar.) Apr. 1 'Holders of rec. Mar. 28 *2 Second preferred (guar.) Root Refining, cony, prior pref.(guar.). "45c. Mar. 1 'Holders of rec. Feb. 20 *75c. Mar. 1 *Holders of rec. Feb. 20 Cony. cumul. pref. (guar.) Rolls Royce, Ltd. 'Holders of rec. Feb. 26 Amer.dep.recta. for ord. reg.shares 'w8 *Holders of rec. Feb. 26 *fa Extra Boxy Theatres Corp., class A (guar.).- "8740 Mar. 1 *Holders of rec. Feb. 15 Feb. 15 Holders of rec. Feb. 10 1 Partic. prof Royalty Corp. of Amer., Si Feb. 15 Holders of rec. Feb. 10 Participating preferred (extra) "81.25 Mar. 15 'Holders cf rec. Mar. 1 Shubert Theatre Corp.(guar.) Simon (Franklin) Co., pref. (guar.). _ - _ '131 Mar. 1 *Holders of rec. Feb. 21 *50c. Apr. 15 "Holders of rec. Mar. 15 Sinclair Consol. Oil, corn "25e. Apr. 15 *Holders of rec. Mar. 15 Common (extra) Mar. 15 Holders of rec. Feb. 15 $1 Standard Chemical Co., Ltd "250. Mar. 15 'Holders of rec. Feb. 28 Standard Oil of N. J.(guar.) •124c Mar. 15 *Holders of rec. Feb. 28 Extra Mar. 3 to Apr. 3 Stewart-Warner Speedometer (stk. div.) 22 250. Mar. 15 Holders of rec. Feb. 28a Tennessee Copper & Chemical (guar.)_ _ Holders of rec. Feb. 20 Thompson Products, pref. Mari) 131 Mar. 1 M ar.. 30 Holders of rec. Feb. 18a mar 5 Timken Roller Bearing (guar.) Holders of rec. Mar. 12 . Underwood-Elliott-Fisher Co.,com.(gu.) $1 750. Preferred and preferred B (quar.)__.- $1.75 Mar.30 Holders of rec. Mar. 12 Apr. 1 'Holders of rec. Mar. 2 United Fruit(guar.) *751 Stock dividend (1-20th share) (e) Apr. 1 *Holders of rec. Mar. 2 Mar. 1 'Holders of rec. Feb. 20 U.S. Dairy Products,com. A (guar.)... 2 11 (guar.) First preferred "$1.75 Mar. 1 *Holders of rec. Feb. 20 Mar. 1 'Holders of rec. Feb. 20 Second preferred (guar.) 2 12 C. S. Envelope, common Mar. 1 *Holders of roe. Feb. 15 "4 Mar. 1 'Holders of roe. Feb. 15 Common (extra) *4 i.3% Mar. 1 *Holders of rec. Feb. 15 Preferred U. S. Freight (guar.) . *750 Mar. 11 'Holders of me. Feb. 18 f e.. isr U.S. Gypsum,corn.(guar) *40c. Mar. 31 Hokn of rec rar.. Preferred (guar.) •12 Mar. 31 'Holders , 1 Valvoline Oil, corn.(quar.) •134 Mar. 20 'Holders of rec. Mar. 16 7 . rec.Feb.. 31 Vesta Battery, pref. (guar.) 1 "Hoolkterers of Warner Bros. Pictures, new pref. (No.1) Wesson Oil de Snowdrift, coon *1100 Apr. 1 "Holders of rec. Feb. 28 Western Dairy Products, class A (guar.) 1 Mar. 1 Holders of rec. Feb. 9a . . ar 0 ree Westinghouse Air Brake(guar.) .Apr 30 HH0ollgers 1re c. Nar.13 Ap . 1 . ers Weston Elec. Instrument. class A (qu.)_ 55°Occ: Holders of rec. Mar. 20 Westvaco Chlorine Products, corn 50e. Apr. 1 Winton Engine, cony. pref.(guar.) '750. Mar. 1 *Holders of rec. Feb. 25 Woods Manufacturing, pref.(guar.).- "131 A,pr. 1 'Holders of rec. Mar. 25 121 Apr. 1 Holders of rec. Mar. 25 Wood Mfg., pref. (guar.) 50e. Feb. 28 Holders of rec. Feb. 14 Wright Aeronautical Corp. (guar.) [VOL. 128. FINANCIAL CHRONICLE 12 11:718A1r;: Below we give the dividends announced in previous weeks and not yet paid. This list does not include dividends announced this week, these being given in the preceding table. Name of Company. When Per Cent. Payable Books Closed Days Inclusive. Railroads (Steam). Ateh.Topeka do Santa Fe, cons.(quar,) Baltimore dt Ohio, corn.(guar.) Preferred (guar.) Bangor & Aroostook,com.(guar.) Preferred (guar.) Chic. it. 1. & Pacific, cons.(guar.) CM. N.0.& Tex. Pacific. pref.(guar.). Delaware & Hudson Co.(ullor.) Illinois Central, com.(guar.) Preferred A Maine Central, common (guar.) Preferred (guar.) New Orleans Texas & Mexico (guar.). N. Y. Chic. dr St. L., com. dr pref.(qua Norfolk & Western, com.(guar.) A(11. preferred (guar.) Pennsylvania (guar.) Pere Marquette, com. (guar.) Common (extra) Prior preference (guar.) Five per cent preferred (quar.) Reading Co., 1st pref. (guar.) St. Louis-San Francisco, com. (quar.). Preferred (guar.) Preferred (guar.) Preferred (guar.) Wabash preferred A (quar.) 24 Mar. 1 Holders of rec. Jan. 250 134 Mar. 1 Holders of rec. Jan. 120 Mar. 1 Holders of rec. Jan. 120 1 Mc. Apr. 1 Holders of rec. Feb. 28a 13( Apr. 1 Holders of rec. Feb. 28a •134 Mar.30 *Holders of roe. Mar. 8 •134 Mar. 1 'Holders of roe. Feb. 5 23j Mar. 20 Holders of rec. Feb. 20a 134 Mar, 1 Holders of rec. Feb. 80 3 Mar. 1 Holders of me. Feb. 80 Apr, I Holders of roe. Mar. 15 1 134 Mar. 1 Holders of rec. Feb. 15 124 Mar, 1 Holders of rec. Feb. 150 14 Apr. 1 Holders of rec. Feb. 150 Mar. 19 Holders of rec. Feb. 280 2 F . 29 Holders of rec. Jan. 310 Feb. 1 8 07 1 Holders of rec. Feb. la 134 Apr. 1 Holders of roe. Mar. 8a 2A pr. 1 Holders of rec. Mar. Sa 15( la May Holders of rec. Apr. 50 134 May 1 Holders of rec. Apr. 50 50c .Mar. 1 4 Holders of rec. Feb. 20a Apr. 1 Holders of roe. Mar. la 2 14 May 1 Holders of roe. Apr. 130 134 Aug. 1 Holders of rec. July la 134 Nov. 1 Holders of roe. Oct. la 134 Feb. 25 Holders of roe. Jan. 250 Public Utilities. Amer. Power & Light, corn. (quar.) 25e. Mar. 1 Holders of rec. Feb. 150 $6 Preferred (guar.) $1.50 Apr. 1 Holders of rec. Mar. 13a $5 preferred, series A (guar.) 75e. Apr. 1 Holders of rec. Mar, 13a Am. \Vat. Wks. & EL, $6 1st pf. (gu.). $1.50 Apr. 1 Holders of roe. Mar. 12a Associated Gas do Electric $6 preferred (cm.) 81.50 Mar, 1 Holders of rec. Jan. 31 1.6234 Mar. 1 Holders of rec. Jan. 31 $6.50 preferred (guar.) Baton Rouge Elec., pref. A (guar.)---- ' $1.75 Mar. 1 Holders of rec. Feb. 230 Brazilian Tr., Lt.& Pow.corn.(qu.). Mc. Mar. 1 Holders of roe. Jan. 31 Brooklyn Edison Co. (guar.) Mar. 2 Holders of rec. Feb. 80 Bklyn.-Manhat. Transit, pref.ser A (au) $1.50 Apr. 15 Holders of rec. Apr. la Canadian Hydro-Electric, lot prof. (go.) 14 Mar. Holders of rec. Feb. 1 Cent. Arkansas Pub. Serv.. pref.(quar.) 124 Mar. 1 Holders of me. Feb. 150 4.1% Mar. I "Holders of rec. Feb. 13 Central Gas & Elec.7% pf.(guar.) 64% preferred (guar.) *1% Mar. 1 *Holders of roe. Feb. 13 Chic. Rap. Transit, pr. pref.(monthly) •650. Mar. 1 'Holders of rec. Feb. 19 Prior preferred B 'monthly) •60c. Mar. 1 'Holders of rec. Feb. 19 Consolidated Gas of N Y.. corn.(go.), 75e Mar. 15 Holders of rec. Feb. 80 Consumers Power. $5 pref. (guar.) $1.25 Apr. 1 Holders of rec. Mar. 15 Six per cent preferred (guar.) 134 Apr. 1 Holders of roe. Mar. 15 6.6% preferred (guar.) 1.65 Apr. 1 Holders of rec. Mar. 15 Seven per cent preferred (guar.) 131 Apr. 1 Holders of roe. Mar. 15 Six per cent preferred (monthly) 50c. Mar, 1 Holders of rec. Feb. 15 Six per cent preferred (monthly) 50c. Apr. 1 Holders of rec. Mar. 15 6.6% preferred (monthly) Mc. Mar, 1 Holders of rec. Feb. 15 6.6% Preferred (monthly) 55e. Apr. 1 Holders of rec. Mar. 15 Detroit Edison Co.(guar.) Apr. 15 Holders of rec. Mar. 200 2 East Kootenay Power, Prof. (guar.). M.15 Empire Gas &Fuel8% pfd.(mthly.) *662w Mar. 1 Holders of rec. Feb. 16 *581oc Mar. 1 Holders of rec. Feb. 15 7% preferred(mthly.) 64% Preferred (mthly.) •54Ise Mar. 1 Holders of rec. Feb. 15 (mow) *50c. Mar. 1 Holders of rec. Feb. 12 6% prof. Engineers Pub. Serv.i, com. (guar.)._ 250. Apr. 1 Holders of rec. Mar. 4 Common (2-100 share com.stock) (s) Apr. 1 Holders of roe. Mar. 9a $5 convertible preferred (guar.) $1.25 Apr. 1 Holders of rec. Mar. 90 $5.50 cumulative preferred (guar.) -5 1.3734 Apr. 1 Holders of rec. Mar. 4 Federal Light & Traction, corn.(quar.)_ 3732c. Apr. 1 Holders of rec. Mar. 13a Common (payable in common stock). /1 Holders of rec. Mar. 120 Apr. Preferred (quar.) 134 Mar. 1 Holders of rec. Feb. 18 Federal Water Service. class A (quar.).. r50c. Mar. 1 Holders of rec. Feb. 8 Havana Elec. Ry., pref.(guar.) 134 Mar. 1 Holders of me. Feb. 80 Kentucky Utilities Junior pref.(quar.).. *873-ic Feb. 20 'Holders of rec. Feb. 1 Keystone Telephone, pref.(quar.) Mar. 1 *Holders of rec. Feb. 18 411 Louisville Gas & Elec., com. A & B (go.) 43240 Mar. 25 Holders of rec. Feb. 280 Nat. Power & Light. corn.(guar.) 25c. Mar. 1 Holders of roe. Feb. 13a Nat.Public Serv.,corn A .40c. Mar. 15 'Holders of rec. Feb. 27 2 New Eng. Pub. Serv., pr. lien M.(gu.)- *$1.75 Mar. 15 *Holders of roe. Feb. 28 North American Co., corn. (guar.) (234 Apr. 1 Holders of rec. Mar. 5 Preferred (guar.) The. Apr, 1 Holders of rec. Mar. 5 North American Edison Co., pf. 81.50 Mar. 1 Holders of rec. Feb. 15a North Amer. Utility Secur., 1st pf.(qu.) $1.50 Mar. 15 Holders of rec. Feb. 28 First pref. alot. etfs. (guar.) $1.50 Mar. 15 Holders of rec. Feb. 28 Northern States Power, pref. (quar.) 134 Mar. 1 Holders of rec. Feb. 20 Ohio Edison,6% pref.(quari) 134 Mar. 1 Holders of rise. Feb. 15 $1.65 Mar. 1 Holders of rec. Feb. 15 6.6% Preferred (qua?.).. 124 Mar. 1 Holders of rec. Feb. 15 7% Preferred (guar.) 131 Mar. 1 Holders of roe. Feb. 15 5% Preferred (guar.) 50e. Mar. 1 Holders of rec. Feb. 15 6% preferred (monthly) 55c. Mar. 1 Holders of rec. Feb. 15 6 .6% preferred (monthly) 131 Mar. 15 Holders of rec. Feb. 28 Oklahoma Gas & Elec.,pfd.(guar.) Penn-Ohio Edison,7% prior pref.(au.). 15( Mar. 1 Holders of roe. Feb. 15 $1.50 May 1 Holders of rec. Apr. 20 Penn. -Ohio Pow.& Lt., $6 prof. (clu.) .124 May 1 Holders of rec. Apr. 20 7% Preferred (quar,) 60c. Mar. 1 Holders of rec. Feb. 20 7.2% preferred (monthly) 60e. Apr. 1 Holders of rec. Mar. 20 7.2% Preferred (monthly) 60e. May 1 Holders of rec. Apr. 20 7.2% preferred (monthly) 55c. Mar. 1 Holders of rec. Feb. 20 6.6% Preferred (monthly) 55c. Apr. 1 Holders of rec. Mar. 20 6.6% preferred (monthly) 55c. May 1 Holders of rec. Apr. 20 6.6% Preferred (monthly) $1.25 Mar. 1 Holders of rec. Feb. 110 Philadelphia Co., prof 50e. mar. 15 Holders of rec. Feb. 28a Philadelphia Electric Co., com• (qua?.) 14 Mar, 1 Holders of rise. Feb. 9 Phila. Suburban Water, pref.(Qua?.) 14 Mar. 1 Holders of refs. Feb. 15 Portland Elec. Power,2d prof. (qua?.) Public Service Corp. of N.J.. corn.(go.) 650. Mar. 30 Holders of rec. Mar. la 2 8% preferred (guar.) Mar. 30 Holders of rec. Mar. la 124 Mar. 30 Holders of roe. Mar. la 7% Preferred (guar.) $1.25 Mar. 30 Holders of rec. Mar. la 35 Preferred (quar.) 50c. Mar. 30 Holders of rec. Mar. la 6% Preferred (monthly) Public Serv. El.& Gas,6% pref.(quar.) 14 Mar.30 Holders of rec. Mar. la 13734c Apr. 1 Holders of roe. Mar. la Radio Corp of Amer.Pref. A (go.) + 134 Mar. 15 Holders of rec. Feb. 20 Southern Calif. Edison, pref. A (guar.)_ 14 Mar. 15 Holders of roe. Feb. 20 Preferred B (guar.) 250. Mar. 1 Holders of roe. Feb. 11 Southern Calif. Gas, corn.(No. 1) 1.6234 Mar. 1 Holders of rec. Feb. 11 $6.50 preferred (guar.) Southern Cities Util., $6 pr. pt. (qu.)-- $1.50 Mar. 1 Holders of ree. Feb. 9 50e. Feb. 25 Holders of rec. Jan. 31 Southern Colorado Power,coca. A MaApr, 15 Holders of roe. Mar.30 *2 Southern N.E.Telephone(quari) Southwestern Power & Light, prof.(qua 12( Mar. 1 Holders of rec. Feb. 15 Southwest Gas Utilities, pref.(unar.)--$ 1.6234 May 1 Holders of roe. Apr. 20 Tennessee El.Pow.Co.,5% 1s1 pf.(go.) 134 Apr. 1 Holders of rec. Mar. If, 14 Apr. 1 Holders of rec. Mar. 15 6% 1st pref. (guar.) 124 Apr. 1 Holders of rec. Mar. 15 7% let pref.(guar.) 1.80 Apr. 1 Holders of ree. Mar. 15 7.2% 1st pref. (guar.) 50c. Mar. I Holders of roe. Feb. 15 6% let pref.(monthly) 50e. Apr. 1 Holders of rec. Mar. 15 6% lot pref. (monthly) 60c. Mar. 1 Holders of me. Feb. 15 7.2% 1st pref.(monthly) 60e. Apr. 1 Holders of rec. Mar. 15 7.2% 1st pref.(monthly) 35c. Mar. 10 Holders of rec. Feb. 28 Union Natural Gas of Canada(qua- Cr. Mar. 10 Holders of rec. Feb. 28 Extra 81.1234 Mar.30 Holders of rec. Feb. 280 United Gas Improvement (guar.) $1.75 Mar. 30 Holders of roe. Mar. 160 West Penn Elec. Co., class A (quar.) West Penn Railways,6% pref.(quar.)-- 1% Mar. 15 Holders of rec. Feb. 25 3 Mar. 1 Holders of rem Feb. 90 Wilmington Gas Co., preferred Name of Company. 1017 FINANCIAL CHRONICLE FEB. 16 1929.] When Per Cent. Payable Books closed Days Inclusive. Name of Company. Per When Cent. Payable. Books COMO Days Inclusive. Miscellaneous (Continued). Consolidated Film Industries 50c. Apr. 1 Holders of rec. Mar. 15 Common (guar.)(No. 1) 50c. Apr. 1 Holders of rec. Mar. 15 Participating, pref. (guar.) • 334 Feb. 20 *Holders of rec. Feb. 9 Consumers Co.. preferred *134 Apr. 1 *Holders of rec. Mar. 15 Prior preferred (guar.) Fire Insurance. 2 Mar. 1 Holders of rec. Feb. 20 Corno Mills $1.25 Apr. 1 Mar. 20 to Apr. 11 Brooklyn Fire Insurance Corrugated Paper Box, Ltd., pref. (qu.) 131 Mar. 1 Holders of rec. Feb. 14 50c. Mar.30 Holders of rec. Mar. 15a Coty, Inc. (guar.) Miscellaneous. n1 H Feb. 27 Holders of rec. Feb.d11 Stock dividend (quar.) 25e, Apr. 1 Holders of rec. Mar. 20 Crosby Radio,new stock (guar.) *Holders of rec. Feb. 16 Mar. '51 Abbotts Dairies,corn.(quar.) •$2 Mar. 1 *Holders of rec. Feb. 14 Overall(guar.) 15 Crown *Holders fo rec. Feb. First and second pretered (guar.) --- •1 k Mar. Crown Zellerbach Corp.. Pfd. A (guar.) _ '$1.50 Mar. 1 *Holders of rec. Feb. 13 'Holders of rec. Mar. 20 Apr. •1 Acme Steel (guar.) .51.50 Mar. 1 'Holders of rec. Feb. 13 Convertible pref.(guar.) *Holders of rec. Feb. 15 •14( Mar. Allegheny Steel,Pref.(guar.) .51.50 Mar. 1 *Holders of rec. Feb. 13 Crown-Zellerbach Corp., cl. B (qu.) *Holders of rec. May 15 *I% June Preferred (guar.) .52 Mar. 15 *Holders of rec. Feb. 28 Cumberland Pipe Line(guar.) "Holders of rec. Aug. 15 .13 Sept. Preferred (guar.) '54 Mar. 15 *Holders of rec. Feb. 28 Extra *Holders of rec. Nov. 15 .1.41 Dec. 4 Preferred(quar.) (monthly)... *50c. Mar. 2 *Holders of rec. Feb. 28 110 Feb. 20 Holders of rec. Feb. 5o Curtis Publishing, common Alliance Realty, corn.(guar.) '1(4 Apr. I *Holders of rec. NIar. 20 Preferred (quar.) 51.50 Mar. 1 Holders of rec. Feb. 20a Preferred (guar.) 50c. Mar. 15 Holders of rec. Feb. 28a Curtiss Aeroplane & Motor, com Alpha Portland Cement,common (guar.) •75c. Apr. 15 *Holders of rec. Mar. 15 $10 Mar. 15 Holders of rec. Feb. 28 Curtiss Assets, Ws. beneficial interest .51.75 Mar. 15 *Holders of rec. Mar. 1 Preferred (guar.) Mar. 1 Holders of rec. Feb. 15a Cushman's Sons, Inc., com. (quar.)...... $1 *Holders of rec. Mar. 15 Aluminum Co. of Am., pref. (guar.)... '1R Apr. 1 Mar. 1 Holders of rec. Feb. 15a $2 ES preferred (guar.) .$1.75 May 1 *Holders of rec. Apr. 30 Amer. Chatilion Corp., pref. (quar.) $1.75 Mar. 1 Holders of rec. Feb. 15a $7 preferred (guar.) 50c. Apr. I Holders of rec. Mar. 150 American Chicle, common (guar.) Nfar. 23 'Holders of rec. Mar. 9 •51 (quar,) 1% Apr. 1 Holders of rec. Feb. 210 Davis Mills Prior preferred (guar.) 5 Decker (Alfred) &Cohn,Inc., corn.(au.) *50c. Mar. 15 *Holders of rec. Mar. 19 60c. Feb. 28 Holders of rec. Feb. 15 American ColortyPe (extra) '1(4 Mar. I *Holders of rec. Feb. Preferred (guar.) Mar. 31 Holders of rec. Mar. 12 600. Quarterly •1% June 1 *Holders of rec. May 22 Preferred (guar.) 25c. Mar. 1 Holders of rec. Feb. 14o American Home Products (monthly) •1% Sept. 1 *Holders of rec. Aug. 22 Preferred (guar.) 250. Apr. 1 Holders of rec. Mar. 140 Monthly *51.50 Apr. 1 *Holders of rec. Mar. 15 Deere & Co., COM.(guar.) Apr. 1 .2 American International (in stock) 1% Mar. 1 Holders of rec. Feb. 15a Preferred (guar.) Oct. 1 "e2 Stock dividend Ifat. 15 Holders of rec. Feb. 28a 2 Diamond Match (guar.) 75c. Mar. 31 Holders of rec. Mar. 15 American Manufacturing, com.(guar.). 50c. Mar. 1 Holders of rec. Feb. 15 (qua?.) Dictaphone Corp., coin. 75c. July 1 Holders of rec. June 15 Common (quar.) Mar. 1 'Holders of rec. Feb. 15 Common (payable in common stock). •10 75e. Oct. 1 Holders of rec. Sept. 15 Common (guar.) Apr. 15 Holders of rec. Mar. 30 Dominion Engineering Works (quar.)..... 51 76e. Dec. 31 Holders of rec. Dee. 15 Common (guar.) Mar. 1 Holders of rec. Feb. 150 51 Drug, Inc. (quar.) 1k Mar. 31 Holders of rec. Mar. 15 Preferred (guar.) Apr. 15 Holders of rec. Apr. la $1 Dunhill International ((huar.) lq July 1 Holders of rec. June 15 Preferred (quar.) Apr. 15 Holders of roe. Apr. la Cl Stock dividend 1% Oct. 1 Holders of rec. Sept. 15 Preferred (guar.) July 15 Holders of rec. July la el Stock dividend 1>1 Dec. 31 Holders of rec. Dec. 15 Preferred (guar.) Oct 15 Holders of rec. Oct. to el Stock dividend _ of rec. Feb. 19a 750. Mar. 1 Holders American Metal, coin. (guar.) Mar. 1 Holders of rec. Jan. 31 $1.50 Mar. 1 Holders of rec. Feb. 19a Eastern Utilities Investing,56 pref.(qu.) $1.50 Mar. 1 Holders of rec. Jan. 31 Preferred (quar.) 51.75 $7 preferred (guar.) 62(4c Mar. 1 Holders of rec. Feb. 18 American Multigraph, corn. (quar.)__ 62 Si c Feb. 28 Holders of rec. Feb. I50 Co., com.(guar.) American Radiator, common (quar.)--- $1.25 Mar. 30 Holders Of rec. Mar. ha Eitingon Schild 51.6234 Mar. 15 Holders of rec. Mar. la Preferred (guar.) American Rolling M111,common (guar.). •50c. Apr. 15 *Holders of rec. Apr. 1 '37(40 Mar. 15 'Holders of rec. Mar. 1 El Dorado 011 Works (qu.)(No. 1) IJuly 30 *Holders of rec. July 1 *15 Common (payable In common stock) in B pref.).. *j100 (pay. Amer. Smelting & Refining, pref. (qu.). l( :Mar. 1 Holders of rec. Feb. la Emerson Drug, corn. 50c. Mar, 24 Holders of rec. Mar. la Emporium-Capwell Corp. (quar.) Amer. Solvents & Chem., panic. pref .$1.50 May 1 *Holders of rec. Apr. 10 Apr. 1 *Holders of me. Mar. 20 •e2 1% 'Mar. 1 Holders of rec. Feb. lta Evans Auto Loading,stook dividend_ Amer. Sumatra Tobacco (guar.) Oct. 1 *Holders of rec. Sept. 20 •e2 Stock dividend Mar. 1 Holders of rec. Feb. 9a Amer. Tobacco, corn. Ar coin. B (guar.). 32 750. Mar. 30 Holders of rec. Mar. 12a Fairbanks, Morse & Co., com.(guar.)._ si no rep. IS I-1.1(MM of rec Jan I2f Anaconda copper Mining boar 1(4 Mar. 1 Holders of rec. Feb. 110 Preferred (guar.) $1.75 May 20 Holders of rec. Mar. 29a Anaconda Copper Mining (guar.) *75c. Apr. 1 *Holders of rec. Mar.20 Federal Screw Works (guar.) Archer-Daniels-Midland Co *25c. Mar. 1 *Holders of rec. Feb. 20 Extra Common (payable in common stock). 1100 Mar, 1 Holders of rec. Feb.q19a Federated Business Publications •37 He Apr. 1 *Holders of rec. Mar. 9 Armstrong Cork, common (guar.) 623-Ic Apr. I Holders of rec. Mar. 20 1st preferred (guar.) 1 *Holders of rec. Mar. 9 •12H c Apr. Common (extra) 3734c. Feb. 28 Holders of rec. Feb. 15 Federated Capital Corp., corn •1% Mar. 1 *Holders of rec. Feb. 14 Artloom Corp., pref. (guar.) 37Si c. Feb. 28 Holders of rec. Feb. 15 6% preferred (guar.) Associated Apparel Industries 160. Mar. 29 Holders of rec. Mar. I40 Avenue Bus Securities ((huar.) Fifth •33isc. Mar. 1 *Holders of rec. Feb. 19 Common (monthly) Mar. 1 Holders of rec. Feb. 15 4 Finance Service Co., com *334c. Apr. 1 *Holders of rec. Mar. 21 Common (monthly) 1% Mar. 1 Holders of rec. Feb. 15 Preferred (guar.) May 1 "Holders of rec. Apr. 19 •331sc. Common (monthly) Foreign Bkg. Corp.(qu.)-- $1.75 May 15 Holders of rec. May 1 First Federal •33sse. June 1 *Holders of rec. May 21 Common (monthly) 12(40 Mar. 1 Holders of rec. Jan. 31 First Trust Bank Inc.(guar.) •33itc. July 1 *Holders of rec. June 20 Common (monthly) nic Mar. 1 Holders of rec Jan. 31 Extra Associated Dry Goods Corp, lot pf.(qu.) 15 Mar. 1 Holders of rec. Feb. 50c. Feb. 20 Holders of rec. Jan. 31 Fisher Brass, pref. ((huar.) ts, Mar I Holders of rec ref, 15. Second preferred (Quer ) 1% Apr. 1 Holders of rec. Mar. 150 Florsheim Shoe, pref.(guar.) I Holders of rec. Feb. 19 40e. Mar. Atlantic Coast Fisheries, corn 50c. Mar. 15 Holders of rec. Feb. 28a Co., com.(guar.) Mar. 11 Holders of rec. Feb. 28a Follansbee Bros. $1 Atlas Powder, coin. (guar.) 250. Mar. 15 Holders of rec. Feb. 28a Common (extra) 1% Apr. 1 Hold, of rec. Mar. 20'29s Babcock & Wilcox Co.(guar.) 1% Mar, 15 Holders of rec. Feb 28 (guar.) Preferred •25e. Mar. 1 'Holders of rec. Feb. 20 Balaban & Katz, com.(monthly) 65e Mar. 15 Holders of rec. Mar 5 Foote-Hurt Co corn •25e. Apr. 1 *Holders of rec. Mar. 20 &Common (monthly) Apr. 1 *Holders of rec. Mar. 13 *SI Genl. Amer.Tank Car Mar.) •14( Apr. I *Holders of rec. Mar. 20 Preferred (guar.) *51 July 1 *Holders of rec. June 13 Quarterly 1% Mar. 1 Holders of rec. Feb. Ila "lamberger (L.) & Co.,6H % pt. (qu.) Apr. 1 *Holders of rec. Mar. 13 •1 Stock dividend 1% June 1 Holders of rec. May 13a 6H % preferred (guar.) July I *Holders of rec. June 13 •1 Stock dividend 1% Sept. 2 Holders of rec. Aug. 12a 0% preferred (guar.) 13-I Mar. 1 Holders of rec. Feb. 130 1% Dec. 2 Holders of rec. Nov. Ila General Asphalt pref. (quar.) 1) 64% preferred (guar.) *50c Mar. 1 *Holders of rec. Feb. 14 General Bronze (guar.)(Nn. •1 yi Mar. 1 *Holders of rec. Feb. 15 Bankers Security Tr. Co..ser. A pf. Mar. 1 Holders of rec. Feb. 130 $1 General Cable mass A (guar.) '62(4c Mar. 1 *Holders of rec. Feb. 15 Bastian-Blessing Co., corn. (guar.) 1% Mar. 1 Holders of rec. Feb. 210 General Cigar, Inc.. pref. (guar.) 75e. Apr. 10 Holders of rec. Mar. sbe Beech-Nut Packing (guar.) 75e. Mar. 12 Holders of rec. Feb. 160 rec. Apr. 190 General Motors, new corn. (qu.)(No. 1) May 15 Holders of $1 Bethlehem Steel,corn 13-I May 1 Holders of rec. Apr. 86 6% preferred (guar.) 1(4 Apr. 1 Holders of rec. Mar. 4. Preferred (guar.) 1% May 1 Holders of rec. Apr. 80 6% deb. stk. (guar.) Bigelow-Hartford Carpet, pref. (quar.) '134 May 1 *Holders of rec. Apr. 18 1% May 1 Holders of rec. Apr. 80 7% pref.(guar.) Preferred (guar.) •134 Aug. 1 *Holders of rec. July 18 51.25 Mar. 1 Holders of rec. Feb. la Gillette Safety Razor (quar.) •I Si Nov. 1 *Holders of rec. Oct. 18 Preferred (guar.) Oct. 1 Gladding,Mcl3ean& Co.,com(In com stk) *2 Blaw-Knox, new no par stk.(qu.)(No. 1) *250. Mar. 1 *Holders of rec. Feb. 18 373-ic Apr. 1 Holders of rec. Mar. Ilia Glidden Co.,corn.(quar.) 20c Mar. I Holders of rec. Feb. 1 Bolen dr Byrne Beverage, class A 12 Sic Apr. 1 Holders of rec. Mar. 180 Common (extra) 51.50 Mar. 1 Holders of rec. Feb. If a Borden Company,corn. (guar.) 1% Apr. 1 Holders of rec. Mar. 180 Prior preferred .quar.) .51.50 Mar. 15 *Holders of rec. Mar. 1 Brill Corp.,class A (guar.) (rm.). 141 Mar. 1 Holders of rec. Feb. 20 Globe-Democrat Publishing, pref. •lk Mar. 1 *Holders of rec. Feb. 18 Holders of rec. Feb. 15 Preferred(quar.) el00 Goldman Sachs Trading (stk. div.) Feb. 28 Holders of rec. Feb. 15 60c Brown Fence do Wire, cl. A (guar.) Apr. 15 Holders of rec. Dec. 31 51 Goldwyn Investment corp.. extra 60c Feb. 28 Holders of rec. Feb. 15 Class B (No. 1) Mar. 1 Holders of rec. Feb. 80 $1 62 H c Mar. 1 Holders of rec. Feb. 20a Goodrich (B. F.) Co.,common (quar.) Brown Shoe, coin. river.) 1% Apr. 1 Holders of rec. Mar. 8a Preferred (guar.) Mar. 15 Holders of rec. Feb. 21 $1 Buckeye Pipe Line (guar.) 1% July 1 Holders of rec. June 10 Preferred (qua?.) Mar. 15 Holders of rec. Feb. 21 $1 Extra 50c. Mar. 1 Holders of rec. Jan. 31 25c Apr. 1 Holders of rec. Feb. 21. Gorham Mfg., corn. (guar.) Bucyrus-Erie Co., corn.(guar.) 50c. June 1 Holders of rec. Slay 1 Common (guar.) 6234 Apr. 1 Holders of rec. Feb. 2I0 Convertible pref.(guar.) 3opt. 1 Holders of rec. Aug. 1 50c.. Common (Soar.) 1% Apr. I Holders of rec. Fob. 21a Preferred (guar.) 50c Dec. I Holders of rec. Nov. 1 Common (guar.) 16 *Holders of rec. Feb. 4 .2Si Feb. Butler Brothers (guar.) June 1 Subj. to stkholders. meet. common stock). 15 13.1 May 1 Holders of rec. Apr. 15' Common (payable in Byers(A. M.) Co., pref. (guar.) 1% Mar. 1 Holders of rec. Feb. 1 First preferred (guar.) *50c Mar. 1 *Holders of rec. Feb. 15 Byron Jackson Pump(guar.) Mar. 1 *Holders of rec. Feb. 8 Gt. Atlantic & Pac. Tea, coin.(guar.)._ .51 *e100 Mar. 1 *Holders of rec. Feb. 15 uStock dividend *51.75 Mar. I *Holders of rec. Feb. 8 1st preferred (guar.) •$1.50 Mar. I *Holders of rec. Feb. 8 California Dairies, pref. (guar.) "75c. May 15 "Holders of rec. Slay 1 51 Mar. 15 Holders of rec. Feb. 28o Greenway Corp., 5% pref. (quar.) California Packing (guar.) "75c. Aug. 15 *Holders of rec. Aug. 1 Mar. 30 Holders of rec. Feb. 280 5% preferred (quar.) Calumet & Hecla Consol. Copper (guar.) $1 0750, Nov. 15 •lielders of roc. Nov. 1 5% preferred (guar.) 144 Apr. 10 Holders 01 rec. Mar. 22 . Canadian Car & Fdry., prof.(guar.). $100 Feb. 20 Holders of rec. Jan. 31 1 Oil Group No. 81.75 Mar. 31 Holders of rec. Feb.20 Cnfield 011, com.& pref.(guar.) 500. Mar I Holders of rec. reb.190 olivn Watch, common (qua?.) 81.75 June 30 Holders of rec. May 20 Common & preferred(quar.) *50c. Mar. 1 *Holders of rec. Feb. 15 81.75Sept.30 Holders ol rec. Aug. 20 Hale Bros. Stores (guar.) Common & preferred (guar.) 13-I Mar. 1 Holders of rec. Feb. 90 Hamilton Watch (guar.) $1.7 Dec. 31 Holders of rec. Nov. 20 Common & preferred (guar.) 15e. Mar. 1 Holders of rec. Feb. 20 15c Apr. I Holders of rec. Mar. 15 Hanes (P. H.) Knitting, coin. & com. B Capital City Surety 1% Apr. 1 Holders of rec. Mar. 20 (guar.) Feb. 25 *fielders of roe. Feb. 15 Preferred •750 Caterpillar Tractor (guar.) 134 Mar. 20 Holders of rec. Mar. Sts Hanna (IL A.) Co., let pref Celluloid Corp. 50c. Mar. I Holders of reo. Feb. I80 Harbison-Walker Refract., coin. (guar.) First pref. panic. St $7 pref.(guar.)._ $1.75 Mar. 1 Holders of rec. Feb. 10 k Mar. 1 Holders of rec. Feb. 180 134 Apr. 20 Holders of rec. Apr. 100 Preferred (guar.) Century Ribbon Mills Prof. (quar.)--Mar. 1 *Holders of rec. Feb. 14 *50 e3318 Feb. 28 Holders of rec. Feb. tlo Hartman Corp., class A ((huar.) Carlo Corporation (stock dividend) Mar. 1 *Holders of rec. Feb. 14 *30 250. May 15 Holders of rec. May 1 Class B (guar.) Chelsea Exchange Corp., el. A & II (qu.) Feb. 28 Holders of rec. Feb. 15 S2 250. Mar. 1 Holders of rec. Feb. 19a Hart-Schaffner & Marx, Inc..(quar.) Chicago Yellow Cab Co.(monthly) 50c. Feb. 28 Holders of rec. Feb. 150 75c. Apr. 1 Holders of rec. Mar. 90 Hawaiian Pineapple (guar.) Cotton Oil (guar.) Chickasha •250. Mar. 1 *Holders of rec. Feb. 15 750. July 1 Holders of rec. June 100 Ilazeltine Corp.(guar.) Quarterly 8734c Apr. 22 Holders of rec. Mar. 29a Helena Rubenstein, Inc., pf.(qu.)(No.1) 75e. Mar. 1 Holders of rec. Feb. IS Chile Copper Co.(guar.) 35c. Feb. 22 Holders of rec. Feb. 15 750. Mar. 30 Holders of rec. Mar. 2a Co.(mthly.) Hibbard, Spencer, Bartlett Chrysler Corp.common (guar.) yi Mar. 1 Holders of rec. Feb. 15 35e. Mar. 29 Holders of rec. Mar. 22 Monthly Cities Service. common (monthly) 50c. Mar. 1 Holders of rec. Feb. 15 34 Mar. 1 Holders of rec. Feb. 15 Hires (Charles E.), common A (quar.)_ _ Corn.(tnthiy.)(Payable in corn. stk.)_ Feb. 25 Holders of rec. Feb. 8 1 I Holders of rec. Feb. 15 50c. Mar. Pref. and preference BB (mthly.) . . Hollinger Consol. Gold Mines 50c. Feb. 25 Holders of rec. Feb. 20 fic. Mar. 1 Holders of rec. Feb. 15 Homestake Mining (monthly) Preference B (mthly.) '1(4 Mar. I 'Holders of rec. Feb. 20 90c. Feb. 28 Holders of rec. Feb. 15a Hood Rubber Products, pref.(quar.) City Ice & Fuel(Cleve) corn.(qu.) •373-ic Feb. 18 *Holders of rec. Feb. 1 City Radio Stores. corn.(111.)(No. 1) _ 37(4o. Mar. 1 Holders of rec. Feb. 15a Hormel(G. A.) & Co.(guar.) 51.75 Mar, 1 Holders of rec. Feb. 110 8734e May 1 Holders of rec. Apr. 15a Horn & Hardart of N. Y., pref.(quar.) City Stores Co., class A (guar.) Mar,20 Holders of rec. Feb. 28 Mar. 1 Holders of rec. FeO. 15 P5 5(.1c Horn'Signal Mfg. Cl. A corn Cleveland Stone. common (guar.) Mar. 20 Holders of rec. Feb. 28 P5 25c Mar. 1 Holders of rec. Feb. 15 Class AA,common Common (extra) 873-ic Mar. 1 Holders of rec. Feb. I50 •500. June 1 *Holders of rec. May 15 Household Products (guar.) (quar.) Common $1.25 Apr. 1 Holders of rec. Mar. lla Sept. 1 "Holders of rec. Aug. 15 Hudson Motor Car (quar.) Common (quar.) 150 6234c. APr. 1 Holders of reo. Mar. 15a Hupp Motor Car (Stock dividend) (rill.) e234 May 1 Holders of rec. Apr. 150 Cohn-Ball-Marx. corn. (quar.) (guar.) July 1 Holders of reo. June 15 e234 Aug. 1 Holders of rec. July 6234e. Stock dividend Common (guar.) e254 Nov. 1 Holders of reo. Oct. 150 .50e. Feb. 16 *Holders of rec. Feb. 5 Stook dividend (guar.) Colgate Palmolive Peet •60c. Apr. 1 *Holders of rec. Apr. 3 1% Mar. 1 Holders of rec. Feb. 15a Illinois Brick (guar.) Collins & Allman Corp., pref. (quar.) Feb. 25 Holders of refs. Feb. ha •60o. July 1 *Holders of roe. July 3 2 Quarterly Colorado Fuel & Iron. pref. (guar.). 60. Oct 1 *Holders of rec. Oct. 3 • Quarterly Community State Corp.. A & B (quar,). 1(4 May 15 Holders of see. May 10 Mar,20 Holders of rec. Mar. 8 Finance, corn.(In stock) 110 1(4 Sept. 2 Holders of roe. Aug. 28 Industrial Class A dr B (guar.) k Doe. 31 Holders of roe. Dee. 20 75e. Mar. 1 Holders of rec. Feb. 46 Ingersoll-Rand CO.. corn.(guar.) Class A & B (guar.) 873-4e Mar. 1 Holders of roe .Feb. lba 50c. Apr. 1 Holders of rec. Mar. 15 Inland Steel, corn.(guar.) Dairy Products (quar.) Consolidated elk Apr. 1 Holders of rec. Mar. 15 Inter. Agricultural Corp.. prior pf. (qu.) I% Mar. 1 Holders of rec. Feb. 156 Stock dividend Mar. 220 '1(4 Mar. 1 *Holders of rec Feb.. 15 Internat. Business Machines ((hoar.).... 51.25 Apr. 10 Holders of tee. Congoleum-Nairn. Prof.(guar.) Trust Companies. Central Union (stock dividend) Interstate (guar.)(No. 1) Interstate Corp. (guar.) (No. I) e20 S uhf. too tockh'rs meeting Mar.21 •1).( Mar. 1 *Holders of rec. Feb. 15 •25c. Mar. 1 *Holders of rec. Feb. 15 1018 FINANCIAL CHRONICLE When Per Ceni. Potable Books Closed Days Inalustse. f\Tor- 128. Per When Cent. Payable Books Closet! Days Incluslre. Miscellaneous (Corinna/1B Miscellaneous. (Cont)nued) Internat. Combustion Eng. corn.(au).. 50c. Feb. 28 Holders of rec. Feb. 18a Packard Motor Car (monthly) 250. Feb. 28 Holders of roe. Feb. 110 Int. Cont. Invest. Corp. corn.(guar.)._ _ '25e. Apr. Monthly 25c. Mar. 30 Holders of rec. Mar. 120 Common (qual.) *25c. J ly Monthly 25c. Apr. SO Holders of roe. Apr. 12a Internat. Educational Publishing, prof__ $I May Holders of rec. Mar. 30, Monthly 25c. May 31 Holders of roe. May 11a Internat. Harvester, prof. (guar.) Holders of rec. Feb. ba 134 Mar. Extra 50c. May 31 Holders of rec. May 1141 International Nickel (guar.) .51 50 Mar. *Holders of rec. Feb. lb Fender (D.) Grocery. class A (qual.)... *8714c Mar. 1 'Holders of rec. Feb. 20 Extra .912 Mar. *Holders of rec. Feb. 15 Penick& Ford, Ltd.. pref. (cluar.) 134 Apr, 1 Holders of rec. Mar. 150 Internat. Safety Razor, class A (guar.).60c. Mar. Holders of ree. Feb. 11 Pennsylvania Dixie Cement Of. - - 144 Mar. IS Holders of rec. Feb. 280 Class B (quar.) Holders of rec. Feb. lb 50c. Mar. Pennsylvania Investing class A (quara- 82140. Mar, 1 Holders of rec Jan. 315 Class B (extra) Holders of rec. Feb. 110 PhillipsJones Corp..com (quar.) 25e. Mar. 75c. Mar, 1 Holders of rec. Feb. 200 Inter. Secur. Corp. of Am.. A com (qu.) 750. Mar, Holders of reel. Feb. 15 Phoenix Hosiery. 1st & 2d pref. Mara - 134 Mar, 1 Holders of rec. Feb.d160 International Shoe pref.(monthly) Holders of rec. Feb. IS 50.3. Mar. Pillsbury Flour Mills. com.(quar.) 40e. Mar, 1 Holders of rec. Feb. lba Preferred (monthly) *50c. Apr. *Holders of rec. Mar. 15 Preferred (quar.) 134 Mar. 1 Holders of rec. 15a Preferred (monthly) *Holders of rec. Apr. 15 *50o. May Pines Winterfront Co., class A Mara -- *750. Mar. 1 *Holders of rec. Feb. 15 Feb. Preferred (monthly) *Holders of rec. May 15 '50c June Pittsburgh Steel, pref. (quar.) I% Mar. 1 Holders of roe. Feb. 90 Preferred (monthly) *Holders of rec. June 15 *50a. July Poor & Co..coin.(guar.) .37 fir Mat I *Holders of roe. Feb. 15 Preferred (monthly) *Holders of rec. July 15 '50c. Aug C'om mon(extra) *We Mar. I 'Holders of roe. Feb. 15 Preferred (monthly) *50c. Sept. *Holders of rec. Aug. 15 Pratt & Lambert & Co., COM.(quar,)--- 1111 Apr. 1 *Holders of rec. Mar. 15 Preferred (monthly) *Holders of roe. Sept. IS *500. Oct. Procter & Gamble6% pf.(quar.) 134 Mar. IS Preferred (monthly) *50c. Nov. *Holders of rec. Oct. 15 Pro-Wu-Ise-tie Brush. Prof.(quar.) '1)4 Mar. 15 "Holders of rec. Feb. 28 Preferred (monthly) .50c. Dec. *Holders of rec. Nov. 15 Pure OIL comm on (quar.) 25c. Mar, 1 Holders of rec. Feb. 10 Preferred (monthly) "50o. Jan 1'30 *Holders of rec. Dec. 15 Purity Bakeries, corn. (quar.) 750. Mar, 1 Holders of rec. Feb. 150 International Silver, com.(guar.) Holders of rec. Feb. lba 1% Mar. Preferred (quar.) 51.50 Mar, 1 Holders of roe. Feb. 15a Common (extra) 2 Mar. Holders of rec. Feb. 15a Quaker Oats. preferred (guar.) •114 Feb. 28 "Holders of rec. Feb. 1 Interstate Iron & Steel.com.(quar,) Apr. 15 *Holders of rec. Apr. 5 *51 Ranier Pulp az Paper, cl. A (guar.) '50c. Mar. 1 'Holders of rec. Feb. 18 Common (special) •11.50 Feb. 21 "Holders of rec. Feb. 15 Class B (guar.) *250. Mar. 1 *Holders of rec. Feb. 18 Preferred (quar.) •1% Feb. 28 *Holders of rec. Feb. 15 Rapid Electrotype *3714 c Mar. 15 *Holders of rec. Mar. 1 Investors Capital Corp., common 60o. Apr. IS Holders of tee. Dec. 31 Raytheon Mfg., COM.(guar.) *50c. Mat. 1 "Holden of rec. Feb. 113 Me Royale Copper Mar. 30 Holders of roe. Feb. 28 50o. Republic iron dr Steel, com.(quar.).,.. 51 Mar. 1 Holders of roe. Feb. 13a Joint Security Corp Preferred (guar.) 1/4 Apr, 1 Holders of rec. Mar. lie Corn.(payablein corn.stock) ul May 1 Holders of rec. Apr. 20 Ritter Dental Mfg.,corn.(gI.) Sle Apr 1 (No.D. Com.(payable In corn.stock) Aug. 1 Holders of ree. July 20 St. Joseph Lead Co.(guar.) 500. Mar. 21 Mar 8 to Mar.20 Com.(PayableIn corn,stook) Nov. 1 Holders of roe. Oct 20 Extra 250. Mar. 21 Mar 8 to Mar.20 Jones az Laughlin Steel, com.(guar.)... *S1.25 Mal.)*Holders of rec. Feb. 13 Quarterly 50e June 21 June 8 to June 20 Preferred (guar.) 1% Apr. 1 Holders of rec. Mu.13a Extra 25r June 21 June 8 to June 20 Kaynee Co., common (extra) •1234c Apr. 1 *Holders of rec. Mar. 20 Quarterly 50c Sept 21 Sept. 10 to Sept.20 Common (extra) •12140 July 1 *Holders of roe. June 20 Extra 25e. Sept 21 qopt 10 to Sept.20 Kendall Co part. pref A (guar.) 51.50 Mar. I Holders of rec. Feb Ma St. Louis Screw &Bolt,con). •25e. Mar. I 'Holders of rec. Feb. 26 (gnar.)---Kennecott Copper Corp.(stock Mo.) (o) Feb. 25 Holders of rec. Feb. 70 Corn.(quer.)•215, J •$4. Hers f row May 25 Kinney (GI. ft.) Co.. com 25e. Arm 1 Holders of roe. Mar.21a Savage Arms. com.(guar.) 50e. Mar, 1 Holders of rec. Feb. lba Preferred (guar.) 2 Mar. 1 Holders of roe. Feb. I8a Second preferred (guar.) *51.50 May 15 "Holders of rec. May 1 Knox Hat, prior pref. (guar.) Holders of rec. Mar. 151 Schulte Retail Stores, corn. (guar) $1.25 Apr. 87340 Mar. 1 Holders of rec. Feb. 154 Prior preference (quar.) 81.75 July 1 Holders of reo. June I5a Common (payable In common stook) "4 Mar. 1 Holders of rec. Feb. lba Prior preference (guar.) 81.75 Oct. 1 Holders of rec. Sept. 16a Scoville Manufacturing (extra) *25c. Mar. 1 *Holders of rec. Feb. 28 (guar.) Participating pref 75e Mar. 1 Holders of rec. Feb. lba Sears, Roebuck & CoParticipating pref. (guar.) 750 June 1 Holders of rec. May lba Quarteriv (payable In stock). May I Flolders of rec Apr. el Participating pref. (guar.) 75o Sept. 3 Holders of rec. Aug. lba Second Inter. Secur. Corp.,com. A (go.) 050e. Apr. 1 'Holders of rec. Mar. 130 15 Participating pref. (quar.) 750 Dee. 2 Holders of rec. Nov. lba Security Management Kresge (S. 8.) Co., corn. (quar.) 400. Mar. 30 Holders of rec. Mar. ha First investment fund, claw B '51 Feb. 2(' *Holders of rec. Feb. 20 Common (payable in corn. stock). Mar. I Holders of rec. Feb. Ila 150 Second investment fund, clam B "S2 Feb. 20 'Holders of rec. Feb. 20 Preferred (guar.) 1% Mar. 30 Holders of rec. Mar. 110 Seeman Brothers, Inc., corn.(extra)__... 50c. Mar. It Holders of rec. Mar. 10 Kroger Grocery az Baking ppm.(quar.) 25c Mar. 1 Holders of rec. Feb. 11 a Begat Lock & Harder, new com.(No. I)-. 12)40. Feb. 2t Holders of rec. Feb. 11 Common (payable in common stock)__ Apr. 1 *Holders of rec. mar. 10 Selby Shoe, pref.(guar.) 131 May I Holders of roe. Apr. 16 Lackawanna Securities Mar. 1 *Holders of rec. Feb. 14 •51 Seventeen Park Ave., pref 3 Mar. If Mar. 1 to Mar. 15 I.iake of the Woods Milling, com.(gu.).800. Mar. 1 Holders of rec. Feb. 16 Sheffield SteelPreferred (guar.) 1).‘ Mar. I Holders of reo. Feb. 18 COMMoIr (10 common stock) 11 Apr. • 'holder' of reo. Mar. 21 Lakey Foundry & Mach. Common (payable In common stook) 11 July 1 'Holders of roe. June 20 Stock dividend '2% Apr. 30 *Holders of roe. Apr. 15 Common (payable In common stork) .11 Oct • Holders of rec. Sept. 20 Stock dividend .42)4 July 30 *Holders of rec. July 15 Shepard Stores, Inc.. class A (guar.). 75e. May 1 Holders of rec. Apr. 20 Stock dividend Oct. 30 *Holders of rec. Oct. 15 Sherwin-4% Holders of rec. Feb. 15 'Allston Monotype Machine(quar.)_.. '82)4 Feb. 28 Holders of rec. Feb. 18a Shippers' illialrs Co., pref. (quar.).... 1)4 Mar. 51.50 Car Line, class A $2 Feb. 21 Holders of rec. Feb. 18 , Lee (II. I).) Mercantile Co •1 Feb. 28 *Holders of rec. Feb. 18 Preferred (qUar.) 81.75 Feb. 2S Holders of rec. Feb. 18 Lehigh Coal de Navigation (guar.) $I Feb. 28 Holders of rec. Jan. 3Ia Simms 40c. Mar. It Holders of rec. Feb. 280 Lehigh Portland Cement, pref. (guar.).- 134 Apr. 1 Holders of rec. Mar. I4a Simons Petroleum (H.) dr Sons,Ltd., Pfd. Mara $1.75 Mar. 1 Holders of rec. Feb. 20 Lehn & Fink 'Products Co.(guar.) 750. Mar. 1 Holders of rec. Feb. 14a Skelly 011 (quar.) 60c Mar. 1! Holders of rec. Feb. 156 Libby-Owens Sheet Glass, coca. (quar.)- *50c. Mar. 1 *Holders of rec. Feb. 19 Smith (Howard)Paper Mills, pfd. (1111.) 1)4 Feb. 22 Holders of rec. Feb. 18 Preferred (quar.) *1% Mar. 1 *Holders of rec. Feb. 19 Southern Grocery Stores, com.(quar.).. '12t4c mar. *Holders of rec. Feb. 15 IggettarMyers Tob.,coca.drcom .B (qu.) $I Mar, 1 Holders of rec. Feb. 150 Class A (quar.) •6234r Mar, 'Holders of roe. Feb. 15 Common and common B (extra) Mar, 1 Holders of rec. Feb. lba Southern Ice & Utilities. pref.(quar.)- - - $1.75 Mar. Si Holders of rec. Feb. 15 Lincoln nrerstate Holding Co ' N. luiy I H..iders I , June 211 Participating pref. (quar.) 51.75 Mar. Holders of rec. Feb. 15 Lit Brothers 50c. Feb. 20 Holders of roe. Jan. 210 Southern Pipe Line "SI Mar. *Holders of rec. Feb. 15 Ludlow Mfg. Associates (On.) 52.50 Mar. 1 Holders of rec. Feb. 9 Spaulding (A.G.)dr Bros., new com.(qu) 40c Apr, 1 Holders of rec. Mar.30 LEUskenhelmer(Do., common (guar.) _ _ _ _ "37)4c Mar. 15 *Holders of rec. Mar. 5 First preferred (quar.) 144 mar. Holders of rec. Feb. 160 Preferred (quar.) Second preferred (quar.) '134 Mar. 30 *Holders of rec. Mar. 20 2 Mar. Holders of reo. Feb. 18 Preferred (guar.) rec. June 19 June 29 *Holders of Sparks-Withington Co., com.(quar.). •75c. Mar. 1 'Holders of roe. Mar. 5 Preferred (guar.) *1% Sept. SO *Holders of rec. Sept.20 Preferred (quar.) •I ps Mar. 31 •Holdere of reo. Mar.14 Preferred (guar.) *1% Deo. 31 *Holders of rec. Dec. 21 Spear & Company,first preferred Mara 13i Mar. Holders of tee. Feb. 1511 Manhattan Shirt, com. (quar.) 50c. Mar. 1 Holders of rec. Feb. 18a Second preferred (quar.) '1)4 Mar. *Holders of rec. Feb. 15 May Department Stores. com.(quar.)__ $I Mar. 1 Holders of rec. Feb. 15a Second pref. (acct. McCrory Stores, corn. & cons. B (guar.) 50c. Mar. 1 Holders of rec. Feb. 20a Standard Oil (Calif.) accum. dividends) h*12% Mar. 'Holders of rec. Feb. 15 (guar.) 6234r Mar. I! Holders of roe. Feb. 18 McIntyre Porcupine Mines (guar.) 250. Mar. 1 Holders of rec Feb. la Standard Oil (Indiana) (quar.) *621 4 Mar. 1! *Holders of rec. Feb. 18 McKesson az Robbins, pref. (quar.)_ _ Mar. 15 Holders of rec. Mar. la Extra 87 •50e. Mar. It 'Holders of roe. Feb. 16 Mallthson (H. R.)& Co., pref.(qual.).. 1% Apr. 1 Holders of rec. Mar. 2Ia Stock dividend .500. Mar. It "fielders of rec. Feb. 18 Marmon Motor Car, corn. (guar.) Mar. 1 Holders of rec Feb I ba Standard 011(Nebraska)(guar.) $I 6214c Mar. 2I Holders of rec. Feb. 25 Mead Pulp az Paper.8% pf.(quar.).... •1% Mar. 1 *Holders of rec. Feb. 20 Extra 25e Mar. 21 Holders of rec. Feb. 26 7% prof. (guar.) •154 Mar. 1 *Holders of rec. Feb 20 Standard Oil of N.Y. Mara 400 Mar. If Holders of rec. Feb. 150 Mengel Company. pref.(guar.) Standard Oil(Ohio),Pfd.(quar.) 134 Mu. 1 Holders of rec. Feb. 15 134 Mar. 1 Holders of rec. Feb. 8 Merrimack Mfg., coon. (ver.) Standard Sanitary Mfg., corn. MaraMar. 1 Holders of rec. Jan. 14 $3 42c Feb. 21 Holders of rec. Feb. ills Preferred Preferred (quar.) 2)4 Mar. 1 Holders of rec. Jan. 14 134 Feb. 2t Holders of roe. Feb. Ila Metropolitan Paving Brick, corn.(guar.) 50c. Mar. 1 Holders of rec. Feb. 15 &claim Radio(quar.) *214 Apr. 1 •1% Apr. 1 *Holders of rec. Mar. 15 Preferred (guar.) Quarterly '244 1 WY Mid-Continent Petrol., pref. (guar.). Quarterly 51.71 Mar. 1 Holders of rec. Feb. 100 •'JIi let Miller (I) & Sons, com.(quar.) Stlx-Baer-Fuller Co.(stock div.) 50a. Apr. 1 Holders of reo. Mar. 15 010 Mar. I Holders of ree. Feb. 15 Preferred (guar.) Stlx-Baer-Fuller Co.(quar.) 3714e Mar. I Holders of rec. Feb. 15 51.62)4 Mar. 1 Holders of roe. Feb. 15 2dInneapolls-lioney well Regulator Strauss(Robert T.)&Co.,pfd.(qua --- 1% Apr. 1 Holders of rec. Mar. 15 Common Stroock (S.) CO. (quar.) *61.25 Aug. 15 *Holders of rec. Aug. 8 •750. Apr. 1 *Holders of rec. Mar. 15 •1% May 15 Holders of rec. May 1 Preferred (guar.) Quarterly *750. July 1 *Holders of roe. June 15 •1,‘ Aug. 16 Holders of roe. Aug. 1 Preferred (guar.) Quarterly •750. Oct. 1 *Holders of roe. Sept.18 Preferred (quar.) •1,5 Nov. 15 Holders of roe. Nov. 1 Quarterly *75c. Deo. 2 *Holders of roe. Dec. 10 Mohawk Carpet Mills (quar.) 6234c Mar. 31 Holders of rec. Mar.490 Studebaker Corp..com.(quar.) 51.25 Mar. I Holders of roe. Feb. 90 Mohawk Mining COMMOD (payable In common stock)._ fl $1.50 Mar. 1 Holders of roe. Jan. 28 Mar. I Holders of roe. Feb. 90 Mond Nickel---Amer. deposit rets, for fl Common (Payable In com.stock) June 1 Holders of roe. May 1015 ordinary shares ree. Dee. 21 Common (payable in COM. stock),., Aw 18 1-3 Feb. 21 *Holders of fl Sept. I Holders of rec. Aug. 10a Montgomery Ward es Co.. class A (qu.)_ "51.75 Apr, 1 *Holders of rec. Mar.20 Common (payable in corn. stock). fl Dec. 1 Holders of rec. Nov. Oa Munsingvvear, Inc. (guar.) Preferred (guar.) 75e. Mar. 1 Holders of reo. Feb. 140 I% Mar. 1 Holders of rec. Feb. Muskegon Motor CIA (Qua (No.!) Sun Oil, common (quar.) *50c. Mar. 1 *Holders of rec. Feb. 18 250. Mar, IS Holders of rec. Feb. 250 Class B (guar.)(No. 1) Preferred (quar.) 144 Mar. I Holders of rec. Feb. •25e. Mar. 1 *Holders of rec. Feb. 18 National Ihdlas Hess Co., pref. 13i Mar. 1 Holders of rec. Feb. 190 Swan-Finch 011 Corp., pref. (rpuu..)____ *4344c Mar. I *Holders of rec. Feb. 110 9 National Biscuit,coos.(guar.) (guar.). 61.50 Apr. 15 Holders of rec. Mar. 290 Swedish Match .5 Preferred (guar.) 134 Feb. 28 Holders of roe. Feb. 150 Texas Pacific Coal & 011( In stock) e2% Mar. 20 Holders of rec. Feb. 234 Nat. I)alry Products, com.(qual.) 75e. Apr. 1 Holders of roe. Mar. 40 Thompson (John R.)(monthly) 300 Mar. Holders of roe. Feb. 210 Com.(payable In corn. stock) fl Apr. I Holders Of MO. mar. 4a Thompson-Starrett new pf.(qua (No.1) 87)40. Apr. Holders of reo. Mar. 12 Common (payable in common stk.) Thnken-Detroit Axle, Prof. (guar.).July 1 Holders of reo. June 30 75e. Mar, Feb. 21 to Feb. 28 Common (payable in common stock) fl Truseon Steel, pref. (guar.) Oct. 1 Holders of roe. Sept. 30 fl *134 Mar. *Holders of roe. Feb. 19 Preferred A & B (guar.) Union Tank Car (quar.) *II( Apr. 1 *Holders of rec. Mar. 4 61.25 Mar. Holders of rec. Feb. 16a Nat. Dept. Stores, 2d Prof.(guar.) United Biscuit, common (guar.) *134 Mar. 1 Holders of roe. Feb. 15 40c. Mar. Holders of roe. Feb. 160 National Fireproofing. pref.(gnu). Class A (guar.) - 82)4o. Apr. 15 Holders of roe. Apr. I *51 Mar. *Holders Of roe. Feb. II Preferred (extra) 1 United Elec. Coal, corn.(guar.) •7234c Apr. 15 Holders of rec. Apr. 750. Mar. Holders of NO. Feb. 15 Preferred (guar.) First preferred (quar.) 8234c July 15 Holders of rec. July 1 Mar, 82 Holden Of roe. Feb. 18 Preferred (Cmar.) General preferred (quar.) 02)4c Oct 15 Holders of rec. Oct. 1 $1.75 Mar. Holders of tee. Feb. 18 Nat. Lead,Prof. A (guar.) United Paperboard. pref.(guar.) *51.75 Mar. 15 *Holders of rec. Mar. 1 $1.50 Apr. 1 Holders of roe. API% la Nehl Corporatiom, com.(guar.)(No. I). *25c. Mar. 1 Holders of rec. Feb. 10 United Piece Dye Wks.,com *54 Feb. 2 *Holders of roe. Feb. 1 Newberry (J. J.) Co., pref. (quar.)___ •1% Preferred (guar.) •144 Apr. Mar. 1 Holders of roe Feb. 15 *Holders of rec. Mar.20 New Cornelia Copper(guar.) Preferred (guar.) 50c. Feb. 18 Holders of rec. Feb. 1 •134 July *Holders of rec. June 20 N. Y. Merchandise, common (extra)... *50c. Mar. 1 Holders of rec. Feb. 15 Preferred (guar.) *134 Oct. *Holders of rec. Sept. 20 N.Y.Transportation (quar.) Preferred (guar.) *50c. Mar. 28 Holders of rec. Mar. 13 *146 aura() *Holders of rec. Dec. 20 Nichols Copper,class 13 United Securities, pref. (quar.) *75c. May 1 Holders of rec. Feb. 1 114 Apr. 2 Holders of roe. Mar. lb Class B U.S. Cast Iron Pipe & Fdy., com.(gu.) 50e, Apr. 20 Holders of rec. *75c. Nov. 1 Holders of rec. Feb. 1 Mar.300 -Pond, pref. (guar.) Niles-Bement Common (quar.) Mar.80 Holders of rec. Mar.20 500. July 20 Holders of rec. June 290 Preferred (guar.) •1% June 29 Holders of rec. June 19 Common (quar.) 50o. Oct. 2 Holders of rec. Sept. 300 North American Investment.corn Common (quar.) 51 Feb. 20 Holders of rec. Jan. 31 50o. Jan20 Holders of rec. Dee, 310 North Central Texas 011 (g11.) First & second pref. (quar.) 150. Mar. 1 Holders of rec. Feb. 11 30e. Apr. 20 Holders of roe. Mar. 305 Northam Warren Corp. pf.(gu.) (No.1). •760. Mar. 1 *Holders of roe. Feb. 15 First & second pref. (guar.) 300. July 20 Holders of rec. June 290 Ohio011 (guar.) First & second pref. (guar.) *500. Mar. 15 *Holders of rec. Feb. 15 30c. Oct. 21 Holders of rec. Sept. 300 Omnibus Corp., prof.(guar.) 2 First & second pref. (quar.) Apr. 1 Holders of rec. Mar. lba 30c. Jan20'30 Holders of rec. Dec. 310 Ontario Mfg.(guar.) U.S. Hoffman Machinery (guar.) *450. Apr. 1 *Holders of rec. Mar. 20 51 Mar, 1 Holders of rec. Feb. 180 Extra U. S. Leather MILS9 A participating and *15o Apr. 1 Holders of rec. Mar. 20 Pacific American Co. corn.(No. 1) 41.513 Feb. 25 Holders of rec. Feb. 5 convertible stock (quar.) 51 Apr. 1 Holders of roe. Mar. 110 Park &TlIford (stockilividentilClass A (Artie. & cony. stock (qua -- 51 July 1 Holders of roe. June 100 Quarterly The. Apr. 14 Holders of rec. Mar.29 Class A panic. & cony. stock (qua -- $1 Oct. 1 Holders of rec. Sept. 100 Stook dividend (guar.) s1 Apr. 14 Holders of rec. Mar.29 U.S.Playing Card (quar.) "al Apr. I *Holders of rec. Mar. 4 Name of Company. Name of Company. FEB. 16 1929.] FINANCIAL CHRONICLE Per When Cent. Payable. Books Closed Days Inclusive. Miscellaneous (Concluded). 1. S. Realty & Impt., corn. (guar.).- $1 Mar. 15 Holders of rec. Feb. 15a hilted States Steel Corn., corn.(guar.). 1 yi mar. 30 Holders of rec. Feb. 28a Preferred (quer.). .. 1N Feb. 27 Holders of rec. Feb. 2a , acuum Oil (guar. El Mar. 20 Holders of rec. Feb. 28 an Sicklen Corp., t mos h (No. 1) •25c Clam A (quar.) I Os . •65c. Apr. 1 'Holders of rec. Mar. 22 'BMWs Carolina CI ms prior pf. (qu.) 1N Mar. 1 Holders of rec. Feb.d14a 'Meanie Oil& Gas t usi t •350. Mar. 10'Holders of rec. Feb. 28 Extra 'Sc. Mar. 10 *Holders of rec. Feb. 28 Quarterly •350. June 10 *Holders of rec. May 31 .... Extra •5c. June 10 *Holders of rec. May 31 Quarterly *35c. Sept. 10 *Holders of rec. Aug. 31 Extra ....•5e. Sept. I *Holders of rec. Aug. 31 Quarterly •35c. Dec. 1 'Holders of rec. Nov. 30 Extra .5e. Dec. 1 'Holders of rec. Wagner Electric, new corn (guar.).- 37 kic Mar. 1 Holders of rec. Nov.30 Feb. 15 New common (extra) 50c. Mar. 1 Holders of rec. Feb. 15 Wahl Company, pref.(guar.) •1 N Apr. 1 *Holders of rec. Mar. 21 Waltham Watch, pref.(guar.) '134 Apr. 1 *Holders of rec. Mar. 23 Preferred (guar.) •1 ti July 1 *Holders of rec. June 22 Preferred (quar.) •1 ti Oct. 1 *Holders of rec. Sept. 21 Vayagamack Pulp & Paper (Guar.) 75c. Mar. 1 Holders of rec. Feb. 15 Wayne Pump, cony. pref. (quar.) 87'4c. Mar. 1 Holders of rec. Feb. 15 Welch Grape Juice Co., com.(quar.)-25c. Feb. 28 Holders of rec. Feb. 15 Common (extra) 250. Feb. 28 Holders of rec. Feb. 15 Preferred (quar.) 1 N Feb. 28 Holders of rec. Feb. 15 Wesson 011 & Snowdrift. pref. (gnar.) I ti Mar. 1 Holders of rec. Feb. 15a Western Auto Supply, corn. A & B •750. Mar. 1 Holders of rec. Feb. 18 Weetinghouse Air Brake (quar.) *50c. Apr. 30 *Holders of rec. Mar. 30 Nheatsworth, Inc., pref.(quar.) *2 Mar. 1 *Holders of rec. Feb. 15 Whitaker Paper,corn.(quar.) •$1.25 Apr. 1 *Holders of rec. Mar. 20 Common (extra) 031 Aim. 1 *Holders of rec. Mar. 20 Preferred (quar,) . 013.4 Apr. 1 *Holders of roe. Mar. 20 White (J. G.) & Co., pref.(quar.) 134 Mar. 1 Holders of rec. Feb. 15 White Motor, corn. (guar.) 25c. Mar. 29 of White Rock Mineral Springs, corn.(au.) 750. Apr. 1 Holders of rec. Mar. 12a Holders rec. Mar. 20a First preferred (guar.) 134 Apr. 1 Holders of rec. Mar. 20 Second preferred 33.4 Apr. 1 Holders of rec. Mar. 20 Widiar Food Products(No. 1) 37140 Mar. 15 Holders of rec. Feb. 15 Will & Baumer Candle, prof.(quar.)_-_- 2 Apr. 1 Holders of rec. Mar. 15 Winsted Hosiery(War.) 0214 May *Holders pf rec. Apr. 15 Extra •N May *Holders of rec. Apr. 15 Quarterly 112N Aug. *Holders of rec. July 15 Extra •N Aug. *Holders of rec. July 15 Woolworth (F. W.) Co.(guar.) $1.50 Mar. Holders of rec. Feb. ga Wright Aeronautical Corp.(quar.) 50e. Feb. 28 Holders Wrigley (Wm.) Jr. Co.. corn.(mthly.)__ •25.5 Mar. *Holders of rec. Feb. 14a of roe. Feb. 200 Monthly.... ---- *25e 4pr. *Holders of rec. Mar. 20a Young (L. A.) Spring .Wirtt (quar.) -dt 50c. Apr. Holders of rec. Mar. 15a Extra 25c Apr. 1 Holders of rec. Mar. 15 Youngstown Sheet & Tube, corn.(qu.) 111.25 Apr. 1 Holders of rec. Mar. I4a Preferred (quar.) • $1.375 Apr. 1 *Holders of rec. Mar. 14 Name of Company. •From unofficial sources. t The New York S ock 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. a Transfer books not closed for this dividend. d Correction. e Payable in stock. /Payable in common stock. g Payable in scrip. I3 On account of accumulated dividends. jPayable In preferred stock. n Coty,Inc., declared a stock dividend of6%,payable in quarterly Installments. o Kennecott Copper stock dividend Is one share for each share held. p Payable in clam A stock. g New York Stock Exchange rules Arcber-Dasiel s-Midiand shall not be quoted ex- the 100% stock dividend until March 4. r Federal Water Service dividend payable in cash or class A stock at rate of one-fiftieth of a share for each share held. 8 Engineers Public Service Co.'s stock dividend is two-one hundredths share common stock. i New York Stock Exchange rules Certo Corp. be not quoted ex the stock dividend until March 1. u Byron Jackson Pump stock dividend subject to authorization by Corporation Department. v Payable also to holders of coupon No. 17. w Less deduction for expenses of depositary. x National Belles Hess dividend is two additional shares for each share held. -Bement -Pond voted to distribute 214 shares V Niles Aircraft & Transport Corp. for each share Niles-Bement common stock of United -Pond stock held. z Stewart-Warner Speedometer dividend subject to stockholders' meeting Apr. 2 • 1019 The New York "Times" publishes regularly each week r turns of a number of banks and trust companies which are )3ot members of the New York Clearing House. The fol. 11 wing are the figures for the week ending Feb. 8: E STITUTIONS NOT IN CLEARING HOUSE WITH CLOSING OF BUSINESS FOR THE WEEK ENDED FRIDAY, FEB. 8 1929. NATIONAL AND STATE BANKS-Average Figures. Oth.Cash,!Res. Dep.,IDep.Other add. Including'N. Y. and Banksand Gross. Bk. Notes Elsewhere. TnutCos. DePosSts. Loans. $ ,Manhattan$ 158,091,700 33,300 2,291,800 18,605,700 1,263,200 151.361,100 f ank of U.S ryant Park Bank 1.904.300 33.100 145.300 190.200 2,005,000 1,725,000 748.000 ,.. helsea Exch. B k_ 22 727.000 22,131,000 74,600 1,548,900 1,579,000 16,122,200 ...'• race National_ _ 18,475,300 5;i6O arriman Nat'l 32.500.000 20,000 688.000 4,370.000 1.446.000 39,720,000 ! ort Morris 4,208,100 39,600 115.000 226,700 .!. 3.630.100 2,127,000 7,678.000,8.318.000 119,900.000 1 blic National-- 119,632,000 , Brooklyn55.870,000 250,000 1.674.000 8,356.000 echanics J; 52,010,000 assau National. 21,150.000 75.000 291,000 1,692,000 432.000 19,639,000 ! 1 eopies National_ 8,400,000 5,000 125.000 604.000 88,000 8,300,000 era National. 2,785,800 56,600 314.700 1 37.800 2.370,400 TRUST COMPANIES-Average Figures. Loans. Cash. Res've Dep., Depos.Other N. Y. and Banks and Gross Elsewhere. Trust Co.. Deposits. Manhattan$ $ $ $ $ 52,419,700 American 836,400 12,943,000 .• 122,400 5.5.545,500 Bk.of Europe & Tr 17,309.863 877,175 1 120,066 16,675.266 Bronx County 22,518,834 589.607 1,633.119 I 22,220.066 Central Union 288,007,000 *35,558.000 4.715,000 2,776,000 272.531,000 1 Empire 79,738,900*5,284.200 3,384,000 3,282.800 76.679.600 1 17,827.774 Federation 220.096 1,302.543 1 240.147 17.825.544 16.377.200 *2,299.600 Fulton 1 351.000 16,534.500 Manufacturers 400,400,000 3,835,000 52.095,000 2.071,000 362.871.000 1 Municipal 63,902,300 1,887,600 4,7.57.700 1 58,400 60,853.700 72,022,371 3.650,000 9,397,457 United States 1 59,403,488 Brooklyn Brooklyn 63,919,500 1,507.900 13,345,300 1 89,281,900 30,209,742 2,041,271 2,277.088 Kings County . 28,287,028 . Bayonne, N. 3.mr...F.,...1.... 9.123.810 227.515 856.187 293.157 0.527.8211 • Include*, amount with Federal Reserve Bank as follows: Central Union, $33,1 61,000, Empire $3,715,000, Fulton $2,182,500. Boston Clearing House Weekly Returns. -In the 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. 13 1929. Changufrom Previous Week $ 85.850,000 Capital 111,798,000 Surplus and profits Loans, cliac'ts &invest'ta 1,095,238.000 682,656,000 Individual deposits 135,501,000 Due to banks 278,026,000 Time dePosIts 1.917,000 United States deposits... 29,915,000 Exchanges for Cig. House 83,261,000 Due from other banks 83.264,00 Res've In legal depositar's 8,801,000 Cash In bank 1,257,000 Res've excess in F.R.Bk . Feb. 8 1929. Jan, 30 1920. $ $ $ Unchanged 85.850.000 85.850,000 Unchanged 111,708,000 111,768,000 -18,342,000 1.1 I 3,580.000 1,120,619,000 -14,172,000 696.828,000 687.305.000 -5,538,000 141.039.000 134,336.000 +1.280,000 276.746,000 278.568.000 -548,000 2,465,000 2,879.000 -8,896,000 38.811,000 30.652.000 +372,000 82.889.000 75,350.000 -1,072,000 84,336.000 83.227.000 +43,000 8.758.000 9,022,000 +238,000 1,019,000 591.000 Weekly Return of New York City Clearing House. Beginning with Mar.31'28 the NewYork City Clearing House Association discontinued giving out all statements previously Philadelphia Banks. -The Philadelphia Clearing House issued and now makes only the barest kind of a report. The new return shows nothing but the deposits, along with return for the week ending Feb. 9, with comparative figures the capital and surplus. We give it below in full: for the two weeks preceding, is given below. Reserve STATEMENT OF THE MEMBERS OF THE NEW YORK CLEARING HOUSE requirements for members of the Federal Reserve System ASSOCIATION FOR THE WEEK ENDED SATURDAY, FEB. 9 1929. are 10% on demand deposits and 3% on time deposits, all to be kept with the Federal Reserve Bank. "Cash in vaults" *Surplus & Net Demand Time Clearing House *Capital. Undivided Deposits is not a part of legal reserve. For trust companies not Deposits Members. Profits. Average. Average. members of the Federal Reserve System the reserve required $ $ $ $ Bank of N.Y.& Trust Co-- 8,000,000 13,324,400 is 10% on demand deposits and includes "Reserve with 68.360.000 9,134,000 Bank of the Manhattan Co_. 16,000.000 28,775,400 41,204,000 legal depositaries" and "Cash in vaults." Bank of America Nat Asan_ 25,000.000 37.384.600 184,188,000 146,919,000 50.168,000 National City Bank 90,000,000 76,988.700 a851,344.000 160,976,000 Beginning with the return for the week ending May 14 1928, Chemical National Bank 6.000,000 20,294,200 140,210,000 10.378,000 National Bank of Commerce_ 25,000,000 48,295,300 45.885,000 the Philadelphia Clearing House Association discontinued showChat.Phenlx Nat.13k.& Tr.Co 13,500,000 15,460,600 295,454,000 165,844,000 41,207,000 ing the reserves Hanover National Bank 10,000.000 21,983.000 127,524,000 and whether reserves held are above or below 3,043.000 corn Exchange Bank 12,100,000 21,157,000 178,938,000 32.133,000 requirements. This will account for the queries at the end National Park Bank 10,000,000 25,594.600 134.198,000 9,345,000 First National Bank 10,000,000 92,684,400 16,969.000 of the table. Amer. Exch. Irving Tr. Co_ 40,000,000 54,084,000 239,451,000 368,059,000 Continental Bank Chase National Bank Fifth Avenue Bank Seaboard National Bank -___ Bankers Trust Oo XJ. 8. Mtge. & Trust Co Title Guarantee & Trust Co-Guaranty Trust Co Fidelity Trust Co Lawyers Trust Co New York Trust Co Farmers Loan & Trust Co.Equitable Trust Co Colonial Bank Commercial Nat.Bk & Tr.Co Clearing Non-Members. Mechanics Tr. Co.. Bayonne_ Totals 1,000,090 61,000,000 500,000 11,000,000 25,000,000 5,000.000 10,000,000 40,000,000 4,000,000 3,000,000 10.000.000 10,000,000 30,000,000 1,400,000 7.000,000 500,00 1,522,300 10,864,000 80,067.300 b605,064,000 3,382,100 28,927,000 15,912,900 134,851,000 77,387,200 C347,295,000 6.187,200 57,149,000 22.577,900 37.114,000 63,377,000 d468,294.000 3,771,400 45.088,00 4,087,800 19.870,00 25,938.100 152,246,00 23,113.900 e120,700,000 27,098.900 (340,739,00 3,965,400 27,972,00 7,000,000 31,175,000 816,400 52,947,000 600,000 66.791,000 1,040,000 7,545,000 52.581.000 5,625,000 2,532.000 79,495,090 5.097.000 2.570,000 22,256.000 20,161,000 46,372,090 7,475.000 3,066,000 3,274,000 5,685,000 483,000,000 822,230,000 5,331,111,000 802,078.000 • As per official reports: National, Dec. 31 1928.; State, Dec. 31 1928; Trust Companies, Dec. 31 1928. Includes deposits in foreign branches: a 291,481,000; b $14,061,000; c $69,820, $109,551,000; e $6,320,000; f $124,611,000. 000; d Two Ciphers (00) omitted. Week Ended Feb.9 1929. Members of Trutt P.R.System Companies. $ 57,683,0 Capital Surplusand profits---- 176,857,0 Loans.discts.& invest. 1,029,970,0 Each, for Clear. House 40,136,0 Due from banks 86,966,0 134,048,0 Bank deposits Individual deposits-. 608,842,0 211,285,0 Time deposits 952,175,0 Total deposits Res. with legal depos68,751,0 Res. with F. R. Bank_ 9,807,0 Cash in vault. Total re &cash held. 78i, 58,0 s 5 Reserve required Ex reserve and cash in vault 1928. Total. Feb. 2 1929. Jan. 26 1929. 9,500.0 67,183,0 67.183.0 67,183.0 18,521,0 195,378,0 195,378,0 195,378,0 97,882,0 1,127,852,0 1,123.713.0 1,124,410.0 776,0 40,912,0 43,460,0 45.528.0 497,0 87,463,0 90.460.0 97,181.0 3,705,0 137,753,0 135.656,0 134,081.0 45,791,0 652,633.0 685.244.0 664,864.0 26,364,0 237,649,0 240.185,0 240,003.0 75,860,0 1,028,035,0 1,041,085,0 1,038,928.0 7,065,0 7,665,0 8,121.0 7,752.0 68,751,0 69,628,0 68,904.0 2,549,0 12,356,0 12,558,0 11.999,0 114214,0 88.772,0 89=4,0 89 938.0 •Cash in vault not counted as reserve fo Federal Reserve members [VOL. 128. FINANCIAL CHRONTCLE 1020 Weekly Return of the Federal Reserve Board. The following is the return issued by the Federal Reserve Board Thursday afternoon, Fob. 14 and showing the condition of the twelve Reserve banks at the close of business on Wednesday. In the first table we present the results for the system as a whole in comparison with the figures for the seven preceding weeks and with those of the corresponding week last year. The second table shows the resources and liabilities separately for each of the twelve banks. The Federal Reserve Agents' Accounts (third table following) gives details regarding transactions in Federal Reserve notes between the Comptroller and Reserve Agents and between the latter and Federal Reserve banks. The Reserve Board's comment upon the returns for the latest week appears on page 929, being the first item in our department of "Current Events and Discussions." 13 1929. COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS FEB 1928. Feb. 13 1929. Feb.8 1929. Jan.30 1929. Jan.23 1929. Jan. 16 1929. Jan.9 1029. Jan. 2 1929. Dec 26 1028. Feb. 15 3 3 RESOURCES. 1,214,425,000 1,192,665.000 1.207,793,000 1,223,392.000 1,196,417.000 1.219.166,000 1,233.332,000 1,171.408,000 1,366,926,000 Gold with Federal Reserve agents 45,898,000 83.171,000 73,693,000 66.686.000 64.362.000 73,400.000 70.648.000 68,979.000 60,347,000 Gold redemption fund with U.S. Treas. 1,307.025.000 1.254,579,000 1,412,824,000 Gold held exclusively agst. F.It. notes 1.274.772.000 1.257,027.000 1,274,479.000 1,294,040,000 1,265,396,000 1.292,566,000 763,847,000 Gold settlement fund with F.R.Board_ _ 752,817,000 747.771,000 725.160,000 683.066,000 704,819,000 684,091,000 685,346,000 750,186,000 636,961,000 658,632,000 659.122.000 667,545,000 670.984.000 660,355.000 655,015.000 595,256,000 579,474.000 Gold and gold certificates held by banks 2,686,221.000 2,663,920,0002,667.i84.000 2,648.090,000 2,630,570,000 2,631,672,000 2,587.627.000 2,584.239.000 2,813,632,000 161,928,000 166,685.0001 168,013,000 165.440,000 162.065,000 151,435.000 130,898,000 104,588,000 167,179,000 '2,835,197,000 2,813,530,000 2,792,635,000 2,783,107.000 2,718,525.000 2,688,827,000 2,980,811,000 2,848,149,000 2,830,605,000 76,242,000 64,093,000 83,308,000 99.091,000 91,881,000 86,458,000 96,532,000 96,488,000 81,967,000 Totalgold reserves Reserves other than gold Total reserves Non-reserve cash Bills discounted: Secured by U. S. Govt. obligations Other bills di ounted 617,744,000 286,205,000 539,462,000 312,159,000 523,778.000 296,856,000 471,443,000 310,671,000 525,735,000 296,089,000 558,186,000 318.361,000 713.759,000 453,820,000 318,181,000 162,909,000 Total bills discounted Bills bought in open market Cf. S. Government securities: Bonds Treasury notes Certificates of indebtedness 903.94.9.000 391,058,000 851.621.000, 820,634.000 410,742.000 435,609,000 782.114,000 454,218.000 821,824.000 481,239,000 876,547,000 1.151,464,000 1,167,579,000 477,100,000 484.358.000 489.270,000 481,090,000 354,787,000 51.599,000 99,572.000 50,600.000 52.344,000 98,383,000 51.307,000 52,679.000 122,478,000 63.186.000 52.666.000 113,425.000 73.151.000 52,666.000 120,818,000 70,469.000 52,717.000 104,759,000 74,852,000 57,434,000 213,704,000 137,295,000 Total U. S. Government securities__ Other securities (see note) 177,170,000 200,089,000 9,075.000 9.075,000 201,771,000 9,025,000 202.034,000 9.025.000 238.343,000 9.825.000 239,242.000 243.953.000 9,885.000 9,825,0004 232,328,000 0 10,135. 00 408,433.000 500,000 51,592,000 96,843,000 28,735,000 51.615,000 97,869,000 50,605,000. 757.451,000 394.013,000 00 1.899.312,000 1,244,810,000 Total bills and securities (see note)...... 1,481.252,000 1,471,527.000 1.467,039,000 1,447,391,000 1,551,231.000 1.602,714,0001,889,660.0 Gold held abroad 568,000 721.,000 728,000 731.000 729,000! 731,000 730,000 731.000 731,000 Due from foreign banks (see note) 772,437,000 665,350,000 646,528,000 631,465.000 700,026.000 703,508,000 691,004.0001 826,187,000 722,108,00o Uncollected Items 59,051,000 60.629,60d 58,591,000 58,607,000 58,591,000 • 58,591,000 58.606.000 58,622.000 58.656,000 Bank premises 10,839,000 7.704 (((.1( 7,715,000 8,811,000 7,678,000 7,740,000 7,674,000 8.421,000 7,830.000 All other resources !5.584.714.000 5,443,401,00015,144.758,000 5,143,935,000 5.102.i45.0005.093.730,000 5,125,193,000 5,300,968,00015,242,914,000 Total resources LIABILITIES. 1.659.777.000'1,646.308,000 1,645,494,000 1,680,967,000 1,697,302,000i 1.745,262.00011,829.364.000 1.910,838,050 1,586,195,000 F. R. notes in actual circulation Deposits: 2,391,154,000 2,372.622.0002,386.286,000 2,300,947,000 2.358,861,000 2.414,553,00012,404,678.000,2,493,757,000 2.409,195,000 Member banks--reserve account 26,457,000 15,782,000 18,036.000 24,042,000 25,535,0001 14,108,0001 30.999.0001 12.088,000 20,862,000 Government 4,844,000 7,534,000 5,935,000, 5,853,0001 6,903,000 7,283.0001 6.762,000 5,876.000 5,371,000 Foreign banks (see note) 21,308,000 22,582,000 21,211,000 21,938,000 19,379.1100 22,667,000 Other deposits . . 25,211.0001 27 600 0001 33.042.0001 2,443,763,000 2,421,522,000 2,438,140,000 2,437,097,000 2.397,090,000 2.472,582,000 2,452,239,000 2,563.733,000 2.455,093,000 734,302,000 Total deposits , 640.560,000596,735 000 591,235,000 648,570.000 713.457.000 629,574,000 776,620,000 654,553.000 Deferred availability Items 149.565,000 148,810,000 148,356.0001 147,856,000 146.826,000 146,952,000 146.868.000 135,877,000 149,764,000 Capital paid In 233,319,000 254.398.000 254.398,000 254.398.000 254,398,000 254.398.000 254.398.000 254.398,000 233.319.000 Surplus 11,302,000 42,730,000 13,641.000 16,696.000 16,999,000 14.615,000 15,373,000 15,812,000 17.914,000 All other liabilities '5,093.730,000 5,125,193,00015,300,968.00013.242.914,000 5,584.714.000 5,443,401,000 5,144,758,000 5,143,935,000 5,102,145,000 Total liabilities Ratio of gold reserves to deposits and 69.8% 59.2% 58.9% 63.1% 65.3% 65.2% 62.7% 65.3%1 65.8% F. R. note liabilities combined Ratio of total reserves to deposits and 74.0% 61.6% 61.9% 69.3% 69.4% 69.3% 66.3% 67.0% 69.8% F. R. note liabilities combined Contingent liability on bills purchased 306,111,000 317,774,000 325.443.000 332,338,000 333,971.000 325,084,000 327,315,000 241.697,000 312,893,000 for foreign correspondents 1 $ $ Distribution by Maturities 166,325.000 111,592,000 138,009,000 156.899,000 1-15 days bills bought in open market _ 140,202,000 707,601,000 133,502,000 132,608.000 688,297,000 146.784,000 156,817.000 1,012,581,000 412,890,000 677,446,000 656,529,000 741.362,000 1.011,198.000 767.210,000 1-15 days bills discounted 700.000 21,790.000 506.000 19,885.000 780.000 12,965.000 23,020,000 706.000 1-15 days U. S. certif. of indebtedness60,000 1-15 days municipal warrants 71,103,000 93,021.000 95,502,000 91,155,000 77,198.000 81,392,000 65,215,000 89.543,000 89,121.000 market 16-30 days bills bought in open 17,033,000 38.749.000 37,802,000 33,076.000 38,475.000 36,500,000 37,238,000 36,022,000 35,609,000 16-30 days bills discounted 15,441,000 7,779.000 16-30 days U. S. certif. of indebtedness60.000 -30 days municipal warrants 16 150.152,000 156,122,000 160,109,000 141,840,000 139.511000 129,680.000 131,901.000 115,829,000 25,345,000 31-60 days bills bought in open market _ 135,951,000 59.509.000 54,432.000 51.437.000 60.261,000 50,422,000 58,933,000 49,880,000 56,914,000 31-60 days bills discounted 28,000 23,073,000 22,863,000 22,928,000 22,913.000 4,000 31-60 days U. S. certif. of indebtedness. 31-60 days municipal warrants 51,895,000 93,531,000 46,947,000 28,468,000 97.221,000 104,083.000 76,359.000 100,252,000 23,381,000 19,730,000 61-90 days bills bought in open market _ 38,616,000 31,148.000 36,363.000 35,162,000 42,387,000 40,430,000 31,1301,000 33,905.000 61-90 days bills discounted 24,203.000 22.995,000 22.888,000 45,000 1,040,000 1,000 of indebtedness61-90 days U. S. certif. 4,368,000 61-90 days municipal warrants 4,492,000 4,563,000 4.041,000 3,436,000 2,958,000 3,750,000 5.044,000 2,403,000 Over 90 days bills bought In open market 6,092,000 18,124,000 16,301.000 12,905.000 11,562.000 10,896.000 15,282.000 13,146,000 10.311.000 Over 90 days bills discounted 28,859.000 121,154,000 27.581,000 27.243.000 26,478,000 27.191,000 27,308.000 27,599,000 20,245,000 Over 90 days certif. of IndebtednessOver 90 days municipal warrants 000 2,963,997,000 2,982.912 000 3,001.234.000 3,013.124,000 3,009,974,000 2,897,758,000 2,927,70i.0002,941.893. F. R. notes received from Comptroller.. 2,911.668,000 863,687.000 862,727,000 840,547,000 800.957,000 758,582.000 733,832,000 685,137,000 888,705,000 857,443,000 F. It. notes held by F. R. Agent 2,054,225.000 2.064,014,000'2.079,166,000 2,123,450,000 2,181,955,000 2,242.652.000 2.279,292,000 2,324,837,000 2,009,053,000 Issued to Federal Reserve Banks How Secured 360,145,000 360.145,000 360,145,000 360.155.000 365,155.000 371,273.000 371.273,000 370,673,000 414,840,000 By gold and gold certificates 99,461,000 98.442,000 94,958,000 101,271.000 96,905,600 90,144,000 941,968.000 97,206.000 93,611,000 Gold redemption fund 852,625,000 736,304,000 746.622.000 763,617,000 Reserve Board.... 760,669,000 735,314,000 757,504,000 766,269,000 1,262,034,000 1.314,8'33,000 1,582,351,000 703,830,000 809,605,000 Gold fund-Federal 1,588.168,000 1,244.987.000 1.220,038,000 1.217,957,000 1.197,449.000 Byeligible paper 2,459,412,0002,412,703.000 2.425.750.0002.420,841.000 2,458.451,000 2.534,019.000 2.795.683.000 2,759,576.0002,176.531.000 Total new items were added in order to show separately the amount of balances held abroad and amounts du: 21IOTE.-43eginning with the statement of Oct. 7 1925, two Previously made up of Federal Intermediate Credit Bank debentures, was changed I., SO foreign correspondents. In addition, the caption, "All other earning assets." caption, "Total earning assets" to "Total bills and securities." The latter Item was adopted as a more accurate description of the total o' "Other securities," and the provision of Sections 13 and 14 of the Federal Reserve Act, which, it was stated, are the only items included She discounts, acceptances and securities acquired under the therein EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS FEB. 13 1928 WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF Two ciphers (00) omitted. Federal Reserve Bank of - Total. Boston. New York. Phila. Ckve2an4. Richmond Atlanta. Chicago. St. Louis. Ilinneap. Kan.City. Dallas. San Fran. $ $ RESOURCES. Gold with Federal Reserve Agents 1,214,425,0 60,163,0 60,347,0 9,029,0 Gold red% fund with U.S.Treas. $ $ $ $ $ $ $ $ $ 8 a 242,072,0 103,460,0 138,221,0 53,985,0 87,911,0 232,728.0 30,550.0 47,536,0 53,773,0 19,481,0 144,545,0 4,730,0 2,259,0 3,790,0 4,796,0 6,112,0 1,351,0 4,157,0 2,344,0 4,580,0 11,441,0 5,758,0 Gold held excl. agst. F.R.notes 1,274,772,0 69,192,0 Gold settle't fund with F.R.Board 752,817,0 61,669,0 Gold and gold ctfs held by banks 658,632,0 27,385,0 253,513,0 109,218,0 142,951,0 56,244,0 91,701,0 237.524,0 36,662,0 48,887,0 57,930.0 21 825,0 149,125,0 5 . 269,467,0 26,146,0 66,508,0 15,825,0 19,614,0 136,167.0 26,912,0 25,619,0 42,280,0 27;2 2,0 35.358 0 414,398,0 37,123,0 44,017,0 14,632,0 7,148,0 51,008,0 11,625,0 4,660,0 5.581,0 12,909,0 28,146,0 937,378,0 172,487,0 253,476,0 86,701,0 118,463,0 424,699,0 75,199,0 79,166,0 105,791,0 61,986,0 212,629,0 40,970,0 8,743,0 10,107,0 9,709,0 10,596,0 15,401,0 18,197,0 3,062,0 6,356,0 7,206,0 12,866,0 Total gold reserves Reserve other than gold 2,686,221,0 158,246,0 161,928,0 18.715,0 2,848,149,0 176,961,0 Total reserves 81,967,0 8,201,0 Non-reserve cash Bills discounted: See. by U. S. Govt. obligations 617,744,0 37,229,0 286,205,0 15,952,0 Other bills discounted 978,348.0 181,230,0 263,583,0 96,410,0 129,059,0 440,100,0 93.396,0 82,228,0 112,147,0 69,192,0 225,495,0 33,531,0 2,597.0 4.269,0 6,442,0 4,399,0 6,764,0 4,510,0 1,096.0 2,064,0 3,320,0 4,774,0 Total bilis discounted Bills bought in open market Cf. S. Government securities: Bonds Treasury notee Certificates of Indebtedness 903,949,0 54,181,0 391,058,0 55,809,0 252,693,0 80,192,0 89,505,0 35,035,0 56,980,0 162,412,0 32,311,0 11,483,0 30.790,0 17,397,0 80,970,0 94,598,0 26,762,0 35,505,0 15,955.0 19,760,0 39,440,0 9,093,0 13,838.0 9,621.0 18,791,0 51,886,0 51,592,0 96,843,0 28,735,0 689,0 3,091,0 2,524,0 585,0 548,0 1,384,0 11,682,0 10,307,0 28,530,0 5,603,0 8,771,0 1,814,0 1,152,0 1,062,0 561,0 21,0 19,937,0 7,125,0 3,557,0 6,214,0 11,563,0 671,0 3,251.0 1,089,0 4,519,0 4,619,0 817,0 7.755,0 902,0 1,106,0 Total U. S. Gov't securities 177 17410 A '54140 1R ARO 0 196630 306920 2 775 0 424041 20 409 n 167770 0 0K4 n a ,a, n In 7113 n 14083.0 197,399,0 53,109,0 65,169,0 16,624,0 19,520,0 115,797,0 21,570,0 55,294,0 27,083,0 24,336,0 18,411,0 37,460,0 46,615,0 10,741,0 8,080,0 12,176,0 14,600,0 56,471,0 3,403,0 18,614,0 2,797.0 24,499,0 64,0 7,813,0 0 2,219,0 13,097. 1,822,0 700,0 FEB. 16 1929.] RESOURCES (Concluded) Two Ciphers (00) omitted. FINANCIAL CHRONICLE Total. Boston. Dther securities Total bills and securities Due from foreign banks Uncollected Items Bank premises &Bother New York. Phila. $ $ 9,075,0 $ $ 1,481,252,0 116.294,0 731,0 54,0 665,350,0 68,186,0 58,656,0 3,702.0 7,830,0 71,0 1021 Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap. Kan.Citg. Dallas. San Fran. $ $ $ $ $ $ 825,0 $ 1,500,0 $ 6,000.0 $ 750,0 365,960,0 126,617,0 155,902,0 53,965,0 80,989,0 231,254,0 61,181,0 36,101,0 51,674,0 52,926,0 148.589,0 222,0 70.0 100,0 28.0 34.0 75,0 29,0 18,0 24,0 53,0 24,0 177,457,0 55,273,0 61,508,0 51,321,0 24,182.0 77,590,0 33,393,0 12,497,0 37,454,0 27,332,0 39,177,0 16,087,0 1,752,0 6,535,0 3,575,0 2,744,0 8,527,0 3,862,0 2,110,0 4,140,0 1,921,0 3,701,0 973,0 261,0 1,192,0 503,0 1,486,0 818,0 473,0 762,0 369,0 411.0 511,0 Total resources 5,143,935,0 373,469,0 1,572,578,0 367.800,0 493,064,0 212,050,0 242,887.0 765,153,0 196,844,0 134,812,0 207,852,0 155,226,0 422,200,0 LIABILITIES. F. R. notes in actual circulation_ 1,659,777,0 127,953,0 315,709,0 142,595,0 205,976,0 75,653,0 128,928,0 275,958,0 59,748,0 61,275,0 66.467,0 39,979,0 159,536,0 Deposits: Member bank-reserve acct_ _ 2,372,622,0 153,078,0 947,151,0 129,756,0 181,788,0 68,786,0 69,445,0 344,701,0 84,737,0 50,612,0 91,835,0 69.876,0 180.857,0 Government 20,862,0 1,788.0 4,687,0 1,301,0 287,0 1,512,0 1,765,0 2,000,0 1,261,0 1,396,0 1,556,0 879,0 2,430,0 Foreign bank 5,371,0 461,0 1,028,0 598,0 853,0 243,0 636,0 249,0 287,0 156,0 206,0 448,0 206,0 Other deposits 22,667,0 110,0 7,384,0 235,0 1,325,0 108,0 1,558,0 118,0 287.0 241,0 306,0 1,048,0 9,947,0 Total deposits 2,421,522,0 155,437.0 960,250,0 131,890,0 184,036,0 70,703,0 71,561,0349,112,0 86,534,0 52,405.0 93,903,0 Deferred availability items 640,560,0 59,251.0 168,140.0 54,021,0 60,346,0 46,082,0 25,220,0 81,711,0 33,106,0 10,081.0 33,470.0 72,009,0 193.682,0 29,572,0 39,560,0 Capital paid In 149.764,0 10,263,0 52,524,0 14,521.0 14,605,0 6,170,0 5,278,0 18,700,0 5,417,0 3,028,0 4,289,0 4.326,0 10,643,0 Surplus 254,398,0 19,619,0 71,282,0 24,101,0 26,345,0 12,399,0 10,554,0 36,442,0 10,820,0 7,082.0 9,066,0 8,690,0 17,978,0 All other liabilities 17,914,0 946,0 4,673,0 672,0 1,756,0 1,043,0 1,346,0 3,230,0 1,219,0 941,0 637,0 650.0 801,0 Totaillabillties 5 143,935,0 373,469,0 1,572,578,0 367,800,0 493,064,0 212,050,0 242,887,0 765,153,0 196,844,0 134,812,0 207,852,0 155.226,0422,200,0 Memoranda. Reserve ratlo(percent) 69.8 62.4 76.7 66.0 70.4 64.4 67.6 69.9 72.3 63.8 65.9 61.8 63.8 Contingent liability on bills purchased for foreign correspondls 312,893,0 22,997,0 96,285,0 29,834.0 31,699,0 14,296,0 12.120,0 42,576,0 12,431,0 7,769,0 10,255.0 10,255,0 22,376,0 F. R. notes on hand (notes rec'd from F. R. Agent less notes in n.m.letInn 00.4 .1,40 A on enn n Inn 'i1 fl ,n onc n on n... n •n ncn IN nn ,on n On nnK 11 II Al'? 11 12 dlft 11 4 002 0 n 79n n 110 012 n FEDERAL RESERVE NOTE ACCOUNTS OF FEDERAL RESERVE AGENTS AT CLOSE OF BUSINESS FEBRUARY 13 1959. Federal Reserve Agent at- Total. Boston. New York. Phila. Cleveland)Richmond Atlanta. Chicago. St. Louis. Minneap. Kan.City. Dallas. San Fran. Two Ciphers (00) omitted$ 3 F.R.notes reo'd from Comptroller 2,911,668,0 232,010.0 F.R.notes held by F. It. Agent__ 857,443,0 83.225,0 $ $ $ $ $ $ $ 5 S $ $ 769,225,0 213,960,0 272,153,0 115,063,0 221,150,0 431,104,0 84,935,0 83,722,0 106,070,0 63.627,0 318,649,0 332,805,01 31,500,0 36,130,0 21.141,0 61,440,0 125,221,0 13,770,1 14,009.0 30.680,0 13,922.0 93,600.0 F. R.notes Issued to F. It. Bank_ 2,054,225,0 148,785,0 Collateral held as security for F. R. notes issued to F. It. Bk. Gold and gold certificates__ 360,145,0 35,300,0 Gold redemption fund 93,611,0 16,863,0 Gold fund-F.It. Board 760,669,0 8,000,0 Eligible paper 1,244,987,0 109,914,0 436,420,0 182,460,0 236,023,0 93,922,0 159,710,0 305,383,0 71,165,0 69.713,0 75,390.0 49,705,0 225,049,0 Total collateral 171,880,0 50,000,0 6,690,0 27,350,0 7,500,0 14,167,0 12,258,0 35,000.0 15,192,0 11.083,0 13,221,0 3,295,0 4,061.0 1,728,0 2.050,0 2,369,0 4,413,0 4,223,0 15,113,0 55,000,0 92,377.0 75,000.0 44,000,0 56,500,0 231,000,0 21,000,0 31,000,0 49,360,0 3,000,0 94,432,0 327,101.0 85,257,0 123,908,0 48,680,0 76,263,0 201,485,0 41,329,0 25,004,0 39,833,0 36,106.0 130,107.0 5110 1720 155 7170 nen loon Ino RI, n Ind 17411 424 213 0 71 870 11 72 A40 n 02 MR n 0 567 0 274 012 0 2 400 419 n 1711 077 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 resources and liabilities of the member banks in 101 cities from which weekly returns are obtained. These figures the always a are 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 figuresfor the latest week appears in our department of "Current Events and Discussions," on page 980 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 or other banks and bills of exchange or drafts sold with endorsement." and include all real estate mortgages Previously acceptances of other banks and bilIs sold with and endorsement were included with loans, and some of the mortgage loans held by the bank. banks included mortgages in investments. Loans secured by U. S. Government obligations are no longer shown separately, only the total of divided to show tile amount secured by U. S. loans on securities being given. Furthermore, borrowings at the Federal Reserve are not any more stibobligations and those secured by commercial paper, only a lump total being given. The number of reporting banks is now omitted: in its place the number The figures have also been revised to exclude a hank in the San Francisco district, with loans and investments of cities included has been'ubstituted 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 WEEKLY REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT AS AT CLOSE OF BUSINESS ON FEBRUARY 6 1929. (In millions of dollars.) Federal Reserve District. Total. Boston. New York Phila. Cleveland Richmond Atlanta. Chicago. St. Louis. Minneap. Kan. City Loans and Investments -total 5 22,296 $ 1,493 5 8,455 5 1,239 Loans-total 16,255 1,126 6,226 897 7,555 8,700 467 659 3,289 2,937 510 387 712 794 202 316 6.041 367 2,229 342 696 159 3,103 2.938 163 204 1,242 987 107 235 333 363 72 88 1,751 237 100 18 816 68 80 14 131 28 13,413 6,891 50 921 474 1 5,936 1,734 15 742 291 3 1,151 3,006 48 118 149 1,027 619 38 151 On securities All other Investments -total U.S. Government securities Other securities Reserve with F. It. Bank Cash in vault Net demand deposits Time deposits Government deposits Due from banks Due to banks Borrowings from F. It. Bank 5 $ 678 2,202 -519 1,506 5 642 5 3,324 506 153 352 S Dallas. San Fran. $ $ S 743 385 687 501 3 1,947 2,569 542 255 449 368 1,293 1,188 1,381 258 283 84 171 151 299 128 240 412 881 137 735 201 131 237 134 654 69 68 361 394 84 117 74 57 115 122 92 42 392 262 42 11 41 10 260 38 49 6 26 6 58 11 36 8 112 19 1.027 986 5 372 239 1 332 228 3 1,851 1.261 3 414 240 1 214 140 ____ 513 175 1 313 143 5 780 979 13 60 174 102 220 54 103 82 121 216 467 57 153 48 86 121 227 67 114 145 190 37 1111 on 36 121 26 10 19 20 72 *Subject to correction. Condition of the Federal Reserve Bank of New York. The following shows the condition of the Federal Reserve Bank of New York at the close of business Feb. 13 1929, In comparison with the previous week and the corresponding date last year: Resources- Gold with Federal Reserve Agent Gold redemp.fund with U. S. Treasury_ Feb. 13 1929. Feb. 6 1929. Feb. 15 1928. $ $ • 242,072,000 242,173,000 259,095.000 11,441,000 12,560.000 11,171,000 Gold held exclusively agst. F. R.notes Gold settlement fund with F. R. BoardGold and gold certificates held by bank_ 253,513,000 269,467,000 414,398.000 254,733,000 299,273,000 414,971.000 270,266,000 319,990,000 404,740,000 Total gold reserves Reserves other than gold 937,378,000 40,970,000 968.977,000 41.107,000 994,996,000 32,161,000 Total reserves Non-reserve cash Bills discounted Secured by U.S. Govt. obligationsOther bills discounted 978,348,000 1.010,084,000 1, 27,157,000 0 33.531,000 35,089,000 24,298,000 197.399,000 55,294,000 141,628,000 53,499,000 114,953,000 38,857,000 Total bills discounted Bills bought in open market U.S. Government securities Bonds Treasury notes Certificates of indebtedness 252,693.000 94,598,000 195.127,000 103,734.000 153,810,000 96,396,000 1,384,000 11,682,000 5,603,000 1,384,000 12,682.000 12,121,000 3,384,000 42,171,000 35,063,000 Total U.S. Government eecurities.... Other securiMes (see Mole) 18,669,000 26,187,000 80,618,000 Total bills and securities (,See Note).-- 365,960.000 825,048.000 330,824,000 Resources (Concluded)Gold held abroad Due from foreign banks (See Note) Uncollected items Bank premises All other resources Total resources Feb. 13 1929. Feb.6 1929. Feb. 15 1928. $ $ $ 222,000 177,457,000 16,087,000 973,000 221,000 175,703,000 16.087,000 1,048.000 216,000 223,797,000 16,516,000 2,733,000 1,572,578,000 1.563,280,000 1.625,541,000 LtaMlittesFed'I Reserve notes in actual circulation Deposits -Member bank, reserve acct__ Government Foreign bank (See Note) Other deposits 315,709,000 947,151,000 4,687,000 1,028.000 7,384,000 318.161,000 948,515,000 5.433.000 1,533,000 8.076,000 347,293,000 942,040.000 3,338,000 1,549,000 12,806,000 Total deposits Deferred availability Items Capital paid in Surplus All other liabilities 960,250,000 963,557,000 168,140,000 153.525.000 52,524,000 52,385,000 71,282,000 71.282,000 4,673,000 4,370.000 959,733,000 210,379,000 42,098,000 63,007,000 3-031,000 Total liabilities Ratio of total reserves to deposit and Fed. Res've note liabilities combined_ ' Contingent liability on bills purchased for foreign correspondence 1,572,578,000 1,563,280,000 1,625,541,000 76.7% 78.8% 78.6% 96,285,000 92,345,000 69,269.000 NOTE.-BegInnIng with the statement of Oct. 7 1925, two new foreign correspondents. In addition, the caption "All other earning Items were added In order to show separately the amount of balances held abroad and amounts due to iiaseta." Previously made up of Federal Intermediate Credit Bank debentures, "Other securities," and the caption "Total earning assets" to "Total bills changed to and securities." The latter term was adopted as a more accurate description of was total of the the discount acceptances and securities acquired under the provisions of Sections 13 and 14 oft he Federal Reserve Act, which,It wasstated,are the only itemsIncluded therein. 1022 [VOL. 128. FINANCIAL CHRONICLE New York City Banks and Trust Companies. Vaulters' Gazette. (All prices dollars per share.) Wall Street, Friday Night, Feb. 15 1929. Railroad and Miscellaneous Stocks. -The review of the Stock Market is given this week on page 1011. The following are sales made at the Stock Exchange this week of shares not represented in our detailed list on the pages which follow: STOCKS. Week Ended Feb. 15. Sales for Week. Range Since Jan. I. Range for Week. Lowest. Lowest. Highest. Highest. $ per share. $ per share.$ per share. 1 1 Jan 10021534 Feb 1421534 Feb 14 21534 Feb 216 Par. Shares $ per share. Railroads Albany & Susq 100 I 50 I Canada Southern-___100 Caro Clinch & Ohlo_100 I III Cent leased line100 I Nat Rys of Mex lst pf100 New Orl Tex & Mex_100 N Y Lack & Westem_100 301 4034 Feb 14 4034 Feb 14 4034 Feb 4134 Jan Beech Creek RR 130 57 Feb 14 4734 Feb 20i 9234 Feb 11 92% Feb I /di 79% Feb 13 7934 Feb I 100 534 Feb 11 534 Feb 40 136 Feb 15 136 Feb 1010634 Feb 1310634 Feb 146134 Feb Febe 92% Feb 11 13 13 7934 Feb 80 Feb Feb Feb Feb Feb 11 32% 1110234 15 4 14 96 11 105 Feb Feb Feb Feb Feb 13 3034 13 101 13 334 14 95 11 105 Feb 37 Feb Feb 105 34 Feb Feb 5 Jan Feb 9934 Jan Jan Feb 110 9,800 1034 Feb 15 12% Feb 13 1034 Feb 17 Byers Co rights Jan Cavanagh-Dobbs Ine--• 2,500 36 Feb 100 200 104 Feb Preferred Celotex • 6,300 71 Feb 100 100 92 Feb Preferred City Ice & Fuel 5 2,000 5934 Feb City Stores B rights__ 2,700 334 Feb Coca Cola class A * 4.400 4834 Feb Columbia Gas & El new * 16,800 5934 Feb Comm'l Credit rights _ 64,500 334 Feb Continental Motor rights42,700 1 Feb Cushman's SODS pref.._ _ 51 90112 Feb 14 38 1110434 15 74% 13 92 15 61 11 434 11 49 11 6134 11 4 11! 1% 14 115 Feb Feb Feb Feb Feb Feb Feb Feb Feb Feb Feb 13 3431 13 104 13 69% 13 89 11 5934 15 334 11 48% 13 57 13 13 1 11 108% Jan 38% Jan 104% Jan 7934 Jan 93% Feb 62% Feb 5% Feb 50 Jan 66 Feb 5% Feb 134 Feb 115% De Beers Cons Mlnes__-1 50 22 Feb Dul Super Traction_ _100 10 10 Feb Dunhill Internat rights- -I 900 7 Feb Duplan Silk 100 25 Feb 51 El Pr & Lt pf etre full pd 10 13534 Feb Elkhorn Coal pref_ -.50 110 11 Feb Emerson-Brant cl B 5; 700 834 Feb Emporium Corp • 60 27 Feb Engineers Pub Ser rights 12,000 1 Feb 111 13 11; 11; 22 10 7% 25 Feb Feb Feb Feb 11 22 13 8 11 7 11 25 Feb 22% Feb Feb Jan 11) Feb 1134 Jan Feb 28% Jan 1413534 14 12% 15 12% 11 31 15 1% Feb Feb Feb Feb Feb 14 125 11 12 11 4 15 27 14 1 Jan 135% Feb 13 Jan 13 Feb Feb 1% Fairbanks Co pref_ _ _25 Feb Feb Feb Feb Jan Jan Feb Jan Jan Feb Feb Feb Jan Feb Feb Feb Jan Feb 14 111% Feb 116% Jan Jan 103 Jan Feb 14 99 Jan Feb 11 114% Feb 116 100 122 Feb 14 122 Feb 14'118 Jan 123 Feb 80 94 hit Nickel of Can D1_100 Kendall Co prof Feb 13 96 Feb 15 94 Feb 96 Feb 2,000 2334 Feb 15 2434 Feb 14 2334 Feb 24% Feb Feb 1,700 5834 Feb 14 61 Feb 14 5834 Feb 61 Jan 102% Jan * 2,7001100 Feb 11 10034 Feb 13 100 Lehigh Valley Coal Link Belt Co Ludlum Steel prof McGraw-Hill Pub Co_ 2,600! 45 Milw El Ry & Lt pref 100 30 104 100 170 100 Montana Power Feb 15 48 Feb 11 104 Feb 15 170 Peoples Gas & Elec rights27.200 334 Pirelli of Italy 2,600 60 100 9234 Pittsburgh Steel pref_100 Pub Ser of NJ rights_ __ _ 48,200 1 Feb Feb Feb Feb Feb 48 Feb 14 45 Jan 104 Feb 11 101 Feb 1516234 Jan 172 11 334 Feb 14 334 15 6134 Feb 11 60 11 9234 Feb 11 9234 11 134 Feb 11 1 Radio Corp new *170700 7134 Feb 14 7534 Feb 13 71 Feb Radio-Keith-Orph rights 26,300 % Feb A Rand Mines 30 36% Feb Reynolds Tobac cl B._10 14,900 5994 Feb 11 6034 Feb 11 5934 It 31,, So Porto Rico Sug pf_100 Spencer Rd & S 10 132 800 42 Feb 14 132 Feb 15 43 IT Feb Feb Jan Feb 334 Feb Feb 65% Jan Feb 95 Jan Feb 134 Jan Jan 83 Feb 1 Feb 3634 Feb 66 Feb 141 13034 Jan 135 Feb 43 Feb 14 42 Feb Feb Feb Jan Webster Eisenlohr Rights Wilcox & Rich A Class B _25 700 600 3,600 3,400 2% Feb 11 Feb 11 7 134 Feb 14 9434 16 46 44 Feb Feb Feb Feb 3 Feb 15 2 7 Feb 111 634 134 Feb liii 134 1510934 14 17 15 4834 15 47 Feb Feb Feb Feb 11 14 14 14 9431 16 46 44 Jan Jan Jan Feb Feb Feb Feb 434 Jan 934 Feb 134 Jan 13% 17% 48% 47 Feb Feb Feb Feb Bank, Trust & Insurance Co. Stocks. Eqult Tr Co of N Y._100 *No par value. 80530 Feb 14 545 Feb 13 493 Feb Jan 566 Quotations for U. S. Treas. Ctfs. of Indebtedness, &c. Maturity. Int. Rate. Bid. Mar.15 1929 __ Mar.16 1929.__ June 15 1929... Sept.15 1929 Dec.19 1929_ _ _ 33-4% 334% % 434% 4%% 99,,22 992,22 993,22 100 100 100 22 , 99,122 992,22 99,222 991,22 Asked. Maturity. 2 57/320 400 1165 183 890 600 3675 1100 1065 2825 350 *State banks. 1 New stock. z Ex-dividend. g Ex-stock dlv. y Ex-rights. United States Liberty Loan Bonds and Treasury Certificates on the New York Stock Exchange. Below we furnish a daily record of the transactions in Liberty Loan bonds and Treasury certificates on the New York Stock Exchange. The transactions in registered bonds are given in a footnote at the end of the tabulation. Daily Record of (I. S. Bond Prices. Feb. 9. Feb.11. Feb. 12 Feb. 13. Feb. 14. Feb. 15. 97 ,522 , 98,122 981 % 98 22 First Liberty LoanHigh 98 22 , 972122 971712 98 22 , 3%% bonds 0(1923-47._(Low97 •22 9713u , 98322 98 22 , (First 334) Close 25 338 117 71 Total sales in $1,000 units_____ Converted 4% bonds ofrigh ---------Low1932-47 (First 4s) --------------Close Total sales In $1,000 units.79 9 -,222 9 -2;22 022 - - . 9 99,722 Converted 434% bondsrHigh 99,322 991,22 993122 98 ,,22 Of 1932-47 (First 4 Sis){ Low991,22 971222 991%2 99,,22 (Close 66 120 44 74 Total sales in $1,000 units _ ___Second converted 4q%{nigh ------------bonds of 1932-47 (First Low---------Second 434s) Close ------Total sales in $1,000 units... -----Fourth Liberty Loan High FIOLI- 99,322 FIOLI- 99,,22 99,,22 99"st 991,22 997,22 99,721 991422 DAY 434% bonds of 1933-38- Low- DAY 2722 992hr 99$22 99 992522 (Fourth 434s) ICiose 38 184 104 417 Total sales in $1,000 units._ , ____ 109 22 108,422 109,422 Treasury {High ____ 1082.22 1081, 22 1091, 22 434s, 1947-52 Low_ ___ 108,, 108,, 32 s2 109 s2 ,, Close 16 98 -- _ _ Total sales in $1,000 units... , 1041322 104 22 103"2.2 104,, s2 {High , 1041,22 103‘ 22 103,122 104,822 48, 1944-1954 Low. , 104,022 103' 22 1031,22 104"22 Close 2 107 33 39 Total safes in $1,000 units.-____ 101322 100,821 1012.22 {High 5334s, 1946-1956 100 22 ---- 1002022 1002322 , Low_ 22 ---- 100,022 1003, 101,422 Chase 40 810 Total sales In 31,000 units... 971,22 972722 97,022 {H gh i 971,22 97 ---334s, 1943-1947 97nii Low_ 971,22 97 ---97,022 Close 57 -130 2 Total sales in $1,000 units__ 97 971322 97%2 972,22 {High 97 97"1 97 5334s, 1940-1943 97",, Lf.:W97 97,122 97 97.322 Close ii 45 32 6 Total Robe tn tl /1‘111./.4r• Rate. Note. -The above table includes only sales of coupon bonds. Transactions in registered bonds were: 49 4th 434s 1 Treasury 434's % 9913ii to 992 109 to 109 Feb Feb % Feb % Feb Tenn Copper & Ch rights 32,700 % Feb 13 31 Feb 14 Texas Corp part paid_25 800 563-4 Feb 11 5734 Feb 13 5834 Feb 5834 Feb Full paid 25 200 5634 Feb 11 5734 Feb 1311 5834 Feb elm, Jan Jan % Feb 2 Thompson Co rights-% Feb 1311 700 % Feb 14 U S Express 100 300 United Dyewood 100 10 Union 011 of Calif rights.34,800 967 220 345 -. -. 20 1834 Feb 14 1834 Feb 14 is% Feb 35 GenGas&ElpfA(7)..*1 1,180 111% Feb 15 116 Gen Ry Signal pref _.100 30 100 Feb 14 100 Grand Stores Dref_ _ _100 20011434 Feb 11 115 Ash 540 1015 435 Feb 11 534 Feb 634 Jan 1513514 Jan 140% Feb Jan 13 10634 Feb 108 Industrial & Miscell. Alleghany Corp w 1_ _ _ _547,000 3034 100 13,100 10134 Preferred wl Allis-Chalmers rights__ 6,700 334 Am For & Pow pf(6)-* 80 95 200105 Assoc Dry G'ds 2d pt 100 Banks-N.Y. Bid Ask Banks-N.Y Bid Ask Tr.Cos.-N.Y. Bid 252 258 Equitable Tr. 532 America 193 196 Public Amer Union*. 233 243 Seaboard 820 835 Farm L & Tr_ 995 183 Fidelity Trust 420 Bryant Park* 275 375 Seward 177 600 Central 305 325 Fulton 198 205 Trades Century 235 250 Yorkville ___ 240 270 Guaranty _ _ _ 957 Chase 920 928 Yorktown'.._ 260 275 Int 'Germania 212 Interstate_ 335 Chath Phenix Lawyers Trust __ Nat Bk& Tr 650 660 Brooklyn. Chelsea Exch. __- i6 . Globe Exch. _ 360 410 Manufacturers 271 6_ Chemical Municipal. __ 580 590 Murray Hill_ _ 310 1230 (Wes Colonial __ 1400 610 630 Mutual Nassau chester) ___ 375 Commerce __ 945 955 People's 1100 Continental* _ 550 610 Prospect 160 175 N Y Trust. _ _ 1150 Times Square_ 177 Corn Exch.__ 790 805 Title Gu & Tr 870 Fifth Avenue. 2200 300 Trust Cos. U S Mtge &Tr 585 First New York. 5400 5475 Grace _ Am Ex Iry Tr 514 520 United States 3575 600 Westchest'r Tr 1000 Hanover 770 790 Banes Comle .Harriman.... 900 930 Italians Tr. 415 425 Brooklyn. Liberty 283 293 Bank of N Y Manhattan* & Trust Co_ 850 860 Brooklyn __JIM) 815 830 Bankers Trust 1200 1220 Kings Co_ _ _ _ 2725 NationalCity. _ .M1dwood---- 330 45 0 New 330 335 Bronx Co Tr _ 102 Park 890 910 Central Union 2525 9575 1070 Penn Exch 165 175 County 490 500 Port Morris__ 900 ____ Empire Asked. Sept.151930-32 % 0822,, Mar.15 1930-32 334 % 9624., 9622,, Dec.15 1930-32 334% 441% 100 Sept.15 1929 98"si 100 21 , New York City Realty and Surety Companies. Foreign Exchange. To-day's (Friday's) actual rates for sterling exchange were 4.84740 4.85 1-16 for checks and 4.85 5-1604.8534 for cables. Commercial OD banks, sight, 4.843404.84 13-16; sixty days, 4.807404.80 5-16; ninety days, 4.7804.78 3-16, and documents for payment, 4.783404.80 5-18. Cotton for payment, 4.84 1-16, and grain for payment 4.84 1-16. Today's (Friday's) actual rates for Paris bankers' francs were 3.90340 3.9034 for short. Amsterdam bankers' guilders were 40.01040.0374 for short. Exchange at Paris on London, 124.28 francs; week's range, 124.32 francs high, and 124.28 francs low. The range for foreign exchange for the week follows; Sterling, ActualHigh for the week Low for the week Checks. 4.85 3-16 4.8474 Cables. 4.8574 4.85 5•46 Paris Bankers' Francs High for the week Low for the week 3.9034 3.9074 3.9034 3.9074 Amsterdam Bankers' Guilders High for the week Low for the week 40.01 40.0074 40.08 40.04 Germany Bankers' Marks High for the week Low for the week 23.72% 23.7034 23.73 23.72 (All prices dollars per share.) Bid 90 310 440 315 Alliance RIO' Amer Surety Bond & M 0Lawyers Mtge Lawyers Title & Guaranteei 378 Ask 110 Mtge Bond__ 320 N Y Title & 455 Mortgage-323 U 8 Casualty. 388 Bid BidAsk 130 150 Realty Assoe's (Bklyn) coins 47 620 630 1st pref.-- 98 450 470 2d pref ____ 97 Westchester! Title & Tr _ 500 Ask The Curb Market. -The review of the Curb Market is given this week on page 1013. A complete record of Curb Market transactions for the ---- week will be found on page 1041. 49 Report of Stock Sales—New York Stock Exchange DAILY, WEEKLY AND YEARLY Occupying Altogether Eight Pages—Page One For sales during the week of stocks not recorded here, see preceding page. HIGH AND LOW SALE PRICES—PER SHARE, NOT PER CENT. Saturday, Feb. 9. Monday, Feb. 11. Tuesday, Feb. 12. Wednesday, Thursday, Feb. 13. Feb. 14. Friday, Feb. 15. Sales for the 1Veek. STOCKS NEW YORK STOCK EXCHANGE Ex-dividend and ex-rights. PER SHARE Range for Precious Year 1928 Lowest $ per share $ per share $ per share 3 per share $ per share $ per share Shares Par Railroads 199 202 20114 203 197 2003 198 200 4 .100 9,000 Atch Topeka & Santa Fe. 103 10318 103 103 103 10318 10312 10312 2,200 Preferred 100 18514 187 18714 18714 187 18712 185 185 100 3,000 Atlantic Coast Line RR 123 12418 122 12512 1213, 123 1205 124 8 100 27,700 Baltimore & Ohio 7918 7912 793 793, 79 8 79 79 79 100 1,500 Preferred .65 70 67 68 6514 653 4 6512 66 50 1,100 Bangor & Aroostook 110 110 *15 111 .108 111 10814 110 100 60 Preferred *100 103 .100 102 .98 102 •98 102 100 Boston & Maine 7212 743, 747 7512 7318 75 8 7418 783 23,400 Bklyn-Manh Tran v t e_No par 8 90 90 .87 9012 *87 9012 883 883 4 4 No par 400 Preferred v t c 36 377 8 3714 38 36 3714 355, 373 8 4,400 Brunswick Term & Ry Sec.100 61 .55 .56 61 .55 60 .55 60 Buffalo & Susquehanna_ _ _100 .5515 59 .5518 59 *5518 59 .5518 59 100 Preferred 247 2523 8 2483, 2543 24518 2503 243 2497 38,400 Canadian Pacific 4 4 100 8 •10012 __ 10034 101 .10012 --__ 10012 10012 220 Caro Clinch & Ohio ctfs st'd100 21114 2153 4 216 220 215 21612 215 217 100 6,400 Chesapeake A Ohio -- -- — .212 _ ____ 100 _ _ __ _ _ Preferred 15 1612 1618 167 s 1514 1618 1518 - 16 8:400 Chicago 3, Alton 100 1912 22 2014 2178 20 205, 193, 203, 4,800 Preferred 100 .30 40 •___ 39 *38 42 .38 43 Chic & East Illinois RR._.100 *58 63 *58 63 .58 63 *58 63 100 Preferred 1912 203 4 20 2112 193, 203 4 197 2114 18,800 Chicago Great Western_ _100 8 57 593 8 58 60% 5618 573 4 575 597 25,200 Preferred 8 100 3618 37 3612 37 3614 363 4 361 373 20.000 Chicago Milw St Paul & Pee__ , 573 59 4 58 593 8 5718 577 8 571s 583 22,700 Preferred new 8 8814 903 89 91 8814 883 4 8714 90 11,000 Chicago & North Western_100 •139 143 .139 143 .139 143 139 139 100 200 Preferred 1315 13314 8 132 1347 13118 13214 1301s 1337 8 8 7,000 Chicago Rock Isl & Pacific_100 107 10714 10614 107 107 10712 *106 107 100 1,000 102 102 1005, 102 10112 102 10112 10112 2.500 6% Preferred 100 .1118 16 •11118 118 *11118 115 .11118 116 100 Colordao & Southern .76 79 76 76 76 76 .7612 78 100 150 First preferred 7012 701 .70 7212 *6514 7212 .66 72 100 90 Second preferred 67 677 6614 67 6612 6612 6614 6714 1,400 Consol RR of Cuba prof...100 .80 8012 *SO 8012 80 80 .80 8012 100 300 Cuba RR pref 194 197 194 19712 194 194 192 195 100 2,000 Delaware & Hudson •127 128 127 12712 12612 127 125 1263 4 3,700 Delaware Lack A Western.100 6512 66 68 69 6612 6812 663 70 4 5,800 Deny & Rio Or West pref_100 4 4 .37 8 412 *33 4 4 312 4 100 400 Duluth So Shore & AtI .6 63 4 *512 612 .512 612 .512 612 100 Preferred 67 4 693 5 69 4 703 4 6712 6914 6734 70 100 42,200 Erie 6012 6118 61 62 605 61 8 6014 6012 3,500 First preferred 100 *57 59 *5712 5912 *5712 62 *5712 62 100 Second preferred 110 111 110 11114 10914 10912 107 noiz 9.500 Great Northern preferred_100 1053 10612 4 106 1063 106 10614 *106 10612 1,100 Pre certificates 4 100 33 347 8 3434 38 3312 3514 3414 3 4 102.000 Iron Ore Properties—NO par 63 5212 5212 5234 53 51 52 51 51 100 1,300 Gulf Mobile & Northern *101 1021, 10078 1007 *100 101 8 10018 10018 100 300 Preferred *8 9 *8 812 *8 9 8 8 200 Havana Electric Ry_ __No par .5712 60 5814 60 •59% 597 59 59% 100 110 Preferred *410 436 *402 436 *405 436 *400 436 100 Hocking Valley 52 5314 50 5114 517 5134 5 580318 6,500 Hudson & Manhattan-100 81 81 *80 83 81 81 8012 1 100 400 Preferred 143 143 144 145 14312 14412 143 143 100 900 Illinois Central *140 150 *140 450 .140 143 .141 14314 100 Preferred 80 80 *79 80 7914 793 4 80 80 320 RR Sec Stock certificates_ _ _ 483 503 49 4 50 4 4718 49 47 523 25,900 Interboro Rapid Tran v t c_100 4 533 553 4 523 523 *50 4 4 4 55 *50 53 .100 900 Int Rys of Cent America. 5112 5112 .50 54 *50 53 .50 54 No par 200 Certificates *77 78 *77 78 77 7614 7612 77 100 40 Preferred *37 7 Stock 4 Stock 4 *3 *37 4 4 *37 4 100 Iowa Central. 8812 89 87 ..... 88 90 8714 8812 8812 4.300 Kansas City Southern 100 xchang 69 69 Exchange *65 .65 *68 69 1 .65 69 100 Preferred 09512 99 9312 9412 9212 94 9314 9314 50 , 1300 Lehigh Valley 15014 15014 150 150 *148 150 Closed Closed •14912 160 100 200 Louisville & Nashville_ 84 *83 8412 8412 84 84 *83 84 30 Manhattan Elevated guar_100 51 LE_xtra ] Lincoln's 50 50 5012 *4912 50 50 523 10,100 Modified guaranty 4 100 *33 4 4 *33 4 4 .33 4 4 c 33 4 33 4 100 100 Market Street 117 Holiday .3312 35 Birthday 3312 3312 323 35 4 333 333 4 4 100 6001 Prior preferred 23 4 23, 212 212 234 25, 212 217 1,900 Minneapolis & St Louls 100 *42 43 *42 45 413 413 4 4 41 41 200 Minn St Paul & S S Marie.100 •77 8112 8112 80 80 *80 *80 82 100 200 Preferred 65 65 65 65 65 65 65 65 100 220 Leased lines 477 49 49 50 4 48 3 483 4 471 49 .No par 17,400 Mo-Kan-Texas RE... 105 1051 , 8 105 10514 1047 105 105 105 100 1,300 Preferred 7118 723 8 7318 7112 725, 32,200 Missouri Pacific 723 737 4 8 72 100 1295 13118 8 13018 1317 13014 131 8 131 1317 8 100 *831, 8714 .8314 8714 •83% 8714 6,800 Preferred •8314 8714 50 Morris & Essex •190 198 .191 197 *191 194 •191 195 Nash Chatt & St Louis__ .100 3 3 L.100 3 314 312 1.400 Nat Rys of Mexico 2d pre3 3 ' 193 189 4 1923 3 4 3 19514 190% 19212 18812 1923, 49,100:New York Central 100 13612 13714 13714 138 138 13814 •1368 138 100 2.700'N Y Chic & St Louts Co 108 10812 10338 108118 1073 1073 .108 108 4 4 100 1,400 Preferred •325 340 315 325 •320 330 *320 338 50 50 N Y dc Harlem 89% 9178 89 9014 93 905, 885 917 36,500 NY NIL & Hartford 100 4 1173, 1173 118 118 1173, 11738 117 1171 , 1,400, Preferred 275, 277s 283 2934 281s 287 8 8 28 29 8,800 N Y Ontario & western...100 *6 712 *63 4 71 *714 712 712 712 100 N Y Railways pref.—No par •35 41 3512 3512 35 *35 37 35 100 400 N Y State Rye pref .43 46 *43 .43 46 45 45 45 100 100 Norfolk Southern 195 4 196 3 ingi, 1973 192 192 4 193 19417 2,100 Norfolk & Western 100 *78 83 *80 83 .80 83 83 83 100 2001 Preferred 106 1087 107% 1093, 1055, 10714 106 1077 100 6,900 Northern Pacific 10518 1067o 10512 1061 1045, 105 104 105 100 3.400 Certificates *20 23 25 2012 201 *20 20 20 100 500 Pacific Coast *36 3712 .38 371 .36 3712 .36 371 100 First preferred 25 25 291 .25 .25 29 25 25 100 70 Second preferred 7714 7812 781, 793 7712 7834 77% 785, 43,500 Pennsylvania 50 *29 33 *30 *29 33 33 .30 100 33 Peoria & Eastern 168 170 16212 16212 160 165 165 169 100 1,900 Pere Marquette 983 99 4 *9834 99 .983 99 4 99 100 99 70 Prior preferred *943 95 4 95 95 .94 95 *94 100 95 100 Preferred *503 53 4 *503 ---- •503, -___ *5034 ____ ...... Phlia Rapid Transit 8 50 -_ *50 50 Preferred •*50 138 11914 *50 111 140 140 -3 .50 111 - *138 iii __ 2,.. Pittsburgh & West Va 100 10814 10814 10812 110 1063 108% 10612 10815 7.500 Reading 4 50 *4212 4312 .4212 43 *4212 43 423 42% 4 50 200 First preferred *47 48 47 47 •47 49 47 50 48 200 Second preferred .68 71 71 .66 .66 71 *66 71 100 pref 117% 1183 , 11934 11712 1177 11712 1175, 4,900 Rutland RR Francisco 1173 4 4 100 St Louts-San 96 96 9618 9514 96 96 96 100 963 4 3,9001 1st pref paid 105 105 1067 110 10434 107 104 106 2,800 St Louis Southwestern___ _100 *90 91 9014 9014 .90 91 *90 91 100 1001 Preferred •Bid and aaked prices; no sales on this day. z Ex-dividend PER SHARE Range Since Jan. 1. -share lots On basis of 100 Highest S per share 19614 Jan 2 10212 Jan 3 169 Jan 2 8 1187 Jan 16 78 Jan 23 6514 Feb 8 4 1063 Jan 2 91 Jan 2 7214 Jan 4 883 Feb 15 4 355 Feb 15 8 .543 Jan 26 4 5312 Jan 4 23312 Jan 8 100 Jan 14 211 Feb 8 21312 Jan 18 1118 Jan 2 8 173 Jan 9 40 Jan 31 63 Jan 28 19 Jan 15 4618 Jan 7 34 Jan 7 55 Jan 4 86% Jan 7 135 Jan 5 13014 Feb 15 10618 Feb 4 100 Jan 8 112 Jan 22 76 Jan 14 6912 Jan 26 6512 Jan 24 7712 Jan 31 190 Jan 2 125 Feb 15 5514 Jan 2 3111 Jan 8 514 Jan 4 665 Feb 8 8 6014 Feb 15 58 Jan 1 107 Feb 15 10518 Feb 7 2734 Jan 7 $ per share 20938 Feb 4 1037 Jan 7 8 1913 Feb 4 4 131 Feb 4 8014 Jan 8 72 Jan 2 11012 Jan 22 1093 Jan 5 4 80% Jan 30 925 Feb 1 8 4418 Jan 18 61 Feb 4 60 Jan 29 2697 Feb 2 8 101 Jan 28 22712 Feb 1 21312 Jan 181 193 Feb 4, 4 253 Feb 4 4 43 Feb 4 8 667 Feb 4 2374 Feb 1 635 Jan 31 8 397 Feb 2 8 633 Feb 2 4 9414 Feb 5 145 Feb 5 131 174 Jan 19 10814 Jan 25 10274 Feb 5 120 Jan 3 80 Jan 25 71 Jan 14 705, Jan 2 81 Jan 2 20714 Feb I 13314 Feb 1 70 Feb 4 47 Feb 4 8 712 Feb 4 8 753 Feb 1 643 Feb 4 4 6014 Jan 5 11312 Feb 4 11012 Feb 2 39% Feb 1 5012 Feb 7 10018 Feb 15 712 Jan 2 56 Jan 7 410 Jan 8 50 Feb 14 79 Feb 4 14014 Jan 4 141 Jan 1' 8 773 Jan 15 47 Feb I' 51 Jan 2 50 Jan 10 7614 Feb 1 3% Jan 30 87 Feb 11 6812 Feb 4 9212 Feb 8 14512 Jan 15 8314 Jan 4 50 Feb 11 33 Feb 15 4 323 Feb 14 4 212 Feb 14 4012 Jan 15 71 Jan 14 6112 Jan 4 4714 Feb 15 10318 Jan 4 6212 Jan 4 120 Jan 2 83 Jan 30 186 Jan 29 3 Jan 8 1863 Jan 8 4 133 Jan 30 10714 Jan 17 315 Feb 14 80% Jan 4 1145, Jan 3 27 Jan 25 63 Jan 14 4 30 Jan 3 43 Jan 14 191 Jan 9 83 Feb 15 59 Feb 4 43 Aug 617 Mai , 99 Aug 109 Mai 103 Jan 3 7 Aug 83 Jan 4 4 1734 Juno 51 Dec 7818 Sep 60 Jan 12 450 Jan 22 340 July 473 Noi 5018 Dee 7312 Aix 5838 Jan 5 81 Oct 9312 Api 84 Jan 18 4 152 Feb 1 1313 Jan 1481 May 4 14514 Feb 4 13012 Jan 147 Mai 75 July 823,Juno 80 Feb 7 29 Jan 62 Mai 578 Jan 23 3612 Mar 5218 Not 59 Jan 28 5912 Jan 25 693, Jan 82 Mai 8014 Jan 2 2 Mar 414 Jan 18 57 Ma 2 43 June 95 No 988 Jan 12 , 6612 Aug 77 7012 Jan 15 Ap: 84% Feb 116 Ap: 10214 Feb 2 15312 Feb 5 13934 Nov 15912 Mai 75 87 Jan 3 Jan 96 Mai 40 Jan 64 Mai 5712 Jan 11 43, Jan 22 314 Dec 712 Mai 3812 Dec 543 Ma: 3912 Jan 4 4 178 May 33 Jan 19 4 612 Ma: 40 June 523 Jai 4714 Feb 4 70% Dec 873 Mai 87 Jan 23 4 60 Dec 7112 Jai 66 Jan 25 3012 June 58 De, 55 Feb 4 10512 Feb 4 10112 June 109 Fel 417 Feb 7614 Sep 8 753 Feb 2 4 1341 Feb 2 105 Feb 1267 De , 8212 Aug 89 Jun , 865 Jan 17 19912 Feb 5 17112 Aug 2043 Ma; 4 35 Jan 25 2 Feb 512 Ap 20414 Feb 1 156 Feb 196.2 No 145 Feb 2 12114 Oct146 Ma; 10914 Jan 4 10412 Aug 110 Ja. 379 Jan 18 168 Jan 505 Ap 98% Feb 2 5434 June 823 De 4 119% Feb 2 112 Sept 117 Ma 32 Feb 4 24 Feb 39 Ma 93 Jan 26 4 514 Jan 11 Ma 41 Jan 30 2312 Dec 43 Jul 4812 Feb 4 32 June 58 No 206 Feb 1 175 June 19812 No 86 Jan 17 847 Oct 90 Jun 4 114 Feb 2 9234 Feb 118 No 112 Feb 2 903, Feb 115 No 26 Jan 18 191 May 347 Ma 4 41 Jan 21 40 Aug 70 Ja 30 Jan 15 2012 Aug 39 Ma 8214 Jan 18 8178 June 767 De 25 Mar 37 Ma 348 Feb 1 1743 Feb 1 1247 Feb 154 No 4 100 Feb 2 96 Oct 101 4 MJ , 97 Jan 8 92 Nov 1003 Me 4 50 Jan 9 50 Nov 5634 Au 50 Jan 2 50 Mar 5112 01 1483 Jan 10 12114 Feb 163 0( 4 11712 Feb 4 94% Feb 11935 Ma 43 Jan 8 4112 Nov 48 Al 493 Feb 5 4 Jan 597 Ma 8 44 68 Jan 24 50 Feb 77 De 12212 Feb 4 109 Feb 122 Ms 9612 Feb 2 94 Dec 101 Ma 1153 Feb 4 4 6712 Feb 12414 No 92 Jan 15 89 July 95 131 1053, Feb 14 104 Feb 15 20 Feb 15 36 Jan 5 2112 Jan 10 7612 Jan 8 30 Jan 18 148 Jan 3 96 Jan 5 9312 Jan 4 50 Jan 9 50 Jan 2 138 Jan 30 10514 Jan 15 42 Jan 4 4612 Jan 28 66 Jan 28 11512 Jan 30 94 Jan 14 102 Jan 29 904 Feb 13 Lowest I Highest $ per share $ per share 18238 Mar 204 Nov 10212 Jan 10812 Apr 15718 Oct 19112 2.al 1033 June 125 8 Dec 4 , 77 Nov 85 Apr 61 June 8414 Jan 104 Dec 1153 May 4 58 Feb 91 Dec 7754 May 533 Jet 2 82 Jan 953 May 8 477 Sept 8 1412 Jar 3214 July 6412 Nov 38 Sept 63 Nov 19512June 253 Nov , 98 Sept 1071 Max 4 17512June 2183 Dec ____ ____ ___ ___ 55, Jan 183 May 2638 May 77 Feb 8 37 Feb 4814 May 53 Aug 765 8May 91s Feb 25 Dec 2012 Feb 503 Dec g 2214 Mar 4012 Apt 37 Mar 595, Nov 78 June 9414 May 135 Dec 150 May 106 Feb 1393, NON 105 Dec 11112 May 99 2 Dec 165 May 105 Aug 128 May 67 July 85 API 6912 Nov 85 May 6812 Dec 875 Jun( 8 79 Dec 94 Juni 16314 Feb 226 Apt 12514 Dec 150 Api 5012 Feb 65 4 Api 3 63 Jar 4 3 Aug 912 Ma3 43 June 8 483 June 7212 De( 4 50 June 637, Jar Jar 4914 June 62 9312 Feb 11434 Noi 9118 Feb 11134 Nos 1914 June 333 0c, 4 y Ex-rights. 0 Ex-dIv. of l'al the shares of Chesapeake Corp. stock. New York Stock Record-Continued-Page Z 1024 For sales during the week of stocks not recorded here, see second page preceding. HIGH AND LOW SALE PRICES -PER SHARE, NOT PER CENT. Saturday, Feb. 9. Monday, Feb.11. Tuesday, Feb. 12. Wednesday, Thursday, Feb. 14. Feb. 13. $ per share $ per share $ per share $ per share $ per share 19 194 1912 1912 y •18 1912 *21 22 2312 .,*2114 2312 22 132 133 132 133 131 133 14934 15114 114814 1507 14818 1503 4 8 09 983 983 99 983 983 4 4 4 4 *124 129 12318 12418 124 124 *168 175 168 168 174 174 34 34 *33 34 *33 35 5212 5312 51 50 50 53 *100 101 *100 101 *99 100 2225 22412 22014 222 22014 224 8 8278 83 *823 8318 *83 4 8314 *98 *99 100 *99 *99 103 *100 103 *99 103 7i1 71 71 71 714 7218 73 •96 *96 98 9712 *96 98 *83 *86 89 90 *83 88 4414 46 4314 4558 / 43 1 4 447 8 *4512 47 *44 43 50 43 3514 38 37 37 343 35 4 5918 597 5912 594 8 583 583 4 4 Friday, Feb. 15. Sales for the Week. STOCKS NEW YORK STOCK EXCHANGE PER SHARE Range Sines Jan. 1. On basis of 100 -share lots Lowest Lowest Highest $ per share Shares Railroads (Con.) Par $ per share $ per share $ per share $ per share 3,200 Seaboard Air Line 173 19 4 100 1612 Jan 2 207 Feb 4 8 1158 Mar 3012 Jan 600 Preferred 2014 2114 100 20 Jan 2 244 Feb 4 17 Aug 38 Jan 4 17,600 Southern Pacific Co 1303 133 100 128 Jan 2 1383 Feb 2 1175 Feb 13114 May 8 8 14712 1503 4 6,600 Southern Railway 100 14612 Jan 2 1583 Feb 1 13912 Feb 165 May 8 800 Preferred 983 983 4 4 100 9812 Jan 2 99 Jan 3 965 Sept 10214 Jan 8 160 Mobile St Ohio certifs....100 1234 Feb 11 1407 Jan 14 100 Jan 15911 Jan 126 126 8 500 Texas & Pacific 166 166 100 165 Jan 26 178 Feb 1 9913 Jan 1945 Oct 8 500 Third Avenue 35 3512 100 3212 Feb 6 373 Jan 11 8 2818 Jan 4618 May 2,800 Twin City Rapid Transit.._100 44 Jan 29 5814 Jan 25 52 52 3214 Sept 58 May 50 Preferred 100 100 100 9712 Jan 29 100 Jan 5 945 Oct 107 Feb 8 8,200 Union Pacific 22018 223 100 2143 Jan 8 231 Feb 2 18612 Feb 2247 Nov 8 4 8 2,300 Preferred 834 837 100 82 Jan 3 84 Feb 7 / 1 4 824 Oct 8714 Jan *99 ____ Vicksburg Shrev & Pac Jan 100 983 Feb 6 10014 Jan 5 8 99 Aug 111 Preferred *99 103 100 99 Nov 0 5114 Feb1968: Mar 71 2,300 Wabash 70 100 70 Jan 29 8138 Jan 5 May Preferred A 98 *96 100 94 Jan 2 10478 Jan 7 8812 Feb 102 May Preferred B *83 88 100 8212 Jan 21 91 Jan 8 87 Feb 9912 may 4314 4512 19,400 Western Maryland 100 41 Jan 28 54 Feb 4 4 313 Feb 543 May 4 100 Second preferred *4214 47 100 413 Jan 10 5312 Feb 4 4 3312 Feb 544 May 8 2,500 Western Pacific 3513 355 100 334 Jan 25 41 Feb 4 3812 Dec 284 Feb 100 57 Jan 28 6412 Feb 4 5814 583 4 1,500 Preferred 5212 Aug 6218 Jan Industrial & Miscellaneous No par 404 Jan 4 46 494 5,100 Abitibi Pow & Pap 47 474 487 477 8 . 8 4614 47 84 400 Preferred 100 83 Jan 21 85 85 85 8518 847 847 *83 8 8 900 Abraham & Straus____No par 132 Feb 11 132 136 132 132 136 136 138 138 90 Preferred 11112 11112 11014 1113 11114 11114 110 110 100 1093 Jan 16 4 4 410 41414 2,900 Adams Express 400 410 100 389 Jan 16 395 408 390 395 300 Preferred 957 957 8 8 *95 100 9314 Jan 22 96 *95 *95 96 96 327 8 1,700 Adams Millis No par 3112 Feb 14 3218 33 3212 3112 3212 *31 32 14,700 Advance Rumely 100 48 Jan 29 8 5714 62 61 4 663 4 574 607 563 62 6313 2,100 Preferred 100 5812 Jan 23 6414 6414 6214 6212 63 5914 60 414 19,400 Ahumada Lead 4 414 418 1 438 312 Jan 2 414 43 4 8 8 8 10714 11012 1035 1065 104 1083 11,200 Air Reduction, inc____No par 964 Jan 7 10514 108 8 8 8,300 Ajax Rubber,Inc No par 913 93 4 94 Feb 8 914 95 93 8 94 3 914 912 712 77 8 74 77 14,300 Alaska Juneau Gold Mln__10 8 712 Feb 14 7 8 814 5 78 8 7 1,000 Albany Pert Wrap Pap_No par 2112 Feb 15 2112 22 23 23 22 213 2212 22 4 15,200 Allied Chemical dr Dye_No par 241 Jan 7 276 285 290 300 281 28712 280 287 200 Preferred *122 123 8 8 100 121 Jan 3 8 1227 1227 12278 1227 *122 1227 8 100 171 Feb 15 171 17612 1,600,Allis-Chalmers Mfg 179 180 179 180 17512 176 912 93 8 *8 9 1,000:Amalgamated Leather_No par 8 8 8 Feb 14 93 8 912 64 200: Preferred *6014 65 60 Feb 13 *56 60 6012 *56 65 8 4 32 343 No par 314 Jan 30 3212 313 3212 11,600 Amerada Corp 33 345 8 32 4,800 Amer Agricultural Chem--100 1812 Feb 15 1918 20 8 1812 19 1912 2012 187 195 8 63 634 6612 6414 7,500 Preferred 100 6212 Feb 14 65 6712 6212 65 125 4 1294 3 12812 1323 12712 1287 1253 12812 6,100 Amer Bank Note 4 10 1223 Jan 7 8 8 4 250 Preferred *6014 6112 8 6012 6012 6112 62 .6014 647 50 60 Jan 3 1712 18 17 900 American Beet Sugar _No par 17 Jan 2 17 18 1812 18 18 60 Preferred *50 60 60 *50 60 *50 100 51 Jan 7 1 .50 . 4112 42 8 4112 4414 19,200 Amer Bosch Magneto--No par 4012 Feb 14 41 4278 4012 427 4 5312 55 55 583 8 5412 5612 533 5612 15,700 Am Brake Shoe & F.___No par 45 Jan 16 200 Preferred *120 125 125 125 *120 125 *122 125 100 12212 Feb 7 2014 217 21.2 2214 203 217 8 8 2012 2178 18,700 Amer Brown 13overi El_No par 1518 Jan 7 4 310 Preferred 69 *65 67 4 70 71 6912 70 100 493 Jan 7 7l1z 8 Stock 1104 11414 Stock 8 1123 1144 1113 1135 11014 1143 153,900 American Can 4 8 25 10912 Jan 30 1,100 Preferred 141 141 *14112 142 8 14114 14112 1404 141 100 1405 Feb 14 95 Exchange 9614 9512 97 9614 97 9612 9612 Exchange 2,300 American Car Yr Fdy__No par 95 Feb 14 700, Preferred 117 117 117 117 11612 11612 *11614 117 100 11612 Feb 7 82 100 American Chain pref 82 84 *74 80 *81 Closed Closed 8 *7313 85 100 723 Jan 23 6,000'American Chicle 4 533 4 513 54 5214 54 52 No par 4718 Jan 3 53 55 1 Prior preferred Extra .11014 112 1 No par 10912 Jan 2 Lincoln's •11014 112 *11014 112 *11014 112 4 2,0004mer Druggists Syndicate__10 4 93 95 8 97 8 9 Jan 25 93 4 4 93 9 4 94 3 93 Holiday 89 4 9118 9118 1,300;Amer Encaustic Tiling_No par 83 Jan 8 89 Birthday 9212 9414 9212 933 2,100,Aznerican Express 290 300 290 290 290 29014 294 302 100 280 Feb 2 9412 105 8 10312 115 10818 1187 118 12512 282,100 Amer & For'n Power___No par 7514 Jan 4 1,200 Preferred •10612 1064 10678 108 1073 10812 108 108 No par 10512 Jan 3 4 4 3,100 2d preferred 8 4 995 993 9912 100 8 9912 100 995 993 No par 9678 Jan 2 *811 9 American Hide & Leather_100 *812 9 9 *814 9 Jan 12 *812 9 600 Preferred 3214 3114 3212 *3134 3212 32 32 32 100 3014 Feb 6 6,900 Amer Home Producta__No par 75 Jan 2 77 78 7912 4 783 793 x763 784 77 4 4 403 4114 8,500 American Ice 8 4118 4214 4018 41 41 4218 No par 384 Jan 16 200 Preferred 4 •913 9212 91 9112 91 100 9012 Feb 11 *91 9012 9012 6914 6612 6912 30,500 Amer Internat Corp....No par 66 Feb 14 663 69 4 68 697 8 66 4 4,000 Amer La France& Foarnite_10 74 73 7 73 4 68 7 7 612 63 4 612 Feb 8 67 Preferred *63 67 *63 100 6614 Feb 6 *57 67 67 *63 105 10712 3,900 American Locomotive_No par 104 Feb 7 10712 10812 106 108 10612 10812 800 Preferred 115 11512 11518 1157 11412 115 *11512 116 8 100 113 Jan 3 1,600 Amer Machine & Fdy__No par 172 Feb 15 172 174 175 178 178 180 175 178 90 Pref (7) ex-warrants *115 116 11212 Feb 5 115 115 *113 115 *113 115 774 31,200 Amer Metal Co Ltd- __No par 6014 Jan 7 74 7514 783 7312 78 4 7414 77 1,200 Preferred (6%) 126 126 100 117 Jan 3 12814 13112 *129 130 127 131 93 2,550 Amer Nat Gas pref___.No par 85 Feb 4 9314 92 92 947 8 92 92 9412 800 American Piano 1312 1312 *1314 15 14 *1312 16 14 No par 13 Jan 2 420 Preferred *454 48 53 48 45 48 100 38 Jan 2 434 5113 87,500 Am Power & Light____No par 8118 Jan 8 1063 11214 10612 11012 x107 116 10212 1077 4 2 8 1,600 Preferred 1023 1023 8 No par 9912 Jan 2 10112 10212 102 102 10114 1013 4 700 Preferred A 7814 784 79 *77 No par 73 Jan 7 80 77 *7618 77 4 3,000 Fret A stamped . 844 843 841 3 No par 80 4 Jan 15 835 834 84 8312 84 8 5,700 American Radiator 4 25 18712 Jan 2 192 19412 193 1943 192 19312 18914 19414 . Preferred 100 140 Jan 7 *160 190 *183 190 *185 190 •130 195 8,500 Amer Railway Expreas 139 149 8 100 1297 Jan 16 8 14112 1473 144 153 13914 141 1,800 American Republics-No par 4814 Feb 8 513 5138 8 4918 51 50 494 513 51 4 3,200 American Safety Razor_No par 67 8 Feb 14 , 3 6812 7014 6738 6812 67 2 68 6814 69 3312 2,400 Amer Seating v t c No par 33 Jan 21 4 33 3314 333 333 34 333 34 4 4 3 8 Jan 2 5 458 514 5,200 Amer Ship & Comm_ _ _No par 5 54 514 514 514 5 94 70 American Shipbuilding_ ___100 90 Jan 7 *93 94 *93 04 *93 91 93 8 4 4 11712 1203 11412 1173 11214 1177 123,600 Am Smelting & RetinIng__100 9312 Jan 18 113 4 1193 3 4 800 Preferred 100 13512 Feb 2 13512 13512 13512 136 *136 137 13512 13512 1,500 American Snuff 100 200 Jan 30 202 202 20114 206 *203 204 *202 203 10 Preferred 100 108 Feb 13 *108 112 108 108 *108 112 *108 112 4 4 70 4 6712 713 26,000 Amer Steel Foundries...No par 643 Jan 7 3 6812 7212 7012 7313 68 310 Preferred 8 11114 1117 100 11012 Jan 4 11212 11212 1117 112 8 11114 112 100 8318 Jan 7 8 857 8712 8 8 85 4 883 3 8 843 8512 837 8512 13,600 Amer Sugar Refining 600 Preferred 100 10812 Jan 3 10912 10912 *1093 110 4 11014 11014 110 1104 4 3 No par 52 Feb 8 8 54 533 544 2,300 Am Sum Tob 5312 54 5414 56 5418 600 Amer Telegraph & Cable-100 17 Jan 2 4 213 213 4 2013 2012 2114 2114 8 205 205 8 26,900 Amer Telep & Teleg 100 19314 Jan 8 2085 216 8 4 2093 21212 20812 214 214 217 8 17534 177 8 3,000 American Tobacco com__-_50 1737 Feb 15 17414 17414 1734 1737 175 178 4 5,000 Common class B 50 17314 Feb 15 17618 17858 1743 , 4 8 17312 1783 17312 1733 173 4 700 Preferred 120 120 100 11914 Feb 1 120 120 *120 1204 120 120 1,200 American Type Founders 100 1364 Jan 5 14014 142 145 145 145 145 *145 149 20 Preferred 1001 1071 Jan 8 : *10712 110 110 110 *109 110 *109 110 No par 6714 Jan 8 82 4 85 8 83 8812 83 4 8614 833 873 38,400 Am Wat Wits & El 3 100 1st preferred 97 Jan 3 10212 1021 10212 •____ 10112 *____ 100 • 1001 2314 Jan 29 23 / 241 1 4 8 1,600 American Woolen 8 2312 237 247 2412 2412 24 8 2,100 Preferred 507 52)4 8 3 1001 60 Jan 29 4 50 4 517 4 52 5212 523 523 1258 1258 8 1,200 Am Writing Paper etts_No par1 1214 Jan 17 127 4 1212 125 125 8 8 1212 123 100 4134 Jan 16 700 Preferred certiticate 43 431 4312 434 4312 4312 4212 4212 37z, 3612 19,600 Amer Zinc, Lead & Smelt...25 38 Feb 8 3612 387 s 383 42 4 3718 391 25 101 Feb 15 1,200 Preferred 10312 103 101 102 12 104 10514 102 103 127 13218 13312 1365 1303 1344 131 13612 793,600 Anaconda Copper Minlng 601 11514 Jan 15 8 4 No par 53 Feb 7 4,500 Anchor Cap 534 54 56 55 55 563 4 5512 551 No par 112 Jan 2 800 Preferred 112 112 11614 118 116 116 *11212 11518 8 504 527 523 54 4 5118 548 5418 5714 303,800 Andes Copper Mining...No par 48 Jan 31 963 9812 8 9712 0812 1,500 Archer, Dan'Is, Mld'Id_No par 9814 Feb 7 9918 10012 987 99 8 1001 114 Jan 4 114 114 40 Preferred 114 114 *114 1141 *114 11412 1,000 Armour & CO (Del) pret 4 924 927 3 94 04 93 9434 *9312 94 100I 913 Jan 9 3 UN 163 15 4 1614 3 4 157 16'4 8 1558 1614 17,700 Armour ot Illinois claw A__-25 15 8 Feb 15 251 818 Feb 15 814 812 812 16.300 Class B 81s 814 834 814 81s 1001 82 Jan 7 82 8 8278 7 900 Preferred 83 8314 83 82 8 83 7 83 4 8 325 33 2.000 Arnold Constable Corp_No par 293 Feb 2 33 313 32 4 34 *3112 33 No pail 271 Jan 22 Artloom Corp : no 30 no 30 *29 ____ *29 30 99 110 Preferred 10019712 Jan 9 99 *99 100 99 99 •99 100 • Bid and aaked Priem; no isles on this day. Highest PER SHARE Range for Previous Year 1928 s Ex-dividend. Y Ex-rights. 5478 Jan 22 8838 Jan 7 15912 Jan 3 112 Jan 2 424 Jan 24 96 Jan 3 354 Jan 15 7412 Feb 4 733 Feb 4 4 45 Jan 21 8 11458 Jan 26 1114 Jan 2 1014 Jan 8 25 Jan 3 301 Feb 2 123 Jan 24 194 Jan 11 Ills Jan 14 73 Jan 17 425 Jan 3 8 235 Jan 15 8 733 Jan 11 4 13414 Feb 6 62 Feb 13 204 Jan 16 6014 Feb 5 474 Jan 17 62 Feb 4 125 Feb 15 2312 Feb 6 747 Feb 6 8 120 Feb 5 1417 Jan 14 8 10812 Jan 3 120 Jan 29 82 Feb 15 5812 Feb 1 11414 Jan 30 11 Jan 2 98 Jan 31 302 Feb 14 12512 Feb 15 10812 Feb 14 101 Jan 29 10 Jan 2 38 Jan 2 854 Jan 24 433 Feb 5 4 94 Jan 3 7614 Jan 18 8 8 Jan 10 7 72 Jan 4 115 Jan 3 118 Jan 22 1883 Jan 11 4 11612 Jan 12 4 813 Feb 6 135 Feb 6 9814 Jan 7 177 Jan 31 8 55 Jan 31 120 Jan 30 1023 Feb 2 4 80 Feb 13 843 Feb 15 4 210 Jan 15 195 Jan 2(1 153 Feb 14 643 Jan 2 4 74 4 Jan 31 3 367 Jan 3 8 7 Feb 5 94 Jan 24 12213 Feb 6 138 Jan 4 206 Feb 1 112 Jan 24 794 Feb 4 1123 Jan IC 4 9434 Jan 25 111 Feb 1 60 Jan 2 213 Feb 15 4 222 Jan 30 16812 Jan 28 188 Jan 28 12114 Jan 15 155 Jan 31 11013 Jan 2 924 Jan 30 104 Jan 28 274 Jan 3 583 Jan 2 8 1514 Jan 21 44 Jan 4 4478 Jan 2 108 Jan 31 1363 Feb 13 8 5812 Jan 3 119 Jan 5 5714 Feb 15 1104 Jan 9 115 Jan 11 95 Jan 30 1818 Jan 2 1014 Jan 2 88 Jan 24 407 Jan 2 8 30 Feb 5 100 Jan 4 Apz 3614 Nov 85 76 Nov 10258 July 90 June 142 Dec Oct 11412 June 109 196 Jan 425 Dec 93 Jan 994 Mat 3012 Dec 3312 Dec 11 Jan 65 Sept 3414 Jan 693 Sept 4 234 Jan 5 Mar / 1 4 8 59 June 995 Dec 1438 Jan 712 Jur e Jan 10 Nov 1 223 Dec 3114 Jan 4 146 Feb 25234 Nov 12013 June 1275 May 8 11518 Feb 200 Dec 94 Oct 1634 Apz 69 Mar 90 ADI 274 Feb 437 Nov 8 1538 Feb 26 Nov 8 553 Feb 797 Nov 8 743 Jan 159 May 4 Oct 657 Jar 8 60 4 143 July 2412 Aug 8 Feb 613 Sept 36 153 Feb 4438 Nov 8 397 July 494 Jar 8 120 Dec 128 Juni 105 Apr 2614 May 8 8 4014 Apr 657 May 7012 Jan 11712 Nov 1363 Jan 147 4 Api 884 July 11112 Jar 1103 Aug 13712 Mai 8 71 Dec 105 Juni 4 44 Dec 503 De( Jan 114 May 107 1012 Dec 1512 Ap. 53 Jan 86 Nov 169 Jan 310 De( 225 Feb 85 De. 8 1043 June 110 Mal 4 Feb 100 Sep 81 8 814 Oct 155 Fel 8 31 Nov 673 Fel 59 Feb 86 No Jan 464 Aul / 1 28 Jan 9912 Mal 90 -------- I- - - - --- • 1158 Oct 514 Jan Jan 8512 Oct 56 Jai 87 June 115 10314 Oct 134 Mat 4 12912 June 1833 De, Jaz 110 Dec 116 3 39 Mar 63 4 Nov 109 Aug 117'2 Mal 4 963 Dec 993 Nov 4 1234 July 25 Fel Jal 38 Dec 00 6214 Jan 95 May 10012 Dec 10714 Mal 7018 Nov 774 Nov 8112 Dec 8614 Nov 1304 Jan 141 Oct 11012 Jan 5114 Feb 56 Jan 2758 Nov 312 Aug 80 Sept 169 Feb 131 Mar 141 Jan 100 Oct 504 June 109 June 55 Feb 100 Feb 46 Feb 1714 Dec 172 July 152 June 152 June 1153 Sept 4 1097 Aug s 19112 De( 152 Ap. 143 De. 85 Ap. 744 Sept 45 May 618 May 119 Jat 293 Del 142 Ap. 210 DOI 120 JUDI 703 Jar 8 120 Fet 9312 Nov 11012 May 7358 Sept Jar 32 211 May 18438 De( 1847 Nov 8 126 Ap. 1424 Nov 107 Nov 52 June 98 Oct 14 July 39 Aug 10.2 June 34 June 64 Jar 40 Jan 54 Jan 48 Dee 10614 Dec 3618 Nov 5514 Feb 112 Oct 863 Jan 8 1114 Jan 6 8 Jan 5 6718 Jan 3514 July 2814 Dec 99 r 115 Ma. 7812 Nov Ap. 106 323 Nov 8 653 Nov 4 1912 Fel 53 4 001 3 Oct 57 1177 Oct 8 12014 De. 5458 De. 111 Del 56 Nov 1127 Nov 8 11514 Mat 9712 JUDI 234 Sep 134 MC : 911 Jun, 51 / AY 1 4 4438 Ma s New York Stock Record-Continued-Page 3 1025 For sales during the week of stocks not recorded here, see third page preceding. HIGH AND LOW SALE PRICES -PER SHARE, NOT PER CENT. Saturday, Feb. 9. Monday, Feb.11. Tuesday, Feb. 12. Wednesday,I Thursday, Feb. 14. Feb. 13. Friday, Feb. 15. Sales for the Week. STOCK NEW YORK STOCK EXCHANGE $ per share $ per share S per share Shares Indus. & Mlscel. (Con.) Par 2912 2912 2912 29 4 *2912 2934 3 700 Art Metal Construction__ 10 595 623 8 8 61 605 623 8 648 36,300 Assoc Dry Goods No par 102 102 *99 104 100 104 104 500 First preferred 4712 *45 25 4358 454 *45 4712 190 Associated Oil 3212 3212 1,600 Atl G & W I S S Line__No par 3312 338 3212 33 4634 463 *4618 463 *461 463 4 4 100 4 500 Preferred 8 553 567 4 563 595 4 25 8 5512 5714 79,500 Atlantic Refining 11534 1153 11612 11612 11612 117 4 100 180 Preferred 106 107 *102 104 10114 104 No par 1,000 Atlas Powder 103 104 103 103 103 103 100 320 Preferred *12 1212 12 12 *1012 1212 No par 200 Atlas Tack 7 7 7 7 714 714 1,000 Austin, Nichols & Co_No par *3214 35 *2314 24 34 34 100 Preferred non-voting._ _100 64 64 64 64 64 64 400 Austrian Credit Anstalt 223 23 4 2212 225 8 2218 2212 1.900 Autosaies Corn No par 3812 3812 3812 3878 3712 385 50 8 2,500 Preferred 457 46 46 46 46 46 700 Autostr Sat Razor "A"_No par 230 230 *217 235 230 230 200 Baldwin Locomotive Wks.100 117 117 117 1173 117 118 4 100 370 Preferred *10912 110 *10912 110 10912 10912 110 Bamberger (L) & Co pref 100 3212 3218 3218 31 *31 31 200 Barker Brothers No par *97 975 97 97 97 97 100 200 Preferred 2312 233 4 2312 2312 23 24 1,200 Barnett Leather No par 4134 4358 4058 42 4014 42 25 58,300 Barnsdall Corp class A *41 43 *40 42 •39 42 25 200 Class B *10612 110 107 107 *10612 110 100 Bayuk Cigars. Inc No par *105 10514 105 105 *105 10512 100 50 First preferred 2014 2014 20 2014 2018 2012 8,500 Beacon 011 No par 91 93 *89 90 88 8814 1,900 Beech Nut Packing 20 1118 1112 11% 1114 1114 1112 2,000 Belding Hem'way Co._No par 86 87 *8214 8314 *8214 834 900 Belgian Nat Rye part pref.__ 86 87 *85 8514 845 8514 1.800 Best & Co 8 No par 9118 9312 8918 913 4 885 923 229.900 Bethlehem Steel Corp ___100 8 4 122% 1223 1213 12214 1213 1213 8 4 4 4 900 Beth Steel Corp Pf (7%)_100 47 48 4612 48 4614 47 1,600 Bloomingdale Bros_-No par *110 11012 *110 11014 *110 11012 10 Preferred 100 *97 993 *97 4 993 97 97 10 Blumenthal & Co pref 100 83 8314 .82 83 82 8318 1,100 Bon Anil class A No par 812 812 812 812 75 8 812 1,300 Booth Fisheries No par *5212 55 *5212 55 *5212 55 100 1st preferred 192 19234 190 191 x188 19112 8,800 Borden Co 50 4 *1512 153 *1512 1534 *1512 153 4 300 Botany Cons Mills class A.50 4912 517 8 5212 543 8 1 s 503 52 8 5012 53 93,400 Briggs ManufacturIng_No par 47 5 *47 5 5 5 5 5 100 900 British Empire Steel *9 10 10 11 *9 912 •9 1012 800 2d preferred 100 643 65 4 64 62 6412 65% 63 6314 4,800 Brockway Mot Tr____No par *128 150 *128 140 128 128 *123 125 100 100 Preferred 7% *318 345 *330 345 *330 345 *310 345 100 Brooklyn Edison Inc 180 18312 1823 1833 182 1823s 175 183 4 4 3,200 Bklyn Union Gas No par 433 433 4318 433 8 425 4314 8 425 43 1,300 Brown Shoe Inc No par *117 11912 *117 11012' 5117 119 *117 119 100 Preferred 4814 49 4814 49 473 49 484 51 4 6,200 Bruns-Balke-Collander_No par 373 3818 38 40 375 385s 3818 395 8 6,400 Bucyrus-Erie Co 10 3 4638 4712 4612 47 4618 47 4 4 618 463 3,800 Preerred 10 Stock 11514 11514 *1155 1197 1155s 1155 11512 1155 8 Stock 8 8 s 120 Preferred (7) 100 115 11518 *112 115 *112 120 113 113 500 Burns Bros new clAcomNo par Exchange *3214 34 Exchange 32 32 *3112 3312 *3112 35 100 New class B com_-__No par 104 104 104 104 104 104 *10412 105 50 Preferred 100 Closed 238 238 Closed 240 240 240 240 239 239 400 Burroughs Add Mach_No par 78 813 4 7914 823 4 773 8014 7312 79% 21,000 Bush Terminal 4 No par Extra 10812 109 Lincoln's 108 10814 107 108 107 107 100 640 Debenture *115 117 115 115 115 115 *115 117 30 Bush Term Bldgs pref._ 100 Holiday 10 10% Birthday 97 8 97 912 95 9 914 6,700 Butte & Superior Mining_10 812 8 7 812 87 814 84 814 83 4 9,900 Butte Copper & Zinc 5 35 35 34 35 34 343 4 34 34 5,400 Butteriek Co 100 14234 14512 145 1533 144 147 13818 14958 7,300 Byers & Co (A M)____No par 114 114 •114 115 *112 114 112 11214 30 Preferred 100 114 11514 118 118 11414 11414 112 116 1,900 By-Products Coke___ _No par 7618 77 76 773 4 76 77 755 77% 5,900 California Packing___ _No par 8 27 27 *27 298 *27 297 *27 8 297 25 8,Californla Petroleum 33 3 318 3 318 33 4 314 3 8 18,100;Callahan Zinc-Lead 5 10 130 13312 13312 1357 130 1343 12858 13512 28,11)0,Calumet & Arizona Mining_10 4 7 58 551s 58 5912 5614 57 5512 577 112,800ICalumet & Heels 25 81 . 7914 8114 82 79% 803 4 79 81 22,000,Canada Dry Ginger Ale No par 445 45% 4412 4458 4412 45 8 4438 44 No par 1,800'Cannon Mills *455 465 *445 465 460 470 *450 460 50&Case Thresh Machine____100 *125 128 *125 127 125 125 12818 12818 200 Preferred 100 43 43 4114 427 42 4214 413 4212 2,800 Central Aguirre Asso_ _No par 4 4612 483 4 4614 4714 4514 473 33,400 Central Alloy Steel ____No par 4614 48 4 •11212_ *11212 _ *11212 __ 11212 11212 20 Preferred 100 *17 14 --18 1712 _18 1714 1714 1712 1 .12 7 500 Century Ribbon Mills_No par *7614 80 *7614 80 *7614 80 *7614 80 100 Preferred 11012 1133 10812 1107 107 111 4 8 10812 11112 50,900 Corrode Pasco CoPper.No par 2314 2314 2358 23 2312 24 23 233 4,300 Certain-Teed Produas_No par *55 70 *63 70 .55 *55 70 70 100 7% preferred 84 •825 84 8 84 84 84 •8258 84 400 Certo Corp No par 21 *____ 21 •____ 21 -- -- -- --Chandler Cleveland MotNopar -- -- -- -.--- ---- ---- ---- ---- ---No par Certificates •_..... 40 •____ 40 •---- 40 -- -- -- -No par Preferred No par Pref certificates -- -- --"- ---- ---- - --- ---- ---- -82 8 843 5 4 82 84 8412 8218 83 84 14:300 Chesapeake Corp No par 32 32 32 *30 32 32 *30 32 300 Chicago Pneumat Tool No par 55 55 55 53 5518 55 55 545 s 6,300 Preferred No par 334 333 32 32 32 32 .3112 33 80 Chicago Yellow Cab _NO pa 46 47 46 46 457 457 46 411 8 10 500 Chickasha Cotton Oil 5412 558 547 55% 5312 5412 5358 5312 4.600 Childs Co 8 No par 9118 9812 8 8 953 993 29,200 Chile Copper 98 993 4 947 983 8 25 *993 121 4 *993 122 4 *9934 122 *993 115 4 Christie-Brown tern etfsNo par 993 105 4 1015 1057 8 8 9912 10338 993 10312 385,800 Chrysler Corp 4 No Par *495 50 8 *495 50 8 *4912 50 *4958 50 City Stores class A____No par 2318 23 8 7 23% 2312 2312 257 14,300 New 2314 24 No par 63 6314 68 64 68 6318 65 7134 5,500 Cluett Peabody & Co No par *115 1157, •115 11578' *11514 1l578 5115 11578 100 Preferred 131 132 132 13312 13212 133 132 133 No par 5,900 Coca Cola Co g 523 557 4 53 5454 56 54 557 11,000 Collins & Alkman 8 No par *90 100 *90 102 *____ 10112 *____ 10112 Preferred non-voting___100 664 69 7014 7114 6812 6812 67 70 100 5,800 Colorado Fuel & Iron 14012 147 145 148 139 14312 1397 146 11,200 Columbian Carbon v t cNo par 14214 147 14718 1497 14712 15012 14,200 Colum Gas & Elee____No par 1467 149 107 107 10634 1063 10618 1063 106 106 4 4 100 1,400 Preferred 685 7212 8 7212 7412 7012 7312 683 74 297,700 Columbia Granhophone 4 4914 6134 1 5018 5214 50% 5258 43,500 Commercial Credit____No par 503 53 4 25 25 26 26 •25 26 25 25 25 170 Preferred 2712 •26 *263 2612 261* 2612 2612 27 8 25 160 Preferred 13 100 101 100 10014 100 10014 100 10014 1,190 let preferred %)-100 (654 17512 1812 180 1823 176 17912 173 18012 9.400 Comm Invest Trust-__No par 4 107 107 *107 109 107 107 *107 109 100 20 7% preferred *96 98 9612 9612 9612 9612 97 9714 100 400 Preferred (61.4) *55 60 52 853 ' 4 553 58 56 56 100 600 Warrants 22512 235 233 235 23034 23314 230 235 7,000 Commercial Solvents_No par 11512 12112 1193 1237 118 1217 115 120 4 8 8 15,700 Commonwealth Power_No par 84 85 83 86 8112 8212 81 82 1,500 Conde Nast Public/I-No par 8 285 2912 293 303 8 8 28% 2912 2818 2912 sue_No par 86 8814 8712 8978 8512 8758 84% 8758 51,700 Congoleum-Nairn No par 12,200 Congress Cigar 112 112 •112 F's 112 ii, 1 1 1,200 Conley Tin Foil stpd No par 9112 93 925 93 4 91% 921 8 3 9014 93% 7,100 Consolidated Cigar No par 95 95 *93 96 *93 96 .93 96 100 100 Prior prof 2612 27 2612 2712 2612 2612 263 274 146.700 Consol Film Ind pref__No par 4 10812 1105 8 10912 1133 10818 1105 10618 1113 s 8 5,400 Consolidated Gas(NY) No par 9912 9912 9914 9914 9958 993 8 994 9912 4,500 Preferred No par S per share $ per share $ per share 2918 2918 5714 60 *99 103 43 4512 333 34 4 453 4612 4 553 584 4 1163 1163 4 4 104 1063 4 106 106 *11 14 714 8 *3214 35 6312 6312 2212 23 3812 387 8 4714 4712 *225 235 117 1183 4 x1095 1095 8 8 *31 32 *97 9758 2312 2312 4058 4214 43 43 *10612 113 *10514 10512 20 20% 89 903 4 1158 12 8214 825 8 853 863 4 4 87 9114 1213 1213 4 4 4612 48 11012 11012 .07 100 83 83 858 85 *52 60 1893 191 4 1512 1512 PER SHARE Range Since Jan. 1. On basis of 100 -share lots Lowest 1 $ per share I 2918 Feb 7 5714 Feb 11 10112 Feb 7 43 Feb 11 3212 Feb 14 453 Feb 11 4 5312 Jan 29 115 Jan 21 10114 Feb 15 103 Feb 13 1112 Jan 2 6% Jan 3 34 Feb 15 6212 Jan 2 2218 Feb 15 3712 Feb 15 4314 Jan 10 230 Feb 8 1154 Jan 4 10814 Jan 2 2812 Jan 14 893 Jan 19 4 23 Feb 15 40 Jan 29 40 Jan 30 106 Jan 8 104 Feb 8 20 Feb 7 87 Feb 8 1118 Feb 13 81 Jan 29 84% Feb 15 8218 Jan 31 1213 Jan 2 4 4214 Jan 21 110 Jan 4 97 Feb 15 82 Feb 15 75 Feb 15 8 53 Feb 7 17412 Jan 8 4 113 Jan 10 49 Feb 8 418 Jan 8 5 4 Jan 14 3 62 Feb 15 128 Feb 14 300 Jan 2 175 Jan 7 42% Feb 14 117 Feb 7 4 473 Feb 15 3618 Jan 3 45 8 Jan 30 5 112 Jan 3 113 Feb 15 30 8 Jan 31 5 10314 Jan 5 234 Jan 16 7312 Feb 15 10514 Jan S 114 Jan IS 9 Feb 15 8% Jan 30 337 Jan 24 8 13818 Feb IS 110 Jan 17 108 Jan 8 741a Jan 31 27 Jan 3 Jan 8 12114 Jan 7 44 Jan 78 Jan 44 Feb 11 445 Feb 8 124 Jan 14 8 375 Jan 11 454 Feb 15 111 Jan 174 Feb 15 7614 Jan 5 8 1017 Jan 16 23 Feb 14 65 Feb 8 7712 Jan 7 20 Jan 24 2212 Jan 11 3612 Jan 7 37 Jan 9 8018 Jan 7 4 293 Jan 17 53 Felt 15 31 Feb 2 457 Feb 15 525 Jan 30 8 7114 Jan 8 102 Jan 3 9912 Feb 14 50 Jan 30 2318 Feb 11 63 Feb 11 8 1137 Feb 4 131 Feb 11 60 Jan 4 93 Jan 3 6614 Feb 11 124 Jan 7 13612 Jan 2 1055 Jan 18 8 68% Feb 8 4914 Feb 11 2412 Jan 2 25 Jan 21 100 Feb 11 13112 Jan 2 104 Jan 26 94 Jan 3 2714 Jan 7 22512 Feb 11 10714 Jan 7 80 Jan 3 27% Jan 2 797 Jan 8 s 1 Jan 8 9014 Feb 15 93 Jan 28 25% Jan 2 1032* Jan 7 9812 Jan 2 Highest PER SHAR-11 Rangefor Precious Year 1928 Lowest •Bld and asked prim:so sale on Ibis day. 8 Ex-dividend of 100% In coin. stook. a Ex-dividend. p Ex-rIghts. s Shillings. 8 Ex-dly. and en-rlakta. Highest $ per share $ per share S Per Mars 2512 Jan 343 Apr 307 Feb 4 4 4014 June 7512 Dec 701 Jan 10 9912 Aug 1137 Apr 107 Jan 15 8 3 47 Jan 5 3712 Feb 53 Sept 43% Jan 11 371 Feb 597 May 5534 Jan 2 38 Feb 6514 Oct 50 Nov 6612 Deo 68 Jan 2 1175 Jan 11 11412 Sept 11814 Jan 8 115 Jan 2 63 Jar 114 Dee 106% Jan 14 102 July 11012 May 1512 Jan 3 814 Jan 173 June 8 43 Jan 91 May 10 Jan 11 42% Jan 14 25 July 39 Jan 65 Jan 8 68 Oct 75 May 2912 Jan 7 612 Jan 343 Nov 4 25 Aug 41 Nov 437 Jan 23 43 Oct 5212 May 50 Jan 11 248 Jan 21 235 June 285 Mar 120 Jan 25 115 Oct 124 4 Apr 1 11012 Feb 1 10714 Nov 1117 Jan 2678 Aug 3514 Dee 33 4 Jan 23 3 917 Dec 10112 June 8 97 Jan 28 2312 Aug 5212 Feb 2914 Jan 15 20 June 53 Nov 467 Jan 3 20 Jure 511 Nov 49 Feb 2 98 June 14012 Mar 1133 J1213 25 4 8 1064 Jan 29 10312 Dec 1103 Mar 121 Mar 2412 Dee 2812 Jan 8 70 8 July 10114 Dee 3 101 Jan 12 12 Dee 22 4 Jan 143 Jan 2 825 Sept 921 MAY 8 84% Jan 3 53 4 Jan 102 3 9312 Jan 3 Oct 9312 Feb 4 51% June 88% Dee 123 Jan 11 11618 June 125 Apr 33 8 July 50 Sept 5 547 Jan 29 8 4 111 Jan 16 10912 Jan 111/ July 87 June 122 Dec 118 Jan 2 8912 Jan 12 6514 Jan 8512 Dee 1212 Nov 113 Jan 2 4 514 Jan 4114 Mar 7218 Nov 634 Jan 18 Jam 2034 Feb 5 152 June 187 1512 Feb 11 83 Aug 23 Jam 4 21% Feb 63 8 Oct 6318 Jan 3 5 118 Jan 914 May 67 Jan 28 1312 Jan 28 214 Jan 12 Fet 8 4512 June 7512 NON 737 Jan 2 145 Jan 2 110 June 150 Not 340 Jan 5 2063 Jan 325 NON 4 20012 Jan 28 139 June 203 4 Not 1 47 Jan 2 44 Dec5512 Api 119 Jan 9 115 Nov120 Jar 5514 Jan 18 2712 Feb62 4 Sent 3 2412 Feb 484 Ma) 423 Jan 5 4 3 50 Feb 5 33 Feb 5458 Ma, 1155 Feb 14 11014 Mar 117 Api 8 127 Jan 11 Oct 9312 Feb 127 39 J822 14 157 Mar 433 June 8 8 10514 Jan 7 3 973 Feb 110 4 Jun( 4 Jan 249 Dec 25014 Jan 30 139 8918 Feb 2 50 June 88 Dec 109 Feb 5 1047 Aug 115 MaS e 117 Feb 5 111 Aug11912 Jurg 83 Aug168 M153 4 1258 Jan 4 418 Jan 1214 Not 912 Jan 3 41 Jan 2 3712 Dec6712 Mas 9012 Jan 2064 Dec 1927 Jan 2 8 1295 Jan 26 1085 Apr 118 Dec 8 8 65 Mar 122 Dec 12934 Jan 25 6812 June 8258 Sept 80 Feb 5 2514 Ma 36 Se111 297 Jan 25 53 Apt 8 13 Mar 4 4 Jan 22 89 Feb133 Not 136 Feb 6 2018 Jan 4758 Not 60 Jan 19 8 547 Ja 8612 Ma3 8612 Feb 4 43 Dec50 Beni 4812 Jan 3 Jan 515 Not 509 Jan 2 247 1281s Feb 15 12012 Dec13512 Mai 3814 Dec '391/ Dec 48% Jan 30 2818 Mar 4858 Dec 5212 Feb 1 Ja 1115 Ma 11212 Jan 28 107 11 Aug24 Oct 2012 Jan 2 77 Aug92 Mal 82 Jan 17 5812 Jan 119 Nos 1143 Feb 6 8 2318 Dec 645 API 285 Jan 2 8 8 75 Nov 100 Ma! 8112 Jan 11 7012 Oct 83% Dec 9214 Jan 31 23 Jan 11 512 Feb 24 Nos 4 223 Jan 18 14 Mar 377 De 41 Jan 29 8 40 Jan 14 623 July 811s Jai 4 89 8 Feb 2 1 357 Jan 25 111 Aug 17312 Dec 5614 Jan 11 29% Aug 43 Jai 36 Jan 7 45 Dec 5612 On 50 Jan 2 37 Apr 64 De 6012 Jan 2 373 Mar 747 Not 993 Feb 13 4 76 Dec 131 115 Feb 4 Jat 135 Jan 2 542 Jan 14011 Oe 8 52 Jan 2 5114 Jan 5414 Jun 27 Feb 4 4 723 Jan 3 6058 Dec 1091 All 4 119 Jan 3 11112 Dec 124 Ma 3 140 Feb 5 58 Feb 4 44% Dec 11158 Ja: 10312 Feb 6 90 Nov 109 „la: 7712 Jan 29 5212 June 8412 Ja: 1547 Feb 4 79 June 13458 De 160 Jan 31 8912 Mar 1407 De 8 1077 Jan 11 108 June 11018 Ja: 8 4 883 Jan 9 61 Dec 8458 No 6258 Jan 2 21 Feb 71 No 26 Jan 9 23 Feb 27 Ma 2712 Jan 30 23 Feb 28 De 105 Jan 24 2 85 June 107 No 195 Feb 4 5558 Mar 1407 No 109 Feb 5 99 Jan 109 Ma 99 Jan 28 9258 June 9812 Au 62 s Feb 4 613 Aug 307 De 7 2 248 Jan 29 1377 June 25014 No 8 132% Jan 29 6214 Jan 11011 De 93 Jan 19 48 Jan 84 Oc 355 Jan 28 22 June 3112 Al, 92% Feb 6 67 Feb 8714 De 113 Feb 71 3 4 Ma: 3 14 Jan 9614 Jan II 7912 Jan 100 De 98 Jan 71 9438 Oct 10234 Ap 287 Jan iI 23 July 2912 Sep 8 11812 Jan 26 p74 Aug 17014 Ma: 9714 Aug 1O1_ Ifs 9958 Jan 1026 New York Stock Record-Continued-Page 4 For sales during the week of stocks not recorded here, see fourth page preceding. HIGH AND LOW SALE PRICES -PER SHARE, NOT PER CENT. Saturday, Feb. 9. Monday, Feb.11. Tuesday, Feb. 12. $ per share $ per share $ per share 412 43 4 2014 213 4 958 1012 53 55 912 11 9178 92 65 6712 *12434 126 8512 8714 2218 23 s 3 86 877 8 143 14314 36814 72 82712 32 03 4 10 4 1003 *2212 23 87 88 *111 120 2212 223 4 412 43 4 15 1518 1458 16 904 9014 812 812 6214 61 1523 15812 4 *221 •127 12 -8 617 617 8 8 82 8 833 5 8 60 4 63 4 3 3 434 4318 12414 125 24014 24014 573 583 4 4 115 115 15612 15612 914 94 121 12178 70 4 73 3 994 100 7 *5 Wednesday, Thursday, Feb. 13. I Feb. 14. Friday, Feb. 15. Sales for the Week. $ per share $ per share $ per share 434 478 412 43 4 412 44 204 213 8 4 2012 2012 203 207 8 1018 1078 1012 95 104 10 8 56 567 8 55 554 5514 55 1014 1118 103 9 8 1014 10 8 7 92 913 92 92 4 *91 92 685 71 8 6714 694 6714 694 *12434 126 4 126 126 *1243 126 8512 86 86 8618 883 8 86 2378 2434 234 237 8 8 225 2414 8514 87 8512 86 8618 87 143 143 14212 143 *1424 144 72 71 744 695 7114 68 8 35 35 *26 28 *27 28 •100 10114 *100 10114 100 100 2312 235 •23 *2214 2314 *23 8 8714 89 8 854 8714 8612 885 *111 120 *111 120 115 115 2112 233 8 215 213 8 4 2218 223 4 4 412 412 412 43 4 4 4 43 3 15 15 15 157 8 15 •15 1414 1412 147 8 14 1412 14 *8718 92 *8718 92 *8718 92 512 64 612 512 53 8 53 8 61 594 6012 613 4 5978 61 156 15912 15318 156 149 158 *221 _ •221 _ *221 12114 121 012114 121 *12112 125 - 14 60 60 62 61 61 62 4 813 83 4 8212 8312 813 83 6112 633 613 64 8 6118 63 4 4318 4318 *43 434 43 43 12434 12434 12414 12414 *12412 125 *240 245 24018 24012 240 240 5912 5712 5818 59 61 59 11412 11412 *115___ *115 _ 15614 158 157 15712 - _1573 158 4 914 9 8 5 9 8 1014 3 94 104 122 12512 12114 122 x11958 121 71 72 70 70 713 8 69 100 100 *100 101 *100 101 7 7 *5 7 55 8 .5 STOCKS NEW YORK STOCK EXCHANGE Shares Indus. & Mace'. (Con.) Par 9,500 Consolidated Textile__No par 3,800 Container Corp A vot_ _No par 8,600 Class B voting No par 3,300 Continental Baking el ANo par No par 30,300 Class B 900 Preferred 100 65,800 Continental Can Inc__No par 40 Preferred 100 3,500 Continental Ins 10 56,800 Continental Motors___No par 10,100 Corn Products RefinIng_25 3101 Preferred 100 No par 39,500 Coty Inc 100 Crex Carpet 100 20 Crown Will Pap 1st pt_No par 1Crown Zellerbach No par 6,900 Crucible Steel of America.100 200 Preferred 100 4,700 Cuba Co No par I 2,500 Cuba Cane Sugar No par 8001 Preferred 100 2,100 Cuban-American Sugar_.__10 1001 Preferred 100 500 Cuban Dom'can Sug__No par 5,200 Cudahy Packing 50 24,100 Curtiss Aer & Mot Co_No par Cushman's Sons No par MI Preferred (7) 100 400 Cutler-Hammer Mfg 10 2,700 Cuyamel Fruit No par 22,400'Davison Chemical No par 500 Debenham Securities 5s 130 Deere & Co Prof 100 1,100 Detroit Edison 100 4,200 Devoe & Raynolds A__No par 201 1st preferred 100 200 Diamond Match 100 15.700 Dome Mines, Ltd No par 5.800 Drug Inc No par 6,200 Dunhill International_ No par 600 Duquesne Light 1st pref_100 'Durham Hosiery Mills B-- 60 *36 37 37 37 *36 *36 37 *36 Preferred 100 183 185 18738 18814 185 188 183 18414 2,000 Eastman Kodak Co----No par 12612 12612 •12612 12712 12612 12612 *126 1271 50 Preferred 100 884 707 7112 17,100 Eaton Axle & Spring-No par 7114 7312 694 7058 68 s 17734 18412 186 189 4 181 18412 1793 185 25,900 E I du Pont de Warn 20 117 117 117 117 1174 11714 1,300 6% non-vot deb 117 117 100 ---- ---Eisenlohr & Bros 25 Preferred 100 -313i2 16 4 36 16 4 35l2 2,600 Eitingon &Mid 3512 157- x341- 8 No par •1073 1081 8 *10612 108 .106 107 *105 107 Preferred 614% 100 160 169 15818 1631 15212 160 15412 162 99,900 Electric Autolite No par *11218 113 *11218 113 *11218 113 *11218 113 Preferred 100 1318 134 1312 14 4 9,600 Electric Boat 1318 1312 1318 133 No par Stock 5714 62 6378 174,800 Electric Pow & Lt....No par Stock 611 64 8 593 6218 60 4 10814 10918 1083 10914 109 109 1,500 Preferred 11 0 4 108 108 No par rfixchange 13212 135 Exchange 136 136 *1353 140 *135 140 8 320 Certificates 40% paid 8.5 861 8 87 8 8914 8512 8612 8452 863 10,500 Elee Storage Battery___No par Closed Closed 8 6 64 6 6 6 614 2,900 Elk Horn Coal Corp__ _No par 6 20 1834 2012 16 2114 7,100 Emerson-Brant class A_No par 17 1612 17 76 7612 Lincoln's Extra 2,400 Endicott-Johnson Corp-50 76'4 764 7612 7512 78 76 11120 125 •120 125 *120 125 124 12418 3001 Preferred 100 Holiday 54 563 20,500,Engineers Public Serv-No par 4 5414 557 Birthday 563 58'4 y5518 66 s 8 93 9314 925 9212 931 y92 8 9118 9118 1,5001 Preferred No par 4 34 3458 3418 3478 9,200,Equitable Office Bldg_No par 3412 35341 35 45 4 4714 3 464 4612 4612 47 4714 48 3,600,Eureka Vacuum Clean_No par •23 *23 233 233 *224 233 *23 4 'Exchange Buffet Corp_No par 233 4 467 484 8 48 49 467 47 8 47 48 1,600 Fairbanks Morse No par 10812 1081 *10712 10814 10712 10713 x10712 109 801Preferred 100 900 Federal Light & Trac 785 79 8 7818 7818 784 7818 7914 7914 15 *101 104 *101 104 *101 104 *10112 104 Preferred No par *280 350 *280 350 *280 350 *270 310 Federal Mining & Smelt'g_100 *100 10012 *100 10012 *100 10012 1001 *100 Preferred 100 1912 2014 1914 1912 194 2012 4,900 Federal Motor Truck__No par 19 197 8 100 101 98 9814 997 2,100 Fidel Phen Fire Ins N Y----10 8 98 99 9938 •12 1212 1212 1212 1212 1212 120 Fifth Ave Bus 1112 111 No par 953 9712 9412 9412 92 8 9512 2,000,Filene's Sons 96 92 No par 10512 10512 10512 10512 *10514 1053 4 2001 Preferred *10512 10S4 100 643 6612 6612 66 8 27,000 First National Stores-No par 66 68 64 65 8 7 17 173 4 1612 1714 1612 1738 18,900 Flak Rubber 1612 17 No par 64 64 64 65 64 .64 8001 1st preferred stamped___100 •633 65 4 70 6612 6612 69 800 1st preferred cony *6612 71 71 •64 100 7512 33,300 Fleischmann Co 7512 7714 7414 757 8 73 5 7414 75 8 No par 52 51 100 Florsheim Shoe el A.._No par *51 517 8 51 51 *51 5l7 s *99 100 *99 100 300 Preferred 6% *99 100 99 100 100 2,000 Follansbee Bros 8 6414 65 8 65 6512 635 647 64 8512 No par 49 49 *46 49 •46 200 Foundation Co 49 60 50 No par 28,000 Fox Film class A 4 8718 90 4 89 9214 873 903 8612 907 s No par z10612 110 *10612 110 *10612 109 *10612 110 Franklin-Simon Prof 100 484 49 4712 484 4612 4812 6,200 Freeport Texas Co-___No par 46 49 8 900 Fuller Co prior prof._..No par 8 10412 10512 *10412 1055 •103 1055 104 104 14,400 Gabriel Snubber A.. 304 2914 31 30 323 4 30 2812 2918 ._No par 24,600 Gardner Motor 163 18 4 4 18 195 8 163 18 171 183 8 No par 4 8 7,500 Gen Amer Tank Car.. 9112 883 923 91 9338 90 911 .No par 88 4 8 683 7114 4,900 General Asphalt 7114 7112 MB 705 100 7014 72 500 Preferred 8 *11114 11312 11114 11114 1093 110 •11118 115 100 138 138 80 General Baking pref___No par •138 140 138 138 *138 140 4 5318 563 13,900 General Cable 557 57 8 59 56 534 651 No par 16,400 Class A 107 112 3 1044 112 z11114 11612 109 4 113 No par 10718 10718 400 Preferred 107 107 *106 107 100 *1061 2_ 687 8 6718 6714 2,600 General Cigar Inc No par 6714 -683 6914 68 6 9 4 118 119 170 Preferred •116 119 100 •116 118 *115 118 4 No par 232 8 2407 8 7 8 2357 2417 22912 2361 228 23714 104.500 General Electric 3 4 8,600 Special 1138 1158 4 1112 113 10 1112 1112 1112 113 4 854 8614 9,200 General Gas & Elea A_No par 844 86 863 8412 8614 85 .93 934 9318 9318 94 94 400 Class B 93 93 No par 830 Pref A (8) 12812 12812 1297 130 8 1283 135 4 No par 126 126 11012 11312 2,300 Prep (7) 10714 10912 4 No par 110 11012 1103 115 Gen Ice Cream Corp No par '108 110 *WO 110 *100 115 •100 115 864 8812 8 9,900 General Mills 2 8 865 877 No par 884 8612 877 87 800 Preferred 9712 973 7 100 4 4 4 973 97 8 974 973 973 973 4 4 *795 813 405,400 General Motors Corp 8 8 10 8 80 8 825 3 8118 8314 804 817 126 126 100 12514 12514 12518 12518 12512 12512 1,100 7% preferred 600 Gen Outdoor Adv A___No par 5012 6012 *5012 51 504 51 5012 51 1,700 Trust certificates..._No par 33 3412 33 34 32 32 34 33 100 10114 4 9,700 Gen Ry Signal No par 965 994 984 1013 8 100 103 No par 77 783 4 7914 7614 7912 7,800 General Refractories 78 793 81 4 117 11914 11912 121 1175 11912 117 11914 10,200 Gillette Safety Razor-No par 8 No par 8 43 8 444 3 8 435 434 13,100 Gimbel Bros 3 4314 447 8 43 4 447 400 Preferred 84 100 *8312 84 84 *8314 84 84 84 12,800 Glidden Co 8 No par 40 40 407 39 4012 4134 395 40 8 100 10412 10412•10412 10434 .10412 1044 10412 10412 50 Prior preferred 3 No par 573 614 4 60 574 594 24,400 Gobel (Adolf) 7 58 4 62 s 58 3 No par 8 727 113,300 Gold Dust Corp v t o 8 704 7334 715 743 8 8 7118 724 8 907 9312 28,500 Goodrich Co (B F)_--.No par 9012 944 93 9238 96 91 100 300 Preferred 115 115 115 115 115 115 *11418 11518 1204 12818 --.No par 8 12212 12834 12112 12412 1215 12512 63,400 Goodyear T & Rub. No par 1 103 103 4 103 103 10318 10318 1,200 lat oreferred 103 103 • BM and asked Pelage no sales on this day. z Ex-dividend. y Ex-rights. PER SHARE Range Since Jan. 1. On basis of 100 -share lots Lowest $ per share 412 Feb 11 20 Jan 31 9 Feb 7 4718 Jan 8 818 Jan 8 8812 Jan 2 60 Jan 19 12434 Jan 7 8512 Feb 8 1918 Jan 2 685 Feb 8 8 14212 Feb 14 68 Feb 15 225 Jan 10 8 997 Jan 8 8 2218 Jan 25 854 Jan 7 109 Jan 8 2112 Jan 8 412 Feb 11 15 Feb 7 14 Feb 14 9014 Feu 11 538 Feb 15 5918 Feb 15 141 Jan 4 221 Jan 25 1204 Jan 22 60 Feb 15 63 Jan 3 594 Jan 2 3812 Jan 2 12414 Feb 11 224 Jan 2 554 Jan 7 112 Jan 7 15614 Feb 13 94 Jan 2 1153 Jan 9 4 69 Feb 16 4912 Jan 24 514 Jan 14 Highest PER SHARE Range for Fretting, Year 1928 Lowest Highest $ per share $ per share $ per share 63 Jan 15 8 214 Aug 612 Dec 2312 Jan 9 20 Nov 36 Apr 1112 Jan 2 93 Oct 1914 Apr 4 607 Jan 17 8 2612 Apr 5312 Jan 1334 Jan 17 334 Apr 93 Dec 8 97 Jan 16 73 Apr 9612 Jan 7012 Feb 6 8 53 Dee 1287 Sept 126 Feb 14 123 Jan 128 Mar 9412 Jan 14 75 Feb 947 May 8 283 Jan 21 8 10 Mar 2012 Nov 917 Jan 3 8 643 Jan 94 Nov 8 1443 Jan 19 13812 Jan 1463 Apr 4 4 8214 Jan 28 625 Dec 897 Nov 8 8 30 Jan 28 1212 Sept 27 Nov 10114 Jan 18 9612 Jan 1054 Oct 253 Jan 9 4 2314 Dec 263 Nov 4 94 Jan 11 6914 July 93 Feb 11518 Jan 31 111 Dec 121 May 2412 Jan 3 8 20 Oct 287 May 54 Jan 3 43 July 8 7 May 12 1878 Jan 3 1314 Oct 323 Jan 8 17 Jan 3 153 Dec 2414 May 8 95 Jan 3 933 Dec 108 Feb 4 4 5 Nov 63 Jan 2 12 Jan 54 Jan 7814 Aug 677 Jan 15 8 17312 Feb 5 4 534 Feb 1923 May 22514 Jan 15 14434 Jan 230 Oct 124 Jan 31 114 Jan 141 Sept 654 Jan 11 62 June 6512 Nov 49 July 63 Oct 85 Feb 5 343 Feb 683 Nov 8 6918 Jan 31 4 Oct4914 Apr 36 464 Jan 24 128 Jan 4 1154 Feb 12634 May 252 Feb 1 16612 Jan 22414 Dec 647 Feb 5 8 40 Jan 61 Apr 1154 Jan 15 108 Jan 120 May 16412 Jan 11 1343 Jan 172 Nov 8 103 Jan 9 8 8 June 1312 Jan 1261s Feb 4 80 Mar 12018 Nov 92 Jan 2 8 5512 Jan 995 Nov 1003 Ian 18 8 993 Oct11612 Mar 8 7 Jan 14 812 May 1 Aug 36 Jan 2 374 Jan 30 3434 Oct4612 Jan 18114 Jan 2 1944 Feb 2 163 Feb 19414 July 126 Jan 2 12714 Feb 4 12312 Aug 134 Apr 61 Jan 7 763 Feb 1 4 26 Jan 6818 Nov 1553 Jan 22 19812 Feb 1 4 1163 Jan 21 1187 Jan 8 114 July 12112May 4 8 954 Jan 2 11212 Jan 18 1218 Jan 99 Dec 9312 Jan 9 100 Jan 18 87 Nov 10012 Feb 3414 Feb 15 394 Jan 10 3314 Aug 43 Nov 108 Feb 1 113 Jan 19 1013 Aug 1217 Nov 8 8 1344 Jan 7 170 Jan 28 60 June 13612 Dec 109 Jan 2 113 Jan 16 10812 Sept 11212 Dec 834 Aug 4 173 June 8 1212 Jan 9 153 Jan 16 434 Jan 8 64 8 Jan 30 1 8 283 Jan 493 Dec 4 1064 Jan 2 10914 Feb 13 105 Dec 11018 Mar 12212 Jan 4 136 Feb 13 12014 Nov 12973 Apr 69 Feb 914 Dec 8313 Jan 29 92% Feb 4 9 Jan 6 Jan 19 64 Jan 9 6 June 105 Jan 22 224 Feb 7 8 1558 Dec 514 Feb 7512 Feb 15 833 Jan 4 743 Dec 85 Apr 4 8 121 Feb 7 124181Feb 15 12114 Jan 1275 Deo 8 484 Jan 4 6014 Jan 31 33 Feb 51 Nov 90 DUI 12 10412 Jan 31 9012 Dec 10212 Oct 3114 Jan 4 35 Feb 5 295 Oct 33 4 July 8 3 4412 Feb 1 523 Jan 3 Jan 43 Dec 79 4 2214 Jan 15 23 Feb 6 193 July 2458 Oct 4 434 Jan 8 513 Jan 21 324 Jan 54 Apr 4 Jan 11454 May 10712 Feb 11 1107 Jan 9 104 8 6818 Jan 3 8612 Jan 29 42 Jan 71 Dee 9934 Jan 17 104 Feb 6 98 Jan 109 &Pr 234 Jan 8 310 Feb 4 120 Apr 230 Dee 9114 Jan 10212 Sept 4 100 Jan 4 1003 Jan 7 s 165 Aug 257 May 8 1818 Jan 31 2238 Feb 6 7514 June 10712 Dec 98 Feb 15 106 Jan 2 1514 May 1114 Jan 1112 Feb 11 13 Jan 3 4 89 Feb 7 973 Jan 14 10512 Feb 13 107 Jan 23 8 28 Apr 763 Dec 8 64 Feb 8 717 Jan 2 173 Jan 4 84 Aug 153 Jan 8 2018 Jan 23 8 553 Oct 9112 Jan 4 64 Feb 7 7212 Jan 14 54 Oct 973 Jan 4 6612 Feb 14 8212 Jan 25 65 June 893 Oct 8 8 73 Feb 15 843 Jan 2 4914 Nov 564 Nov 51 Feb 14 54 Jan 8 9818 Oct 100 De0 99 Jan 5 10218 Jan 18 567 Dec 6912 Deo 8 62 Jan 18 69 Feb 1 364 Oct 5712 Doe 45 Jan 22 63 Jan 22 Jan 19 72 June 11952 Sept 8512 Feb 8 BB 110 Jan 4 110 Jan 4 10612 Dec 113 Feb 8 43 Oct 10914 Jan 46 Feb 11 547 Jan 25 101 Jan 8 10512 Feb 13 102 Mar 1097 Apr 8 7 15 Mar 284 Jan 24 Jan 2 33 8 Feb 5 1738 Des 15 Jan 7 25 Jan 31 714 June 607 Feb 101 Dec 8 88 Feb 11 102 Jan 9 68 June 947 Apr 683 Feb 15 8114 Jan 12 4 8 8 1093 Feb 15 12014 Jan 12 11018 June 14112 Apr 13038 Jan 28 140 Feb 6 132 Oct 160 JUDO 3 21 Feb 4138 Nov 3712 Jan 9 60 4 Feb 4 7 81 Jan 8 119 8 Feb 4 56 Feb 883 Nov 4 108 Jan 11 10712 Jan 21 102 Oct Oct 107 63 Jan 8 71 Jan 24 7518 Feb 594 Nov 11214 Jan 5 122 Jan 24 11414 Sept 130 Mae 8 222 Jan 2 2623 Feb 1 124 Feb 2214 Dee 11 Jan 3 1114 Feb 4 11 Sept 12 June 70 Jan 7 89 Jan 28 3514 Jan 74 Nov 78 Jan 3 10412 Jan 22 37 Jan 80 Nov 1214 Jan 12 135 Feb 14 121 Oct 144 Apr 10714 Feb 1 115 Feb 15 105 Oct 1147 May 8 3 104 Jan 2 109 4 Feb 5 7418 July 10512 Got 83 Jan 8 8918 Jan 18 79 Dec 844 Noe 9714 Feb 7 100 Jan 4 9812 Dec 10014 De 78 Jan 15 86 Jan 28 733 Dec 904 Nov 4 4 1243 Jan 10 1264 Jan 2 12312 Jan 1274 Apr 49 8 Feb 6 52 Jan 2 3 49 Aug 5878 Jan 32 Feb 14 36 s Feb 2 294 Aug 5238 Jan 4 95 Jan 24 1063 Feb 8 8414 June 12352 Jan 74 Jan 8 8312 Feb 1 451 June 82 Jan 116 Jan 2 1261 Jan 26 4 9718 June 1234 Oct 424 Feb 2 484 Jan 28 3418 Mar 597 June 8 8314 Feb 7 90 Jan 3 87 Mar 101 June 367 Jan 2 4414 Jan 17 8 203 Jan 37 Dec 8 105 Jan 7 10313 Jan 95 Jar 105 Sept 52 Jan 66 Feb 5 4212 Dec 624 Nov 6918 Feb 15 82 Jan 19 71 Jan 14314 Dos 4 893 Feb 8 1054 Jan 2 4 684 June 1091 Dee 113 Jan 9 115 Jan 17 1094 Feb 1155 May 116 Feb 8 140 Jan 9 4518 June 140 Dee 102 Jan 30 104 Feb 6 9212 Mar 105 Dec New York Stock Record-Continued-Page 5 1027 For sales during the week of stocks not recorded here, see fifth page preceding. HIGH AND LOW SALE PEICES--PER SHARE, NOT PER CENT. Saturday, Feb. 9. Monday, Feb.11. Tuesday,Wednesday, Thursday, 1 Feb. 14. Feb. 12. Feb. 13. Friday, Feb. 15. Sales for the Week. STOCKS NEW YORK STOCK EXCHANGE $ per share 5 per share $ per share s per share 6 per share $ per share Shares Indus. & Memel. (Con.) Par 67 681 / 4 6614 68 65 66 653 6614 4,100 Gotham Silk Hoslery__No par 4 67 6714 65 6512 66 66 653 653 4 No par 4 1,500 New *103 107 *103 107 10012 10012 *10012 106 100 300 Preferred new *98 100 100 100 98 98 98 98 100 100 Preferred ex-warrants *712 812 812 812 .712 812 No par 400 Gould Coupler A 712 712 4538 4812 46 / 4614 4512 463 18,200 Graham-Palge Motors_No par 1 4 473 4 45 4 4314 46 4714 4714 443 454 45 4 / 1 45 1,500 Certificates No par 9112 89 9212 944 90 9212 8912 93 / 1 / 40,500 Granby Cons M Sm & Pr_100 1 4 79 7912 8112 8218 8112 8212 82 100 8212 1,800 Grand Stores 25 8 26 3 2618 273 8 2612 261 26 / 4 263 8 2,400 Grand Union Co No par 5018 50 / 1 4 50 503 4 4912 5014 4914 50 2,200 Preferred No par *133 134 136 136 13478 1344 132 134 / 1 No par 400 Grant (W T) 3718 39 38 3912 3718 37 / 3718 371 14,900 Great Western Sugar 1 4 No par / 4 117 117 11612 11612 *116 11912 116 116 100 210 Preferred 17212 1793 175 18212 17312 1783 17412 18212 115,000 Greene Cananea Copper 100 8 4 434 434 *434 5 434 43 4 43 4 43 4 1,200 Guantanamo Sugar„....No par *____ 90 •____ 90 *803 90 *_ _ 4 90 100 Preferred 717 717 8 8 *72 73 7014 7114 *6938 7112 100 600 Gulf States Steel 107 107 *107 10812 10812 109 *10812 110 100 140 Preferred 26 26 26 26 *26 27 2612 2618 25 50 Hackensack Water 28 28 •28 29 *28 29 *28 29 25 70 Preferred 28 28 2712 28 *27 28 12 *27 2812 25 100 Preferred A 49 5012 5018 51 483 50 4 48 / 5014 39.800 Hahn Dept Stores 1 4 No par 1088 1101 4 10914 1104 10814 110 / 4 / 1 108 10914 5,800 Preferred 100 101 102 *101 102 101 101 1003 1003 4 4 100 90 Hamilton Watch pref 9612 9612 96 96 96 96 96 96 100 270 Hanna 1st pref class A *56 ___ *57 ____ *56 ____ •56 Harbison-Walk Refrac_No par *112 *112 __ •112 _ •112 100 Preferred 25 4 - - 8 3 2 4 5 2512 - - 4 *2512 26 253 257 - - / 8 25 1 4 600 Hartman Corp class A_No par 3014 3214 32 3318 313 32 4 317 32 8 / 10,3001 Class 13 1 4 No par *5912 60 *6034 623 4 6014 6014 *5912 61 20 100,Hawallan Pineapple 8106 119 *106 115 *106 115 *106 115 25 1Helme (G W) 66 66 66 6614 6512 6512 65 6612 1,900 Hershey Chocolate____No par 813* 8218 82 827 8 8014 8012 81 8112 2,200 Preferred No par •105 10518 *105 10518 105 10518 10512 10512 100 500 Prior preferred 1812 1812 *1814 1812 1818 1818 .18 19 200 Hoe (R) & Co No par 44 45 *45 46 46 4814 46 No par 48 7.300 Holland Furnace *1812 20 *1812 19 *1812 19 1812 19 ;Hollander & Son (A)___No par .7214 73 *72 73 73 7312 *73 74 100 200 Homestake Mining 73 74 •7412 75 74 7412 27212 7314 1,100 Househ Prod Inc No par 8212 90 *85 90 *83 89 8314 85 1,000 Houston Oil of Tex tern etre 100 723 7412 4 7414 764 7212 7412 71 / 1 744 33,400 Howe Sound / 1 No par 8414 8612 85 8612 88 86; / 834 8614 50.100!Hudson Motor Car 1 4 / 1 No par 734 75 / 1 / 1 4 7312 763 8 7214 741 711 744 51,100'Hupp Motor Car Corp_ __10 / 4 / 4 / 1 3012 31 30 / 311 1 4 30 / 31 1 4 31 3112 8,900 Independent 0115: Ga.s..No par 25 25 *2514 253 4 2514 2512 253 2614 2,000 Indian Motocycle 8 No par s_ 95 / 1 4 •____ 93 *____ 93 •____ 93 I Preferred 100 3212 354 . / 1 3412 363 2 3312 344 3212 3478 31,400 Indian Refining / 1 10 344 / 1 32 32 3212 35 3314 3212 33 10 10,900 Certificates *165 __ *150 200 *150 ___ *150 __ _ _ _ ___ 100 Preferred 125 130 130 130 *12812 129 .12814 1397 - / 1 4 8 1,100 Industrial Rayon No par 130 130 132 134 *127 132 *127 130 No par 400 Ingersoll Rand 83 86 86 89 87 88 z86 88 No par 7,400 Inland Steel 544 / 1 51 55 567 8 5214 544 5218 553 77,300 Inspiration Cons Copper___20 / 1 8 11 1118 11 11 107 1118 1114 113 8 4 3.800 Intercont'l Rubber No par Stock 1512 1534 Stock 1538 157 1518 1578 1518 1514 No par 1,300 Internet Agricul 82 82 82 82 *8214 84 *7912 83 100 6001 Prior preferred Exchange 15514 16112 Exchange 15812 1621 1583 1611 1584 1604 8,600 Int Business Machines_No par / 4 4 / 4 / 1 / 1 93 95 933 945 4 8 92 93 91 9318 14,200 International Cement.. .No par Closed 9038 9812 Closed 9714 10214 9614 10112 9634 10312 605,000 Inter Comb Eng Corp__No par •115 118 •115_ 1163 1163 *121 125 4 4 100 200. Preferred Extra Lincoln's 105 1093 102 1047 10118 1054 38,500 International Harvester No par 10112 107 -- 8 8 / 1 142 142 *142 143 142 142 *142 143 100 2001 Preferred Holiday 8812 90 91 Birthday 92 90 9112 8912 911 12,200 International Match pref__3" / 4 6 61 / 4 614 684 612 67 8 61 714 22,300 Int Mercantile Marine__ 100 / 4 373 393 8 8 3914 411 4018 4312 4414 467 81,7001 Preferred 100 8 6312 58 6218 6513 5914 6334 60 6418 434,600 Int Nickel of Canada_No por 7318 7312•72 7214 7214 7312 7614 7614 400,International Paper-__No pa 9212 *92 *90 92 91 91 91 100 91 3001 Preferred (7%) 314 321 / 1 / 4 314 3218 3014 3114 / 1 3014 32 14,700 Inter Pap & Pow el A-No par 2038 22 20 / 2134 20 1 4 207 8 20 No par 203 27,700 Class B 8 1418 1518 143 1518 13 8 / 143 1 4 8 133 1412 40,400 Class C No par 4 9012 9012 *90 92 89 90 89 100 8914 700 Preferred 59 59 5812 5934 59 5914 58 5912 2,000 Int Printing Ink Corp_ _No par *105 115 .105 115 100 Preferred 7314 80 8112 8612 88 90 87 100 88 2.950 International Salt 134 134 •133 136 .133 136 *133 136 100 100 International Silver *115 116 *11512 116 *11512 116 *11512 116 1110 Preferred 20818 21214 212 21514 208 213 2084 213 / 1 „ _100 37,700 Interest Telep & 81 79 81 84 80 82 / 80 1 4 Teleg80 5,600 Interstate Dept Stores_No par *130 141 •132 142 *132 142 *132 142 100 Preferred 293 30 4 30 30 30 3012 3018 3012 1,200 Intertype Corp No par 5418 55 57 597 8 5812 6012 59 1 6014 16,800 Island Creek Coal 15214 158 15512 158 •150 156 151 155 No par 2,800 Jewel Tea, Inc •125_ 1251/4 12512 *12512 3() Preferred -- •12518 - -100 205 214 -34 20412 214 21018 221 -201 215 97,300 Johns-Manville No par 11912 120 *12014 12012 12012 1207 *12012 121 8 100 /0 Preferred 121 121 12112 12112 121 121 12114 12114 150 Jones & Laugh Steel pref100 •_ _ 29 •___ 39 *24 39 *24 39 Jones Bros Tea Inc____No par 12 13 13 133 133 8 123 1234 7,700Ijordan Motor Car 4 13 4 No par *11 0*__ 110 •____ 110 •-___ 110 _- Kan City P&L lst pf B_No pa 333 33 8 / 1 4 3312 3414 3212 3314 3112 3314 5.5001Kaufmann Dept Stores$12.50 8112 827 8 82 83 / 8114 813 1 4 4 80 / 813 1 4 4 8,800 Kayser (J) Co v t c____No pa 383 38 8 3712 383 4 3612 373 *3612 40 8 2,300'Keitti-Albee-Orpheum_No par 115 115 117 117 11418 11418 112 115 100 1,0001 Preferred 7% 1914 20 19 / 2038 1914 193 1 4 4 191 193 17,800 Kelly-Springfield Tire__No.pa / 4 4 87 87 _ _ . 863 863 *90 4 4 95 100 200 8% preferred *96 977g977 9714 8 *06 97 *96 97 100 6% preferred 100 56 593 8 5818 60 / 5612 59 1 4 5612 58 25,900 Kelsey llayes Wheel___No par *11112 _ _ *110 _ •110 _ *110 10 Preferred 1612 if 1658 _- -38 161 163 17 / - _4 4 16 - 4 19,200 Kelvinator Corp 163 No par 153 1593 4 1604 16514 15738 162 / 1 1554 1627 164.800 Kennecott Copper / 1 8 No par 5(312 54 5612 62 57 58 63 654 10.400 Kinney Co / 1 No pa 9812 99 100 103 9912 100 102 10412 1,610 Preferred 10 59 63 4 3 5918 624 58 6114 65 / 1 62 / 54,200 Kolster Radio Corp__ __No par 1 4 344 35 / 1 343 35 35 4 3512 3434 3538 5,900 Kraft Cheese No par 97 97 9712 9712 *97 971 . 97 / 5 4 98 300 Preferred 100 84 85 8 8114 83 82 / 847 1 4 8112 834 7,200 Kresge (S S) Co / 1 10 112 113 112 112 *112 113 112 113 40 Preferred 100 1918 1918 *19 20 *19 1914 19 19 900 Kresge Dept Stores_ __No par *7113. 99 *7112 99 *7112 75 72 99 1 Preferred 100 10912 110 *109 112 109 109 I0812 10812 500I Kress Co No par 3814 3912 39 8 403 8 3814 39 8 383 393 / 91,200 Kreuger & Toll 1 4 210614 11184 108 11114 106 107 / 1051 1094 29,900 Kroger Grocery & Bkg_No par 1 4 / 4 / 1 .225 240 *236 244 *236 243 *235 243 1Laclede Gas 100 *105 112 •105 112 *105 112 *105 112 100 Preferred 27 28 27 28 27 28 27 2712 1,900 Lego Oil & Transport__No par 13012 1333 4 13218 1363 13118 1334 1284 13312 50,500 / 1 4 / 1 Lambert Co No par 2014 21 20 2014 21 2012 21 20 / 4,200 Lee Rubber & Tire_ 1 4 No par 6112 6212 6212 63 623 64 4 62 62 / 3,800 Lehigh Portland Cement__ 50 1 4 110 110 10912 110 11012 11011 10912 10912 8301 Preferred 7% 100 6118 63 6314 65 213118 62 6018 62 / 7,100 Lehn & Fink 1 4 No par *31 33 3112 3112 .31 34 .3112 32 200 Life Savers No par 95 95 9812 9214 93 95 2903 9112 4 800 Liggett & Myers Tobacco___25 92 / 9312 1 4 93 / 941 927 9414 29014 92 1 4 / 4 8 / 13.600 Series B 1 4 25 •137 139 137 137 *13714 139 *13714 139 100 Preferred 100 45 4612 46 47 46 46 457 451 1,800 Lima Locom Works_No par 8 / 4 85 86 8712 8712 84 853 4 83 853 10.000 Liquid Carbonic 4 No par 703 73 4 / 1 4 7412 77 / 734 7838 74 1 4 / 1 78 117,800 Loew's Incorporated__ _No par 105 108 107 108 / 107 10713 108 1083 1 4 2 2,200 Preferred No par 73 4 8 8 814 8 83 8 77 s 83 8 6,000 Loft Incorporated No par *30 31 3012 31 *30 3012 *30 3012 400 Long Bell Lumber A No par •Bld and asked prices; no sales on this day. x Ex-dividend. v Ex-rights. PER SHARE Range Since Jan. 1. On basis of 100 -share lots Lowest Highest $ per share 65 Feb 14 65 Jan 16 9812 Jan 12 97 Jan 11 7 Jan 2 / 1 4 45 Feb 8 4314 Jan 25 85 Jan 16 7734 Jan 30 2412 Feb 7 4914 Feb 15 11612 Jan 17 37 Jan 7 116 Feb 15 168 Jan 14 43 Feb 5 4 88 Jan 3 66 Jan 7 107 Jan 22 25 Jan 7 273 Feb 4 4 26 Jan 31 4832 Feb 15 108 Feb 15 1003 Feb 15 4 91 Jan 14 54 Jan 3 112 Jan 14 2518 Jan 28 3014 Feb 11 6014 Feb 1 110 Jan 2 65 Jan 28 8014 Feb 14 104 Jan 4 18 Jan 7 4114 Jan 3 171 Jan 21 / 4 73 Feb 14 7212 Feb 1' 53 8 Feb 15 5 6614 Jan 8 7118 Feb 1 7318 Feb 30 Jan 31 2018 Jan 31 92 Feb 6 29 Jan 8 28 Jan 7 160 Jan 121 Jan 2 120 Jan 3 7812 Jan 2 4318 Jan 7 103 Feb 8 4 15 Jan 8 82 Feb 11 1493 Jan 24 2 89 Jan 7 / 1 4 6818 Jan 7 10812 Jan 2 4 923 Jan 15 142 Feb 5 8812 Feb 11 512 Feb 4 3612 Feb 1 4614 Jan 2 5712 Jan 11 893* Jan 15 2712 Jan 8 154 Jan 16 / 1 101 Jan 10 / 4 88 Jan 4 / 1 4 5712 Jan 14 100 Jan 2 5512 Jan 4 131 Jan 22 11214 Jan 4 19714 Jan 7 76 Feb 8 130 Jan 15 29 Jan 2 53 Jan 2 1461 Jan 18 / 4 12412 Jan 3 18012 Jan 7 119 Jan 21 11812 Jan 4 $ per share 8118 Jan 2 7412 Jan 23 10114 Jan 5 100 Jan 12 10 Jan 9 54 Jan 2 4912 Jan 11 941 Feb 13 / 4 86 Jan 3 324 Jan 2 / 1 541 Jan 4 / 4 8 1445 Feb 5 44 Jan 25 11912 Feb 1 1864 Jan 4 / 1 5 12 Jan 3 90 Jan 2 743 Jan 21 4 109 Feb 14 261 Jan 5 / 4 30 Jan 8 29 Jan 14 55 Jan 10 115 Jan 31 1054 Jan 8 / 1 991 Jan 23 / 4 / 1 4 55 Feb 8 11812 Jan 29 27 Jan 2 391 Jan 2 / 4 63 Jan 10 118 Jan 29 7212 Jan 3 857 Jan 3 8 10512 Feb 15 203 Jan 2 4 50 Jan 16 22 Jan 2 76 Jan 3 7911 Jan 7 107 Jan 3 761 Feb 13 / 4 93 Jan 2 82 Jan 28 3514 Jan 2 3212 Jan 2 95 Jan 4 423 Jan 28 4 42 JPO 28 / 1 4 165 Jan 11 135 Jan 18 137 Jan 28 92 Jan 31 564 Feb 13 / 1 1414 Jan 11 174 Jan 28 / 1 8812 Jan 26 1643 Feb 6 4 1023 Feb 4 4 10312 Feb 15 1163 Feb 14 4 115 Jan 29 145 Jan 18 10212 Jan 4 714 Feb 15 467 Feb 15 8 723 Jan 23 4 7714 Feb 6 9412 Jan 8 35 Jan 31 2212 Jan 30 163 Feb 4 4 93 Jan 23 63 Jan 23 10518 Jan 30 90 Feb 14 14934 Jan 3 119 Jan 17 22712 Jan 28 9312 Jan 2 150 Jan 2 8 317 Jan 28 6012 Feb 14 16214 Feb 5 12518 Feb 13 242 Feb 2 / 1 4 1207 Feb 14 8 122 Jan 21 35 Jan 21 1612 Jan 2 1123 Jan 22 4 3718 Feb 6 88 Jan 3 46 Jan 4 138 Jan 5 2378 Jan 2 947 Jan 9 8 100 Jan 14 611 Feb 4 / 4 110 Jan 8 101 Feb 6 / 4 16514 Feb 13 657 Feu 15 8 10412 Feb 15 78 Jan 3 / 1 4 39 Jan 21 993 Jan 2 4 91 Jan 30 1137 Feb 4 8 23 Jan 2 72 Jan 15 114 Jan 5 424 Jan 17 / 1 12212 Jan 3 243 Feb 1 102 Jan 4 33 Jan 2 14012 Feb 5 25 Jan 14 65 Feb 6 11012 Feb 14 6812 Feb 4 39 Jan 5 / 1 4 10512 Jan 28 10312 Jan 29 137 Feb 5 5212 Jan 3 1137 Jan 3 8 803 Feb 1 8 1103 Jan 31 4 10 Jan 24 324 Jan 5 / 1 35 Jan 21 12 Feb 11 112 Feb 5 2912 Jan 31 804 Jan 24 / 1 3012 Feb 14 112 Feb 15 1918 Feb 15 864 Feb 14 / 1 977 Feb 4 8 4734 Jan 15 109 Jan 21 15 Jan 7 15012 Jan 16 5012 Feb 1 9312 Jan 2 573* Feb 8 3434 Feb 7 97 Feb 8 8114 Feb 14 109 Jan 5 19 Feb 15 72 Jan 15 10812 Feb 15 3612 Jan 3 1( 518 Feb 8 235 Jan 16 102 Jan 4 27 Feb 11 12718 Jan 22 20 Feb 15 5612 Jan 8 1063 Jan 3 4 6018 Feb 1' 2914 Jan 7 90 Feb 15 / 1 4 895 Jan 7 8 136 Jan 3 45 Feb 8 83 Feb 15 634 Jan 2 / 1 1024 Jan 2 / 1 712 Jan 19 2814 Jan 2 PER SHARE Range for Precious Year 1928 Lowest Highest $ per share $ per share 7312 Dec 93 Apr / 1 4 70 Dec 93 Apr 100 Dec 130 Apr 95 Dec 112 May 67 Dec g 12 Feb / 1 4 164 Feb 6114 Sept / 1 26'3 June 56 Sept 391 Feb 93 Dee / 4 6514 June 947 Oct 2 263 July 411 Oct 4 / 4 4612 Aug 624 Oct / 1 11134 Dec 12512 Sept 31 Jan 3812 Dec 11212 Feb 120 Jan 8938 June 17714 Dec 43 Dec 4 9 / Jan 1 4 90 July 107 Jan 51 Jan 73 Sept / 1 4 1034 Nov 110 Apr / 1 23 Jan 30 Jar 23 Jan 30 Dee 25 / Jan 29 Jung 1 4 --99 Aug 104 Apt 59 May 97 Nov 54 Dec 5712 Ocl 110 June 120 Ja13 2312 Aug 27 Feb / 1 4 161 Aug / 4 373 Dec 4 61 Dec 68 NON 105 Dec 120 Ocl 303 Jan 4 7212 De( 701 Feb 89 No / 4 10014 Aug 105 Api 1514 Sept 30 / Jar 1 4 4012 Dec 493 Oat 4 18 Dec 361 Api / 4 67 Jan SO No; 6418 Feb 84 Oct 79 Dec 167 Api 403 Feb 733 Not 8 4 75 Jan 99 Mai / 1 4 84 Noi 29 Ja 213 Feb383 Nol 4 8 20 Ott 70 Ap 93 Nov115 Ap: / 1 4 9 Feb39 Jul) 812 Ja 3714 Jul7 140 Dec185 No) 118 Dec146 Oc 90 Feb127 Nol 46 Mar 80 De, 18 Feb48 No) / 1 4 81 July 213 Jaz / 4 4 13 Feb 201 Ma) / 4 48 Mar 85 De / 1 4 114 / 1 Jan 1664 Nol 56 Jan 944 De / 1 4514 Feb SO De, 103 Mar 110 Sep 80 Dec 97 De / 1 4 13614 Mar 147 Ma: 85 Dec 1217 Ma: 8 4 33 Mar 73 Ma: s 3418 June 444 Jai / 1 73 Feb 26912 De. / 1 4 50 Oct 863g Ma: 89 Dec 108 Jai 22 Dec 3412 No, 144 Dec 19 No, / 1 103 Nov 4 13 De / 1 4 88 Dec 91 De. 473 Oct 60 De 4 100 Dec 100 De 4912 Mar 68 / Jai 1 4 126 June 196 Jai 11214 Dec 131 Jai 13912 Feb 201 De 6112 Nov 90 De 12412 Nov 150 De. 23 4 Sept 3812 Jai 3 47 Oct 61 Ma: 77 Mar 179 No' / 1 4 1193 Nov 12512 No' 8 9614June 202 De 11812 Oct 122 Ap 119 Dec 12414 Ma: 253 Mar 4112 Oc 8 81 Aug / 4 1912 Oc 103 Aug 114 Ap 2912 Dec 34 Oe 6252 Jan 92 No 1513 May 5112 No. 75'2 May 160 No 191 Dec 2512 Na / 4 5514 Feb 95 NO 58 Feb 101 No 56 2212 Jan Oc 106 Mar 111 NO 73 July 227 Al 4 8 8018 Feb 156 De 377 Aug 8 871 Mar 10 24 c g 56 r 0 Al 5114 Aug 957 No 8 32 Dec 42 No 991 Dec 10114 De / 4 65 Feb 913 No 4 11014 June 118 At 1312 Jan 2714 Fe 513 Feb 75 Au 4 87 Feb 1244 NO / 1 324 Dec 40 0( / 1 / 1 4 7314 Mar 1321 No / 4 200 Jan 260 Fe 99 Nov 12412 Ja 273 Feb 3918 At 8 7912 Jan 1363 No 8 1714 Jan 2614 01 4234 June 5812 No 10614 Dee 1105 Ma 8 38 Jan 641 0( / 4 2812 Aug 40 No / 1 4 8318 June 12212 Ja 80 June 12312 Ja 14 134 Aug147 At 38 July 658 Ma 7 6312 Feb 12412 No 4918 Jane 77 Ma 997 Mar 11058 A; 8 / Au 1 4 5 4 Feb19 1 4 Jan 353 Fe 26 1028 New York Stock Record-Continued-Page 6 For sales during the week of stocks not recorded here, see sixth page preceding. HIGH AND LOW SALE PRICES -PER SHARE, NOT PER CENT. Saturday, Feb. 9. Monday, Feb. 11. Tuesday, Feb. 12. Wednesday, Thursday, Feb. 14. Feb. 13. Friday, Feb. 15. Sales for the Week. STOCKS NEW YORK STOCK EXCHANGE $ Per share $ Per share 8 per share Shares Indus. & Miscel. (Con.) Par 8 9,600 Loose-Wiles Biscuit 25 663 68 4 661 67 / 4 6518 673 20 1st preferred 118 11912 *118 120 *118 120 100 2512 9,800 Lorillard 2512 25 8 25 7 2512 25 25 9212 100 Preferred 9212 *89 9212 *89 100 *89 1412 21,400 Louisiana 011 144 1412 137 1412 14 / 1 No par 8 Preferred 100 11_ _ _ _ 89 *_ _ 89 *__ _ _ 89 4418 16,900 Louisville G & El A__ __No par 4 42 4312 45 8 42 3 433 5693 723 4 4 2,400 Ludlum Steel No par 72 723 743 4 4 71 1,600 MacAndrews di Forbes_No par 417 42 8 4212 45 42 43 100 *10614 __ _ - *10614 -- _ _ *10614 ----------Preferred Mackay Companies 100 *125 140 *125 140 *125 140 100 Preferred *8312 85 100 *8312 8512 *8312 85 34,400 Mack Trucks,Inc 4 108 1107 10618 1083 106 10912 No par 8 166 168 165 16812 3,200 Macy Co No par 167 170 2134 6,500 Madison Sq Garden__.No par 21 21 8 21 21 213 4 No par 73 4 757 3 8 713 734 7012 743 30,600 Magma Copper 8 2914 28 293 4 2,800 Mallison (H R)& Co._No par 2912 30 28 Preferred 100 *103 104 *103 164 *103 104 10 Manati Sugar *1912 22 100 •1912 24 01912 21 44 400 Preferred 45 44 100 45 45 48 48 45 *2912 31 300 Mandel Bros No par 32 *2912 31 *2912 2914 30 3412 3512 35 35 34 344 3,300 Manh Elec Supply_ No par 3314 34 8 3,000 Manhattan Shirt 25 3214 2295 32 32 3214 3214 *32 3214 1,300 Maracaibo Oil Ezpl___ _No par 134 14 / 1 14 14 14 1412 1412 14 4 No par 8 3612 373 24,000 Marlin Oil 3738 38 367 373 8 367 38 8 72 1,000 Marlin-Rockwell No par 7212 7212 72 73 8 *72 727 7318 70 5,100 Marmon Motor Car.. _ _No par 4 69 70 ,34 267 69 6818 703 69 1512 1,200 Martin-Parry Corp_ _ No par 16 15 *1618 1612 1618 1618 15 1,100 Mathieson Alkali WorksNo par 18512 192 •190 200 1893 190 4 185 193 20 Preferred 100 122 122 *122 124 *122 124 *122 125 95 4,400 May Dept Stores 25 293 95 943 9712 96 973 4 95 4 8 2,000 Maytag Co 2 2214 223 No par 2212 225s 223g 223 2238 2212 43 4212 4212 2,000 Preferred No par 43 43 43 43 43 200 Prior preferred No par 8812 8812 *8712 8812 *8712 89 8818 8813 7414 7414 800 McCall Corp No par 76 *754 76 / 1 7518 77 76 1,420 McCrory Stores claw A No par 10934 110 4 1067 10812 8 10812 109 *1083 110 1083 110 4 3,800 Class B 111 112 No par 10712 111 1083 112 4 500 Preferred 117 117 100 11512 11512 117 117 117 117 22 22 *20 McIntyre Porcupine Mines__5 *20 22 22 *20 20 751 7,500 McKeesport Tin Plate_No par / 4 74 75 73 4 77 3 7512 78 74 3,300 McKesson & Robbins__No par 5314 54 53 54 55 54 54 534 1,5001 Preferred 59 / 59 1 4 50 59 593 4 597 607 *5818 59 8 8 66 63 6414 1,400 Melville Shoe No par 65 66 *64 66 67 264 28 / 1 6,500 Mengel Co(The) 2714 29 2814 2912 2712 28 No par *2514 26 25 8 26 7 26 26 12 2614 2612 1,400 Metro-Goldwyn Pictures pf _27 4212 4712 8 61,700 Mexican Seaboard 011 No par 4714 5012 45 477 8 445 48 70,200 Miami Copper 3814 40 4058 43 4 403 424 4018 43 3 4 5 3112 32 8 3078 3112 20,500 Mid-Cont Petrol 315 3214 3118 315 8 No par *12012 122 8 *1205 122 *12038 122 *1205 122 8 Preferred 100 4 44 6,700 Middle States MCorp 4 4 4 44 4 418 10 8 23 4 27 8 2,500 Certificates 3 3 2 8 25 7 10 24 3 3 225 2343 4 3,000 Midland Steel Prod pref _100 232 23612 2363 24014 2324 240 4 23 1,500 Miller Rubber 24 24 24 2414 223 2314 23 4 No par 7412 76 74 / 7612 7214 7414 7114 7418 17,300 Mohawk Carpet Mills.No par 1 4 12414 131 12412 13012 132,600 Mont Ward&CoIllCorpNo par 125 133 129 134 612 67 8 612 658 64 63 4 3,700 Moon Motors 612 63 4 Stock Stock No par 43 8 47 191,800 Mother Lode Coalltion_No par 8 314 3 / 1 4 418 5 314 4 / 1 4 18 18 Exchange 163 18 Exchange 8 18 18 1518 1712 5,400 Motion Picture No par 2,900 Moto Meter A 21 214 2112 21 2112 203 21 4 2114 No par 2,400 Motor Products Corp--No par Closed 18014 18412 181 188 180 181 180 185 Closed 4412 44 4458 4538 4418 45 4318 4518 13,100 Motor Wheel No par 65 64 2,100 Mullins Mfg Co 6412 65 Lincoln's 643 66 4 64 65 Extra No par *95 97 50 Preferred 97 97 *80 95 9812 .95 No par Holiday 57 / 5712 Birthday 1 4 5812 593 55614 583 2 4 5512 5614 2,800 Munsingwear Inc No par 743 39,400 Murray Body 8 7014 73 6918 743 8 89 683 7012 2 No par 4 105 1088 68,300 Nash Motors Co 10718 1093 1067 109 1054 1093 4 8 8 No par 3312 3434 324 34 324 3438 32,200 National Acme stamped____10 311 3438 / 4 204 205 1967 19912 198 19912 3,100 Nat Hellas Hess 8 19514 205 No par *110 115 *110 1133 *113 115 4 *110 113 4 3 Preferred 100 184 1883 18112 1843 180 18812 8,000 National Biscuit 4 4 182 187 35 *14312 146 *143 147 *14312 145 100 Preferred *14312 146 12112 12712 120,400 Nat Cash Register A w IN° par 128 13312 124 129 121 13012 128 13112 12718 1287 12512 1293 29,600 Nat Dairy peoduas___No par 8 4 12614 129 / 1 4 / 1 3312 3,900 Nat Department Stores No par 334 33 33 3312 33 8 3218 323 *92 94 *92 94 *9214 94 1st preferred 100 *924 94 3714 3914 8,500 Nat Distill Prod otfs___No par 3714 387 8 373 38 4 354 363 4 71 7112 7278 1,200 Preferred temp ate_ _No par 71 *70 72 6812 70 53 541 1,400 Nat Enam & Stamping / 4 55 55 100 5514 56 5312 5412 14612 147 *143 147 143 143 1,100 National Lead 12 100 145 14614 80 Preferred A 100 140 140 *140 14012 140 140 140 140 90 Preferred B *11818 1193 118 11818 118 118 4 100 11818 1184 565 171,700 National Pr & Lt 8 5312 557 g 53 25412 58 No par 515 5412 8 1314 1314 1,800 National Radiator 14 14 1318 14 No par 1418 1434 *38 40 38 38 200 Preferred *38 41 No par 39 39 123 12312 2,900 National Supply 50 12312 124 124 126 125 127 115 115 *1143 115 4 100 Preferred *11434 115 100 *1143 115 4 144 144 600 National Surety *145 15014 14414 147 50 14514 14514 332 339 200 National Tea Co No par *335 340 *334 338 *340 346 50 5112 4818 5018 4812 5118 239,200 Nevada ConsolCopper_No par / 1 4 47 49 464 4814 474 485 8 6,100 N Y Air Brake No par 4814 4912 48 / 4918 1 4 4812 5018 2.000 New York Dock 100 5112 5018 51 51 50 50 *86 89 500 Preferred 86 100 86 86 88 *87 89 SONY Steam pref (6)----No par 100 101 *100 101 *100 101 101 101 230 let preferred (7) 114 114 No par 114 114 114 114 114 114 10 4 8 10012 1037 10118 1053 10514 1091 115,400 North American Co 987 101 8 50 4 3 525 53 4 5212 523 *5212 53'2 1,200 Preferred 8 8 / 1 4 523 52 300 No Amer Edison pref__No par 4 •10212 103 *1023 103 *101 102 10212 10212 5612 57I2 3,000 North German Lloyd 57 55 4 5612 55 3 55 56 Northwestern Telegraph-50 *4912 50 *4912 50 *4912 50 *4912 50 4 500 Norwalk Tire dr Rubber-_10 *512 53 8 6 5, 6 6 6 6 100 Preferred 48 *40 48 *40 48 *40 4140 48 100 Nunnally Co (The)___No par *612 8 / 8 1 4 8 *6 6 8 65 5 *63 4 812 25 2614 2614 2,000 Oil Well Supply 27 27 264 2612 2618 27 100 200 Preferred 4 104 1043 102 103 104 10414 104 104 No par 700 Omnibus Corp 83 2 814 2 2 .814 83 838 *814 83 8 100 Preferred A *8712 88 *87 *8712 88 88 88 *87 7312 7212 7317 1,300 Oppenheim Collins & CoNo par 7212 727 8 734 7318 73 1 OrDheum Circuit, Inc 50 *25 50 *23 *25 50 50 *25 100 20 Preferred 86 *85 *85 86 85 86 87 *85 50 900 Otis Elevator 316 323 318 320 320 325 *311 320 100 320 Preferred 123 123 12412 12412 1 122 122 123 123 No par 40'8 25,000 Otis Steel 383 4018 4 4 4018 41 383 4012 39 10hz 1,300 Prior preferred 100 10112 1023 4 10218 10238 1014 10112 101 100 Outlet Co 90 No par *88 *91 92 90 9014 9014 *88 25 8 9312 963 947 9712 8,100 Owens Bottle 4 97 965 9834 96 4 17,200 Pacific Gas dr Eleo 25 573 59 4 / 4 61 5914 611 5912 61 59 200 Pacific Ltg Corp 73 .72 No par *74 74 75 / 1 4 '74 74 74 120 Pacific Mills 4 324 3212 100 4 3112 313 4 3212 3212 *313 323 114 2,800 Pacific Oil 118 118 No par 114 118 114 114 118 160 Pacific Telep & Teleg 100 17212 173 17278 174 175 175 *17312 176 20 Preferred •125 128 100 8 *125 128 1277 1277 128 128 8 2131 136 10 8 133 4 137 3 / 12814 1353 130 13514 203,500 Packard Motor Car 1 4 4112 42 4158 2,500 Pan-Amer Petr dr Trans 50 41 4218 4214 4112 42 415 4312 8 50 8 4158 4214 13,800 Class B 43 8 44 417 427 400 Pan-Am West Petrol B_No par 143 1512 4 *1512 16 *1512 16 *1512 16 900 Panhandle Prod & ref.-No par 10 10 10 1038 11 1014 1014 10 100 *__ 65 Preferred ' -- 65 *__ 65 *___ - 65 16414 101,100 Paramount Fam Lasky No par 603 63 4 8 3 64 6512 603 6378 61 8 6,900 Park dr Tilford 71 764 74 No par 72 74 8 75 4 72 7 3 74 1 113 1218 4 2 8 12 1318 12 127 8 117 125 62,800 Park Utah CM No par 1118 1178 4 / 4 1178 13 1112 1212 111 123 59,200 Path° Exchange No par 2314 2312 2378 25 4 237 253 3 4 2412 26'z 7,600 Class A a 4 38 4 373 4 373 3834 3612 3778 363 383 29,300 Patin° Mines dr Entail:Ir....20 4 $ per share $ per share $ Per share 6612 677 8 *118 120 25 253 8 90 90 1358 14 *-_-_ 89 4114 43 / 1 4 73 74 43 43 *1064 -- -*120 140 8318 8318 10714 109 166 17012 197 21 8 701 73 4 / 4 3 297 30 8 *103 104 2012 2012 -dividend and ex-rights •Sid and asked prices: no asks on this day. x Ex-dividend. a Ex-rights. b Es PER SHARE Range Since Jan. 1. -share lots On basis of 100 Lowest $ per share 64, Jan 28 8 11612 Jan 12 2412 Jan 21 88 Jan 4 133 Feb 11 8 89 Feb 8 3658 Jan 23 693 Feb 15 4 405 Feb 2 8 104 Jan 8 122 Jan 19 8318 Jan 26 104 Jan 16 165 Feb 15 1814 Jan 5 66 Jan 16 28 Feb 14 101 Jan 15 20 Jan 30 4314 Jan 31 29 Feb 4 3014 Jan' 2958 Feb 15 1318 Feb 15 3612 Feb 15 72 Feb 15 67 Feb 15 15 Feb 14 175 Jan 9 120 Jan 28 93 Feb 15 2218 Feb 1 42 Jan 26 / 1 4 88 Jan 15 73 Jan 10 100 4 Jan 4 3 101 Jan 10 113 Jan 31 / 1 4 204 Feb 8 / 1 7112 Jan 8 49 Jan 7 5714 Jan 18 6218 Jan 31 2 263 Jan 15 24 Jan 10 4212 Feb 11 3018 Jan 8 307 Feb 15 8 12014 Jan 18 4 Feb 1 23 Feb 8 4 225 Feb 15 2212 Jan 5 7012 Jan 4 12414 Feb 14 612 Jan 24 3 Feb 8 1212 Jan 8 20 Jan 29 165 Jan 16 4212 Jan 7 6318 Feb 7 97 Feb 13 53 Jan 12 6712 Feb 8 10214 Jan 4 281 Jan 7 / 4 195 Jan 31 115 Feb 1 180 Feb 15 1434 Jan 2 96 Jan 8 12512 Feb 15 281s Jan 4 9214 Feb 4 35 Feb 8 6712 Feb 7 5212 Jan 4 132 Jan 2 140 Jan 2 118 Jan 2 4212 Jan 8 1318 Feb 14 38 Jan 7 120 Jan 30 11414 Feb 8 140 Jan 2 332 Feb 15 393 Jan 16 4 / 1 424 Jan 7 4812 Feb 15 8512 Jan 7 100 Jan 25 11212 Jan 3 8 905 Jan 7 5214 Jan 12 1011 Jan 2 / 4 55 Feb 11 484 Jan 3 5 Jan 7 4018 Jan 14 612 Jan 25 2618 Jan 31 102 Feb 15 8 Feb 11 833 Jan 2 4 7214 Feb 8 85 276 122 Feb 1 Jan 7 Jan 8 3714 Jan 2 101 Jan 21 9014 Feb 13 81 Jan 7 533 Jan 2 8 70 Jan 7 3014 Jan 18 118 Jan 2 159 Jan 3 1163 Jan 3 4 12814 Feb 14 41 Feb 15 415 Feb 8 8 14N Feb 1 8 95 Feb 7 65 Feb 1 554 Jan 2 71 Feb 11 1114 Jan 30 10 4 Feb 8 3 2314 Feb 11 344 Jan 7 Highest PER SHARE Range for Previous Year 1928 Lowest Highest $ per share $ per share $ Per shaft 745 Jan 5 8 4414 June 88 Sept / 1 4 11912 Feb 13 11712 Aug 125 Mal 2838 Jan 11 23 4 June 4678 Apr 3 93 Jan 16 8612 Dec 114 Mar 193 Apr 4 938 Feb 18 Jan 9 Apr 78 July 96 95 Jan 9 47 Jan 31 28 Feb 41 May 8012 Feb 5-4 44 Aug 573 Apr 46 Jan 4 10614 Feb 8 106 Oct 110 Nov 12518 Jan 15 10812 Mar 134 Mar Oct 8418 Jan 14 6814 Jan 86 1143 Feb 5 4 83 Apr 110 Nov 1863 Jan 2 y134 Aug 382 Aug 4 217 Jan 2 8 1814 Dec 34 May 433 Feb 75 Nov 4 757 Feb 13 8 3812 Nov Jan 16 393 Jan 15 8 Oct 874 Jan 110 10512 Jan 18 Jan 26 Jan 14 21 Nov 41 5012 Jan 10 40 Nov 88 Jan 3412 Jan 10 32 June 4012 Jan 3734 Jan 14 2812 Sept 663 June 8 3558 Jan 4 313 Feb 43 May 4 1714 Jan 3 1212 Feb 2512 Apr 4718 Jan 3 33 Feb 493 Nov 4 797 Jan 21 8 4514 Mar 83 Nov 84 Jan 2 77 Dec 86 Dec 124 Mar 255 JUDO 8 18 Jan 2 21634 Jan 25 1173 June 190 Dec 4 125 Jan 2 115 Jan 130 Apr 10812 Jan 10 75 July 11312 Nov 2414 Jan 3 1712 Aug 3012 Nov / 4 451 Jan 3 4018 Aug 52 May 9018 Jan 10 8912 Dec 101 May 80 Jan 22 56 Feb 80 Dec 8 1133 Feb 5 4 77 Feb 1097 Nov 11512 Feb 6 8012 Mar 11934 Nov 120 Feb 7 109 Feb 11812 Nov 2312 Jan 5 1914 Sept 2812 Mar 6212 June 78 Nov / 1 4 82 Jan 31 4 58 Feb 2 454 Nov 503 Dec / 1 4 62 Feb 4 54 Nov 63 Nov 72 Jan 3 60 Nov 70 Sept / 1 4 3478 Jan 4 2514 July 41 Sept 2612 Feb 14 2412 Dec 2718 May 693 Jan 3 8 4 / Jan 73 Dec 1 4 433 Feb 13 4 173 Jan 33 Dec 4 3978 Jan 3 2518 Feb 4412 Nov 121 Jan 4 10314 Feb 12012 Dee 738 May 54 Jan 3 23 Jan 8 578 May 34 Jan 3 14 Jan 26314 Jan 2 193 June 295 Nov Jan 1812 Aug 27 283 Jan 14 4 3918 Aug 757 Dec a 793 Jan 31 4 / 1 1564 Jan 2 11514 Dec 15613 Dec 1112 May 8 Jan 8 5 8 Feb 3 23 Aug 8 5 Feb 14 44 May 5 Mar 147 Dec 8 1912 Feb 4 13 Mar 243 SePt 253 Jan 3 4 4 94 July 2183 Oct 4 1943 Jan 22 4 5114 Oct 2512 Jan 4712 Feb 4 6914 June 9514 Oct 817 Jan 4 8 / 1 4 98 Dec 104 Nov 10214 Jan 11 463 Mar 6212 May 4 5938 Feb 13 2112 Feb 12414 Oct 773 Jan 17 4 8014 Feb 112 Nov 1187 Jan 25 8 714 Jan 3212 Dee 347 Feb 6 8 Jan 24914 Dec 234 Jan 11 41 9014 Jan 11812 Dec 118 Jan 3 205 Jan 4 15912 July 19514 Nov 144 Jan 26 13712 Feb 150 Apr 4714 Jan 10434 DOS 1433 Jan 25 4 6412 Jan 13312 Dec 137 Jan 29 / 1 4 214 Jan 3214 Oct / 1 3478 Jan 30 Jan 102 May 91 94 Jan 22 2914 June 5812 Jan 433 Jan 3 8 8 5114 June 713 Jan 753 Jan 3 4 2314 Mar 5738 Nov 6214 Jan 9 Jan 1584 Jan 9 115 July 136 Jan 14714 May 14112 Feb 1 139 120 Jan 31 11212 Mar 122 July 217 Jan 46 Dec 8 / 1 4 5912 Jan 30 14 July 40 / Jan 1 4 17 Jan 10 41 Jan 29 36 Dec 9812 Jan 144 Jan 2 8414 June 146 Dec 116 Jan 15 114 Sept 119 Jan 155 Feb 1 1383 Dec 150 Nov 4 370 Jan 2 160 Jan 390 Deo 5112 Feb 13 173 Jan 423 Dec 4 8 4912 Feb 2 39 / Oct 5012 Nov 1 4 583 Feb 2 4 47 Aug 6414 Jan 89 Jan 31 85 Sept 95 Jan 103 Jan 10 984 Oct 10512 May 11414 Feb 1 102 Jan 115 Apr 10912 Feb 15 585 Jan 97 Nov 8 5414 Jan 9 51 Sept 55 May / 1 4 1033 Jan 15 4 993 Oct 10578 Feb 4 6414 Jan 12 633 June 6912 Nov 4 494 Jan 4 48 Oct 55 May 614 Feb 4 24 Mar 712 Sept 45 Jan 31 3334 Jan 48 Sept 8 Feb 8 634 Dec 13 May 32 Jan 3 Jan 2014 June 41 1064 Jan 16 97 June 1104 Jan 10 Jan 22 1514 may 712 Dec 87 Jan 24 834 Dec 99 June / 1 4 793 Jan 3 4 673 Aug 884 Jan 4 Oct 18 May 70 9534 Jan 2 75 May 104 Nov 335 Jan 19 14718 Feb 28512 Dec 125 Jan 24 11914 Jan 12634 July 4284 Jan 18 1012 Jan 4012 Nov 104 Feb 4 8212 Jan 103 Nov 963 Jan 4 4 Si June 994 Sept 983 Feb 13 4 8 7412 Jan 957 Apr 6814 Jan 31 4313 Feb 5618 NoV 813 Jan 31 4 69 Dec 853 JUDO 2 3312 Jan 17 25 Oct 3512 NeY 118 Jan 10 214 Apr 1 Sept 182 Jan 30 145 June 169 Dec 128 Feb 15 114 Oct 12512 MAY 153 Jan 2 5614 Feb 163 Deo 50 Jan 4 3814 Feb 5512 Nov 511 Jan 3 / 4 373 Feb 587 Nov 8 4 1713 Jan 3 1518 July 283 Apr 8 1514 Jan 3 4 1112 Feb 213 May 76 Jan 16 70 Feb 10614 May 6718 Feb 4 4714 Oct 56 Deo / 1 4 877 Jan 14 8 2 4714 Oct 563 Dec 1312 Jan 3 34 Mar 98 Nov 147 Jan 9 9 8 Aug 1412 Jan 30 Jan 9 15 Nov 2 Feb 393 Jan 12 2 84 Feb 34 Aug New York Stock Record-Continued-Page 7 1029 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. 9. Monday, Feb.11. Tuesday, Feb. 12. Wednesday, Thursday, Feb. 14. Feb. 13. Friday, Feb. 15. Sales for the Week. STOCKS NEW YORK STOCK EXCHANGE PER SHARE Range Since Jan. 1. On basis of 100 -share lots Lowest $ per share 5 per share $ per share $ per share $ per share $ Per share Shares Indus. & Miscall. (Con.) Par $ per share 1858 1914 1818 193 8 1713 19 18 19 7,300 Peerless Motor Car 50 1713 Jan 14 3958 41 41 423 8 4118 435 8 4318 463 28,500 Penick & Ford 4 No par 38 Jan 2 106 106 109 109 *106 109 *106 109 170 Preferred 100 10412 Jan 4 1012 *10 10 10 *10 1014 10 10 300 Penn Coal & Coke 50 9 Jan 30 2212 2312 225 237 8 8 2214 2212 22 227 8 5,800 Penn-Dixie Cement____No par 21 Jan 2 92 *90 *91 91 90 90 *90 91 1,000 Preferred 100 8612 Jan 8 24312 259 255 2567 *250 255 8 253 25512 6,300 People's CL & C (Chic) 100 208 Jan 11 42 42 4158 42 4118 4134 4114 4112 1,400 Pet Milk No par 4118 Feb 14 *165 180 *160 180 •160 168 *160 180 Philadelphia Co (Pittsb)___50 159 Jan 2 *4734 51 *473 51 4 *4734 51 .473 51 4 5% preferred 50 4812 Jan 15 5 / 1 4 53 8 53 53 / 53 1 4 / *535 533 1 4 8 4 535 53 8 / 1 4 50 53 Jan 2 600 6% preferred 3012 313 8 3114 323 4 31 317 8 3114 3218 19,200 Philo de Read C & I__ __No par 30 Jan 2 165 1714 8 17 173 8 1612 17 165 163 8 4 5,500 Philip Morris & Co., Ltd- 10 1612 Feb 14 89 89 90 90 *8818 90 *8818 90 20 Phillips Jones met 100 8814 Jan 17 3812 3014 3813 39 38 3812 373 381g 9,300 Phillips Petroleum____No par 3714 Jan 29 4 315 315 8 8 30 3112 *27 31 *293 3018 4 400 Phoenix Hosiery 5 30 Feb 13 *99 997 *97 8 997 *97 8 997 •97 8 997 8 Preferred 100 9812 Feb 1 3012 327 8 3213 34 3212 337 8 32 33 13,200 Pierce-Arrow Class A_.No-par 283 Jan 3 4 803 81 4 81 81 8013 81 8018 81 1,200 Preferred 100 7212 Jan 2 214 212 214 214 214 214 23 8 212 5,700 Pierce Oil Corporation 25 2 Feb 8 / 1 4 30 3014 3118 311 3012 32 / 4 32 12 3212 1,300 Preferred 100 30 Jan 8 45 8 434 43 4 434 458 5 5 518 11.800 Pierce Petrol'm_ _ _____ No par 45 Feb 11 8 55 / 5718 1 4 575 5914 5618 .575 x54 8 8 5678 16,700 Pillsbury Flour Mills_ _No pa 54 Feb 15 •____ 150 •143 150 *____ 140 •____ 140 Preferred 100 143 Jan 2 69 70 68 6812 65 6814 65 6778 1,600 Pittsburgh Coal of Pa 100 65 Feb 14 90 90 *90 91 90 90 *90 91 400 Preferred 100 90 Jan 14 *284 30 / 1 2934 293 *2812 30 4 2812 2812 300 Pitts Terminal Coal 100 28 Feb 2 *70 71 *70 71 *70 71 *70 71 Preferred 100 70 Jan 29 81 81 8112 8113 1,100 Porto Rican-Am Tob cl A.100 77 Jan 11 82 8212 8114 8114 3712 4012 40 4112 39 39 3812 403 4 2,000 Class B No par 36 Jan 4 1045 1045 8 8 10458 10458 1045 1045 *1043 1043 8 8 8 4 400 Postal Tel & Cable pref _ _AGO 103 Jan 7 697 7212 8 7112 73 / 7014 713 1 4 8 70 717 46,700 Postum Co Inc 8 No par 695 Feb 8 8 59 60 593 6114 593 597 4 8 8 583 5934 38,400 Prairie 011 Sc Gas 4 25 58 Jan 30 55 / 564 1 4 / 1 555 5612 551 5612 5612 573 22.800 Prairie Pipe Sc Line 8 / 4 4 25 534 Jan 14 / 1 20 8 21 3 21 213 8 2034 21 2034 2114 7,000 Pressed Steel Car No par 20 8 Feb 11 3 *74 76 754 7518 7613 767 / 1 8 76 76 500 Preferred 100 75 Feb 8 1934 194 / 1 1913 193 4 19 19 187 187 8 8 1,200 Producers & Refiners Corp__50 18 Feb 15 / 1 4 .38 40 *38 40 39 39 39 39 280 Preferred 50 39 Feb 14 65 65 *63 65 *6113 69 *63 68 10 Pro-phy-lac-tic Brush__No par 6018 Jan 7 8412 871g 86 981 8518 8712 8414 87 / 4 64,700 Pub Ser Corp of N J__No par 813 Jan 8 8 1055 1055 8 8 10512 107 *10512 108 108 10818 1,000 6% preferred 100 104 Jan .5 12118 12118 12114 1235 *12118 123 •12114 12212 8 / 1 4 100 119 Jan 8 400 7% preferred •150 154 150 150 *150 153 *150 153 100 1454 Jan 18 200 8% Preferred / 1 10812 109 10814 10814 *1083 10918 10812 10918 8 900 Pub Serv Elec & Gas pref _100 108 Jan 4 83 831 / 4 823 833 4 8 8214 8314 8114 83 No par 8114 Feb 15 13,100 Pullman, Inc 164 17 / 1 17 17 17 17 167 17 8 1,300 Punta Alegre Sugar 50 1613 Jan 31 2313 2438 23 / 243 1 4 8 235 23 8 / 234 23 1 4 25 2312 Jan 30 / 1 / 18,600 Pure Oil (The) 1 4 112 11312 ' 1113 115 *113 115 *113 115 100 112 Jan 14 90 8% preferred 1285 13112 8 13213 136 133 1344 x130 132 1284 Feb 11 / 1 6,300 Purity Bakeries / 1 *150 190 *150 175 •140 180 •140 175 Preferred 351 366 363 373 35112 359 20,200 Radio Corp of Amer___No par 34513 Feb 8 / 1 / 3504 363 1 4 56 56 5618 5618 56 5618 5518 551 50 55 Jan 19 800 Preferred 3718 383 8 4 38 391 37 / 4 38 / 4 35 / 373 54,600 Radio Keith-Orp cl A__No par 351 Feb 15 1 4 683 7413 8 7213 7514 7113 733 4 6738 7338 26,500 Real Silk Hosiery 10 57 Jan 7 100 100 99 99 .97 10013 •97 100 100 97 Jan 5 100 Preferred Stock 13 143 8 14 Stock 1512 1318 143 8 13 1113 Jan 30 No par 141 6,500 Reis (Robt) & Co / 4 94 103 10012 103 93 9414 9113 93 100 80 Jan 7 3,700 First preferred Exchange 3114 33 Exchange / 1 4 325 34 8 324 3314 3112 331g 56,200 Remington-Rand / 1 8 No par 297 Jan 24 9113 92 93 93 *92 931 934 •92 / 1 100 9014 Jan 4 600 First preferred Closed Closed 96 96 *931 993 *9314 973 *95 / 4 4 100 9313 Jan 19 100 Second preferred 4 09's 2718 273 2913 25,700 Reo Motor Car 277 283 8 8 28 4 285 8 2818 10 2718 Feb 11 Extra 80 83 4 Lincoln's s8314 853 3 8 827 86 8 8 84121 867 50,000 Republic Iron & Steel_ -.100 7914 Feb 8 11014 1113 •11012 112 *11011 112 *11013 112 4 100 1084 Jan 7 100 Preferred / 1 Holiday 1018 1114 1014 1012 Birthday 1014 1012 1014 10 / 10,100 Reynolds Spring 1 4 No par 1018 Feb 13 150 1507 150 150 150 150 a --------2,600 Reynolds (RJ) Top class 11.25 150 Feb 8 *185 195 190 190 •185 194 .185 194 10 Class A 25 190 Jan 3 *5413 5538 5614 5613 551 5512 554 5554 1,300 Rhine Westphalia Elee Pow- - 5514 Feb 1 / 4 / 1 42 4318 4278 43 4 413 431 22,200 Richfield Oil of Callfornia__25 4112 Feb 8 / 4214 433 1 4 4 3614 381 3614 383 4 36 361 353 37 No par 3418 Jan 22 / 28,400 Rio Grande 011 4 4 233 24014 24014 252 238 244 235 248'i 3,200 Rossia Insurance Co 25 233 Feb 11 3314 34 34 3412 32 4 3314 3218 33 3 5,400 Royal Baking Powder_ _No par 3112 Jan 22 •10213 105 *10212 105 *10213 105 *10212 105 Preferred 100 10213 Jan 23 5013 507 / 1 503 5114 *504 5O s 5014 50'4 4 1,000 Royal Dutch Co(NY shares) 504 Jan 31 / 1 7112 75 75 4 793 3 4 7014 761 7118 7613 49,200 St. Joseph Lead 10 62 Jan 7 170 17313 16614 170 167 172 160 16614 7,500 Safeway Stores No par 160 Feb 15 *95 97 •95 97 *95 97 •95 97 100 94 Jan 10 Preferred (6) 104 104 *102 1041 *102 104 *104 105 100 Preferred (7) 100 104 Feb 1 47 / 4812 46 1 4 4513 49 / 1 4 x4413 4614 6,600 Savage Arms Corp_ __ No par 4413 Feb 15 47 3412 33 34 3314 34 / 3414 x321 33 1 4 / 4 18.700 Schulte Retail Stores__No par 3112 Jan 31 *107 110 •107 110 108 108 *107 110 100 105 Feb 4 10 Preferred 18 1912 17 18 1814 177s 17 / 173 1 4 4 3,600 Seagrave Corp No par 154 Jan 2 / 1 1603 16258 15612 1591 155 15912 49,700 Sears. Roebuck dr Co._No par 1555 Feb 15 8 1575 1607 8 8 8 / 1 4 6 614 61 61 / 4 / 4 6 61 6 6 18 17,500ISeneca Conner No par 513 Jan 2 131 132 129 136 12913 1343 12912 135 4 No par 12312 Jan 8 6,100 Shattuck (F G) *45 47 45 45 45 45 .45% 46 400 Shell Transport Sc Trading.L2 43 Jan 25 261 267 / 4 8 263 27 4 / 2613 267s 2614 267 23,7001,Shell Union 011 1 4 26 Feb 8 8 No pa 651 6618 / 4 6712 5812 66 691 6712 7213 14,1001Shubert Theatre Corp_No part 65 Feb 8 99 105 104 108 100 4 104 3 No part 92 Jan 8 100 1054 74,900ISimmons Co / 1 1912 2014 20 2012 193 19 4 10 1913 Feb 11 / 20 1 4 203 8 3,500 Simms Petrolem 38 4012 40 / 4212 3912 413 1 4 / 4 8 381 411 583.000 Sinclair Cons Oil Corp_No par 36 Feb 8 / 4 10934 1093 4 10934 109 / 1093 1093 1093 1093 1 4 100 10912 Jan 10 4 500 Preferred 4 4 4 344 36 / 1 347 364 344 353 x3312 35 8 / 1 8 2' 333 Feb 8 / 1 4 13,300 Skelly Oil Co *115 120 •115 120 11412 11412 118 118 300 Sloss-Sheffield Steel Sc Iron 100 11412 Feb 15 •10713 108 •10712 1081 *10712 10812 10712 1071 100 105 Jan 2 800 Preferred 14 1418 *1438 141 141 141 14 / 4 / 4 12 Jan 2 No par 1415 800 Snider Packing 4612 473 4 46 47 464 463 .4414 45 / 1 8 No par 33 Jan 3 1,000 Preferred 3912 40 / 1 4 41 41 401 4012 39 / 4 / 40 1 4 No par 39 Feb 11 2,600 So Porto Rico Sug 13 59 / 62 1 4 / 1 4 6013 63 4 61 3 611 6012 6112 11,100 Southern Calif Edison / 4 8 25 535 Jan 4 *3614 367 8 *35 4 37 3 *353 37 4 *353 37 4 Southern Dairies Cl A__No par 35 8 Jan 6 5 •13 1312 1313 1314 1314 1314 133 1314 8 1,600 Class B No par 13 Feb 7 *115 117 •115 117 *11513 118 *11513 118 / 1 4 Spalding Bros 1st pref 100 115 Jan 2 4113 43 8 5 45 47 44 4512 4358 4614 6,400 Spang Chalfant&Co IncNo par 40 Feb 8 / 1 4 *90 96 no 96 *90 96 .90 96 Preferred 100 96 Jan 22 12 13 •1112 1212 12% 12% 12 12 530 Spear Sc Co 11 Feb 2 No par *7912 80 80 .7913 80 80 *7913 80 20 Preferred 100 79 Jan 3 4913 5218 5214 547e 5012 52 5114 53 21,700 Spicer Mfg Co No par 45 Jan 7 10413 109 10613 1104 10212 10513 103 10912 17,800 Spiegel-May-Stern Co_No par 7714 Jan 15 / 1 33 3412 344 3213 33 / 1 33 32 32 5,100 Stand Comm Tobacco_No par 32 Feb 8 8914 9212 90 9112 885 93 4 9438 89 / 18,900 Standard Gas Sc El Co_No par 82 Jan 8 1 4 66 6612 6634 663 4 6613 667 * 6612 661 1,100 Preferred .50 65 Jan 2 1283 1313 4 4 1297 1297 •123 129 8 8 12012 12012 1,200 Standard Milling 100 12013 Feb 15 *118 125 116 116 116 11712 118 12012 170 Preferred 100 113 Jan 2 65 8 67 5 6618 67 663 68 4 651 663 19,700 Standard Oil of Cal_ _ __No par 64 Jan 30 / 4 4 / 1 4 4858 4012 5018 51 4934 51 483 5118 126,200 Standard 011 of New Jersey_25 48 Feb 8 4 / 1 4 393 4012 4 8 4014 4114 397 4012 3938 4012 69.800 Standard 011 of New York __25 393 Feb 15 8 63 8 658 63 8 67 8 63 8 6 / 1 4 618 6 / 2,500 Stand Plate Glass Co__No par 1 4 412 Jan 2 •22 25 2412 2412 .22 2312 22 22 100 17 Jan 3 50 Preferred s50 51 51 493 49 8 50 / 4918 50 1 4 8,800 Stand San Mfg Co---No par 4618 Jan 4 •129 •130 ____ •12814 --_- •130 preferred ____ ______ 100 11813 Jan 15 39 - - .3£1 383 383 4 4 38 39 38 39 1,700 Stanley Co of Amer__ _ _No par 38 Feb 14 127 13312 8 8 130 1353 1295 132 / 1 4 / 125 1333 20.700 Stewart 1 4 / 1 4 4 -Warn Sp Corp_No par 12112 Jan 3 61 63 8 7 624 6312 6114 62 / 1 5813 62 4,400 Stromberg Carburetor_No par x52 Jan 11 / 1 4 8612 8914 8712 91 8518 883 4 8618 893 80,700 Studeb'r Corp (The___No par 77 Jan 5 4 •1243 125 4 / 1 4 4 1243 1243 *1244 125 125 125 100 1243 Jan 2 20 Preferred 4 3 / 38 1 4 3 312 313 314 3 / 1 4 314 314 3.500 Submarine Boat No par 3 Jan 8 / 1 4 60 62 604 60 / 1 6018 6114 60 60 No par 58 Feb 8 5,900 Sun 011 10238 10234 *1023 104 *104 105 4 104 105 100 100 Jan 3 10 Preferred 712 8 714 7 4 3 714 73 4 714 75 17.700 Superior 011 8 No par 712 Jan 29 43 43 43 44 43 437 44 8 43 1,200 Superior Steel 100 38 Jan 2 1612 1612 1712 171 164 1612 1,200 Sweets Co of America / 4 / 1 165 1714 8 50 16 Feb 8 612 312 5 / 57 1 4 8 *51 6 *51 6 / 4 / 4 No par 300 Symington 5 Jan 3 13 137 8 133 .13 4 13 14 13 13 No par 900 Class A 13 Feb 8 193 195 8 8 / 1 *20 2018 194 20 2014 20 1,900 Telautogmph Corp-No par 1914 Feb 8 •BPI and asked pilaw no sales on this day. 5 Ex-dividend. a Ex-rIghte. Highest PER SHARE Range for Previous Year 1928 Lowest Highest $ per share $ per share $ per those 8 2212 Jan 11 141 Sept 257 Mar / 4 4634 Feb 15 223 Jan 4113 Oct 8 110 Jan 9 103 Oct 115 Mar 12 Jan 20 8 Aug 1412 Jan 27 Jan 5 1434 July 31 May 94 Jan 22 8 75 Sept 965 Apr 259 Feb 11 1513 Jan 217 Nov 4 45 Jan 3 / 1 4 4112 Dec 4614 Dec 180 Jan 5 145 Mar 1743 May 4 4513 Mar 49 Aug 483 Jan 11 4 537 Jan 24 8 513 Oct 57 Mar 4 34 Jan 8 4 273 June 393 Jan 8 20 Jan 23 15 Mar 2513 may 85 Apr 99 May 9013 Jan 11 3514 Feb 537 Nov 47 Jan 3 8 21 Oct 38 May 3748 Jan 22 94 Dec 10314 Feb 100 Jan 6 8 1813 Oct 307 Dec 377 Jan 9 8 8 5612 Oct 747 Dee 8612 Jan 9 12 Mar 514 Apr 278 Jan 1614 Feb 50 Oct 35 Jan 2 312 Feb 658 Apr 57 Jan 1 8 4 323 Feb 5878 Dec 637 Jan 1 8 Jan 14478 Dec 108 15614 Jan 1 8 3618 June 787 Dec 8334 Jan 8 81 May 1007 Dee 100 Jan 26 Feb 38 Dec 3438 Jan 6318 Oct 82 Mar 7814 Jan 3 3 53 4 July 85 4 Dec 845 Feb 8 8 2314 Aug 517 Dec 50 4 Jan 3 1005 Aug 106 Sent 105 Jan 3 8 613 July 13613 may 8 8 783 Jan / 1 4 59 Dec 64 Den 65 Jan / 1 4 / 1 4 59 Feb 18 June 3312 Oct 23 4 Jan 3 13 Oct 70 Aug 93 7912 Jan 8 16 Feb 297 Nov 25 Jan / 1 4 8 41 Feb 495 June 43 Jan 52 Nov 91 Feb 823 Jan 1 4 4113 Jan 8312 Dec 943 Jan 3 4 1033 Jan 115 May 10818 Feb 8 1247 Jan g Oct 12912May 117 150 Feb 13 134 Jan 150 May 1095 Jan 28 10612 Dec 110 API 8 / 1 4 9178 Jan 3 77 / Oct94 may 1 4 2114 Jan 14 / 1 175 Dec 344 Jar 8 2813 Jan 3 19 Feb 3114 Nov 11512 Jan 21 108 Mar 119 June 139 Feb 4 / 1 4 75 June 13938 Ocl 105 July 1664 Oct / 1 410 Jan 5 8514 Feb 420 De( 57 Jan 3 54 / Jan 60 May 1 4 464 Jan 4 / 1 344 Dec 511 Nov / 1 / 4 765 Jan 22 8 24 / Jan 60 De( 1 4 / 1 4 10212 Feb 8 804 July 97 Dec / 1 / 1 4 1614 Feb 1 15 Dec 512 Feb 1081 Feb 6 / 4 6114 Feb 8913 Dec 353 Feb 4 2313 Jan 36 May 4 / 1 4 96 Feb 4 8714 Dec 98 June 99 Feb 4 8818 Oct100 Jar , 2212 Jan 3514 Oct 314 Jan 3 / 1 49 June 9413 NON 883 Jan 2 / 1 4 4 114 Feb 5 102 June 112 Fet 8 Feb 1214 Jan 16 / 1 4 147 8Juni 163 Jan 11 128 Apr 16513 Noi 191 Jan 2 165 Mar 195 Ma) / 1 4 64 Jan 2 50 Oct61 Dec 23 Feb 56 Nov 495 Jan 3 / 1 4 8 4178 Jan 25 2583 Jan 19 145 June 278 Nov 4 40 Dec 49 Del 4314 Jan 2 / 1 4 10312 Jan 21 10413 Dec 10413 Dec 445 Jan 64 On 8 55 4 Jan 5 3 37 Mar 7113 Dec 94 Jan 21 4 19514 Jan 4 171 Dec 2013 Dec 95 Dec 97 Dec 97 Jan 16 108 Jan 18 1061 Dec 10613 Dec / 4 3614 Dec 51 Dec 517 Jan 24 8 4113 Jan 8 353 Dec 6712 Aix 4 11812 Jan 2 115 Dec 129 Api 10 Feb 1712Juni 207 Feb 4 8 / 1 4 821g Jan 197 Noi 181 Jan 2 713 On 2 Jan 63 Jan 5 4 8012 Feb 14014 On 142 Feb 4 393 Jan 5712 Oc 8 55 Jan 10 / 1 4 2314 Feb 393 No', 8 304 Jan 3 / 1 543 June 85 No', 4 / 1 4 7412 Jan 24 8 55 4 June 1013 Noi 116 Jan 31 3 181g Feb 27 No', / 1 4 237 Jan 3 s 173 Feb 4634 Nol 8 45 Jan 2 111 Jan 29 10213 Jan 110 On / 1 4 25 Feb 42 Nol 40 Jan 22 125 Jan 19 102 June 134 Fel 112 Jan 18 10413 Oct 123 Ma 11 Dec 20 Ap 161 Feb 5 / 4 31 Nov 60 Jai 5012 Feb 6 / 1 4 8 32 Feb 493 Mal 4 443 Jan 2 4313 Jan 5612 No 6812 Jan 31 , 2412 Jan 605g Ma: 42 Jan 2 Jan 30 Ap 9 153 Jan 12 8 117 Feb 6 109 Jan 120 Ap 26 July 575 De 8 5214 Jan 3 Oct100 Au 97 97 Jan 17 1014 Nov 20 Fel 143 Feb 4 4 3 7638 Nov 92 8 Fe 8013 Jan 2 2313 Jan 511 De / 4 57 Feb 5 65 Sept91 No 12 1177 Feb 6 8 Oct4014 No 24 43 Jim 11 / 1 4 / Jan 8458 De 1 4 57 99 Jan 31 / 1 4 645 Dec 7113M& 67 Feb 4 8 16314 Jan 18 100 Jan 14213 De 133 Jan 12 97 Nov 115 De 7312 Jan 5 .53 Feb 80 No 55 Jan 3 / 1 4 4 373 Feb 593 No 4 45 Jan 2 / 1 4 / 1 4 283 Feb 45 De 4 958 Jan 21 7 Fel / 1 4 214 Jan 31 Jan 18 Jan 40 Fe' 10 54 Jan 29 3 34 June 53 g De 11813 Jan 15 118 4M& Oct 1263 4314 Jan 3 35 Dec 69 4 Sep 3 145 Jan 22 771 Feb 12818 De / 4 9212 Jan 9 Jan 99 De 44 98 Jan 28 57 Jan 8712 OC 125 Jan 18 1214 Feb 127 Jun / 1 33 Jan 17 4 3 Feb 614 Ma 6812 Jan 10 3112 Jan 77 No , 1054 Jan 8 100 Jan 110 An / 1 12 Jan 3 2 Feb / 1 4 1414 No' 4814 Jan 21 18 Jan 567 No' s 20 Jan 24 113 Feb 2312 SeD 7 8 Jan 14 3 4 Aug 7 Mai 1918 Ap 1634 Jan 14 10 Aug 22 Jan 4 8 1514 Jan 225 Ma: 1030 New York Stock Record-Concluded-Page 8 For sales during the week of stocks not recorded here. see eighth page preceding. HIGH AND LOW SALE PRICES -PER SHARE, NOT PER CENT. Saturday, Feb. 9. Monday, Feb.11. Tuesday, Feb.12. Wednesday, Thursday, Feb. 13. Feb. 14. Friday. Feb. 15. Sales for the Week. STOCKS NEW YORK STOCK EXCHANGE PER SHARE Range Since Jan. 1. -share lots On basis of 100 Lowest $ Per share 8 per share 8 per share $ per share $ per share $ per share 183 197 4 8 194 203 8 187 194 8 8 194 195 585 593 8 s 5938 60 584 5912 5814 591s 7438 7638 4 734 753 75 754 7612 74 1812 1914 1914 20 8 183 1912 183 194 4 1812 197 8 8 1958 2014 1918 197 4 1812 195 2112 213 4 22 22 *2112 23 22 21 *4212 4412 433 433 4 44 4 44 44 44 454 4512 45 4538 45 4514 463 4 45 *110 112 *110 112 *110 112 *110 112 3 574 5314 5312 5314 5312 55 5312 53 4 175 18 8 8 1734 1812 18 1814 1814 193 *86 89 87 87 87 87 87 87 2814 2912 3214 30 3012 *3012 3112 32 92 92 *9112 92 9218 923 *913 92 4 4 8 743 77 4 8 754 777 767 785 8 2 744 757 943 4 944 9512 8 93 9414 9518 944 947 * 10414 10414 10414 10812 10914 10914 *107 1077 •1738 18 18 18 *1612 1712 *1412 1612 *173 21 8 *1738 21 4 1738 174 *163 21 *1618 21 *1612 21 17 *161. 21 17 7 912 9 8 958 94 94 10 93 1018 4 *42 45 •42 *43 45 45 *42 46 8 4038 404 41 4134 4178 4014 405 4178 26 2512 265 *2512 263 24 4 26 25 4 8 3 52 051 53 5312 5112 5112 ' 5212 5212 10812 111 10412 109 104 108 1073 110 4 *125 128 *125 126 *125 126 *125 126 35 35 3512 35 *3512 36 *3512 36 21018 21612 20612 217 20814 21814 21518 221 4 49 4918 4958 4818 4918 4758 483 49 4 3 135 13714 13634 137 137 137 2137 142 s 5014 5014 5014 2497 501s 50 503 8 50 *122__ *122 __ *122 __ •122 2318 2314 -2312 2318 23 2318 -2312 23 -*10214 103 10214 1024 10214 10214 103 103 653 4 256 69 681s 7114 693 713 4 4 66 146 1473 4 145 4 1497 3 146 15018 146 148 s *2112 23 22 21 223 4 23 *2112 23 734 7414 7414 7414 7414 75 *73 75 877 87/8 8 8814 874 8714 874 *8712 89 17i8 18 1812 1758 18 173 184 4 18 *9814 101 *9812 101 •9814 101 *99 101 Highest PER SHARE Range for Previous) Year 1928 Lowest Mohan Shares Indus. & Miscel. (Con.) Par 8 per share 8 yet share $ per share $ per share 197 Dee 8 104 Jan 3 1712 Jan 25 20 4 Feb 6 31,000:Tenn Copp & Chem__No par 27,200ITexas Corporation 50 Feb 743 Nov 4 25 5814 Feb 15 68 Jan 2 64,000:Texas Gulf Sulphur_ __No par 734 Feb 15 82 Jan 3 624 June 8212 Nov 1218 Mar 265 Nov 37.700 Texas Pacific Coal .55011 8 10 1614 Jan 25 2014 Feb 4 20 June 30 4 Apr 22,800 Texas Pac Land Trust 3 1 1812 Feb 8 2412 Jan 17 600 Thatcher Mfg 22 Jan 3912 May No par 20 Jan 21 27 Jan 3 45 Oct 535 June 8 8 300 Preferred No par 4212 Jan 10 483 Jan 5 Jan 5212 Dee 2,800 The Fair 34 No par 45 Feb 7 514 Jan 15 Preferred 7% 100 108 Jan 2 110 Jan 2 1044 Jan 11414 Got 4 5614 June 713 June 1,100 Thompson (J R) Co 25 5314 Feb 13 62 Jan 12 1434 Feb 25 Sept 27,900 Tidewater Assoc 011-No par 1712 Feb 8 22 Jan 3 817 Mar 913 Deo 8 4 800 Preferred 100 87 Feb 1 90 Jan 2 195 Mar 4112 Dee 8 3,900 Tide Water Oil 100 2718 Feb 1 3758 Jan 3 863 July 10018 Dee 300 Preferred 4 100 92 Feb 7 9712 Jan 17 8 17,000 Timken Roller Bearing_No par 7418 Feb 14 150 Jan 3 1125 Mar 154 Nov 93 Aug 11818 Api 5,200 Tobacco Products Corp 100 53 Feb 15 102 Jan 11 8 1,400 Class A 100 10414 Feb 11 112 Jan 3 1097 Aug 128 Feb 19 Aug 25 4 Jam 3 200 Dividend certificates A ____ 174 Jan 28 18 Feb 13 5,475 Dividend certificates:13 19 Aug 24 June 173 Jan 22 19 Jan 14 8 19 Dec 23 Ang 5,475 Dividend certificates C .18 Jan 18 1912 Jan 15 1452 Nov 63 June 4 28,500 Transc't'l Oil tern etf__No par 914 Jan 30 13 Jan 2 4414 Dec 5912 Feb Transue & Williams St'l No par 45 Feb 5 52 Jan 2 4,100 TrIco Products Corp___No par 404 Feb 14 4414 Jan 22 325 June 447 Sept 8 8 8 1,700 Truax Truer Coal No par 24 Feb II 317 Jan 23 8 5514 Nov 637 Dec 8 800 Truscon Steel 10 5018 Feb 8 615 Jan 3 63 June 93 8 Dec 8 14,100 Under Elliott Fisher Co No par 91 Jan 7 1133 Feb 2 7 Preferred 100 125 Jan 5 125 Jan 5 119 Mar 126 Apr 30 Dec 493 Feb 4 900 Union Bag & Paper Corn- _100 347 Jan 4 43 Jan 14 2 63,100 Union Carbide & Carb_No par 19612 Jan 7 2273 Feb 5 1364 Feb 209 Nov 8 12,600 Union Oil California 42 4 Feb 58 Nov 3 8 25 475 Feb 15 5214 Jan 19 2,200 Union Tank Car Oct 1284 May 8 100 1217 Jan 15 142 Feb 15 110 3412 Apr 57 2,000 United Biscuit Gel No par 4812 Jan 2 534 Jan 14 Oet Preferred 100 120 Jan 19 126 Jan 24 11214 Mar 135 7,300 United Cigar Stores 8 227 Aug 345 Feb 8 10 23 Feb 14 2712 Jan 11 600 Preferred 8 100 10112 Jan 16 104 Jan 2 1037 Dec 1144 Apr 48,100 United Electric Coal-No par 56 Feb 15 8118 Feb 6 5814 Oct 8912 Dee 5,600 United Fruit No par 13918 Jan 24 15812 Jan 31 13112 June 148 Nov 1,000 United Paperboard 8 4 1612 Dec 277 Apt 100 16 Jan 7 263 Jan 22 1,600 Universal Leaf Tobacco No par 7312 Feb 8 8112 Jan 23 603 June 8758 Nov 8 80 Universal Pictures 151 pfd_100 8614 Fen 13 93 Jan 2 9114 Nov 100 Feb 1553 June 357 Gel 4,400,Unlvereal Pipe de Bad_ _No Par 8 1718 Feb 15 2214 Jan 2 l Preferred 3 874 Sept 105 4 Des 100 9814 Feb 6 10012 JIM 9 40 4014 2,000 U 8 Cast Iron Pipe & Fdy.,...20 40 Feb 8 4712 Jan 10 4014 4114 41 *4118 4134 40 38 Dec 53 Nov 1834 187 194 Nov 900 1st preferred *1812 19 18 Nov 8 1878 19 *1812 19 No par 184 Jan 15 19 Jan 11 *1912 195 1914 Dec 600 Second preferred_ 8 5 194 1912 1912 1912 1912 1912 1812 Nov . No par 194 Jan 14 19 8 Feb 8 143 1514 1412 147 8 2,500 U 8 Distrth Corp 4 4 15 1312 June 2014 Jac 15 143 15 4 No par 1412 Feu 1' 173 Jan 3 *75 79 76 Oct 903 Jan 77 8 300 Preferred 77 *77 78 78 *75 100 76 Feb 8 8012 Jan 3 4538 46 41 4 4 1,700 US Hoff Mach Corp___No par 44 Jan 11 494 Jan 2 46 46 453 453 Dec 583 Jail 46 47 s 1393 14.412 31,700 US Industrial Alcohol Gel 8 14212 146 4 s 1404 1433 138 144 100 128 Jan 16 1547 Jan 25 1024 June 138 12434 1247 8 •12434 125 *125 12514 125 125 220 Preferred 8 8 100 12414 Jan 8 1257 Jan 4 1185 Sept 1254 Nov 275 2812 8 Jan 51 May 27 4,300 U 8 Leather 22 28 285 8 27 2712 25 No par 25 Feb 15 3512 Jan 14 72 Jan 5412 55 Also 52 2,700 Class A 534 5412 514 53 54 56 8 No par 517 Feb 15 614 Jan 14 106 106 200 Prior preferred 10514 10514 *102 105 *102 105 4 8 100 1025 Jan 7 107 Feb 1 1003 Dec 10912 May 106 1093 51,300 US Realty & Impt___No par 81 Jan 8 11912 Feb 6 6114 Fob 93 8 May 5 11112 11412 106 112 210518 109 4 5914 5112 485 5014 48 4912 503 4 497 43,600 United States Rubber 8 27 June 6314 Jan 8 100 42 Jan 8 5514 Jan 14 Stock 8312 86 Stock 8514 3,600 1st preferred 8 85 55 July 1093 Jan 843 8518 85 4 86 100 81 Jan 9 9212 Jan 16 67 684 673 697 4 3912 Feb 7112 Nov 4 8 6618 673 4 653 6814 25,700 075 Smelting, Ref 44 Min _50 615 Jan 8 70 4 Jan 11 3 8 Exchange 5514 58 Exchange *5514 57 500 Preferred 51 Jan 58 Dec 5518 5514 554 554 50 5512 Jan 24 58 Jan 3 17212 1774 17514 180 17238 17512 171 17512 359,400 United States Steel Corn 4 15718 Jan 8 1923 Jan 25 1324 June 17212 Nov 141 14112 Closed Closed 14114 14112 141 14112 14118 14112 3,000 Preferred 8 100 141 Feb 5 1434 Jan 28 1385 Jan 1474 Apg •102 103 400 U 8 Tobacco 101 102 •99 103 Oct 86 June 120 9914 100 3 No par 9712 Jan 9 109 4 Jan 30 •135__ Lincoln's •135 Extra __ *135 __ *135 Preferred 100 137 Jan 5 13812 Jan 23 12712 Jan 139 June .270 210 20 Utah Copper -285 285 *275 290 290 2-90 Jan 273 Dec 10 264 Jan 2 293 Jan 5 139 Holiday 4 4214 44 4412 483 188,600 Utilities Pow & Lt A__No par 40 Jan 8 493 Jan 30 Birthday 44 4512 4212 47 2812 Feb 45 4 May 8 3 1112 117 2 8 1158 113 8 113 1112 5,400 Vadsco Sales 1112 115 4 No par 113 Feb 15 1312 Jan 21 8 71 71 *7154 7212 400 Preferred 71 713 713 4 4 71 100 71 Feb 14 82 Jan 16 1093 1124 4 4 11018 114 10612 11012 1053 11112 80,900 Vanadium Corp Jan 11112 Nov 60 No par 95 4 Jan 7 11612 Feb 8 3 31 30 1,500 Van Raalte 30 *28 31 •28 31 *28 8 752 Jan 407 Oct No par 28 Jan 2 35 Jan 17 100 1st preferred 71 69 69 •70 69 69 . 69 *65 437 Jan 78 Nov 8 100 60 Jan 2 7214 Jan 17 8412 84 844 834 8414 2,400 Vick Chemical 84 8412 86 Jan 85 Dec 58 No par 82 Jan 4 944 Jan 16 14634 14934 29,900 Victor Talk Machine 14558 1497 8 4 1483 151 4 14612 149 525 Jan 1583 Nov 8 No par 1441s Feb 8 158 Feb 1 11214 1123 1123s 11278 119 11214 11218 11218 2,400 7% prior preferred 4 100 1113 Jan 2 114 Jan 15 1014 Jan 11212 Dec 4 215 10,900 Virg-Caro Chem 8 4 2158 225 2014 214 8 2014 2112 20 12 June 203 Nov Jan 26 4 No par 1814 Jan 8 243 4 3,900 6% preferred 2 8 6018 617 607 613 s 4458 Jan 6414 Nov 4 6012 6112 607 613 100 585 Jan 2 6512 Jan 28 8 97 *95 97 *96 97 *95 *9512 97 8812 Jan 9912 Nov 7% Preferred 100 9414 Jan 2 9712 Feb 4 20 Virg Elec & Pow pt (7) 10714 10714 •10712 109 *107 109 *107 109 100 10714 Feu 11 108 Jan 5 10612 Dee 11412 Apr 8 Oct 625 Jan 52 10 Virg Iron Coal & Coke pf _100 46 Jan 26 48 Jan 29 47 48 52 .48 *48 48 524 *48 8 113 June 253 Jan 4 Vivadou (V) No par 13 Jan 16 15 Jan 4 Detinning712 J u ne 17040 NovJan 8 2 Preferred 10 0 _ _ _ 00 6 6 3,910 Vulcan 7212 82 4 5952 6412 633 75 -bily 16 . Jan -- -- - FebFe; ii 16 82 74 June 99 Sept 70 Preferred 101 101 99 1C0 99 99 *97 *97 100 91 Jan 4 101 Feb 15 4 310 Class A 1912 June 483 Nov 7112 7212 61 *59 60 59 5512 55 4 3 100 40 Jan 2 :212 Feb 15 1912 Jan 2814 Dec 4 2414 233 2414 5,300 Waldorf System 24 2412 24 23 8 2412 7 Feb 2 2712 Jan 3 No par 2312 1412 Aug 264 Sept 8 8 27 284 294 2712 284 265 2812 24,200 Walworth Co 287 8 No par 231s Jan 8 297 Feb 13 70 Dec 123 Feb 380 Ward Baking Class A No par 681s Feb 13 843 Jan 17 4 4 70 6814 693 *6812 70 6818 70 70 8 8,200 Class B 163 8 1514 Dec 295 Jan 16 8 15 8 1614 1512 157 5 15 8 16 5 No par 154 Feb 14 2114 Jan 16 77 Dec 974 Jan 4 200 Preferred (100) 7912 793 *793 80 4 *80 82 82 •78 No par 7912 Jan 2 8712 Jan 15 3 12518 130 4 141,000 Warner Bros Pictures_No par 11612 Jan 7 134 Jan 21 807 Aug 13914 Sept 8 126 1283 1251s 131 12118 1254 4 552 Nis 55 8 7 5712 5512 57 s 13,300 Preferred 513 Dec 5714 Doe 4 5 4 55 4 No par 5318 Feb 7 5914 Jan 22 3512 3614 8 26 Feb 444 Gel 4 367 8 343 3512 3412 3512 11,100 Warner Quinlan 35 No par 3412 Feb 15 427 Jan 2 1,200 Warren Bros 4 149 149 1473 1473 145 146 4 14214 1463 4 par 14214 Feb 11 170 Jan 2 140 June 19212 Ape No 10: First preferred 4 4914 Nov 61 483 483 4 *50 51 51 *48 52 .51 Aln 4 50 483 Feu 15 52 Jan 8 13 June 364 Oct 253 4 2.900 Warren Fdry & PiPe 4 25 4 26 2612 253 253 25 8 25 No par 243 Feb 7 3414 Jan 3 700 Weber & Heilbr 76 76 76 5918 June 8234 Dec 7712 76 7614 7614 77 8 No par 755 Jan 8 83 Jan 19 3 3001 Preferred 3 98 Dec 103 3 Jan 10018 10012 100 4 100 4 *9712 100 *97 10018 100 98 Feb 8 100 4 Fen 15 8 87 Nov 110 Dee 7 10814 1107 104 10614 10014 1037 18,400 Wesson Oil & Snowdrift No par 9318 Jan 7 110 8 Feb 13 8 1053 107 8 7001 Preferred 3 110 110 4 1107 112 *111 112 •111 112 2 No par 10012 Jan 2 112 Feb 13 1053 Dec 1083 Nov 188 191 6,900 Western Union Telegram_ 100 1793 Jan 2 208 Feb 4 13912 July 201 190 19312 189 192 Gel 191 193 4 8 47 8 497 30,100 Wstnghse Air Brake_ _No par 4518 Jan 24 457 Feb 15 5 8 8 4714 48 8 47 4218 June 573 Jan 477 4612 47 14818 10412 15312 15778 14838 15238 14718 15438 135,800 Westinghouse Elec &Mfg_50 1374 Jan 15 16612 Feb 4 884 Jan 144 Nov 4 1901 1st preferred 148 150 *148 1483 142 145 152 152 953 Jan 139 Nov 4 50 132 Jan 2 159 Feb 4 2312 254 5,300 Weston Elec Instrum't_No par 22 Jan 28 27 Feb 6 247 25 8 24 2,5 2614 1212 Jan 2812 June 267 8 I Class A .3412 35 *3412 35 *3412 35 *3412 35 303 Jan 404 May 4 No par 3312 Jan 7 3514 Jan 16 210 West Penn Elec el A 4 1093 1093 4 Apr 108 108 *108 1093 108 108 4 No par 104 Jan 5 110 Feb 1 103 June 112 4101 Preferred 109 109 1083 110 4 8 10918 1093 1097 110 4 100 108 Jan 8 11114 Jan 17 1074 Oct 11514 Apr 300 Preferred (6) 9912 9912 9914 10012 4 9812 July 10412 Apr 8 983 100 4 9918 993 100 973 Jan 25 102 Jan 17 801 West Penn Power pref 11478 1147 3 114 115 4 114 11418 *11412 115 8 3 100 113 Jan 8 115 4 Jan 11 1134 Oct 118 June 30 6% preferred *108 109 108 108 *10812 110 *10812 110 Jan 100 10714 Jan 9 11012 Jan 16 103 June 113 600,West Dairy Prod el A_No par 5312 Jan 16 593 Feb 5 *5512 57 4 573 5814 4 Apr 524 Dec 78 55 12 5712 *5512 57 3012 3,300, Class B 30 8 294 30 203 Jan 49 3 8 31 Apr 313 8 305 31 No par 26 Jan 10 347 Feb 5 8 4 3,200 White Lagle011& Refg_No par 304 Jan 30 3612 Jan 3 313 3214 4 323 323 32 32 / 1 2018 Feb 38 Nov 3218 33 48 8 8 8 4912 385 497 20,400 White Motor 495 8 3014 Feb 43 4 June 49 8 49 50 3 No par 405 Jan 3 523 Feb 5 4612 3,700 White Rock Min Sp elf 4 8 443 4734 8 47 47 454 4612 453 8 344 Jan 497 Nov 50 43 Jan 2 487 Jan 8 3714 39 3958 374 3812 3758 3878 8,300 White Sewing Machine_No par 374 Feb 11 48 Jan 2 38 3314 June 523 Dec 4 1,000 Preferred 5.518 56 57 *53 54 513 Aug 58 Dec 4 54 544 55 No par 54 Feb 14 574 Jan 16 25 12,100 Wilcox 011 & Gas 8 27 4 2612 253 27 25 264 28 1714 Dec 2214 Nov No par 1912 Jan 7 293 Feb 6 2912 304 297 304 85,800 Willys-Overland (The) 8 305 313 8 173 Jan 33 Dec 4 8 3014 31 5 2912 Feb 8 35 Jan 3 *100 101 300 Preferred *99 100 109 9958 Jan 25 103 Jan 3 9234 Jan 10418 Dec 100 100 100 100 115 1158 1,900 Wilson 6r Co Inc 8 s 1112 12 1173 117 1152 117 Feb 11 8 Oct 16 No par 114 Jan 4 134 Jan 23 2414 24 8 2,000 Class A 7 s 2418 241 1 2458 2478 24s 245 22 Jan 35 May No par 24 Jan 9 27 Jan 21 72 72 634 Oc 72 7212 7112 7212 1,400 Preferred 4 72 72 773 Feb 100 6814 Jan 3 79 Jan 23 2013 2037 4 8 8 3 8 20212 2043 2001s 2017 19853 20212 18,000 Woolworth (F W) Co 4 25 1985 Feb 15 22214 Jan 3 17512 Feb 225 4 Nov 58 4 9,400 Worthington P & M 6114 28 60 633 4 564 6012 574 613 Jan 55 Nov 100 474 Jan 7 6412 Feb 5 400 Preferred A 8614 8814 8712 4614 Jan 93 Nov *8612 8712 *86 89 89 100 85 Feb 4 9212 Jan 23 1,700 Preferred B 79 8014 8014 8014 8012 8012 80 41 Jan 80 Nov 80 100 764 Jan 31 82 Jan 11 15,300 Wright Aeronautical-_No par 258 Feb 11 299 Feb 5 256 275 265 274 27012 281 *262 270 69 Feb 289 Nov 777 8 2,100 Wrigley(Wm Jr) 7518 76 76 68 July 84 Aug 76 No par 7318 Jan 2 804 Jan 30 75 4 7714 76 3 600 Yale dr Towne 613 613 4 4 4 63 63 6112 Nov 844 Apt 627 627 s s 63 63 25 613 Feb 11 65 Jan 2 4 383 22,400 Yellow Truck & Coach el B _10 3614 Feb 7 43 8 Jan 25 7 3718 38 275 Feb 5734 Nov 8 3818 3918 375 3812 37 2 90 90 *85 *80 83 Nov 98 Apt Preferred 90 90 .80 *80 100 85 Jan 21 91 Jan 8 8 8 58 593 8 59 4 61 3 453 Dec 5634 NOV 4 583 6018 5818 597 10,900 Young Spring & Wire__No par 5318 Jan 8 623 Feb 6 4 199 109 1,290 Youngstown Sheet & T-No Par 107 Jan 8 1103 Jan 18 108 110 4 11034 11214 11912 111 8312 Jun 115 8 Dee 5 • Elld and asked Woos uo osIss 0n slits clay. Ex-dlvldond. Ex-rlabte. • No par value. Ex-ratell. New York Stock Exchange-Bond Record, Friday Weekly and Yearly 1031 Jan: 1 1909 the Exchange method of quoting bonds was change t and is ices are mw "and interest"-ercept for income and defaulted bonds. ;• 1 . BONDS N. Y. STOCK EXCHANGE. Week El ded Feb. 15. •-• C. Price Friday Feb.15. v" • Range or Last Sale. U. S. Government. Bid Ask Low High First Liberty Loan 333% of 1932-1947 .1 D 97142 Sale 971742 98144 Cony 4% of 1932-47 .1 D 991.44 Jan'29 Cony 44% of 1932-47 .1 D 991142 Sale 99044 99.44 2d cony 43. % of 1932-47 .1 D 991.24 Dec'28 Fourth Liberty Loan A 0 99242 Sale 99.144 99. 49j% of 1933-1938 044 Treasury 43.s 1947-1952 A 0 1081.44 Sale 108142109.132 Treasury 4.8 1944-1954 J D 1031 42 Sale 1031.42104 42 . , 19413-1956 M S 1001.44 Sale 100.42101242 Treasury 3318 Treasury 3335 1943-1947 .1 D 97 Sale 97 972042 Treasury 3965 June 15 1940-1943 D 97 Sale 97 972.44 Range Since Jan. 1. No. Low BONDS N. Y. STOCK EXCHANGE. Week Encl.(' Feb. 15. t 1:3 Price Friday Feb. 15. Week's Range or Last Sale. High Bid Ask Low High Cundlnarnarca (Dept) Columbia_ 9714299.44 Extl f 6 As 1959 M N 85 Sale 85 8612 99.4499.44 Czechoslovakia(Rep of) 88 1951 A 0 10912 Sale 109 10912 99144100.n Sinking fund 88 ser B 1952 A 0 10918 Sale 108 110 Hanish Cons Niunicip Ss A._1946 F A 10912 110 10912 110 Series LI s 88 1948F A 10918 10912 109 110 633 99.142100144 Denmark 20-year extl 68 1942 .1 .1 104 Sale 1037 8 104 105 11,81.44111"44 Extl g 5968 1055 F A 987 Sale 987 8 8 1003 4 181 1(3' ,,106'',, Extl g 4 As Apr. 15 1962 A 0 885 Sale 883 8 8 90 58 100.044103144 Deutsche Bk Am part ctf 88_1932 tel S 9712 Sale 0718 973 4 189 07 981144 Dominican Rep Cost Ad 5338 '42 M S 98 Sale 98 9812 88 97 98, 42 , 1st ser 5338 of 1926 1940 A 0 96 961s 96 9614 2d series sink fund 534,...1940 A 0 96 963 96 4 96 State and City Securities. Dresden (City) external 75..1945 58 N 1015 Sale 10012 1015 8 8 Dutch East Indies extl 65_1947 J J 1031s Sale 10318 10312 NY C 336% Corp st__Nov 1954 MN 8812 Jan'29 __ 8812 8812 1962 M S 10314 Sale 10314 10312 40-year external 6s 333% Corporate at_ _Islay 1954 MN 87 8812 Jan'29 92 8812 8812 30-year external 533s- - -1953 M S 103 Sale 1025 8 10314 48 registered 1936 M N 993 Mar'28 4 30-year external 534s 1953 MN 1023 10312 10313 Jan'29 4 48 registered 1956 M N 9912June'28 El Salvador (Repub) 88_ 1948 J J 110 Sale 110 11012 4% corporate stock 1957 M N 95 085 99 8 Jan'29 - Finland (Republic) extl 68_ _1945 M S 9714 Sale 96 978 19 9714 496% cosporate stock . 1957 MN 10112 105 1043 Nov'28 8 External sink fund 78 1950 M S 101 Sale 100 101 434% corporate stock _ _ 1957 MN 10112 ____ 1043 Nov'28 8 External a f 696s 1956 M S 98 Sale 98 984 4% corporate stock 1958 M N 95 9812 9712 Jan'29 "iif2 9712 Esti sink fund 5345 1958 F A 90 Sale 8978 9012 4% corporate stock 1959 M N 95 98 Jan'29 9718 98 Finnish Mun Loan 634s A 1954 A 0 96 Sale 96 97 434 e corporate stock 1960 M S 995 100 8 995 Jan'29 8 _ 9938 9958 External 6348 series B 1954 A 0 97 Sale 97 9712 494s corporate stock 1964M 5 9814 ____ 99 99 3 99 99 French Republic ext 7 As__ _1941 J D 1115 Sale 1114 11214 8 4965 corporate stock 1966 A 0 9814 _ 1013 Nov'28 8 External is of 1924 1949 J D 108 Sale 1077 8 10812 4345 corporate stock 1972 A 0 984 1003 10112 Nov'28 4 German Republic ext I 78_ 1949 A 0 1065 Sale 10614 1063 8 4 4345 corporate stock 1971 J D 102 10512 10812June'28 Gras (Municipality) 88 1954 M N 10112 Sale 10112 10112 434e corporate stock 1963 M S 1013 1083 10214 10214 4 8 4 10214 105 Gt 13rit & Irel(UK of) 5%8.1937 F A 10312 Sale 103 - 1037 8 434s corporate stock 1965.1 D 1013 105 107 June'28 4 10-year cony 5338 1929 F A 100 Sale 100 100 434s corporate stock_July 1967 J .1 1013 4 10418 Jan'29 10312 10418 4% fund loan £ op 1980_ _ _1990 M N c8414 8514 c857 8 8 857 5% War Loan £ opt 1929_1947 .1 D c97 9834 c0712 9978 New York State Canal 48___1960 9912 Aug'28 Greater Prague (City) 7348_1952 MN 107 Sale 10612 10712 48 Barge Canal 1942 993 Dec'29 4 Greek Governments fsec 78_1964 MN 963 Sale 963 4 4 9714 fa Highway Mar 1962 M 5 10312June'28 Sinking fund sec 6s 1968 F A 855 Sale 8518 8 86 Haiti (Republic) s 1 68 1952 A 0 100 Sale 993 4 100 Foreign Govt. &Municipals. Hamburg (State) 65 1946 A 0 9412 9512 9412 9512 Heidelberg (Germany) ext 73.58 50 J .1 1027 Sale 1027 8 8 1027 8 Agric Mtge Bank s 1 88 1947 F A 8912 883 87 8 8814 13' 87 9012 Hungarian Muffle Loan 7348 19451 .1 9612 Sale 9612 97 Sinking fund 68A Apr 15 1948 A 0 8612 883 8612 8 881 1 8612 90 External f is._ _.Sept 1 1946 J J 88 907 8812 8 91 Akershus (Dept) extl 58_._1963 58 N 8814 Sale 8712 8838 38 8718 8912 Hungarian Land M Inst 734861 M N • 96 977 06 8 9618 Antloquia(Dept) co178 A _1945 J J 93 Sale 93 93 933 4 28 963 Hungary (Kingd of) f 7338_1944'F A 10014 Sale 997 4 8 10012 External f 75 ser B 1045J .1 93 931 9312 93 18 947 Irish Free State extls s 58_1960151 N 96 93 8 9612 96 963 9 14 7 External s f 78 series C 1945 J 93 9512 93 03 7 9212 957 Italy (Kingdom of) ext'l 78..1951 J D 9714 Sale 9612 8 Externals f 78 ser D 1945J J 93 Sale 03 937 8 37 93 9414 Italian Cred Consortium is A1937'M S 95 Sale 9434 9512 External s f 78 1st ser_ 1957 A 0 91 0478 9212 927 8 91 95 1947M 5 941 Sel: 94 Esti sec s 7s ser B 93; a93 1 95 Esti sec s f 7s 7s 2i1 ser ..1957A 0 90 4 Sale 903 3 94 7 4 903 94 4 Italian Public Utility ext 78_1952 .1 „I 9418 Esti sees f 78 3d ser 1957 A 0 91 921 9212 9112 9118 93 19311j Japanese Govt £ loan 48 9212 Sale 9214 9212 Argentine Govt Pub Wks 66_1960 A 0 10014 Sale 993 4 10014 46 994 1007 8 30-years f 6338 1954F A 101 Sale 10012 10114 Argentine Nation (Govt 00 Leipzig (Germany) s I 7s 1947 F A 100 10014 10012 10012 Sink fund 68 of June 1925-1959 J D 100 Sale 100 1004 75 993 10118 Lower Austria (Prov) 7348_1950 J D 8 98 98 98 Est] f 6s of Oct 1925 1959 A 0 097 100 34 8 994 1001 995 100 8 14 Lyons (City of) 15-year 6s.1934 M N 10034 Sale 100 1003 Sink fund 138 series A 4 1957 M S 100 Sale 100 1001 103 993 101 4 Marselies (City of) 15-yr 08_1934 M N 101 Sale 100 101 External 65 aeries B__Dec 1958 J D 100 Sale 994 1001 58 994 1003 Medellin (Colombia) 6338_1954 J D 87 Sale 86A 4 87 Esti a1 Os of May 1926 ..1960M N 10018 Sale 100 1003 s 26 8 995 1003 Mexican Irrigat Asstng 4 As_ 1943 _ _ _ 4 24 Sale 24 External s I Os (State Sty).1960 M 993 Sale 993 4 995 1003 Mexico(U 85 8 4 1001 4 extl 55 of 1899 £'45 Q J 30 327 493 Jan'29 8 4 2 29 Esti 68 Sanitary Works_ 1961 F A 10014 Sale 993 63 4 1003 9934 10078 Assenting 58 of 1899 1945 Ext Gs pub wks(May '27).1961 MN 10014 Sale 997 63 8 1001 9912 1003 4 Assenting 5.8 large Public Works extl 5345_1962 F A 963 Sale 9614 4 963 65 943 9714 4 Assenting 45 of 1904 1 71-2 -'412 20 1 : 33 11'43 : Argentine Treasury 5s £___ _1945 M 2324 3 1 14 915 92 02 8 921 3 91 9218 Assenting 4s of 1910 large........ 2212 Sale 2218 2212 Australia 30-yr 5s_ _July 15 1955 J 8 103 955 Sale 95 96 95 97 Assenting 45 of 1910 small_ __ _ _ 2038 Sale 203 8 205 External 543 of 1927_ _Sept 1957 M 8 9414 Sale 9414 95 139 9414 9612 Trees 6s of'13 assent(large)'33 J J 35 40 3418 Jan'29 Esti g 434s of 1928 1956 M N 874 Sale 87 873 128 8 8314 87 Small 33 Austrian (Govt) 8 f 78 Jan'29 1943.1 D 10218 Sale 102 38 102 103 103 Milan (City, Italy) ext'l 6348 '52 A 0 -06T8 gitle- 893 4 9014 Minas Geraes (State) BrazilBavaria (Free State) 696s..1945 F A 0558 Sale 95511 16 96 95 9612 Extl 5 f 6338 1958 M 8 93 Sale 93 Belgium 25-yr ext s f 7346 6_1945 J D 1155 Sale 1143 93 4 3 8 1155 8 44 11413 1155 Montevideo (City of) 78 4 8 1952 J 105 Sale 10218 20-yr s 185 103 1941 F A 10914 Sale 10914 1093 4 30 108 110 25 -year external 6 As_ _ .194958 S 10614 Sale 10618 10612 42 10512 107 Netherlands 6s (flat prices)_ _1972 M S 10718 _ _ 10614 External s f (is 10634 1955.1 J 10014 Sale 100 10012 83 100 1007 8 30-year external 68 1954 A 0 10112 gale 9978 10014 External 30 -years t7s.. 1955 .1 D 10814 Sale 10814 1083 149 10734 109 4 New So Wales (State) ext 581957 F A 9414 Sale 94 Stabilization loan 78 95 1956 M N 1053 Sale 1053 4 4 10612 83 1053 1061 ! External s f 68 4 Apr 1958 A 0 94 Sale Bergen (Norway) s t 88 9412 1945 tel N 1113 112 11178 1117 4 1 110 11212 Norway 20-year call 68____1943 F A 1023 Sale 9312 8 4 10214 1023 1949 A 0 100 1003 100 15 4 -year sinking fund Gs 8 10014 11 100 101 20-year external 68 1944 F A 10214 Sale 10214 103 Berlin (Germany)s t 6148_ 1950 A 0 97 Sale 97 97 984 26 99 30-year external Os 1952 A 0 10318 Sale 103 10318 External sink fund 6s... _ _1058 J D 907 Sale 9014 8 66 91 92 90 40-years f 53.58 1965J D 100 Sale 987 8 10018 Bogota (City) ext'l s f 88_ _1945 A 0 10212 Sale 102 10212 16 102 104 Externals 1 5.8_ _ _ _Mar 15 1963 M 5 965 Sale 9612 8 97 Bolivia (Republic of) extl 88.1947 M N 101 12 Sale 101 102 40 101 104 Municipa113ank esti 8153_1967J D 92 Sale 92 1 9312 1958 j .1 807 Sale 88 External see 75 8 9112 40 88 95 Nuremberg (City) extl 6s.__1952 F A 885 Sale 885 8 8 9012 1969M S 87 Sale 87 Externals f 78 90 17 913 Oslo (City) 30 87 8 -year a f 68__ _1955 M N 10114 Sale 101 1011 Bordeaux (City of) 15-yr 68.1934 M N 1003 Sale 10014 1003 4 4 46 9918 1003 Sinking fund 5338 4 1946 F A ___ 99 9912 Jan'29 Brazil(US of) external 8s_ 1941 D 10714 Sale 10718 10814 36, 1053 109 4 Panama (Rep) extl 5338 1953 J D 10114 102 102 Jan'29 Externals f 634801 1926.1957 A 0 953 Sale 9514 4 96 147 9418 9612 Extl sees f 6 As 1981 .1 D 93 94 10112 Jan'29 Esti sf6968011927 1957 A 0 9512 Sale 9518 43 96 94 965 Extl a 1 55 ser A _ _May 15 1963 M N 9312 Sale 93 8 94 713 (Central Railway) _1952 J D 100 Sale 100 10012 Cl 100 102 Pernambuco (State of) ext 78 '47 M S 923 Sale 9212 4 93 734s(coffee scour) £ (flat).1952 A 0 106 Sale 106 106 6 10512 106 Peru (Republic of) Bremen (State of) extl 78...1935 M S 10014 Sale 10014 1011 43 10014 10212 Extl s 1 sec 7338 (of 1926).1958 M S 10714 Jan'29 Brisbane (City) a 1 58 1957 M S 9012 Sale 9012 017 8 10 9118 93 1959M S ia gale 101 Extl a f sec 7s 103 Sinking fund gold 58 1958 F A 913 Sale 4 917 8 29 9012 917 8 Nat Loan extl a f 88 1960J ID 8712 Sale 8714 88'i Budapest (City) extl s f 644 _1962 J D 8012 Sale 91 811! 8014 8312 8114 27 1961 A 0 8718 Sale Stges 8814 13tienos Aires(City)6 As__ 1955 J 102 Sale 10114 102 9 10014 102 Poland (Rep of) gold 88_1940 A 0 8214 Sale 8634 8212 814 Extl 5 f 6s ser C-2 1960.A 0 983 Sale 984 4 991 983 100 Stabilization loans 1 7s 3 8 1947 A 0 877 Sale 87 8 Esti 5 f 68 ser C-3 88 1960 A 0 4 9934 100 9618 10018 5 1950.1 J 9738 Sale 97 Extl sink fund g Ss Buenos Aires (Prov) extl 66_1081 MS 993 100 98 931 9212 93 4 Porte Alegre (City of) 8s 75 1961 J D 106 107 10514 3 Bulgaria (Kingdom)sf 78...1967 J J 03 Sale 93 106 88 881 8 88 90 Esti guar sink fd 734s.. 1966 J J 1007 Sale 1007 StabTnl'n 81 7 As_Nov. 1568 8 8 10114 893 Sale 883 4 4 901 72 883 9714 Queensland (State) extls 1 78 1941 A 0 112 Sale 112 4 113 1947 F A 104 Sale 164 25-year external 68 Caldas Dept of(Colombia)7338'48 J .1 1043 4 98 90 09 29 98 101 Rio Grande do Sul extls / 88_1946 A 0 1054 106 10514 10512 Canada (Dominion of) 5s___1031 AO 98 100 Sale 997 8 1001 39 997 1015 8 8 1068.1 D 8812 Sale 88 Esti a 1 6s temp 8914 10-year 5348 1920 FA 100 Sale 993 4 993 1003 68 4 8 1966 M N 98 Sale 973 Extl 5175 of 1920 5.8 4 98 1952 MN 1047 Sale 10412 1001 8 105 50 103 10534 Rio de Janelro 25-yr a t 8s 1946 A 0 1054 Sale 1054 434e 10612 1936 FA 983 Sale 083 4 4 99 33 9814 995 1953 F A 9412 Sale 04 Ext1 e f 634s 8 Carlsbad (City) s 188 9412 1954 .1 10712 Sale 063 1071 4 9 106 10712 Rome (City) extl 6348 1952 A 0 9014 Sale 9014 Cauca Val (Dept) Colons 7 As'53 AO 9138 100 1003 1004 1003 4 4 10014 102 Rotterdam (City) extl Ca.. .1964 M N 10312 104 10312 104 Central Agric Bank (Germany) Saarbruecken (City) 68 Farm Loan s f 78 Sept 15 1050 58 S 9478 1953 .1 8912 8912 Sale 8912 9812 97 981 57 96 99 Sao Paulo(City)s f 88_ _Mar 1952 M N 113 11314 113 Farm Loan 8 1 68_July 15 1960 J J 11312 87 29 86 884 Extl s t 6 As of 1927 Farm Loan f 6s_Oct 15 1960 AO 8612 Sale 86 1957 MN 9713 Sale 9713 9712 881 91 86 88 Farm oan 68 BCC A_Apr 15'38 AO 8618 Bale 86 San Paulo (State) extl a 1 88_1936 .1 106 Sale 10513 10614 8812 Sale 8812 901 76 8812 903 4 External sec 8 1 88 Chile (Republic of) 1950 J 10612 106 10612 106 External 8 f 7s Water L'a.1956 M -year externals f 78 20 102 Sale 10013 102 1942 MN 103 20 100 103 External sinking fund 68..1960 AO 10214 Sale 102 Esti 8 t 6s S int rots 1968J 9714 sale 9034 90 Ela l 9 8 92 7 93 Sale 9214 931 88 9214 94 Santa Fe (Prov Mg Rep) 78 1942 NI External 1 Gs 1061 FA 9312 Sale 9212 041 9212 9414 Saxon State 5,11.42 lust 75_ .__1945 J D 9812 Sale 9718 84 Ryrefextlsf6s 9812 1961 .1.1 04 Sale 9212 934 70 9212 94 Esti sinking fund 68 Stg 633s Dec 19481 D 9312 94 9312 9312 1961 NI 5 923 4 94 130 923 94 4 Seine, Dept of(France) extl is '42 .1 Chile Mtge Ilk 634s June 30 1957 J O 977 Sale 9314 10614 Sale 10534 1061 8 Sale 98 8 32 964 993 Serbs, Croats & Slovenes 88 '62 M N 0312 Sale 93 4 S 6Sie of 1926_ _June 30 1961 'ID 9914 Sale 987 9438 983 8 991 9712 1007 79 8 Extl sec 78 ser B Guar s f Os 1962 M N 8o3 Sale 80 Apr 30 1961 AO 4 8114 923 4 9113 93 57 Chinese(Ilukuang Ity) &a__ .1951 J D 92 Sale 913 Slleelan Landowners Assn 68_1947 F A 823 Sale 8112 4 825 44 5 35 444 Soissons (City of) esti 6s.._ _1938 M N 9914 Sale 9812 cnristlanla (Oslo) 30-yr I Os '54 M S 4312 Sale 4312 9914 10014 Sale 100 1001 16 100 10112 Styria (Prov) extl 78 1948 F A 9112 0214 92 9214 Cologne(CIty)Germany 69651050 M Sweden 20-year 6s 1039 J D 10212 Sale 102 1021 05 Sale 9412 951 10 9412 973 8 Colombia (Republic)6s External loan 534s 1954 tel N 10312 Sale 10312 10414 1061 J J 88 89 30 88 91 Swiss Conroe]] 20-yr 81 88..1940 J External 5 16, of 1928 _ ...._ 1961 AO 88 Sale 88 1093 Sale 109 8 1101 Sale F8 89 88 36 91 Colombia Mfg Bank of 6 A8.1947 AO Switzerland Govt ext 5338_1948 A 0 1023 Sale 1023 4 4 1031 86 8 88 4 8434 8812 Tokyo City 5s loan of 1912_1952 M Sinking fund 78 of 1926.__1946 MN 9012 Sale 853 773 Sale 773 4 8 78 Sale 01 15 9214 89 Sinking fund 75 of 1927..1947 FA 90 Sale 90 1981A 0 88 Sale 8713 Ext1 a f 533s guar 883 90 90 2 8 812 9514 Tolima (Dept of) call 72_ I947 M N 905 Sale 9058 Copenhagen (City) 58 1952 J D 9512 Sale 95 8 92 96 45 95 97 Trondhjem (City) 1st 534s 1957 M N 05 25-yr g 4 A5 1053 MN 8814 Sale IS 9513 9614 Jan'29 881 38 8713 8918 Upper Austria (Prov) 7s. _ _ _1945 Cordoba (City) extl t 78._ _1957 F A 97 Sale 98 0914 9712 981 97 12 94 4 9712 , External e I 78 Nov 15 1937 M N 967 Sale 904 Extermd s f 6 As. _June 15 1957 J D 874 Sale 87 8 9518 951 3 9518 964 Uruguay (Republic) extl 88_1946 F Cordoba (Prov) Argentina 751942 J J 9912 10014 00 109 Sale 10814 1871 0 9 Jan'29 8 907 1001, 1960 M N External ,f 68 Cada Rica (Repub)exti 78_1051 MN 947 Sale 9418 8 8 8 951 9814 26 9418 953 Venetian Prov Meg Bank 76_1952 A 0 975 Sale 973 4 Cuba (Repub) be of 1904_1944 101 1210212 91 15 10014 1024 Vienna (City of) extl s f 68_1952 M N 9014 Sale 90 External be of 1014 ser A..1940 F A 1013 Sale 0112 1021 4 4 013 Jan'29 4 88 10112 10218 Warsaw (City) external 7e-1958 F A 873 Sale 874 External loan 430 eor C._1949 FA 97 8213 974 974 4 971 84 6 9614 974 Yokohama (C1ty) extl 66-1961 J D 95 Sale 803 Slaking fund 5335-Jan 15 105.3 • j 10314 Sale 03 Sale 9412 1031 95 51 10134 104 Oa On uM os U to Ike C nerilag. I Cash sale. 551 -. 305 • c1J3 , Range Stars Jan. 1. No. Low 17 19 26 8 4 17 67 112 73 24 4 1 11 53 16 3 5 42 24 44 57 4 52 125 300 265 42 94 7 5 11 7 13 99 22 9 2 21 39 14 17 199 12 5 16 26 34 159 22 1 41 53 6 3 12 5 8 35 56 115 5 5 8 22 81 59 57 28 20 58 92 85 12 36 17 12 10 65 90 52 128 94 28 3 14 5 13 39 28 50 140 5 5 9 5 20 9 16 19 46 2 2 134 63 49 27 26 13 25 64 58 86 17 33 4 _ 9 Cl 15 53 7 75 58 481 High 85 8914 109 111 108 111 10914 111 10834 11018 10314 1047s g 987 10124 8838 90 97 9812 973 99 4 96 9812 9312 973 4 100 10158 10318 1034 103 104 1025 1037 8 8 1023 10312 4 110 111 9513 971 4 100 101 9712 9912 897 92 8 96 9913 96 984 1115 115 8 1063 1083 4 4 1053 108 4 100 4 10212 3 103 10412 100 11838 c857 873 g 4 c9712 100 104 10712 96 9814 8412 873 4 9912 101 9414 9634 1027g 10412 957 100 8 8812 94 9814 95 4 993 10112 9514 974 9612 972 4 944 9612 9314 95 93 9512 915 94 8 10012 10214 9012 10012 9612 9914 99 1003 4 984 101 857 893 8 4 24 25 311 4 313 20 2112 204 344 33 8912 93 101 35 3318 2238 2314 2218 3713 35 52 91 9512 1034 105 108 997 1004 8 9312 95 933 94 4 8 2 10214 10314 10218 1034 102 1037 8 987 10134 8 9612 9738 897 95 8 8812 9012 10014 1025 8 9912 10114 102 10218 10114 1014 93 944 9212 95 107 10712 1003 103 4 8714 9014 863 9012 4 81 8312 87 884 967 99 8 10514 10613 10012 10238 10812 113 10312 10474 1054 108 88 92 9714 9918 105 10618 93 4 953 9014 9124 10312 10412 8912 914 113 114 96 9812 10512 108 10512 10712 100 102 90 9314 963 98 4 9712 997 4 9312 95 10512 10813 93 98 79 8112 8112 847 4 9914 98 9034 93 10174 10414 10312 105 109 11034 1025 10874 8 7712 78 4 2 8712 93 1 12 90 92 9424 9614 9612 981, 861, 875 4 108 10914 9714 ging 90 94 8612 5814 80 4 85 2 14 9412 964 New York Bond Record-Continued-Page 2 1032 BONDS N. Y. STOCK EXCHANGE. Week End_d Feb. 15. r. • Price Friday Feb. 15. Week's Range or Last Sale. 111 Range Since Jan. 1. Price Friday Feb. 15. BONDS N. Y. STOCK EXCHANGE Week Ended Feb. 15. Week's Range sr Last Sale, Nigh Ask Low Bid High Chic Milw & St P (Concluded) High No. Low BM Ask Low / 1 9312 Gen 43413serles E _ _ _ _May 1989 J J 931s Sale 934 Railroad 7178 Feb'28 1023 1023 4 4 Debentures 48 1925 .1 D Gt Sou let cons A Se_ --1943 J D 1023 104 1023 Jan'29 4 4 Ala 93 94 4 93 Chic Milw 5t P & Pac 55_ _1975 F A 9214 Sale 9112 1st cone 48 ser B 933 4 1943J D 9314 043 933 4 4 85 88 1946 A 0 8612 904 85 4 Cony adj 5s 7812 Jan 1 2000 A 0 773 Sale 7712 Jan'29 Alb & Susq 1st guar 334s 90 90 1 77 Chic & N'west gen g 330__ _1987 M N 77 Sale 7614 90 Alleg & West lst g gu 413_ _ _ _1998 A 0 90 90 95 95 7712 Oct'28 95 2 Alleg Val gen guar g 4e Q F Registered 95 1942 M S 95 Sale 95 78 5 Ann Arbor 1st g 4(3.. _July 1995 Q J 76 Sale 78 9014 76 913 8 General 45 14 91 1987 M N 76 74 4 94 Apr'28 9012 933 -den g 48_1995 A 0 92 Sale 913 Q F Registered 8 92 Atch Top & S Fe 4 8914 907 8 9014 Jan'29 Stpd 45 non-D Fed in tax '87 M N -894 01 8912 Registered A 0 8912 Sale 8912 84 / 873 1 4 i3_ 105 10612 Oct'28 8 Adjustment gold 4s__July 1995 Nov 8814 Sale 853 Gen 4, stpd Fed inc tax_1987 MN / 1 45 8612 32 8 Gen 52(nod Fed Inc tax._1987 MN i Registered 1012 108 108 Nov 8812 Jan'28 7 847 887 113 May'28 Registered s 87 Stamped July 1995 M N 87 Sale 86 MN 99 Oct'28 Jan'29 Sinking fund Os Registered 1879-1929 A 0 ioor4 89 MN 8818 90 Registered Cony gold 4s of 1909 8914 Jan'29 1955 .1 D 8818 A 0 5514 166 10014 Oct'28 91 90 9914 Sinking fund 5s Cony 4s of 1905 9012 Jan'29 1955 J D 9012 1879-1929 A 0 9914 Cony g 4s issue of 1910_ _ _1960 J D 8612 00 981 Nov'28 / 4 Registered A 0 91 Nov'28 _ 10012 10038 Jan'29 Sinking fund deb 55 913 4 17 -5igs 92 Rocky Mtn Div let 48_ _ _1985 J J 911 93 1933 M N 911 / 4 / 4 / 93 4 911 __ 10034 Jan'29 Registered 914 Jan'29 Trans -Con Short L 1st 43_1958 J .4 9114 93 M N job" 9714 9514 10-year secured g 7s Cal-Ariz 1st & ref 43.s A_1962 M S 98 Sale 973 10214 1930 J D 102 Sale 102 8 9818 53 10314 10314 15 110 -year secured g 8tis _ _ _ 1938 M 5 10914 Sale 10914 All Knoxy & Nor 1st g 58_._1946 J D 103 ____ 10314 Jan'29 98 98 1st ref g 5s Jan'29 May 20374 D 10312 Sale 10313 10312 96 At1 & Chad A L lst 436s A_ _1944 J J 96 101 103 lst & ref 4tie Jan'29 954 May 2037 J D 9512 Sale 9512 1st 30 102 104 103 -year 5s series B_ _1944 J Chic RI & P Railway gen 481988 J J 8818 883 88 883 4 8912 8718 Oct'28 Atlantic City 1st cons 4s_ _ _1951 3 J 85 4 8814 Dec'28 31 -55ii 93 92 Registered 91 At!Coast Line 1st cons 48 July'52 M S 91 J J 92 9014 9014 9412 Refunding gold 4s 1934 A 0 94 Sale 94 M S 9014 Jan'29 Registered 977 8 95 923 Jan'29 4 Registered 1984 J D 9612 Sale 9512 A0 9612 24 General unified 430 8634 91 11 913 4 Secured 434s series A 90 1952 M 3 9112 Sale 9138 4 4 L& N coll gold 4s_ _ _ _Oct 1952 MN 893 Sale 893 75 73 85 Feb'29 Ch St L & N 0 Mem Div 48_1951 J D 85 5 7318 88 731s Atl & Day lst g 46 19483 J 7312 75 6712 88 3 104 Gold 5s 66 1948 Jane 15 1951 J 13 1031s -- -- 104 6614 66 .1 60 241 4s _ _ _ 107 Apr'28 1949 A 0 79 J D 108 Registered 853 Dec'28 4 81 Atl & Yad 1st guar 48 155. Gold 354s Jan'29 -_ 841 Jan 27 June 15 1951 J D Austin & N W lstgugsa.,.,194rJ J 99 101 100 8 8348 Ch St L & P 1st cone g 58_ __ _1932 A 0 1003 102 1003 1003 8 9093 913 4 30 1013 June'28 8 A 0 9912 Registered Ball & Ohio 1st g 45._ _ _July 1948 A 0 9114 Sale 91 5 1 8912 9114 Chic St P M 44 0 cons 6s _ __ _1930 4 D 10014 1667- 1004 100 8 - 8 / 8012 July 1948 Q J 8912 Sale 8912 Registered 98 99 9812 145 _ _ _ 9612 Jan'29 1933 M S 9814 Sale 9814 Cons 68 reduced to 330_ _ _1930 J D 20 -year cony 430 1930M S 97- s 98 Jan'29 98 987 Debenture 58 98 June'28 M S Registered 991s 9918 Jan'29 M S 98 Stamped Refund & gen 5s series A-1995 J D 10012 Sale 10012 10112 25 10012 10218 993 Dec'28 4 983 Sale 971 4 / 4 & _ J D Registered 10514 1- 41; Chic T H 5sSo East 1st 5s_ 1_1960 J D 9712 9834 9218 9834 640 9218 196058 3 104 Inc gu Dec e July 1948 A 0 1057s i;,1- ' 10312 1st gold 58 43 10812 110 l995J D 109 Sale 10812 109 Chic Un Stu'n lat gu 430 A.1983 J J 994 Sale 0812 100 Ref & gen Bs seriea C 923 94 4 10338 10338 10334 1983 3 .1 4 1st 5.9 series B 4 4 933 4 P LE& W Va Sys ref 4s 1941 MN 933 9412 933 20 10012 10312 102 1950 4 1944 4 D 1$561- 102 10014 10014 4 102 Sale 1013 Guaranteed g Is Southw Div 1st 55 82 8514 4 1153 4 1153 19633 .1 11618 4 1st guar 8tie series C 823 4 8212 Sale 8212 Tol& Cln Div 1st ref 45 A _ 1959 J 1013 4 26 10014 162 10114 Feb'29 Chic & West Ind gen 68 Dec 1932 0 M 4.Sale 10114 Ref & gen 55 series D.__ _2000 M 5 1013 103 10314 Jan'29 4 1952 J J 873 Sale 87 Consol 50-year 4s Bangor & Aroostook 1st Sa_ _1943 j -1 10314 Sale 103 873 4 1951 J 8318 844 10 843 1st ref 53-48 series A 1982 M 3 10212 Sale 10212 104 8 83 Sale 833 / 1 4 Con ref 45 / 1 8 Feb'28 Choc Okla & Gulf cons 58_1952 M N 1003 Sale 1004 1001 Battle Crk & Stur 1st gu 3s..1989 63 -8 94 / 1 4 19374 J 941 9514 943 Dec'28 / 4 Cin H & D 2d gold 4 M8 Beech Creek 1st gu g 4s.__..1936j j 95 Aug'28 Registered - C 1St L & C 1st g 48_Aug 2 1936 Q F 9412 9614 9512 Dec'28 J J -19363 J _ _ 9714 Oct'28 97 June'28 2d guar g 58 Aug 2 1936 Q F Registered 82 Aug'28 Jan'29 4 CM Leb & Nor 1st con gu 48 1942 M N 93- - 88 Beech Crk Ext lst g 3358 873 91 1951 A 0 7718 81 Belvidere Del cons gu 354s_1943 J J 8612 9114 Clearfield M Mah 1st gu 58._1943 J J 98'I-- _ 100 July'28 91 1944 .1 D Jan'29 Big Sandy 1st 4s guar 91 1927 4 J s 88 / 1 4 Bolivia Ry let 55 91 - 883 Cleve Cin Ch & St L gen 4a_ _1993 J D 88 9614 99 1931 .1 J 98 4 983 4 4 Boston & Maine lat 55 A C _1967 M S 963 Sale -561. 20-year deb 4%13 4 984 983 971 57 / 4 1993 J D 2 80 Boston & NY Air Line 1st 4s 1955 F A 80 Sale 80 _ 112 Jan'29 General 5s series B 793 8112 4 8 10018 9418 943 / Jan'29 1 4 Ref & impt 68 series A __ _1920 J J ioo f6618 100 Bruns & West Ist gu g 4s1938 J J 9512 9814 94 Jan'29 19414 J 105 Buff Roch Pitts gen g 5e _ _1937 M S 10114 10612 10012 Dec'28 -- 104 Ref & inapt 138 ser C 9913 9234 1957 M N 9012 91 4 1013 4 1963 4 J 1013 Sale 1003 17 91 4 9012 Ref & Mint 5s ser D Consol 430 93 Feb'29 / 1 4 10014 102 Jan'29 Cairo Div 1st gold 48 __ _ _1939 J J 9312_ Burl C R & Nor lst & coil 5s 1934 A 0 10014 102 102 Jan'29 - -7- 91 84 8 Cin W & M Div 1st g 4s_ _1991 J J 814 Feb'29 105 1063 94 4 Jan'29 St L Div lst coil tr g g 48-1990 MN Canada Sou cons gu 5s A_ _ _ _1962 A 43 10314 105 105 9218 Dec'28 9512 983 4 4 953 4 19 Canadian Nat 436e_Sept 15 1954 M S 9514 95 Spr & Col Div Mt g 48---1940 M S 9218 95 / 953 1 4 Oct'28 .Feb 15 1930 F A 994 9912 9914 1940 J .1 9112 98 / 993 1 4 2 _ 90 W Val Div Ist g 4s 4 9912 5 -year gold 454s. W , 9513 1957 J J 9514 Sale 943 9418 98 4 9512 74 / Vikl 951 1 4 Ref & impt 434s ser E_ __ _ 1977 J .1 95 30-year gold 4368 104 _ _ 104 19344 3 11238 CCC&Igenconagits 6 11118 113 Canadian North deb s f 7s_ 19403 D 11118 Sale 11118 1946j .1 115 Sale 11538 1183 100 100 102 9 11418 11838 Clev Lor & W con 1st g 55._ _1933 A 0 104- - 100 8 / 1 4 -year s f deb 8368 25 Oct'28 100 974 99 4 1938 J J 8 98 983 Sale 983 8 10-yr gold 430._ _ _Feb 15 1935 F A Cleve & Mahon Val g 58 / 1 4 83 / 88 1 4 9 76 6 147 85 CI & Mar 1st gu g 4%6.-1935 M N -56r4 - - - 9614 Jan'29 8412 Sale 84 Canadian Pac Ry 4% deb stock__ J 9712 25 ,1946 M S 9718 Sale 97 97 99 Cleve & P gen gu 430ser 13.1942 A 0 9814 101 1004 Mar*28 Col tr 4%3 19424 J 98 4 ---- 100 Nov'28 9818 Nov'28 Series A 430 Carb & Shaw 1st gold 4s__ _ _1932 , Oct'28 91 1948 MN 80 '•861- 8 Series C 3366_ Jan'29 1949 80 4 80 Caro Gent 1st cons g 45 4 100 10112 1950 F A 85_ 893 Jan'29 Series D 33.45 8 Caro Clinch &0lst 30-yr 55..1938 J 13 100 1007 100 Feb'29 Ist & con g 66 ser A_Dec 15'52 J D 10712 10814 10712 10814 13 107 10812 Cleve Shor Line let gu 4%8_1981 A 0 99 116 9912 Feb'29 1981J 0 8812 873 873 Cleve Union Term 1st 530-1972 A 0 10614 Sale 10512 10814 4 4 874 Feb'29 Cart & Ad lat gu g 4s Oct'28 107 A0 8412 8412 8412 Jan'29 65 Registered Cent Branch U P 1st g 4s_ .1948 J D 8212 105 1973 A 0 1043 105 105 4 1st 8 1 5sserB 106 2 105 Dec'28 , Central of G_a 1st gs_Nov 1945 F A 8 993 8 1977 A 0 -io- 4 103 g 1945 M N 101:1T4 103 10114 Feb'29 9812 993 lstsf guar 4tieser C Consol gold 55 100 100 100 Jan'29 MN Registered Jan'29 90 994 10018 Coal River Ry 1st gods 1945 in 16 100 10-year secured 65_ _June 1929 J D 100 Sale 100 994 Jan'29 4 9 Ref & gen 5325 series 13-1959 A 0 101 1043 1034 10434 40 1034 10513 Colorado & South 1st g 4s- --192 PA N -56 / 4 10112 4 667; 9512 9512 1 1611 10112 1959 A 0 10112 Sale 10112 Refunding & exten 430._ _1935 Ref & gen 5s series C Jan'29 91 Col & H V 1st ext g 4s 1948 A0 8938 _ _ _ 9313 June'28 544 D 86 Chatt Div pm mOneY g 48- 12 921$ Nov'28 io- ' 1- 1- Col & Tol 1st ext 48 i 6 / 4 1955 FA 911 _ 107 101 Jan'29 1646 J J Mac & Nor Div let g 511 90 May'28 Conn & Passum Ely 1st 48..1943 A0 Mid Ga & Atl div pur m 5s 1947 J J jai 104 10318 Apr'28 4 4 _ 953 Nov'28 1930 PA 953 105 105 Dec'28 19464 J Consol Ry deb 4s Mobile Div 1st g 5a 72 72 72 3312 84 4 1954 J J 71 Non-cony 48 8312 Sale 8312 8312 Cent New Eng 1st gu 4s._ _1961 72 Jan'29 75 '3 65 9714 99 99 Jan'29 Non-cony deb 4s__J&J 1955 99 97 Central Ohio reorg 1st 4366_ _1930 M 76 Nov'28 9712 9914 1 98 Non-cony deb 48____A&0 1955 AO 98 98 Cent RR & Bkg of Ga coil 581937 M N 97 73 Jan'29 10912 11118 Non-cony debenture 4s_ _ _1958 J J 1987 J .1 109 110 10912 Jan'29 Central of NJ gen gold 541 8812 1942 JD 87 Sale 87 109 1094 Cuba Nor Ry 1st 53613 / 1 Jan'29 1987 Q .1 108 110 109 Registered 4 94 Cuba RR 1st 50-year 55 g.._ _1952 3) 934 9414 933 1987 _94 91 Dec'28 General 48 10212 1938 3D 10212 103 102 903 9112 8 1st ref 73-4s series A 903 8 9114 38 1949 F A 5512 91 Cent Pac 1st ref gu g 45 923 92 8 92 __ _1938 1st lien & ref 68 ser B _ 88 Sept'28 F A Registered 99 99 4 99 9914 99 Mtge guar gold 330__Aug 19293 D 99 4 4 4 903 913 Day & Mich 1st cone 434s._1931 J J 973 98% 973 Jan'29 4 6 911 / 4 113 8 Through Short L 1st gu 45_1954 A 0 913 9212 0 8 9212 Del& Hudson 1st & ref 4s_ _ _1943 M N 9218 9212 92 40 102 103 103 1980 F A 10212 Sale 10214 Guaranteed g 58 10412 Jan'29 1935'A 0 _ 5 v 5s c%1113 971937 M N 10312 104 10312 10434 3105--year 1183 Aug'28 8 Charleston & Salm% 1st 7s 1936 JJ 11318 1930 J D 102 Sale 102 10214 10-year secured 75 99 4 Dec'28 3 Ches.& Ohio fund dr'mote 55_1929 JJ 9514 i _1_ 2 10513 1641; D RR & Bldge let gu g 4s__ _1936 F A 9038 _ 0 8 9614 Aug'28 e 1939 MN 10313 1631- 10312 10312 1st consol gold 55 904 91 Den & R G 1st cons g 413_1938 4 J 10214 Dec'28 1939 MN Registered 92 94 93 Feb'29 Conan!gold 430 -ia 40 -OL 1661; 984 1992 MS 9614 Sale 954 General gold 4 htt 9514 9518 Den & R G West gen 58-AllS 11995356 j N 97 Sale 98 97 951 Jan'29 / 4 M J MS Registered 7 9 5 it4 J 8 99 997 s 9118 42 Apr 1938 3 N 904 Sale 903 B 99 3 8 75 20 -year cony 4%s 1930 PA 99 Sale 99 30 / 39 1 4 39 DesefI&& im 1 53 sgeur R lt Ft a 16t ' 993 100 4 39 99 4 Jan'29 3 Craig Valley 151 5s .May 1 '40 J J 10012 2914 33 2914 Temporary ctfs of deposit 30 Potts Creek Branch let 45_1948 JJ 8718 i93- 903 Sept'28 4 4 § 0238 99 10214 Feb'28 - 14 Des Plalnes Val 1st gen 430_1947 liii 66 Feb'29 R & A Div lat con g 48_.__1989 43 88 863 86 4 76 7614 Det & Mac 1st lien g 45 7 82 8 83 19 4 D 95 Jan'29 2d consol gold 43 83 1989 JJ _ 90 1995 J D 75 70 Gold 4s 100 100 Jan'29 Warm Springs V let g 5s_1941 MS 100 _ 98 99 10012 Detroit River Tunnel 4345_ _1981 M N 984 146 100 8 Chesap Corp cony 56 May 15 1947 MN 100 EQe 993 05714 -aa611 7786 69 701 Do! Mb3sabe & Nor gen 58_1941 J J 193 8 S87; 10312 Aug'28 / 4 Chic & Alton RR ref g 313_ _1949 A 4 Feb'29 . 703 6912 70 101 Dul & Iron Range 1st 5s_ _ 1937 A 0 10118 69 89 Jan'29 Jan'29 CU dep stpd Oct 1928 lot..... 69 A 0 10012 May'28 71 Registered 88 3 Railway first lien 332e 68 ; -a/ '76 68 1950 J-82 8112 Jan'29 Dul Sou Shore & Ati g 5s _ _ _ _1937 1 J 79 71 68 Jan'29 Certificates of deposit______ 69 94 Feb'29 East Ry Minn Nor Div 1st 45'48 A 0 84 / 88 1 4 3 4 Chic Burl& Q-Ill Div 3365.1949 Jj 843 Sale 843 8 843 4 99 East T Va & G a Div g 5s___1930 3 J 99 Registered 8512 Dec'28 34 1958 M N 105 Cons 1st gold fe 94 92 105 12 921 Illinois Division 45 92 1949 34 -55- 93 960 1 10 : 9 9114 9312 Elgin Joliet & East lst g 55._1941 MN 031:1-2 89941e142 10012 10212 2 General 43 9114 1958 MS 0114 Sale 9114 1985 A 0 1011 / 4 1023 Jan'29 El Paso & 5 W lst 58 8 Registered 9314 Sept'28 MS 9912 97 1st& ref 4%eser B 9812 43 1977 PA 9814 Sale 9818 / 1 Erie 1st consol gold 76 eat_ _1930 M S 1014 Sale 1011 10214 / 4 lst 44 ref 58 series A 3 104 105 1971 FA 10414 Sale 104 10414 1998 .1 J 8414 8412 84 1st cons g 45 prior 84 1 105 106 Chicago & East III 1st 65_ __ _1934 AO 103 106 106 106 1998 J J Registered 88 81 8518 Jan'28 C & E Ill Ry (new co) con 581951 MN 813 Sale 81 814 49 4 1st consol gen Ilen g 45_ _ _ _1998 J J 77 Sale 77 10312 108 773 4 Chic & Erie 1st gold 5s 1982 N 10812 104 Feb'29 1996 J J Registered 673 694 8 774 Nov'28 Chicago Great West let 4a_ _1959 M S 6712 Sale 673 874 -133 8 Penn coll trust gold 4s_ _ _ _1951 F A iniT8 16i- 10118 Feb'29 1133 1133 4 4 Chic Ind & Louisvt Ref 85_1947 3 4 11318 _ 1133 Feb'29 A 0 82 Sale 82 1947 J, 10114 16413 10114 50-year cony 4sseries A _ 1953 100 10312 82 Refunding gold 58 10114 1953 A 0 8214 Sale 82 92 Series 13 8214 92 Refunding 45 Series C_1947 JJ Jan'29 _ 92 1953 A 0 8412 Dec'28 Gen cony 4s series D 95 10314 5 Eft & gen 5s ser A_. 1966 MN 05 Sale 95 95 943 89.1e 941 85 % / 4 95 1967 M N Ref & impt 58 106 10812 1st & gen 85 ser 13_ __May 1066 j 10812 107 107 Feb'29 Erie & Jersey Ist a 189._ _ _1955 4 J 107 1084 109 Feb'29 -year 45-.1956 / 8812 1 4 Chic Ind & Sou 50 8812 27 87 / 1 4 8812 Sale 87 J J 107 1087 109 8 Jan'29 Chic L & Ezat 1st 4338._ _ _1989 JD 94 __ _ _ 9918 Oct'28 102 Feb'28 4 83's 864 Erie & Pitts gu g 330 ser li,_1940 J J 8818 _ ChM & StPgen g 48 A_May 1989 43 834 Sale 8318 84 / 1 8818 Jan'29 1940 J J 8818 91 Series C 334e 8 Q J 823 Dec'28 Registered 195458 N 10414 Sale 10414 Est RR extle f 7e 7312 75 105 Gong he ser 13_ - -MaY 1389 J J 7213 753 731 Feb'29 / 4 9418 954 Gen 430 series C---May 1989 JJ 941 Sale 9418 / 4 9412 20 Registered _ 100 May'28 Range Since Jan. 1. High No. Low / 1 4 83 9318 95 212 593 22 5 91l 94 80 77 7614 8018 5 91 -66T8 - ; -551 4 2 -559 8 16 5 26 5 180 83 1 9014 - 31051z 1614 9914 99 1661'2 ionis 1014 4 100 4 1003 3 1017 103 8 109 11114 10312 10512 9512 973 4 8712 89 933 95 4 923 923 4 4 9012 951s 88 85 104 105 100 -ia- 1 2 1003, 101 8 -ioo' 161 18 3 7 2 10 11 50 8 15 1 9814 97 98 101 9818 9912 97 10012 / 1 4 / 4 901 9212 9812 19014 103 1034 100 10212 114 116 10114 10114 8 37 883 10212 105 100 8 101 3 8 94 / 943 1 4 "55' ---88 1 11 16 2 1 1 881, 91 5778 984 112 112 99 1017 8 104 10414 8 100 4 1033 3 9312 9312 87 91 87 / 8812 1 4 -1761. 2 fir 104 104 100 10112 98 9614 8 -89/4 - 3164 98 994 10512 109 25 1 104' 1051k 5514 101 35 2 18 5 7 9 3 60 99 29 1 13 16 3 11 90 9912 9512 8 903 9012 997 3 9712 91 72 72 5 75 72 -7 57 87 92 1003 8 92 75 9314 96 106 98 4 973 973 4 9134 9412 10412 10413 10312 105 1004 10314 / 1 '5593 93 004 33 2914 - -1112 3 9412 9712 93 / 1 4 40 36 -T75- Ifiti 75 98 75 1001 4 10014 101 -1-562 11, 1 4 11 2 1 28 6 15 189 41 94 99 10418 10012 1023 8 94 9912 105 103 / 1 4 10514 / 1 1014 104 84 857 3 77 80's 15538 Riffs 841g 8114 84 82 -9438 109 11012 109 11112 88's 88'i 10314 105 New York Bond Record-Continued-Page 3 BONDS N. Y. STOCK EXCHANGE Week Ended Feb. 15. ts • ?.1 Price Friday Feb. 15. Ask Low 99 99 -9512 99 99 9312 Sale 9312 7512 Sale 7512 383 Sale 37 4 94 97 94 10714 -- 107 1033 Sale 1033 4 4 9912 100 100 9918 100 9912 9812 9912 9812 8512 89 8511 9712 98 973 4 74% 75 74% 9512 -- -- 97 113 Sale 11214 105% Sale 10518 98 Bid Fla Cent& Pen 1st ext g 55_ _1930 J J 1st consol gold 5s 1943 J J Florida East Coast 1st 4149_1959 J D 181 & ref 59 series A 1974 MS Fonda Johns& Glov let 41191952 MN Fort St U D Co 1st g 440-1941 J J Ft W & Den C 1st g 512s 166I J D Frem Elk & Mo Val 1st 69_1933 AG GH&SAM&P let 5s 1931 MN 2d extens 5s guar 1931 J J Galv bus& bend 1st 59 1933 AO Ga & Ala Ry let cons 59 Oct 1945 J J Ga Caro & Nor lst gu g 59._1929 J J Georgia Midland let 3s ___ _1946 * 0 Or R & I est 1st gu g 4%5-1941 J J Grand Trunk of Can deb 69_1940 AO 15 -year s f 65 1936 MS Grays Point Term let 55_ _ _1947 J D Week's Range or Last Sale - High No. Low High Oct'28 9914 Jan'29 99 9312 2 93 9312 7612 35 7512 80 383 4 31 2512 50 Jan'29 94 94 Dec'28 1037 8 1171554 1018 - 7100 11 9914 100 9912 1 9914 9912 1 981z 98% 99 Jan'29 8514 86 4 97% 967 983 8 4 Jan'29 74% 75 Jan'29 96 97 113 11 111% 113 105% 33 105 106 Oct'28 Great Nor gen 75 series A__ _1936 J , 11012 Sale 11012 11184 127 J J Registered 114 Apr'28 1st & ref 44s series A___ _1961 J '93% 957T3 9314 953 4 12 General 54s series B_.,...1952'.7 107 Sale 107 10718 12 General 58 series C 1973 J J 1023 102% 1023 8 4 13 General 412s series D.. 1976.7' 9312 943 93% 4 94 6 General 44s series E 1977 J J 9412 Sale 9312 94% 12 Green Bay & West deb ctfs A_ Feb 85 Oct'28 Debentures etre B Feb 26 Sale 25 26 9 Greenbrier Ry let gu 45_ _ _1940 MN 935 8 _ _ 9312 Dec'28 Gulf Mob & Nor let 5149._ _1950 AO 9912 1047 106 Jan'29 8 1st M 55 series C 1950 AO 100% 102 Dec'28 Gulf & S I 1st ref & ter g 58_91952 J J 1075 8 _ 108 Jan'29 Hocking Val 1st cons g 4145_1999 J J 985 Sale 98% 8 12 99 Registered 1999 j 10212 May'28 Housatonic Ry cons g 59_ _ _1937 MN 97% 98 973 4 973 4 H & T C 1st g 5s int guar_ _1937 J J 10218 102 Dec'28 Waco & NW div 1st 65_ _ _1930 MN 10014 102 102 Jan'29 Houston Belt & Term let 58_1937 J J 99 10112 99 Feb'29 Houston E & W Tex let g 59_1933 M N 974 -- 9812 Jan'29 1st guar 59 red 1933 M N 10218 Sale 10218 10218 3 bud & Manhat let 5s ser A.1957 F A 953 Sale 95% 4 9712 69 AdjustmentIncome 5s Feb 1957 AO 81 Sale 81 8312 82 Illinois Central 1st gold 49_ _ _1951 J J 94 ____ 9412 Jan'29 Registered • J 95 May'28 1st gold 334s 8418 16 853 Jan'29 8 Registered '.7 84 Nov'28 Extended let gold 3249_1951 * 0 -ii- - 4 8612 June'28 8611st gold 35 sterling 1951 MS 735 . 884 Sept'28 Collateral trust gold 49_ 1952 AO _863 90 8 9014 Jan'29 Registered MN 87 Oct'28 1st r efundlng 4s 1955 MN 5iis ii 9218 6 9214 Purchased lines 334s 1952 J J 87 833 Jan'29 4 Registered J J 87 Nov'28 Collateral trust gold 48.....1953 MN -ii- 87i8 873 Jan'29 4 Registered N 9014 May'28 Refunding 59 1955 M N ioi- Riff- 105 105 3 15 -year secured 6)48 g _ _ _ _1936 J J 11159 Sale 1113 8 11138 1 40 -year 448 Aug 1 1966 FA 9859 Sale 98 983 4 30 Cairo Bridge gold 48 1950 J D __ 943 8618 July'28 8 Litchfield Div let gold 38_1951 J J 737 77% 7818 June'28 Loulsv Div & Term g 3148 1953 J J 81 84 8212 Jan'29 Omaha Div 1st gold 3s _ _1951• A 7314 76 7712 Nov'28 St Louis Div & Term g 39-1951 J J 731 8768 Oct'28 3 Gold 3149 1951 J , 8018 - 12 86 id-Jan'29 Registered J J 783 Oct'28 4 Springfield Div 1st j 3349_1951 J J 88 Dec'28 Western Lines 1st g 49._ _ _1951 FA -55i2 - 93 9014 Jan'29 Registered FA 92 Apr'28 III Cent and Chic St L & N 0 Joint 1st ref 55 series A _ __1963 J D 1015 10218 102 8 1025 8 11 let & ref 414s series C.. J o 95 Sale 9434 ..1963 95 8 Ind Bloom & West 1st ext 45 1940 AO 91 Nov'28 Ind 111 & Iowa 1st g 45 ox 1950 J J 92 Jan'29 Ind & Louisville 1st gu 49._ _1956 J J -_-___ 8812 8814 8814 5 Ind Union Ry gen 59 set A _ _1965 J J 103 103 Feb'29 _ Gen & ref 5s series B 1965 J 103 103 103 1 Int & Grt Nor ist 6s ser A _ _ _1952 „1 106 Sale 10518 106 13 Adjustment 69 ser A July 1952 9112 Sale 90 4 3 92 67 Stamped 7712 Feb'28 _ ist 5s series B 1956 J J 953 9612 9512 Feb'29 4 1st g Os series C J 94 1956 9612 9512 7 Int Rys Cent Amer 1st 55_ _ _1972 M N 81 Sale 95 8114 13 8018 lst coll tr 6% notea 1941 M N 93% Sale 93% 93% 1 1st lien & ref645 1947 F A 97 98 98 9818 20 Iowa Central 1st gold 59. --1938 J D 474 49% 49 49 5 Certificates of deposit----35 55 5112 5112 2 Refunding gold 4s 1951 MS 154 17 17 Feb'29 James Frank & Clear 1st 48_1959 J D 8718 91 88 Jan'29 Kan A & G K ist gu g 59 1938 J J 100 _ 10018 Feb'29 Kan & M lst gu g 4s 1990 AO 8412 86 8412 8412 2 KC Ft S& M Ry set g 4s_ _1936 AO 93 92 92 10 K C&M R& 13 list gu 58...1929 AG 92 Kan City Sou let gold 3s_ _1950 AO 9914 9912 9914 Jan'29 72% Sale 723 7434 8 5 Ref & inapt 58 Apr 1950 J J 99 32 Kansas City Term let 45._ _1060 J J 99 Sale 9814 4 8 877 8 39 Kentucky Central gold 49_1987 J J 873 Sale 873 89 Sale 89 89 Kentucky & 2nd Term 4125_1961 J 93 95 Jan'29 Stamped 1961 J J 6-4 90 9212 Oct'28 Plain 1951 J J 95 95 Jan'29 Lake Erie & West lat g 59 1937 J J loo 101 101 - 101 1 2d gold 59 1941 J J Jan'29 Lake Sh & Mich So g 31413_ _1997 ID 98% 10314 100 80 8112 8112 8112 1 Registered 1997 J D ____ 784 8112 July'28 25 -year gold 45 1931 MN 973 Sale 9712 4 98 32 Registered MN 993 Apr'28 4 Leh Val Harbor Term gu 59_1954 FA 1637 103 - -8 103 Leh Val N Y Ist gu g 4149_1940.7, 9914 987 8 987 8 5 Lehigh Val(Pa) cons g 49_..2003 MN 09 _85 Sale 843 8 85 50 Registered MN 86 Jan'29 General cons 4115 2003 MN 0812 Sale 9812 99 18 Registered MN 99 Nov'28 Lehi Valley RR gen 59 series 2003 MN 10612 Sale 10478 10612 5 Leh V Term Ity Ist gu g 5s._1941 AO 10312 10312 Jan'29 Registered AO 1037 Feb'28 8 Leb & N Y lst guar gold 45_ -1945 M S 8959 90 Oct'28 Lax & East 1st 50-yr 5s gu_ _1965 AO 8 1073 8 1 Little Miami gen 49 series A_1962 MN ioi 109 1073 8812 Dec'28 _ Long Dock consol g 69 1935 AO 10412 108 10412 Jan'29 Long Isld 1st con gold 58July1931 Q J 100 Sale 100 100 2 1st consol gold 4s_ _July 1931 Q J 9412-_ 100 100 2 General gold 45 1938 J _903 9112 903 4 4 903 4 1 Gold 45 1932 J D 0912 Dec'28 Unified gold 45 1949 MS 611 9329 89 Jan'29 Debenture gold 59 1934 ID 9898 100 98 Feb'29 30 -year p m deb 5s 1937 MN 96 Sale 98 9612 9 Guar Sh B 1st con gu 5s Oct 32 MS 9018 Sale 9018 9012 Nor Sh 13 let con gu 55-Oct'32 Q J 99 100 100 Jan'29 11 Lou & Jeff Bdge Co gd g 48_1945 M 90 9412 90 Feb'29 Louisville & Nashville 59_1937 MN 10114 1013 10212 Jan'29 4 Unified gold 48 1940 J J 95 Sale 943 4 953 4 21 Registered ii 9312 Dec'28 Collateral trust gold 59._ _1931 MN 10012 8 2 ---- 10012 1005 • Due Feb. 1. Range Since Jan. 1. BONDS N. Y. STOCK EXCHANGE, Week End: Feb. 15. 1033 Price Friday Feb. 15. Week's Range er Last sate. SOQ Range Since Jan. 1. Bid Ask Low High No. Low High Louisville & Nashv (Concluded) 10-year sec 78.._May 15 1930 MN 103% Sale 10214 103 4 101 103 1st refund 5345 series A_ _2003 AO 10518 Sale 105 10512 7 104% 107% let & ref 59 series B 2003 AO 10212 Sale 10212 1033 _ _ _ 10212 105 2 4 7 let & ref 4 Ms series C 2003 AO 9714 98% 9714 9812 22 9714 99 NO & M 1st gold 139 1930 J J 99% ____ 99% 99% 2 9934 100% 2d gold 65 19.30 J J _ 10014 Jan'29 -- 10014 1004 Paducah & Mem Div 49_ _1946 FA 9114 9214 Dec'28 - ----St Louis Div 2d gold 35._1980 MS 65% 6912 66% Dec'28 --Mob & Montg let g 449_ _1945 MS 9818 _ _ 100 Sept'28 --- _ ---South By joint Monon 49_1952 J J 88 Sale 88 89 18 "II Ili, Atl Knoxv & Gin Div 49._1955 MN 91% 92 913 Feb'29 8 9112 92 LouisvCin& I.ex Div g 4148'31 MN 983 99% 99 Feb'29 _ _ 4 987 99% 2 Mahon Coal RR 1st 55 1934 ii 9912 10012 9912 Dec'28 _ _ Manila RR (South Lines)48_19391 M N 74 7414 74 74 1 74 74% 1st ext 45 1959 M N 74% 77 14 74% 77 Manitoba S W Cotoniza'n 55 1934 J D 9912 98% Jan'29 98% 98% Man GB & NW let 3149__1941'.7 88 89 88 July'28 11012 112% Mich Cent Det Cc Bay City 59.31 MS 9912 _ 9912 Jan'29 _ -564 .61; Registered QM 1003 Apr'28 _ 4 9314 98 Mich Air Line 48 -1940 93 9612 9812 Nov'28 107 109% '.7 Registered 9218 July'28 10212 104 1st gold 3345 1952 MN 81% 85% 8059 Jan'29 _ 5 8059 85 s 93 8 9714 5 20-year deb,enture 45 1929 A0 995 Sale 9912 8 9959 21 89% 8954 93 973 8 A0 Registered 99 Oct'28 Mid of N J 1st ext 59 1940 AO 96% Sale 963 564 IA 4 96% 7 Milw L S & West imp g 55_ _1929 FA 9912 Jan'29 9913 99% Mil& Nor 1st ext4423(1880) 1934 J D 96 Feb'29 97 96 96 Cons ext 414s (1884)_ _.1934 J D 94 95 94 2 94 94 Mil Spar & N W 1st gu 49.-1947 MS 91 Sale 91 91 3 91 92 Milw Jr State Line let 3345.1941 j j 90 Apr'28 985 99 8 Minn & St Louis 1st cons 53_1934 MN 51 16" 33 Feb'29 -.-50 5559 Temp ctfs of deposit_ 1934 MN 50 52 50 1 'Fria I81- let & refunding gold 48_ 1949 MS 2818 Sale 27% 50 174 49 5314 8 2934 19% 315 Ref & ext 50-yr 5s ser A 1982 Q F 163 1712 1812 Feb'29 4 1552 20 102 102 Certificates of deposit...... 16 Jan'29 16 16 99 99 4 M StP&SSMcong 4aintgu'38.7, -. 84 16 3 8 .- 8834 89 6 883 894 8 9811 9812 let cons 5s 1938 J J 95 Sale 95 99 12 93 4 99 3 10014 10218 let cons 55 gu as to int_ 1938 J J 99 Sale 99 99 19 963 99 4 955 98 8 3 1931 M 10-year colt trust 6368. 10014 Sale 99 1004 19 9934 101 81 843 let & ref Os series A -. 9934 9912 4 1948 J J 1 9912 9912 102 •S 933 Sale 93 25 -year 5348 1949 4 9334 5 92 94 91 9514 1st Chicago Terms f _ _ 1941 MN 9312 _ 9312 Jan'29 9312 93 12 Mississippi Central let 1949 J J 9812 -- 9812 5 98'z 98 99% "iEi "1E4 Mo Kan & Tex let goldOs... a 4s_1990 J D 844 Sale 84 8414 27 84 8/118 _ _ Mo-K-T RR pr lien 55ser A_1962 ▪ j 9914 Sale 987 1001 29 98% 102 _ -1962• j 8412 Sale 831 40 -year 4s series B 8414 57 8312 86 8 1 Prior lien 4345 1978 J J 90 91% 90 92 21 9014 9412 -56T, 1314 Cum adjust 55ser D _Jan 1967 AO 105 Sale 10234 105 32 102 105 L ser A Mo Pac 1st & ref 59 ser A _ 1965 FA 9814 Sale 98 9914 20 98 10118 -9012 -- -78 General 48 92 1975 MS 7412 Sale 7412 7512 81 7412 77 83 4 834 3 1977 MS 97 Sale 97 1st & ref 5s series F 97 07's 122 99 Mo Pac 3d 7s ext at4% July 1938 MN 9118 92 9214 Dec'28 _ _ _ "ail, VI- lat & ref g 58 ser G 1978 MN 9612 Sale 9612 9759 115 -eZ Ws; Mob & Bir prior lien g 5s 1945 J J 9814 101 103 Aug'28 __ 105 10134 Small J J 98 100 99 Jan'29 _ __ 99 IOC 110 1113 8 1st M gold 48 1945 JJ 89 91 86 86 2 834 89 973 10012 4 J , Small 1945 8612 86 Jan'29 86 86% Mobile & Ohio gen gold 49_ _1938 Si S 9212 98 9212 Jan'29 9213 93 59_1947 FA Montgomery Div -13iT2 Ws; Ref & impt 4)68 1st g 1977 MS 9718 Sale 10334 Nov'28 2 9212 9718 9718 9718 Mob & Mar let go gold 49..1991 M S 8512 95 8812 86 86 Jan'29 Mont C 1st gu 65 1937 J J 10618 110 106 Feb'29 108 106 8359 8012 1st guar gold 53 1937.7, 1003 Sale 1003 4 4 100 4 3 100% 101 Morris & Essex lat gu 330.._2000 J O 77% 77% 16 777 80% 8 -155r8 9014 Nash Chatt dr St L 48 ser A_1978 FA 8912 907 90 Feb'29 8 89l 907 2 N Fla & S ist gu g 59 1937 FA 1003 ____ 10159 Dec'28 4 Nat Ry of Mex pr lien 4%8_1957 J J 18 July'28 10112 10514 J J July 1914 coupon on 173 4 __ 183 July'28 4 94% 96 4 Assent cash war rct No 4 on 127 Sale 127 3 8 8 1314 14 15 1977 Guar 70 -year Sf 45 8712 Aug'27 Assent cash war rct No 5 on 1059 16- 153 8 155 s 24 92 92 Nat RR Mex pr lien 434e Oct'26 JJ 2112 ____ 3812 July'27 8814 8814 Assent cash war rct No 4 on 2214 Bale 2214 2214 24 103 103 1951 A-10 1st consol 49 22 Apr'28 103 103 Assent cash war rct No 4 on 10 Sale 10 10 60 103 106 Naugatuck RR let g 49- - - 1954 MN 86 Oct'28 90% 96 New England RR Cons 59_1945 J J 95 98 9818 Oct'28 1945 J J 8618 90 8618 Feb'29 Consol guar 48 ifiCs 94 9659 N J June RR guar lst 49_ _ _ _1986 FA 8818 Nov'28 94 951 N O& NE lstref &imp 4249A'52 JJ 963 ___ 963 Feb'29 . 4 -oat WI: 4 7912 82 New Orleans Term let 45_1953ii 8914 Sale 8914 88% 91 8959 9 93% 9412 N 0Texas & Mex n-c Inc 59_1935 AO ____ 10012 9812 Jan'29 9812 99% 96 1st 58 series 13 98% 1954 *0 10012 Sale 10012 10012 98% 10012 9 40 61 FA ____ 10012 10012 10012 1956 1st 59 series C 6 100 101 48% 5112 let 4149 series D 1956 FA 935 95 935 935 8 93% 96 1 15 20 1st 5129 series A 1954 AO 10412 Sale 10214 10412 55 102% 104% 87% 8912 N & C Bdge gen guar 445_ _1945 JJ 9418 Sale 941 941 8 9418 9418 2 9914 10018 N YB&M 13 1st con g 55_ _1935 AO ____ 993 983 Dec'28 4 4 8414 8412 N Y Cent RR cony deb 89..1935 MN 10559 Sale 1047 1055e 12 1047 108 8 N Registered 107 Apr'28 914 923 8 1998 FA 893 Sale 8812 Consol 49 series A 4 893 4 61 -81" Ws; 99 Ref& impt 414s series A 2013 A 0 9912 Sale 9918 100 9912 9918 10012 17 72% 76 Ref & impt 5s series C.__ _2013 AO 1064 Sale 106 10612 105 106 10712 9814 99% AO Registered 106 Mar'28 87 9012 89 907 N Y Cent& Hud Riv M 31491997 J 2 797 9012 7912 7912 82% 80 18 95 95 Registered 1997 J J 7712 Sale 7712 7713 78% 2 7712 Debenture gold 4s 1934 M N 984 Sale 953 p4 965 95114 97% 4 23 95 95 Registered 95 Jan'29 95 95 100% 101 1942 J J 91% s 878 94 % Jan 79 30 -year debenture 421 144 7714 -11e- 77 9 72 ' % 94% 9912 100 Lake Shore coll gold 3145_1998 F A 77% 81% 7812 8112 Registered 1998 F A 77 8012 78 Nov'28 Mich Cent coil gold 3As 1998 F A 7759 787 79 Feb'29 118 -975 8 Registered 951 7611 13 876 9 75 612 9 5 7638 9 14 7614 7614 N Y Chic & St L 1st g 4s.. _1937 AO 19 8 F A 9 96 96 ioi- 105 Registered 1937 A 0 _ 9612 Feb'28 98% 99% 25 -year debenture 45 1931 M N 9759 Sale 9712 9614 97% 973 4 7 84% 8814 2d 6s series A B C 1931 M N 10178 Sale 101 1017 s 18 19(92 102% 86 86 Refunding 534s series A._1974 A 0 106 10659 106 107 32 10534 107 4 1 96% 100 Refunding 54s series B .1970.7 10618 1063 10659 10612 4 3 106 107 Ref 434s series C 9412 Sale 943 944 9512 943 166 4 NY Connect 1st gu 4149 A_1973 F 195 3M 95 9712 95 Feb'29 94% 97 1047 10714 8 la guar 59 series F N wi A 104 10212 Feb'29 _ 100 10212 103% 10312 N Y & Erie let ext 139 gold 4s 1194573 90 ___ 90 90 Jan'29 _ 90 3d ext gold 4148 1933 M S _ _ _ _ coo 9912 Nov'28 1930 A 99 99 99 99 2 jail 1li87i N 4th ext gold 55 gu g 5s_ _ _1946 M 0 94 Sale 99 s Y & Greenw L N 9512 9459 943 8 93 98 5 & Harlem MN 83 83 83 10412 1- -1- N YRegistered gold 3345_ _ _2000 M N 751 _ _ 8518 Jan'29 64 2 Apr'28 _ 100 10114 N Y Lack & W 1st dr ref gu 55 73 M N 198 0118 0 Feb 8018 July 298 : 97 100 15t & ref gu 4349 con 1973 MN 10018f661; 90 4 93 3 N Y LE &W 1st 76 ext 1930 M S 104 Feb'28 N Y Jersey 1st 5s 1932 F A 4 Feb'29 100 1001, 89 WI; NY&NE Bost Term 4s_ _ _1939 A 0 100 1003- 100 Nov'28 90 98 100 N Y NH&H n-c deb 49_ 1947 M S 84 86 Dec'28 -96 9854 Non-cony debenture 3149_1947 M 3 763 Feb'29 - 75 8 7794 77 77 8 7 90 90% Non-cony debenture 3349_1954 A 0 731 74 75 Feb'29 74% 75 100 100 Non-cony debenture 45_ _1955 82 84 8112 82 8112 84% 14 90 90 Non-cony debenture 43_ _1956 M N 8012 817 8014 8 803 8 11 10214 10212 80% 34% Cony debenture 3349 1950J J 74 74% 74 74 76 93 953 4 Cony debenture 6a 1948J J 120 Sale 120 74 121 85 117 125 1 12 Registered 11712 116 1171% 10014 1065; Collateral trust 138 1940: 11 10538 Sale 10414 Feb'29-- 104% 10512 105% 7 Debenture 45 1957 M N 71 7512 7512 75 78 12 let & ref 4145 ser of 1927.l967;J D 894 Sale 7512 90 8959 89% 9212 55 barlemR&PlCheelst4sl954M N 89 90 9012 Feb'29 8912 9012 New York Bond Record-continued-Page 4 1034 3.3 Price Friday Feb. 15. BONDS N. Y. STOCK EXCHANGE. Week Ended Feb. 15. Week's Range or Last Sale. ;• '• Zc53 , Range Since Jan.!. 2 North Wisconsin 1st 6s_ _ - _1930 .1 J Og & L Charn let gu g 4s._ _1948 J I Ohio Connecting Ity 1st 4s__1943 M S Ohio River RR 1st g 5s_ _ _1936 J D 1937 A 0 General gold 5.9 Oregon lilt & Nay con g 48_1946 J D Ore Short Line 1st cons g 5s_1946 .1 .1 1946.3 J Guar stpd cons 58 1929.3 D Guar refunding 48 Oregon-Wash 1st & ref 48._1961 J J Pacific Coast Co 1st g 5s_ _1946 .2 D Pac RR of Mo 1st ext g 4s .1938 F A 1938 2d extended gold 58 Paducah & Ills 1st s f 430_ _1955 J J Paris-Lyons-Med RR extl 65 1958 F A Sinking fund external 7s 1958 M S Paris-Orleans RR s f 7s___ _1954 M S 1968 M S Ext sinking fund 530_ Paullsta Ity 1st & ref s f 7s_ _1942 M S Pennsylvania RR cons g 48_1943 MN 1948 MN Consul gold 4s 4s sterl stpd dollar May 1 1948 MN 1960 FA Consol sink fund 430 General 4345 series A_ _ _ _1965 ID 1968 JO General 58 series B 1930 AO -year secured is 10 1936 FA 15 -year secured 630 FA Registered 1964 MN -year secured gold 58 40 Pa Co gu 330 coil tr A reg _ _1937 M S Guar 330 coil trust ser B.1941 FA 1942 JO Guar 3345 trust etre C 1944 JO Guar 330 trust ctfs D -year gold 45. _1931 AO Guar 15-25 1952 MN Guar 45 ser E trust ctfs 1963 MN Secured gold 434's Pa Ohio & Bet 1st St ref 430 A'77 AO Peoria & Eastern 1st cons 48_1940 AO April 1990 Apr. Income 4s Peoria & Pekin Un 1st 530_1974 FA Pere Marquette 1st ser A 58.1956 J J 1956 J J Lst 4s series 13 Phila Bait & Wash 1st g 4s-1943 M N 1974 F A General Is series B Philllppine Ry 1st 30-yr s f 48 '37 J J Pine Creek registered 1st 68_1932 J D 1940 A 0 P C C & St L gu 430 A 1942 A 0 Series B 430 guar 1942 MN Series C 430 guar 1945 M N Series D 45 guar Series E 330 guar gold_ 1949 F A 1953.3 D Series F 4s guar gold 1957 NI N Series G 4s guar 1960 F A Series H con guar 48 1963 F A Series I cons guar 434s 1964 M N Series J cons guar 430 1970i D General 131 58 series A D Registered Gen nage guar 53 ser 13___1975 A 0 A 0 Registered Pitta McK & Y 1st gu 6s----1932 J 2d guar Gs 1934J .1 Pitts Sh & L E 1st g 58 1940 w 0 1st consol gold 58 1943.3 J Pitts Va & Char lot 4s 1943 NI N Pitts Y & Ash 1st 48 sec A_ .1948.3 D 1st gen 58 series B 1962 F A 1st gen Is series C 1974.3 D Providence Secur deb 45._ _1957 M N Providence Term 1st 48..._ _19513 M S Reading Co Jersey Cen coil 4s '51 A 0 Registered A 0 Gen & ref 430 series A__1997 J J Rich & Meek 1st g 45 1948 /31 N Richm Term Ry 1st gu 59_1952 .1 J Rio Grande June 1st gu 55._1939 j D Rio Grande Sou 1st gold 4s.11)40 J .1 Guar 48 (Jan 1922 coupon)'40 J Rio Grande West 1st gold 48 1939.3 .1 1st con & coil trust 45 A...1949 A 0 R I Ark & Louis 15t 430...1934 M -Canada 1st gu g 4s_ _1949 J J Rut 1941 .3 J Rutland 1st con g 430 1947 J 81 .308 & Grand fel 1st 4s St Lawr & Adir 1st g 53___.1996 J .1 2d gold 65 1996 A 0 11131.3.3 St L & Calro guar g 48 L Ir Mt & S gen con g 58_121 Stamped guar 58 Unified & ref gold 48 1029.3 Riv & 0 Div 1st g 4.9_ _ _1933 M N St L Zvi Bridge Ter gu g 53..1930 A 0 g 2 "- 4 Due May • Due June. a. Price Friday Feb. 15. Week's Range or Last Sale ti • Range Since Jan,1. High Low Ask Low High Bid Iligh NO. Low If 8512 8812 8534 Sale 8512 8612 121 743 St L-San Fran pr lien 4s A__I950 M 67 4 8 36 675 4 863 89 8 875 279 8 873 Sale 8718 1978 M Con M 4368 series A Apr'28 4 983 101 8 37 957 8 1950 J J 993 Sale 99 Prior lien Is series B -55i8 711 Jan'29 3 10112 1017 St Louis & San Fr Ry gen 68_1931 J J 102 10218 10112 Jan'29 Oct'28 1 4 993 10014 994 3 4 1931 J .1 993 10014 99 4 General gold 5s Jan'28 10318 10318 Jan'29 7 83 8 89 2 St L Peor & N NV 1st gu 53_1948 J J 10318 10514 10318 , Jan'29 6 9512 97 8 s 967 / 8212 St Louis Sou lot gu g 48..._1931 M S 9673 9712 967 82 Jan'29 2 89 86 8834 4 St L S NV 1st g Is bond ctfs_ _1989 M N 883 9012 8834 Nov'28 5 7914 8114 7914 7 2d g 48 Inc bond Ws Nov 1989.3 J 7914 Sale 7914 6 -7E63 82 78 9512 9612 9 25 963 1932 .1 D 96 Sale 06 9918 10112 Con.sol gold 45 3 994 99 10159 093 4 8 17 997 1st terminal & unifying 5s_1952 J J 9914 100 80 85 8214 50 9312 9514 , 13 94, 4 943 94 St Paul & K C Sh L 1st 430_1941 F A 92 59 10012 105 104 Oct'28 100 1931 F A Paul & Duluth lot 5s_ 87 1 4 903 St 8712 _ 9012 9312 Sept'28 1968 J D _ 4 1st consol gold 4s 993 10018 2 4 993 _ 9718 Jan'28 .r2 St Paul E Gr Trunk 1st 430_1947 J J 95 5 10314 St Paul Minn & Man con 43.1933.3 J 95 - 1 9614 Nov'28 4 10112 102 102 Sale 102 28 1933 J J 10312 10414 105 Dec1st consol g 6s 1043 -- 1044 Dec'28 3 ioi- 103 Jan'29 J J 10212 105 103 2 -i.651. 164 Registered lan'29 10312 -- 104 9914 98 6012 621i as reduced to gold 430___1933 J J 98 99 08 Feb'29 4 22 913 9012 Sale 9012 9914 9712 Dec'28 J J 97 Registered 9118 Nov'28 -65- W . Jan'29 9614 95 1937 J D 95 5i 91 - 3 Mont ext lot gold 4s 91 8914 9114 91 , 911 92 Nov'28 Pacific ext guar 4s (sterling)'40 J J 89 184 Nov'28 6 -1ioi- 1- 8 4 1027 103 Jan'29 8 -1)2T8 937 St Paul Un Dep let & ref 58_1972 J J _ 9338 Jan'29 893 8913 91 4 4 20 8 8 1077 1077 S A & Ar Pass ist gu g 4s.__1943 J J gii4 8934 893 8 1077 Jan'29 1073 4 102 102 8 957 99 1 Santa Fe Pies & Plien 1st 5s_1942 M S 98 102 102 Feb'29 8 957 s 57 4 083 _ Oct'28 _ 104 1934 A 0 10453 98 5 9614 Say Fla & West 1st g 6s_ _ 9614 _ _ _ _ 9818 96 -064 "ilia; 4 1934 A 0 993 - 993 Jan'29 4 1st gold Is 8812 90 8918 127 89 Sale 88 8 , 9012 2 90 90 90 8612 89 Scioto V & N E 1st gu g 45_1989 MN 90 4 15 863 8612 Sale 8612 2 74 8 73' 73 0 73 gale 73 1950 A 8712 Seaboard Air Line 1st g 4s 65 21 66 654 Sale 6512 7514 73 5 7318 73 73 1950 A 0 6312 Gold 4s stamped 6312 6312 1 6312 Sale 631, 45 8 98 435 38 Oct 1949 F. A 43 Sale 43 987 96 8 Adjustment Is Jan'29 955s 9714 98 9 573 8012 5912 70 4 4 1959 A 0 583 Sale 583 Refunding 48 8 1125 Sale 11112 11234 65 11112 11312 7314 80 757 8 93 I945 M S 75 Sale 75 1st & cons 6s series A 10314 105 Jan'29 10312 105 104 85 Dec'28 M S 8 103 10438 Registered 10314 8 103 1037 103 -SiT3 88 89 88 88 Atl & 131rm 30-yr Ist g 48. 4 1093 1093 4 4 41933 M 8 88 4 3 109 4 1063 - - - - 1093 4 6618 52 8458 7114 Seaboard All Fla 1st gu Os A_1935 F A 6518 Sale 6518 8 101 1953 107 June'28 1 7012 65 68 68 1935 F A 654 68 Series B 99 98 Dec'28 -Seaboard & Roan lot 53 extd 1931 J J _ 8 1025 100 Sept'28 8 995 Fe'b29 -- -- -55E3 M N 56E3 101 z 83 So Carl, Ga 1st ext -65 Jan'29 8212 8312 38 1936 F A 10012-- 101 Dec'28 S & N Ala coas gu g 59 8 955 Nov'28 9312 ioiT4 10614 Feb'29 1963 A 0 10534 109 Gen cons guar 50-yr 5s 4 993 ____ 104 Apr'28 66-654 18 993 Jan'29 8 3 87 8 917 8 8812 37 8812 Sale 875 9212 So Pac cull 4s(Cent Pac col) k'49 92 5 921, 9218 Sale 9218 J D 8514 89 8714 Dec'28 8 8 13 104 1063 Registered 1055 104 10412 104 8 8 993 170 -56f., 1691 June 1929.3 D 993 Sale £914 4 20-year cony 4s 1 1053 106 106 10558 106 106 9818 9914 18 99 98 21 9914 1st 430(Oregon Lines) A_1977 M S 9812 Sale 9812 99 4 4 983 Sale 983 100 10112 1934 J D 100 10114 101 Feb'29 8918 86 20-year cony 55 8 32 873 8714 Sale 86 9712 95 53 96 9512 955 95 8 1968 M 80 75 1 Gold 430 7818 Sale 7818 784 91 89 5 91 8 907 91 1950 A 0 90 9418 92 San Fran Term 1st 4s Jan'29 92 924 94 90 Nov'28 A 0 . Registered 99 103 100 Nov'28 103 103 4 So Pac of Cal 1st con gu g 58_1937 M N 102 164- 103 Feb'29 ____ 100 100313 Oct'28 95!. 9512 8512 Feb'29 9512 100 61-- So Pac Coast 1st gu g J 4 10014 Sale 993 2 96 -55E4 1100, 9212 91 8 91 915 1955 J J 9112 Salo 9118 8 10414 53 1035 10414 So Pac RR 1st ref 48 8 104 Sale 1035 9212 Dec'28 .1 J Registered Jan'28 103 8 34 ioii fir 8 9 1085 10 -6214 - 1- Southern Ry lot cons g 5s_ __1994 J J jai's gale 1083 96 6 2 4 953 Sale 9514 108 108 _ _ _ 108 Feb'25 108 J 4 3 1023 103 Registered 103 4 1023 103 103 854 8812 13 52 867 Bevel & gen 48 series A___1956 A 0 864 Sale 8518 8714 Sept'28 A 0 4 933 94 Registered 4 4 933 9412 933 Jan'29 28 lilSi 11453 8 112 7923 933 1956 A 0 11129 11:1 8 1115 4 9 4 & gen 6s 93 8 935 Develop 4 9318 933 11812 53 117 12212 9212 93 1956 A 0 11812 Sale 11714 3 3 9212 Develop & gen 630 9212 933 9212 9978 10112 Mern Div let g Is 1996.3 J 106 10812 106 Dec'28 15 101 10014 Sale 10014 89 89 Jan'29 89 4 8 100, 985 1951 J J _ - 88% St Louis Div let g 4s 99 Sale 98313 9914 47 99 99 1 99 99 4 28 1053 10812 East Tenn reorg lien g 5s_.1938 M S 58 105 107 4 4 1063 Sale 1053 9112 9312 9312 Feb'29 8 8 55 1015 1037 Mob & Ohio coil ti 4s__ _1938 M S 9212 9 102 8 1017 Sale 1015 44 110 111 111 11013 Sale 11018 8 82 805 Feb'29 _ 1955 J J 80 Spokane Intermit lot g 5s 112 Apr'28 _ 85 Nov'27 ini gale 10112 10312 39 10113 fcTS Staten Island Ry 1st 430 I943 J D 95 Apr'28 Sunbury & Lewiston lot 4s...1936 J .1 Oct'28 _ _ 88 8 997 Apr'28 8412 - 1 1- Superior Short Line lot 58_ ..e1930 M S 8/2 100 85 87 88- - 85 85 Jan'29 98 89 89 Term Assn of St L 1st g 430-1939 A 0 98 -- 89 Feb'29 4 1013 Dec'28 85 85 8 1944 F A 1025 let cons gold 58 8614 85 Feb'29 85 15 87 - 10 87 8 973 994 19531 J 87 Sale 87 Gen refund s f g 44; 5 8 977 8 8 977 Sale 977 8 887 92 4 10412 55 10212 10412 Texarkana & Ft S 1st 530 A 1950 F A 104 Sale 1023 s 887 -- 92 Feb'29 101 Nov'28 9918 Tex & N 0com gold 58 93 1943J .1 99 154 99 Sale 98 9812 94 9714 Texas& Pac 1st gold Is 2000 J D 10712 Sale 10712 10812 10 1o7T3 116934 18 95 95 Sale 96 100 Dec'27 8312 87 2d Inc5s(131ar'28cp on)Dec 2000 Mar 8 8414 8312 Sale 8312 -1; 162 22 102 8 45 38 1977 A 0 i66T2 gale 1003 Gen & ref 5s series LI 3714 414 42 Feb'29 0918 100 12 9 100 10112 10112 La Div B L ist g 5s 8 19311 J 995 Sale 995 ___ 10112 Feb'29 102 4 104 10614 104 8 3 1024 1047 Tex Pac-NIo Pac Ter 5.30_1964 58 S 104 Sale 104 4 1023 Sale 10218 4 1023 98 10112 1 4 983 4 __ 983 1935 J J 2 9179 Tol & Ohio Cent 1st gu 5s 86 9112 9112 10112 10112 1935 A 0 100- 9912 103 10112 Jan'29 Western Div 1st g 55 6 98 10018 10018 9214 9414 1935 .1 D 10012 Sale 100 General gold Is 95 - 9414 Feb'29 _ 15 Nov'27 12 2 107 108 Toledo Peoria & West lot 48.1917 J J 108 10612 16s 10778 if-554 4 9253 893 Jan'29 Tol St Cl,W 50-yr g 4s.......1950 A 0 DO 3 35 4 39 13 13611 4 36 364 353 9312 -- 98 Nov'28 1931 J Tol W V & 0 gu 430 A 104 June'28 __ 103 4 5 lot guar 430 series B....1933 J I 9312 -- 973 Oct'28 95 8 9934 4 983 Sale 95513 Feb'29 9412 Nov'28 194258 S 9212 99 100,2 1st guar 48 series C Jan'29 4 983 9912 99 86s 881s 8 887 4 993 993 Toronto Ham & Buff 1st g 4s 1946 J D 863 - 8 8812 Jan'29 4 4 4 983 ---- 993 Jan'28 9412 95 Jan'29 95 5512 85 Jan'29 80 82 1928 I D 78 Ulster & Del lot cons g Is 9012 ---- 9714 Sept'28 11 85 55 80 77 8 945 945 8 Certificates of deposit-8 945 Jan'29 6212 10 33 6212 -1952 A 1 -Li- 16" 56 95 let refunding g 4s 95 5 95 95 95 9412 43 9312 9518 J J 9312 Sale 9312 Union Pac 1st RIO & Id get 451947 95- - 94 Dec'28 _ _ 92 92 Jan'29 J J 9112 927/3 92 4 Registered 983 100 1 4 983 4 4 1031 993 2 - 983 8 8812 55 873 997 8812 893 8818 4 8 June 2008 M 4 lot lien St ref 48 9934 993 4 993 Feb'29 3 99 4 100 9712 22 97 994 11167 J J 9712 Sale 97 Gold 430 , 2 1061 1 3 105 8 10818 10614 Sale 1057 108 10818 June 2008 M S 105 108 10818 Jan'29 let lien & ref os Jan'28 8 1033 1968 J D 86 Sale 8512 8512 894 8612 63 ! io5i8 gale 10678 10678 6 1067s 1081 U 40-year gold 45 gen 4s 96 93 Dec'28 1944 M S _ NJ RR & Can 11312 Jan'28 96 Nov'28 1933 J J Utah & Nor lot ext 40 9514 Aug'28 Vandalla cons g 48 series A....1955 F A Oct'28 105 _ 94 1957 231 N 4 -55- 5 -Jan'29 Cons s f 48 series B 8 1035 July'28 102 17 1612 174 Jan'29 __Cruz & P assent 430._1934 6612 Vera 166T1 18 997 ---- 10012 Jan'29 . 10014 June'28 ..-Virginia Mid 5s series F_193I -S 10014 Aug'28 10012 Jan'29 1936 M N ion" lOOli General Is psis Sept'28 100 wo 100 Jan'29 9318 9318 Va & Southw'n lot gu 5s_....2003 .1 J 8 937 -- 9318 Jan'29 95 Feb'29 1958 A 0 -6i94 954 let cons 50-year Is Oct'28 10318 10318 4 4 4 , 10412 21 103 2 1043 Virginian Ry let Is series A.1962 M N 1033 Sale 1033 104 4 1939 M N 10314 Sale 1013 10314 15 10114 10353 Wabash RR let gold Is 74 ;if 74 74 8 12 100 991? 10114 1939 F A 997 Sale 9912 84 2r1 gold 58 84 2 84 - - 84 9 s 8 25 1015 10414 8 1025 92 3 934 Ref & gen s f 530 ser A_ _ _1975 M S 1023 10274 1013 9314 84- - 93 93 100 Debenture B Os reglstered.1939 J J ---- -- 884 Nlay'27 4 943 June'28 997 Nov'28 term 48..„1954 .1 J 7718 85 1st lien 50-yr g 12 97'2 98 4 4 973 9812 973 10112 100 Jan'29 i56- 100 Bet & Chic ext lot g 55-1941 J J 7918 May'28 . 85 91 88 J Jan'29 88 88 -612 Des Moines Div 1st g 4s 1939 J 0 -5513 5 9912 Jan'29 -0 1 2_ 8312 83 1941 A 4 2 4 4 833 834 853 Omaha Div 1st g 330 i8 100 Nov'28 1 7 95 9012 Jan'29 9012 9012 1941 M SI 8£1 Toll, Chic Div g 4s May'28 6 4 9711 10014 I976 A 0 98 Sale 973 9834 29 Wabash Ry ref & gen 5s B 712 Apr'28 8712 93 8 1978 F A 8712 Sale 865 9 865 904 -1Ref & gen 430 series C 91 I2 4 9114 12 91 Sale 91 8 863 84 4 47 843 843 84 84 4 4 803 83 Nov'28 8 4 943 967 Warren 1st ref gil g 330_ _2000 F A _ 8 951 1 934 Sale 95 8414 Jan'29 WI; 1948 Q M 8414 ss Wash Cent 1st gold 48 8314 82 Nov'28 8 84 Feb'29 85 1945 F A 843 86 84 Wash Term 1st gu 330 -55T2 56 ____ 9012 Jan'29 91 91 91 Feb 29 1945 F A 8414 88 lot 40-year guar 4s 99 987 Dec'28 8 1st gu 5s 1930 F A 97 8818 8814 W Min &N W 884 Feb'29 8818 8112 36 -56- 82 1952 A 0 8012 Sale 80 West Maryland 1st g 45 100 Dec'28 9918 Sale 985 8 997 9918 14 95 8 1st & ref 530 series A 1977 - -7101T2 104 8 1053 Nov'28 4 100 101 101 10118 Feb29 19371 J -007. 8 West N Y & Pa lag 55 9718 Feb'29 98 97 884 9113 8812 10 1943 A 0 Si'! Sale 8812 Gen gold 48 9919 101 10014 44 8 997 100 Sale 0844 33 981 4 Sale 9818 9734 100 1946 M Western Pac let ser A 5s 10134 Dec'28 971s Atig'28 M S 65 3 Registered 9914 25 -55- -- -19 9914 993 9918 8512 85 1 81117 -84 4 - 3 8 937 9458 West Shore 1st 4s guar........2361 J J 861e 87 101 9412 9412 Sale 94 (i 2 84 834 88% 2361 J J 84 Sale 837 99 Registered 99 Jan'29 9914 100 99 Wheeling & Lake Erie-Ws 100 Sept'28 1930 F A 99 Ext'n & impt gold Is 8 5 -56903 4 Refunding 430 series A...1966 M S 9034 Sale 903 102 _ 974 Nov'28 1986 5.1 Refunding 55 series II 8612 8 WI; M S tifliz Sale 8012 1949 RR 1st consol 48 Ask Low Bid N TO& W ref lstg 4s_June 1992 M S 6712 Sale 67 76 Reg $5,000 only_ _June 1992 M S 8 687 General 48 1955 J D 8 875 N Y Providence& Boston 4s 1942 A 0 8812 91 4 893 A 0 Registered 8 s Y & Putnam 1st con gu 45 1933 A 0 ____ 877 887 Y Susq & West 1st ref 55_1937 J J 833 8612 8212 4 4 843 2d gold 430 1937 F A General gold Is 1940 F A 76 Sale 76 Terminal 1st gold is 1943 M N 9912 Sale 9918 NY 8,13 1st ser I 430'46 J J 80 Sale 80 1950,A 0 104 Sale 103 Nord Ry ext'l s f 630 8712 8712 Norfolk South 1st & ref A 5s_19611F A 3 4 Norfolk & South 1st gold 53_1941 M N 993 Sale 99 4 .Norfolk & West gen gold 68_1931 M N Improvement & ext 69._ _1934 F A 1932 A 0 New River 1st gold 6s N W Ry Ist cons g 4s_ _1996 A 0 1996 A 0 Registered .1 Dly'l 1st lien & gen g 4s_ _1944 1929 5.1 S 10-yr cony 68 Pocah C & C joint 4s _ _ _1941 J D North Cent gen & ref Is A_ A974 M S Gen & ref 430 ser A stpd 1975 M S North Ohio 1st guar g 5s _ _1945 A 0 1 North Pacific prior lien 45...1NT Registrd Gen lien ry & Id g 38.Jan 2047 Q F Jan 2047 Q F Registered Ref & impt 430 series A...2047 J J Ref & impt 68 series B..2047.3 J Ref & Inuit 58 series C___ _2047 J J Ref & Impt Is series D_.2047 J J Nor Pac Term Co 1st g 6s_ _1933 J J Nor Ry of Calif guar g 58.__1938 A 0 BONDS N. Y. STOCK EXCHANGE Week Er.d.d Feb. 15. 8 Due Alan*: ---- ---- New York Bond Record—Continued—Page 5 1035 Z • . BONDS N. Y. STOCK EXCHANGE Week Erd d Feb. 15. 1 . Price Friday Feb. 15. li'eel,'3 Range or Last Sale Range Since Jan, 1, Ask Low High No, Low High 72 7312 17 6512 7312 3 100% 100% - 100 8 Jan'29 92 June'28 8338 -._ _ 833 8 2 83% 14 4 -18814 Jan'29 8812 89 884 9112 92% Dec'28 Bid 19422 D Wilk & East 1st gu g 5s 1938J 1) WIII & F 1st gold Ss Winston-Salem S U 1st 4s_ .19602 J Wis Cent 50-yr 1st gen 45_ _1949 J J Sup & Dul die & term 1st 48'36 M N Wor & Con East let 4 Sis_ _1943 J J INDUSTRIALS Abraham & Straus deb 5 yis_1943 A 0 With warrants Adams Ex press coil tr g 4s___1948 M Adriatic Elec Co exti 7s_ _ _ _1952 A 0 Ajax Rubber 1st 15-yr s f 85_1936 J D Alaska Gold M deb Us A____1925 M 9 1926 M Cony deb 68 series B Albany Peter Wrap Pao 68_1948 A 0 -1944 F A Alleaha[ y C.,rp c[i tr Os Allis-Chalmers Mfg deb 53_1937 M N Alpine-Montan Steel 1st 73_1955 M S Am Agric Chem 1st ref s f 7145'41 F A Amer Beet Sug cone deb 68_1935 F A 1933 A 0 American Chain deb s f 6s Am Cot Oil debenture 5s__1931M N 1942 A 0 Am Cynarnid deb 5s 19533 D Amer Ices I deb 55 Amer luteroat Corp cony 5 Ygs '411 J J 1939 A 0 Am Mach St. Fdy st 63 American Natural Gas Corp—._ Deb 634s (with purch warr) '42 A 0 Am Sm & P. 1st 30-yr 58 ser A '47 A 0 Amer Sugar Ref [5-yr 6s._..1937 1 J Am Telep & Ten:2 coil tr 45..1929 Convertible 4s 1936 M S 1933 M 20-year cone 4345 1946 I D 30 -year coil tr 53 Registered J D 19602 J 35-yr s Ideb 55 20-years 15).0 1043 MN Am Type Found del)6s 1940 A 0 Am Wat Wks & El col tr5s._1934 A 0 DebgOsserA 1975 M N Am Writ Pap ist g Gs 19473 J Anaconda Cop Niin 1st 6s 1953 F A Registered 15 -year cony deb 7s 1 1938F A Registered Andes Cop Min cony deb 78_19431 J J Anglo-Chilean s f deb 75_ __19451 M N Antilla(Comp Azuc)7 SO_..19391.1 J Ark & Mem Bridge & Ter 53_1964M 5 Armour & Co 1st 4345 193911 D Armour & Co of Del 550_1943 J J Associated 0116% gold notes 1935 M S 1947 J D Atlanta Gas L 1st 5e 19341J D Atlantic Fruit is et's dep J D Stamped ctfs of deposit Atl Gulf & W 1 SS L col tr 55_19541 J 193711 J Atlantic Refg deb 5s 13aldw Loco Works 1st 5s_ _ _1940 M N 13aragua (Comp Az) 752s_ 1937 J 13arnsdall Corp 6s with warr..1940 J D Deb 6s(without warrant) .19402 D • Batavian Pete gen deb 4 Sis_1942 J J Belding-Hemingway 65 1936 J J Bell Tele') of Pa 53 series 13 1948 J J 1st At ref 55 series C 1960 A 0 Berlin City Elec Co deb 6348 1951 J D Berlin Elec El & Undg 6 Sis_ 1956 A 0 Beth Steel 1st & ref 58 guar A '42 M N 19364 1 30-yr p m & imp 5 f 5s_ Cons 30-year Os series A 19481F A 19531 F A -year 5 As der B Cons 30 1950,M S Bing & Bing deb 630 1934'A 0 Botany Cons 811118634s 1934 M S Bowman-BM Hotels is 13'way & 7th Av 1st cons 55 1943 J D Brooklyn City RR 1st 5s_ _1941 J .1 Bklyn Edison Inc gen 53A__.1949 .1 J J J Registered General Us series Ii1930 3 .1 1968 .1 .1 Bklyn-Man It T sec 6s Bklyn Qu Co & Sub con gtd 5s'41 MN 1941 J j 1st 5s stamped Brooklyn It Tr let cony g 45_2002 1921 j j 3-yr 7% secured notes 1950 F A Bklyn (in El 1st g 4-58 Stamped guar 4-58 1950 F A Bklyn Un GIL8 let cons g 53_1945 M N 1st lien & ref 68 series A 1947 M N Cony deb 5 As 19362 Buff & Susq Iron 1st a f 55_1932 J D Bush Terminal 1st 48 1952 A 0 Conseil 55 1955 J Bush Term 131dirs 53 gu tax-ex '60 A 0 By-Prod Coke 1st 5)28 A _ 1945 MN Cal G & E Corp unit & refss_1937 MN .Cal Petroleum conv debs 53 123 11 Cony deb s f 51443 Camaguey Bug 1st sr g 78_1942 A 0 Canada SS L 1st & gen 134 1941 A 0 Cent Dist Tel 1st 30-yr 5s_.1943 J D Cent Foundry 1st s 1 Os May Central Steel 1st g f 8s 1N1 1' A 1 MN Certain-teed Prod 554s A 1948 Cespedes Sugar Co 181 f 734s'39 M s Chic City & Conn Rya 5s Jan 1927 A 0 Ch L & Coke let gug Us_ 1192377 9 Chicago Rya 1st 5s Chile Copper Co deb 58 1947 2 Cin G & E 1st M 4s A ' j 0 968 F Aj A Clearfield Bit Coal 1st -Ls_ _1940 Colon Oil cony deb Gs 1938 F A Colo F & 1 Collets s f 5s 1943j J Col Indus 1st & coil tis gu ,,1934F Columbia G & E deb 5s 1952 MN Columbus Gas 1st gold 5s 1932 J j Columbus ay & L 1st 4 yis 1957 •Commercial Cable 1st g 48..2397 Q Commercial Credits f6s 1 5 MN 1114 3 , Col tr s f 514% notes Comm'l Invest Tr deb 6s 1948 m Computing-Tab-Rec s 1 6s 1941 J j Conn IV & L 1st & ref g 4)0 1951 j Stamped guar 4 As 1951 j Consolidated Ilydro-Elec Works Of Upper Wuertemberg 7s_1956 Cons Coal ofMd 18t & ref 58_1950 D Consul Gas(NY)deb 5%s 1945 F A Consumers Gas of Chic gu 5s 1936 j D EU Consumers Power let 5s Container Corp 1st 6s 15-yr deb bs with warr._ 1943 j D Coot Pap &Bag M111416 F A Copenhagen Telep ext 65_ _.,11150 A c, Corn Prod Refg 1st 25-yr sits'34 M N 1947 J D Crown Cork & Seals f 6s Crown-Willa:ulnae Pap 65-1951 T00% 111% 11412 58 86 3 86,2 9514 9712 95% 23 96 103 104 103 104 10 4 4 5 312 Jan'29 8 97 Sale 97 9712 18 103 Sale 103 10414 931 9912 Sale 99 99% 66 9412 Sale 9412 96 19 105 Sale 105 1053 4 19 88 Sale 88 8914 9 964 9712 97 9712 6 9812 100 9814 99 7 95 Sale 95 96 17 9112 Sale 91 9112 6 10614 Sale 106 10814 969 10312 104 104 Jan'29 11312 92 10012 104 9914 943 4 9912 104 Sale Sale Sale Sale Sale 10012 Sale 91 02 10012 101 103% 10414 9914 9912 94% 94% 993 4 993 4 10334 104 1025 Dec'28 104 Sale 1037 8 10414 10012 10612 Sale 106 10514 Sale 10414 10514 9714 Sale 9714 9812 103 Sale 1023 4 1037 s 823 Sale 823 4 4 8412 105 Sale 1033 4 105, 8 10414 Oct'28 Zoi.2 gide- 196 210 Jan'29 200 235 Dec'28 9812 Sale 9812 100 71 72 Sale 71 102 Sale 102 102 92 913 Sale 914 4 913 Sale 91 15 8 91% 10212 103 10238 103 101% - 10312 Dec'28 12% Sale 15 Nov'28 12% Sale 15 July'28 72 69 Sale 69 10014 Sale 100 1003 8 10612_ 10612 10612 97 9718 - 1712 97 9Jan'29 130 99% 997 100 8 99% 93 923 Sale 92% 4 9018 90 Sale 00 1047 Sale 104% 105 8 10712 Sale 10712 10712 931. Sale 93 9412 94 9214 Sale 9214 10234 Sale 10212 10234 100 Sale 100 100% 10412 Sale 10412 105 1013 Sale 101% 103 8 98% 9914 99 Feb'29 7218 Sale 71 7218 9914 Sale 9914 100 7312 Sale 7312 74 90 92 9112 Feb'29 1043 1053 10425 8 8 104[ 14 10538 Dec'28 ioolz 16112 100% 101 984 Sale 9712 9812 7414 Sale 7414 7414 84 78 83 Jan'29 8814 Nov'27 13614 Nov'27 105 9112 9112 Sale 90 00 Sale 90 90% 106 106 100 2 , 1174 11734 118 Feb'29 360 390 400 Jan'29 9012 _ _ 9612 Nov'28 8714 Sale 8714 8714 99 983 4 9712 99 10212 10214 Sale 10214 Feb'29 100 100% 101 10212 Sale 10212 103 9912 Sale 9912 100 10212 1023 10218 10212 4 93 92 Sale 92 10012 100% 101,2 10014 10312 10312 Salo 103 9812 99 9034 Jan'29 12312 12412 12334 12378 7812 7512 Sale 75 98 Sale 98 98 67% -_ Jan'29 65 101%1033 103 4 -103 79 Sale 7812 79 953 Sale 951. 4 90 87 Sale 8612 8714 75 90 Dec'28 1104 Sale 109 . 11012 9812 98 98 9814 05 Sale 95 9518 99% Sale 99,2 100 9914 Sale 9914 993 4 923 923 924 8 4 9214 8718 _ 87 Oct'28 983 - 12 9812 4 0T111 99 9318 9434 9312 Feb'29 95 Sale 04 9512 10514 Sale 10514 106 9612 97 9612 Jan'29 08% Sale 9812 9812 07 Sale 94% 9714 7212 71% Sale 7112 105 Sale 1043 4 10512 101% 10314 10118 101 18 10312 Sale 10313 103% 9912 Sale 98 9912 9078 Sale 90 90% 97 9712 97 Feb'29 99% 100 100 Feb'29 1013 103 10125 Feb'29 4 99 9914 9912 9812 101 10018 Salo 99 29 47 35 97 3 72 143 151 5 65 18 27 296 360 66 4 5 146 201 11 15 33 2 4 2 87 22 17 7 380 73 9 54 90 92 15 3 14 11 3 96 3 21 3 1 9 4 26 43 13 18 9 13 12 52 1 1 25 100 29 81 15 3 119 2 5 2 36 21 15 40 1 2 13 11 6 8 BONDS N. Y. STOCK EXCHANGE Week End.el Feb. 15. t Prtce Friday Feb. 1.5. Week's Range or Last Sale. •Ct • . Range Since Jan,1. Bid Ask Low High No. Low High 751g Sale 75 76 26 75 7915 73 Sale 72 76 41 72% 80 10312 Sale 101 4 9912 1035 10312 9 91% Sale 9112 49 30 9112 97% 10218 Sale 10218 10212 10 102 10212 9912 997 9912 8 3 9912 9912 102 -.-. 76 76 Dec'27 98 9912 100 Feb'29, -ioo- "foT" 11112 120 98 100 Feb'29:____ 98% 101 8314 8612 69% -71" 7012 Feb'29' 70 73 94 98 66 Sale 697s65 10 65 69% 103 10412 101 10112 1005 1 10012 102 10038 4 4 102 10212 102 10212 3 1017 1043 0 4 8 8 10212 1027 102 Feb'29 8 102 10414 97 983 4 107% 10812 1077 8 8 107 1083 s 1083 8 193 11012 10312 Sale 10212 10312 5 10212 104% 99 101 7 105 1051a 10312 106 105 105 9312 95 9714 Sale 97 9714 32 97 98 104% 10612 1013 Sale 1014 102 4 188 10114 10412 86 8938 87 8718 88 8714 17 863 88 4 96% 99 99 97 Dec'28 90 98 99 4 --1 83 To?" 10012 101 10012 10012 - 4 1 93% 96 10518 53 10414 10512 10414 Sale 10414 90 4 9212 3 65 100 Sale 9912 100 99 10038 105 II 1 13 92 91 Sale 91 91 97 10334 104 1 96 96 963 96 4 9512 963 4 100 Sale 1107 Feb'29 11012 110% 91 963 8 35 94 94 Sale 9312 9212 96 10014 102 9218 95 90 Jan'29 90 9012 1033 1047 4 7812 85 78 Dec'28 — s ----99% 991. 1 99% 100 100 99, to,18 8 943 9712 4 -12 9412 95 8 93 -94 4 92 4 963 , 119 101 953 95 Sale 95 4 12 95 97 103% 104% 10318 11 10112 104 102 'Sale 102 99% 9912 9912 Feb'29 9912 101 1037 1- - % 8 08 11 104 104 Sale 104 5 102 1041g 106 107% 162 165 162 12 158 171 163 10414 10514 98 Sale 973 983 4 55 4 963 103 4 9718 993 8 11312 Sale 11312 11325 14 (1318 1147 8 1023 1053 4 1043 Nov'28 4 8 8212 8512 1047 Sale 1047 8 8 10512 31 1043 10011 4 1033 1053 4 4 ____ 109 10812 109 48 1041g 109 1017 Sale 1013 8 8 1011 1023 4 10212 4 4 Fie 250 105 10518 Dec'28 196 290 __ 107 106 107 3 -10419914 Sale 99 9914 48 98% 100 -6. 2 160 4 96 Sale 96 90 1 043 98 8 70, 79% 4 10214 Sale 101 10214 27 10014 10414 10112 102 1940 J D 111 18 Sale 11118 11118 20 1111s 123 f deb 61.0 with Warr_ 903 927 4 8 Without d lirras attach'd '40 J D 9812 Sale 9812 s f ae b 983 4 52 9712 9914 LT 1r N 9214 Sale 9214 A 9014 9212 20-year 9214 9412 93 2 37 , 102 10318 Gen alot Accept deb 6s 103 Sale 102% 103 163 10238 1031 4 101 Sale 10012 10118 16 1001 2 102 Genl Petrol let s 55 49 r A 104 Sale 103% 104 252 : Gen Refr 1sts f Os ser A 4 1035 107 8 9812 100 Good Hope Steel & I sec 7s_ _ 1945 9812 9918 10 975 1007g 8 Goodrich (B F) Co 1st6 SO_ _1947 J J 10712 Sale 10712 10818 24 107 10814 100 10212 Goodyear Tire & Rub 1st Is,1957 M N 92 Sale 9112 93 230 9112 93 2 7 10612 107 Gotham Silk Hosiery deb 68.1936 J 13 99% Sale 99% 9912 190 8 993 4 1940 F A 7012 Sale 7112 96 99 Gould Coupler lets 10s 7012 8 73 71 12918 142 Gt Cons El Power (Japan)75_ 1944 F A 9812 Sale 9812 9914 34 9818 9912 98% 100 9412 Sale 9412 95 50 gen s 6%s 9314 95% 92% 9312 Great Falls Power 1st 5158 195 * I 4 _ 1043 4° 1043 90L 4 1043 4 1 1043 105 4 4 3 90 92 4 Gulf States Steel deb 5 tie_ 1942 J D 973 Sale 9734 9818 10 96 99 1045 10.512 Hackensack Water 1st 4s.-1952 J J 8712 89 87 Jan'29 87 87 M S 9614 10714 108, Hartford St Ry 1st 45 4 9618 Nov'28 _ ----927 95 8 83 311 8114 Feb'29 Havana Elec consol g 5s 1952 F A 80 81 83 92 94 6412 633 Deb 534s series of 1926_ ._1951 M S 64 6112 6412 11 4 59 1023 104 0 Floe (it) Co1s54s 32111934 A 0 8712 8812 87 87 5 85 8712 M N 1027 100 102 8 10234 1023 Holland-Amer Line ( 1 10238 103 4 104 1053 Hudson Coal let s 1.5s ser A_ 1962 J D 787 Sale 7914 8 80 27 4 7914 85 101% 104 Ss1940 2 14 10314 Sale 10314 M 2 10 1033 105 104 Hudson Co Gas 1st g 4 9812 100 101% Sale 10112 10125 130 10012 10218 Ilu m blgoldl 58 Refining 5345.1932 Deb e Oi & 1937 A 0 100 Sale 9912 10014 101 71 73,5 9912 10 112 D 10414 Sale 104 9812 100 1043 8 Illinois Bell Telephone Is.,,,.1956J 4 39 10138 1047 72% 7718 Illinois Steel deb 4 Sis 4 9712 30 ,, mA 0 0712 9914 97 1940 A N0 teel 93 8 98 , % 8814 9212 Reeder Steel Corp s f 75 103 10312 103 Feb'29 103 10312 10414 10512 F A 863 Sale 8614 4 877 8 66 6s 8614 9214 9114 91 Sale 9012 8 19 4 92 90 Indiana Limestone 1st s 168_1946 ioog2 103 Ind Nat Gas & 01155 _ _ 97% Feb'29 971t 9912 9712 98% Indiana Steel 1st 55 N 102% 10414 102 Feb'29 9712- 9952 1 :91 102 105 63 76 102 Sept'28 _ Ingersoll-Rand 1st 5s Dec 31 1935 1978 A 0 -9214 Sale 9138 80 83 93 98 Inland Steel 1st 452s 91% 93 2 101 102 4 1013 Inspiration Con Copper 6345 1931 M S 10118 10114 10114 7812 47 1 773 Sale 767 laterboro Rap Tran 1st 55_ _1966 4 76% 7911 .1 J 77% Sale 767 -oo- WC Stamped 138 : 78 8 76% 79% 90 93 77 Nov'28 Registered 105 10614 -19 14 1932 32 3 81 10 81 80 8212 80 -year 6s 79 11710 118 10-year cony 7% notes 993 993 Sale 9834 8 15 8 4 9812 993 359 400 1 9114 tot Agile Corp 1st 20-yr 5s_ _1932 M N 8 9114 913 94 9114 93 8112 80 Feb'29 7912 8112 Stamped extended to 1942.. _ M N 79 8714 58 Int Cement cony deb 55....1948 M N 11214 Sale 112 1147 264 1093 11812 8 2 9715 9912 Internist Match deb 58 97% 99 073 Sale 974 4 974 99 10214 104% Inter Mercan Marines f 6s_ _ 1945 M ,101 Sale 993 947 A O 9 1 NI N 5 65 9912 102 4 101 100 102 15 96 International Paper Is ser A 1947 1 1 95 Sale 95 9412 96% 1017 103 8 Ref 5 1 6s ser A 50 94 97 96 94% Sale 94 9912 102 4 deb g 4148 1952,2 J 93 Sale 93 9312 79 923 9512 1013 1034 19t Teve9 e Te1eg 4 Coni d t 452s 95 10912 IN 1133 Sale 11312 117 4 92 92 j 7 93 I% j Pow es 05s _ —1 52 21 S 10418 Sale 1037 9712 10418 14 10311 1053 Lt 8 4 10014 10112 Ka ssas City In t goId 4 series , 100 10012 Feb'29 -- 100, 100% 10212 104 Kansas Gas & Electric 6s_ _ A952 M 10512 Sale 10512 1058 21 105 108 9612 963 Kayser (Julius) & Co deb 550'47 M S 4 128 141 Jan'29 _ 132 1233 12412 Keith (B F) Corp 1st 6s_ ___1946 M 4 22 94 923 97 4 4 94 Sale 923 75 83 6 110 11014 110 110 11018 110 Keliy-Springf'1ire8% notes.1921 95 99 Kendall Co 534s with warr._ 1948 M S 6.5 65 Keystone Telep Co 1st 5s___1935 93% 9312 Nov'28 1013 103 8 Kings County El & P g 5s___1937 A 0 lar 2 -airsToll; 10312 Feb'29 1997 A 0 12825 11612 128% 12812 10 12812 130 7814 83 Purchase money 68 Kings County Elev let g 4s 1949 F A 80 94 4 96 , Feb'29 824 81 85 80 4 Stamped guar 4s 8612 89 4 9 9F 2 , 5s....1954 2 A 9 81 80 7914 8112 Kings County Lighting 10514 105 105 8 5 1947 10514 10812 11925 First & ref 652s 1954 2 11514 119 11614 Jan'29 11614 11614 98 9912 Kinney(G It) & Co 71i% notes'36 13 105% Sale 10518 2 103,ii 10612 105% 1936 J 94 95(5 Kresge Found'n coil tr 6s 10212 Sale 10212 1023 4 13 10212 104 99 100 Lackwanna Steel tat 5s A 1950 M 10112 10112 Sale 101 6 100 10212 97 9934 Lace IGas of St L ref&ext 53_1934 A 0 100 Sale 100 10012 22 1171 10172 1953 F A 104 Sale 10314 10412 33 10212 10512 Col & ref 5345 series C 91% 0312 Lehi C & Nav s 4As A.1954 J J 99 993 4 _ 9918 9933 sale 99% Jan'29 2 99 101 -1 82 - 12 Lehigh Valley Coal 1st g 55_1933 ) 99 99% J J 93 9634 Registered 100 Oct'28 9812 94 J 921/ 97 1st 40-yr gu int red to 4% _1933 97 Oct'28 1043 106 1934 F A 101 8 1st & ref f .53 101 Bept'28 9612 99 1944 F A 1st & ref 8 f 5s 917 9112 8 9112 3 9112 93 4 9612 09 1954 F A 1st & ref s 53 9412 91% Jan'29 91% 9312 974 1964 F A 1st & ref s f 55 92 94 Nov'28 943 973 8 4 1st & ref 51 5s 89 90 89 89 901 ; 88 A S 1993 M 0 69,2 73 4 Lax Ave & PP 1st gu g 5s 3 3714 May'28 1043 1063 Liggett &Myers Tobacco 78_1944 4 4 120 fif 120 12014 38 118 1211; 101 18 101% 58 10012 Sale 10012 101 16 100 103 103 104 1941FA 951 F A Liquid Carbonic Corp 6s_ 177 Dec'28 98 10012 Loew's Inc deb 6s with warr_ 1941 A 0 15" 121 11614 1211; 120 37 -11325 -- 90 9112 Without stock per warrants_ A 0 994 Sale 983 9912 41 4 98 8 10 , 012 97 97 Lombard Elec 1st is with war '52 J 10018 10012 100 10012 2 997g 102 J D 9014 903 9234 993 10012 4 Without warrants 4 9414 041 4 2 90 991• 103 1944 A 0 109 Sale 109 Lorillard (P) Co 75 110 10 109 1131g 98 100 Registered 117 Apr'28 99 10314 -81 TisSale 85 7 917 8718 24 --EE 5 1937 J J 88 Sale 88 5seb 53513 D 8612 89% 8812 20 951 M A Louisville Gas & El(KY) 58_ 1952 F N 10212 Sale 103 10314 11 10212 104 Louisville Re let eons Ss_ _19341J .1 OM, 92i., 9014 90 9312 Cuba Cane Sugar cony 7s_ __1930 3 J Cony deben stamped 8% 1930 1 J Cuban Am Sugar 1st coil 88_1931 M Cuban Dom Slag 1st 75is_1944 M Cumb T & T 1st & gen 5s_1937 Cuyamel Fruit 1st s f 6s A _ _1940 A 0 Denver Cons Tramw 1st 55_ _1933 A 0 DenGas& EL 1st &ref 81958'51 MN 1951 1 M N Stamped as to Pa tax Dery Corp (DI)) 1st s f 7s 1942 M S Second stamped Detroit Edison 1st coil tr 5s_1933 J J let & ref 55 series A_July 1940 M 5 1949 AO Gen & ref 55 series A 1st & ref 6s series 13_ _July 1940 MS 1955 3D Gen & ref 5s ser B 1962 FA Series C Bet United let cons g 430_1932 J J Dodge Bros deb 65 1940 MN 1942 M N Bold (Jacob) Pack 1st6s Dominion iron & Steel 58.-1939 81 S 1942• 1 Donner Steel 1st ref is Duke-Price Pow 1st 65 ser A '66 MN Duquesne Light 1st 4)4s A_1967 AO East Cuba Sug 15-yr s f g 734s'37 MS Ed El III 131th 1st con g 4s 1939 J J Ed Elec III 1st cons g 55 1995 J Elec Pow Corp (Germany)6 345'50 MS Elk Horn Coal 1st & ref 6 14s.1931 J D Deb 7, notes(with warrts)'31 J O 7 Equit Gas Light 1st con 58_1932 M S Federal Light & Tr 1st 55_19421M S 1st lien s I 55 stamped_,1942 M 1st lien 6s stamped 1942 M 19542 D 30-year deb 6sser B Federated Metals s I 7s 11169 Fiat deb 7s (with warr) Without stock purch warrants Fisk Rubber 1st 5 85 Ft Smith Lt & Tr 1st g 5s_ .1 9 6 M 4 1931 Framerlc Ind & Deb 20-yr 7 y4s'42 2 J Francisco Sugar lstsIil4s. _1942 M N 949 0 19 French Nat Mail 55 asd,EIof0e 74 14,J D li.c J D 1939 A 0 Gen Asphalt cony 65 1947 J J Gen Cable 1st s 5SO A 45 194 F A 0 n EleetiGedeb ny)is 2a, 15. 2 32 Ge en c ric nnag 3%s 1 '1 si-i -a- -ii ist,s, 4 gw‘ 1036 BONDS N. Y. STOCK EXCHANGE Week Ended Feb. 15. New York Bond Record-Concluded-Page 6 F.; • Price Fridais Feb. 15. Week's Range or Last Sale. High Bid Ask Low Lower Austrian Hydro El Pow1944 F A 8514 8612 8514 Jan'29 lsts1610 9812 D 98 Sale 98 McCrory Stores Corp deb 530'41 100 Manati Sugar 1st a f 7 Ms_ _ _1942 A 0 100 Sale 100 67 Manhat Ry (N Y) cons g 48.1990 A 0 6614 Sale 6614 60 2013J D 60 2d 48 63 60 Manila Elec Ry & Lt a f 5s 1953 M S 1004 -- _ _ 10013 10018 98 Marion Steam Shove s f 65..1947 A 0 9712 99 98 Mfrs Tr Co ctfs of panic in 102 A I Namm dr Son 1st 6s._1943 J D 102 Sale 102 9218 Market St Ry 75 ser A April 1940 Q 8812 Sale 8812 9614 4 Meridional El 1st 7s 1957 A 0 96 Sale 953 10214 Metr Ed Ist & ref 5s ser C_1953 J J 10214 Sale 102 2 7812 Metr West Side El(Chic) 4s _1938 F A 7812 Sale 78' D 9514 98 4 Miag Mill Mach 78 with war_1956 933 Feb'29 Jan'29 J D 86 Without warrants 90 90 104 Mid-Cont Petrol 1st 650_ _1940 M S 104 Sale 104 100 Midvale Steel &0cony s f 58.1936 M S 100 Sale 994 9918 Mllw El Ry & Lt ref & ext 4;0'31 J J 9814 983 9812 4 4 4 1023 D 1023 General & ref 58 series A __1951 4- 1023 10013 1961.1 D 10012 1 1 10014 lat & ref 5s series B - 6 10212 Montana Power 1st 58 A__ 1943 J .1 10214 Sale 102 100 1962 .1 D 9912 Sale 9914 Deb 5s series A Montecatini Min & Agric1937 J J 120 1203 12012 12012 Deb 7s with warrants 4 943 3 J 945 Sale 9414 8 Without warrants 9812 s 8 Montreal Tram 1st& ref 5s__1941 J .1 983 Sale 983 96 4 Jan'29 , Gen & ref s f 5s series A__1955 A 0 1955 A 0 -9aE8 975 9853 Sept'28 Serlesfl 883 8 4 Morris & Co ist s f 4;0_1939 J .1 883 Sale 873 8 8112 8112 Jan'29 Mortgage-Bond Co 48 ser 2_ _1966 A 0 80 97 97 1932 J .1 963 97 4 10 -year 55 series 3 -25 10112 1934J D 10114 10112 100 Murmy Body 1st 620 Jan'29 _ 104 Mutual Fuel Gas 1st gu g 53_1947 M N 10238 1043 July'28 4 Mut Un Tel gtd 6s ext at 5% 1941 MN --Namm (A I) & Son-See Mfrs Tr 6212 8 J 62 Sale 617 Nassau Rice guar gold 4s_ 1951 10214 1942.1 D 10114 102 10114 Nat Acme juts f68 957 s 8 Nat Dairy Prod deb 5T2s__ _1948 F A 9513 Sale 953 Jan'29 101 Nat Enam & Stampg 1st 58 1929.1 D 101 8214 1947 F A 813 Sale 81 4 Nat Radiator deb 6 Ms Jan'29 98 -year deb 5s.._.1930.1 98 100 Nat Starch 20 8 1023 National Tube 1st s f 5s_ _ _1952 M N 10238 Sale 10214 Newark Consol Gas cons 53_1948 .1 D 10312 10514 10312 Jan'29 10614 New England Tel & Tel 53 A 1952 J D 10614 Sale 106 1961 M N 993 Sale 9913 100 4 1st g 4 Ms series B 9618 New Orl Pub Serv 1st 58 A 1952 A 0 9514 Sale 9514 D 953 Sale 9514 05 4 3 First & ref 58 series IL _ 195._ 8 83 4 , 4 NY Dock 50 -year 1st g 4s_ _1951 F A 833 Sale 833 4 88 1938 A 0 873 Sale 873 4 Serial 5% notes 4 4 NY Edison 1st & ref 6 Ms A_1941 A 0 11378 Sale 11312 1153 8 1043 lst lien & re!58 series B_ _ _1944 A 0 1043 105 10414 8 107 NYGasElLtH&Prg 58_1948J D 1063 110 10631 4 Registered _ 110 Apr'28 9318 4 Purchase money gold 45_ _1949 F A 9234 Sale 923 102 8 Oct'27 , NYLE&WC&RR 5;0_1942 MN NY LE&WDock& Imp 5819431 .1 10023 16122 100 Aug'28 9914 Jan'29 NY&QElL&P1stg6s1930F A 9914 100 Jan'29 56 N Y Rys 1st R E & ref 4s_ _ _1942 J .1 56 60 Jan'29 Certificates of deposit _ 56 3 Oct'28 _ _Jan 1942 A 0 5630 -year adj Inc 312 11 Jan'29 3 Certificates of deposit 2 9 20 N Y Rys Corp Inc 6s_ Jan 1965 Apr 19 Sale 18 853 1965 J .1 853 8912 85 4 Prior lien 65 series A , 4 N Y & Richm Gas lst 6s A 1951 MN 10512 107 10512 1051 503 8 N Y State Rya 1st cons 430_1962 MN 49 Sale 49 6844 1962 MN 67 Sale 67 1st cons 634s series B 1061 N Y Steam 1st 25-yr 68 ser A 1947 M N 106 10612 106 4 100 N Y Telep 1st & gen s 4125_1939 M N 100 Sale 993 111 -year deben s f 65_ _Feb 1949 F A 111 Sale 11014 30 1063 3 -year refunding gold 681_1941 A 0 10818 Sale 106 20 1001 1946.1 D 10012 Sale 100 N Y Trap Rock 1st 6a 8 Niagara Falls Power 1st 5s_ _1932 .1 J 1024 103 1023 Feb'29 Jan 1932 A 0 10218 Sale 10213 1027 Re(& gen 6s 8 1025 8 .1 Niag Lock &0Pr 1st 5s A_ _1955 A 0 1023 10314 1025 Norddeutsche Lloyd (Bremen)938 8 1947 M N 923 Sale 9214 20 -years I 68 755 8 Nor Amer Cem deb 8 Ms A 1940 M S 75 Sale 75 1013 No Am Edison deb 5s tier A _ _1957 M S 101 Sale 101 8 10114 8 Deb 5Ms ser 13_ _ Aug 15 1963 F A 1007 Sale 1005 10314 8 1947 M S 103 Sale 1017 Nor Ohio Trac & Light 6s 8 101 Nor States Pow 25-yr 5.88 A.._1941 A 0 101 Sale 1003 105 5-yr 6s series B 1941 A 0 105 Sale 105 1st A ref 1053 4 s North W T lst fd g 4 Ms gtd_1934 .1 .7 --__ 987 10514 9214 Norweg Hydro-El Nit 5;0_1957 MN 91 Sale 91 4 Ohio Public Service 7145 A_ _1946 A 0 11112 Sale 11112 1113 Jan'29 1947F A 1117 114 8 1st, & ref 78 series B 8 River Edison 1st 68__ _ _1948 J .1 1065 Sale 10612 10653 Ohio 89 1944 F A 89 Sale 39 Old Ben Coal 1st 6s 8 Ontario Power N F 1st 58_1943 F A 100 101 1005 Feb'29 Jan'29 58_1945 M N 102 103 103 Ontario Trall9E13,1881011 1st 97 1953 M S 9712 Sale 9613 Oriental Devel guar 68 8812 1958 MN 87 Sale 88 Extl deb 520 int ctfa 925 8 Oalo Gas & El Wks eat' 55_1963 M S 9212 Sale 9212 100 Nov'28 1946 _ 5;28 102 _1941 M S ioo gale 10114 Otis Steel 1st M 68 ser A..._ 102 3 Pacific Gas & El gen & ref 58 1942 .1 .1 10012 1017 100 , 10014 Pac Pow & Lt 1st & ref 20-yr 58'30 F A 10014 Sale 99 4 8 10212 1937 J J 10212 Sale 1023 Pacific Tel & Tel 1st 58 1952 M N 10412 Sale 10412 10513 Ref mtge 55 series A 4 Pan-Amer P & T cone sI688_1934 MN 10212 Sale 10212 1023 4 1930 F A 10412 Sale 10412 1043 1st lien cony 16-yr 78 96 Pan-Am Pet Co(of Cal)cony 68'40 J D 06 Sale 98 10212 J 102 Sale 102 Paramount-B'way 1st 5348_ _1951 Paramount-Fanfa-Lasky 68_1947 J D 100 Sale 9953 100 9113 9112 9112 Park-Lex 1st leasehold 620_1953 J .1 89 1043 105 Jan'29 Pat & Passaic G & El eon.s 5.3 1949 M 4 80 Paths Each deb 7s with ware 1937 M N 80 Sale 78 9714 Penn-Dixie Cement6sA 1941 M 96 Sale 98 Jan'29 Peop Gas & C 1st cons g 683.._1943 A 0 113 115 113 10514 Refunding gold Es 10514 10512 10514 1947 M 102 Dec'28 M S _ Registered 983 4 Philadelphia Co sec baser A_1967 .1 D 9812 Sale 9814 9912 3 Phila Elec Co 1st 420 1967 M N 9912 Sale 99 3 9213 Phila & Reading C& I ref 58_1973 J J 9213 Sale 9218 9214 Phillips Petrol deb 534s 1939 .1 D 92 Sale 92 Pierce-Arrow Mot Car deb 881943 M 10618 10712 107 Feb'29 Jan'29 Pierce 011 deb 18s_ _Dec 15 1931 J 106 107 106 4 4 1043 Pillsbury Fl Mills 20-yr 65_1943 A 0 10312 105 1043 143 Pirelli Co(Italy)cony 78_ _ _1952 M N 14112 Sale 142 9412 Pocah Con Collieries islet 581957 J .1 9412 Sale 9412 105 Port Arthur Can & Dk 68 A..1953 F A 10412 105 105 8 1st M 6s series Ii 1953 F A 10512 Sale 10512 1055 Portland Elec Pow 1st 6s B_ _1947 M N 102 Sale 10112 102 Jan'29 Portland Gen Elec 1st _ __.I935 J .1 _ _ 102 Portland By 1st & ref 5s .1930 M N 100-9612 9612 9612 97 Portland Ry L & P Mt ref 58..1942 F A 985 Sale 9812 9853 8 10112 1st lien & ref 68 series B.....1947 MN 101 Sale 101 1st Ilen & ref 720series A_1946 MN 10712 110 1074 10713 Porto Rican Am Tob cony 68 1942.1 J 10212 Sale 10212 10512 9314 Postal Teleg & Cable coil 53_1953 J .1 927 Sale 9212 8 9512 Pressed Steel Car cony g 5s_ _1933 J J 05 9512 95 1103 Sept'28 4 Prod & Ref s f 88 (with war)_1931 J D 11112 -Without warrants attached__ J D 1103 11114 1113 Feb'29 4 4 -19512 Pub Serv Corp N J deb 430_1948 F A 188 Sale 187 PUb Serv El & Gas lat & ref 5s'65 J D 10313 Sale 10312 10512 993 4 1967 J 13 9912 Sale 994 let & ref 410 8612 Punta Alegre Sugar deb 78_1937 J .1 86 Sale 8512 re, 53 Range Since Jan. 1. 13 24 5 8 2 93 13 3 19 19 18 8 15 3 -31 5 4 23 7 197 13 29 -11 57 14 56 17 6 52 7 3 17 179 1 2 25 9 2 64 45 75 22 _ 4 10 53 29 91 50 26 33 1 5 177 5 3 4 12 64 18 18 37 13 13 26 57 5 14 43 1 21 43 4 114 79 24 34 2 41 19 11 1 9 _ 3 14 20 1 91 175 19 67 18 76 Price Friday Feb. 15. Week's Range or Last Sale. Range Since Jan,1. Bid Ask Low High No. Low High 1937 F A 98 Sale 98 98 1001 988 4 26 Pure Oils f 534% notes 4 27 9378 95 8 95 Purity Bakeries s deb 58_1948 J J 94 Sale 937 45 1937 M N 9912 Sale 99 99 101 100 Remington Arms 68 4 93 3 9538 7 943 4 48 Rem Rand deb 522s with war '47 M N 943 Sale 94 _ 102 10314 Repub I & 5 10-30-yr 555 L_1940 A 0 100 10238 10314 Feb'29 10212 16 10113 103 53 Ref & gen 5345 series A_.1953 .1 .1 10218 Sale 102 Reinelbe Union 78 with war_1946 J .1 1034 Sale 10314 10412 40 103 10412 96 14 13 1946 J 9614 Sale 96 96 98 Without 5th purch war 10234 27 100 1023 Rhhae-Main-Danube 75 A_ _.1950 M 5 102 Sale 102 4 11 10018 102 Rhine-Westphalia Elee Pow 7s'50 M N 10012 Sale 10018 101 102 105 9212 52 11 F N 8314 6le 8812 9 3 M A 983 Sale 2 2 8 8812 Mg Direct mtge 68 8812 973 8 90 9712 4 931g 983 4 42 933 3 8 Co m 68011928 Cons 93, 1955 F A 9414 953 93 9438 26 91 9438 78 8 RIma Steel lst 10112 103 8 1085 10813 110 8 3 78 8014 Rochester Gas& El 7s aer B _1946 M S 1085 Sale 1085 10614 1 106 10614 Gen mtge 5Msseries( _ _ _ _1948 M S 10614 Sale 10614 93 4 983 3 s 100Ig 10083 Gen mtge 4348 series D....1977 M S 99 10012 1004 Jan'29 9413 89 _ 90 Dec'28 104 10514 Roch & Pitts C&Ipm 5s_ _ _1946 MN 90 -55E8 96 4 953 4 9918 10018 St Jos By Lt & Pr 1st 58.. _ _1937 MN 96 1814 953 5 99 99 99 99 9712 9918 St Joseph 5th Yds 1st 4348_ 1930.1 J 9812 99 75 75 77 St L Rock Mt & P58 stmpd_1955 J .1 75 Sale 75 10258 103 4 92 92 100 10114 St Paul City Cable cons 58...1937 .1 J971 92 Jan'29 4 10318 105 2 San Antonio Pub Serv 1st 65_1952 .1 .1 1551 105 10412 105 102 104 993 4 36 9818 100 Saxon Pub Wks(Germany) 75'45 F A 9914 Sale 99 9914 101 9418 49 93 941 / 1 4 1951 MN 9312 Sale 93 680, refo uaar 6 0 80 E gg8r 6 M48 112 7 100 101 101 1946 J .1 100 Sale 100 118 127 9 9912 101 1946 A 0 9912 Sale 9912 10018 Guar s 1630 series B 93 95 97 Feb'29 97 967 9713 3 9814 993 Sharon Steel Hoop s f 5;25_1948 M N 8 95 4 97 96 4 150 , 963 4 963 Shell Pipe Line s f deb 55-1952 M N 953 Sale 9512 4 963 987 8 4 8 8 967 8 72 Shell Union 011 s f deb 55_ _ _1947 M N 963 Sale 963 9014 9112 9114 13 932 8812 Shlnyetsu El Pow 1st 634s_ _ 1955 J D 9114 Sale 9012 87'l 5 88 9112 87 8112 8112 Shubert Theatre 6s_June 15 1942 .1 D 87 Sale 87 5 102 105 10214 10214 J 97 9712 Siemens & Halske a 73 3 105 108 10514 1951 31 S 102I 103 105 , Debsf620 993 102 4 69 10212 106 t 6 Ms allot etfs 50% pd__'51 M S 103 Sale 10212 104 1027 104 8 19 99 101 100 Sierra & San Fran Power 58_1949 F A 994 10012 99 17 89 8812 89 Silesia Elec Corp f 6 Ms_ _ _1946 F A 8712 Sale 8712 15 977 99 8 99 8 8 Sileslan-Am Exp coll tr 7s_ _ _1941 F A 985 Sale 977 64 55 1 100 100 100 1929 M N 100 10012 100 10114 10214 Simms Petrol 6% notes 10312 114 1013 10312 4 8 95 8 977 Sinclair Cons 01115-year 7s_ _1937 M S 10314 Sale 103 7 993 8 26 983 100 4 8 1930 M S 995 Sale 9913 1st lien coll 68 series D 101 101 10012 58 100 1013 4 1938 .1 D 10012 Sale 100 1st lien 6348 series D 82 74 27 97 953 973 4 4 98 Sincallr Crude Oil 530ser A..1938 J J 97 Sale 98 98 27 95 93 95 944 Sale 944 1932 949 10214 10453 Sinclair Pipe Lines 1 58 8 9214 93 4 M CI 9214 Sale 9214 A S 3 9314 10312 10312 Skelly 011 deb 520 1025 8 11 102 10258 Smith (A 0)Corp 1st 6 Ms_ _1933 M N 102 Sale 102 1053 107 4 2 10312 107 78..1941 J D 10512 107 10512 10512 9912 10014 South Porto Rico Sugar 6 103 10414 10312 95 963 South Bell Tel & Tel 1sts f 55 1941 J J 103 Sale 103 4 7 103 10412 10314 .1 103 Sale 103 3 947 9612 Southern Colo Power 68 A 1947 4 4 10514 63 1033 10514 4 8212 873 S'west Bell Tel 1st & ref 58_ _1954 F A 1043 Sale 1043 4 9 9 __ 074 9912 Dec'28 Spring Val Water 1st g 58_ 1943 M N 9634 10 875 90 8 1 1 9938 1111 4 993 4 99 4 , 113 1153 Standard Milling 1st 55 4 103 104 Jan'29 1945 M N ____ 10312 103 939 M S 1037 105 8 1st & ref 5125 4 3 4 10212 87 1013 103 2 10613 10712 Stand 011 of N .7 deb 3s Dec 15'46 F A 102 Sale 1013 9512 98 9634 123 4 Stand 011 of NY deb 422s_ _1951 J D 963 Sale 9512 9812 "92 4 94 Stevens Hotel lst 68 series A..1945 J .1 99 Sale 9812 99 19 92 100 98 9438 7 92 Sale 92 Sugar Estates (Oriente) 7s 1942 M 1929 F A _ 993 100 Nov'28 4 Superior Oillst s 175 jai" 106 4 4 994 lOOls Syracuse Lighting 1st g 55_ _ _1951 .1 D 105 1053 1053 Feb'29 1 10138 10312 10218 10218 56 56 Tenn Coal Iron & RR gen 58_1951 J J 10218 13 104 114 111 56 Tenn Cop & Chem deb 6s--1941 A 0 107 fib 109 58 47 106 107 8 Pow 1st 68_1947 .1 D 1063 Sale 10618 107 Tennessee Elec 60 68 5 633 1960 .1 .1 6212 Sale 8212 4 212 3 Third Ave 1st ref 48 4 39 62 6012 1341 2412 Adi inc 58tal8t 6 N Y Jan 1960 A 0 62 Sale 6012 18 x-ex 58 9518 9714 954 Feb'29 57 4 9 193 .1 i 98 8 96 9 5 ni S 94; Third Ave By 87 84 8 9814 995 21 9814 99 10518 106 Toho Elec Pow let 7s 987 993 s 4 99 4 34 , 45 54 6% gold notes_ _ __July 15 1929.1 .1 9912 Sale 9912 Tokyo Elec Light Co, Ltd-..-5712 70 8914 9114 1953 J 13 90 Sale 90 90 5 156 8 106 1073 4 1st 65 dollar series 9912 10015 100 1,09022 10014 5 993 101 4 Toledo Tr L & P 534% notes 1930 J 9912 1044 100 8a12 9912 100 46 110 111 Trattscont Oil 634s with war 1938.1 J 8 4 8 106 10812 Trenton 0 & El 1st g 5s--.1949 M S 1023 1047 1043 June'28 _ 9912 lO3lj 9912 3 9913 101 Truax-Traer Coal cony 6348.1943 M N 9914 9912 9912 63 Sale 10334 103 10 10214 10314 102 1025 Trumbull Steel 1st 5 f 68_ _ _ _1940 M N 102 0 8 60 62 62 62 2 102 10318 Twenty-third St By ref 5s_ _1962 .1 J 9812 9914 4 983 4 12 4 1025 10418 Tyrol Hydro-Elec Pow 7;0_1955 M N 983 Sale 983 8 92 90 1952 F A 92 Sale 91 92 3 Guar sec s t 788 4 4 98 100 1945 M S 983 993 983 99 11 4 913 94 4 UJIgawa El Pow s f 75 J 953 Mar'28 4 70 80 Underged of London 4;0_1933 25 leo" 1064 100 10034 102 Unlon&.58 & Pr(Mo)58_1932 M S 100 Sale 100 Eet Elec t e tL 1933 MN 10 38 68 8_ 1007 8 23 100Ig 10133 N J 8 _1_ 2 8 1007 10012 10112 1 101 104 8 102328 1025 4 10114 10314 UnEL&P(III)Istg520serA..'5 871s 85 8518 2 8518 89 10088 1013 Union Elev By (Chic) 5s__ _ _1945 A 0 85 4 _ 10158 Nov'28 J 1931 105 10613 Union Oil 1st lien e 1 58 1 jail; 3 1087s 1087 109 1087 8 _May 1942 F A 1013810514 1053 4 30-yr 65 series A__ _ 954 loos 6 9814 9212 91 1st lien s 155 series C_Feb 1935 A 0 984 sale 9814 98 993 4 993 4 4 4 11112 11312 United E g 25_yr 58 deb 65_1942 M N 993 Sale 9912 lte BcuitofAm Biscuit 4 943 9714 9618 93 9512 Sale 9434 11314 11512 United 82 8412 844 20 84 8812 844 1053 107 E tysS 15..y tg 4 United s St 848_ _ _1934 J United0 Its 6 977 100 8 993 4 9 1937 M N 9858 99 99 91 89 Co 9012 89 9014 25 91 J D 10013 102 Un Steel Works Corp 620 A.1951 .3 E 8,4 Sale 89 92 83 8914 24 88 103 103 With stock pur warrants 88 9014 8954 4 893 4 9612 977 8 Steeleries h without warrants .1 D 8914 894 C 88 804 4 893 4 6 88 90 B warrants... J D 90 Sale 893 w brran With stock fur ura ach 924 9314 United of 2 103 10514 10412 Esch-Dudelange s f 7s_ _ _ _1951 A 0 10412 105 104 891g 9234 913 106 4 100 10312 U 8Rubber lst & ref 58 ser A 1947.3 J 9012 Sale 9014 3 3 8 1930 F A 1007 Sale 10058 1013 4 29 1003 102 4 100 10212 10-yr 732% secured notes. 1084 94 107 1091s 99.4 10014 US Steel Corp(Coupon Apr 1963 MN 108 Sale 108 10214 10314 10614 Dec'28 e 110-60-yr Lel Regis_ _Apr 1963 MN 1043 1055 Universal Pipe & Bad deb 68 1936.7 D 873 90 89 8 8912 5 4 8 927 9612 8 94 29 10212 106 9313 Utah Lt & Trac jet & ref 58_ _1944 A 0 9958 101 10238 1043 Utah Power & Lt 181 58 1944 F A 9958 100 43 4 4 9512 9712 Utica Elec L & P 1st s f g 5.8_1950 J 4 1043 1043 1043 Jan'29 4 4 s 101 10212 Utica Gm & Eke ref & ext 55 1957.1 2 1043 1067 10634 1063 4 10::la 99614 SSa 9 493 2 _ 4 9314 98 97 82 4 0 4 v ti ttie 9914 10 3 Ileriiioz s Power & Light520_1947 J D 953 Sale 95 97% 92 9112 9512 94 32 a i1st ref 78- _1942 J D 92 Bale 92 Br 58 8 347 40 1 353 37 10313 105 Victor Fuel lst 3612 Feb'29 4 ites 8ug 8114 82 Va Iron Coal & Coke 1st g 58 19 9 j 21 8112 8312 82 78 84 Jan'29 5 93M 4 99 10012 8 943 1)714 Va Ry & Pow 1st & ref 5s__ .1934.7 .1 100 Sale 993 4 100 97 91 11212 113 97 Walworth deb 630(with war)'35 A 0 98 96 97 38 9212 90 1048 1053 1st sink fund 6s series A_ _1945 A 0 92 4 4 92 9213 4 106 107 93 78..1941 J D 108 10618 106 106 4 Warner Sugar Refin 1st 83 8 85% 3 "lig" fol. Warner Sugar Corp 1st 78_ _ _1939 J J ' 8514 Feb'29 5 4 83 1 9914 993 Wash Water Power a f 5s- --1939 10013 10512 100f8 10018 85 4 100 1023 8 897 93 48 4 Sale . Westches Ltg g 58 stmpd gtd 1950 J D 10534 ST -- 105 105 9 1043 10538 913 94 4 Penn ower ser A 548_1946 M S 10212 103 105 105 1 10213 105 E 10618 10712 Wes1stt 1963 M S 10314 104 103 10384 1 103 105 106 107 1st 5348 series F 1953 A 0 104 105 3 104 10614 4 104 105 1st sec 58 series0 1956 ./ D 103 Sale 103 10434 22 102 1043 297 3314 8 4 119 15.422 West Va C &C 1st Os 3112 323 3112 33 34 4 59j 1027 10le 2 1023 023 Sa31 8 4 9412 9412 Western Electric deb 5s__ _1944 A 4 10314 19 102 1033 19 4 104 1053 WIstnrn& nlol eelg tzmsr 58_1950 .1 N e‘ue d Urea nest l eu _ 103 1033 8 60 10212 1043 9 A1 J 38 4 . 9914 97 96 9712 97 1033 10558 4 9713 14 8 10112 10314 10812 Sale 1083 8 10938 11 1083 111 l5-year 8 25-3 2ar 88:51(155s 1017 Sale 10118 8 100 102 10213 11 10118 1033 ;e 4 6M 119536 F S 9613 99 3 23 10414 105 West'h'se E & M 20-yr g 5s_ _19941 'I DA 1043 Sale 10434 1047 8618 90 9812 9914 Westphalia Un El Pow 6s 1953 J J 8618 Sale 36, 8 41 873 8 101 10212 Wheeling Steel Corp 1st 5358 1948 1003 Sale 1003 4 4 101 40 100 102 107 10718 White Eagle Oil& Ref deb 5;0'37 997 1057 3 s 1003 Sale 9978 101 4 10011 107 24 With stock purch warrants-- M 125 130 4 9212 95 White Sew Mach 68(with war)'36 .1 .7 1223 130 128 Feb'29 99 9882 97 7 95 99 814 9812 9814 9 Without warrants 995g WI 995 100 8 993 8 10 995 s Panic f deb 68 4434 5012 49 Sale 4818 29 11184 1 1218 Wickwire Spen St'l 1st 78. _ 1939 J -49 945 M 43 50 19 49 18112 2 0814 Wickwire Sp St'l Co 78.Jan 1935 MN 4812 Sale 4714 3 8 21 101 1023 102 10312 10512 Willys-Overland 5 1 6 Ms_ _ _1933 M S 1015 Sale 101 25 10154 1031s 8 99 997 WiLson & Co 1st 25-yr s f 68_1941 A 0 10212 Sale 10233 103 25 10712 108 Winchester Repeat Arms 71.0'41 A 0 10731 Sale 10734 108 8512 88 J 10014 Sale 100 1003 4 80 100 101 Youngstown Sheet & Tube 5a 1978 Na. Low 17 2 18 2 30 5 BONDS N. Y. STOCK EXCHANGE Week Ended Feb. 15. 8514 98 987 8 6614 59 974 98 High 877 8 99 10018 677 41 605 8 10012 9912 iii" FEB. 16 1929.] FINANCIAL CHRONICLE 1037 Outside Stock Exchanges 1234 77 1334 104 46 313.4 6 38 3634 1434 28 82 3134 25 108 714 67 24 63 88 100 146 5634 2714 131 234 5934 2734 111 4 .5114 5634 2731 314 134 231 55 7 1% 414 53 5934 2914 4 1% 234 60 2831 ijg 2.087 3,535 755 280 100 990 3,620 Jan 1 Jan x4 5034 Jan 4434 Jan 2534 Jan 334 Jan 1 Jan 134 Jan 5234 Jan 25 Jar 1 34 534 55 5931 30 434 134 334 60 2834 Jan Jan Jan Feb Jan Jan Feb Jan Feb Feb , ...g.1,ton.4, -.....‘ 1, ,.4. , IV-dfti•-o21 , -.... ggv.aaaggggaavg&gg.gg ag gaa ggtggsaggaag glaag ;Z.XX00 X X v.,..4.o,-.- tO.OWO , , ."1,.- ...-.'., ott.-. <-...t.t.. ,‘ ..1 ,, . -0.1'1 X --- cen...coo W.4.00.01400owcApo.wy , co5cco .r.S . 7X ... 5.... 86 -8 8$'8,00m,pco-4ccoa , co;* w....... .4.NWV.00m,004b 90 40 19 30 48 49 67 47 83 14 25 32 8 9934 95 1431 27 90 41 19 35 5351 49 72 48 84 4 26 32 8 100 95 1534 27 131 3 2 33-4 4634 52 55 2731 61 14154 53 5234 5815 28 68 15934 3434 4734 19 41 2136 90 3534 50 193.1 43 22 02 107 134 31 130 3 10234 27 2334 834 32 31 51 3434 4231 20 70 65 5 97 117 234 33 14234 334 10334 27 2334 914 3335 3314 5334 37 4314 2034 74 7234 631 98 95 95 37 37 41 41 82 80 9634 97 10131 10134 54 5534 543-1 5414 134 174 2134 22 34 18 69 7534 15 15 53 543.4 98 2034 9934 334 2814 31 7% 99 2034 100 334 31 3334 76 000.0coc 134 934 931 160 931 Feb 10 Jan 91 10234 1,820 68% Jan 10234 Feb 93 93 6 93 Jan 93 Jan 13.34 1314 128 1334 Feb 13.34 Jan 12 1234 820 12 Jan 13 Jan 132 135 313 12831 Jan 145 Jan 7631 7734 364 7631 Jan 78 Jan 1234 1331 12,385 1234 Jan 15 Jan 10334 104 225 10014 Jan 10414 Jan 45 585 4334 Feb 4734 Fen 4734 434 434 249 4 Jan 5% Jan 3134 35 370 31 35 Feb 40 Jan 6 525 6 531 Jan 634 Jan 26% 263-4 300 26 Feb 273.4 Jan 27 26 135 24 Jan 21 Feb 38 40 100 37 Jan 40 Feb 97 45 97 97 Feb 9834 Jan 104 104 30 101 Jan 10434 Jan 152 154 303 144 Jan 156 Feb 1634 1611 635 1631 Feb 19 Jan 34 Jan 353: Jan 5 34 34 31 475 30 32 Jan 33 Jan 134 46 131 Jan 131 1 34 Jan 33 3631 14,695 32 t, Feb 3674 Feb 20 80 1831 Feb 2931 Jan 20 25 1,979 2334 Jan 2534 Feb 2531 83 25 82 83 Jan 83 Feb 34 3,010 32% Jan 37 3531 Jan 133 135 597 133 Feb 13934 Jan 82 250 79 80 Jan 84 Jan 5,935 8 1334 15 Jan 17% Feb 1934 1931 100 1814 Jan 21 Jan 27 625 26 2831 Jan 3 031 Jan 71 68 330 6634 Jan 8034 Jan 10,644 7434 Jan 87 7834 82 Jan 3134 315-4 180 31 Jan 3135 Jan 41 41% 305 39 Jan 4134 Jan 25 1,140 25 25 Jan 2534 Feb 2,040 100 10634 108 Jan 10834, Feb 115 734 Feb 734 8 934 Jan 960 67 67 6934 Feb 7734 Jan 24 24 135 23% Feb 26 Jan 60 63 85 60 Feb 70 Jan 88 127 87 88 Feb 9534 Jan 100 102 Feb 102 133 100 Jan 28 120 2534 Jan 28 28 Feb 146 150 Feb 16434 Jan 120 146 Jan 3534 Jan 100 32 333.4 33% 15 110 1414 Jan 15 1714 Jan Range Since Jan. 1. , I Low. 25 90 Acme Steel Co Adams (J D) Mfg corn.... 4034 Adams Royalty Co, com_• All-Amer Mohawk "A"_..5 30 Allied Motor Ind Inc com_* 49 • 49 Preferred • 68 Allied Products "A" American Colortype corn.* 47 Am Corn Al Corp corn v t c• 34 Rights Amer Commw Pow "A"... 25 • Class"B" Warrants Amer Pub Sem( pref _ _ _100 100 Amer Pub UM Part Pf-100 9 5 American Service Co,corn • 1534 Am States Pub Ser A corn.* Amer states Sec Corp 134 Rights 3 Class "B rights Art Metal Wks Inc * 4834 Common Assoc Appar Ind Inc com..• • 56 Assoc Investment Co _ _ _. Assoc Tel Utll Co com _ __• 2754 Atlas Stores Corp com___• 6634 Auburn Auto Co cora ___ _• 156 Automatic Washer Co .° 35 Convertible preferred. Backstay Welt Co com___* 4734 0 19 Bablii In Rubber A Bastlan-Blesaing Co corn.• 4131 Bailer Laundries Inc A _ _• 2134 Beatrice Creamery com_50 91 Bandit Corp 5 107 Class B new 15-4 Rights Binks Mfg(Joel A cony pf• 3134 Sorg-Warner Corp com _10 13234 Rights 100 7% preferred Brach & Sons(E J) cora • 0 Bright Star Elec "A".... Class B 834 • Brown Fence & Wire cl A _* 3231 Class "B" • 3114 10 5134 Brown Mfg Co Butler Brothers 20 3434 Cam pb Wyant & Can Fdy• 4331 Canal Constr Co cony pf_• 20 Castle & Co(AM)com _10 . Ce Co Mfg Co Inc corn..' 68 5 Rights Central III Pub Serv pref-0 98 Central Ind Power. prefCertlficates of deposit__ : Cent Pub Ser (Del) • 41 Class"A" • 82 Central SW Utilcom • 97 Preterred • Prior lien. pref • 54 Chain Belt Co corn • 5451 Cherry Burrell Corp corn. 114 Chic aty & C Ry par sh-• • 22 Preferred 30 Chicago Corporation 69 Units Chicago Elec Mfg A Chic Jeff Fuse & El corn_ • 53.34 Chic No Sh Os M11 Prior lien preferred_ _100 100 Common Chic Rap Tran pr pfd A 100 Chic 1tys part ctf ser 2.100 29 City Radio Stores • 3135 Club Alum Uten Co e-....,-.......... t .ron A. 1' t onm * OCNIflony. . 01 Mining Arcadian Cons MM Co_ _25 Arizona Commercial 5 Bingham Mines 10 Calumet & Hecht 25 Copper Range Co 25 Eliot Butte Copper Min_10 Franklin Mining Co..-.25 Hancock Consolidated. _25 I Island Creek Coal 25 isle Royal Copper. Jan Jan Jan Feb Feb Jan Feb Feb Feb Jan Jan Jan Stocks- I. rtaay bales Last Week's Range for Sale of Prices. Week. Par, Price. Low. High. Shares. ....... 25 83 34 13334 50 18 Feb 20 160 27 Feb 3331 1,640 117% Feb 12634 315 1234 Jan 18% 10 39 Jan 41;4 75 4434 Feb 47 5 110 Jan 126 1,685 3334 Feb 3534 95 4434 Jan 5934 615 2234 Feb 26 650 40 Jan 5234 15 99 Jan 108 Feb Jan s Ex-dividend. 00000000QQ00000Q00 oN000go,moggcoo 0000000.00,,O.p.t.. 0W0 00..0000.P.ON , 01 OI.01*0*01001 0101 010 .N M. 31 1734 Feb 90 99 Chicago Stock Exchange. -Record of transactions at Chicago Stock Exchange, Feb. 9 to Feb. 15, both inclusive, compiled from official sales lists: .M 154 1634 Jan 00 90 1,000 10034 10014 15,000 tEggggnggEggigN4 9% 93 18 2811 12134 1734 3931 46 126 3534 5934 2414 49 103 1634 101 101 101 7,000 95 Jan 9934 101 14,000 9934 Jan 10134 10134 10134 6,000 101 Feb High. 91 4334 25 39 5714 49 75 4934 8534 134 29 34 1014 10034 96 16 29 Feb Feb Jan Jan Feb Feb Feb Feb Jan Feb Feb Feb Feb Jan Jan Feb Jan gE 18 27 11834 11731 16% 3914 45 126 3534 3414 57 23 2234 473.4 47 103 217 Jan Jan Feb Feb Feb Feb Feb Jan Jan Jan Feb Feb 234 Jan 434 Jan aaaagg gaggag 1634 1734 • No par value. 61 7831 79 100 96 9034 7934 9834 93 10031 100 104 573.1 Feb 5614 Jan 60 Feb 33 Jan 7434 Feb 15914 Feb 3934 Jail 5231 Jan 1931 Feb 4634 Jan 26 Jon 98 Jan g&g&g.gg4M3 gggE4124 . . Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Feb Feb Jan Jan Jan Jan Jan ?Jan Feb Jan 63 63 1,000 80 80 3,000 79 79 5,000 100 100 10034 15,000 96 96 96 5,000 1,000 9034 9034 7934 7934 7934 1,000 99 99 99 2.000 94 94 9534 .60.000 1003-4 1003-5 2,000 100 100 100 2,000 104 104 2,000 100 88 12834 314 3734 152 554 10334 293-4 26 1234 3634 37 57 45 47 2134 7934 8634 631 98 Jar] Jac Jar Jar Jar Pet Jar Jar Jar EgE .Z.ggEgggg .ggg 20 70 75 334 18 4714 22234 24 102 104 94 75 8834 116 15% 634 334 10834 48 102 2334 351 4934 6131 19 6 Jan Feb Feb Feb Feb 8834 9334 95 A 37 4334 90 9831 103 5914 5834 2 24 34 75 5 ; 15 5834 Jam Fel Fel Jai Jam Jam Jai Jai Jai Jai Fel Fel Jam Fel vE&EggE Feb Jan Feb Jan Jan Jan Jan Feb Jan Jan Jan Jan Feb Feb Jan Feb Jan Jan Feb Jan Jan Jan Jan Feb Jan Jan 8731 9311 90 99 88 414 . 17 6311 7231 234 1534 47h 193 19 95 10034 9231 72 6831 106 1331 4 234 99 4631 100 2231 280 3934 56 11 6 8831 337,000 9334 5,000 90 3,000 3,000 100 8834 8,000 4414 39 .. 5 2,620 230 55 700 5 4,387 1,614 503 10 39 360 2,228 293 1,501 350 630 2,510 60 40 1,045 359 2,185 105 155 30 8834 9334 90 99 88 734 u 17 17 67 6634 68 x7231 z7231 731i 234 231 15% 16 4734 4734 20834 20834 21731 19 19 2034 10035 98 101 100% 10034 93 93;4 73 7231 75 68% 7434 108 106 108 1434 14 1515 531 634 3 331 101 101 10631 4634 47 100 10131 2231 2334 315 306 315 44 4334 4534 56 56 58 1734 1834 6 6 BondsAmoskeag Mfg 6s...1948 Berlin City Eiec 6345_1951 Boston & Maine 4 hs_1944 Chic Jct Ry US Y 58_1940 Chic Jet Ry&USY 45_1940 East Mass Street RR Series A 4345 1948 1948 6s series C 1948 Ils series D Fox N Eng Th Inn 654s'43 Gannett Co, Inc,6 Hs 1943 Int Sec Corp of Am 50 1947 Italian Superpower 65_1963 Kan City M & B lac 551934 Karstadt(Rud) Inc 6s 1943 Miss River Power Co 50 '51 New Engl Tel & Tel 55.1932 P C Pocah Co 7s deb _ _1935 Pow Gas & Wet Sec Corp 1948 55 Reliance Managment 55'54 1944 Swift & Co 55 Unterelbe Power & Lt Co 1953 Gs Western Tel is Tel 55_1932 90c 44 44 450 - - Jan Jan Jan Jan Jan Jan Feb Feb Feb Jan Jan Jan Jan Jan Feb Jan Jan Jan Jan Feb Feb Feb Feb Jan Feb 514 Feb 134 Jan 134 Jan 513c Jan Jan 75e 41 Jan 4034 Jan 20e Jan 58 Jan 334 Jan 534 Jan 1634 Jan 1134 Jan 443-4Feb 3434 Jan 300 Feb 30e Jan 314 Jan 99c Jan 134 Jan . totzo..-0.0 ,......,000 0,..n...g_,00_20tpcp g, 0 9_ot.2.1.cfa0w0 t.00 00 0 0..,-.47.00. 00t.D000 ..,.. 0.00 0e9 0wau...4b3.4.0 -.00-4t4000... ,, c-. ,uywn:000 00000. 000... 0 000w.0.” AX XXX A A X A XX XX 4 g :gig Xg A X X A X 182 8834 101 114 108 106 130 94 195 90 110 8134 129 111 160 199 24 72 563-4 76 9834 134 139 8234 121 00000000000000000 Feb Feb Jan Jan Feb Jan Jan Jan Jan Jan Jan Jan Feb Feb Fab Jan Feb Feb Jan Jan Jan Jan Jan Jan Feb 000000 , .,00000 erWM.0,00 17834 85 99 110 103 100 86 90 19(1 86 107 7731 124 108 154 18334' 2114 69 53% 62 8334 132 135 76% 11834 OVOW000 .ION000.0 334 226 30 100 100 435 25 5 100 102 154 66 77 30 11 5 81 10 40 1,002 1,920 12 13 1,430 26 g0 ao0 17934 17934 180 86 87 99 99 100 112 11234 104 104 101 100 101 130 130 94 94 190 195 86 86 90 110 10914 110 80 81 125 125 11031 11034 154 154 154 18331 18335 21.34 2134 2114 69 69 55 55 75 72 76 89 89 933.4 134 134 139 139 7734 773.4 7934 11831 11834 11831 High. 634 620 3 1,500 131 110 75c 100 90c 200 46 1,458 4534 360 60c 7,550 65 103 190 334 734 21,131 1734 730 1134 145 48 4,768 41 5,829 40c 400 50e 150 5 1,390 134 2,925 23-8 100 - High. Low. 6 234 134 75c 900 4314 43 350 61 33.4 7 1631 1134 4434 38 350 450 414 134 234 MCPM..NerM.0 Miscellaneous American Brick Co Miler Cities Pr Lt Corp_50 Amer.& Gen Sec Corp.._ _ Amer Pneumatic Service 25 Preferred 50 lot preferred 100 Amer Tel & Tel 100 Amoskeag Mfg Co • Bigelow-Hartf Carpet_ _ _• Preferred 100 Brown & Co Capital Admin Co Ltd _ _ _ _ Columbia Graph'n Continental Securitle5 Corp Crown Cork & Seal Co. Ltd East Boston Land 10 Eastern Manufacturing_ _5 Eastern SS Lines Inc-----I' Preferred_ • 1st preferred 100 Economy Grocery Stores_• Edison Moo Ilium 100 Empl Group Assoc Gals-I Ions Flee met__ _100 General Alloy Co Georgian Inc (The) Georgian Inc (The) Class A pref 20 German Credit Invest Corp lot preferred 011ohrist Co • Gillette Safety Razor Co. Greenfield Tap & Die_ _25 Greif Coop'ge Corp Cl A.... Hathaway Bakeries cl A. Preferred Class 13 HaYgart Corp, cap stock_ Hood Rubber • Hygrade Lamp Co Preferred Int Button Hole Sewing 10 Machine Co International Corn.. Kidder Peab accep A p1100 Libby McNeill & Libby_10 25 Loew's Theatres Massachusetts Gas Co_100 Preferred 100 Maas Utilities Ass, corn__ Mergenthaler Linotype 100 Mortgage Ilk of Colombia National Leather 10 Nat Mfrs & Stores Corp_ _• Nat Service Co Neill Corp Nelson Corp(Harm)tr ctf5 New Etna Equity Corp_ _ _ _ New Engl Pub Sere • New Engl Pub &Iry pr pfd' New Eng Tel & Tel. _ _100 North Amer Aviation Int._ North Texas Elee pref. _100 Paatio Mills 100 Reece Folding Machine 10 Reliance Management Corp Ross Stores(The) Inc.. • Shawniut Ass'n Con Stk _ _ Southern Ice Co pre f _._100 Bier Soo Corp pf allot Ws_ _ Swift & Co 100 Torrington Co. • Tower Mfg Traveller Shoe Co Union Twist Drill 5 United Elec Coal • United Shoe Mach Corp_:21 Preferred 25 U S-Brit lot $3 pfd US & Intl Sec Corp Utility Equities Corp Venezuela Holding Corp_ _ Venezuelan Mx Oil Corp 10 Waldorf System Inc • Waltham Watch Cl 13 com • Pref trust etfs 100 Prior preferred 100 Walworth Co 45. Warren Bros 50 Westfield Mfg. Co. cap etc Whitenlghts. Inc Low. Range Since Jan. 1. 9.0 Railroad 100 Boston & Albany 100 Boston Elevated Preferred 100 100 1st preferred 100 26 preferred Bost & Maine corn unst 100 Preferred unstmpd__100 Ser A let pf unstpd _ _100 Ser D 1st pf unstpd _ _100 Preferred stamped._100 Prior preferred stpd__100 .100 Ser A let phi stpd Ser"B" let pfdstpd _ -100 Ser C lot pref stpd_ _101 Ser D lst pref stpd_ _ _100 Boston A: Providence 100 Bast Mass St Ry Co _ _ _100 100 let preferred 100 Adjustment 100 Maine Central N Y N II & Hartford_ _ 100 Norwich & Worcester pf100 100 Old Colony Pennsylvania RR 50 Vermont & Mass 100 Range Since Jan. 1. 25 Keweenaw Copper La Salle Copper Co 25 Lake Copper Corp 25 Mass Consolidated 25 Mayflower & Old Colony 2o Mohawk 25 New Cornelia Copper ....5 New Dominion Copper-. New River pref blipisatrig Mines 6 North Butte 15 Old Dominion Co 25 P. C.Pocahontas Co • Quincy 25 311 Mary's Mineral Land _25 South Lake Mining Co_ _25 Superior & Boston Cop_10 Utah Apex Mining 5 Utah Metal is Tunnel_ _ _ _ I Victoria Copper Min Co_25 ------ Stocks- Friday Sales Last Week's Range for Sale of Prices. IWeek. Par. Price. Low. High. Shares. ?Tway Sates Last Week's Range for Sale ofPrices. Week. Stocks Concluded) Par. Price. Low. High. Shares. .114 Boston Stock Exchange. -Record of transactions at the Boston Stock Exchange, Feb. 9 to Feb. 15, both inclusive, compiled from official sales lists: 99 2034 10034 314 31 3434 an Jai Fel Jai Jai Fel Fel Fel Jar Jar Jar Jar Jai Jai Jam Fel Fel JO.! Friday Sates Last Week's Range for Sale ofPrices. Week. Stocks (Continued) Par. Price. Low. Htgh. Shares. Commonwealth Edlson_100 241 Commonw Utll Corp B..' 40 Community Tel Co cum pt* 30 Construction Material_ _ _ _ 38 Preferred 52 COnsurners Co common _ _5 1174 Warrants Crane Co. common 25 47 Preferred 100 11735 Curtis Mfg Co 5 Davis Indus Inc "A"----• 14 Decker (Alf) & Cohn Ina... 20 El Housebold UM Corp_10 42 Elec Research Lab Ino__-• 1635 Empire0 dr F Coe%% preferred 100 7% preferred 100 97 Fabrics Finishing corn _ _• 24 . Federated Public ns $2 pref • Fitz Simmons & Connel Dk & Dredge Co,com____20 6534 Foote Bros0 & M Co-_ _6 26 Gen Spring Bumper A_ _ _ _ 4235 Class B 4234 Gerlach Barklow 24 29 Preferred GlearierComilarves'rCorp• 108 Godchaux Sugar, Inc, cu B5 3331 Goldblatt Bros Inc Corn... 31 Great Lakes Aircraft A__• 26 Great Lakes0& 0 _ _.100 227 . Greif Bros Cooper A com_• Grigsby-Gni now Co • 167 Common (new) Hahn Dept, Store, corn._• 49 Hall Printing Co corn_ _ _10 30 Hart -Carter Co cony pf _• 2934 Hart Schaffer & Marx_ _100 183 Hershey Corp, cony pt A. Class "11" • Hib-Spen-Bart & Co corn 25 66 Hormell & Co(Geo)com A • 54 Houdaille Corp cl A con pf• • Class B Houdaille-Hershey Corp A* 52 • 5135 Class 13 25 3635 Illinois Brick Co Indep Pneu Tool v t c__. • Inland WI & Cable corn_10 8034 Insull Util Invest Inc---• 4635 $535 prior preferred_ _ _• 241 Iron s ireu,a.) Mfg cu vs a• 3231 Kalamazoo Stove com___• 115 Kellogg Switchbd corn_10 1531 Preferred 100 Ken-Rad Tube & Lamp A_ 36 Kentucky UM Jr cum p154) .52 Keystone St & WI coin... • 5135 Kirsch Co corn • • 22 Lane Drug corn VI 0 Cum preferred • 5 , La Salle Ext Unit com__10 • Leath & Co com Cumulative preferred..• 4534 Libby McNeill & Libby _10 13 Lincoln Ptg Co 7% pref.50 4494 Purchase warrants 5% Lindsay Light,coca 10 4 Lion 011Ref Co corn • Loudon Packing Co • Lynch Glass Mach Co_ • McCord Radiator Mfg A.• MoQuay-Noi Ms Mfg__ _ • Mapes Cons Mfg Co,com • Mark Bros Theatres pref• Material Serv Corp cora 10 Meadow Mfg Co corn....' Preferred 50 Mercantile Disc't Corp A_• Mer & Mfrs Sec Part preferred 25 Mid Coot Laund Inc, A__• Midland Steel Prod, com.• Middle West UtIlitiee.___• Rights 100 Preferred • :a cum preferred • $6 cum prior lien Pilot lien preferred__100 Midland Util100 6% prior Ilan 6% Preferred "A" _100 100 7% prior lien Miner & Hart.Ine.cony pf• M1nneap Honeywell Reg. • MO-Ran Pipe Line com__• • Modlne Mfg corn Mohawk Rubber Common • Walla= M1g Corp A __ _• Monsanto Chem Works...* Monroe Chem coca • • Preferred Morgan Lithograph coin. • Morrell& Co(no • Messer Leather Corp corn • Muncie Gear class"A"..._• Class"B" • Muskegon Mot Specialties Convertible class A ___ _• Nachman springhlied corn. National Battery Co pfd_• Nat Flee Power A part......• National Leather eons ___10 Nat Secur Inv Co. coin_ 1 6% cumul pref 100 Nat Standard coin • Neve Drug Stores. corn __ _• Convertible A • New Eng Pr Assn 6% pf100 Nobblitt-Sparks Ind corn.* North American Car com.• North Amer 0 & El CIA.' Northwest Eng Ce, corn_ • North West Utilities Prior lien preferred- _100 Ontario Mfg Co corn • Pacific Pub Service Co_ _ .. _ • Pacific West 011 Parker Pen (The) Co com 10 Penn Gas & Elea A com • Peoples Lt& Pow "A"com. 0 Perfect Circle (The) CO..' Pines Winterfront A com.5 Poor & Co class B cont.... Potter Co(The) cow • • Proems Corp cora Pub Sera of Nor III 100 Common • Common • Q-R-S Music Co.com [VOL. 128. FINANCIAL CHRONICLE 1038 27 2034 2834 30 34 100 179 734 120 103 90 99 4934 29 5894 Range Since Jan. 1. Low. 235 24134 1,025 209 39 400 35 4034 1.500 2994 30 32 4,600 34 38 34 4,000 52 52 55 700 11 1134 1134 435 500 434 5 347 46 47 4735 65 117 11735 11735 3635 1,200 36 36 500 14 14 1434 150 20 20 20 13,900 31) 41 44 1694 1735 6,200 1434 High. Jan 250 Jan 4335 Jan 3534 Feb 38 Feb 55 Feb 1334 631 Feb Jan 48 Jan 119 Feb 37 Feb 1794 Feb 27 Jan 44 Jan 2234 Jan Jan Feb Feb Feb Jan Jar Feb Jan Jan Jan Jar Feb Jar 97 98 25 2734 Jar Feb Jar Jar 200 60 1,650 24 4,050 42 2,670 4135 2,900 2314 4,350 2834 550 108 8,600 24 500 31 6.850 25 290 227 165 3935 Jan 8334 Jan 30 Feb 4934 Feb 49 Feb 26 Feb 30 Feb 125 Jan 38 Jan 36 Feb 32 Feb 275 Feb 42 Feb Jar Feb Feb Feb Feb Jan Feb Jar Jar Feb Jar 154 17834 81,650 14035 900 4634 49 5035 950 2935 30 31 1,900 2931 2934 3134 183 188 75 175 500 5434 5414 5834 59 450 5034 56 100 5594 56 56 2.050 3334 5034 55 5935 3.850 52 5234 5934 5,300 519-4 53 1,950 51% 51% 55 2.000 5135 5134 56 450 3634 3634 384 50 54 5434 5434 5,300 71 78 84 39,500 30 46 53 1,752 125 220 250 3435 13.900 2431 30 4.550 115 115 122 3,000 15 15 17 100 71 71 71 7,900 36 36 42 120 5034 5194 52 2,050 49% 4931 52 29 29 50 28 2131 2331 2,600 2I34 25 2735 1,860 25 4 850 4% 5 1,050 17 1834 20 250 45 45 453.4 13 1335 3,300 13 150 42 43% 4434 5 600 5 535 3% 850 4 434 3035 2,650 29 29 650 43 49 50 600 26 2694 2834 Jan 179 Jan 5434 Jan 3535 Feb 3434 Jan 190 Feb 6635 Feb 67 58 Jan Jan 5734 Feb 6635 Jan 6631 Feb 5935 Feb 59 Feb 41 Jan 5535 Jan 84 Jan 53 Jan 250 Jan 3494 Jan 131 1934 Feb Feb 74 Feb42 Feb 5234 Feb 58 Jan 3234 Feb 2934 Feb 32 5% Jan Jan 21 Jan 48 1534 Feb Jan 4535 Jan 635 Jan 5 Feb 34 Jan 60 Jan 30 Feb 4034 Jan 5734 Jan Feb 39 Jan 27 3635 Jan 1431 Jan Jan 45 Feb 28 4494 65 42 3394 4294 2334 54 2831 Jar Jar Jar Jar Jar Fet Pet Jar Feb Jan Pei Jan Jan Jan Jan Jan Jan 32 3435 108 190 831 122 10334 103 127 Jar Jar Jar Jan Fet Fet Feb Fet Jan 0431 9634 2334 27 9434 98 2435 27 6535 65 27 26 4934 42 4135 49 2335 26 2834 30 108 111 38 32 31 3234 25 28 227 255 3934 40 4234 61 41 27 39 1994 52 28 29% 34 100 175 7 120 103 103 126 89 86 99 4834 61 24 57 150 400 2,850 50 150 44 200 62 650 4135 400 28 1,450 40 2234 10.350 100 52 850 28% 94% Feb 9634 Feb 2335 Jan Jan 25 1,100 2974 3035 2,250 34 34 101 98 100 7,100 169 187 6% 834 75.000 121 600 119 350 98 103% 50 100 103 200 12594 127 305 266 710 1,000 so 1,100 6434 13,250 30 1,200 59 90 86 9934 8834 8534 99 4834 5534 2234 5334 5534 55 30 30 123 123 24 44 44 49 49 61 65 2434 2794 27 2534 25 3,750 53 59 650 30 32 500 104 124% 400 2335 2535 250 44 44 650 48 49 663-4 11.250 61 100 20 2434 6.400 26% 29 4.150 20 27 3134 3134 67 67 5234 50 35 35 43.4 431 2834 2835 104% 104 48 49 9 9 2734 2794 97 97 46 42% 6034 60 24% 24% 44 3234 69 5234 3634 4% 2935 105 54 9 2734 97 46% 64 26 45 2,200 2934 1,100 61% 750 50 3,250 35 434 3,350 2,750 25 4.750 104 7,650 48 9 50 100 2734 150 97 3,450 37 4,400 54) 2,800 24 200 43% Jar Jac Jac Fet Jac Jar Jan Fe) Jar Jac Feb Fet Jar Jar Jar Fet Fet Fet Jar Jar Jar Fet Jar Jar Jar Jar Jar Jar Jar Jar Jar Jar Jar Fet Jar Fet Jar Jan 91 Jan 88 Feb 102 Feb 52 Jan 67 Jan 30 Jan 59 Jan Jan Jan Jan Jan Feb Jan Feb 66 Feb 35 Jan 129 Feb 28% Feb 51 Jan 5634 Feb 6834 Jan 2431 Feb 31 Jan 30 Jan Jar Feb Jar Jan Jar Fet Jan Jar Jar Jan 3635 Jan Jan 7535 Jan Jan Feb 64 Jan Jan 38 534 Jan Jan Feb 2935 Feb Feb 10535 Feb Feb Feb 56 1134 Jan Feb Jan Feb 29 Feb Feb 97 Feb Jan 50 Jan Jan 70 Feb Feb 26 Feb 48 Jan Jar 15 101 101% 10135 400 34 34% 35 21% 23% 3,050 21% 250 18 18% 19 50 51% 1,350 50 400 22 23% 24 58 54 11,450 4734 58 51 50 54 950 4935 207 207 218 MOO 182 29% 2994 31 3,600 29 3535 3576 38 650 30 26% 28 300 2631 Jan 103 Jan 4034 Feb 2335 Feb 23 Feb 57 Jan 2434 Jan 58 g Jan 60 Jan 236 Jan 3235 Jan 4035 Feb 33 245 245 153 Feb Jan 245 Jan 24434 Jan Feb Jan 164 3434 21% 19 60 241 241 152 245 245 153 119 205 569 205 302 144 Jar Feb Jan Jan Feb Feb Jan Feb Jan Jan Jan Sales Friday Last Week's Range for Week. ofPrices. Sale Stocks (Concluded) Par. Prize. Low. High. Shares. Quaker Oats Co corn Preferred 100 Raytheon 5,115 Co • Reliance Mfg Corn 10 Richards(Elmer) Co prof.' Roes Gear & Tool oom_ • Ryan Car Co(The) com_25 Ryerson & Son Inc corn_ _• Sangamo Electric Co_ _ _ _• Saunders class A corn__ • Preferred 80 Seaboard Pub Serv pref _ Shaffer Oil & Ref pref _ _100 Sheffield Steel corn • Signode Steel Strap Co_ • Preferred io Purchase warrants sonatron Tube Co • So Colo Pow El Acorn..-5 com_2 Southwest Lt dr Pow pfd_ • Standard Dredge cony pf. _• Stand Pub Serv"A" • Stehalte Radio Co • Sterling Motor, pref Storkline Fur cony prat _25 Studebaker Mail Or com_b Class A. • Super Maid corn corn _ _ _. • Sutherland Pap Co.corn _10 Swift & CO 100 Swift International lb Tenn Prod Corp. corn _ _ _ • Thompson (J Ft) corn.._25 Rights Time-O-St Controls "A".• 12th St Store (The) pfd a • unit Corp or Am pref • United Dry Dks, Inc corn. United Gas Co eon] • un Repro Corp part pf United Pub UM $6 pref. _• Unto Theatres cony el A.5 , 21 S()Yogurt 25% Paid S Radio & Telev corn __• Utah Ran), Products com• Ut & Ind Corp. Preferred Van Sicklen Corp part el A• Vesta Battery Corp. corn 10 Vogt Mfg corn • Vorcione Corp part met_ _• Wahl Co nom • WalgreenCe,com pur war • % preferred 100 Warchel Corporation...' Preferred Ward (M)& Co, class A • Waukesha Motor Co corn _'• Wayne Pump Co • Convertible preferred • Wextark Rae)Sts Inc, corn' West P L & T in pfd A. • Wieboldt Stores. Inc Wzicox-Rich cony pf -• • Class B Williams 011-0-Matic com• W1I-Low Cafeter Inc coin.* Winton Engine con pref. • _ • Wisconsin Parts corn Wolverine Port Cement_10 Woodruff & Edwards InoPartic class A • Yates -Amer Mach part pf• Yellow Cab Co Inc (Chic)• Zenith Radio Corp com • 365 62 25 28 4135 63 50 78 1831 30 3 37 38% 31% 40% 34 18% 28 68 1835 134 33% 25 35 33% 24 33 22 34 35 64% 114% 44 211 , , 2534 34 15 34% 5235 22 21 3135 132 171 4091 56 34 47% 26 25 27 27% 32 51 Bonds Chicago Artif Ice 65_ _ _1938 94 Chic City Ry 5s 1927 Chicago Rye 58 1927 5s series A 1927 5s series B 1927 Chicago Stadium 6s_1943 Commonw Edison 55_1943 El Paso 6453 1943 10-yr 6s debs 1938 Insuli Util Inv 5, "A".1949 240 Met W Side El let 4S 1938 Pettibone-Mulliken 65 1943 99 Benet Co 6s A 1938 101 Standard Tel Co 6s 1938 9734 Swift & Co 1st s f g 5s_1944 Wrought Iron of Am6348'38 No par value. a 50% Stock d 365 367 117 117 5634 65 26% 25 28 28 5335 52 15 15 41% 43% 4034 40% 5834 63 51 47 95 95 99 100 78 8094 19 18 2835 31 3 3 36% 4035 25 26% 90% 90% 3735 40% 2935 31.35 40 44 34 35 2735 28% 1935 17 27 29 68 72 18% 19 134 135 3335 3435 25 269-4 53 5331 35 1 33% 35 24 24% 3235 36 22 22% 3535 34 3.5 38 8135 82 13 13 64% 63 50 48 104 125 50 43 31 21 31 25 34 35 14 15 3331 35 4834 54 22 24 57 57 10435 104% 23 21 31 33% 131% 132 170 171 Range Since Jan. 1. Lew. 35 350 111 11534 3,200 55 3.950 25 550 28 450 4.5 50 8 3,150 38 50 3535 1,350 58 800 47 25 95 90 05 365 66 1,150 1734 750 28% 400 3 31,350 31% 800 24 45 8735 8,200 35% 3,700 27 3.050 38% 1.450 34 500 27 7.800 1334 2.050 2735 3,150 66 500 18% 1,350 134 2.750 33% 600 25 700 53 5.350 34 1,250 3335 250 24 2,900 3235 5,050 22 2,250 2935 2.650 35 LOU 80 150 11 2,700 63 200 4535 26,950 44% 4,210 41% 54,900 21 23.750 25 1,250 34 525 1335 450 32 6.850 45 1,450 22 100 57 104% 040 21 1,300 31 750 131 405 170 Jan Feb Jan Feb Jan Jan Jan Jan Jan Jan Feb Feb Jan Jan Jan Jan Feb Jan Jan Jan Jan Jan Feb Feb Jan Jan Jan Feb Feb Feb Feb Jan Feb Feb Jan Jan Jan Jan Jan Feb Jan Jan Feb Jan Jan Jan Feb Feb Feb Jan Jan Feb Feb Feu Feb Feb Feb Jan Feb Feb Jan High. 367 120 70 30% 28% 57 18 46 4634 73 5135 95 100 90 2031 32% 435 44% 26% 90% 4035 3135 49 36 30 20 30 74 21 140 37% 28% 62 1% 39% 26 37% 23 39% 42% 82 15% 72% 53 141 56 31 31 3635 15 35 57% 27 65 10435 26 36 132% 175 Feb Jan Jan Jan Jan Feb Jan Feb Jan Jan Jan Feb Feb Jan Jan Jan Jan Feb Feb Feb Jan Feb Jan Feb Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Feb Feb Jan Feb Feb Jan Feb Feb Jan Jan Feb Jan Jan Jan Feb Jan Jan Feb Jan 40% 51 34 51 47 44 2534 24% 78 62 6% 300 40% 60% 11,900 34% 1,200 51% 250 49 1,700 47% 2.200 263.4 5,400 900 25 85 1.600 100 62 7 200 4035 38 34 50% 37 33% 20 24% 70 55 6 Feb Jan Jan Jan Feb Feb Jan Jan Jan 46 65% Jan 3535 Jan 57 Jan 49 Feb Feb 49 29% Jan 27 Jan 94 Jan Jan 72 Feb 8 27 2734 31% 5031 750 2735 3135 8.300 32 1,800 52,850 59 27 24 31% 48 Jan Jan Jan Jan 28% Jan 32 Jan 35 Jan 62% Feb 84 8194 79 60 4134 96 103% 98% 100 140 77 99 99 97% 101% 100 Feb Feb Feb Feb Feb Feb Feb Jan Jan Jan Jan Jan Feb Feb Jan Jan 94 94 81% 8135 79 79 60 60 41% 41% 96 96 104 104 99% 9935 100% 10034 220 251 78 78 99 99 101 101 97:1 9734 10134 10134 103 103 $3,000 5.000 21,000 3,000 4,000 6,000 4,000 2,000 2,000 16,000 1,000 2,000 3,000 5.000 6,000 10,000 94 55 85% 61% 43% 98% 104% 101 101% 251 78 99 101 97% 101% 103 Feb Jan Jan Feb Feb Jan Jan Jan Feb Feb Jan Jan Feb Feb Jan Feb Attend. -Record of transactions Philadelphia Stock Exchange. at Philadelphia Stock Exchange, Feb. 9 to Feb. 15, both inclusive, compiled from official sales lists: Stocks- Sates Friday Last Week's Range for of Prices. Week. Sale Par. Price. Low. High. Shares. Range Since Jan. 1. Low. High. • 7 631 Jan 734 Almar Stores 734 6,594 874 2694 2735 10 27 800 18 American Milling Jan 28 • 88 88 90 4,000 88 American Stores Feb 97 2,000 58 Bankers Secur Corp prof 50 5934 5894 6074 Jan 6334 175 175 15 175 Bankers Securities com Feb 220 1334 15 2,200 1335 Feb 15 25% preferred 100 11534 Jan 118 11634 11634 Bell Tel Co of Pa pref _ _100 59 59 Blauners allotment ctfs__. 100 52 Jan 5994 9 10 300 10 Bornot Inc 834 Jan • 56 51 60 16,900 3435 Jan 60 Budd (E G) Mfg Co 80 7231 82 Preferred 1,955 5635 Jan 82 6834 897-4 52,400 34 84 Jan 8931 Budd Wheel Co 41 4 50 41 90 4034 Jan 4134 Cambria Iron 3535 35 361.5 4,900 3335 Jan 4235 Camden Fire Insurance__ 4535 4535 26 4535 Feb 46 Catawlssa RR 1st pref._50 2735 2934 800 2735 Feb 32 Commonwealth Can Co_10 28 18 18 516 18 19 Ltd Jan Cons Theatres 57 57 10 67 Feb 81 Consol Traction of N J.100 331. 335 900 4 234 Jan Cramp Ship & Eng_ __I00 116 11634 145 11494 Jan 11635 Curtis Pub Co pref 11635 11634 11934 160 11635 Feb 121% New 8831 85 1,179 8394 Jan 9234 Elec Storage Battery...100 10 4835 4831 5094 3.300 4831 Feb 5134 Fire Association 230 230 10 226 Jan 233 Hardart(Phil)com. Horn & 609.4 6194 900 5835 Jan 6235 com * (NY) Horn & Hardart 105 108 10 105 Jan 108 100 Preferred 7931 8134 2,200 7931 Feb 91 10 80 Insur Co of N A 73.4 834 449 4 Jan 1074 74 Keystone Telephone __ _ _50 50 50 60 473.4 Jan 50 Case _ _ _ _• 50 Keystone Watch 3134 3994 20,900 17 Jan 42 Lake Superior Corp_ __ _100 35 50 16231 157 16535 3,100 15035 Jan 169 Leh Coal & Nay 23 100 23 23 Jan 28 10 23 Lit Brothers 62 653,4 3,800 62 Feb 713,4 72 Manufact Cris Ins 33.1 400 294 294 23,4 Feb Inc ..• 276 Mark (Louis) Shoes 10 10 10 Feb 8 10 100 10 Preferred 074 Jan Feb Jan Jan Jan Feb Jan Jan Feb Feb Feb Feb Jan Jan Feb Jan Jan Jan Feb Feb Feb Feb Jan Feb Jan Feb Jan Jan Feb Jan Jan Jan Jan Jan Feb FEB. 16 1929.] FINANCIAL CHRONICLE mates Friday Last Week's Range for Week. ofPrices. Sale Stocks (Concluded) Par. Price. Low. High. Shares. arthern Central Ry _50 orth East Power Co _ • ,nn Cent L &Pcum pref..* nna Ins :nnsylvanla RR 50 ;nu Traffic 214 lila Co(Pirrs)6% pref 50 Ilia Dairy Prod pref ilia Elec of Pa 25 lila Elec Pow pref 25 lila Rapid Transit ...50 7% preferred 50 lila Germ & Norr RR 50 tiladelphia Traction_ _50 lila & Western Rs , _50 . Preferred 50 E L Title new tlianee Insurance 10 Lreve El Dorado Pipe L 25 ott Paper Co • Preferred 100 tcony-Palmyra Bridge--• mo-Belmont Devel_ _1 mopah Mining 1 lion Traction 50 sited Corp temp aft_ _ __ Preference temp ars__ _ _ sited Gas Impt 50 sited Lt & Pr A com • S Dairy Prod class A__* ctory Insurance Co_ --10 Ictor Talk Mach corn..,.,' Rightssmm Gas osna Ins 1444 14 92 5034 2434 3334 64 47 49 45 17334 5034 21 86 86 5334 574 7934 794 14034 1444 7734 794 14 2 5314 5334 92 9234 88 90 334 34 524 5334 504 5014 1324 132 34 524 534 834 834 28 2834 794 8134 244 244 33 34 62 64 110 110 47 47 1 1113 34 33.4 3634 3734 49 53 4534 45 1734 1824 38 39 5034 50 21 22 14534 150 11 12,500 40 1,500 10,300 1,100 25 42 300 3,600 1,335 1,800 36 400 100 200 500 400 1,505 170 5 10 2,100 100 1,460 11.800 4,700 38,100 700 410 200 1,100 Range Since Jan. 1. Low. 86 50 79 136 764 14 5234 9134 8334 3334 5134 50 1324 51 8 28 6934 24 33 48 100 36 1 334 35 49 45 1624 324 48 21 145 Feb Jan Jan Feb Jan Feb Jan Jan Jan Jan Jan Jan Feb Jan Feb Feb Feb Feb Jan Jan Jan Jan Feb Jan Jan Feb Jan Jan Jan Jan Feb Jan High. 86 574 804 14434 824 2 5334 934 95 3434 54 504 13214 5514 934 3094 844 26 384 70 110 4934 14 4 3834 5834 47 19534 424 5034 2534 15634 Feb Jan Jan Feb Jan Feb Jan Jan Feb Feb Feb Feb Feb Jan Jan Jan Jan Jan Jan Feb Feb Feb Jan Jan Jan Feb Feb Jan Jan Feb Jan Jan Lass Weed's Ranee for Sale ofPrices. Week. Bonds (Concluded) Par. Price. Low. High. Shares. Baltimore City Bonds 1961 43 Sewer Loan 994 994 81,000 1962 4s Conduit 9931 994 4,000 45 Water Loan 1958 9934 9934 300 48 2d water Serial _1957 994 9934 9934 1,100 4s Public Park Impt1955 994 994 9934 400 48 Paving Loan_ _ _ _1951 9934 9934 9934 7,500 Cons Gas 5s gen 5548-1954 9934 9934 1,000 C0nsGEL4zPlstref6sserA49 10414 105 5,000 ElkhornCoalCorp6343.1931 90 90 1,000 Fair dr Clarke Trac 5s -1938 9134 9134 92 2,000 Ga Sou & Flor 58 1945 98 98 1,000 Hendler creamery 68.-1946 984 9834 1,000 HoustonNatGas6s w w100 100 10,000 Hous011534% notes _1938 9834 9834 4,000 Md Electric Ry 1st 58_1931 9434 9434 1,000 Valley Trae 513_1942 Monon 9334 9334 1,000 Nixon Nitration 634s _1937 9734 9734 99 4,000 Norrfolk St Rys 58 105 105 1,000 Olustee Timber 68 ___ _1935 94 94 94 1,000 Poulson(CW)&Sons6 Hs'41 92 92 1,000 Prudential Refln 648_1948 1044 1044 10444 26,000 Silica Ge16 tIa. 1932 10134 10134 6,000 Southern Bankers Sec 5s *38 10234 10234 1,000 UnPorRicSug64%notes'37 964 97 7,000 United Ry & E lst 4s _1949 6334 63 6334 17,000 1949 40 Income 4s 40 41 26,000 1930 6234 6234 6214 7,000 Funding 5s 1930 9034 90 6% notes 9034 2,000 1949 1st 6s 78 78 3,000 Wash Belt & Annan 58.104I 83 8434 17,000 Wstah.6Vandaminal.4* 1047 0234 0234 2M00 Range Since Jan. 1. Low. 99 9934 99 9934 9934 9934 9934 10474 90 9134 98 9814 100 97 9434 9314 9734 105 94 90 100 10134 101 964 624 40 60 90 78 753.4 9214 Jan Feb Jan Feb Feb Feb Feb Feb Feb Feb Feb Feb Feb Feb Feb Jan Feb Feb Feb Jan Jan Jan Jan Jan Jan Feb Jan Jan Feb Jan Feb High. 9934 9934 9934 994 994 9944 994 106 90 92 98 984 100 9834 9534 934 99 105 95 92 10444 10134 105 97 85 43 63 944 8354 8434 9214 Jan Feb Feb Feb Jan Feb Jan Jan Feb Feb Feb Feb Feb Feb Feb Jan Jan Feb Jan Jan Jan Jan Jan Jan Feb Jan Jan Feb Jan Feb Feb •No par value. 5 Bondsec & Peoples tr cif 41 '45 ter-State Rys coll tr 43'43 tke Supe Corp 58 stpd '29 goples Pa.s3 tr cif 43._1943 tila Electric (Pa) 1st 4 Hs series 1967 1st lien & ref 58 1960 1st 5s 1966 1st lien & ref 534s___1947 lstlien & ref5348_1952 lila Elec Pow Co 534s'72 Po 14 5 54 48 60 5334 44 54 1,000 9,300 5434 $22,500 48 4,000 500 60 5334 1,000 9914 994 2,000 103 103 1,000 10434 105 5,700 105 106 5,000 10534 10634 6,000 105 10534 11,000 wrhwteler. IL !Mos.. Cam •A0 1 MI 1 Art , I" Mil t 34 Feb 234 Feb 1 Feb 54 Feb 52 48 45 53 Jan Jan Jan Jan 544 50 65 55 Jan Jan Jan Jan 99 103 10434 105 10534 105 Jan Feb Feb Feb Feb Jan 9934 105 10534 1064 1064 106 Jan Jan Jan Jan Jan Jan CM AL r.f.., 1 ISA 2, •.... •No par value. Baltimore Stock Exchange. -Record of transactions at Baltimore Stock Exchange, Feb. 9 to Feb. 15, both inclusive, compiled from official sales lists: Stocks- 1039 Friday Sales Last Week's Range for Sale Week, of Prices. Par. Price. Low. High. Shares. Amer States Pub fier pref__ ______ Arundel Corporation * 42 Atlantic Coast L(Conn) .50 192 Balt Comm. Bank__ _100 ' Baltimore Trust Co 50 18734 Beneath (I) & Sons new w 1 Preferred 25 Black & Decker oom • 414 Preferred 25 Ches & Po Tel of Balt pf100 11634 Commercial Credit • 52 Preferred 25 2534 Preferred B 25 27 Warrants 124 Corn Credit of NO pref.-- ______ Congo! G EL & Power__ _• 100 6% Pref series D_ __ _100 111 534% pref w leer E._100 108 5% pref series A 100 103 Consolidation Coal_ _100 Continental Trust Davis Drug unite 57 Helton Tire & Rubber__ • Eastern Rolling Mill • 3034 Scrip Equitable Trust Co 25 Fidelity & Deposit 50 301 Finance Co of America A _• Finance Service corn A _ _10 1834 First Nat Bank WI 5834 Houston 011pref v t ant 100 85 Mfrs Finance com v t___25 lot preferred 25 2d preferred 25 Maryland Casualty Co_ _25 Maryland Mtge corn • Preferred Maryland & Penn RR_ _100 Merch & Miners Tramp_ _• Monon W Penn P Et pref _25 Mt Ver-Wood Mills vi 100 Preferred 100 Nat Bank of Baltlmore-100 National Cent 13ank _100 Nat Union Bank of Md _100 New Amsterdam Cu Co 10 Northern Central Ry__.50 Park Bank 10 Penna Water & Power__ -• Real Estate Trustee _ _100 1St Preferred 100 Silica Gel Corp com v t__ • Southern Bank Sec Corp.._ Preferred Standard Gas common_ _ . Stand Gas Ea pf w war_100 Un Porto Rican Sugar corn* Union Trust Co 50 United Rys & Electric...50 U S Fidelity & Guar new__ US FM & Guar Co Fire w 1 Wash Bait & Annapolls_50 West Md Dairy Inc corn.' Preferred • Prior preferred rc Western National Bank _50 RightsConsGEL&P Commercial Credit U S Fid & Guar w I new_ 2834 184 160 3634 46 26 134 295 271 88 87 924 15 43 89 7534 42 1.00 Bonds- .. Alabama C & I 58... _ _1933 Balt Traction 1st 6s_ - _1929 Benesch I& SonInc6awi Black &Decker° Hs_ _1937 150 Range since Jan. 1. Low. High. 95 95 4034 42 192 192 157 157 185 188 174 1734 274 2734 40 414 27 2714 116 1164 50 5134 25 2534 26 27 12 124 24 244 100 10234 111 111 108 1084 1014 103 17 18 289 290 564 57 234 214 30 33 3014 33 128 130 301 305 12 12 18 19 584 59 85 8534 15 1,282 48 4 259 35 70 1,679 130 26 222 209 300 11 75 2,179 22 47 27 422 10 230 150 1,989 3,520 69 316 25 2,124 445 60 Feb Feb Jan Jan Jan Feb Jan Jan Feb Jan Feb Jan Jan Jan Feb Jan Jan low Jan 1014 Feb 17 Feb 289 Feb 5534 Feb 1 Jan 29 Jan 28 Feb 115 Jan 300 Jan 11 Jan 18 Jan 5854 Feb 85 Feb 10834 103 2234 300 57 34 3434 3434 135 310 12 19 6034 924 Feb Feb Feb Feb Jan Feb Jan Jan Jan Jan Jan Jan Feb Jan Jan Feb Feb Feb Jan Jan Jan Jan Jan Feb Feb Feb Jan Jan Jan Jan Jan 2834 2834 22 22 18 18 160 163 36 3634 135 135 25 25 4534 464 26 27 134 14 8034 8034 275 295 285 290 270 272 8634 8834 8634 87 31 31 92 94 120 120 100 100 27 2734 53 52 100 100 15 15 41 41 42 43 350 350 1134 12 8834 90 764 77 8 8 130 136 9434 95 5334 54 40 42 2 22 57 325 387 11 30 281 175 207 20 13 20 516 1,062 84 20 165 2 25 820 50 25 10 21 600 35 64 1,284 353 . 18 385 265 202 405 27 204 1714 160 31 135 25 44 2534 13 804 267 275 200 7734 8534 31 84 120 9934 24 50 100 15 4034 39 339 1134 84 7094 8 102 94 534 40 2914 22 1934 18334 39 135 25 4734 27 15 82 295 290 280 93 88 31 100 123 100 284 54 1014 15 46 43 354 134 9434 87 834 136 96 54 42 Jan Feb Jan Jan Jan Feb Feb Jan Feb Jan Jan Feb Feb Jan Jan Jan Feb Jan Feb Feb Jan Jan Jan Feb Jan Feb Jan Jan Jan Jan Feb Feb Jan Feb Feb 334 354 244 3 34 9,220 .83 1.00 31.936 99 97 9934 150 99 97 9934 150 95 4034 179 15034 168 174 264 314 27 1134 50 25 26 12 24 9234 110 Jan Jan Feb Feb Jan Feb Feb Jan Jan Jan Jan Jan Jan Jan Jan Jan Feb Jan Feb Feb Jan Jan Jan Feb Jan Jan Jan Feb Jan Jan Jan Jan Jan Feb Jan 9534 4331 200 158 195 184 274 42 28 11634 62 26 27 134 2534 104 11134 334 Feb 334 Feb 3 Feb 5 Jan .83 Feb 1.20 Jan $100 99 5,000 95 1,000 9934 8,500 120 Feb 99 Feb 97 Feb 9934 Jan 155 Feb Feb Feb Feb Pittsburgh Stock Exchange. -Record of transactions at Pittsburgh Stock Exchange, Feb. 9 to Feb. 15, both inclusive, compiled from official sales lists: Stocks- Friday Sates Last Week's Range for Range Since Jan. 1. Sale of Prices. Week. Par. Price. Low. High. Shares . Low. High. Aluminum Goods Mfg___ Amer Wind GI Mach pi100 * Ark Gas Corn com 10 Preferred • Armstrong Cork Co 25 Blaw-Knox Co 10 Carnegie Metals Cent Ohio Steel Prod corn • Consolidated Ice,com _50 Consumers Gas pref Crandall McK & H 10 Devonian Oil • Dixie Gas& URI corn _ Exchange Natl Bank- _50 Harbison-Walker R,ef,com• Independent BrewVcom 50 50 Preferred Jones& Laughlin St pfd 100 Koppers Gas& Coke pref_ _ • Libby Dairy Prod com 100 1st preferred 25 Lone Star Gas * McKinney Mfg corn Nat Fireproofing com -60 50 Preferred Pittsburgh Brewing com _50 50 Preferred . Pah Investors Security _ ..* Pittsburgh Plate Glass _100 Pgh Screw & Bolt Corp - _ _. PO Steel Foundry com • 100 Preferred 5 Plymouth 011 Co Reymers Bros Inc Richardson &Boynton pf• Salt Creek Congo'011._ _ _10 1 San Toy Mining Stand Sanitary Mfg _ __ _25 Stand Steel Springs Suburban Electric Dev. • 25 Union Storage Co Union Steel Casting com _• United Engine& Fdy cons• 25 United States Glass Westinghouse Atr Brake_ • i5 Wiser 011Co 35 4 834 62 394 7 58 121 10334 72 15 3434 3 3134 694 83 264 4934 80 42 12 49 35 37 1,485 35 4934 4934 10 46 34 494 6,370 334 834 834 1,886 74 61 62 1,821 61 3934 40 119 394 17% 18 360 1734 27 27 125 25 5 5 100 5 26 26 40 26 27 274 700 27 7 7 880 7 124 13 745 734 90 90 5 8934 58 58 40 52 13,4 134 75 134 1% 174 296 134 121 121 41 121 1034 10334 370 10234 33 34 203 2544 106 106 40 1044 73 72 3,516 67 15 1534 300 1214 14 14 795 1034 1,315 29 3434 35 3 3 585 2 1.225 634 7 6 380 2514 31 3134 70 69 227 64 410 58 88 83 37 37 70 33 8534 8534 200 854 26 27 ' 150 26 2634 274 190 25 17 100 17 17 534 54 534 350 7,500 120 13e Sc 4934 4934 20 48 7934 81 270 73 26 100 26 26 42 42 26 42 295 20 2034 20 3934 4134 985 38 45 1034 12 12 115 4634 474 49 1434 1434 200 1434 72 72% 390 3134 Feb Jan Jan Jan Feb Feb Feb Jan Feb Feb Feb Jan Jan Jan Jan Feb Feb Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Feb Feb Feb Jan Jan Jan Jan Feb Feb Feb Jan Jan Jan Feb Jan 39 Feb 50 Jan 44 Jan 834 Feb 8434 Jan 43 Jan 20 Jan 28 Feb 5 Feb 26 Feb Jan 29 8 Jan 1354 Feb Feb 90 58 Feb 134 Feb 294 Jan 121 Jan 10334 Feb 35 Jan 107 Jan 75 Feb 1214 Jan 144 Feb 354 Feb 3 Feb 7 Feb 3134 Feb 75 Jan 97 Feb 40 Jan 8534 Jan 3034 Jan 2734 Feb 20 Jan 54 Jan 23c Jan 544 Feb 874 Feb 29 Jan 42 Feb 25 Feb 4134 Jan 13 Feb 49 Feb 1434 Feb 77 Feb •No par value. -Record of transactions at Cleveland Stock Exchange. Cleveland Stock Exchange, Feb. 9 to Feb. 15, both inclusive, compiled from official sales lists: Stocks- Sales Friday Last Week's Range for Week. Sale of Prices. Par. Price. Low. High. Shares. • Aetna Rubber corn Alr-Way El Appl pref_ _100 Akron Rub Reclaim'g com• • Allen Industries Coin • Preferred . • Multigraph com Amer • Apex Elee * Bond Stores B Buckeye Incubator corn-• • Byers Machine A Brown Fence Central Alloy Steel Pref 100 • City Ice & Fuel 10 Clark Fred G coin • Cleve-Cliffs Iron corn_ Cleve Elec 1116% pref__100 . Cleve Railway corn _._100 Cleve Secur P L pref_._ _10 100 Cleveland Trust Clev Worsted Mills corn 100 • Columbus Auto pref * Dow Chemical corn 100 Preferred El Controller & Mfg com_• • Falls Rubber corn Faultless Rubber corn..._• Fed Knitting Mills corn...* Firestone T de R corn._.1O 100 6% preferred 100 7% Preferred • Foote-Burt coca General Tire & Rub com _25 100 Preferred 100 Glidden prior pref • Godman Shoe corn Gt Lakes Towing com__100 TA•mfes•••Arsel inn 22 100 134 33 3934 27 114 17 11 60 1134 10534 334 1734 3134 61 3634 40 10934 108 10134 52 2134 24 100 23 22 1334 1434 32 33 39 3934 2634 28 134 134 18 15 11 124 33 33 111 60 Cl 84 13 139 1114 1114 104 1054 334 334 445 447 1794 174 31 3134 25034 105 106 61 60 634 84 3634 38 3934 40 221 10934 108 109 44 444 250 251 101 10134 1044 105 50 52 95 11AU1111LZ 380 190 80 365 595 154 2.062 40 735 270 . 125 53 366 2,290 100 58 1,517 1,068 17 50 465 3 31 90 270 430 448 4 8 92 917 10 137 55 332 50 III Range Since Jan. 1. Low, 2134 100 22 12 31 37 2634 1 104 11 31 111 60 5 138 III 104 334 398 1734 31 200 105 57 5 33 3574 221 10934 tosy, 40 260 9934 1034 50 95 High. Feb Jan Jan Jan Jan Jan Feb Jan Jan Feb Jan Feb Feb Jan Feb Jan Feb jail Jan Feb Jan Jan Feb Jan Jan Jan Jan Feb Jan 27 101 24 144 33 40 30 134 18 20 35 113 64 13 147 11234 106 34 447 194 32 25034 10634 614 114 3934 41 250 111 Jan Feb Feb Jan Jan Jan Feb Jan Feb Feb Jan Feb Jan Feb Jan Jar Feb Jan Jar Jar Jar Jar Jar Fel Fel Jai Jar Jar Jar Jar Jan 111 Jan 4414 Jar Jar Jan 282 Jan 102 Jar Jar Jan 105 Feb54 Jai Sal Jan 96 Friday Sales Last Week's Range for Sale ofPrices. Week. Stocks (Concluded) Paz. Price. Low. High. Shares. ' 1 Greif Bros Coop'ge corn_ . Guardian Trust 100 Rights Halle Bros 100 Preferred * Harbauer com India Tire & Rubber com_* Interlake Steamship com_• Jaeger Machine com * 100 Kaynee pref Kelley Isl Lime & Tr com-* Lamson Sessions Loew's Ohio Thea pref 100 Mc1Cee Arth G & Co corn _* Marion Steam Shovel pret Met Paving Brick com_ • Preferred 100 Miller Wholesale Drug corn* Miller Rubber pref____100 Mohawk Rubber pref__100 Murray Ohio Mfg com _ 5 Myers Pump corn * National Acme corn_ _10 National Carbon pref__100 National Pump National Refining corn...25 100 Preferred National Tile corn * 50 National Tool corn Neetle-LeMur corn * Nor Ohio P&L6% pref_100 Ohio Bell Telephone Pf-100 Ohio Brass B • 100 Preferred Ohio Seamless Tube.corn_* 394 32 444 66 3631 60 96 4015 80 354 130 Packard Electric com_ __t Packer Corp com * Paragon Refining corn__ _• Voting trust ctfs Patterson Sargent Reliance Mfg corn * Richman Bros com * * Sandusky Cement com Selberling Rubber corn--• 100 Preferred Selby Shoe com • Sheriff St Mkt corn_ _100 Sherwin-Williams com--25 Smallwood Stone com_ ._• Std Textile Prod oom_..100 A preferred 100 B preferred 100 Stearns Motor corn * Stouffe Corp A Thompson Products com_* Trumbull -Cliffs Furn pf 100 Union Bank Union Metal Mfg cOrn..__* 100 Union Trust • Weinberger Drug . Widiar Food Products_ __ White Motor Secur pf_100 Wood Chem Prod com_ ....5 A Youngstown St & Tube pf_ Bonds-iStool & Tube 1943 37 25 984 844 10631 2515 38 49 355 260 52 10731 31 86 83 47 515 30 1044 51 337 324 2831 10431 9414 Range Since Jan. 1. IIigh. Low. 40 404 394 400 30 32 4415 444 105 10534 234 65 6934 145 150 364 374 304 304 584 60 43 4315 96 96 4031 41 102 1024 4815 1044 274 80 814 8734 88 37 35 354 36 344 130 314 32 3734 37 134 35 3734 17 25 254 984 9831 114 8431 86 10615 69 69 180 39 98 270 10 15 3,934 17 471 50 735 195 48 185 100 100 2 10 358 34 30 552 100 118 150 518 24 1,850 20 643 130 68 997 20 60 40 376 30 44 10314 21 39 149 364 29 564 43 Jan 43 Jan 500 Jan 37 Feb 464 Jan 10515 Jan 2515 Jan 73 Jan 155 Jan 4531 Jan 33 Feb 59 Jan 454 Jan Jan Jan Jan Feb Feb Feb Jan Jan Jan Jan Jan 3934 102 44 10431 27 78 81 34 354 2931 130 Jan 4315 Feb 105 Jan 52 Feb 1154 Jan 31 Jan 83 Jan 904 Jan 43 Jan 374 Feb 34 Feb 13031 Jan Jan Jan Jan Jan Jan Jan Jan Jan Feb Feb 36 134 34 15 25 98 1124 85 10615 69 Jan 38 Feb 138 Jan 38 Jan 17 Feb 294 Jan 994 Jan 1154 Feb 92 Jan 11615 Jan 7535 Jan Jan Jan Feb Jan Jan Jan Jan Jan Jan 120 30 25 2631 254 384 38 49 524 350 360 260 260 554 52 10715 3131 3114 204 204 85 86 27 27 134 14 83 85 47 50 54 5 30 63 10431 10531 295 296 53 55 330 337 324 3215 284 2834 10434 10431 234 2314 28 28 102 103 26 20 2,288 770 4,000 3,275 445 45 1,645 57 540 35 180 50 250 51 555 700 470 100 55 50 350 300 1,054) 120 14 50 WO 258 116 294 224 21 38 48 350 260 52 1054 31 20 85 25 11 71 33 5 30 4631 104 295 52 307 24 944 95 35.100 Feb Jan Jan Jan Feb Jan Feb Jan Feb Jan Feb Jan Jan Jan Jan Jan Jan Feb Feb rJan I Jan Feb Pan Jan Pan 1264 Jan 3315 Jan 274 Jan Jan 26 Feb 38 524 Feb 390 'Jan 260 Pan 65 Par 1074 Par 35 rJan 204 Feb Jar 88 Jar 28 14 'Jar Jar 89 Feb 50 64 Jar 3015 Jar 68 Jar 10515 Jar Feb 296 60 Par Fel 337 Jar 33 102 28 Jan 10415 Fe! Jan 29 Jar 101 Van 10231 Jar •No par value. -Record of transactions Cincinnati Stock Exchange. at Cincinnati Stock Exchange, Feb. 9 to Feb. 15, both inclusive, compiled from official sales lists: Stocks.- [VOL. 128. FINANCIAL CHRONICLE 1040 Sales Friday Last Week's Range for Week. of Prizes. Sale Par. Price. Low. High. Shares. • Ahrens -Fox A * B Am Laundry Mach com_25 Amer Products corn • Preferred Amer Rolling Mill corn_ _25 Amer Thermos Bottle A _.• 5() Preferred 100 Baldwin com * Buckeye Incubator Burger Bros. pref 50 Carey (Philip) com_ __ _100 • Central Brass A Champ Clod Pap apt pf 100 Champ Fibre pref 100 Chunrgold Corp • CM Gas & Elec pref._ _100 Cin Land Shares 100 C N & C Lt & Trac corn 100 Preferred 100 CM Ball Crank pre: Cin Street Ry 50 Cin & Sub Tel 50 CM Union Stock Yards_100 Cin Postal Term pref_100 Cooper Corp new prof_ -100 Crosiey Radio A • Crown Overall prat _ _100 . Dow Drug corn 100 Eagle-Picher Lead corn_ _20 Preferred 100 Early & Daniel corn * Preferred 100 Egry Register A • Fay & Egan com 100 Preferred 100 Fifth-Third-Union Tr-100 Formica Insulation • Fyrfiter A Gibson Art corn * Globe-Wernicke corn_ -100 Goldsmith Sons • Tire pref.-100 Goodyear Gruen Watch con * Preferred 100 Hobart Mfg • * lot Print Ink Preferred 100 Julien Kokenge • 100 Kakn 1st prat 40 Kahn participating • Kodel Dec & Mfg A Little Miami special_ _50 . Manischewits com__ _100 * McLaren Cons A • Mead Pulp 100 Special pref • Meteor Motor 100 Nash (A) ,,,.. u.e.wlinff PURI!) • 19 194 15 15 ozg 90 90 304 32 274 28 944 98 95 1731 1714 17 4715 474 27 27 15 1831 17 49 49 325 330 330 27 24 24 106 106 108 3334 33 33 984 98 98 125 125 9715 9714 98 75 374 37 27 514 53 53 1264 126 12631 404 414 85 85 854 78 78 90 9734 93 108 108 106 37 38 37 204 20 20 102 102 75 75 107 107 107 354 3514 34 15 15 40 40 336 336 324 324 3515 274 28 58 5415 58 8934 8931 29 29 30 10314 10314 5634 584 5114 1144 1144 115 68 6934 594 5914 105 10514 304 30 304 100 40 40 20 20 234 4814 4831 363.4 3515 364 17 70 71 108 108 28 28 30 170 170 3214 3234 3234 19 263 1 2,245 147 105 867 244 30 60 1,150 5 7 145 35 2 125 322 5 65 35 417 862 48 310 25 10 7,415 105 115 1,370 10 4 103 110 36 10 5 712 1,010 753 3 209 43 841 36 131 5 125 022 10 186 709 5 475 375 504 33 86 81 130 Range Since Jan. 1. Low. High. 1834 "'Jan 15 Pan Feb 90 30 I. Jan 274 Jan 94 Jan 1631 Jan 47 • Jan 25 Jan Jan 10 Feb 49 Jan 230 Feb 24 1054 Jan Feb 108 Jan 33 Jan 98 Feb 129 974 Feb 704 Jan 334 Jan 4934 Jan Jan 119 3515 Jan 834 Jan Jan 68 Feb 90 Feb 108 Feb 37 194 Jan Feb 102 Jan 69 Feb 107 Feb 34 Feb 15 Feb 40 Feb 335 2614 Jan 274 Feb 4814 Jan 893,4 Feb Jan 24 Jan 103 Jan 50 1144 Jan Jan 68 584 Jan Jan 103 Feb 30 9915 Jan 364 Jan Jan 15 484 Feb Jan 33 1631 Jan 6834 Jan Jan 105 Feb 28 Jan 150 20 Jan 20 Feb 154 Pan 96 Pan 34 Pan Jan 30 105 'Jan Jan 18 49 Jan Jan 29 1831 Feb 49 Feb 330 Feb 274 Jan Jan 106 Feb 108 Jan 37 Jan 99 Feb 125 984 Jan 77 Feb Jan 40 5515 Jan Jan 130 443.4 Jan 8515 Feb Jan 80 Feb 127 Feb 108 4115 Jan 214 Jan Feb 102 Feb 75 Feb 107 Jan 37 Feb 16 Feb 40 Jan 350 Jan 36 2815 Jan Feb 58 Jan 97 3614 Jan 1034 Jan 5834 Jan Jar 115 Jar 70 0314 Jan Feb 108 Jan 36 Jan 101 Jan 42 Feb 29 484 Feb Feb 36 Jan 18 71 Jan 1084 Jan Jan 36 Jan 175 3231 Feb Priem!, Sales Last Week's Range for Sale al Prices. Week. Stocks (Concluded) Par. Price Low. High. Shares. Ohio Bell Tel pref 100 100 Ohio Shares pref . Paragon Refining new._ _ Voting trust ctfs Procter & Gamble com _20 100 5% preferred 100 Pure 0116% pref 100 8% preferred • Putnam Candy corn * Rapid Electrotype 100 Richardson corn_ United Milk Crate A....5 10 U S Playing Card US Print & Litho com _100 100 Preferred 100 U 8 Shoe pref • Whitaker Paper corn 113 1144 104 104 26 26 2615 254 254 26 355 370 369 10314 10215 1034 101 102 102 114 113 114 10 60 275 280 34 3434 110% 1104 97 95 101 101 614 61 81 81 10 10 322 283 1,001 359 341 36 20 60 4 103 120 48 1 56 55 Range Siore Jan. 1. Low. 113 104 224 20 279 10234 101 112 4 5914 236 34 109 8534 101 60 7415 High. Feb Feb Jan Jan Jan Feb Feb Jan Jan Feb Jan Jan Jan Jan Jan Feb Jan 1144 104 27 26% 375 109 103y, 114 10 64 280 37 115 97 10115 65 87 Jan Feb Feb Feb Feb Jan Jan Jan Jan Jan Feb Jan Jan Feb Jan Jan Jan •No par value. -Record of transactions St. Louis Stock Exchange. at St. Louis Stock Exchange, Feb. 9 to Feb. 15, both inclusive, compiled from official sales lists: Stocks- Sales Friday Last Week's Range for Week. of Prices. Sale Par. Price. Low. High. Shares. Range Since Jan. 1. High. Low. Bank Stocks First National Bank__ _100 410 Nat Bank of Commerce.100 376 186 420 1914 183 34231 Jan 420 Jan 210 199 175 Feb Jan Trust Company Stocks100 810 Mercantile Trust St Louis Union Trust 100 610 530 612 530 63 575 100 500 Jan 628 Jan 530 Jan Feb Miscellaneous Stocks American Credit Indem_25 AS Aloe Co common_ __20 100 Preferred Bentley Chain Sts com___. * Preferred • Michigan Davis Co Brown Shoe common_ _100 Bruce(E L) common____• Burkart Mfg common __ _ _* * Preferred Champ Shoe Mach pref.100 Coca-Cola Bottling Sec__1 Consol Lead & Zinc A_ ___* 100 Elder Mfg A Emerson Electric prat_ _100 Ely & Walker D G com_ _25 100 First preferred Second preferred _100 Fulton Iron Wks corn_ __.* Globe-Democrat pref_ _100 Hamilton-Brown Shoe_ _25 Hussman Refr corn * Huttig S & D common_ _ _* 100 Preferred Hydr Press Brick pref_ -100 Indep Packing corn • Internat Shoe com * 100 Preferred Johansen Shoe " Johnson-S & S Shoe * Koplar Co prof • Lacl-Chrlsty Clay Pr pf 100 Laclede Steel Co 100 Landis Machine, coin_ _25 McQuay-Norris " Mahoney-Ryan Aircraft _ _5 Moloney Electric "A"... * Mo Portland Cement__ _25 Marathon Shoe com _ _ _ _25 Nat Candy corn * 1st preferred 100 Pedigo-Weber Shoe • Pickrel Walnut * RIce-Stix Dry Gds corn...* 20 preferred 100 Scruggs-V-B D 0 com__25 Scullin Steel, pref • Securities Inv com * Southem Acid & Snip com• Southw Bell Tel pref_ _ _100 Stlx, Baer & Fuller corn. 5 . St Louis Car com 10 St Louis Pub Serv pfd A..• • Common Wagner Electric com * 6514 1074 60 60 364 3631 104 104 314 33 47 49 14 14 4315 4314 46 • 46 84 9 18 18 106 106 4014 42 114 12 79 75 103 103 294 2934 107 1074 874 874 64 6 118 118 22 20 31 354 2115 22 92 92 68 70 13 13 654 704 1074 109 39 39 56 55 52 524 100 100 375 380 544 5434 64 64 21 20 5234 54 4915 5434 444 45 1834 20 110 110 3114 30 234 234 22 2254 994 994 134 184 42 39 3515 36 52 52 119 120 3634 4134 25 25 78 78 2014 20 14534 4715 Street Railway Bonds E St Louts & Sub Co 5s _'32 United Railways 4s. _1934 96 Miscellaneous Bonds Houston 011534* 1938 Moloney Elec 534s_ _ _1943 St Louis Car 6/3 1935 9514 S1,4111111 flta.I A. 314 9 18 404 294 204 354 2134 92 684 5234 100 20 534 4934 45 20 304 224 39 3534 11934 3711 78 4514 10/1 15 105 10 374 25 55 25 40 87 45 5 215 270 410 1 35 80 10 315 20 690 3,310 85 15 441 25 3,443 '48 125 100 96 74 3 30 20 1,045 397 1,973 150 2,783 10 365 50 2,249 10 100 4,944 175 75 102 810 10 178 103 3,706 Feb 60 3515 Jan 1034 Jan 284 'Jan 47 Feb 1214 Jan 4315 Feb Feb 39 8 Van 17 Jan 1034 Jan 37 Jan 103-4 Pan 75 Feb 101 Pan 294 Feb Feb 107 86 Pan Feb 6 115 Pan 174 Feb 25 Fan an 20 Feb 92 62 Feb Feb 13 6514 Feb 1074 Feb 39 Feb Feb 54 Feb 52 Feb 100 368 0Jan 474ran Jan 60 1615 Jan 524 Feb Jan 44 444 Feb 1815 Jan Feb 110 Feb 30 224 rJan Feb 22 07 rJan 18 tJan 344 rJan 35 tJan 46 tJan 117 Pan 363-4 Feb 2415 Jan 77 Feb 20 Feb 424 Jan $1,00 96 96 8434 844 11,000 954 Jan 804 Jan 9815 954 101 100u 9814 954 101 10044 60 Feb 37 Feb 10414 Feb 34 Feb 4915 Feb 14 Feb 46 Pan 46 1Jan 1031 Jan 2034 Jan 10834 'Jan 47 Jan 134 Jan 80 Jan 106 Jan Jan 30 Jan 109 Jan 88 74 Jan 118 Feb 24 Feb 34 Feb 224 rJan 02 Feb 70 Feb 15 Jar 744 Jan 110 Jan 39 Feb 63 {Jar 524 Fet Feb 100 38131 Pan 62 ,Jan Feb 64 234 Feb Jar 55 553-6 Jar 533-6 Jar 204 Jar Fe! 110 3335 Jar Jar 25 244 Jar FM 100 184 Feb 4234 rJar 37 rJan 58 Feb 120 Feb 4415 Jar 26 Fe! Si Jar 24 Jar 50 Feb 06 85 Fe! Jar 2,000 98 Feb 994 Jar 5,000 934 Jan 9515 Fe! 1,000 1004 Jan 10134 Fe! 2000 no ).4 v.n inn it w.). •No par value. -Record of transacSan Francisco Stock Exchange. tions at San Francisco Stock Exchange, Feb. 9 to Feb. 15, both inclusive, compiled from official sales lists: Stocks- Friday Sales Last Week's Range for of Prices. Week. Sale Par. Price. Low. High. Shares. 140 American Company Anglo & London P Nat Bk 2574 Associated Oil 10 Assoc Im Fund Inc 55 Atlas Im Diesel En A Byron Jackson Pump Co.. 745% Bank of California N A_ _ _ 46 Bean Mfg (John) corn Calamba Sugar com California Copper Calif Cotton Mills corn,... 82 Calif Oregon Power 7% pf_ California Packing Corp__ Caterpillar Tractor -Clorox Chemical Co 4115 Coast Co Gas dr El 1M pref 98 95 Crown Zellerbach voting trust coy 2235 26 Dairy Dale A 22 Douglas Air Craft Emporium Corporation.,.. 304 Fagan! Motors com 1424 Fireman's Fund Ins 3034 Rights 1194 Foster & Kielser corn Range Since Jan. 1. Low, 140 14034 4,327 13915 25714 26315 275 25715 46 46 100 45 10 10 5,390 10 58 55 390 55 7434 7814 4,629 744 295 295% 25 290 46 464 517 46 27% 27% 50 27 735 834 1,230 7 824 82 125 82 113 113 45 112 77 77 422 7334 733,4 774 12,501 7314 4714 4315 665 414 08 98 106 98 96 95 1,395 92 2215 23 7,728 224 27 25 3,62 234 214 25 19,521 1715 2734 27.4 200 274 2814 30 1,600 2715 6 64 4,710 6 142 144 415 127 30 31 858 30 11 11% 2,855 11 Jan Jan Jan Feb Feb Jan Jan Feb Jan Feb Feb Feb Jan Jan Feb Jan Jan Jan Jan Jan Feb Jan Jan Jan Jan Feb High. 14615 266 46 11 654 8(m 300 5014 2715 934 94 11515 7815 804 50% 99 96 2514 27 25 274 30 7 151 31 12'-4 Jan Jan Feb Jan Jan Jan Jan Jan Feb Jan Jan Jan Feb Jan Jan Jan Jan Jan Feb Feb Feb Feb Feb Feb Jan Jan FEB. 16 1929.] FINANCIAL CHRONICLE Friday Sales Last Week's Range for Sale of Prices. Week. Stocks (Concluded) Par. Price. Low. High. Shares. 3134 314 3155 Gen Paint A B 274 2755 Golden State Milk Products 5234 5234 56 10154 102 Gt West Pow ser A 8% pref 102 106 1064 7% Preferred Hale Bros Stores Inc Hawaiian Corn & Bug Ltd_ Hawaiian Pineapple Home Fire & Marine Ins Hunt Bros Pack A com_ _ _ Hutchinson Sugar Plantat. 24 53 5134 60 60 434 434 224 224 1134 Illinois Pacific Glass A_ _ _ _ Jantzen Knit Kolster Radio Corp 42 4755 58 Langendorf United Bak A. B Leighton Ind A Byte Leslie Salt Co 30 274 174 934 39 24 5234 6034 4454 23 1134 Range Rime Jan... Low. High. 525 3131 Jan 3234 Jan 407 254 Jan 28 Feb 3,076 5234 Feb 5934 Jan 158 10051 Jan 10255 Feb 240 1054 Jan 10734 Jan 110 330 454 310 834 50 214 504 60 414 224 1134 Jan Jan Feb Jan Jan Jan 244 5234 6234 4655 234 1234 4451 42 535 4455 4755 2,015 15,623 574 64 40 44 58 Jan Jan Feb 47 Feb 484 Jan 7955 Jan 30 27 174 934 39 28 Feb 25 Jan 1655 Jan 7 Jan 39 Feb 314 28 184 1034 42 899 2,490 35 195 1,582 3451 29 184 1034 4734 Jan Feb Jan Jan Jan Feb Jan Jan Jan Feb Jan Magnavox 7 734 Feb 1334 Jan 731 834 17,032 Magnin 3454 3455 3455 280 3434 Feb 39 Jan Mere Amer Realty Pref.- ------ 100 100 45 100 Jan 10031 Jan Nor Amer Investment corn 115 114 11455 Preferred 6% 101 101 101 North America Oil 274 2734 314 510 113 Jan 116 235 100 Feb 10154 7,106 2734 Feb 38 Jan Jan Jan Oliver Filter A 4055 404 41 547 3855 Jan 46 B 384 384 4034 1.600 36 Jan 45 Pacific Gas & Eke corn_. 5955 5854 604 4,856 54 Jan 674 let preferred 274 274 274 3,704 27 Jan 28 Pacific Gas & Elec rts 3.35 3.20 3.40 18,091 2.75 Jan 3.55 Pac Light Corp corn 72 72 74 Jan 804 1,344 70 6% Preferred 1024 103 95 1014 Jan 104 Pac Public A 214 214 2234 4,076 204 Jan 224 Pac Tel & Tel cam 171 171 5 160 Jan 182 Preferred 12634 12855 12854 Jan 12854 185 121 Feralfine Co. Inc cam_ _ _ . 84 84 552 83 Feb 8855 Plg'n Whistle pref 40 13 1354 1334 Jan 14 Feb Jan Jan Jan Feb Jan Feb Feb Jan Feb Jan Jan Richfield 011 Preferred ex-war Roos Bore pref 41 244 41 4354 244 25 99 99 4,331 1,054 70 41 Feb 484 Jan 2435 Jan 25 Jan 984 Jan 10054 Jan S J Lt & Pow prior pref 7% 11655 116 11655 95 114 15 1014 6% Prior preferred 10134 102 B F Schlesinger A coin_ _ _ _ 20 500 20 2055 2055 884 884 8834 Preferred 50 88 Shell Union 011 coin 2634 264 2654 1,742 264 Sherman & Clay prior pref. 10 89 89 89 Sperry Flour Co corn 9235 94 335 90 Spring Valley Water 215 8954 894 90 Standard 011 of Calif 65 85 684 13,733 65 Jan 117 Jan mg Jan 21 Feb 90 Feb 24 Feb 95 Jab 984 Jan 92 Jan 724 Jan Jan Jan Jan Jan Jan Jan Jan Jan Teleph Investment Corp__ _ _ _ 59 Tidewater Assoc 011 oom_ Bit 18 Preferred 88 Traung Label & Litho__ __ __ 22 Transamer Corp 131 1304 40 59 Jan 5934 59 410 18 Feb 2174 184 89 8634 Jan 894 884 250 22 Jan 23 23 13134 25,006 12955 Jan 13455 Feb Jan Jan Feb Jan Union OH Associates Rights Union 011 of California.._ _ _ Rights Union Sugar rem Preferred 4751 3,866 1.25 37,290 4954 7,796 1.40 44,172 2555 358 30 10 5134 1.70 514 1.70 2755 3154 Jan Jan Jan Jan Jan Feb 655 In Jan 48 46 1.10 1.05 47 47 1.15 1.15 25 30 West Amer FinaneePref--- ---- West Coast Bank 274 6 8 2714 2714 100 250 46 1.05 47 1.15 22 30 Feb Feb Jan Feb Jan Jan 54 Jan 27i1 Feb Ton 1041 Los Angeles Stock Exchange. -Record of transactions at the Los Angeles Stock Exchange, Feb. 9 to Feb. 15, both inclusive, compiled from official sales lists: Stocks- Friday Sales Last Week's Range for Sale of Prices. eek. Par. Price. Low. High. Shares. 25 40 Barnsdall Corp A 1 Boise Chica Oil A 2.70 Buckeye Union Oil pref..' .41 California Bank 25 13055 CentralInvestment _ _ _ _100 10154 Citizens Nat Bank _ _ _ _100 520 Douglas Aircraft com____* 27 Emsco Derrick & Ell new.* 3934 Foster & Kleiser c,om _ _ _10 1151 Gilmore 011 8 13 Goodyear Tire & Rub pf100 101 Holly Development 1 1.00 Home Service 8% pref....25 254 Hydraulic Brake cone_ _25 54 * 4151 III-Pac Glass Corp A Internet Re Ins 10 _ _55 Jantzen Knit 4755 Lincoln Mtge com * 1.00 LA Diltmore pref 100 96 L A First Nat Tr & Sav_25 13751 LA Gam & Elec Pref.-100 10634 LA Investment Co 1 2.25 3555 Macmillan Pete 1 Mascot Oil 2.10 Mere Nat Tr & Say Bk _ _ 25 230 Moreland Motors corn..l0 3.00 Mortgage Guar.Co_ _ _ _100 190 Mt Diablo Oil 1.25 1 Nat Bank of Commerce.25 4534 North Amer Inv com__I00 115 Occidental Pete corn 3.00 1 Oceanic 011 1 1.05 Pacific Clay Products_ _ _ _ , 33 I. Pacific Finance common_25 9455 Preferred series C__ _ _25 25 Pacific Lighting corn * 7351 25 36 Pacific National Co Pacific Western Corp....• 19 Republic Pete new 751 10 Richfield Oil common_ _ _25 4155 Pref ex-warrants 25 244 Rio Grande 011new 25 35 Seaboard Nat Sec Corp 25 50 SJ L & P 7% pr pref_100 11634 Security Tr & Say Bk_ _100 632 Signal Oil& Gas A 25 374 So Calif Edison coin _ _ _25 61 . 25 2934 7% Preferred 25 2636 5% Preferred 25 244 634% Preferred - 25 26 S Calif Gas6% Pref ° So Counties Gas6% pf_100 10011 Standard Oil of Calif * 6554 1 Sun Realty common 5 Trans -America Corp_ _ _ _25 131 Union Bank & Tr Co__ -100 270 Union Oil Associates_ __ _25 46 1.10 Rights 25 47 Union 011 of Calif 1.15 Rights US Royalties 25c .15 40 4234 2.70 2.80 .39 .48 13055 131 10155 102 520 520 27 27 38 41 1151 1151 13 1355 100 101 1.00 1.05 254 2555 54 51 414 4455 53 55 44 474 1.00 1.00 96 96 136 13751 10834 1064 2.25 2.30 3554 37 2.00 2.10 230 230 3.00 3.00 190 190 1.10 1.25 4555 4555 115 115 2.70 3.40 1.05 1.05 33 334 9455 95 25 25 734 734 36 36 1834 1834 7 74 404 4355 2434 25 3434 38 50 50 116 11654 630 632 374 39 604 6255 2934 2934 2655 2655 2474 2474 26 26 10051 10054 6555 68 5 5 1304 13134 270 270 46 4834 1.0234 1.25 4934 47 1.15 1.40 .15 .15 Bonds L A Gas & Elec 5s _ _ _ _1961 9934 RA, rnrInfloa (Iota 4 1412 1QRS1 1,300 8.000 40,700 54 178 15 250 5,573 100 310 100 900 292 1,335 355 863 2,686 4,360 70 3,350 263 13,242 1,325 3,900 20 300 25 2,600 45 100 19,800 700 60 445 30 405 390 280 1,930 12,600 686 26,100 100 22 163 1,130 3,900 391 1,093 1,536 20 10 3,100 500 2,400 85 5.200 80,300 17,300 65,000 4,000 01l.(90% 9935 100 54.000 9154 13.000 Range Lace Jan. 1. Low. 40 2.60 .34 125 10155 510 28 3734 114 1234 100 1.00 2555 40 4151 53 44 .60 98 12055 10655 2.15 3554 2.00 230 3.00 190 1.10 5 115 2.10 1.0234 31 6734 244 70 36 1834 551 4055 2434 3255 50 11551 530 3751 5454 2934 2651 244 25 10055 6555 5 12934 255 46 1.0234 47 1.15 .15 Feb Jan Feb Jan Feb Jan Jan Feb Feb Feb Jan Jan Jan Jan Feb Feb Feb Jan Jan Jan Feb Jan Feb Feb Feb Jan Feb Feb Jan Feb Jan Jan Jan Jan Jan Jan Feb Feb Jan Feb Jan Jan Feb Jan Jan Feb Jan Jan Feb Jan Jan Jan Jan Jan Jan Feb Feb Feb Feb Feb Jan High. 46 Jan 4.30 Jan 1.85 Jan 13654 Jan 103 Jan 520 Jan 30 Jan 44 Jan 12 Jan 1534 Jan 101 Jan 1.10 Jan 2634 Jan 5851 Feb 4655 Feb 60 Jan 4851 Jan 1.4735 Jan 99 Jan 150 Jan 108 Jan 2.55 Jan 401i Jan 3.10 Jan 25351 Jan 3.00 Jan 191 Feb 3.00 Jan 48 Jan 115 Feb 555 Jan 1.20 Jan 3634 Jan 1114 Jan 254 Jan 8051 Jan Jan 40 23 Jan 94 Feb 484 Jan 25 Jan 4255 Jan 50 Feb 1164 Feb 65051 Jan 42 Jan 6755 Jan 2934 Jan 264 Jan 25 Feb 2654 Feb 101 Jan 7234 Jan asi Jan Jan 134 5134 Jan 1.6755 Jan 5234 Jan 270 Feb 1.70 Jan .1734 Jan 9954 Feb 101 905-4 Feb 92 Jan Jan *No par value. New York Curb Market-Weekly and Yearly Record In the following extensive list we furnish a complete record of the transactions on the New York Curb Market for the week beginning on Saturday last (Feb.9) and ending the present Friday (Feb.15). It is compiled entirely from the daily reports of the Curb Market, itself, and is intended to include every security, whether stock or bonds, in which any dealings occurred during the week covered: Friday Sales Last Weeks' Range for sale Week. of Prices. Par. Price. Low. High. Shares. Week Ended Feb. 15. Stocks- Indus. & Miscellaneous. Acoustic Products coin_ • Aero Supply Mfg Class B_• Agfa Anse° Corp cow -___• Preferred 100 Ala Great Sou pref 50 Alles & Fisher Inc corn _* • Allied Pack corn Prior preferred 100 Senior preferred 100 Allison Drug Stores A_ • Class 13 • Alpha Pont Cement com _• Aluminum Co common_ • Preferred I00 Aluminum Mfrs COM • Amer Arch Co 100 Amer Beverage Corp w 1 • Amer Brit & Cont Corp..' Am Brown Boyer,Klee Corp Founders shares • 100 Anier Cigar com Amer Colony pe COM • Amer Corn AIMMOIV t 0 100 Amer Cyanamid corn cl B 20 Preferred 100 Amer Dept Stores Corp- • 10 Amer Hawaiian SS Amer Milling Co corn__ _10 Amer Rolling 111111 com _ _25 Am Solvents & Chem v t o• Cony panic preferred. _• Amer Stores corn • 5 Amer Thread pref Amsterdam Trading Co.American shares Anchor Post Fence corn_ _• Anglo-Chile Nitrate Corp_• Apponaug Co corn • 100 .1 pponausz Co pref Art Metal Works corn...• Associated Dye & Print_.• Associated Laundries A --• Associated Rayon corn.- -• 100 6% preferred Atlantic Fruit & sugar-- -• • Atlas Plywood Atlas Portland Cement_ - -* Auburn Automobile corn.• Range Since Jan. 1. Low, 5 5 Feb 19 124 35,500 Feb 43 38 38 100 38 3855 384 404 Jan 434 400 36 82 82 300 7334 Jan 83 83 158 158 158 50 15055 Jan 167 200 314 Jan 3134 3134 3154 363-4 1 I Jan 1 155 3,400 2 200 754 Jan 10 94 10 300 155 Jan 24 254 24 100 451 Jan 63.4 55.4 751 351 334 34 1.100 355 Feb 54 5055 50 Feb 5455 514 1,100 50 170 1,600 146 162 17455 Jan 189 600 10334 Jan 106 10551 10534 3534 3555 374 1,400 3254 Jan 41 900 444 Feb 4754 4455 444 45 15 1,800 1354 Jan 154 15 15 2154 21 2154 3,700 194 Jan 2255 Jan Jan Jan Feb Feb Jan Jan Feb Feb Jan Jan Feb Jan Feb Feb Jan Jan Jan 855 3,300 1156 1134 12 138 50 138 138 138 z47 47 484 1,600 37 82 1,100 78 82 84 6151 5834 844 21,100 y50 100 800 98 9931 101 30,200 20 2336 2154 25 1,300 2055 24 2651 26 500 24 2515 26 9034 9056 9734 11,200 9034 37 3555 384 3,900 2654 52 504 524 2,400 4855 894 1,000 87 884 87 354 34 300 3 Jan 12% leb 1434 Jan 4954 Jan 8514 Jan 80 Jan 101 Jan 24 Jan 32 Jan 2754 Feb10554 Jan 4055 Jan 554 Feb97 Feb355 Jan Feb Feb Jan Jan Jan Jan Jan Feb Jan Feb Jan Jan Jan 32 32 33 35 3534 65 65 98 98 4635 454 1934 1974 1454 1334 293.6 2834 773-4 7555 155 154 5555 55 4974 4955 1533.4 143 Jan 33 Feb4354 Jan 4551 Jan 654 Jan 98 Jan 5654 Feb 2755 Jan 1434 Jan 3555 Feb 8734 Jan 2 Feb 804 Feb 54 Ti Jan 15931 Jan Jan Jan Jan Jan Feb Feb Feb Jan Jan Jan Jan Jan Feb Range Since Jan. 1. Low. High. High. 834 300 32 32 3754 1,100 364 35 SOO 33 800 65 65 200 98 98 400 41 494 600 1934 22 1,900 12 1474 600 2834 30 7755 1,500 7555 , 1 155 12.400 56 1,500 53 300 4954 52 15934 6.700 13034 Sales Friday Last Week's Rangel tor Week. of Prices. Sale Stocks (Continued) Par Price. Low. High. Shares Automatic Regis Mach_ __• 13 • 27 Cony prior Partie Aviation Corp of the Amer* 5234 Axton-F1sher Tob corn A 10 37 Babcock & Wilcox Co_ _100 12554 • Bahia Corp common Preferred cumulative_25 Bellanca Aircraft v t c......• 1751 . Benson & IIedges pref _ • • Blauner's common • 4854 BUBB( E W) Co common. Blumenthal (S) & Co com • 82 10 Blyn Shoes Inc eom Boeing Afro;& Trans com • 89 Pref with warrants__ _50 7655 • Bohn Aluminum & Brass. 110 Borden Co,new com w 1_ _25 9654 • 254 Brill Corp class A • 9 Class B Brillo Mfg common • 22 Class A • 28 Bristol-Myers Co corn._ _• 101 -Amer Tob ord bear _ Ll 3255 Brit British Celanese Amer deposit receipts__ 556 Budd (E CH Mfg co m _ --• 57 • 48 Bullard Co (new co) 34 Burma Corp Amer dep rcts 20 3555 Butler Bros Butte Clark & Inc corn... • 13 Campbell Wyant & • Cannon Foundry Carnation Sill Prod corn 25 45 Casein Co of Amer- _100 22034 • Caterpillar Tractor Celanese Corp of Am COM • 48 100 113 First preferred 100 9355 New preferred • 42 Cellulold Co corn . Centrifugal Pipe Corp_ -• Chain Store Stocks the. _• 38 • 35 Charts Corp Checker Cab Mfg corn_ • 7955 lo0 Childs Co pref Cities Service corn m 012- -20 x109 100 x9851 Preferred 10 z9 Preferred B 100 x92 Preferred BB City Machine & Tool corn • 30 City Radio Stores Inc_ _ _• . 8 1234 1334 3.500 3,400 2634 2634 27 51 554 10,800 3234 37 3934 500 3534 12554 130275 124 1534 173i.' 200 1534 144 143.1 100 1455 2,200 15 1734 18 200 2354 2334 2336 59 5935 400 51 464 51 3,300 48 600 804 8054 82 2)4 100 254 254 4,900 834 58 94 900 70 7534 7755 110 11434 3,600 losg 4.400 9634 9654 100 100 2554 2534 2534 100 9 9 9 22 23 1.200 20 28 200 2614 27 5,100 9234 101 10634 1,000 303-4 314 323-4 Jan Feb Jan Jan Jan Feb Jan Jan Feb Jan Jan Feb Feb Jan Jan Jan Feb Feb Fel Feb Feb Jan Jan 154 2934 5534 4334 137 2234 15 2354 24% 6054 5655 9451 3 984 80 12334 100 2834 1034 25 28 1094 3255 Jan Jan Feb Feb Jan Jan Jan Jan Jan Feb Jan Jan Jan Jan Feb Jan Feb Jan Jan Jan Feb Feb Feb 54 2,800 5931 5,800 49 5,400 434 25,700 374 1,300 14 400 Jan Jan Jan Fel Feb Feb 84 5954 5154 551 4455 1755 Jan Feb Feb Jan Jam Jail 44 44 100 39 Jan 4634 45 48 2,100 42 Feb48 22034 233 140 180 Jan 267 74 77 700 7254 Jan 82 434 5274 8,200 4134 Jan 5354 112 115 600 111 Jan 118 9255 9355 200 9234 Feb 98 42 42 100 42 Feb 50 10 1051 500 10 Feb 13 38 39 5,700 38 Feb 4034 35 3855 800 3334 Feb 42 7454 844 44,600 4651 Jae ss 10334 104 30 10354 Jan 109 954 1114 181,100 8855 Jan 11155 x9651 9755 2,100 964 Feb 984 9 9 200 834 Jan 934 400 s9134 Feb93 s9134 92 Feb 3455 30 3154 1,100 30 28 293.4 400 2734 Feb 3031 Jan Fet Jar Jai Jan Fel Jai Jam Jan Jai Jai Jai Jai Fel Jai Jai Jam Jam Jo.] 54 49 4734 334 344 13 455 3454 45 33-4 3434 13 Friday Sales Last Week's Range for 1Veek. Sale ofPrices. Stocks (Continued) Par Price. Low. High Shares. City Say Bank (Budapest)- 55 Clark Lighter cony A_ • Club Aluminum Utensil__. 32 Cohn-Hall -Marx Co * 37 Colgate Palmolive Peet- - - 75 Colombian Syndicate 114 Consol Automatic 3 Merchandising v t c_--• 13% $3.50 preferred * 3534 Consol Cigar warrants____ 11 Consol Dairy Products • 444 Consol Film Indus corn_* 23/4 Consol Laundries * 1834 Cons Ret Stores Inc corn.* 334 Coon(W B) Co corn * 3274 Copeland Products Inc Class A with warr * 1634 Courtaulds Ltd Amer dep rects for ord stk reg_ _£1 2034 Crock Wheel El Mfg com 100 226 Crosse & BlackwellPref with warrants_ * Crowley Milner dr Co corn * 554 Cuban Tobacco v t c_ * Cuneo Press common_ _10 Curtis Publishing corn new 117 $7 cumulative preferred• Curtiss Aeropl Rap Corp-* 45% Curtiss Flying Serv Inc--* 2314 Davega Inc • 3231 Davenport Hosiery Co • 27 Davis Drug Stores allot ctfs 57 Deere & Co common___100 620 • 224 De Forest Radio v t c Dinkier Hotels Class A with warmnt_• Dixon (Jos) Crucible Co 100 • 36 Doehler Die-Casting Dominion Stores Ltd • 158 Donner Steel new corn._..' 27 8% cum prior pref__100 Douglas Aircraft Inc • 254 100 Draber Coro Dresser(SR) Mfg Class A • 9 Dubiller Condenser Corp _• • 1534 Durant Motors Inc Durham Duplex Razor Prior pref with warm_ * Dun Co Inc class A Class A vot tr ctf Eastern Rolling Mill Educational Pictures8%CUES pf with war_100 95 Elec Shovel Coal par pret• 57 Evans Auto Loading cl B 5 4914 Fabrics Finishing coin _ _ __• 2414 Fageol Motors corn 10 6 Fairchild Aviation class A * 2714 Fajardo Sugar 100 119 Fandango Corp com • 5 Fan Farmer Candy Shops• 35 • Fansteel Products Fadden; Mfg Inc class A* IncFederal Mogul Corp__ * Federated Metals tr ctf_..• 334 Ferro Enameling Co cl A • 69.4 Firemen's Fund Ins_ __100 Firestone Tire & It corm lb 22334 7% preferred 100 Fokker Air Corp of Amer_• 234 Foltis-Fischer Inc corn ___• 38 Ford Motor Co Ltd Amer dep rcts ord reg.£1 1651 Ford Motor Co of Can_100 630 Foundation Co Foreign shares class A__• 14 Fox Theatres class A com.• 29 Franklin(H H)Mfg com.• 3334 100 Preferred Freed-ELseman Radicr----' 3% Freshman (Chas) Co • 84 • 704 Gamewell Co corn 9 Gears & Forg, class B • General Alloys Co General Amer Investors__• 7774 9% General Baking corn 7411 Preferred General Bronze Corn corn • 54 General Cable warrants . 40 Gen Elec Co of Gt Britain American deposit rcts . 16 General Elee (Germany)_ Gen'l Firepr'f'g new corn _• 3615 Gen'l Laundry Mach com • 261/4 Gen'l Realty & Utilpref_ __ 100 Gilbert (A. C.) Co. pref _ _ Gleaner Comb Harvester.* -110)4 • 128 Glen Alden Coal Goldberg(S M)Stores • 20 Common 87 $7 Ord with warrants.. Goklman-SachsTrading • 225 113 New when issue Gold Seal Electrical Co___. 5074 Gorham Mfg cram • 78 Preferred 100 155 Gotham KnItbac Mach__• 17 Granite City Steel com___• 3534 Gt A tl & Pac Tea let p1100 Or Lakes Dredge&Dock100 Greenfield Tap & Die corn • 17 • Greif (L) & Bros com Griffith (D W) class 334 Grigsby-Grunow Co new 1684 Ground Gripper Shoe Co Common • 33 $3 preferred • 3734 Guardian Fire Assurance 10 62 Habirshaw Cable& W corn• 39 Hall(C M) Lamp Co• 26 Hall(W F) Printing____10 2911 Happiness Candy St cl A • 431 Hartman Tobacco com_ -10 Hart -Parr Co corn • 70% • 1554 634% Preferred Haygart Corp • 55 Hazeltine Corp • x45 Helena Rub'stein Inc corn • 2135 Hercules Powder coin new* 100 Preferred • Hayden Chemical Ekes(Chas E) Co corn A • Holt (Henry)& Co class A• Hood Rubber Co Hormel(Geo A)it Co eom* • Horn (A C) Co corn _• 60 _ Horn & Hardart com_Houdaille Hershey pref A. Cony pref class B Housb'd Finance part p160 50 9 284 Huyler'a of Del 00E0 Hygrade Food Prod eom_• 41 [VoL. 128. FINANCIAL CHRONICLE 1042 400 200 2,000 1,000 3,000 2,800 55 12 3035 37 74% 1% 55% 12% 3214 394 754 1% 13 35 11 4414 23% 17 3334 3214 144 8,400 1,900 36 100 11 46% 3,200 29,000 25 18% 5,300 35% 2,100 600 35% 1611 17 2014 224 215 250 1,200 Range Since Jan. 1. Jan 54 114 Jan 294 Jan Feb 37 74% Feb Jan 5634 2434 334 45 804 2 Feb Jan Feb Jan Jan Jan Jan Jan Jan Jan Jan Feb Feb Feb 174 45 134 50% 25;4 194 36% 4334 Jan Jan Feb Feb Jan Jan Jan Jan 12% 33 914 41 18 17 324 324 154 Jan 174 Feb 4,600 2034 Feb 2535 Jan Feb 525 12714 Jan 285 100 524 5414 54% 544 554 1,000 54 200 20% 234 24 100 44 45 45 900 115 115 119% 200 113% 116 116 45 5134 41,100 26% 244 13,500 21% 23 600 324 32% 334 264 2714 1,100 184 500 56% 57 57 800 597 617 62434 20% 234 29,300 20% 2214 2234 168 168% 3514 36 158 161 26% 27% 102 102 25% 26% 66 66 47% 48 9 94 15% 1734 High. Low. 100 22 2 160% 1,000 35% 70( 1594 800 21 10 9811 6,100 25 16( 65 500 47% 1,90 84 5,200 134 404 4031 5 5 4 4 29% 30 10 30 10t 40C 95 95 58% 57 49 61% 24 25% 5% 6% 2734 334 119 120 44 5 35 35% 144 14 434, 4531 30 30 32% 34 6934 6914 143% 145 223 23514 108 108 25 23 3735 38% 300 900 9,600 7.000 1,400 8,200 2,050 200 600 1,200 500 200 500 600 300 625 200 6,900 2,600 Feb Jan 56 Jan 6294 Jan Jan Feb 25 Jan 47% Jaa Jan 1204 Feb Jan Jan 121 Jan 514 Feb Feb Jan 25 Feb 3634 Jan Jan Jan 29 Jan Jan 57 Jan 642 Feb Feb 26% Jan Feb 2234 Jan 170 Jan 42 Jan 165 Jan 32 Jan 103% Jan 30% Jan 69 Jan 4835 Jan 114 Jan 194 4014 Feb 414 Jan Feb 4 Jan 27 75 574 49 2344 5% 23 117 411 314 1111 434 27% 32% 694 127 222 108 18% 3715 Jan Jan Feb Jan Jan Jan Jan Fel, Jan Jan Feb Jan Feb Jan Jan Feb Feb Jan Jan Feb Jan Jan Jan Feb Jan Jan Feb Jan Jan Jan 45 Jan Jan 7 435 Jan 30 Feb p974 61 61% 2515 611 34% 124% 6% 4034 214 50 32 36 70 155 250 110% 2794 3811 Jan Jan Jan Jan Jan Feb Jan Jan Feb Jan Jan Jan Jan Jan Feb Jan Jan Feb Jan 1635 1735 41,300 15% Jan 20% Jan Jan Feb 818 280 626 630 637 1911 3514 38% 91% 44 1214 72% 1134 21% 9314 10% 7914 594 45 Jan Jan Jan Feb Jan Jan Jan Jan Jan Jan Jan Jan Feb Feb Jan 20% Jan 49 Jan 37% Jan 2714 Feb 10034 Jan 48 Feb 124% Jan 139 Feb Jan Feb Jan Feb Jan Jan Jan 22% 88 226 11414 514 7934 157 174 40% 1174 265 194 1514 314 17814 Jan Jan Feb Feb Feb Jan Feb Jan Jan Feb Feb Feb Jan Feb Feb Jan 384 33 33% 1,000 27 Jan 38 700 32 3735 37% Jan 69% 1,250 59 59% 6314 Jan 434 600 27 41 434 26% 600 234 Jan 2534 26 500 y294 Jan 35 29% 3014 594 4% Fen 411 434 2.100 300 20 Jan 22 21% 22 7034 71% 5,800 63% Jan 78% 60 146% Jan 175 1554 158% Jan 5911 55 5911 22,500 46 5014 Jan 400 43 45 46 Feb 26% 20 22% 3,300 20 100 96% Jan 130 130 130 Feb 121% 90 115 115 118 500 194 Feb 24% 1914 22 600 23% Jan 2511 26% 23% Jan 244 500 24 24 24 Feb 2711 100 23 23 23 700 3314 Jan 57 50% 55 4534 46 200 4034 Jan 47 Jan 6111 400 59 60 61% 400 584 Feb 59% 5835 5935 300 583.. Feb 59 584 59 ‘ , 50 50 2.300 493-4 Jan 604 274 28% 3,400 2544 Jan 32 4034 414 2,000 344 Jan 49% Jan Feb Jan Feb Jan Jan Jan Jan Feb Feb Feb Jan Jan Feb Jan Jan Feb Jan Jan Feb Jan Feb Feb Feb Jan Jan Jan 13% 2811 33% 8514 811 704 16% 77% 9 734 53 40 15% 42 33 25% 100 46 1104 126 900 14% 40,500 31 200 34 54 8514 314 1,000 9% 15,100 300 71 118 9 800 18% 600 79 911 51,000 2,400 7431 4,600 56 44% 1,700 134 284 33 8514 Feb Feb Jan Feb 314 Feb 84 Feb Jan 70 814 Feb Jail 14 774 Feb Feb 9 7314 Feb 43 Jan 17% Jan 17% 116,000 II% 100 41% 42 3714 5,000 3034 7,900 25 2714 1004 7,500 100 lot-; 4214 46 900 1104 111 2.600 119% 130 200 200 54,000 73,700 26,600 300 775 41,100 900 20 20 900 100 134 13% 700 334 211 158 1784 3.000 20 20 87 87 22234 226 1114 11434 414 51g 774 78 155 156 13% 17% 35% 3734 11514 117 250 251 16% 17% 19 86 1174 1114 23 71 145 134 35% 115 250 12 1314 14 140 Jan Jan Jan Feb Jan Jan Jan Jan Feb Jan Feb Jan Jan Jan Jan Friday Sales , for Last 11'eek's Rang ofPrices. Week. Sale Stocks (Continued) Par. Price. Low. High Shares. Imperial Chem Industries Am dep rcts ord shs reg £1 10% Imperial Tob of Canada 5 7% cum preferred__ _100 46 Indus Finance corn v t c_10 86 Insur Co of North Amer_10 80 Insurance Securities_ ___10 314 Internal Perfume com_ __• 21 Internal Products com_ • 11% $6 cum pref 100 82 Internat Projector 24% Internat Safety Razor B..• International Shoe eom__* 65 Iron Fireman Mfg v t c___* x3114 Isotta-Frashin1 common.... Jonas & Naumburg corn..' 19 3 cum cony pref • 544 Joske Bros com v t • 43 Karstadt(Rudolph) Am she 21% Keystone Aircraft Corp_ _• 414 Kimberly-Clark Corp corn• 494 Kirsch Co corn • Preferred Klein (D Emil) Co com__• 2531 Klein (H)& Co part pref 20 21 Knott Corp corn Kobacher Stores corn • Lackawanna Securities_ • Lake Superior Corp.. __I00 3314 Lakey Foundry & Mach __• 33 Land Co of Florida Landover Holding cl A __10 Lane Bryant Inc Common • 2834 Larrowe Milling Lazarus(F& R)& Co corn* 343.4 Lefcourt Realty Preferred • Lehigh Coal & Nay 50 16235 Lehigh Val Coal (new cor)• Leonard, Fitzpatrick & Mueller Stores com___.• 3435, Libby Owens Sheet Glass 25 2213 I Lit Brothers Corp 10 23 Manning Bowman cl A * • 1234 Class B • Mapes Consol Mfg Margarine Union Ltd Am dep reets for ord stk. _ £1 Marion Steam Shoo com.* 50 , 84 Mavis Bottling Co of Ala.' May Hos Mills 34 pref__ • • McGraw-Hill Pub McLellan Stores class A...• 5314 Mead Johnson & Co corn.• 65 Meadows Mfg common_ • 21 , 108 50 Mercantile Stores Merritt Chapman & Scott• x263.1 634% prof with war_100 215 Mersabi Iron Metropol Chain Stores...• 7411 . Matron 5 & 50c Sts cl B_ • Michigan Steel Corp • 85 NIId-Continent Laund A. Milgrim (H) & Bros com_• 1714 Miller (I) & Sons com___.• 40 Minneapolis-Honeywell Regulator common_ ___• 6214 7% cony pref 100 Mock,Judson Voehringer• 34 Mond Nickel Am dep rects Monroe Chemical Co corn • 24 Montecatini Min & Agri 534 Warrants Moody's Inv part pref---• 48 Muskegcn Mot Specialties cony class A Nat Aviation Corp • 6914 Nat BankservIce Corp- • Nat Bellas-Hess new corn.* 654 Nat Dairy Prod pref A.100 Nat Family Stores corn _ _ _• 41 Preferred with warr_25 Nat Food Products Class A with warr • 36 Class B • 11 Nati( nal Leather 10 Nat Mfg & Stores • 324 Nat Rubber Machinery_.' 34 27 Nat Screen Service Corp. • 46 Nat Sugar Refg National Tea new Corn...' 934 Nat Theatre Supply corn.' National Tile • Nat Trade Journal Inc___• 30 10 Nalthein Pharmacies corn. Nebel (Oscar) Co Inc corn • 20% 2635 Nebl Corp common 72 let preferred Neisner Bros common.... 100 201 Preferred .5 Nelson (Herman) Corp.. 21 Neptune Meter cl A 8 Nave Drug Stores cora • Certifs of deposit 27 Cony A stock Certificates of deposit- 25% Newberry (J J) rommon...• 120 New Men it Ariz Land 1 New On Gt Nor RR_ _100 Newport Co prior corn A 60 50 Newton Steel new • 72 NY Auction corn A 48 N Y Investors • N Y Merchandise • 42 Niagara Share Corp 81 Nichols & Shepard Co Niles-Bement -Pond com_• 224% Noma Electric Corp corn.' 2234 North A mericon Aviation_" 16 North American Cement.• Northam Warren Corp pf. • x42 Northwest Englneering__• 44% 22% Novadel-Agne common.. Ohio Brass class B • 011 Stocks Ltd Class A without warr.' 16 Ovington Bros pante pf....• Paramount Cab Mfg corn_• 34 Park Austin & Lipscomb Panic pre: 5435 Parke Davis & Co Parker Pen Co common_10 49% Pander(D)Grocery ciA • 61 Class B • 390 * Penney (J C) Co com Class A preferred____100 101% Peoples Drug Stores Inc...* 75 Pepperell Mfg 100 Perfect Circle Co corn_ _* Si Phelps Dodge Corp.. ..100 325 Philippe(Loula)Ino A nom * 27 Common B • 2645 10% 10% 46 86 78% 31 21 114 82 20 36% 65 31% 1314 1734 52% 414 214 4111 494 2914 2814 2515 20% 34 51 40 314 33 93-1 10% 10% 50% 88 sog 3234 23% 12% 82% 25 40 67 33 13% 19% 5414 43% 21% 45% 51% 2914 29 26% 21 34% 51 42 39 33% 774 28 3431 38 15514 24% 78 29 39 38 1663-4 24% log 2 1,500 200 1,600 250 900 9,300 400 300 200 6,600 1,700 800 1,400 100 9,300 3,900 1,100 1,500 4,400 3,600 200 200 700 700 700 100 400 5,500 6,400 600 100 Range Since Jan. 1. High. Low. 10 10% 46 86 7734 304 21 11% 82 1234 25 65 3011 134 17% 524 38 21 414 49% 284 284 244 19% 32 44 40 164 30134 914 2 200 75 1,600 28 6,700 3431 100 38 4,700 150 1,500 234 Jan Jan Feb Feb Feb Feb Feb Feb Feb Jan Feb Feb Feb Jan Feb Feb Jan Jan Feb Jan Jan Feb 114 11% 91 58% 9014 3311 24% 14% 8335 20% 46 7334 33% 14% 19% 55 44 23% 50 52 33 3044 Jan 284 Jan Jan Jan Feb Jan Jan Feb Feb 21% 34% 51% 45 41% 3511 13 2 Feb 814 Feb 32)4 Fel 39 Feb 39 Jan 172 Feb 2614 33 357-4 200 22031 23 23 1934 20 1234 13% 39 40% 4,500 304 Fe 37 3,600 179 Jan 22011 1,500 224 Jan 2611 200 174 Jar 20% 300 124 Jan 13% 600 39 Fe 42 20% 20% 50 52% 834 8% 38 38 4535 47% 53 55 65 65% 21 22% 108 108 26 2635 100 100 235 2% 74% 77% 3% 3% 85 85 34 34 1735 1734 3914 404 400 2011 900 484 6,900 8 moo 38 3,700 45 2,100 504 1,200 61 800 20% 100 10511 1,700 26 600 100 400 24 1,000 74 100 314 100 6214 400 34 800 1734 600 39 6114 6435 145 145 36 34 61 62 24 2435 2,400 5514 Jo 6714 100 144 Jan 165 1,100 28 Jan 36 600 46 70 Jan 200 24 Jan 27 531 594 474 48 4,400 500 5 Jan 474 Fe 200 32 32% 32% 69% 7034 6,500 6311 704 71 300 69 800 6534 6514 6831 10 103 10534 105% 11,200 304 404 43 900 3211 424 46 36 36 11 11 4 411 4, 32% 3411 36 34 28 27 4514 60 84% 8611 934 9.14 37% 37% 30 304 10 10 204 224 25% 26% 72 7216 15434 164 200 210 27 28 2014 21 8 8 27 7 25 118 7% 29 50 29 8% 54 120 74 29 50 71111 2 2% 7 2 4 47 48% 40 40 40 42 794 8214 216% 23111 224 2234 15% 16% 12 12 z42 421g 444 4611 224 24 84% 84% 16 7 34 1614 7 35% 27% 274 524 554 494 50 61 61 5514 58 390 400 101 101% 79% 75 11214 11214 50% 51H 325 375 26% 28 2635 27% 400 3,100 30 600 3,900 200 5,000 1,100 1,900 100 400 200 600 3,600 200 300 20( 600 300 300 200 300 600 200 900 100 500 2,600 800 6,400 200 1,100 1.200 9,400 1,700 36,90( 600 700 500 600 50 3,600 100 1,300 /00 2,500 300 50 300 330 200, 1,700' 101 5001 4,300 500 200 Feb 204 Jan 564 Jan 914 Feb 3814 49% Fe 59 Fe Jan 674 24 Fe 1194 Fe Jan 284 Jan 100% Feb 3 Fe 80% 4% Fe Jan 85 34% Fe 18% Jan Jan 43% 334 11 44 324 34 27 45 84% 8 36 29% 10 204 254 70 142 187 244 19% 8 7 27 25 118 734 29 50 6611 194 47 3614 25 76 196 20 15% 914 42 4314 224 84% Feb 32% Jan 72% Feb 7591 Feb 82 Feb 10611 Jan 48% Jan 48 Jan Jan Feb Feb Feb Feb Jan Feb Jan Jan Jan Feb Feb Feb Jan Jan Jan Jan Jan Feb Feb Feb Feb Jan Jan Jan Jan Jan Feb Feb Jan Jan Jan Jan Jan Jan Jan Feb Jan Feb Feb 1491 Jan 644 Jan 34 Feb 24 51% 494 60 554, 338 1004 75 1104 5034 19914 2651 26% 691 5214 Jan Feb Feb Jan Feb Jan Jan Feb Jan Feb Jan Jan Jan 37 12 5 4014 4134 34% 5511 90 12% 37% 3434 12 26% 29% 76 164 219 28 21 13 10 31% 3114 125 841 32 504 79% 2491 48% 45 45 90 239% 24 24 13 4514 48% 27 92 19% Jan 7% Jan 43% Jan 27% 5834 56 64 61 412 101% 94 1134 61% 375 30 29% Feb Feb Jan Jan Jan Feb Jan Jan Feb Jan Feb Jan Sales Friday Last Week's Range for Week. ofPrices. Sale Stocks (Continued) Par. Price. Low. High. Shares Phil Morris Con Inc corm.• 34 25 Class A 9 Pick (Albert), Barth & Co Common v t c 1 Pref class A (pantie pf)_• 18 Pierce Governor Co • Piggly iggly Corp corn • Pitney Bowes Postage Meter Co • 48 Pitts & L Erie RR corn_ _50 Pittsb Plate Glass new. Pitts Screw & Bolt new w L 2534 Potrero Sugar common_ • Pratt & Lambert Co • 79 Procter & Gamble corn...10 363 Propper Silk Hosiery Inc_• 37 Prudence Co 7% pref _ _100 10435 .10 Pyrene Manufacturing. 834 Rainbow LumlnousProd A• 5431 Raybestos Co common._25 72 Reeves (Daniel) common 3831 Republic Bra-ss common-• 5044 Class A • 103 Republic NIotor Tr v t c • Reynolds Metals common • 37 Preferred • 6634 Rice-Stix Dry Goods corn.* 22 Richmond Radiator corn.' 1944 7% cum cony pref • 3644 Ritter Dental Mfg corn • 48 Rolls Royce of Amer pf _100 4834 Ross Stores Inc • 18 Royal Typewriter com_ • Ruberoid Co 100 934 Safe-T-Stat Co common.. Safety Car Heat & Ltg_100 Safeway Stores 2d series warrants St Regis Paper Co • Schulte Real Estate Co_ _ _• Schulte-Milted Sc to Si St• 7% pref part pd rets_100 Second Gen'l Amer Inv Co_ C011111.011 • 6% Pre( with warrants__ Seeman Bros conintion...„• Segal Lock & Hardw corn.* Selberling Rubber coin _ _• Selected Industries com • Allot elf, lot paid Selfridge Provincial Stores Ltd ordinary .C1 Sentry safety Coot coin • Serve! Inc(new co) v t c__• Preferred v t c 100 Beton Leather common • Sharon Steel Hoop 50 Sheaffer(W A) Pen • Sherwin-Wins Co com...25 Sikorsky Aviation com_....• Silica Gel Corp corn v t c__• Silver (Isaac) & Bro • Preferred Simmons Boardman Publishing $3 pre/ • Singer Mfg Ltd .C1 Smith (A 0) Corp com- • Sonatron Tube common_ _• South Coast Co common Southern Asbestos • Sou time Stores commtm_• Class A • Sou lee & Util corn B _ • Southwest Dairy Prod._ _• Preferred 100 Southwestern Stores corn _ 0 Preferred series A Spalding(AG)& Bro corn • • New cum Span & Gen Corp Ltd....CI Sparks-Withington Co_ _. • Spencer Kellog & Sons new Spiegel May Stern Co 100 631% preferred Stahl-Meyer Inc com ._• Standard Investing conn__. Standard Motor Constr.100 Stein ( & co coin is I__. JO Preferred vi I Stern Bros class A • Stetson (J 13) Co corn.. • Stewart -Warner (new corp) Stinnes(Hugo) Cori) Strauss (Nathan) Inc corn • Stromb-Carl Tel alfg _ __• Stroock (5) at Co • Stutz Motor Car • Superheater Co • Swift & Co 100 Swift International 15 Byrne Wash Mach B corn.' 334 344 9 1,800 1,200 1 134 184 18 3245 35 45 45 300 6.600 SOO 200 9 45 504 14734 147% 6836 68% 26 25 7 7 80 78 35245 367 374 37 10345 10435 84 84 544 5846 72 7445 38 40 5044 5241 103 1074 24 24 37 38 64% 67% 22% 21 1544 19% 344 3636 48 50 484 484 18 20 97 97 9244 9344 Range Since Jan. 1. Law. High. 341 Feb 834 Jan 1 18 32 45 434 Jan 94 Feb Feb Feb Jan Feb Jan 8 Jan 19 384 Jan Jan 52 5,600 1534 50 145 200 64 2,400 25 200 545 700 634 925 281 400 37 50 102 200 744 3,700 4744 1,200 6934 800 38 1,200 42 1,000 90 500 1% 2,800 3144 2,800 63 1,00( 21 2,800 10% 1,100 29 300 47 101 4844 300 18 25 81 400 9234 Jan Jan Jan Feb Jan Jan Jan Feb Jan Jan Jan Jan Feb Jan Jan Jan Jan Jan Feb Jan Jan Jan Feb Feb Jan Feb 5131 Feb 156% Feb 76% Jan 26 Feb Feb 7 85 'Feb 367 Feb 43 Jan 10411 Feb 915 Jan 65 Jan 784 Jan 4544 Jen 5345 Feb 110 Feb 234 Feb 3944 Jan 6844 Jan 24 Jan 19% Feb 364.4 Feb 5345 Jan 55 Jan 29% Jan 103 Jan 108% Jan Feb 2911 Jan Jan 22944 Jan 17 1845 214 206 25 220 8,500 17 800 157 575 575 1334 1334 3131 3141 1844 193/ 77 75 576 141% 3234 204 77 20 575 Feb 626 Jan 6,200 127 Jan 1454 Feb 900 31% Feb 39% Jan 2,600 1844 Feb 26 Jan 1,200 75 Feb 89 Jan 2974 29% 304 2,500 2834 11445 11444 11645 700 1144 76 76 1,700 70 77 10% 10% 200 1044 1044 500 5245 524 5245 55 274 294 42,700 1844 2745 101 101 102% 10,800 100 , 335 1245 1535 64 30 4044 5831 57 85 39 39 2731 2644 764 70 116 116 16 64 50 37 26 414 284e 36 15 1635 264 x2544 65 44 161 9445 4331 4231 344 35 081.4 6744 1131 3245 294 54 21 1333.4 334 20 Taggart Corp common_ __• 5234 'Feltz tieenar(i) warr 600 Tennessee Prod Corp corn • 26 Therm old Co COM w 1_ _ _ 2731 7% Cum oonv pref...101 95 Thompson Prod Inc el A _ _• 60 Thompson, Starrett pref.__ -----Timken-Detroit Axle_ __10 3044 Tishman Realty & Constr• 59 Tobacco & Allied Stocks_ _• 544 Tobacco Products Exports. Todd Shipyards Corp._ _ _• 63 Toddy Corp class B v t c_• 1145 Trans merles Corp -A 13034 Transcont Air Trunsp_ _ _ 25 Trans-Lux Pict Screen Class A common • 11 Travel Air • 5735 TA-Continental Corp corn • 30% 6% cum pref with war100 10445 Triplex Safety Glass An) rcts for ord sh reg... 2 84 Trims Pork Store.' • Tubize Artificial Silk Cl 13.• 490 Tulip Cup Corp conunon.• 1245 Tung-Sol Lamp Wks corn _• 1734 Class A • 25 Union Amer Investment_• 6645 Union Tobacco 1645 United Aircraft & Tranisp_* 8744 6% cum pld with war.50 764 United Biscuit class A__ • 7245 Class 11 • 3144 United Carbon v t c • 6034 Preferred 100 9544 Milk Prod corn.* 1531 United 7% cum preferred_ _100 Unit Plece Dye Wks coin.', 10045 644% preferred 100 1043 FINANCIAL CHRONICLE FEB. 16 1929.] 500 341 344 400 124 1244 17 26,300 144( 500 61 6644 700 28 3034 44 1,500 3544 GOO 57 6045 85 85 4144 5,600 20% 2734 9,200 23% 7635 1,800 6744 116 25 11544 Jan 354 Jar) Feb 125 J n Jan 80 Jan Feb 1334 Jan Feb 654 Jan Jan 31% Feb Jan 106 Jan Jan 34115 Jan 15% 19 Jan 71% Jan 32% Jan Jan 4444 Feb 63% Feb 88% Jan 44 Jan 28% Jan 7631 Jan 120 Feb Jan Jan Jan Jan Feb Jan Jan Feb Jan Feb Jan 49% 5014 84 9 170 17045 37 37 26 26 414 46% 274 28% 3544 36 15 1545 15 17 994 994i 254 274 P2534 x2734 315 325 65 65 445 434 158 168 424 43% 1,600 4934 1,700 6 20 17044 200 33 300 26 4,500 4145 300 214 200 32% 800 15 1,000 1245 200 9944 5.400 244 500 2541 130 2854 2,000 65 3,700 441 1,200 156 900 404 Feb 5274 Jan Jan 944 Jan Feb 1944 Jan 434 Feb Jan Jan 26% Feb 49% Feb Fel Jan 29 Feb Jan 36 Feb Fe 17% Jan Jan 21 Jan Jan 9944 Feb Jan 2 814 Jan Feb 284 Jan Jan 360 Jan Feb 734 Jan Fe 7 Jan Fe 183 Jan Jan 47% Jan 9414 4344 4245 34 35 9844 46 9244 6734 114 32 29 54 18 165 1334e 3344 20 800 86 500 43% 2,600 37 6.000 345 4,600 35 200 9846 625 45 25 924 2,000 66 3,200 944 2,800 284 1,000 29 1,700 45% 4,800 18 2)111 159 14 1,300 133% 2,700 3346 500 20 Jan 9345 Fei. 53% Jan 4344 Jan 444 Feb 3834 Feb 9934 Jan 4741 Feb 100 Feb 72% Jan 13 Jan 364 Jan 3444 Jan 6144 Feb 34 Ja 176 Feb 13944 Feb 3734 Feb 23% Feb Jan Feb Jan Feb Feb Feb Jan Feb Feb Feb Feb Feb Jan Jan Jan Jan Jan 52% 5845 7,700 434 600 600 600 100 24 26 26 4,700 25 2744 29 1,900 90 9044 933.4 60 64% 2,900 46 1,300 54 55 54 2944 3141 10,500 2934 3.800 494 62 57 800 544 5444 5431 100 3 3 3 300 60 64 63 500 114 1144 12 139% 1314 10,900 12944 7,300 244 24% 2544 Jan 5944 Feb 650 Jan 27 Feb 30 Feb 9544 Jan 694 Feb 58% Feb 3644 Jan 0434 Feb 5531 Jan 345 Jan 7644 Feb 1445 Jan 133% Feb 30 Feb Feb Feb Feb Feb Jan Jan Jan Jan Jan Jan Jan Jan Feb Jan 104 57 3044 1044 9544 46 4345 345 38%2 9934 47% 9245 6934 13 35 31% 59% 24% 165 1344 34.4 204 544 Jan 11% 29.100 124 Jan 300 5344 Jan .573i 61 Jan 42,500 30 33 Jan 035 Feb 5,000 10435 Feb 10734 Jan 10541 274 29 574 5945 90 500 10% 134 , 1731 1734 25 26 6544 694 1645 1635 94 87 7544 7845 73% 72 3145 33 6044 62 9514 95 1545 1M 79 78 loos 1054 10644 10645 4,900 224 800 534 400 490 600 10% 900 15 1,500 25 700 584 2,200 1635 9,900 87 2,900 75 2,900 63 2,300 26% 2,200 46 400 92 700 1536 250 75 600 10044 100 10446 Jan 3334 Feb Jan 60% Jan Feb 595 Jan Jan 134 Feb Jan 19 Jan Fel 27% Jan Jan 724 Feb Feb 20 Jan Feb 97 Feb Fe 80 Feb Jan 74 Feb Jan .4444 Feb Jan 624 Feb Jan 96 Feb Feb 21 Jan Jan 80 Jan Feb 114 Jan Feb 106 1; Feb Friday Sales Last Week's Range for of Prices. Sale Week. Stocks (Concluded) Par. Price. Low. High. Shares. United ProfitShare com__• 935 934 934 794 8044 United Shoe Mach corn...25 49 49% U S Asbestos corn • 4944 4934 US Dairy Prod class A_ • 100 9035 95 S Finishing corn • 5945 5836 6231 U S Foil class B new 624 60 US & Foreign Sec corn..." 60 • 9334 934 9344 $6 Preferred • 10144 10144 109% US Freight 6334 66 US Gypsum common_ _ _20 U S Radiator common_ _ _* 5494 5334 57% 50% 504 52 Common v t c 17% 20% U S Rubber Reclaiming_ • Universal Aviation • 2434 2434 26 7444 75 Universal Insurance_ __ _25 75 100 100 Van Camp Milk pref. _ _100 33 3845 Van Camp Pack new corn.' 35 25 364 3414 38 New preferred 344 34 34 Vogt Mfg Corp 22 2434 Wahl Co common 2544 25% Waltt & Bond class A....° 20% 20% 20% Class B 87 80 Walgreen Co common_ _ _ _• 84 6434 6131 60 Warrants Vealkex(Hlram) Gooderham 9044 • 844 83 & Worts common 745 10 8 Watson (John Warren)Co• 28 284 Wayne Pump common.... 28 50 5() Weibolt Stores com 5614 594 Western Auto Supply CIA • 58 70 75 7544 Westvaco Chlorine Prod_ 53 56 Wheatsworth Inc com • 135 135 heelim Steel pref A. 100 1545 WhItenights Inc corn • 15% 15 Widlar Food Products...* x2844 25 x2834 4444 45 Wilcox-Rich corn B • 45% 48% class A conv stk Williams(R Cl & Co Inc.' 3644 3631 3631 2544 25 Wil-Low Cafeterias Coin.' 25 55 55 55 Preferred Winter (Ben)) Inc corn_ _ _• 1344 1345 144 32% 354 Wire Wheel Corp corn new• 33 Woodworth Inc common • 3531 3546 40 8 735 8 Worth Ine cony class A_ • 61 52 53 Zenith Radio new Zonite Products Corp corn • 37% 3344 3894 Rights Amer Coinm'l Alcohol.... Amer Rolling Mill Am States Securities cl A._ Class B Amer Superpower w 1 . _ _ A ssociated 0& E deb rts_ _ Flat Golden Center Mines Granite City Steel Loew's Inc Middle West Utilities Warner Brcs White Sewing Mach deb rts 400 134 344 12% 1436 3934 434 Public Utilities Am Com'w'Ith P corn A__• 2534 • 2945 Common B 935 Warrants Amer at Foreign Pow warm_ 93 Amer Gas at Elcc corn_ _• 151 • Preferred Amer Lt & Trac corn__ _100 24744 100 Preferred Amer Nat Gas com v t c__• 174 Amer Superpower Corp A• 93 • 96 Class LI common 99% First preferred 9344 Convertible preferred_ _ _ Arizona Power corn _ _ .100 Assoc Gas & Elec class A..• 5845 Warrants 100 1035 Brooklyn City RR Buff Niag & East Pr com_• 7545 644 Class A . 26% 25 Preferred 4145 Central Pub Serv el A _ _ _ Cent Atl Serv States v t C. 15 Cent States Elec common.' 13734 6% pref without warm.... 85 6% pref with warr.100 120 Convertible preferred... 11245 35 Warrants Cities Serv P & L 6% pref. 75 Cleve 1. lee Ill CNV coin _ _ _ _ Com'w'Ith Edison Co_ _100 23811 Com'sv'Ith Pow Corp pf.100 10031 Cons G EL &T Balt com.• 10034 100 Duke Power Co • 4634 East States Pow B corn__. Elec. Bond & Share pref_100 10834 Elec Bond & Share Secur.• 256 87 New Elec Invest without war _.• 10541 Preferred Elec Pow & Lt 2nd pf A_ • 4035 Option warrants Empire Pow Corp part stk• 54 Engineers Pub Serv war......... Federal Water Serv el A__• 6031 General Pub Serv corn...* 394 Internet Utll class A 194 Class B : 93 Participating preferred. 834 Warrants 1535 Italian Super Power Warrants Long Island Light corn...' 64 100 7% Preferred Marconi Internist Marine - 23 Commun Ann dep ran, 734 , Marconi Wirel T of Can_ _1 Marconi Wireless Tel Loud. 18% Class B Middle West Utilcom__• 102 6% preferred Mohawk at Ilud Pow coin' 56 • 107 1st preferred 2nd preferred 30 Warrants 25 Municipal Service Nat Elec Power class A... • Nat Power at Lt pref Nat Pub Serv corn class A• 24% 98 New Rag Pow Assn 6 q pf New Ene Telep & Teleg 100 N Y Telep 6f4% pref _ _100 11344 Nor Amer CHI Sec com • 16 9531 lot Preferred Northeast Power corn_ _ _• 524 100 ,or States P Corp com_10o 161 109 Preferred Oklahoma Gas at El pref. Pacific C at E let nref__25 2434 • • • 40c Vie 134 3.4 1144 8 14 lc 300 34 644 434 934 62c Via 2 34 14 124 164 15c 1 419-4 84 5 10% Range Since Jan. 1. Low. 800 931 1,000 7444 200 47% 200 4845 275 90 4,600 57 6,800 5944 600 934 12,200 9145 400 6244 1,700 4345 200 5044 600 16 14,700 17% 150 724 500 100 13,400 28 7,900 28 900 28 400 22 200 25 200 20 12.000 80 1,800 58 1115k. Feb 1034 Jan Jan 8534 Feb Jan 51% Jan Jan 5034 Feb Jan 95 Feb Jan 68% Jan Jan 6534 Feb Jan 9544 Jan Jan 109% Feb 73 Feb Jan Jan 624 Jan Feb 54 Feb 2434 Jan Jan Jan 26 Feb Jan 75 Feb Jan 101 Jan Jan 3844 Feb Jan 38 Feb Jan 344 Feb Feb 2636 Jan Jan 2645 Feb Feb 2244 Jan Feb 91 Jan Jan 65 Jan Jan 93% 24,100 80 734 Feb 14% 5,000 Jan 32 900 28 Jar 100 50 5314 2,600 4641 Jan 5991 13.800 4745 Jan 75% lei, 59 200 53 10 13134 Jan 141 18 1,000 14% Jan 6,400 25 Feb 28% 400 4254 Jan 4734 300 43% JUL 4934 300 3534 Jan 41% Feb 25% 6.200 25 1)0( 55 55 1.700 1244 Jan 164 14.000 2934 Jan 36 500 35.4 Feb 43% 200 745 Feb 11% 6,700 50 Jan 6136 2,600 3144 Jan 4444 Feb Jan Jan Jan Jan Feb Jan Feb Jan Feb Feb Feb Feb Feb Feb Jan Feb Jan Jan Feb Jan 40c 135 134 134 11% 8 14 IC 30c 28 6 4 944 Feb Feb Jan Jan Jan Feb Feb Feb Feb Jan Jan Jan Feb 2 2•14 3 434 21 1235 174 1 1 44 84 2514 2611 9, 00 22 0 2944 3141 600 2641 945 934 1,500 8 68 10035 124,200 524 15034 16146 8,100 z 128 1064 10646 400 106 244 24946 1,175 216 112 115 75 112 1736 174 5,000 17 9044 106 26.500 6245 96 106 3,700 68 9945 10044 1,600 9944 900 894 924 934 3744 38 300 28 5645 59% 70.300 4941 176 219 3,000 5244 8 10% 1144 51,000 7434 774 9.800 7044 6344 6634 2.300 4934 2634 2.200 26 26 4144 4234 4,200 35 1444 16% 3,100 13 200 116 135 135 1,900 84 8445 85 1.300 10344 119 120 111 114% 1,700 97 3.200 1931 2734 37 100 954 9535 9534 101 70 70 75 220 215 23531 24131 300 100% 10051 10134 0844 1024 1.500 914 300 155 1814 184 4244 524 4.200 4244 108 10834 700 108 2474 268% 124.900 10744 22.90ru 56 k, 91 86 10545 11734 24.300 7744 600 99 994 100 200 9934 101 101 364 4534 15.300 2814 11,300 4334 57 54 2851 314 SOO 26 Jan Jan Jan Jan Jan Jan Jan eb Jan Jan Jan Jan Jan Jan Jan Jan Jan Feb Jan Feb Jan Feb Jan Jan Jan Jan Jan Feb Feb Jan Feb Jan Jan Feb Jan Jan Feb Jan Jan Jan Jan Jan Jan 27% 374 104 1(034 10245 100% 25944 115 1844 134.44 133 10045 94 38% 594 219 1141 7934 7234 26% 44% 1734 1394 874 122 11735 40 9644 75 258 1034 112 21i, 584 10944 27445 9135 124 MK 10244 45% 59 35 Jan Jan Feb Feb Jan Jan Feb Feb Jaw Jan Jan Feb Jan Feb Feb Feb Jan Jan Jan Jan Jan Feb Feb Feb Jan Jan Jan Jan Feb Jan Jan Jan Jan Feb Jan Jan Feb Jan Jan Feb Feb Feb Jan Jan 6344 Jan 44 Jan 49 Jan 22 Feb 100 Jan 11 Jan 18% Jan 15 Jan 67)1 Jan 110% Feb Jan Jan Jan Jan Jan Jan Jan Feb Feb 59 37% 46 1844 93 8% 144 1044 6334 110% 6,300 10,600 10.900 3.500 58,000 46,50, 11,800 162,500 1,400 1,300 6,000 84,200 700 614 14,400 57 40% 6,600 27 SOO 44 4644 19% 23,500 15.31 100 93 93 1,200 934 4% 16% 10,000 11 45 1144 2,100 534 65% 2.300 49 200 10844 110% 23 2434 4,500 , 15,200 715 8 1934 734 Jan Feb 1845 19% 11,700 1844 182 182 100 170 102 103 150 100 56 6334 2.600 55 107 108 250 107 107 107 50 107 28 30 500 244 25 26.4 1,400 25 35 3634 GOO 35 108% 10845 50 10734 244 254 2,000 244 98 98 10 95 150, 1504 4 150 15041 11344 113% 150 1124 1444 16% 7,500 1314 95% 9535 1,300 9545 52% 57 22,800 4944 153 1654 13.700 13134 109 109 50 1084 111% 11131 100 1104 2344 2444 400 27 Jan Jan Jan Jan Jan Feb Jan Jan Jan Jo Jan Jun Feb Feb Jan Jan Jan Jan Jan Jan Feb Jan Jan Jan Jan Jan Feb Jan Jan Feb Feb Jan Feb 144 Jan Jan 28 10% Jan 22% 159 103 71 11044 110 4544 2844 374 1094 26 98 15035 114 184 954 6144 169% 109% 51144 2834 Jan Jan Feb Jan Jan Jan Jan Jail Feb Feb Feb Feb Feb Jan Jan Jan Feb Jan Feb Feb Jan 1041 Penn-Ohio Ed corn • 7% prior preferred_ _101 $6 preferred • Option warrants Pa Gas & Elea class A__ Penn Pr & Lt 37 pref Peoples Light & Pow el A__ Portland Elea Pow corn 100 Power Corp of Can com * Power Securities corn_ _ _ _• Preferred Puget Sd P&L 6% pref. _100 Radio Corp of Amer New class B prat Rochester Central Power Rochester G&E:6%pfD 100 Sierra Pacific Elec com_100 Southeast Pow & Lt com.• Common v t c Participating preferred.• Warets to our corn stk. Sou Calif Edison pref A_25 Preferred B 25 54% Preferred C__.,.25 Sou Cities I]til el A com Preferredll • Sou Colorado Pow cl A..25 Sou'west Bell Telep p1.100 Stand Gas& El 7% pf_ _100 Standard Pow & Lt pref 100 Swiss -Amer Elec prat tfumy Sales Last Week's Range for Mining Stocks ofPrices. Sale Week. (Concluded) Par. Price. Low. High. Shares. ,Wca Last Week's Range for Public Utilities (Concl.) Sale 1Veek. ofPrices. Par. Price. Low. Mph. Shares. Range Since Jan. 1. High. Low. 61% 6136 64 3,800 55 270 102 103% 102 10535 95% 94% 95% 110 9351 38 500 32 38 39% 23% 24% 500 22% 25 108 1104 110% 1104 574 53 58% 15,400 4751 100 35 35 35 35 925 974 118 113 122 100 17 17 17 17 300 65 68 67 98 60 98 98 93% 74% 7635 17,900 7251 42% 44% 2,500 41 100 103 103 103% 1,600 51 58% 58% 69% 82 7734 85% 8,100 7131 900 73 82 82 100 874 DO% 90% 4035 38% 42% 10,400 27% 100 28% 2931 2951 400 26 26 26% 200 2451 244 2431 70( 40 40 45 50 5535 864 8631 1,300 2434 20 2534 2734 150 1184 119 11956 119 100 109% 11051 110% 500 102% 103% 10514 ag% 9854 100 97 7534 43% Jan 71% Jab Feb 1664 Jan Jan 96 Jan Jan Jan 46 Jan 24% Jan Jan 1104 Feb Jan 584 Feb Feb Feb 35 Jan 122 Feb Jan 17% Jan Jan 68 Jan Jan 99 Nan Jan Jan Feb Jan Jan Jan Jan Jan Jan Feb Feb Feb Jan Jan Jan Jan Jan Jan 77% 49 10355 62% 90 85 98 4731 30 2634 264 45 57% 27% 120 111 105% . 98,1 Jan Jan Feb Feb Jan Jan Feb Jan Jan Jan Jan Feb Feb Feb Jan Jan Feb Feb 704 7235 Tampa Electric Co • 71 Union Natural Gas Can.._ 36% 3635 364 331 454 4 United Elec Sera warrants. United Gas when lasued__ 33% 33% 3534 United Gas Improvem1.50 173% 175 183% 354 3955 United Lt & Pow com A • 36 48 Common class B 4836 • 99 Preferred class A 995i 4311 404 46% Utll Pow & Lt class B...... • 3231 29- 1 33 Utility Shares corn 5 % 2,000 64% Jan 795' Jan Jan Feb 39 36 10 4% Feb 38.70 234 Jan Jan Jan 39 25 29,60 24,100 161% Jan 19554 Jan 67,900 31% Jan 4334 Jan Jan 50 Jan 200 32 Jan 100% Jan 200 97 Jan 4631 Feb 10,700 37 Jan 700 1831 Jan 33 Fortner Standard Oil Subsidiaries. Anglo-Amer Oil(cot sh)_£1 Vot stk Ws of dep Non-voting shame_ _al Borne-Scrymaer Co__ _100 Buckeye Pipe Line 50 Cheebrough Mfg 25 Continental Oil v t c___10 Cumberland Pipe Line_ 100 Eureka Pipe Line 100 Galena Signal new oref _100 Humble Oil& Refining_ _25 Illinois Pipe Line 100 Imperial Oil(Canada)oou • National Transit....12.50 Ohio 011 25 Penn-alex Fuel 25 Soathein Pipe Line 10 South Penn 011 25 Sou West Pa Pipe Lines 100 Standard Oil(Indiana)..25 Standard Oil (Kansas)__25 Standard 011 (Ky) new... Standard 011(Neb) 25 Standard Oil(0) corn_ _25 Preferred 100 Vacuum Oilnew 7,100 500 1,500 150 200 100 86,700 50 550 40 10,700 350 4.300 2.000 2,400 3,100 100 1,400 100 48,400 1,600 11,000 600 300 100 8,000 1735 17 1634 4655 744 144 23% 74 704 90 1054 3113a 1034 2535 74% 444 17 6034 70 10351 21% 454 49% 12455 122 13054 Feb Feb Feb Feb Jan Jan Feb Feb Jan Feb Jan Jan Jan Jan Jan Feb Jan Jan Jan Jan Jan Jan Feb Feb Feb Jan Other 011 Stocks 7,100 60c Amer Con tr 011 }lads__ _1 610 60c 640 Amer Maracaibo Co 651 554 6 6% 15.700 5 1,400 24 Argo Oil Corp 231 25'11 255 10 4% 4% 44 5.500 Arkansas Gas Corp corn_ • 8 1,300 834 851 Preferred 10 2 100 2 2 Atlantic Lobos 011com_ • 200 53 53 53 British Amer 011 Cou____* 53 355 334 Carib Syndicate new corn_ _ 356 3% 1,800 1,700 10% 10% 1155 Colon 011 • 11 400 8 856 Consol Royalty 011 1 9 9y, 9 94 10.800 Creole Syndicate • 14 100 1% 14 Crown Cent Petrol Corp- • 3,600 21 24 Darby Petrol Corp • 21% 21 2 100 Derby Oil & Ref com___ • 3% 3% Gulf Oil Corp of Penna._25 147% 145 15034 5,000 14255 Jan 72e Jan 84 Jan 3% Jan 5 Jan 831 Jan 231 Jan 62 Jan 4% Feb15 Jan 8% Feb 1134 Feb 131 Feb 26 5 Jan Jan 167 Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan 200 435 454 5% Homaokla 011 Houston Gulf Gas 2234 14,700 18 • 214 18 9,600 131 1% 2 I 54 Intercontinental Petrol_ _10 11.400 504 5354, 58 International Petroleum._" 54 5 2.300 5 5 5 Leonard Oil Developm1-25 1,000 29 29 Lion 011 Refg 294 • 29 400 67 Lone Star Gas Corp_ _ _25 743-4 73 744 7,100 600 76c 84c MiWrialena Syndicate_ _ -1 80c 400 5 3% 6 Mexico-Ohio Oil Co 38,200 1531 s234 30 Mo Kansas Pipe Line • 29 14 I% Mountaln & Gulf 011 1% 3,400 151 1,600 19 19 Mountain Prod Corp___10 20 2051 Nat Fuel Gas new 26% 2551 2655 2,200 2551 600 4% 44 New Bradford 011 ; 4% N V Petrol Royalty 1934 3.400 16 18% 16 935 1054 1,000 8% North Cent Texas 011_ _ • PUcl tic Western Oil 18% 1855 19% 2,100 1851 3.000 2 Pandas 01!Cori) 2 2 2 8% Panetpec 011of Venezuela• 834 851 3,700 851 451 Pennock 011 Corp 4% sy, 2,000 5% • Petroleum (Amer) 344 34 3451 84,600 34 900 2534 Plymouth Oil 2551 264 2555 Red Bank 011 200 12 12 12 25 Reiter Foster 011 Corp... 5 5 5 54 1,800 Root Relining Co prat__ 400 '25% 2554 2554 26 Ryan Consol Petrol 2,100 8 8 8 855 • Salt Creek Consol 011_10 600 555 534 535 555 Salt Creek Producers_ _10 23% 23% 2451 3.300 22 Savoy Oil 200 14 151 Sorevm vrt Eldorado Oil_ _ _ 100 33 33% 3354 9234 Superior 011B warrants,.. 225 2 200 200 225 Jan 755 22 Feb 2% Fel Jan 65% Jan 5% Feb 334 Jan 7436 151 Jan 6 Jan Jan 30 Jan 14 2134 Jan let. 27% 5 Jan 214 Fet Jan 1154 Feb23 254 Jan Feb 104 73 -4 Feb Jan 344 Feb 30 13 Jan Feb 7% Fell 26 Jan 11 Sell 5% Jan 2535 Feb 131 333'4 Jan Feb 250 Jan Jan Jan Jan Jan Jan Feb Jan Feb Feb Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Feb Jan Jan Jan Feb Jan Jan Jan Feb Feb Feb Taxon 011 & Land new w Tidal Osage 011 non-vt stk• Transcont Oil 7% pref.100 Venezuela Petroleum__ Wood Icy Petroleum Corp_ -Y" 011 & Gas Co 25 17 69% 2231 68 83 91 300 89 23 65% 64 89 19% 4034 115% 120% 11655 18 11% 83 5 734 1754 16 15% 17 1535 1634 46 4655 69% 69% 1404 14055 2154 23% 704 7054 68 66 83 83 91 92% 300 30015 96 89 23 244 654 674 334 38 15 15 65% 64 684 70 89 9354 1931 19% 40 41% 48 4855 115 1154 120% 120% 116% 121 1735 1951 114 114 83 83 5 555 7 7% 456 4% Mining Stocks Am Commander NI& al_.1 9c 9c He Arizona Globe Copper_._1 29c 27e 30c Bunker 11111 dr Sullivan_10 139 136 130 Carnegie Metals 10 1755 1734 18% Chief Consol Mining 34 1 356 3% Comstock Tun & Dr'ge_10c las 155 14 Consol. Copper alines_5 14% 14% Consol Nev Utah Cop 3 18c 8c 180 Copper Range Co 25 27% 264 2735 1 250 25c 25c Cortez Silver Mines Cresson Conan]G 51 & M.1 97e 93c 990 1 100 10c 12c Divide Extension 13.5 .2 1 134 Dolores Esperanza Corp. [VoL. 128. FINANCIAL CHRONICLE efluUy 7,800 400 100 5.300 2,700 300 14% 15 1455 40% 67 140% 1751 62 654 80 91 285 89 22% 644 333.1 14 6354 68 65 18 3935 3 45 -8 115 116% 10555 1755 1054 83 5 551 3% Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Feb Jan Fe Jan Jan Feb Jan Jan Jan Jan Jan Jan Feb Jan Jan Jan Feb Jan Feb Feb Jan Jan Jan 23 14% Jan 89 Jan 636 Jan , 9 Jan 531 Jan Jan Jan 220 30 108,000 Jan Jan 47c 46,000 9e 1454 Jan 200 1254 Fe 900 1756 Feb 19% Jan 4 Jan 1,700 356 Jan 131 Jan Jan 1 10.800 13.400 134 Jan 15% Jan Jan Jan 24e 5,000 Sc 300 2535 Jan 2051 Jan Jan 370 Feb 2,000 18c 1% Jan Jan 3,900 710 Jan Jan 22c 40 61,000 Jan 14 Jan 3.300 750 Engineer Gold Min Ltd__5 Evans Wallower Lead com• Preferred /falcon Lead Mines 1 First National Copper.. _5 Gold Coin Mines Golden Centre alines_ __ _5 Goldfield Consol Mines_ _1 Beata Mining 25c HollingerConsGold Mines 5 Bud Ray Min & Smelt... Iron Cap Copper 10 Jerome Verde Develop_50c Kennecott Copper new W I Kerr Lake 5 Kirkland Lake Gold 51111_1 Mason Valley Mines 5 Mining Corp of Canada_ _5 New Cornelia Copper.. 5 New Jersey Zinc 100 New NY & IIonduras Rosarlo10 Newmont Mining Corp_10 NIpissing alines 5 • Noranda Mines, Ltd 1 Ohio Copper 1 Red Warrior Mining Roan Antelope C Min Ltd_ St Anthony Gold Min 1 San Toy Mining Shattuck Dann _ _• So Amer Gold & Plat_ __ _1 Standard Silver Lead _ _ _1 Teck Hughee 1 Tonopah Belmont Deve1.1 1 Tonopah Extension 1 United Eastern Min United Verde Extension 50c United Zinc Smelt Corp-. 1 Unity Gold Mince Utah Apex Utah Metal & Tunnel__ _1 1 Walker alining Wenden Copper Mlning_.1 Yukon Alaska Trust Ctfs_. Yukon Gold Co 5 Bonds Abitibi P & P 5s A____1953 Alabama Power 445_1967 1956 1st & ref 53 Allied Pk 1st col tr 88_1939 Certificates of deposit_ 1939 Debenture 63 Certificates of deposit_ __ Aluminum Co s f deb bs '52 Aluminum Ltd 5s.....1948 Amer Aggregates 6s..1943 Amer Com rral Alcohol 63'43 With warrants Amer G & El deb 5s.2028 American Power & Light Cs, without warr___2016 Amer Radiator deb 4 4s,'47 Amer Roll Mil deb 5s..1948 Amer Seating (is 1936 Amer Solv & Chem 6s_1936 Without warrants Appalachian El Pr 53_1956 Arkansas Pr & Lt. 5s_1956 Arnold Print Wks 6s_ _1941 Aliso Dye & Prays 68_1938 Associated G & E 5481977 Con deb 4568 wi war 1948 Without warrants__ Assoc'd Sim Hard 656s '33 F 450_1948 Atch Top Atlantic Fruit 85 1049 Atlas Plywood 5553___1043 Bates Valve Bag 6s......1942 5VIth stock purch warr__ Beacon Oil Cs. wltb warr'36 Bell Tel of Canada 53_1055 1st 5s series B 1957 Boston & Maine RR 6s '33 Buffalo Gen El 58_ _1956 Burmeister & Wain of 1 Copenhagen 15-yr 6s '40 Canada Cetnent54s _1947 Canadian Nat Rys 75.1935 43as 1968 Carolina Pr & 1,0 55_1956 Cent States Elec 5s__ _1948 Cent States P & Lt 3 4s'53, Chic Pnetim Tool 554s '42 Chic Rye Is ctf dep_1927 Cigar Stores Realty 1949 53 s series A Childs Co deb 53 1943 Cincinnati St Ry 5%0_1952 1966 Cities Service 58 Cities Service Gas 554s 1042 Cities Sera Gas Pipe L 6543 Cities Sera P & L 5%8_1052 Cleveland Elea III 7s_ _194 1954 5sserles A Cleveland Term Bldg 6s'41 Columbia River Long Beige 1953 1st 648 1043 Commander Larabee 6s.'41 Core lnvcstTr5i4s..1949 Commerz und Private 1937 Bank 5548 Common Edison 4348.'57 Consol GEL&P Balt1949 (3s. series A 1952 5 s series E 1965 5s series F 1969 5,!i4 Consol Publishers 6%51936 1941 Consol Textile 83 1958 Cont'l G & El 5s Continental 011548-1937 CosgroveMeebanC645.'54 Cuba Co 6% notes 1929 Cuban TeleP 745_ _ _1941 Cudahy Pack deb 53as 1937 1946 5s 224 30c 1 951 50e z1654 8% 2154 431 .50 7854 520 131 511 42% 310 7955 1654 193 3% 6034 335 44 860 120 2255 251 180 9 las 2051 1% 454 134 3331 3% 34 224 24% 88 88 30e 350 1 14 .45 .45 7% 931 410 55c x164 1754 854 8% 2134 23 35-5 551 .69 .20 7755 82% 500 72c 1% 131 1% 1% 531 , 554 424 454 3064 310 794 8031 1636 17 193 20031 3 34 6055 64 331 20c 44 70e 12c 21% 251 180 851 la• 150 91e 20% 134 436 134 2llia 135 33 90e 8655 94% 8654 94 100 5351 5334 51 54 49 49 10055 100 97 97 1134 351 21c 47 91e 150 23 251 200 84 155 16c 910 224 134 151 5 1% 234 254 333. 900 Range Since Jan. 1. Lots. High. 400 3% Feb 44 12,000 15% Feb 26% 100 81 Jan 92 40,000 10e Jan 540 7,500 200 Jan 14 3,000 .21 Jan .45 11,000 Feb 12 26,300 16e Jan 550 8,700 16 Jan 17% 500 Feb 9% 45,000 19% Jan 23 11,200 34 Jan 5% 4,100 .20c Feb .69 10,100 764 Jan 83% 1,600 45c Jan 1% 151 Feb 700 VI. 8,600 Jan 2% 5,600 454 Jan a% 15,100 40 Jan 45% 210 2795( Jan 325 600 7551 Jan 87% 40 15% Jan 17 9,400 19151 Jan 206% 3,20 3 Feb 3% 12,40 59% Jan 6834 61,200 2,00 5,60 35,70 72,00 15.70 1.70 4,000 500 200 12,000 600 20,700 2,900 300 400 500 2,300 10,700 200 800 Jan Jan Jan Jan Jan Jan Feb Jan Jan Jan Jan Jan Jan Jali Jan Jan Jar 2% Eel. Jan 33 Feb 90o Feb 134 lle 384 46e 5c 2154 2% 15c 85-1 1 Sc 80e 20 151 134 351 95c 87% $84,000 86 944 77.000 9355 100 2,000 100 5454 23.000 45 51 4.000 46 544 25,000 48 11,1)10) 49 4534 101 35,000 100 9731 79.000 97 11354 13,000 111 Jan Feo Jan Jan Jan Feb Jan Feb Jan Jan Feb Feb Feb Feb Jan Jan Jan Feb Feb Jan Jan Feb Jan Jan Jan 4% Jan 29e Jan Jan 50 91e Feb 260 Jan 23% Jan 334 Jan Jan 36c 934 Jan Jan 2 Jan 39e Feb 1 2451 Jan 254 Jan 234 Jan 54 Feb 154 Feb 21114 Jan 24 Jan 34% Jan 134 Jan Jan 874 Feb 9551 Feb 103 Jan 57 Jan 5531 Jan 57 51 Feb 10234 Fen 9855 Jan 11534 Jan Jan Jan Feb Feb Feb Jan Jan Jan Jan Jan 124% 12455 125% 27,000 11551 Jan 132 57,000 954 Feb 974 Jan 954 9534 96 10535 105 1054 86,000 105 9755 9755 97% 10,000 97 7.000 9551 96 96 96 2,000 95% 97 97 11834 117% 43,000 114 117% 954 98% 4,000 95 08 98% 109,00 9851 98 95 9634 66,001 9555 95 95% 10.000 95 95 6,000 92 92 92 92 9851 11354 112 12151 957.00 128 123 142 1003000 9936 11031 10655 118 682,000 9415 20,000 8655 8655 8634 88 116 11534 1184 901,000 114 14,000 19% 20 20 21,000 95 95 95 94 10631 105 10816 11254 11251 11254 10156 10154 102 1024 101% an4 1024 103% 104% 36,000 6.000 26,000 13,000 8,000 22,000 Feb Feb Feb Jan Jan Jan Feb Feb Feb Jan Jan Jan Jan Jan Jan Jan Feb 106% 9934 97% 97% 122 96 9934 298 08 94 12134 142 118 88 122% 22% 103% Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Feb Feb Feb Feb Jan Jan Jan Jan 110% Jan 105 110% Jan 118% Jan 101% Feb 102% Jan 10134 Jan 102% Feb 101% Jan 103 Jan Jan 104% Feb 103 9956 9935 9935 10,000 9751 Jan 994 Jan 10054 101% 6.000 100% Jan 1014 Jan 1094 109% 10935 8,000 10834 Jan 110 Jan 95% 107,00 95 Jan 9651 Jae 9551 95 Jan 102% Jan 1015.6 101 10155 22,000 101 82.000 8834 Fein 90% Jan 884 8855 90 94 95 20,00 94 Feld 9651 Jan 10055 1004 3,000 99 Jan 10134 Jan 7851 7855 7831 4,00 7834 Feb 82 Feb 9934 9934 89 90 89 99% 9931 119 90 89 90 91 90 90 98 9755 97 954 9551 96 1064 108 108 104 103 104 98 98% 94 9915 884 8855 105 105 94 88 874 88 205,00 98% 9835 15,000 8934 100 10531 95 8814 87 93% 99 90 Jail 994 Jan Jan Jan , 90 Jun 9951 Jan Feb 004 Jan Jun 924 Jan Jan 98% Jan Feb 974 Jan Feb Jan 108 Feb 111454 Feb Jan 98% Jan 95 25,00 Jan 94 Feb 100 5,001 99% 99% Felt 994 Feb 8834 3,00 Jan 87 Jan 90 10555 464,000 105 Feb 10551 Feb 1044 10454 105 105 105% 105 105 10034 100% 100 101 100 93% 94 8954 89% 904 944 9 34 93 4 90 90 90 975. 97 9754 10934 109% 9855 9835 9854 100 100 Deny & Salt Lake Ry 68'60 8951 Detroit City Gas 5s B.1050 1947 106% 6s series A Detroit lot Bdge 6340_1952 954 2555year s f deb 7s._1952 8855 Dixie Gulf Gas 64s_1937 874 With warrants El Pow Corp (Ger) 641153 9651 El Paso Nat Gas 61as A '43 994 Empire Oil& Rehr 5555'42 90%) 31,000 99% 9,000 89 2,000 97 35,000 89 21,000 90 31,000 9634 77,00 954 14,000 19634 2,000 11)3 11,00 DB 8934 100 10654 96 89 7,00 8.00( 89,00 2,000 50.000 5,000 28,000 43,000 1,000 2,0110 6,000 41,000 5,000 874 Felt 98 Jan 88 98% Jan Jan Jar Fel Jan Fel Jan Jan Feb Feb Jan Jam Jan Feb Feb 10651 Jan Jan Feb Feb Feb Jan Jan Jan Jan Feb Jan Jan Jan 10454 105 10334 10051 9856 9334 8954 93 90 96!i 10755 98 100 1054 100 y, 100 96 9155 9651 92 9755 111 0931 101 10,000 89% Feb 914 Jan 9,000 100 Jai 100% Jan 11,000 10555 Jan 10655 Jan 14,000 924 Jan 98 Jan 15,000 854 Jail 8935 Feb 874 29,000 97 9,000 9955 128,000 9036 29,000 864 Jan 88% Jan Feb Jan 91 93 Jan 100% Jan 99 8834 Feb 9156 Jan FEB. 16 1929.] FINANCIAL CHRONICLE ' ,May Last Week's Range Sales Sale of Prices. Bonds (Continued) Low, High. TV'eeIc. Ercole Mare! Elec Mfg 64s with warrants_1953 9655 964 97 31,000 EuropMtg&Inv7a3erC 1967 914 91 9131 25,000 1950 974 9755 7565 2,000 Fabrics Finishing 68_ _1939 1004 1004 101 58,000 Fairb'ks Morse & Co Os '42 96 9651 37,000 Farmers Nat Mtge lust in Hungary 7s 1,000 1963 923-4 9236 Federal Sugar 6s 1933 9055 9035 2,000 Finland Residential Mtge 1961 88 Bank Os 89 88 19,000 Firestone Cot Mills 58_1948 93 94 33,000 93 Firestone T411 Cal 55_1942 94 94 95 12,000 First Bohemian Glass Wks 30-yr 7s with warr_ _1957 8634 87 8,000 Fisk Rubber 535s_._ _1931 94 9465 15,000 04 Florida Power & Lt 5.8.1954 91 91 9234 90,000 Galena Signal 011 7s..1930 1004 1004 4,000 Gatineau Power _1956 964 9636 97 129,000 6s 1941 9955 9955 9935 26,000 Gelsenkirchen Min 65_1934 91 83,000 8931 91 Gen! Amer Invest 58..1952 Without warrants 86 85 864 20,000 Gen Laund Mach 63451937 1014 100 10251 60,000 General Rayon 6s set A '48 934 9331 934 18,000 General Vending comas with warr Aug 15 1937 854 85 864 34,000 Ga & Fla RR 65 1946 6614 6656 664 3,000 Georgia Power ref Os_ _1967 98 9755 98 114,000 Goody'r T&R(Cal)555s '31 100 100 3,000 Grand Trunk lty 6354_1936 10631 10634 2,000 Guantanamo4WRy5s 1958 85 85 85 14,000 Gull' Oil of Pa 58 1937 9014 999.4 1004 57,000 Sinking fund deb 55_1947 10051 100 10055 31,000 Gulf States Uti 58..- _1956 9655 96 9651 17,000 Hamburg Elea 7s 1935 100 102 Hamburg El & Ind 514s 38 8631 874 Hanover Cred Bast 6s 1931 96 96 964 Hood Rubber Ts 1936 95 95 95 10-yr conv 555s 1936 80 8055 SO Houston Gulf Gas 834s '43 90 90 9034 Gs 1943 92 92 90 Illinois Pow & Lt 548_1957 95 95 555s series B 1954 100 100 Indep 0114 Gas deb 6111939 105% 104 1054 Ind'polis P & L 55 ser A '57 9951 984 9935 Int Pow Secur 713 ser E 1957 9535 954 964 Internat Securities 56_1947 904 90 91 Interstate Power Os__ _1957 9555 9535 953( New 9551 95 95% Debenture 66 1952 95 95 954 Invest Bond & Share Cori deb Os series A 1917 109 109 Invest Cool Am bs A.1947 10055 102 Without warrants 8054 81 Investors Equity 5s A 1947 With warrants lowa-Neb L & P 5s_ 1957 94 94 93 Isarco Ilydro-Elec 75_1052 88 8634 88 [Botta Fraschini 75_ _ _1942 With warrants 100 100 102 Without warrants 874 8735 8756 Italian Superpower 68_1963 Without warrants 7935 794 79 Jeddo Highland Coal 66 '41 104 104 104 Kelvinator Co Gs 1936 Without warrants 76 76 77 Kendall Co 556s 1948 9634 9655 9751 Koppers G & C deb 55_1947 9851 984 09 Laclede Gas Light 548'35 Lehigh Pow Secur 68_2026 Leonard Tietz Inc 748 '46 Without warrants Libby, McN & Libby 5s'42 Lone Star Gas Corp 58 1942 Long island Ltg 68_ _1945 La Power & Light 58_1957 Now Manitoba Power 5 45.1931 Mansfield Min & Smelt 7s with warrants_ .1941 Mass Gas Cos 5 Ns_ _ _1946 McCord Rad & Mfg 6s1943 Nlemph18 Nat Gas63_1943 With warrants Metrop Edison 435s_.1968 Milwaukee G L 4562_1967 Mimi Pow & Lt 4 hs_1978 Montgomery Ward 56.1046 Montreal LII & P col 55'51 Morr18 & Co 7358„.. _1930 Munson SS Lines G 46_1937 With warrants Narragansett Elec Os A '57 Nat Power & Lt Os A.2026 Nat Public Service 58_1978 Nat Rub Mach'y 68_1943 Nat Trade Journal 66.1938 Nebrasisa l'ower 65 A.202 Nehiner Realty deb 0s1948 New Eng04El Assn Os'47 58 1948 New ()II Pub Serv Os N Y & Foreign Invest 534s A with warr._ _1948 NYPOLL Corp lot 4355'67 Niagara Falls Pow 611.1950 Nichols & Shepard 0_1937 Without warrants Nippon Elec Pow 0355 1953 North Ind Pub Servos 1966 Nor States Pow 655'7.-1933 Ohio Power 58 ser B._1952 1056 4358 series D Osgood Co with warr Os '38 Pao Gas & El 1st 442_1957 Pacific Western 01164s'43 Penn-Ohio Edison Gs 1950 Without warrants 534s when issued _ _ _1959 Penn Pow & Light bs El '52 181 & ref Is set D._ _1953 Plain) Elea Pow 5545._1972 Philo, Rapid Trans 65_1962 Phila Suburban Cos Gas & El 1st &ref 4413'57 Pitts Screw & Bolt 534s '47 Pittsburgh Steel (Ss_ _.1948 Potomac Edison. Os_..i956 Power Corp of N'Y 54s'47 Queensboro 0 & E 555s '52 Item Arms54% notes 1930 Richfield 011536% 11014111'31 Rochester Cent Pew 58 '53 1963 Ruhr Gas 6554 Ryerson (Jos T)& SOUR Ins 15 -year a f dab 58_..1943 St Louis Coke & Gas as '47 Sae Ant Public Serv Ga 1958 Range Since Jan. 1. Low. 96 Jan 984 91 Jan 02 9736 Feb 9956 10055 Feb 10134 95 Jan 9654 96 102 923.4 974 1054 954 95 10055 Jan Jan Jan Feb Jan 921 4 Jan 8651 Jan 02, 9551 Jan Jan 88 93 94 9151 94 95 Jan Jan Jan Jan 88 84 89 Jan 96 89 Jan 9235 1004 Jan 101 954 Jan 974 9935 Jan 1004 89 Jan 9131 Feb Jan Feb Jan Feb Jan Jan Feb Jan Jan 844 Jan 8655 Feb 100 Jan 10255 Jan 934 Jan 95 Jan 81 65 974 99 1064 85 9935 100 98 Jan Jan Feb Jan Jan Jan Feb Feb Jan 8755 Feb 7055 Jan 9835 Jan 100 Feb 108 Jan 85 Jan 10155 Jan 102 Jan 9951 Jan 11,000 100 7,00i 86 25.000 9335 6,000 9334 16,000 80 21,000 90 25,000 90 1,000 9455 3,000 9955 55,00 10235 35,000 9831 13,00 9431 61,000 90 22,000 95 10,000 95 8,000 95 Feb 103 Jan 88 Jan 9655 Jan 97 Feb 8451 Jan 924 Jan 923-4 Jan 964 Jan 1004 Feb 1104 Fe, 995-4 Jan 9655 Jan 92 Jan 964 Feb 9635 Fe, 97 Jan Jan Feb Jan Jan Jan Jan Jan Jan Jan Jan Feb Jan Jan Jan Jan 5,00( 109 29,000 98 4,000 78 Feb Jan Jan Jan Jan Jan 5,000 16,000 3,000 100 5,000 87 63,000 79 5,000 104 2,000 28,000 24,000 110 107 83 105 Jan 110 Feb 93 Feb 944 Jan 864 Feb 9155 Jan Fe) 1064 Jan 88 Jan Jan Feb 82 Jan 104 Jan Jan 734 Jan 9635 Feb 984 Feb 994 100 14,000 9934 10431 10455 104% 65,000 10435 9735 High. Jan Jan 79 Jan 984 Jan 9935 Jan 10034 106 Jan Jan 102 18,000 101 Jan 1023-4 Jan 924 2,000 924 Feb 94 Jan 98 6,000 9735 I'm 9936 Jan 106 6.000 1034 Jan 106 Feb 9551 2,000 9535 Jan 9636 Jan 96 21,000 95 Feb 97 Jan 1004 12,000 99 Jan 101 Jan 10135 10135 1,000 100 Feb 10155 Jan 1024 1024 10335 31,000 10255 Fe, 10435 Feb 954 9534 9735 11,000 1)555 Fe) 994 Jan 100 100 97.4 9755 994 9055 102% 9934 993.4 1004 1004 10035 9735 9951 9155 10236 101 10094 55.000 964 Jan 100H Feb 24,000 9755 Fe. 99 Jan 8,000 98 Jan 100 Jan 2,000 9055 lei 924 Jan 4,000 1014 Jan 102N Jan 39,000 994 Fe.. 1014 Jan 14,000 1004 Jan 101 Jan 0855 98 9935 9954 105 105 82% 6251 137 135 93 9135 10u 109 1074 964 95 95 95 9536 99 994 10534 834 142 93 1U9 10755 964 97 9535 3,000 8,000 52,000 67,000 22,000 24,000 1,000 13,000 19,000 18,000 200 98 9931 104 81 135 014 10754 1074 95 95 04 Jan Jan Jan Jau Feb Feb Jan Jan Feb lea Jai 99 10035 10535 8331 163 9835 109 10855 9754 9734 06 Feb Jan Feb Jan Jan Jan Jan Jan Feb Jan Jan 9236 92 9255 176.000 92 Jan 94 9151 92 91.35 90,000 9151 Feb 9335 10651 1064 1084 11,000 1044 Jan 10835 102 102 102 1,000 102 Jai 1021, 91 00% 914 18,000 90 Jan 92 1004 10095 23,000 10051 Jan 10155 10231 10256 104 37,000 1024 Jan 104 Feb Jan Feb Jan Jan Jan Feb 99 924 92 101 101 97 9656 9531 954 9934 9231 102 97 9634 100 9656 9655 10055 10044 10035 1044 10434 102 101 8,000 100 Feb 102 Jan 5,000 961.5 Feb 97 97 Feb 1014 29,000 1004 Feb 10131 Jan 101 6,000 10034 Feb 1024 Jan 1054 25,000 10434 Feb 105% Jan 1,000 1014 Jan 10355 Feb 102 18,000 99 58,000 92 12,00 100 106,000 9634 43,000 954 1-et 101 Jan Feb 9331 Jan Jan 1024 Feb Feu 9835 Jan Feb 9855 Jan 4,000 97 97;5 97 9735 Feb 9831 Jan 98 2,00 98 98 Feb 98 Feb 1024 10255 10234 11,000 102 Jan 103 Jan 9635 974 23,000 9635 Jan 9736 Jan 97 3,000 9755 Jan 0831 Jan 0734 9754 4,000 10254 Feb 105 103 1024 105 Feb 99 98 9,000 98 Jan 99 Jan 101 41,000 100 100 101 Jan 102% Jan 87% 87 874 65,000 8631 Jan 883.4 Jan 94 94 94 24,000 94 Jan 94 Jan 89 9651 95 95 14,000 89 8935 27,000 5,000 964 97 93 89 96 Jan Feb Jan 96 92 97 Jan Jan Feb Bonds (Concluded) Sauda Falls 5s 1955 Schulte Real Estate 65 1935 With warrants Without warrant,s Scripps (E W)534s..._1943 Serval Inc(new co) 5s_1948 Shawinigan W & P 456s '67 Shawsheen Mills 75....1931 Sheridan Wyo Coal 60_1947 Sloss-Sheffield S & I 6s 1929 Snider Pack 6% notes_1932 Solvay-Am Invest 58_1942 Southeast P & L 6s_2025 Without warrants Sou Calif Edison 5s___1951 Gen & refunding 55_1944 1952 Refunding 5.9 1937 Sou Calif Gas Is Southern Dairies Gs_..1930 So'west Dairies 655s 1938 With warrants S'west 04 E 5s A_ ___1957 So'west Lt & Power 5s 1957 S'west Pow & Lt 6s___2022 Staley (A E) Mfg 6s_1942 Standard Invest 5s_.1937 With warrants Stand Pow & Lt 6s___1957 Stinnes (Hugo) Corn 75 Oct 1 '36 without warr is 1946 without warr'nts Strauss (Nathan) 6s..1938 Sun Maid Raisin 648_1942 1939 Sun Oil 54s Swift & Co 59 Oct 15 1932 Texas Power & Lt 58_ _1956 Thermoid Co 6s w w 1934 Tran Lux Dayl Pict Screen Without warrants 1936 Ulen & Co.63 -Is United El Serv (Unes)75'56 With warrants Without warrants United Industrial 64s 1941 United Lt & Rys 548_1952 1952 Cs series A United Steel Wk 6348 1947 With warrants U S Rubber Serial 635% notes__1929 Serial 635% notes_ _1930 Serial 64% notes._1931 Serial 634% notes..1932 Serial 64% notes...1933 Serial 655% notes_.1934 Serial 634% notes_ _1935 Serial 654% n cites_ _193(1 Serial 64% notes_ _1937 Serial 64% notes_.1938 Serial 655% notes. _1939 Serial 6)4% notes...1940 US Smelt .3r Ref 5558.1935 1045 Friday Last Week's Range Sales Sale of Prices. for Price. Low. High. Week. 102 102 1044 104% 92 92 94 94 79 79 9335 934 9335 97 97 9756 93 93 100 100 1004 1004 994 1033-4 9651 97 92 10331 103 10335 1014 10255 10274 101 10271 101 10056 1014 93 9234 93 974 9764 9935 9535 93 10331 9855 9851 9856 132 98 9431 90 91 89 129 129 74 10056 9935 100 98 9751 102 10135 90 89 Low. High. 1,000 1014 Jan 1024 Jan 1,000 102 13,000 92 2,000 9255 11,000 75 85.000 9354 7,000 97 2,000 93 3,000 9955 58,000 95 5,000 9634 Jan 110 'Jan Jan 9255 Jan Jan 95 Jan Jan 8574 Jan Jan 9435 Jan Jan 9834 Jan Jan 93 Jan Jan 10055 Feb Jan 1074 Jan Feb 98 Jan 180,000 72,000 27,000 27,000 53,000 7,000 103 10135 101 1004 924 964 Feb 10556 Jan Jan 10235 Feb Feb 101 Feb Feb 1004 Feb Jan 93 Jan Jan 99 Feb 9935 25,000 9934 2,000 95% 96 95 2,000 93 10474 20,000 10331 984 27,000 9761 Jan 101 Feb 97'5 Feb 964 Feb 10734 Jan 9855 Jan Jan Jan Jan Jan 132 1,000 126 9836 79,000 98 Jan Feb 132 9931 Jan Jan 9435 91 136 75 101 100 994 103 Jan Jan Jan Feb Feb Jan Feb Feb 94% 91 14054 7931 102 10036 9955 104 Feb Feb Jan Jan Jan Jan Jan Feb 90 Jan 9965 Jan 9535 9935 Jan Jan 95 95 9955 9915 127 126 8931 90 894 894 9255 9255 10194 10031 Range Since Jan. I. 128 9135 894 934 101% 89 100 100 99% 100 9954 9931 9955 100 9934 100 994 9935 9931 99 98 101 994 9935 08 100 9934 9931 99 100 100 101 1004 102 10351 10351 146,000 8834 111,000 88 37,000 117 2.000 65 32,000 100 27,000 984 31,000 975( 182,000 10134 2,000 3,000 78,000 1154 Jan 130 Feb 30,000 8931 Feb 923-4 Jan 13.000 894 Feb 914 Jan 36,000 9235 Jan 943-1 Jan 6,000 100 Jan 10135 Jan 32,000 87 2,000 9951 4,000 9851 20,000 98 17,000 97 6,000 9634 3,000 9634 12,000 96 4,000 974 18,000 97 4,000 98 6,000 96 15,000 97 2,000 10351 Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan 90 Feb Jan 100 1004 Jan 10056 Jan 10014 Jan 100% Jan 1004 Jan 100% Jan 100% Jan 1003-4 Jan 1004 Jan 10035 Jan Feb 102 10434 Feb 1,000 1044 Feb 106 1937 1044 10436 10455 Valvoline Oils 78 Jan 8736 21,000 85 Van Camp Packing 68.1948 8755 87 Jan 8755 Feb Virginia Elec Pow 5s 1955 ------ 9955 9935 4,000 9955 Jan 10034 Jan 9235 9,000 92 92 Webster Mills 6 48-1933 Feb 964 Jan Western Power 5548_ _1057 1184 11155 121 584,000 1094 Jan 121 Jan Westvaco Chlorine 5.555 '37 10351 10231 1034 7,000 1024 Jan 104 Jan Jan Wheeling Stee14558-1953 8835 8834 89 106,000 8835 Feb 89 Foreign Government and 111unicipalitles Agricul Mtge His Rep ofCol 9735 98 17,000 97 20-yr 7s Jan 15 1946 98 97 97 2,000 97 20-yr 7s_. _Jan 15 1947 9435 77,000 93 Antwerp (City) 55_ _1958 934 93 974 98 19,000 96 Baden (Germany)75_1951 Bank of Prussia LaDdOWDON 9635 97 19,000 95 Ass'n 6% notes_ _ _ _1930 97 10355 10436 30,00 102 Buenos Aires(Prov) 745'47 100 100% 15,000 59935 1952 100 78 Cauca Valley (Dept) Co20,000 924 ombla extls f 75_1948 9255 9255 93 Cent Bk of German State& 86 864 30,000 854 _ _1951 Prov Banks 65 86 86 2.000 85 1952 6s series A 88 884 112,000 8855 1958 88 655s 9935 101 25,000 99 Danish Cons Munie 545'55 101 9531 23,000 94 1953 9555 95 Os new Danzig P & Waterway 13c1 8435 14,000 81 84 1952 Esti if 6358 8735 8755 20.000 86 1967 Estonia (Rep) is 25,000 9335 Frankford (City)648_1953 944 9455 96 9655 97 37,000 96 German Cons Olunic 75 '47 97 8735 126,000 86 1947 8656 86 68 Indus Mtg Bk of Finland 101 101 26,000 101 1st mtge coils f 75_1944 101 93 93 Lima (City) Peru 6555 1958 9,000 93 92 92 5,000 1)2 Maranhao (Slate) 7o._ i958 92 Medellin (Colombia) 78 '51 063.4 9635 964 6,000 96 Mendosa (Prov) Argentina 1951 9894 9735 9835 14,000 9655 7348 95 9535 27,000 94 Montevideo (City) 65 1959 NItge Bank of Bogota 78'47 93 9234 9355 4,000 9136 New 9351 41,000 9051 934 93 Mtge Bank of Chile 68 1931 9855 9734 9834 14,000 9794 Mtge Elk of Denmark 55'72 1,000 954 9854 96% Mtge Bk of Jugoslav 75 '57 8055 79 28,000 783.1 81 Newfoundlandis 1952 994 994 1,000 9931 Parana (State of) Bras 75'58 904 9051 Prussia (Free State) 834s'51 92 Esti 6s (of'27) Oct 15'52 8955 8856 Rio Grande do Sul (State) Brazil 78 (of '27)_ _ _1967 06 95 Russian Governments 13 1919 13 83.4a 6555 etts 13 1919 13 5Sis 1921 1236 Saar Basin 7s 99 1935 Saarbrucken 7s 1935 994 9931 Santa Fe (City) Argentine 93 Republic exti 7s..1945 93 9861 Santiago (Chile) 7s_ _1949 824 1958 84 Silesia (Prov) 78 100 Switzerland Govt 5355 1929 100 , 9151 25,000 66,000 96 8935 57,000 9635 14,000 13 3,00 1331 24,00 1356 6,000 9951 4,000 9954 8,000 Jan Jan Fel Jan 100 99 9434 98 Jan Jan Jan Jan Jan 97 14 Feb Jan 10494 Feb Jan 101 Jan Jan 9634 Jan Jan Jan Jan 87 8751 89 Jan Jan Jan Jan 1014 Jan 9654 Jan Jan Jan Jan Jan Jan Fen Jan Jan Jan Jan Jan 8435 89 9656 98 89 Jan 102 Jan Jan 93 Jan Fen 1/4 Jan Jan 9735 Feb Jan 984 Feb96 Jan 94 Jan 94 Jan 9856 Jan 9655 Feb 8231 Feb 994 Jan Jan Feb Jan Feb Feb Jan Feb 904 Feb 92 Feb 8855 Jan 9354 Jan Jan 96 9035 Jan 95 97 Jan Jan Jan 1255 Feb 13 1455 Jan 1234 Jan 1234 Feb 1355 Jan Jan 99 Jan 101 994 Jan 100 Jan 9454 6,000 93 99 7,000 9735 844 26,000 82 100 12,000 100 Jan 96 Jan Jan Jan 100 Jan 85 Jan Jan 1003-4 Jan • No par value. 1 Correction. m Listed on the Stock Exchange this week, where additional transactions will be found. n Sold under the rule. o Sold for cash. a Option sales. I Ex-rights and bonus. to When issued. z Ex-dividend. yExrights. z Ex-stock dividend. "Under the rule" sales were made as follows: a Amer. Meter Co., Jan. 15 at 128; e Danish Con. Munk). 5145, 1955, Jan. 18 at 105; p Educational Pictures pref. Feb. Cat 100. "Cash"sales were made as follows: d Arkansas Power & Light lot & ref. 5s Jan. 22 at 99. 1046 FINANCIAL CHRONICLE [VoL. 128. Quotations of Sundry Securities All bond price* ant "and interest" except where marked -11". Public Otliitles Par Ask American Gas & Electric__ • *157 159 *106 107 6% Preferred Amer Light & Traci com_100 248 250 Preferred 100 110 118 Amer Pow & Light Deb 612016 ____ _-_M&S 10538 166 Amer Public UM com I00 55 65 100 95 % prior preferred 97 Panic preferred 100 93 96 Appalachian El Pr pf-100 107 10812 Associated Gas & Eleo com t *26 28 Original preferred • *54 56 55 preferred *97 100 *99 101 5612 pref *100 102 SO Preferred *100 102 34 preferred *103 105 $7 Preferred Deb 55 1968 A & 0 87 88 Deb 59 2875 97 100 Com'w*Itli Pr Corp pref_100 10012 101 44 *40 Ban. Util. Asec. corn *131p 1412 Cony. Mock_ 10332 Else Bond & Share prof-100 4012 General Pub Serv com t $7 preferred *190 *99 $6 first preferred 4 4 Gen'l Public Util 100 933 943 Mhalmappi RI,Pow prof.100 •106 10712 J&J 101 10212 First large ba 1951 98 MAN 97 Deb Is 1947 National Pow & Light pref.. t *108 10912 North States Pow com_100 165 168 100 10612 10812 7% Preferred 7 9 Nor Texas Elsa Co com-100 37 100 34 Preferred Ohio Pub Berv.7% prof _100 110 112 103 105 6% pref 4 4 Pacific Gas & El let pre/_25 263 273 99 *97 'MistSound Pow& Lt6%p 91 *89 5% Preferred lit & ref 6348 1949__J&D 10112 10212 60 Beath Cal Edison 8% pf--26 *50 Wand G & E 7% Dr pf-100 110 Tenn Elm Power lit pre:7% 10612 115i12 100 100 101 6% preferred 1043 106 4 Toledo Edison 6% pf 100 109 111 7% Prat Wafter]) Pow Corp pref_100 106 107 Short Term Securities alue Chid Mfg, be May '37_ 9914 993 4 10012 10112 95 97 9613 96 9914 100 Alum Coot Amer. be May'52 May'47 Amer Bad,deb 4 Am Roll Mill deb be, Jan '48 Anglo-Am 0114365. July '29 Ana'da Cop Mln 181 cone 6e Feb. 1953 Batavian Pete 4 he_ _ _ _1942 Bell Tel of Can be A _Mar '55 Beth SU 5% notes June 15'29 Sec 5% notes_June 15 '30 Sec 5% notes_June 15 '31 Sec 5% notes_June 15 '32 Com'l Invest Tr 5e_ May '29 5% notes May 1930 Cud Pkg. deb 5 he_ Oct 1937 Cunard SS Line 4348 Dee'29 Ed El Ill Bost Nov 1930 43.4% notes Empire Gas & Fuel be June 1929-30 Mak Rub 5348--Jan 1931 Gen Mot Ac Corp be Mar'29 5% serial notes__Mar '30 5% serial notee_Mar '31 6% senal notes__Mar '32 5% serial notes__Mar '33 5% aerial notes_Mar '34 5% serial notes__Mar '35 6% serial notes__Mar '38 Gulf 011 Corp of Pa deb be Dec 1937 Deb 55 Feb 1947 Koppers Gas & Coke deb 5s June 1947 Mag Pet 436s_Feb lb 30 31 Mar Oil Si. notes June 15'31 Serial 5% notes June 1531 Serial5% notes June 1532 Maas Gas Cos,536s Jan 1946 Pacific Mills 534e._ _Feb '31 Peoples Gas L & Coke 4368 Dec 1929 & 1930 Proet & Gamb.434,July '47 Moss Shei SU& Ir Os Aug '29 Swift & Co b% notes Oct 15 1932 On NJ RR & Can de Sept'29 U SSm & Ref 534s Nov '35 Wise Cent 135 Jan '30 Tabasse S 1043 105 4 923 9314 4 10112 10134 9912 100 99 993 4 99 99 4 3 9914 990 4 9812 9912 9612 9712 9812 983 4 9812 9912 983 9914 4 9712 9912 94 9514 99% 100 4 99 4 993 , 9814 99 97 4 9814 , 9614 9714 9614 9714 4 951 963 4 4 95 4 963 3 9912 100 , 100 100 4 9814 99 9512 100 9812 9914 9512 9612 9412 9512 10312 104 9612 9812 99 100 97 96 99 4 100 , 993 10018 4 9912 99 102 104 97 9812 Par American Cigar com____100 Preferred 100 Brinab-Arner Tobac ord__111 Bearer Al Imperial Tob of G B & herd lot Cigar Machinery new100 Johnson Tin Foil & Met 100 Union Tobacco Ca corn.,. Class A Young (J 8) Co corn -100 Preferred 100 135 142 109 111 32 *31 32 *31 *3112 323 4 102 108 70 60 1612 1712 69 66 15 108 104 Indus. & Miscall &Medea° Hardware 25 *73 Babcock & Wilcox 100 125 Bilas(E W)Co t 4 50 348, Preferred 60 Bdway Bldg 7s with stk 106 Childs Company °ref.-100 103 Hercules Powder new...., • *115 Yreferred 100 117 Internet Silver 7% eref_100 115 Phelps Dodge Corp 100 310 Royal Baking Pow oom---t *32 Preferred 100 95 100 600 Singer Manufacturing singer Mfg Ltd El *812 *Per share. No par value. 75 30 4914 -0813 05 22 20 16 30 35 26 9 Basle. Chain Store Stocks Ask Par Ma 23 Amer Brit & Cont corn 21 92 89 6% Preferred 2812 Amer , ' Man Hold ciont A_ 83 81 Am & For Sh Corp units_ 37 Common 35 98 5% cony debs 1938 97 76 &aback(HG)Inc cora_ _t *71 7% let preferred 100 103 107 *9 11 Butler(James) corn 45 Preferred 100 35 City Radio Stores Consol Het Sts, 8% of with warrants 100 112 45 47 Diamond Shoe, corn 104 Preferred 28 16 Fan Farmer Candy Sh pref 1 *5 8 Fed Bak Shops,corn Prel 7% with wan_ _ _ _100 95 100 Feltraan & Curme Shoe 20 t 10 Stores A corn 65 100 7% preferred Gt All & Pac Tea vot com_t 350 300 100 114 117 Preferred 18 15 Howorth-Snyder Co, A...,_ Kinnear Stores corn 100 130 145 8% preferred Knox Hat,corn f *235 255 z *105 10812 $7 cum pref *60 65 CIA panic prof 51 t *50 Kobacker Stores corn 100 104 107 Cum pref 7% Landay Bros Lam Bryant Inc cornt *70 16 100 120 135 7% cum prof 125 135 Preferred with'wan Leonard Fitzpatrick & *34 36 Muller Stores corn 100 117 124 Preferred 8% 100 380 39,5 Lord & Taylor First preferred 6% -100 100 Second pref,8%..... lii 110 McLellan Stores6% Mt 100 100 166 Melville Shoe Corp corn _t .63 65 1s1 pref 6% with warr_100 10512 Warrants Mercantlie Storm 100 104 Preferred Metropolitan Chain Stores- t 100 118 122 New preferred 41 Miller (I) & Sons corn...-t *40 Preferred 636 _100 96 100 Mock Judson & Voekinger pi'. 10212 105 81 Aeronautical Securities Murphy(0 C) Co corn_ _ _ _ C *77 100 104 109 7 Aeromarine-Elemin 712 8% cum pref 18 2112 Nat Family Stores Inc warr 14 21 Aeronautical Industries 20 14 12 Air Associates Nat Shirt Shops, corn t *17 90 39 37 Air Investors pref Preferred 8% 100 85 16 1 13 Alexander Indus corn Nat Tea 812% pret 100 102 106 25 96 100 8% participating pref. Nedick's Inc com t *22 American Airports Corp-1 100 105 Neisner Brcs Inc corn t 160 170 1312 13 Amer Eagle Aircraft Preferred 7% 100 206 220 *117 120 2312 2414 Newberry (J J) Co corn Aviation Credit Corp 18 BellancaAlrcraft Corp, new 17 Preferred 7% 100 1051 10712 44 26 NY Merchandise com_ _ _ - t *40 Cessna Aircraft new corn... 25 100 110 Preferred First pref7% 100 103 400 410 I Penney (J C) Co new.__ 100 140 143 Claude Neon Lights 42 I 41 260 Rights New w 34, Peoples Drug Stores corn_.t *80 33 82 Consolidated Aircraft 19 Consolidated Inetrument-t 18 636% cum pref 100 129 0312 471 15 12 ; 2 561; Crescent Aircraft Pinly-WIggly Corp t 8 8453 3463 8 Curtiss Ain)] Export 100 Preferred 8% 1512 1612 Rogers Peet Co corn... _100 130 140 Curtiss Cap Aircraft 97 100 Airplane Curties-Robertson Safeway Stcres pref 3212 130 140 Saunders(Clarence),com B. 28 Units 35 30 75 Schiff Co corn Curtiss Assets t 65 33 31 Cum cony pref 7%. Curtiss Reid pref ._100 250 280 65 77 55 Silver (Isaac) & Bros com_t *74 Fairchild Caminez Engine. 241 26 7% cum cony pref __ _ _100 117 120 FokkerAircraft 22 34 19 Southern Grog Stores A___t .30 Preferred 15 10 90 Southern Stoma units_ _ Gates -Day Aircraft 27 26 Spald (AG)& Bros,corn 100 320 340 Great Lakes Aircraft 40 7 35 US Stores coin clam A .t •5 Haskelite Mfg 10 9 Com clam 13 t *312 412 Heywood Starter Corp 60 57 50 let preferred 7% 100 55 Kreider-Reisner Aircraft 17 89 15 t *86 Walgreen Co corn Lockheed- Vega 14 12 8% cum prof 10 104 Maddox Air Tines corn 22 West Auto Supply corn A I .59 16Mahoney-Ryan Aircraft.... 19 14 12 Standard OH Stocks Mohawk Aircraft 10 4 7 Anglo-Amor Oil vot stook_ El •163 17 Mono Aircraft 35 30 Non-voting stock_ _ £1 *15; 1612 Preferred 8 20 18 Atlantic Refg corn rew-25 5512 557 Moth Aircraft Corp unite 100 11614 117 12 10 Preferred Common 45 25 .42 460 475 Borne Scrymser Co National Air Transport..,.. 70 15 Buckeye Pipe Line Co___ _50 .88 Nat Aircraft Malls Corp... 14 8611 .1691 Chesebrough Mfg cons_26 *140 145 8 NationalAviation 10 *190 20 4 1614 1714 Continental Oil•t o North Amer Aviation 9 Cumberland Pipe Line_100 6812 70 71 Pollak Nifg 31 5 Eureka Pipe Line Co____100 6412 70 Scenic Airways common Galena Signal Oil com__100 53 4 7 Stearman Aircraft corn_ _ • 125 135 85 21 20 100 80 Preferred old Stinson Aircraft corn 90 12 100 84 9 Preferred new Swallow Airplane 59 54 Humble 011 & Refining_ _25 *9034 9112 Travel Air Mfg New 100 300 305 14 11 Illinois Pipe Line U S Air Transport 90 t 88 _ Imperial 011 United Aircraft 85 50 *81 Indiana Pipe Line Co Universal Aircraft units-. 193 197 Petroleum_ _.• *5312 5412 International Warner Aircraft Engine.._ 21 20 National Transit Co _12.50 •22; 24 New 82 47 New York Transit Co„.100 76 50 Western Air Express. new.Northern Pipe Line Co..104)58 61 Water Bands. 65% 99 Ohio 011 27 •65 Arkan Wat let be '56 A.A&O 97 37 4 26 *35 Birm WW let 1534se 5 -A&O 1013 102; Penn Mes Fuel Co .4 Prairie Oil & Gas 215 •58; 59 lat M be 1964 sir B__J&D 99 100 s .5612 567 4 W(Chatt)6343'54AJ&D 10112 1023 Prairie Pipe Line City Solar Refining 100 195 210 J&D 95 let M 58 1954 54 49 New of New Castle Water City Southern Pipe Line Co_ _50 1312 1412 J&D 1 04 58 Dee 2 1941 6412 South Penn 011 26 *64 Clinton WW 1s8 61'39.F&A 94 100 102 New 4212 45 Com'w'th Wat list 53.411A.47 S'west Pa Pipe Lines, new _ *6814 70 Connell/fa W 5800t2'39A&01 95 98 Standard Oil (California) 6514 ._• *65 E St L & lot Wet be'42.J&J 96 Standard 011 (Indiana)_ _ _26 *887 89 8 J&J 100 102 1st M Os 1942 New 5912 6012 Huntington 15t 68 '54_M&S 100 102 193 4 Standard 011 (Kansas). _25 •19 1954 95 58 Standard 011 (Kentucky)_25 Mid States WW 68'36 MAN 100 41 96 New Monm Con W Ist bs£513AJ&D 94 99 Standard 011(Neb) 25 *•-,41P4 4554 Monm Val Wt 5345 '5O.J&J 97 _ Standard 011 of New Jer_ _25 •48; 487 8 Muncie WW 58 Oct2'39 A01 94 Standard Oil of New York-26 •3928 3912 1941A&O 93 St Joaeph Water be Standard Oil (Ohio) 25 *112 11612 Sbenango ValWet 135'56A&O 93 Preferred 100 12014 124 So Pitts Wat let 6s1960 J&J 97 Swan & Finch 19 25 *17 FAA 97 lstMO.1965 03 Preferred Ter H W W Os '49 A J&D 100 Union Tank Car Co 100 139 140 let M be 1956 ser B_ _P&L) 95 Vaeuum Oil (New)_. ,_ _26 116 117 Wichita Wat 1518s'4914403 100 103 Investment Trust Stocks 95 let M 15s 1956 see D.V&A and Bonds Chain Store Stocks Allied Internal Investors_t *111 114 08 Am Den St lat Pf 7%---100 •106 13 Amer Bond & Share com_10 2712 3014 108 Berland Stores units to Nominal. • Ex-dlvidand. is Es-rights 4 Purchaser also nays accrued dividend Railroad Equipments Par Bid 5.25 Atlantic Coast Line Oe 4.90 Equipment6348 5.25 Baltimore & Ohio Gs 4.90 Equipment 4548 & 45sBali Rosh & Pitts equip 05. 5.00 CanadianPacific 4368 & 85. 5.10 5.25 Central RR of NJ Os 5.25 Chesapeake & Ohio OM 5.00 Equipment 6341 4.90 Equipment 58 Chicago & North West 68.. 5.30 5.00 Equipment6348 4.90 Chic RI & Pac 434s & 53_ 5.30 Equipment Os 5.40 Colorado & Southern 6i_.,, Delawaredr Hudson 65 5.25 Erie 434s& 65 5.20 5.40 Equipment Os 5.25 Great Northern Oa 4.90 Equipment bs 4.90 Hocking Valley be 5.25 Equipment65 4.90 Illinois Central 434s & Equipment fla 5.20 Equipment Is & - 5.00 Kanawha & Michigan Os5.30 5.25 Kansas City Southern 5348 Louisville & Nashville Os_ 5.25 4.95 Equipment636s Michigan Central bs & 68_ 5.10 Minn St P&SEIM 4345 & 53 5.30 5.50 Equipment 6345 & 7s_.. MissouriPacific Cs & 6345. 5.2.5 4.90 Mobile& Ohio 56 New York Central 430& 4.85 5.25 Equipment Oa 5.00 Equipment 78 4.89 Norfolk & Western AM 4.90 Northern Pacific 78 Pacific Fruit Express 7s.__, 5.00 4.90 PennsylvaniaRR eq 58 Plinth & Lake Erie 6 ht. -- 5.05 Reading Co 4345 & 56 4 90 St Louis & San Francisco be_ 4 90 Seaboard Air Line 5348 A es 5.75 4.90 Southern Pacific Co 43.45.. 4.90 Equipment78 4.85 Southern By 434s & 51 5.30 Equipment68 Toledo & Ohio Central 63... 5.30 490 Union Pacific 78 Ask 5.00 4.70 5.00 4.70 4.80 4.70 5.00 5.00 4.80 4.70 5.00 4.80 4.75 5.00 5.00 5.00 4.90 5.10 5.00 4.70 4.70 5.00 4.70 5.00 4.80 5.00 5.00 5.00 4.75 4.75 5.00 5.00 4.95 4.70 4.70 5.00 4.80 4.70 4.75 4.85 4.70 4.80 4.70 4.75 5.25 4.70 4.80 4.70 5.00 5.00 4.75 Investment Trust Stocks and Bonds Par Bid Ask Amer Founders Corp corn - 8712 90 4412 4712 6% preferred 53 59 7% preferred 61e 66c 140th, 7312 7512 Amer & Genl Sec. units 34 30 Class A 1112 1312 Class B 50 47 Amer Internet Bono & 4114 4 Andrews Secur Inv Co 50 47 Astor Financial clam A 14 10 Class B 291 3312 . Atlantic Pac coin 49 45 Preferred 7312 76 All 4,Pm Intl Corp units 2412 Bankers Financial Trust.. 15 Bankers Investm't Am corn. Debenture shares 1712 18 Bankers Ins Or of Am corn _ _ 3812 Baustocks Corp of Md units -10 7 Class A 4 63 4 83 Class B 40 35 Preferred 87 s 9ss Basic Industry Shares 5414 5514 British Type Investors A.. Continental Securities Corp 105 109 82 85 Preferred 107 be 1942 with warrant____ Without warrants Crum & Forster Insuran110 114 shares porn 103 105 Preferred 263 4 26 Diversified Trustee she 2278 23% Shares B 27 Eastern Bankers Corp com_ 145 igl Units Milan & Indust Ser corn._.,. 144 146 First Fed Foreign Inv Trust 2234 Fixed Trust Shares 12 11 Foundation Sec corn 29 24 General Trustee common_ New units 70 75 90 6% bonds 2112 2212 Greenway Corp corn 5312 5512 Preferred (w w) 27 Guardian Investment 28 Preferred 20 Guardian Investors 95 100 6% 45 50 §3 units 45 Incorporated Equities "6"i 9412 . Incorporated Investors__ 22712 Insuranshares ser A 223 2414 4 Series B 1928 28 Series C 3012 Series F 2512 Series H 215 225" Inter Germanic Tr new 67 Int Sec Corp of Am corn A. 64 34 37 Common B 94 99 preferred 634% 91 95 0% preferred 51 55 Invest Co of Am cam _ _ 96 102 7% preferred Series A units 187 7Investment Trust of N Y._ 123 128 3 Invest Trust Associates__ _ 4712 5212 Joint Investors Cony. Prof. 104 107 Kent Securities Corp corn_ 11112 11513 100 101 Prefened Massachusetts Investors__ 513 541s 8 Mohawk Invest Corp Mutual Investment Trust.. 1212 1312 New England Invest 'Fruit. 12 _33 31 OWColony Invest Tr com__ 92 89 434% bonds 37 42 Pacific Investing Corp oorn_ 73 75 Petroleum Industries Second Intermit See Corp.. 5412 57 2 , 26 24 CoinB when if & as lea_ 48 45 6% preferred 57 64 Shawmut Bk by Trust.,.,.. 90 4365 1942 87 94 91 Se 1952 as 1952 240 South Bond & Share 34 Corn & allotment ctis 32 $3 pref allotment Ws__ _ 50 52 Stand Int rims Corp units__ Standard Investing Corp... 16- 43 102 105 534% preferred w w 5% bonds w w 12512 State Bankers Financial.,... 21 24 U 0 Shares class A 1438 Class A 1 14 1512 Class C 1 30 2 , Clam C 2 317 8 Clam C 3 2814 114 Class D 183 -4 US & Brit Internal 01 B.._ 18 Class A w I -2 3712 111Preferred 42 45 U S Elec IA Powr 41 4212 II S & Foreign Sec Corn._. 6012 8212 Preferred 9312 9612 Seeks Caracas Sugar 3 so Fajardo Sugar 100 *119 121 Federal Sugar Ref earn..,100 15 20 Preferred 45 100 35 Godchaux Sugars,the t ns 34 Preferred 94 100 88 Holly Sugar Corp oom___t *36 39 Preferred 101) 87 90 National Sugar Ref new_100 46 47 New Nlquero Sugar 100 25 35 Savannah Sugar corn 125 1 27 t *1 16 119 Preferred 100 Sugar Estates Oriente pf_100 22 25 VertIonses Sugar p1 top 50 60 Rubber Stocks (Maslen& Aetna Rubber common....t Q "" 22) 'r22" 812 Falls Rubber emu 1012 t *8 Preferred 14 26 •11 Faultless Rubber t Firestone The & Rub eom.10 250 6% Preferred no *1133 8 11012 . 0 .5- 37 9 7% Preferred 100 107 4 10912 8 General Tire & Rub oom__26 *251 260 Preferred 0 12 84 100 10 1 1013 0 8 Goody'r TAR of Can p1.100 India Tire & Rubber 8 00 8 t •65 0 Mason Tire& Rubber coin- t Preferred 100 8 Miller Rubber preferred _100 8018 82 Mohawk Rubber 100 57 62 Preferred 100 Seiberlhig Tire & Rubber.- t Preferred 100 107112 1863 867 1 0812 8 r Canadian a sotailoo s le once. Investment anti Naar:fait ?Ixteitiffenct. Latest Gross Earnings by Weeks. -In the table which follows we complete our summary of the earnings for the first week of February. The table covers 9 roads and shows 2.59% decrease over the same week last year. First Week of February. 1929. Canadian National Canadian Pacific Duluth South Shore & Atlantic Georgia & Florida Mineral Range Mobile & Ohio St. Louis Southwestern Southern Railway System Western Maryland 1928. Increase. 84.375,872 $4,409,566 3,312.000 3,613,000 83,974 90,382 26,050 29,100 5.618 5,805 309.220 341,883 498,000 511,417 3,712,713 3,633,323 359.431 385,504 Total(9 roads) Net decrease (2.59%) Decrease. 833,694 301,000 8.408 3,050 187 32,613 13,417 79.390 26,073 812,682,878 813,019,930 $79,390 $416,442 337.0.52 In the following table we show the weekly earnings for a number of weeks past: Current Year. Week. Previous Yea?. Increase or Decrease. 1047 American Railway Express Co. -Month of November- -11 Mos. End. Nov. 301928. 1927. 1928. 1927. 8 8 $ $ 24,692,538 24,670.577 255.717.044 258,622,187 Miscellaneous 873 733 9,421 9,882 Charges for transportation 24,693,412 24,671,311 255.726.926 258,631,608 Express privileges -Dr_ 12,910,823 12.572,339 127.846.380 126,150.492 Revenues Express Rev,from transporta_ 11,782,588 Oper. other than trans.. 310.849 12,098.971 127,880,545 132,481,116 327,305 3.277.330 3.378.204 Total oper.revenues Expenses Maintenance Traffic Transportation General 12,093,438 12,426,277 131,157.876 135,859,321 717,123 20,776 10,471,867 605.079 717,925 7,790.214 7,599,098 20,849 235,434 241,314 10.785,280 113.441,974 117.895,815 645.038 6.781.915 7.138.943 Operating expenses- 11,814.847 12,169,093 128,249,539 132,875,171 Net oper. revenue_ Operating income 257,183 1,751 171,819 2,908,336 15,817 1,868.053 2,984.149 14,833 2,016,891 106,007 Uneollec. rev,from trans. Express taxes 278,591 1.167 171,415 83,612 1.024.465 952.424 El Paso Electric Co. (Delaware). lib week May (12 roads) its week June (12 roads) 114 week June (12 roads) 34 week June (11 roads) 4th week June (11 roads) lit week July (12 reds) 2d week July (12 roads) ad week July (12 roads) 4th week July (12 roads) lel week Aug (12 roads) Ild week Aug (12 rmut) ad week Aug. (12 roads) 4th week Aug.(12 roads) let week Sept.(12 roads) 86 week Sept.(12 roads) Bd week Sept.(11 roads) 4th week Sept.(12 roads) let week Oct. (12 roads) 24 week Oct. (12 roads) 34 week Oct. (11 roads) 4th week Oct. (11 roads) lit week Nov.(12 roads) 2d week Nov.(12 roads) 3d week Nov.(12 roads) 4th week Nov (12 roads) let week Dec (12 roads) 2d week Dee (12 roads) 84 week Dec (12 roads) 4th week Dec (10 roads) lit week Jan. (11 roads) 24 week Jan. (11 roads) 34 week Jan. (10 roads) 4th week Jan. (11 roads) let week Feb.( 9 roads) 15,007,030 13.673.411 14.229,434 14,138.958 19,250,486 14.126,722 14,366,775 14,611,038 20.725.170 14.966.919 15.193.245 15.501,891 22,607.809 14,814,631 15,852,576 16.681.361 23.120,234 18,628,331 19,183.201 18,436,901 27.286.800 17.315.911 17,765,764 17,507170 21.857 099 15,877.441 15.642,128 15.776.100 12.177.506 11,317,960 12,137,810 12,780.980 19,172,402 12,682.878 14.264.043 13.394,869 13,551.112 13.541,992 18,288.339 13,318,138 13.64.8.978 14,078,523 19.038,584 13,805.103 14,211.656 14.278.486 21,421,180 14,510.064 14,614,550 14,445,792 20.831.363 16,045.279 16.492,870 15.578.335 23.795.780 15,854,197 17,485,732 15.790.861 20.637.770 14.501.895 14.280,804 14.365.208 12,061.018 11.212.753 12.721,605 12.905.285 18,074.047 13,019.930 +742,987 5.21 +278.542 2.08 +678.241 5.01 +596.966 3.66 A-962.147 5.25 +808.584 6.07 +717.797 5.26 +532,435 3.78 +1,686,580 8.84 + 1.361.816 10.00 +981.589 6.91 +1.223.405 8.57 +1.186,629 5.54 +304,567 2.09 +1.238,046 8.28 +2.223,567 15.48 +2,298,871 10.98 +2.583.052 16.10 +2.690.331 16.31 +2,858,566 18.33 +3.491.040 14.66 +1,461.714 9.21 +280.032 1.60 + 1.616.309 10.86 +1.219.329 591 +1,175,546 9.49 +1.361,324 9.53 +1,410.892 9.82 +116,488 0.96 +105.207 0.94 --593,795 4.60 --124.303 0.97 +1,098,355 6.07 --337,052 2.59 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, with a total mileage each month as stated in the footnote to the table: Gross Earnings. 1927. 1926. Inc. (+1 or Dec.(-). 1927. 1926. Gross earnings 124,674 17,524 20.338 Net operating revenue__.- (+) or Dec. (-). $ $ $ $ $ $ Dec.. 466,526,003525,820,708-59,294,705 90,351.147 118,520.165 -28,169.018 1928 1927 1928 Jan__ 456,520,897 486,722,646 --30,181,749 93,990.640 99,549,436 -5,558,796 Feb _ 455,681,258 468,532.117 --12,850.859 108,120,729 107,579,051 A-541.678 Mar__ 504.233,099530,643,758- 410.659 131,840.275 135,874,542 -4,034.267 28, April _ 473,428.231497,865.380 --24,437,149 110,907,453 113818 315 --2,910.862 May _ 509,746,395,518,589,718 -13,823,323 128,780.393,126.940.076 A-840,317 June 501,576,771516,448,211 --14,871,440 127,284,36729,111.754 July__ 512,145,231508,811,786 A-3,333.445;137,412.487 125,700,631 --1.827.387 A-11.711,856 Aug.. 558,908120556.743.013 A-165,107173,922,684164,087,125 A-9,835.559 Sept-- 554,440,941564,421,630 . . . . • . A- 1,171,331 , .. ; Oct __ . , +36,755,850 216,522.015 181,084,281 ANov__ 530,909.223503.940,776 A-29.968,447 157,140,516,127.243,825 35.437.734 A-29.896.691 Dec.- 495,574,4851468,395,541 +27,178.944138,293, 4451 89,849,024 A-48,444,42 Nate. -Percentage of increase or decrease in net for above mon hs has been: 1927-Dee., 23.76% dee.: 1928-Jan., 5.58% dec.; Feb., 0.50% 2.96% dec.; April, 2.56% dec.; May, 0.66% Inc.; June, 1.41% dec.; nc.; March, Inc.; Aug., 5.99% inc.; Sept., 0.96% Inc.: Oct.. 19.56% Inc.; Nov., July, 9.32% 23.49% Inc.; Dec., 54.43% Inc. In the month of Dec. the length of road covered was 238,552 miles In 237,711 miles in 1926; in Jan., 239,476 miles in 1928 against 238,608 1927 against In Feb.,239,584 miles against 238,731 miles in 1927;in March,239,649miles in 1927: 238,729 miles in 1927; in April, 239,852 miles against 238,904 miles in miles against 240,120 miles against 239,079 miles In 1927; In June, 240.302 miles 1927;In May, against 239,066 miles in 1927; in July, 240,433 miles against 238,906 miles in 1927; In miles against 239,205 miles in 1927; In Sept., 240,693 miles against Aug., 240,724 239,205 miles In 1927; in Oct., 240,661 miles against 239,602 miles in 1927: in Nov., against 239,982 In 1927; In Dec., 240,337 miles against 239,286 in 241,138 miles 1927. • Corrected. Electric Railway and Other Public Utility Earnings. -The following table gives the returnsNet ELECTRIC railway and other public utility gross and of net earnings with charges and surplus reported this week: 1,428.984 182,774 251,644 131,430 102,354 1.289.565 1,134,867 8,623 1.143.490 182.232 961.257 Income from other sources Balance Interest and amortization Balance Galveston Electric Co. (Subsidiary of Galveston-Houston Electric Co.) -Month of December- -Jan. 1 to Dec. 311928. 1927. 1928. 1927. 3 3 $ $ 117.011 115,768 1,333.182 1.369.327 Gross earnings 56.475 10,191 4,855 58,891 12,123 3,586 654.130 126.304 71.465 675.522 123.717 82.029 45,489 Net operating revenue Interest and amortization (public) 41,166 481.281 113.357 488,057 116.139 367,924 161.830 371.917 152.579 206.093 219.338 Operation Maintenance Taxes Balance -H. E. Co.) Interest and amortization (G. Balance Galveston-Houston Electric Co. (And Subsidiary Companies) -Month of December- -Jan. 1 to Dec. 311928. 1927. 1928. 1927. $ $ $ $ 448.824 438,287 5.248.416 5.052,637 Operation Maintenance Taxes 211,563 59.854 24,463 204,569 2,448.896 2,462.052 53,946 696,971 633.949 26,355 397.589 383.518 Net operating revenue Income from other sources 152,942 153.416 1,704.959 1.573,116 837 1,529 1.705.797 1.574.646 881,650 863.004 Balance Interest and amortization 824,146 Balance 711,641 Gulf States Utilities Co. -Month of December- -Jan. I to Dec. 311928. 1927. 1928. 1927. $ $ $ 316.800 4,490.812 4.029.819 392.112 Gross earnings Operation Maintenance Taxes 159,570 17,283 38,236 150.995 16,038 26.543 1,835.120 193.911 386,373 1,886,447 191,615 317,304 Net operating revenue Income from other sources 177,021 123,223 2,075.407 83,795 1,634.451 Balance Interest and amortization (public) 2,159.202 485.608 1,634.451 454,438 Balance Interest (E. T. E. Co. Del.) 1.673.594 109.519 1.180,013 204.369 1,564,074 975,644 Balance Net Earnings Monthly to Latest Dates. -The table following shows the gross and net earnings for STEAM railroads reported this week: -Grossfrom Railway- -Net from Railway- -Net after Taxes 1028. 1927. 1927. 1928. 1928. 1927. $ $ Central of Georgia 0 December__ 1,996,812 2,027,202 474,795 321,752 386.552 222,846 From Jan 1-25,132,967 27.641,310 5,924,180 6,695,684 4,405,520 5.128,413 Chesapeake & OhloDecember_.10,151.588 9.164,540 4.564,444 2,596.296 3,429,317 Fr'm Jan 1124,825.172 133673,506 42,281,923 43,552,617 33,774,428 1.875,574 34,724,711 Elgin Joliet & Eastern 0 December__ 1,851,550 1,702,378 427,780 274,804 78,554 From Jan 1_24,602,240 24,281,541 7,782.180 7.281.233 -394,726 5,616,329 5,900,859 Illinois TerminalDecember.- 573.945 570,265 -14,747 -298,972 -37,252 From Jan 1_ 6,717,136 6,809,030 1,616,056 1,714,452 1,310,648 -332.298 1,285,729 Pullman Company December.. 6.528,651 6,411,455 1,177,488 347,314 1.039,594 66,301 From Jan 1_80,846,043 80,952,208 14,367,856 14,610,273 10,938.058 11,360,097 1,444.079 191.926 269.562 1,070,489 Taxes 130,254 19,511 19.425 1,289.565 219,075 Operation Maintenance Gross earnings Net Earnings. Month (And Subsidiary Companies) -Month pf December- -Jan. 1 to Dec. 311928. 1927. 1928. 1927. $ $ $ $ 293.968 271.545 3,195.133 2.998,271 Haverhill Gas Light Co. -Month of December- -Jan. 1 to Dec. 311928. 1927. 1928. 1927. $ $ $ $ 64,149 67,100 711.401 701.210 Gross earnings Operation Maintenance Taxes 40,434 2,687 5.917 45.358 4,764 5,186 454,105 29.881 66.274 487,000 33,850 62,527 Net operating revenue Income from other sources 15,110 11,790 150.948 3,550 128,022 154,498 11,538 128.022 3,859 142,960 124,162 Net income Interest charges Balance Jamaica Public Service, Ltd. (And Subsidiary Company) -Month of December- -Jan. 1 to Dec. 311928. 1927. 1927. 1928. $ $ $ $ 694,159 66,615 Gross earnings 697.875 69,261 409.716 Operating expenses and taxes 35,836 415.505 35,644 284.992 282,370 Net earnings 30.779 33.617 73.388 66.726 Interest charges 6,409 6,076 Balance (for reserves, retirements & dividends) 24,369 27,540 215,644 211,603 [voi.. 128. FINANCIAL CHRONICLE 1048 The revada-California Electric Corp. The Pullman Company. (And Subsidiary Companies) -Month ofDecember- -Jan. 1 to Dec. 311927. 1928. 1927. 1928. $ $ $ $ 350,666 5,461,340 5,102,728 Gross operating earnings---- 370,703 154,050 2.341,230 2,309,112 166,329 Oper. & gen. exp. & taxes..__ -Month ofDecember- -Jan. Ito Dec. 311927. 1928. 1927. 1928. $ $ $ Sleeping Car 6,050.891 5,960,449 76,352.088 76,782.999 Berth revenue Operations-. 846.605 9.930,763 10.206,218 833.919 Seat revenue 99.239 1,972,248 1,680,872 106.053 Charter of cars 158,113 169.882 14.726 14,770 Miscellaneous revenue 98,591 1,024,977 1.030,448 87,088 Car mileage revenue 608.157 8.603.916 8.906.443 564.072 Contract revenue Operating profits Non-oper. earns. (net) 204,373 45.248 196,615 3,120,109 2,793,615 84.649 133,119 20,911 Total income Interest 249,622 122,058 217,527 3,253,228 2.878,265 122,734 1.473.199 1,374.394 127,563 47.196 1,503.871 563,196 46,484 8,268 1,177,278 97.146 940,675 92,497 *1.273 44,480 24,775 101.456 Surplus avail, for redemp. of bonds, diva., &c * Net debit. 1,780,028 602,750 29,047 Balance Disc't & exp. on secur. sold Miscellaneous additions and deductions (net credit)_ 94,792 48.307 80,367 7,958 Balance Depreciation 36.943 1,124,612 872,952 6,528.651 Total revenues Maintenance of cars All other maintenance Conducting car operations General expenses 5.350.592 6,077.648 66,655,530 66.502,582 Total expenses Net revenue (or deficit)-_ - 1.178,058 Auxiliary Operations 109.828 Total revenues 110,400 Total expenses Net revenue (or deficit) New Orleans Public Service Inc. (Electric Power & Light Corp. Subsidiary) -Month ofNovember- 12 Mos.End. Nov.30. 1927. 1928. 1927. 1928. $ $ $ S Gross earnings from oper_--- 1,434.240 1.553.398 18.204.339 18.390.754 948.048 11.288 681 11.423.155 Oper. expenses and taxes____ 918.287 Net earnings from oper--Other income 515.953 2.585 605.350 6.915.658 6,967.599 278.293 42.225 9.842 Total income Interest on bonds Other int. and deductions 518.538 226.135 16.278 615.192 6,957.883 7.245.892 227.377 2.723.087 2.652.768 167.927 185.165 13,802 Balance Dividends on preferred stock 276,125 374,013 4.066,869 4,407.959 554.243 554.243 3,512,626 3,853,716 Balance Northern Texas Electric Co. (And Subsidiary Companies) -Month ofDecember- -Jan. 1 to Dec. 311927. 1928. 1927. 1928. Gross earnings 250,276 Operation aintenance Taxes 128,244 36,472 16.916 26),933 2,857.639 2,707,486 --134.727 1,473.495 1.391.507 372,249 423,236 33,010 217.321 209,936 17,848 Net onerating revenue Income from other sources_ _ _ 68,643 12,500 75,347 12,500 750.970 150,000 726.407 150.000 Balance Interest and amortization 81,143 87,847 900.970 442,801 876,407 364.961 458.168 511,445 Balance Pacific Northwest Traction Co. 6.411,455 80,846.043 80,952.208 2,170.114 2,632.298 28.211.357 27.867,518 566.459 526,659 48.577 42.116 2,786,574 2.914,101 34.935.421 36,847.722 482,671 2,982.092 3.220.882 351,785 Total net rev. (or deficit) Taxes accrued -571 1.177.486 137,892 Operating income or loss)_ 1. 94,395 333.806 14,190,513 14,449,625 110.032 1,403.083 96.523 1.225.740 1,298.731 1.138.083 177,342 160,647 13,508 347.314 14.367.856 14.610,273 281.013 3,429,797 4,250,176 66.3010 1,938,058 10,360.097 FINANCIAL REPORTS -An index to annual reports of steam Financial Reports. railroads, public utility and miscellaneous companies which have been published during the preceding month will be given on the first Saturday of each month. This index will not include reports in the issue of the "Chronicle" in which it is published. The latest index will be found in the issue of Feb. 2. The next will appear in that of March 2. Pennsylvania Water & Power Co. (19th Annual Report-Year Ended Dec. 311928.) The remarks of President Chas. E. F. Clarke, together with an income account and balance sheet for the year ended Dec. 31 1928, will be found in the advertising pages of today's issue. Our usual comparative tables were published n V. 128, p. 876. Gillette Safety Razor Co. (Annual Report-Year Ended Dec. 31 1928.) The remarks of J. E. Aldred, Chairman of the Board, will be given fully another week. -NET EARNINGS WITHOUT RESERVE FOR TAI ES. SALES -1l..vmth of December- -Jan. 1 to Dec. 311927. 1928. 1927. 1928. [The sales include the sales of subsidiaries in England, France and Canada.] Net Earns. cEarn'gs -Total Sales (Incl. Sub. Cos.)878.482 881,076 73,819 70.366 Doz. Blades. Before Taxes. per Share. Gross earnings No. Razors. } a$l6,244.429 d$8.12 499,274 11992278 525,240 45,617 47,519 a7.29 a14,580,002 Operation Not available. 143,091 1926 157,551 12.908 11,644 a6.66 13,311.412 Maintenance 46.465 1925 53,985 4,134 4,820 a6.04 al 2.089.857 Depreciation of equipment b52.983,533 14.862.098 51,644 45,420 1924 3,593 4.043 a5.06 al0.122.473 b42.604.498 Taxes 8,438.576 4.21 8.411.776 29.061.634 7.798.781 144,231 1922 92,654 7.566 3.80 2,338 7.602.939 24.082.970 Net operating revenue---3.420.895 2 122.584 1923 119.388 3.50 7.008.564 19.531.861 1921 Interest and amortization (public) 3.40 6.803.407 19.051.268 1920 2,090.616 21,647 26.734 Balance a After reserves for taxes, &c. b Packets of 10 blades. c Based on 47,773 35,867 Int. & amort. (Pug. Sd. Power & Light Co.) present 2,000,000 no par shares outstanding. d Based on the 2,000,000 shares outstanding for 11 months of 1928. 62,601 26,126 Balance IRecord of Dividends Paid Inserted by Editor]. '18. '19. '20. '21. '22. '23. '24. '25. '26. '27. '28. Pere Marquette. 1 to Dec. 31- Cash (regular)_$73i $9 $10 $12 $12 $12 $12 $2.75 $3.25 $4.00 $5.00 -Month of December- -Jan. ---1 .75 1.25 -- -- -- -Cash (extra)___ 2 2 1 1927. 1928. 1927. 1928. __ 5% __ _10%10%10%*10% __ Stock $ $ $ $ 1924 increased the authorized capital stock * The shareholders on Oct. 6 3,366.939 3,067.029 45.761.568 44.744,593 Gross earnings 720.696 14,725.220 13.104.728 from 500.000 shares to 2,000.000 shares of no par value. Stockholders of 971.267 Net from railroad 248,117 4.128.363 3.313.061 record Nov. 1 1924 received on Dec. 1 1924, 4.7 additional shares of stock 363.370 Net after taxes 177.4222,725.028, . . for each share held, making 2,000,000 shares outstanding. 269,033 Net after rents 525,320 11,06.5.376 9,741,069 EARNINGS FOR CALENDAR YEAR (INCLUDING SUBSIDIARIES). 680,961 7 192 . BSIDIARIES)• Total net income 449,401 468.979 52.740 73.064 Fixed charges 1928. 472,579 10.596.357 9,291.667 607,896 Balance $19,920.203 $16,674,559 8,466,971 7.176,924 Operating profit 305,518 465,138 Surplus 855,5.30 Other income Puget Sound Power & Light Co. Gross earnings (And Subsidiary Companies) -Month ofDecember- -Jan. 1 to Dec. 311927. 1928. 1927. 1928. $ $ $ $ 1,411,233 1,416,178 15.141.395 14.925.481 Operation Maintenance Depreciation of equipment Taxes 654.137 82,600 14,500 59.062 563.440 6,375,872 6,029,699 99,570 1,080,895 1,255.499 101.769 176,945 8.788 825.436 1,177,698 80,693 Net operating revenue___ _ Income from other sources 719,057 44,885 663,684 6,682,246 513.527 41.675 Balance Interest and amortization 763,943 705,359 7,195,774 3,075,201 4.120,573 Balance Western Public Service Co. Gross earnings -Month of December- -Jan. 1 to 1928. 1927. 1928. $ 180.837 2.706,295 246,329 122.605 7,445 6,807 1,625.318 112,613 101.251 1.512.186 111,903 97,697 92,017 43,978 867,112 16,112 742,488 Balance Interest and amortization (public) 883,224 320,224 742.488 361.634 Balance Interest (E. T. E. Co. Del.) 563,000 179.864 380,854 85.215 383,135 295,639 O Net operating revenue_ __ _ Income from other sources Balance $20.775.733 116.674,559 1.972.495 312,096 669,419 1.781,561 1,889.390 Net profit Dividends ($5) $16.244.429 114,580,902 10.000,000 10.000,000 Balance $6,244,429 54.580,902 Balance Sheet December 31. 1927. 1928. 1927. 1928. $ LiabilitiesAssets$ $ 6,330,815 Real est. & bidgs.._ 6,012,998110,102.311 Capital & surplus 552,162,615 43,760,162 507,041 Mach. & tools____ 4,679,727J Accounts payable_ 48,533 93,517 1 Reserves 1 Patents 3,259,772 2,754,585 6,867,857 Patents(Can.sub.) 3,616,230 Acceptances amt. 312,732 1,132,341 3,349,626 Cash 8,338,018 5,754.011 Accts. receivable....19,669,647 13,867,593 3.518,230 Accept. rec.(cont.) 457,995 1,176,098 270,122 267,727 Notes receivable 6,006,651 6,946,259 Inventories 6,779.642 9,579,226 Total(each side)-55,828.637 47,695,622 Investments Dec. 31a Capital stock and surplus represented by 2,100,000 shares common 1927. -V. 128, p. 256. stock having no par value. 2,464,275 Locomotive 139,872 9.648 4,791 peration ainteflance Taxes Total income Deductions Depreciation Federal taxes Baldwin Works. (18th Annual Report-Year Ended Dec. 311928.) President S. M. Vauclain says in brief: The foreign business is gradually increasing and results are satisfactory. The transfer of all equipment to Eddystone was completed June 30. and is operating to our satisfaction. Many economies in operation are being made possible by this concentration. The Philadelphia property has been placed in the hands of our agents for sale. An agreement of sale approved by the board of directors has been entered into for that portion west of 26th Street. The result of operations for the year. owing to the meager shipments, was more favorable than had been anticipated. The business outlook is more promising than it was at this time last year. FEB. 16 1929.] FINANCIAL CHRONICLE ANNUAL RESULTS BALDWIN LOCOMOTIVE WORKS, CAL. YEAR 1928. 1927. 1926. 1925. Gross sales 122.531.349 $32.901,143 $47.891.669 $27,876.064 Cost 22,960.832 30.853,796 44.080.416 30.235,689 Mfg.profit Other income def$429,482 $2.047,346 $3.811,253loss$2359625 2,044,507 2,337.315 3.857,661 3.373.262 Gross profit Deduct accr. int.. &c Res. for depr. & adj_ Res.for tax & removis Deferred profits 11.615,025 14.384.662 $7.668,914 11,013.637 682,814 679,215 1.176,492 817.073 600,000 1,000.000 225.000 455,000 38,247 153.515 1049 American Republics Corporation & Subs. (Annual Report Years Ended Dec. 31 1928.) CONSOLIDATED INCOME STATEMENT (CORP. c% SUBSIDIARY COMPANIES) FOR CALENDAR YEARS. 1928. 1927. 1926. 1925. Sales 133.876.331 $26.199,160 $32,315,145 $29,897,648 Cost ofsales 30,210,709 23,341.637 27,441.335 24,145,032 Gross prof.from oper's $3,665,622 $2,857,522 $4,873,810 $5.752,615 Gen., adm. & misc. exp. 2,569,994 2,034,148 2,033,499 2,127,180 Net profit $332,211 12.442.200 15.883,907 990.036 969,571 Cr.239,0I2 713,687 1196,564 Other charges (net) Div. on pref. stk.(7%). 71.400,000 1.400.000 1,400.000 1,400.000 Res. for Fed. taxes 179,700 54,700 Div. on corn. stk. 7%)- 71.400.000 1,400.000 1.400,000 1.400.000 Netincome 1105,590 def$146,197 $2,899,623 12,857,048 Surplus def12,467,787 df$357.800 13,083,907d1$2,603,436 700,000 700,000 700,000 700,000 Sur. brought forward--- 15,852,059 18,847,740 15,763.833 18,367,269 Prof. dividends Annum. deprec., &c_ _274,377 2.637.881 Balance,surplus deL594,410 def.$846.197 $2,199,623 12,157,049 Total prof.& loss surp.$13.109,892 115,852,059 118.847,740 $15,763,833 Com.stk.outs'd'g (no par) 209,180 209.180 200,000 200.000 Shares of common stock Earns, per sh. on corn-Nil Nil $10.99 $10.79 outstanding (par $100) 200,000 200.000 200.000 200,000 Earn. per sh. on common Nil $5.21 122.42 Nil 7 Being dividend for the following year transferred from dividend reserve. INCOME STATEMENT YEARS ENDED DEC. 31 (COMPANY ONLY.) 1928. 1927. /Vote. 1926. -Report Is subject to revision to meet any changes in interpretaDividends of subsidiaries 1900.000 13,288,000 $1.768,000 tion of Federal tax laws, regulations or rulings. Dividends ofother securities 97,728 33,228 1,165,826 BALD WIN LOCOMOTIVE WORKS BALANCE SHEET DEC.31. Interest and discount 6,041 32,194 11,346 1928. 1927. 1928. 1927. Miscellaneous income 14.922 106,095 13,127 Assets-. $ Real estate, machinery, &c. .y35,670,220 Stand.St. Wks.Co 9,041,501 Chicago plant-- _ _ 474,216 Dwelling house- _ 5,880 Inventories 3,338,609 Accts. receivable 6,321,140 Bills receivable_ - _ 534,296 For'n Govt.sec_ x4,203,514 /Atwell. securities_ 3.096,221 Cash 2,567,403 Deferred charges__ 125,728 1st mortgage bond sinking fund.._ 4,024,160 $ 33,013,147 9,041.601 461.334 5,880 3.941,703 8,218,866 1,143,976 5,699,179 4,447,220 3,457,176 180,516 Liabilities$ $ Preferred stock_ - _20,000,000 20,000,000 Common stock. _ _20,000,000 20,000,000 Bonded debt 10,000,000 10.000,000 Accounts payable- 1,025,009 1,563.727 Savings funds. arc_ 1.204,536 1,393,543 Accr.int.on bonds 83,334 83,334 Interest receivable In advance, &c. 327,599 368,149 Res. for taxes_ _ _ _ 157.018 225,000 Reserve for def. profits 695,491 966,286 Res.for dividends_ 2,800,000 2,800,000 Surplus 13,109,892 15,852,059 3,641,600 Total income'....$1,018,691 414,241 General expenses 34.5.168 Interest and discount 40.138 Miscellaneous $3,459.517 $2,958,300 348.545 531,450 380.491 420,644 40,397 23,829 $219,143 $2,690,084 11,982,386 700,000 700,000 700.000 412,612 8,182 59,513 Net income Preferred dividends Other deductions def$893,469 $1,981,902 $1,222,873 4,439,690 2,437,864 1,206,559 2.014 19,925 8,433 Surplus Previous surplus Other credits $3,548,235 $4,439.691 12,437,864 Profit and loss surplus Total 69,402,882 73,252,099 209,180 209.180 200,000 x Includes. Republic of Poland 5% bonds, $980,000; Rumanian Treasury Shars. corn. stk. outstanding (no par) Nil $9.51 $6.41 7% notes, $287,138; Mexican Government Ry. notes. $1,317.326; Chinese Earnings per share / Government (Klnhan Ry.). $1.485.000; Republic of Colombia (notes), CONSOLIDATED BALANCE SHEET DEC. 31 (CO.& SUBS.) $134,053. y Land and buildings, $21,774,564; machinery and fixtures, 113,895.655. 1927. 1928. 1928. 1927. Liabilities$ $ $ $ Assets-CONSOLIDATED BALANCE SHEET DEC. 31 (INCL. STANDARD Preferred stock.- _10,000,000 10,000,000 Lands, buildings .Sr WHEEL WORKS CO.) Total 69.402,882 73,252,099 1928. 1927. Assets$ $ Plant, equiv., &e-44,591,995 42,331,713 Investments, real estate, &c 480.096 467,214 Current assets_ 22,116,961 29,402,390 Deferred charges__ 125.728 180,516 Sinking fund 4,024,150 3,641,600 Total 71,338.931 76,023,433 1928. Liabilities$ Capital stock 40,000,000 Bonded debt 10,000,000 Current liabilities_ 2,571.548 410,934 Interest Burp. & reserves_ _18,356,449 Total 1927. $ 40,000,000 10,000,000 3,335,933 451,483 22,236,017 71,338,931 76,023,433 STANDARD STEEL WORKS CO. BALANCE SHEET DEC.31. 1928. 1927. 1928. 1927. Assets$ $ Liabilities Plant, equip., &s_ 8.921,775 9,318,566 Capital stock 8,000,000 8,000,000 Inventories 1,257,522 1,845,746 Accounts payable_ 741.574 502,366 Accts.receivable... 505,235 460,505 Saving funds 146,930 143,085 Bills receivable.-2.473 3,786 Reserve for taxes_ 214,135 432,933 Marketable secure. 203,639 203,640 Surplus 2,421,412 3,001,241 Cash 133,407 247,382 Total 11,524,051 12,079,625 Total 11,524,051 12,079,625 -V. 128. P. 252. Continental Can Co., Inc. (of New York). -Year Ended Dec. 31 1928.) (16th Annual Report Carle C. Conway,President, Feb.9,said in part: equipment.....e10.779,655 10,507,738 Rolling stock......e 4,840,729 5,617,494 Property & mineral 20.000,000 20,000,000 equities Oil properties__ _e 3,187,754 2,543.865 500.000 Car Serv.contracts 500.000 1 336,156 6.934,381 Cash Accts. & bills ref.. 2,504,432 5,221.920 5,112,013 5,477,331 Inventories Marketable securs. 5,919,144 5.853,583 Other notes & ac. . counts rec. d14,426.282 13,307,027 800,000 Bonds,inter-co... 800,000 914,357 Deferred charges.. 1,214,908 Def. pay. notes & cont.Interest _ __ 2,205,522 84,617 30,000 Accrued funds__ Total 72,856.596 77,762,317 Common stock_ _c20.812,000 20,822,000 Trust certificates a 5,400.000 7.288,000 Coll, trust cert1fs a 1,654,000 2.094,000 15-year 1st M.Os b 300,000 6300,000 15 -year deb. 68, A. R. Corp 4.000.000 Pet. Nay. Co. ma800,000 rine equip.6s___ 800,000 Bills pay.after 1 yr 34,725 Minority corn,stk. of subsidiary__ 10,000 Accounts payable_ 1,016,040 966.824 Bills payable 4,924,380 3,512,057 Accrued expenses_ 375,262 477,035 Accts. & bills pay. Intercomp'y _14.398,474 13,247,635 Reserves 1,441,008 1,516.229 Surplus 11,690,706 12,738,536 Total 72,856,597 77.762.317 a Pennsylvania Tank Line. 13 Pennsylvania Car Co. c209,180 shares no par value. d Intercompany and officers and employees. e After deducting depreciation. COMPARATIVE BALANCE SHEET DEC.31(COMPANY ONLY.) 1928. 1927. 1928. 1927. 8 $ Liabilities $ $ AssetsDuring the year, one manufacturer of can-making and can-closeing Prop.& min.equ'es20,000,000 20,000.000 Preferred stock.- -10,000,000 10.000,000 43,830 Common stock_ _a20,812,000 20,812.000 40,622 machinery and seven can manufacturing companies were acquired. These Off.& other equip. 2,315 4.273 603,493 Accts payable_ --983,420 were the Seattle-Astoria Iron Works, the United States Can Co., the Cash 4,850,000 3,327,500 3,697 Bills payable 2,631 Passaic Metal Ware Co., the Southern Can Co., the New Orleans Can Co., Accounts rec 6,785 1,440 Accrued expenses64.658 1.464 the Bedford Can Co., the Wheeling Can Co. and the can manufacturing Inventories business of the R. Hardesty Manufacturing Co. Since the beginning of Marketable secure. 5,594,943 5,647,584 Acc'ts & bills,Pay. (Inter-company) 7,931,476 4,727,743 the current year, the Manufacturer's Can Co. and the Manhattan Can Co.. Notes & accts. rec. 4,000,000 have been acciuired. Through these acquisitions the business has been -Intercomp'y_ 5.614,081 7,892,688 15-yr. debs.6s_ 862.554 862,554 further diversified and the facilities of the company have been extended Stocks of subs_ _ _15,679,124 13,639.124 Reserves . 3,548,236 4,439.691 406,563 Surplus 97,080 to all sections of the country. Full benefits from the earnings of these Deterred charges__ properties and from economies to be effected are not reflected in the results Total 48,013,367 48.238,419 of the year. 48,013,367 48,238,419 Total With a normal production of canned foods in 1928, the canning industry will start the current season in a health condition. Demand for general -V. 127, p. 2368. line cans has also shown steady improvement. Pacific Lighting Corporation. RESULTS FOR YEARS ENDING DECEMBER 31. 1926. 1927. 1928. 1925. -Year Ended Dec. 31 1928.) (Annual Report earnings $6,093,423 $5.146,989 17.097.736 Net $8,858,691 977.802 Depreciation 830,014 1,267,895 776,343 -CALENDAR YEARS. CONSOLIDATED INCOME ACCOUNT 676,975 582,792 Res. for taxes & conting. 900,000 781.660 1926. 1927. 1925. 1928. Net income $6,690,797 $4,438,646 $3,734.184 15.539.733 Gross revenues $30,350,631 $28,052.546 124.390,865 121.945.160 371,828 363,778 Prof. dividends (7%).-..346,036 16,202.255 14.492.605 13.940.549 13.668.630 387,116 Oper. exp. & taxes Common dividends 3,243,276 2,568,950 2.947.056 3,179,015 3.368,054 3.407.790 2.925.134 1,875.725 Interest 4.291.040 3,863.598 3.311.554 2,429,062 Deprec. & amortizat'n $415,299 $3.276,892 Subsidiary pref. divaSurplus $3.101,485 $1,505.918 1.312,482 1,323,897 1,297.429 Previous surplus 7,239,410 6,052,602 5,849,695 3,946,236 Surplus applic. to red. 0,365,839 $5.004,392 12.433,543 12.925.234 Net profit of preferred stock net_ 2,387,500 2,207.000 2.026,500 1.846.000 599,353 523.293 599.069 208.100 Prof. dividends 3,389,108 1,640,000 1,639,856 949,997 Total surplus $12,728,395 $9,765,519 $8,291,494 $9,069,128 Common dividends Nonrecurring. charges 37,618 303,268 Res.for pref. stkholders. 150.000 $1,377,662 12,765.039 8270,394 11,787.137 Surplus Write off book value of Shares corn, stock outpatents and good-will_ 146,148 67,833 1,250.000 1,127.389 x102.500 x96.505 standing, no Par on patents 100.992 Deprec. 15.537 31,893 $3.90 $3.81 $18.63 $28.05 Earnings per share Com, stock diva. 100%- b3.550,000 a5%1.125.100 Par $100. x Profit & loss, surplus- 18,563,440 $9,626,910 18,259,602 17,876.195 CONSOLIDATED BALANCE SHEET DEC. 31. Shares corn. stk. outstdg. 1927. 540,000 1.459,991 500,000 (no par) 1928. 1928. 1927. 476,552 Liabilities $7.54 Earned per share $435 $6.72 $10.81 $ Assets Preferred stock. 10,000,000 10,000,000 a Being 22,502 shares of no par value. b Being 710,000 shares of no par Plant, properties value. & franchLses _ _127,166,504 116,857,139 Common stock _122,422,500 16,291,950 CONSOLIDATED BALANCE SHEET DECEMBER 31. Inv.in securities 4,143,251 4,655,528 Sub. co's. pref._ 21,817,900 21,805,300 1928. $ AssetsReal estate. WM, mach., &c__ __a35,968,726 Pats. & good-will. 399,332 Investments 13,678,074 Inventories Accts.& bills rec.. 7,388.857 4,027,183 Cash 1927. $ 23,093,729 2,744,441 258,020 7,883,323 4,976,576 5,381,283 23,202 62,795 Accr. Int. & disc 259,007 Empl.subs. to stk. 1,350,947 Prepaid insurance_ 284,994 199,480 1928. 1927. Liabilities $ Preferred stock...4,932,000 5,112,500 Common stock _ _648,369,703 28,147,260 Pur, money mtge. 124,000 8,000 Accounts payable. 997,016 551,464 Divs. payable__ _ 86,310 94,582 Accr.wages,taxAc 543,003 601,373 Reserve for taxes.. 932,557 676,975 Res.for conting.. _ 612,877 Sur. red. pref. stk. 2,387,500 Surplus 8,563,441 7,239,410 63,160,907 44,819,064 Total 63,160,907 44,819,084 Total a Leas reserve for depreciation of 810,317.419. b Represented by -V.128,P. 407. 1.459,991 shares no par value. Cash & secs. In 278,605 sinking fund._ 2,654,664 Cash Accounts rec... 4,087,968 542,797 Notes receivable Mat'ls & supplies 1,812,860 Unamort. bond 4,188,463 disct. & exp_ Disct. on capital stock of subs_ 1,798,737 60,394 Miscellaneous - Collections on In277,117 stallment sales 50,033 38,777 5,066,632 Funded debt_ _ _ 59,577,000 62,091.200 3,632,234 Cons. dep. and 1,503,223 adv.for constr 2,612,164 2.591,635 1,688,255 Accts. payable__ 1,534,389 1,780,895 Divs.Payable on 3,123,404 191,959 Pref.stock...379,743 944,199 Bond interest.. 834,309 1,832,732 Taxes 2,071,825 1,935.596 41,525 Deprec. reserve_ 19,567,950 16,133,751 243,235 Ins., &c., ma_ _ _ 467,339 5,410,346 4,618,088 Surplus 146,734,243 138,677,842 146,734,243 138,677,842 Total --V. 127. P. 2819. x Represented by 1.250,000 no par shares. Total Commercial Credit Company of Baltimore. (Annual Report-Year Ended Dec. 31 1928.) -Bonds. Chicago & Western Indiana RR. CONSOLIDATED INCOME ACCOUNT FOR CALENDAR YEARS. 1925. 1926. 1928. 1927. $ Gross rec'bles purchased265.883,746 204,518,462 254,074,662 262.838,157 Avge. stkholders. invest. (capital and surplus). 30.318.644 29.354,733 29.724.779 19.007.198 Gross earns,from opens 13,688.977 12,332.899 15,787,339 13,821,197 Sundry income Cr.243,833 5.757,852 Management expenses._ 5,913,212 7,187.745 5.507.711 1,144.384 2,832,874 Net losses over reserves., Cr.235,588 1.285.164 3.252.510 Int, and disct. charges 4,206.835 3,161,165 3,570.438 463,783 Bee, for Fed. inc. taxes.. 217,101 310,972 552,356 Consolidated net income on capital stk- 4.152.392 Net income Bait. Co___ 2,162,615 Net income N.Y. Co..__ 621,511 NetincomeCan adianCo. 180,624 Net income Chicago Co_ 769.110 Netincome New Orl.Co. 398,531 Cons.net inc.,as above 4,132.392 Divs. Paid on Preferred Stock of Subs. Commercial Credit Trust 160.000 Chicago Commercial Credit Co., Inc., New Orleans._ 80.000 Commercial Credit Co., Roanoke, Va Divs, received on stocks in treasury Cr.250 Net inc.on capital stk. of parent company.._- 3,892.642 Divs, paid on 6je% and 7% pref. stock 800.000 Dive, paid on 8% class B pref. stock 320.000 Divs, received on pref. stock in treasury Cr.159 Divs, paid on coin. stock (cash) 702.740 Divs. rec d on com,stock in treasury Cr.17,427 Furn.& fixt.charged off41,377 Surp. items -parent co- Cr.267.948 2,007,888 937,179 560,678 224.349 161.854 183.827 1,342,783 Dr.26,177 632,652 212.142 289.664 234,502 3,202,668 1.470,793 535,296 161,452 760,355 274.771 2.067.888 1.342,783 3.202.668 /60,000 160.000 112,833 80,000 80.000 80,000 2,157 9,131 Cr.583 3,000.704 1,828,471 1.100,626 800,000 756,667 280,000 320,000 320,000 320,000 680.000 1,190,000 720,000 Cr.2,967 11,768 600,000 Cr.7.503 80,571 165.643 Cr.3,586 2,328.242 $1.05 2,904.985 $0.04 1,515,061 3.312,093 578,601 Dr.74,309 Missouri Southern RR. -Construction of Extension. The I. -S. C. Commission on Jan. 31 issued a certificate authorizing the company to construct an extension of its line of railroad from a point near milepost 50. In section 33, township 32 north, range 2 west, southwesterly to a point on the north bank of Current River, in section 29. township 30 north,. range 3 west, approximately 18 miles, all in Reynolds and Shannon Counties, Mo.-V. 123, p. 2257. New York New Haven & Hartford RR. -$1 Dividend. The directors have declared a dividend of $1 per share on the common stock, and the usual quarterly dividend of 1 ei% on the pref. stock., both payable on and after April 1 1929. to holders of record Feb 28. Similar distributions were made on Jan. 2 last. -V. 128. p. 724. Pennsylvania Railroad. -Listing. The New York Stock Exchange has authorized the listing of $17.500,000 capital stock (par $50) on official notice of issuance and payment in full, making the total amount applied for $579.173,950. This additional stock was offered at par, to officers and employees of the company and its subsidiaries, on a monthly installment basis, under the elan approved by the stockholders at a special meeting on June 29 1928.-V. 128, p. 554. 724. The 1.-S. C. Commission on Jan. 29 issued a certificate authorizing company to construct an extension of its line of railroad from its present terminus at a point south of Edcouch in a general southerly direction to a connection with Its Mission branch at a point at or near Weslaco, a distance of approximately 10 miles, all in Hidalgo County. Tex. -V. 126, p. 407. Sardis & Delta RR. -Abandonment of Line. The I. -S. C. Commission on Jan. 29 issued a certificate authorizing the company to abandon, as to inter-State and foreign commerce, its line of railroad, extending from a connection with the Illinois Central RR, at a point approximately one-half mile south of the corporate limits of Sardis. to Baptist, a distance of 13.6 miles, all in Panola County. Miss. Seaboard Air Line Ry.-Bonds-Earnings.The I. -S. C. Commission on Jan. 26 authorized the company Co issue $1.295,000 of first and consolidated mortgage gold bonds, series A, said bonds to be pledged and repledged from time to time as collateral security for short-term notes. -V. 128, p. 724. Calendar Years1928. 1927. 1926. 1925. Gross earnings 357.245.207 $61.790.150 $67.024.854 $62,864,710 Oper.expenses 42,902.964 46,873.315 49.253,002 46,733,363 Taxes, &c 3,557,155 3,600,485 3,490,954 3.045.984 Equipment rents, &c..- _ 729.671 927,590 2,266.720 2.262.632 Net oper. income_ -.110,055.417 $10.388.760 312,014,178 $10.822.731 Other income 2,408,433 2,235,531 1.100,397 1,899,944 Total income Interest, rents, &c Balance Adj. bond interest 312.463,850 $12,624,291 313.914.122 311,923.128 9,485,452 8,088.153 11,283,567 11,342,715 31,180,283 31,281,576 $4.428.670 $3,834,975 1,250,000 1.250,000 1,250,000 Net income 41,180,283 $31,576 33,178,670 $2,584.975 x Exclusive of interest on adjustment mtge. bonds. -V. 128, p. 724. Toledo Terminal RR. -Bonds. The I. -S. C. Commission on Feb. 5 authorized the company to issue not exceeding $500.000 let mtge. 414% gold bonds; said bonds to be sold to at than 92% 5.331 445 the highest bidder upon competitive bidding, but Its not less for capital and int., and the proceeds used in reimbursement of treasury $5.0" expenditures heretofore made. -V. 127, p. 2524. CONSOLIDATED BALANCE SHEET DEC. 31. (Commercial Credit Co. of Baltimore and Subsidiaries.) 1927. 1928. 1928. 1927. 5 $ Liabilities-Assets-a $ a4 Furn. & fixtures_ a4 7% 1st pref. stk. 12,000,000 12,000,000 pref.stock. 4,000,000 4,000,000 Cl. B. Motor lien time 75,525,514 48,722,243 Pref.stk.affil.cos. 3,000,000 3,000,000 notes Cash 17,313,854 14,004,943 Common stock__ 69,906,300 8,000,000 Unsec.short term Open accounts, 73,418,500 notes, &c 29,939,385 22,777,029 gold notes Col. notes pay __ 8,602,500 41,903,000 Sundry notes and 474,771 433.987 Notes payable_ _ _ 2,484,827 9,606,661 accts. receiv 352,864 684,468 97,999 194,474 Accts. payable__ Repossessed cars_ Stocks and bonds 153,805 Acer, taxes and 11,000 250,612 664,072 Other Invest'ts reserves 500,375 4,684,936 3,970,627 2,132,222 Res. for losses Mtge. & Accept. 133,673 Contingency res. 2,664,835 2,284,485 Corp Due from empl_ 171,865 Deferred charges_ 3,744,086 2,437,947 4,642,299 2,328,242 Treasury stock_ 227,364 Surplus Sink, fund notes_ 144,375 418,038 831,806 Prepd.int. & dis_ 1,345,013 129,810,516 88,296,033 Total Total 129,810,516 88,298,033 -V. 128. a Cost $979.832. b Represented by 774,231 no par shares. P. 733. GENERAL INVESTMENT NEWS STEAM RAILROADS. -Securities. Beaver Meade & Englewood RR. The L-S. C. Commission on Jan. 29 authorized the company to issue not exceeding $605,700 capital stock, consisting of 6.057 shares of (par $100) and 8591,000 of first-mortgage 6% gold bonds, to be disposed of at not less than par and int. on the bonds to finance the cost of constructing an ox tension of its railroad from Hooker to Keyes,Olda.,a distance of approximately 59.11 mlles.-V. 126, p. 1975. Boston & Maine RR. -Clears Up 1st Dividend Arrearages. The directors on Feb. 13, announced the clearing up of accruals on the unstamped 1st pref. stocks by the declaration of the following dividends: Class "A" $21.50, class "B" $34.40, class "C" $30.10, class "D" $43, and class "E" $19.35 per share. All the dividends are payable Feb. 28 to holders of record Feb. 15. The directors voted to apply to the I. S. C. Commission for the approval of an issue of $2,400,000 of three-year 5% general mortgage bonds, to reimburse the treasury for capital expenditures. The dive, bonds are to be dated March 1 1929. The company has received subscriptions for this entire issue, at par and purposes issuing interim receipts for the bonds, when, as and if issued, and subject to the approval of the Commission and the stockholders. The holders of the unstamped first preferred stock affected by this dividend action, together with holders of small amounts of the common and preferred shares, had refused to join in the Boston & Maine plan of reorganization which became effective on Sept. 1 1926, reserving their legal rights to full payment of accrued dividends. Those stockholders who participated in the reorganization, surrendering one-half of their back dividends, reserved their right to the other half under a provision by which they may share equally with common stockholders in any dividends that may be declared after 6% has been paid on the common in any one year. V. 127. p. 2812. The I. -S. C. Commission on Jan. 30 authorized the company to ISS11& not exceeding $186.000 of consolidated 4% mortgage bonds to be delivered to its tenants in respect of sinking fund payments. -V. 126. n• 2305. St. Louis Brownsville 8c Mexico Ry.-Construction.- Consol. surplus profit for period 2,314,057 def576.742def1,239,108 4,752.845 Previous surplus 2,904,985 2,328,242 578.601 Paid in surplus Surplus adjustments_ Transfer paid in surp. to Dr.516,000 no par corn. stock_ Paid in step. used to apply against underwriters' fees for sale of cap. Dr.62,601 stock Earned surplus applied against underwriters' fees, for sale of capital Dr608,752 stock Sur.bal.close of period 4,642.299 Earns.per sh.on com.stk. $4.01 [you 128. FINANCIAL CHRONICLE 1050 PUBLIC UTILITIES. Matters Corered in "Chronicle" of Feb. 9.-(a) Production of election power in the United States in 1928 increased approximately 10% over the preceding year, p. 802. Allegheny Gas Corp. -Transfer Agent. - The Equitable Trust Company of New York has been appointed Transfer Agent for stock of the above corporation. -V. 127, p. 3.538, 2954. -Sells Additional American Cities Power & Light Corp. Stock Issue to Dillon, Read & Co. - The corporation announces the sale to Dillon, Read & Co. of an additional 25,000 units of its convertible Class A stock, optional dividend series, and Class 13 stock. Each unit represents one share of class A and one share of class B stock. The outstanding stock of the company after this issuance will be $21,250,000 optional dividend series-convertible class A stock and 2,055,062 shares of no par value class B stock. This entire additional amount has been placed privately. -V. 127, p. 2814. 2681. -Debentures OfAmerican States Public Service Co. fered.-Pynchon & Co., Peabody, Smith & Co., Inc., L. L. Davis & Co. and Gillet & Co. are offering at 973/i and int. $2,000,000 10 -year 6% convertible gold debentures, series A. Dated Dec. 1 1938; due Dec. 1 1938. Interest payable (J. & D.) at Chase National Bank, New York and National Bank of the Republic of Chicago, trustee, without deduction for Federal income tax not exceeding 2%. Company will refund upon proper notice within 60 days after payment, any personal property tax, security tax and (or) income tax not exceeding 5 mills to the dollar of principal amount per annum, or any Income tax not exceeding 6% of the interest per annum,as now or hereafter Imposed by any State or the District of Columbia. Denom. $1,000 and $500 C. Red. in whole or In part on 30 days' notice at 103 on or before Dec. 1 1931; thereafter at 102 on or before Dec. 1 1934; thereafter at 101 on or before Dec. 1 1937; and thereafter at 100 with accrued hit, added in each instance. Convertibiiity.-Debentures will be convertible at any time prior to maturity, and at the option of the holder, into the common stock, class A, of the company at the rate of 30 shares of such common stock, class A, for each $1,000 of debentures. In the event of redemption of these debentures prior to maturity, such conversion privilege may be exercised up to and including, but not after, the tenth day prior to the call date. Data from Letter of William E. Vogelback, Free. of the Company. Business. -A Delaware corporation. Through its subsidiaries, owns and operates properties supplying water and (or) artificial gas to 38 cities and towns in California., including certain parts of the City of Los Angeles, a substantial part of the City of Sacramento. Calif., and the City of Kellogg, Idaho. The total population served Is estimated in excess of 260,000 including approximately 48,500 customers, a portion of which are largo industrial consumers. Over 77% of the company's gross revenue Is derived from the sale of water, the balance being derived from electric, gas and other utility services. Company will also own all of the outstanding common stock of American States Electric Co. which will own and operate (through wholly-owned subsidiaries) properties furnishing electric light and power to the City of Sault Ste. Marie and surrounding communities in Michigan and water and electric services in Indiana. The total population to be served by this system is approximately 19.000 and the customers served will total about 4.200. Authorized. Outstanding. CapitalizationFirst lien 53e% gold bonds series A due 1948_ _ 0.650.066 10 -ye r 6% convertible gold debentures,seriesA2,000,000 a 20,40 she. 16,000 she. $6 cumulative preferred stock (no Paz) y250,000 she. 60,000 she. Common stock class A, no par Common stock class B, no par 100,0011 she, 100,000 shs. x Issuance of additional bonds and (or) debentures restricted by the conservative provisions of the respective trust indentures. y 60,000 shares of common stock, class A, reserved for conversion of the debentures, series A. FINANCIAL CHRONICLE PHIL 161929.] -The combined earnings of the properties to be owned or Earnings. controlled upon completion of this financing for the year ended Oct. 31 1928 are as follows: $1,487,229 Gross revenue 713.772 Operating expenses, maintenance & taxes Net income from operations before interest, depreciation, &cAnnual int. requirements on 1st lien 54% gold bonds, ser. A-- $773,457 305.250 $468.207 Balance -year 6% conAnnual interest requirements on $2,000,000 10 120,000 vertible gold debentures Earnings reported are historical except for certain adjustments amounting to $71.014 submitted by company's engineers as non-recurring for properties already owned and operated. -Based on independent appraisals the combined properties Valuation. upon the completion of this financing will have a reproduction cost new, less depreciation, of approximately $11.600,000 after giving effect to going concern and water rights value and working capital. Deducting from this valuation, the amount of the company's outstanding first lien 54% gold bonds, the balance is equivalent to more than $3,000 for each -year 6% convertible gold debentures out$1,000 principal amount of 10 standing. -These bonds and other securities of the company have been Purpose. issued in connection with the retirement of underlying securities of subsidiary companies, the acquisition of additional properties and for other corporate purposes. -New Directors. Associated Gas & Electric Co. and Buchsbaum have It is announced that William S. Barstow-V. William 882. 128, p. directors. become members of the board of -Stock Split-Up. Bangor (Me.) Hydro Electric Co. The stockholders have authorized a four-for-one split-up of the new common stock, reduction of the par value from $100 to $25 per share and an increase of the capitalization from $13,000,000, to $15,500,000,11 is reported. Net income for the past year was $691,235 compared with $568,611 the -V. 126, p. 2146. previous year. -Stone & -Bonds Sold. Baton Rouge (La.) Electric Co. Webster and Blodget Inc., Chase Securities Corp., Blair & Co. Inc. and Brown Brothers & Co. have sold at 9754 and int., to yield 5.16%, $1,000,000 1st mtge. 5% gold bonds, series B. 1051 debentures are to be redeemable as a whole, or in part by lot, on 30 days' notice, on any interest date. at the following prices and int.: to and including Feb. 1 1934. at 1024%;thereafter to and including Feb. 1 1939. at 101%; and thereafter at 100%. Central Union Trust Co. of New York, American trustee. Deutsche Kreditstcherung A. G., Berlin, German trustee. Dated Feb. 11929: due Feb. 11959. The city of Berlin owns all of the company's capital stock and has entered into an agreement with the company, extending beyond the maturity of these debentures, empowering the company to fix rates for the sale of electricity adequate to cover all operating expenses, interest and amortization of loans, depreciation and other proper reserves, and providing that, upon termination thereof, the city shall assume all obligations of the company,including interest and amortization of loans. Sinking Pund.-The indenture is to provide for a sinking fund, calculated on an accumulative basis, sufficient to retire the entire issue by maturity, to operate by semi-annual call by lot (first redemption Aug. 1 1929)at 100% and interest. -These debentures are listed on the Boston Stock Exchange and Listing. the company has agreed to make application in due course to list them on the New York Stock Exchange. Data from Letter of Dr. Lange, Treas. of the City of Berlin, and Dr. Kauffmann and Dr. Adolph, Managing Directors. -Company was organized by toe city of Berlin in 1923 to Business. operate, under lease from the city, the electric works which since 1915 had been operated directly by the city. The company sells about 90% of a population of more the electric current supplied in Berlin. which, with Customers, numbering than 4.000.000. is the third city in size in the world. approximately 700.000. include the surface and underground railway sysGerman National Railways, as well as purchasers of tems of Berlin and current for domestic and industrial purposes. A large maiority of the industrial concerns in Berlin are customers of the company. Including the Siemens concern and Allgemeine Elektrtcitaets Gesellschaft (Genera/ Electric Co. Germany). In 1928 the company produced more than 68% of the current sold by it. -The proceeds of the sale of these debentures are to be used to Purpose. liquidate all current borrowings of the company except approximately 53,900.000 due during 1929, to make extensions to the leased properties and for other corporate purposes. Capitalization (Upon Issuance of These Debentures) -year 64% sinking fund debentures. due 1959 (this issue)---$15.000.000 30 20.000.000 -year 64% sinking fund debentures,due 1951 25 5.731.521 7% Swissfrancloan • due 1940 , 5997.600 8% goldmark credit. due serially 1932 to 1935 3,570.000 (15,000.000 Reichsmarks par value) Capital stock of the In addition. in consideration of the application to the extension leased properties of the proceeds of approximately 72% of the6%% external of Berlin (513.909,000 now outstanding) and of loan of 19^5 of the city Berlin approximately 39% of the 6% external loan of 1928 of the city ofto pay obligated itself (514.908.000 now outstanding), the company has upon such proprtions, to the city of Berlin interest and amortization respectively, of these loans. -Net earnings of the company after rentals, taxes not based Earnings. on profits, depreciation and payments under the Dawes plan, but before Interest and appropriations Junior thereto, for the four-year deducting follows: Period ended Dec.31 1928(Dec. 1928 estimated), have been as Net Earnings Net gamin/I. 0.2466.56508 $792. 1 $6 379.59911927 192.5 6.563.38311928 1926 maximum annual interest requirement of the company as of Jan. he 6 31 1929. but adiusted to give effect to this financing, including 5264.834 of Interest on current borrowings, but excluding interest payments ranking interest junior to interest on theme debentures. was $3 772.934. This requirement includes interest on more than $24.000 onn of indebtedness fromtheproceeds of which no substantial benefits are reflected in the above eaminwi. Dated Feb. 11929; due Feb. 11959. Principal and int. (F. & A.) payable at Boston at Old Colony Trust Co., Boston, trustee; int. payable also at Bankers Trust Co., New York, paying agent. Int. payable without deduction for normal Federal income tax up to 2%. Denom. $1,000 ce. Red. as a whole on 30 days' notice at 105 prior to Feb. 1 1939; at 104 on Feb. 11939. and thereafter prior to Feb. 11944; at 103 on Feb. 1 1944 and thereafter prior to Feb. 1 1949; at 102 on Feb. 1 1949 and thereafter prior to Feb. 1 1954; at 101% on Feb. 1 1954 and thereafter prior to Feb. 1 1955; at 101 on Feb. 1 1955 and thereafter prior to Feb. 1 1956; at 1004 on Feb. 1 1956 and thereafter prior to Feb. 11957; at 100 on Feb. 1 1957 and thereafter to maturity; plus accrued interest in each case. Data from Letter of George H. Clifford, President of the Company. Authorized. Outstand. g. Capitalizationlet mtge. gold bonds,54% series A,due 1954-1515.000.000 J $990.000 11,000.000 5% series B,due 1959 (this issue) 425,000 *425.000 Preferred stock, 7% series A 65,000 shs. 41,041 shs. Common stock, without par value *Includes $1,000 subscriptions. Conversions of German and Swiss currencies into United States currency -Does the entire electric lighting and power, gas, electric railCompany. way and bus business in Baton Rouge, La., and the electric lighting and have been made at par of exchange (one Reichsmark equals 23.8 cents: -V. 128. p. 724. power business in Port Allen, La., and 7 other communities north of Baton one Swiss franc equals 19.3 cents.] Rouge. The total population served with electricity is 53,900 and with Boston Elevated Ry.-Earnings.transportation and natural gas 49.100. 1925. 1026. 1927. 1928. Calendar YearsThe generating capacity of the company's steam turbine power station 534.843.148 535.193.410 $35,481,313 $34,547380 is 6.500 k.w.. and there is a transmission line connection, practically com- Total revenue Op^ratine Expenses pleted, with the Louisiana transmission system of the Gulf States Utilities 2.86.5,886 2.764,921 2,610,830 2.663,665 Co. (an affiliated company) which will afford additional capacity. The Way ttz (ante,(maint.) 102,010 4134,165 154,856 57,279 pipe line company supplying natural gas to the Standard 011 refinery whole- Removal of snow & Ice 2,752.796 3.054.504 2,868,226 2,963,457 sales gas to the company for distribution to it scustomers and for fuel in Equipment (maint.)1.720.239 1,826,409 1,755.115 1,783,430 Its power plant. Passengers carried during 1928 totaled 3,499,023. in- Power (oneratine) 2(16.770 316.166 335.662 297.725 Power(maintenance) _ _ cluding bus passengers. 3 230 nin(goferat.) 11,167,506 11,436,060 11.924.518 11.567..243 Purpose. -Proceeds will be used for the payment of floating debt incurred 6.139 31,862 33,309 for additions to properties, to provide funds for further construction, and Traffic (operating) 2.857.724 2.6'31 ,562 3.115,301 3,262.626 General & miscel. for other corporate purposes. 2.496.000 2.841,722 2,824,220 2.671,142 Depreciation Earnings for 12 Months Ended December 31. 1927. 1928. 0 524, 00.189 525,132332 $26.076.268 $24.405.736 Total 70.64% Gross earnings 73.49% $1,017,109 $1.111,802 Operating ratio 71.41% 71,46% Oper., maint. and taxes (not incl. Federal) 668,566 611.690 -V. 127. p. 3241. $443,236 5405.419 Net earnings -Merger with Surface Lines of Brooklyn City RR. Income from other sources 1,817 -See latter Transit Corp. Proposed. 5405.419 Net income $445,053 Annual int. requirements on the co's bonds, incl. this issue.-- 104,450 Management. -More than 99.3% of the common stock of company is -V. 125. p. 2933. owned by Engineers Public Service Co. ---Bell Telephone Co. of Penn. -Earnings.' Calendar YearsOperating revenues Operating expenses Taxes & uncollectibles 1926. 1927. 1925. 1928. e65,830.679 $60,357,442 $56.340,022 $550,630.200 45,144.683 42,351,124 39.729,151 36.563,079 2,774,054 2,977,435 2,449,250 3,256,726 Operating income_ __-$17,429,270 $15,028,882 $13,836,818 $11.617,871 Non-oper. revenue (net) 1,941,324 1.410,910 941,390 1,987,505 Gross Income $18.370361 $16,439,792 $15,778,143 $13,605,376 Interest charges, &c-- -- 6,508,538 6,455,178 6.393.557 5,318,417 Net income $11,862,123 $9,984.613 $9,384,585 58.286.959 Preferred dividends.. _ -- 1,300.000 1,300.813 1.300,000 1,282,341 Common diva. paid- _ _ 6,400,000 6,400,000 6,400,000 6.400,000 Other deductions 350,000 24,639 Balance, surplus $4,137,484 $2,284,613 $1,333,773 Shares of common stock outstanding (par $100) 800,000 800.000 800,000 Earned per sh. on corn- _ $10.86 $10.10 $13.20 -V. 127, p. 3539. $601,619 800,000 $8.75 Berlin City Electric Co. (Berliner Staedtische Elektricitaetswerke Akt.-Ges.).-Bonds Offered Read & Co., Hallgarten & Co., Bankers Company of New York, Halsey, Stuart & Co., Inc., International Acceptance Bank, Inc., E. H. Rollins & Sons and Mendelssohn & Co., Amsterdam, are offering $15,000,000 30 -year6% sinking fund gold debentures at 933' and interest, to yield to maturity 7.02% (average yield, based upon retirement through sinking fund, 7.16%). A substantial amount of these debentures has been withdrawn for offering in Europe, including offerings in Holland by Mendelssohn & Co., Amsterdam, Nederlandsche Handel-Maatschappij and others. Authorized and presently to be issued $15,000.000. Denom. $1.000c*. Interest payable F. & A. Principal and int. payable in Unitd States gold coin at the principal office of Dillon, Read & Co., New York, without deduction fon any taxes, present or future, levied by German governmental authorities. Holders may, at their motion, collect principal and interest in London at the office of Guinness, Mahon & Co.. in pounds sterling; in Amsterdam at the office of Mendelssohn & Co., Amsterdam, in guilders; in Zurich and Basle at the offices of Credit Suisse and Societe de Banque Suisse, in Swiss francs; or in Stockholm at the office of Skandinavi.ska Kreditaktiebolaget, in Swedish kronor; in each case at the buying rate for sight exchange on New York on the date of presentation for collection. In addition to being redeemable for the sinking fund at 100% and interest, Brooklyn-Manhattan -V. 128, p. 398. company below. -To Merge Surface -Manhattan Transit Corp. Brooklyn Dines with Brooklyn City RR. authorized Brooklyn City RR. The directors of the B. M. T. and the of the two corporations, comFeb. 13. the mereirec of the surface car linesQueens and Brooklyn. into a about sno miles of single track in prising the stockholders and the Transit single system. The merger. if approved byconsolidated company, which is Commission, will. It is said, result in a to take over the Brooklyn and Queensabus routes of the Prepared either city for bus franchise. Equitable Coach Co. or to deal directly with theBrooklyn City RR. surface The approval of the merger of B. M. T. and a matter of form. The is considered merely line: by the stockholders constituent companies and the B. M. T. is the holder of all the shares of its represented by the directors largest stockholders of the Brooklyn City are who approved the consolidation. will be issued to stockholders The consolidated company,shares of which of the merged companies in exchange for their holdings, will have 283.250 of common, all without par value, shares of preferred stock. 820.000 shares existing companies, aggregating about $31.105,and the funded debt of thewill be entitled to cumulative dividends at $4 a 528. The preferred stock and $6 thereafter, and Is redeemshare for the first year. $.5 for the second dividends. able at $110 per share and accrued the companies in the merger consists of The combined capitalization of stocks and 558.000.000 in bonded debt $36,000,000 par value of capital principal. Indebtedness of more than $27,600,000 will be canceled and turned into the treasury of the consolidated company,. Basis of Share Exchanoe.-Holders of the 516.000.000 outstanding $10 stock par shares of Brooklyn City are to receive 160,000 shares of preferredof one of the new corporation and 5400.000 shares of common, on the basis outcommon for each 10 shares of share of preferred and 2% shares ofreceive 123.250 preferred shares and standing stock. The B. M. T. will 400.000 common shares of the new company in exchange for or cancellation of about $20,000,000 in par value of stocks and $27,090,090 in debt principal of the B. M. T. surface line companies and in settlement of a $13.000,000 construction account claim against the Brooklyn City, now in litigation. The merger plan reserves 20.000 shares of common stock in the treasury as the maximum which may be issued should the Board of Estimate approve the Equitable'* pending application and make possible the merger of its Brooklyn and Queens bus routes with B. M.T.surface lines. The directorate of the new company, it was announced, would be representative of Brooklyn and Queens and the corporation hopes to be able 'with co-operation of the public authorities to furnish Improved service and to finance the development of its properties to meet the existing and -V.128, P. 725. future traffic demands." . -To Rettre Pref.Stk.Burlington(Vt.)Light&Power Co. The Seaboard National Bank of the City of New York has been appointed agent to redeem the outstanding shares of 7% preferred stock of the Burlington company on March! 1929 at 105 and divs.-V. 126.P.3296. -Initial Div. ChicagoSouth Shore & South Bend RR. /_ The directors have declared an initial quarterly dividend of 1i° on he 64% class A pref. stock, Payable March 1 to holders of record Feb. 15. See offering in V. 127, p. 3241. 1052 FINANCIAL CHRONICLE [VoL. 128. Cities Service Co. -Sub. Completes Transmission Line. Subsidiaries of this company have completed a 220 -mile transmission line linking into one system properties extending across the State of Ohio which the organization has been gradually welding together since 1912. The completion of this project vrill facilitate the handling of a rapidly increasing load in these properties which in January established new output records greatly exceeding any previous peak load. The new line traverses the heart of the Ohio industrial territory, and in addition to connecting the several generating plants of the two Cities Service subsidiaries -Toledo Edison Co. and Ohio Public Service Co. -is tied in at Canton with the system of the Ohio Power Co.; at Lorain with the Cleveland Electric Illuminating Co., and at Warren with the Pennsylvania-Ohio Power Co. It also ties in at Canton and Shelby with the lines of the American Gas & Electric Co., which permits an interchange of power between the Cities Service properties and this system. The new line is of standard 132.000 -volt double circuit, steel tower construction with one 4-0 copper and aluminum circuit strung, the other to be Installed as load conditions demand. It extends from the Ironville sub-station of the Toledo Edison Co. to Cities Service properties at Sandusky.Lorain,Ashland,Massilon. Alliance and Warren. -V.128,p.882,725. Columbus Electric & Power Co. -Earnings. - Calendar YearsTotal gross earnings Operation Maintenance Taxes 1927. 1928. $4,310,372 $4.200.699 1,293.810 1.301.594 253.609 203.521 432.139 375,565 Net earnings Income from other sources $2.330,813 $2,320.019 15.200 16,117 Total Interest and amortization charges $2.346.930 82.335.219 873,546 894,519 Balance Prior earned surplus $1.473,384 $1.440,700 $1.133,199 $1.112.641 Total Retirement reserve 82.606.584 $2.553,341 374.533 380.338 Balance Net direct credits $2,232,051 $2,173,003 147,298 7.563 Balance Preferred series B dividends Preferred series C dividends Second preferred dividends Common cash dividends Common,stock dividends 82.239.613 $2,320,301 292.838 287.086 129,208 75.046 22.162 27.884 531.383 557.872 265.701 278.967 Earned surplus $958,565 $1,133,199 Consolidated Balance Sheet Dec. 31. 1928. 1928. 1927. 1927. Asset.$ Liabilities$ $ $ Prop., plant, &c-30,833,471 29,346,722 26 pref. stock.- 305.100 334,600 Cash 241.683 351,504 Pref. stock B 4,194,900 4,165,400 Accts.receivable-- 531,129 499.385 Pref. stock C 1,998,200 1,935,900 Mathlf & supplies.. 333.312 336,332 Pref. stk. C subsc. 64,100 1,800 52,132 Prepayments 71,563 Funded debt 16,242,300 16,284,300 MIscell. Investmls 194,417 Notes payable_ 950,000 Subscr. to pref _ _ . 840 38,263 Accounts payable_ 79,165 58,058 Sinking fands_ x. 172,758 117,132 Accts. not yet due_ 332,975 337.380 Unamort.debt dieRetirem't reserve- 1,763,135 1,491,818 count & exps- -- 477,082 440,660 Appr. res. for retire 33,412 Unae11. debits____ 96,014 35,716 Contrib. for exts 22,329 13,711 36,945 Operating reserves 33,715 45,792 42,464 Unadjusted credits Total(each side).32,738,419 31,431,695 Book val. of assets y6,753,473 6,649,141 x Includes $78,000 of the Columbus Power Co. 5% bonds held in sinking fund uncancelled as to principal. y Showing book value of assets for 289.733 shares of no par common stock (including earned surplus of $958,565).-V. 128. p. 882. Consolidated Gas, Electric Light & Power more. -Rights. - Co., Balti- 1927, as compared with 15.3 in the United States and 12.6 the area served by the company the development is about in Canada. In 12.7 telephones per 100 inhabitants. Purpose. -The proceeds of these bonds are to be used to retire $2,000.000 25 -year sinking fund external 6% gold bonds, to be called for April 15 1929, and to provide funds for capital expenditures redemption on and other corporate purposes. Relations with Government. -Under the terms of the concession tions of the company are closely supervised by the Government ofthe operathe Kingdom of Denmark. The accounts and accounting methods are in accordance with regulations established by the Government, which require proper provisions for maintenance and depreciation. Rates are regulated through the Minister of Public Works and these rates are subject to revision when the profits realized,after depreciation,are not suitable to current conditions. Installation of new equipment and any development or change in equipment already installed are subject to the approval of the Government. There is also provided Government inspection of the company's equipment, operation and personnel. All questions between the company and its employees concerning wages, pensions or working conditions are to be taken up under the terms approved by the Minister of Public Works, and event of failure to reach a settlement the matter is to be arbitrated. in the Two members of the board of directors are appointed by the Minister of Public Works. Any issuance of loans or stock by the company must have the approval of the Government,and total funded debt may not exceed the amount of stock capital. The present issue has been approved by the Government. The Government owns Kr. 9.000,000 of the Kr. 50,000,000 capital stock of the company and has the right to purchase half of any future stock issued. Upon the expiration of the present concession in 1939, the Government has the right to buy,on one year's notice, at the rate of Kr. 125 for each Kr. 100 share,all or part of the stock of the company then outstanding. Ifonly part of such stock is to be purchased the shares are to be drawn by lot. In case the Government does not purchase All of the stock by 1939, the concession will automatically be extended for five years more,at the end of which period the Government again has the right to purchase the stock as above, this process to be repeated until all of the stock has been purchased. The Minister of Public Works officially agrees that if the Government should purchase all or substantially all of the stock or assets of the company. the Government will thereupon redeem, or guarantee, the payment of the principal and interest of. all of these bonds outstanding. Security. -These bonds are to be direct obligations of the company. They will rank equally with the company's outstanding kroner bonds, equivalent to about $:3,367,956. bearing 5% coupons, none of which is secured by mortgage. The company's properties, carried Dec. 31 1928 on its books at approximately $26,371,000, after deducting depreciation reserve, have a conservative value in excess of this amount and are free from mortgage except for $571,376 real estate mortgages. The company agrees that if in the future it shall give a lien on any of its assets or revenues in favor of any loan, these bonds shall be equally and ratably secured on such assets or revenues; provided, however, that this provision shall not prevent the company's incurring (1) current indebtedness maturing not later than one year in the general conduct of its business, which may be secured by pledge of accounts receivable or other liquid assets; (2) obligations not exceedingKr. 5,000.000 (81,340,000 at par of aggregate principal amount at any one time outstanding (Including, while outstanding, the 8571,376 real estate mortgage loans mentioned above), which may be secured by mortgage on its real estate; and (3) indebtedness secured by purchase-money mortgages created by the company, or existing, on real estate hereafter acquired. Earnings. -The growth and earnings of the company are shown by the following figures taken from reports prepared by Danish independent chartered accountants and approved by the Government (1928 figures are subject to approval of Government): Year Ended Dec.311928. 1927. 1926. 1925. Gross revenues $6,914,400 87.081,099 87,319.574 85,789,322 Net(after deprec.,taxes,&c.) 2,010,000 1,709,200 1,827,359 1.581,360 Int. & commission (net) 268.000 246,365 224,672 180,303 Net income 1,742,000 1,462,835 1,602,687 1,401,057 Number of subscribers 148.009 143.492 140,495 136,891 The above figures represent conversions into dollars at average exchange rates for 1925 and 1926 and at par of exchange for 1927 and 1928. Net earnings (after depreciation, taxes. &c.) for the four years, as shown above, averaged $1,781.979, or more than 3.20 times the annual interest requirements on the company's funded debt to be outstanding after completion of this financing. For 1928, net earnings as shown above amounted to more than 3.65 times such requirements. 'lg.-Dividends at the rate of 6% per annum or more have been on tile company's capital stock without interruption since 1886. the paid rate since 1917 being 8% per annum. At present eguotations the stock has an indicated market value of more than 817,800,000. Lisiing.-Apphlcation will be made to list these bonds on the New York Stock Exchange. Bonds Called. All of the outstanding 25 -year s. f. external 6% gold bonds due April 15 1950, have been called for redemption April 15 next at par and int. Payment will be made at the Guaranty Trust Co., 140 Boradway, N. Y. City. -V. 127. p. 1524. The directors have voted to apply to the Maryland P. S. Commission for authority to issue 105,570 shares of common stock and 10.000 shares of 5% series A preferred stock of $100 par value and to offer 95,570 shares of the new common stock to common holders of record March 8 at $60 a share In the ratio of one new share for each 10 shares held. The other 10.000 shares will be offered to employees at $70 a share on an installment basis. The new preferred stock will be offered to customers of the company on •deferred payment basis which the company has bad in effect for a number of years. The proceeds of the above sales will be used to finance extensions to plants necessary to meet the increased demand for the company's products. Years Ended Dec. 31Denver Tramway Corp.-Balance Sheet Dec. 31 1928.1926. 1925. 1928. 1927. Gross operating revenue.$26,126,194 $24.657,000 $24.710.603 $22,746,142 Assets Liabilities Operating expenses 17,341.149 16.757.025 16,579.837 14,611,054 Property.equip.& franchisea$26,476,668 Preferred stock $10.441,200 Real estate not used 565,788 Common stock & surplus._ _ _ x7,722,469 Operating revenue_ -- 88,785,045 $7,899.975 $8.130.766 $8,135,088 Sinking funds 82,185 Funded debt 9,697.300 Other income 378.614 346,066 Investment & securities 436,117 347,528 621,559 Accounts & wages payable._ 111,772 Material & supplies 357,051 Matured int. & div. unpaid246,571 Total revenue $9,221,162 $8,247,503 88,509,380 88.481,154 Insurance prem. dc taxes paid Accrued int. payable 48,254 Fixed charges 2.929,771 3.036.391 3,047,520 3.070,133 in advance 18,761 Accrued taxes 507,375 Dividends 2,955.904 2,348.899 Cash 3.816,764 3,314,887 813,276 Service liabilities 93,665 Accrued Int. & accts. receiv. 112.977 Operating & other reserves_ 349,481 Surplus $2.356.876 81,862,483 82,623,705 $3,095,863 Def. dc suspended debit items 181,082 Def.& susp.credit Items. _11.329 Shares cora, stock outstanding (no par)_ _ _ 825,500 841,545 947,443 940,954 Total $29,229,317 Total 289,229.317 Earns, per share45.49 $.85 $4.58 a After deducting depreciation. x Represented by 61,240 no par shares. x Figured on average amount outstanding during year. V0128, P. 883. -6 3 . Our usual comparative income account was published in V. 128. p. 725 Copenhagen Telephone Co. (Kjobenhavns Telefon Aktieselskab).-Bonds Offered. -Guaranty Co.of New York and Dillon, Read & Co. are offering $7,000,000 25-year sinking fund external 5% gold bonds at 933 and int., to yield 4 over 5.38%. Approximately 33,000,000 bonds of this issue have been withdrawn by European bankers. The company's 25-year sinking fund external 6% gold bonds, to be called for redemption on April 15 1929, will be accepted in payment for the above bonds on a 5% discount basis to April 15 1929. Dated Feb. 15 1929: due Feb. 15 1954. Sinking fund, commencing in 1930. of 8280.000 per annum, sufficient to retire entire issue by maturity; to operate by purchase at not exceeding 100% or annual redemption by lot at 100%, first redemption to take place Feb. 15 1931. Guaranty Trust Co., New York, paying agent. Authorized and presently to be issued, $7,000_,000. Interest payable F. & A. Principal and interest payable in New York at Guaranty Trust Co. of New York in United States gold coin of or equal to the standard of weight and fineness existing Feb. 15 1929, without deduction for any tax or taxes now or hereafter imposed by the Kingdom of Denmark or by any taxing authority thereof or therein. Denom. of $1,000. Red. as a whole or in part, at par and bat., on any hit• date on 60 days' notice. Data from Letter of Frederik Johannsen, Managing Director of the Company. Company.-Establlshed in 1882. Operates under an exclusive 20 -year concession granted by the Danish Government in July 1919, under the terms of which the company provides telephone service without competition on Islands of Amager and Zealand, which include the City of Copenhagen. the The territory served has a population estimated at 1.357.300 and the company's subscribers on Jan. 1 1929 numbered 148,009 of which 111,867 are in the City of Copenhagen and suburbs. The company's plant and equipment are thoroughly modern and its service is of a very high standard. A large part of its equipment, particularly that for Its automatic centrals. has been purchased in the United States. A considerable part of the company's lines is underground. Telephone development in Denmark as a whole ranks fourth among the nations of the world, with 9.2 instruments per 100 population as of Jan. 1 Eastern States Power Corp.-Pref. Stock Offered. F. L. Carlisle & Co., Inc., Schoellkopf, Hutton & Pomeroy, Inc., E. H. Rollins & Sons and Hornblower & Weeks are offering at $100 per share and div. 60,000 shares preferred stock series B, $6 cumulative dividend (with common stock purchase warrants). Preferred stock series "B" ranks equally with the preferred stock series "A." It is preferred over the common stock as to cumulative dividends at the rate of $6 per share per annum, payable Q. -F., and as to assets liquidation to the extent of $100 per share and diva.; and is rod, all orupon part on any div, date on 30 days' notice at $110 per share and dive. Preferred stock has no voting power except upon default in four quarterly dividends, in which case it has equal voting power, share for share, with the class "B" common stock so long as such default continues. Transfer agent, Equitable Trust Co., New York. Registrar, National Bank of Commerce, New York. CapitalizationAuthorized. Outstanding. Pref.stk.,cumul.(no par)ser."A"$7 div }100,000 atm. 140,000 shs. Series "B"$6 dividend (this issue) 160.000 shs. Common stock (no par)class"A" 500,000 shs. None Class "B" "750,000 shs. 539,234 shs. * Including 60,000 shares reserved for exercise of common stock purchase warrants to be attached to preferred stock series "B." Common Stock Purchase Warrants. -Preferred stock series "B" will carry common stock purchase warrants entitling the holder to subscribe for one share of class "B" common stock for each share of preferred stock series "B" at $45 per share to and including Aug. 1 1929; at $50 per share thereafter, to and incl. Feb. 11930; and at $55 per share thereafter, to and incl. Feb. 1 1931 on which date, at the close of business, they will expire. These warrants will be exercisable prior to Feb. 1 1930 only if attached to certificates for a like number of shares of preferred stock series "B" bearing the same serial number, unless such shares of preferred stock shall theretofore have been redeemed. Data from Letter of F. L. Carlisle, Pres., New York, Feb. 11. Business. -Corporation was organized in Maryland, Oct. 23 1925 principally for the purpose of acquiring and holding securities of public utility, industrial and other companies. Corporation is also empowered to underwrite issues of securities, to act as fiscal agent and to deal generally in FEB. 16 1929.] 1053 FINANCIAL CHRONICLE The statements given he-0 reflect results of operations. preferred divisecurities, especially those of companies interested in the development of dends and provisions for retirements of Puget Sound Power & Light Co. the electric light and power industry. -Corporation holds as its principal investment 187,500 shares only from date of acquisition. Dec. 1 1928 Holdings. Consolidated Balance Sheet Dec. 31 1928. of the common stock of St. Regis Paper Co., which holding represents 25% Liabilities of the total amount of common stock at present outstanding. Corporation Assets 1443,208,804 $254,783,050 Preferred stock also owns stock in Buffalo, Niagara & Eastern Power Corp., Niagara Property, plant, &e Preferred stock scrip Share Corp.. Mohawk Iludson Power Corp. and other companies. 12,189 Excess of book value of sec. Earnings -The sources of the corporation's earnings are income from Common stock c34,712,099 subs, as of date of scouts. realized from the sale of securinvestments. underwriting fees and profits Common stock scrip 9,990 over par or stated value 9,277,931 Preferred stock (subs) ities. For the year ended Dec. 31 1928, the actual earnings from all sources, 64,375,752 thereof 15,888,441 Premium on stock (subs.) _ _ were as follows: 134,919 Investments $2,049,567 Cash 10,362,413 Stock subscrib. for (subs.)_ _ Gross income from all sources 12,114 78,725 Notes receivable Expenses,taxes,interest paid,&c 249,472 Bonds (subsidiaries) 120,349,500 6,578,606 Coupon notes (subs.) . , Accounts receivable 31,970 842 Materials& supplies Net earnings 3,043,681 Notes payable 9,395,369 56.289 Prepayments Reserve for Federal taxes 1,062,014 Accounts Payable 1,458,358 5,528 Accts.not yet due 3,858,146 Subscribers to stock $1,914.552 Sinkingfunds Net income available for dividends al1,042,417 Dividends declared 600,254 including this issue 640,000 Special deposits Div.require. on pref.stock, 903,304 Retirement reserve 20,353,901 4,797,030 Operating reserves 394,487 The net income available for dividends for the three years ended Dec.31 Unamort.debt disc.& exp _ _ earnings do not reflect any income to be Unadjusted debits 930,866 Unadjusted credits 696,532 1928 averaged $1.094,306. These Minority int,in cap.& surp. derived from the proceeds of this issue. Adding 4% interest on such proofsubsidiaries 1,470,858 ceeds, the above average net income would exceed $1.320,000 or more Earned surplus d11,821,985 than twice the total dividend requirements on the preferred stock including this issue. The above net income for the year ended Dec. 31 1928. likewise $318,924,755 Total $318,924,755 adding 4% interest, would exceed $2.100.000, equal to over three times Total the above dividend requirements. The income derived by the corporation a Includes 310,778.500 bonds of subsidiaries held in sinking funds, from dividends on securities now owned and from interest on loans (if uncancelled. is Represented by 254,820 shares $5 dividend convertible continued at present rates) without any benefit from the use of proceeds preferred and 197,993 shares $5.50 cumulative dividend preferred of no of this issue, would be equal to more than the total dividend requirements par value. c Represented by 1,270,621 shares of no par value: average on the preferred stock including this issue. number of common shares outstanding in 1928 was 930,828. d Surplus of -The proceeds from the sale of this issue of 60.000 shares of subsidiary companies at date of acquisition by Engineers Public Service Purpose. preferred stock series "B" are to be used to acquire additional public Co. was 39,277,931.-V. 128. p. 884. utility and industrial securities and for other corporate purposes. -V. 127. p. 1524. Electric Bond & Share Securities Corp. -Merger with Electric Bond & Share Co. -Merger of Electric Bond & Electric Bond & Share Co. -See full details under letter comShare Securities Corp. -At meetings of the boards of directors pany above. -V. 127, p. 1805. of Electric Bond & Share Co. and Electric Bond & Share -Earnings. Grand Rapids RR. Securities Corp. held Feb. 11, resolutions were adopted au1927. Calendar Years 1928. thorizing the officers of said companies to enter into an Passenger revenue 31.627.157 31.551,679 1.894 1,012 Revenue from special cars, etc agreement for consolidation under the laws of the State of 44.376 18.678 Rent of equipment tracks, etc New York, subject to the approval of stockholders of both Non-operating revenue 1.925 2,801 companies at meetings which were called to be held at No. 2 $1.675,352 $1,574,171 Total revenues Rector St., New York City, on March 12 1929. An official Operating expenses 1,005,643 957,625 133.496 133.617 Taxes announcement further states: The consolidated company will be known as Electric Bond & Share Co. It will have an authorized capitalization of 14.500.000 shares, divided into 1,000,000 shares of$6 preferred stock. 1,000,000 shares of$5 preferred stock and 12,500.000 shares of common stock, all without par value and with equal voting rights. In exchange for each share of the present 6% preferred stock of Electric Bond & Share Co. the consolidated corporation will issue one share of its $6 preferred stock, entitled to cumulative dividends from Feb. 1 1929. The holders of the common stock of Electric Bond & Share Securities Corp. will receive three shares of common stock of the consolidated corporation for each share of their present stock. None of the $5 preferred stock will be issued to consummate the consolidation. The $6 preferred stock will be entitled to preferred cumulative dividends at the rate of $6 per share per annum. The $5 preferred stock when Issued will be entitled on a parity with $6 preferred stock to dividends at the rate of $5 per share per annum. Both classes of preferred stock will be redeemable at $110 per share. Dividends may be paid on the common stock only when cumulative dividends on all the outstanding preferred stock have been paid and, except upon the vote of two-thurds of the preferred stock, only when after the payment of the proposed dividend on the common stock the capital and surplus of the consolidated corporation shall be at least equal to $200 per share of all preferred stock then outstanding and in addition thereto the surplus of the consolidated corporation shall be at least equal to three years dividends on all outstanding preferred stock. The consolidated corporation shall never, except with the written consent of two-thirds of the preferred stock. issue any preferred stock (in addition to the shares of $6 preferred stock to be issued in exchange for the present 6% preferred stock of Electric Bond & Share Co.) unless upon the issuance of such additional shares the capital and surplus of the corporation as shown by its books of account shall be equal to at least $200 per share of all preferred stock then outstanding (including the additional shares then being issued) and in addition thereto such surplus shall be at least equal to three years dividends on all outstanding preferred stock, including such additional shares. In addition to the present large assets of Electric Bond & Share Co., Electric Bond & Share Securities Corp. itself has substantial assets which as a result of the consolidation will materially increase the equity junior to the preferred stock of Electric Bond & Share Co. which is to be exchanged share for share for $6 preferred stock of the consolidated corporation. As of Dec. 31 1928, the assets of Electric Bond & Share Securities Corp., included cash and call loans receivable of 360.667.423, notes and loans receivable of $6,534,000. accrued interest receivable of $214.492. miscellaneous Investments (carried at cost) of $22.910,560. in addition to the following securities of Electric Bond & Share Co. -300 shares of 6% preferred stock and 350,000 shares of common stock (being the entire amount of outstanding common stock of Electric Bond & Share Co.). Electric Bond & Share Securities Corp. as of Dec. 31 1928. had no debt except $3.246 representing sundry accounts payable, taxes accrued of $238.109 and dividends payable Jan. 15 1929. of $801,272. Stockholders of record at the close of business Feb. 21 1929, will be entitled to vote on the proposal to consolidate. Formal notice of such meetings will be mailed to stockholders on or shortly after Feb. 21 1929.V. 128. p. 112. Gross income Interest on funded debt Interest on unfunded debt 3536.213 $482,929 236,274 4,640 Net income Dividends on preferred stock Provision for retirements $242.014 10.276 122.748 Balance surplus -V. 127, p. 260. $108,989 -Annual Report. Hartford Electric Light Co. Calendar YearSales, electric current Expenses Taxes 1928. 1927. 1926. 36.179.100 35.515.400 $5,341,400 2,841.700 2,655.200 2,468.800 494.000 430.200 420.000 Operating income Other income 32.843.400 32,430.000 155.900 3 6,500 Total income Retirement reserve 32.999,300 32.776.500 32.632,100 584,600 533.100 505.700 Net income Interest & preferred diva Customers' dividend Common dividend 32,414.700 32,243,400 32,126.400 24.500 285.600 312.100 333.000 185.000 284.000 1,785.900 1,436.400 1.146.200 3271.300 3336.400 Condensed Balance Sdeet Dec. 31. 1927. 1928. 1928. LiabUities$ s $ 21,326.300 18,775,200 Common stock_ _ _18,000,000 1,166,800 2,168,200 Notes payable_ ___ 3,610,000 4,055,000 Other liabilities_ .._ 1,424,800 Retirement reserve 4,475,700 Surplus 2,202,600 Balance to surplus Assets Fixed capital Cash Other assets 32.452.600 179.500 26,103,100 24,998,400 Total -V. 127, P. 1947. Total $384.100 1927. $ 14,000,000 4,000,000 863,300 4,173,200 1,961,900 26,103,100 24,998,400 -New Control. Hingham (Mass.) Water Co. See Scituate Water Co. below.-V. 120, p. 1881. -Rights. Illinois Bell Telephone Co. The stockholders of record Dec. 31 have been given the right to subscribe on or before March 1 for 340.000,000 additional capital stock, at par shares held. ($100 per share), on the basis of one new share for each Subscriptions are payable as follows: 50% on July 1 1929, 25% on Jan. 1 1930 and 25% on July 11930. 1928. 1927. 1926. Calendar Years1925. 381,463.545 $73,367,325 367.560.467 $61,436,229 Engineers Public Service Co., Inc. Total revenues -Rights. The rights of the common and $5.50 cum. pref. stockholders of record Total exp.,incl. taxes-. 66,622.779 60,489,488 55,640,574 50.260,964 3,051,161 3,670.944 3,049,211 Feb. 14 to subscribe for additional common stock will expire on March 15. Interest 2,938.839 See details in V. 128. p. 884. 311,789,605 39.206.893 38,870.682 38,236,426 Net income Consolidated Income Statement 12 Mos. Ended Dec. 31. 8,800,000 7.000.000 Dividends(8%) 6.400.000 5.600.000 • 19-7. 2,956 600.000 900,000 Gross earnings 332.864.658 329,453,595 Misc. appr.ofincomeOperation 14,013.452 13,33'',4'9 32,986.649 $2,206,893 31.870.682 $1,736,426 Surplus Maintenance 2,469,510 2,399,640 Shares outstg.(par $100) 1,100,000 1,100,000 800.000 800,000 Depreciation of equipment 14,500 $10.71 $8.37 Earned per share $11.08 Taxes $10.29 2,505,995 2,375,189 Comparative Balance Sheet Dec.31 Net operating revenue 1928. 1927. $13,861,200 311,346,336 1928. 1927. Income from other sources Liabilities 175,683 Assets $ 32,536 3 Capital stock _ _ _110,000,000 110,000,000 Land & bldgs. & Total income $14.036,883 $11,378,872 teleph. plant_246,976,355 225,729,337 Prem.on cap.stk 4,168 4,168 Interest and amortization 4,119,516 General equip't_ 4,105,7883,708,295 Funded debt _ _ _ 49,101,900 49,139,400 3,457.049 1,020,472 Advances Investments - - 1,981,741 12,400,000 Balance 39.917,367 deposits_ 1,193,024 1,276,301 Notes 5,218,237 Divs.on pref. stock ofsub.companies (accrued)_-- 2,153,632 37,921,823 Cash & 22,273 15,456 Acct's payable._ 6,474,575 7,425,300 1,609.548 Marketable sec _ Amount applic. to coin. stk. of subs. in hands of 53,349 Bills payable_ _ _ 11,356 Bills receivable_ 115,000 745,387 public 68.694 52,751 Accts.receivable 7,392,568 7,514,369 Accr. liabilities, 822,067 903,468 not due Mat'ls & suppl's 8,205,273 6,998,870 Bal. applic. to res. & to Engineers Pub. Serv. Co. $7,695,041 Empl. ben. fund $6,259,524 Accrued income 3,465,847 8,459 10,299 Other def cred. Consolidated Surplus Statement Dec. 311928. 'd not due 66,795 198,240 Deferred debits 4,754,056 4,657,923 Heave for accr'd Prior earned surplus $12,207,717 depreciation 59,224,824 53,982,291 Puget Sound Power & Light Co. charges applic. to 1928 prior to Other reserves acquisition 254,217 Dr.933.167 Approp.surplus. 9,293,614 7,480,867 Balance after interest & amortization charges (as above) 9.917.367 Corporate surp_ -.6.857,040 5,498,945 Total $21,191,918 267,347,088 244,807,870 Totd Retirement reserve x Total 267,347,088 244,807,870 3,709,333 Net direct charges 645.711 -V. 127, p. 3705. Dividends paid or declared: Subsidiaries, preferred 2,532,610 Subsidiaries, common International Telephone & Telegraph Corp. -Listing. 55,075 Engineers Public Service Co.,preferred 1,958.903 The New York Stock Exchanges has authorized the listing of $57.000,000 Common -year convertible 43.% gold debenture bonds. due Jan. 1 1939. 251.887 10 Stockholders of record, Dec. 31 1928, were entitled to subscribe for the Earned surplus in the proportion of $100 of bonds for each 234 shares of $12,038,399 bonds x Amount set aside by the directors of subsidiary companies during the stook, at 98 held. The subscription then privilege expired Jan. 21 1.29. All 12 months' period. the bonds were taken by stockholders. The proceeds of these bonds will 1054 FINANCIAL CHRONICLE be used chiefly to reimburse the corporation's treasury for expenditures made for recently acquired properties, and to provide funds to be ma to available to Associated companies, principally for additions and betterments to their properties. -V. 128. p. 399. Laclede Gas Light Co. -Annual Report. - Calendar Years Orker. revenues Operating expenses Taxes Retirement reserve a1928. b1926. b1925. a1927. $7.622,865 $7,526,796 18,659.854 $8,278,406 3.626.194 3,518.920 3.744,286 3,394.295 883.276 803.349 931.543 948,283 721.283 281,071 536.283 274,239 Operating profit 12,784.057 12.785.354 13,496.009 13.359.479 Non-operating revenues.. 414,674 19.750 35.742 414,851 Total revenue_ _ - - $3,198,731 $3,200,206 $3,515.759 $3,395.221 Interest on funded debt_ 1,627.500 1,627,500 1,523.000 1.627.500 Int. on unfunded debt 7.393 17.140 68.853 28.390 Amort. of debt disc, and expense 86,113 86.351 86.351 76.500 Miscellaneous charges 18.142 5.454 22,308 25,932 Net profit Preferred dividends.. Common dividends $1,393.719 $1,432,034 $1,779,552 $1,770,185 125.000 125.000 125.000 125.000 1.070,000 1,070,000 1,070.000 1.284,000 Balance,surplus $198,719 $584,552 $575.185 $23,034 She,corn. out.(per $100) 107.000 107.000 107.000 107,000 Earns. per share on com. $15.46 $12.21 $15.39 $11.85 a Excludes sales from electricity. b Includes sales from electricity. -V. 126. p. 3117. -Stock Increased. Long Island Lighting Co. The stockholders on Feb. 5 approved the issuance of 200,000 shares of $100 par value new preferred stock, of which 100,000 shares shall be known as series "B" 6% cum. pref. 50,000 shares as series "C" 5 cum. pref. and 50.000 shares as series "D"5% cum. pref. stock all of which will have the same privileges as the present series "A." 7% preferred stock. -V.128, P. 556. Milwaukee Electric Railway & Light Co. -Listing. The New York Stock Exchange has authorized the listing of $10,000.000 additional refunding and 1st mtge. gold bonds, 5% series B. due June 1 1961, making the total amount applied for to date $39,119.000. Income Accountfor Calendar Years. 1928. 1927. Gross earnings $27.507.550 $29,510,946 Operating expenses, maintenance and taxes 18.596.822 19.489.164 Int. charges. including amortization of bond disc._ 2.353.829 2.328.565 Appropriations for depreciation reserves 2.589.993 2.859.466 Balance for dividends and surplus 3,966,905 4,833,750 Surplus, Jan. 1 1928 $4.985.194 Total surplus Dividends on preferred stocks Dividends on common stock Other charges to surplus -net $9,818,944 1.288.862 2,100,000 377,003 [Vox.. 128. class A stock of Rhode Island Public Service Co. which are taken at liquidation value of $33 and $100 respectively, other preferred stocks and all , bonds taken at par. c Taken at par and including $1,777,562 surplus and paid-in premiums applicable thereto. Earnings. -The consolidated earnings of the Association and its controlled operating companies for the year ended Dec. 31 1928 were as follows: Gross earnings, including other Income $31.829,615. Operating expenses, maintenance, all taxes and minority corn. stock interest in subsidiaries' earnings 17,405,921 Net earnings $14,423,694 Int. on funded debt of Association and subsids., dividends on subsidiaries' pref. and class A stocks and all other int. charges 6.098.739. Balance of net earnings before pref. divs., depreciation, &c__ $8,324,955 For the year ended Dec. 31 1928 balance of net earnings as shown above was 4.04 times the dividends on the preferred shares actually outstanding during the year. Such earnings less depreciation of $2,289.002 were 2.93 times such actual preferred dividends. The annual dividend requirement of the preferred shares presently to be outstanding including this issue. is $3.289.584. and such balance of net earnings was 2.53 times such requirement before such depreciation and 1.83 times such requirement after such depredation. Such balance of' net earnings does not reflect any income from the proceeds of this issue of 200,000 preferred shares. Operating Properties. -The properties of New England Power Association include the following: % of Common Stock Owned. New England Power Co 100 Bellows Falls Hydro-Electric Corp 100 The Connecticut River Power Co. of New Hampshire 100 Rhode Island Power Transmission Co 100 Fall Mountain Electric Co 100 The Rhode Island Public Service Co Over 98 The Narragansett Electric Co al00 United Electric Railways Co a0ver 97 Lawrence Gas & Electric Co Over 87 The Lowell Electric Light Corp Over 52 Quincy Electric Light & Power CO 100 Seekonk Electric Co 100 South County Public Service Co WOO The Mystic Power Co b100 Grafton Electric Light & Power Co 100 Hartford Water Co 100 Webster Sr Southbridge Gas & Electric Co a Owned by Rhode Island Public Service Co. b Owned directly100 or indirectly by Narragansett Electric Co. The elctric properties form a complete physically interconnected system, with the exception of Quincy Electric Light & Power Co. and Grafton County Electric Light & Power Co. Purpose. -The proceeds of this offering of preferred shares are to be used for additions and Improvements to the properties, and for other proper purposes. -V. 128. p. 247. New Haven Water Co. -Earnings. - Calendar Years1927. 1928. 1925. 1926. Income from operation-- $1,112,888 81,089.443 11,114.049 11.066,154 Operation & maintenance 167,458 167,815 207.824 205.350 General expense 252.323 219,230 190,005 176.064 Taxes paid 119,747 f 152.324} 104,984 107,827 Surplus, Dec. 31 1928 58.053,078 Reserve for income tax --1 52.130 58,961 49,109 Bond and other interest.. 141.783 Balance Sheet Dec. 31. 68,719 65,820 Depreciation 126,389 122,396 120,037 1928. 117.024 1927. 1928. 1927. Assets LiatQitieS$ $ Net income $414,388 $266,345 $361,719 Prop. & plant_ -107,608,773 97,120,620 6% pref.stock__ 4,500,000 $344,959 4,500,000 Non-operating income.. x851 48,302 Cash with trusPref. stock tees 802,943 613,894 6% series.....14,371,500 5,510,000 Total income $415,239 1314,647 $361.719 Sundry Invest'ts $344,959 77,581 1,014,854 7% series.... 10,812,200 10,820,000 319,994 319,948 319.700 Due from attn. 299,444 Common stock_ 21,000,000 21,000,000 Dividends companies_ _ 3,002.630 3,451,931 Paym'ts on subBalance $95.245 def$5,301 $42,019 Cash 1,019,428 845,515 940,392 scriptIons to -V.127. p. 3244. Notes& bills rec. 1,590 1,303 148,443 pref. stock- _ 194,534 Accts.receivable 1,988,080 2,080,534 Mtge. bonds... 44,418,500 42,681,500 New York State Railways.-Bal. Sheet Dec. 31.Mat'ls& supplies 2,406,013 2,526,808 Notes 1,100,000 1,100,000 1927. 1928. Prepaid accts_ • 1,036,668 972,645 Due to affil. cos. 1,378,126 1,243,212 1028. 1927. AssetsLiabilities$ $ Open accounts_ 59,448 18,744 Notes and bills $ $ Reacquired sees. 8,675,600 1,525,481 payable 1.526.000 32,500 Road &equip..&c_52,740,191 53,121,503 Preferred stock... 3.862.500 3.862.600 ____ 109.367Common stock__ _19,962,400 19,952.400 51.648 Discount and ex817,298 Accts. payable_ 743,485 Sinking inv. In &MI. cos__ 2,604,805 2,603,304 Funded debt pense on secs_ 3,465,774 3,860,095 Sundry current 28,076,500 20,439,000 29,496 Real estate mtges. 27,191 1,120.276 1,048,836 Other investments liabilities 36,000 36.000 220.496 Accrued interest_ 332.704 215,335 Accr. liabilities_ 1,470,092 1,346,591 Cash 346,509 132,254 Current liabilities_ 1,020,218 2,466,918 136.642 650,892 329,568 Special deposits Open accounts Depreciat. res.. 18,294,070 16,396,362 Acets, &c., rec.. 1,413.058 1,348.526 Deferred liabilities 315,986 371,481 813,458 Tax liability 2,453,748 2,195,809 Mat'ls & supplies_ 794,140 87.304 Other reserves 183.991 33,306 Accrued deprec'n_ 2,374,064 2,467,565 34,820 6,053,078 4,985,193 Other curr. assets_ Surplus Unadjusted debits 1,674,313 1,707,057 Tickets In hands of Public 120,141 130,144,227 114.127,39 130,144,227 114,127,594 Total Total 175,005 Other unad). cred_ 316.033 260,406 -V.128. p. 557. Sink. fund reserves 458,244 416,672 Profit & loss slurp_ 2,742,047 3,140,321 -Stock Increased. National Public Service Corp. The Virpinia State Corporation Commission has approved an amendment Total 59.692,144 60,118,771 Total 59,692,144 60,118,771 to the charter of the corporation, which increases the common stock (classes Our usual comparative Income account was published in V. 128, p. 726. A and B) from 1,000,000 shares to 2,000,000 shares, no par value. V. 127, p. 2818. Northern States Power Co. -Earnings. Calendar Years-Earns. 1928, - Gross earnings Nevada-California Electric Corp.(& Subs.). 1927. 1928. $31,339,721 $29,803,158 $28,270,716 1927. 12 Months Ended Dec. 311928. Gross operating earnings $5.461.340 $5,102.729 Operating expenses, maint. dc taxes.. 15,242.341 14,710,990 14,145,424 Operating & General expenses & taxes 2,341.230 2.309.113 Net earnings $16,097,380 $15,092,169 $14,125,292 572,872 $3,120,110 $2,793.616 Other income Operating profits 60,848 113,453 Non-operating earnings (net) 84,649 133.119 Net earnings including other income$16,670,252 115.153,017 314,238,745 (net) & Total income $3,253,229 $2.878,266 Int. charges expenses amort. of debt discount & Interest 5.652,919 5,906.616 6.313.721 1,473.199 1,374.394 563,196 Depredation 602.750 Balance Discount & expense on securities sold $11,017,333 59,246.401 $7,925,024 92,498 Preferred 97,147 dividends Miscellaneous additions & deductions (net credit) 4,739,735 4,221,825 3,777.487 24,775 44.480 Balance Surplus avail, for redemp. of bonds, dive., &c $1,124,612 $6,277,598 15.024,576 54.147,537 $872.953 Appropriations for retire. (deprec.) & -V. 127, p. 3705. relOSEIree 2.750.000 2.200,000 1,850.000 New England Power Association.-Pref. Stock Offered. - Balance $3,527,598 82,824,576 $2,297.537 The Harris Forbes Corp., Old Colony Corp., Lee, Higginson Common dividends (8%) x2,833,480 x2,101,824 1,837,778 & Co., Chase Securities Corp., Bankers Company of New Balance York and Baker, Young & Co. are offering an additional Earns per share 1694.118 1722 752 1459.759 on common 10A9"q 10% issue of $20,000,000 6% ($100 par) cumulative pref. stock x Interest on securities converted into 10.09% stock in 1927 common included in common dividends. -V.128. p.400. at 97 per share and dividend. Data from Letter of Frank D. Comerford, President of Company. Pacific Gas & Electric Co. -Proposed Expansion. Business. The "P. G. & E. Progress," published by the above company. Contains -New England Power Association is a Massachusetts voluntary association formed under a declaration of trust containing provisions de- the following: signed to confine liabilities and obligations to the assets of the Association. Engineers are now making preparations to build in the metropolis the Its operating companies constitute power system in the New largest electric generating plant on England States. During 1928 thethe largestelectrical energy exceeded operated by steam and will cost more the company's system. It will be than $11.000,000. sales of 1.080,000,000 k.w.h. The system serves directly and through contracts The new plant will go into Station "A" in with local distributing companies a population of more than 2,500,000 rebuilt and converted from 85,000 Into 300.000the Potrero, which will be h.p. At time In over 250 communities In Massachusetts, Rhode Island, New Hampshire, the largest plant on the P. G. and E. System is Pit No. 3 the presentRiver on the Vermont. and Connecticut. in Northern California, rated at 109.000 h.p. The new station Pit will "A" The properties of the operating companies 'include 11 hydro-electric be almost 3 times as large. stations with an aggregate generating capacity of 171.000 k.w. and six The plant will be built in units and will take 5 years to complete. Work steam electric stations with an aggregate generating capacity of 285.000k.w. on the first units, two 70,000 h.p. steam turbine generators, will begin at once. Three of the largest boilers ever built are being designed for these Capitalization (Upon Completion of this Financing, Incl. Substds.)• units. The boilers will operate at 1,400 lbs., the highest pressure yet apNew England,Power Association: plied on the Pacific Coast. it will take a smokestack 24 feet In diameter Common shares (no par value) 849,773 sits. and 200 feet high to carry off gases from the boilers. Combustion will be Preferred shares 6% ($100 par) cumulative 454.826.400 so complete that there will be no noticeable smoke. 57 gold debentures due 1948 25,000,000 The first unit will be placed in operation early in 1930. The second unit. Subsidiary companies: another 70,000 h.p. will be ready 6 months later. Combined, the 2 units Subsidiaries' bonds and preferred stocks (held Subsidiaries'common stocks (held by public) by public)... 690,403,155 will cost $5.500.000. When this work Is completed the station, with c4,489,312 changes in some of the old machinery, will have a capacity of 175,000 h.p. a 1102,824.800 par value authorized. b This item includes 495,486 Other units in as fast as needed and no par value shares of preferred stock ahd 16,368 no par value shares of will measurewill go 300,000 h.p.-V. 128, P.at the end of 1934 the station up to 727. 400. FEB. 16 1929.] 1055 FINANCIAL CHRONICLE -A -Debentures Offered. Peoples Light & Power Corp. new issue consisting of $6,000,000 5% convertible gold debentures, series of 1979, was offered Feb. 14 at 98 and int. by G. L. Ohrstrom & Co., Inc., Brown Brothers & Co. and Coffin & Burr, Inc. Dated Jan. 1 1929; due Jan. 1 1979. Principal and int. (J. & J.) payable on any or in N. Y. City. Denom $1,000 and $500 c*. Red., all105;part, thereafter to int. date upon 30 days' notice to and incl. Jan. 1 1954 at and incl. Jan. 1 1965 at 103;and thereafter at 100;in each case with accrued normal Int. to date of redemption. Int. payable without deduction for certain Federal income tax not in excess of 2% per annum. Refund of Marymills. Penna., Conn., Minn.. Ran. and Calif. taxes not to exceed 4not to exceed land tax not to exceed 4 mills. Ky. and Dist. of Col. taxes income (or 5 mills, Mich. exemption tax not to exceed 5 mills and Mass. holders upon corporation or savings bank) tax not to exceed 6% to resident be provided written application within 60 days after payment, all as will in the agreement under which these debentures will be issued. Central Union Trust Co. of New York. trustee. at Con vertible.-Debentures are convertible into class A common stock to and $58 per share to and incl. Jan. 1 1932 and at $65 per share thereafter diviof accrued interest, incl. Jan. 11937: adjustment in cash to be made dends and fractional parts of a share. Class A common stock is listed on the Chicago Stock Exchange and on the New York Curb Market. Data from Letter of E. C. Deal, President of the Corporation. -Corporation, through its subsidiaries, including properties Business. under contract of purchase, supplies public utility service in territories having an aggregate population estimated to be in excess of 520,000. Over 66% of the net operating income in derived from the electric properties. which are, for the most part, hydro-electric systems. over 14% from the gas Properties and over 13% from the water properties. Authorized. Outstanding. Capitalization$7,800.900 x 5irst lien 5i% gold bonds, series of 1941 6.000,000 x % cony. gold dabs., series of 1979 (this issue) 300,000 shs c63,000 shs Cumulative pref. stock (no par value) y600,000 shs. d171.769 shs Class A common stock (no par value) 600.000 shs. 68.125 shs. Class B common stock (no par value) x Limited by restrictions of the 1st lien indenture and the agreement, reserved respectively, providing for the issuance thereof. y 163.448 sharesand warfor conversion of these debentures and for stock purchase options rants. c 4,724 shares are of $7 series. 18.276 shares of $6.50 series and 40,000 shares of $6 series. d Giving effect to the conversion of all outstanding 35-year 6% convertible gold debentures, series of 1962. of the corporation, exc^pt certain thereof the holders of which have agreed to surrender the same for redemption. The subsidiaries of the corporation have $17.047,000 of funded debt and 57.386.900 of pref. stock outstanding in the hands of the public. Pref. stocks are stated at par or $100 per share if without par value. -The consolidated earnings of the corporation, including earnEarnings. ings from properties now under contract of purchase, are officially reported as follows: 1928. 12 Months Ended Dec.31-1927. $7.028.626 87,328,616 Gross revenues Oper. exp., maint. & deprec. as provided in the 1st lien trust indenture and taxes, other than inc. taxes 4,100,743 4.223.897 -New Control.Water Co. Scituate P. L. Control of the capital stock of this company has been acquired by Putnam & Co., Inc., of Boston and New York. This investment banking house already controls and operates a number of public utility properties, the recently having acquired control also of the Hingham Water Co and -V. 116, p. 2267. Cohasset Water Co. -Annual Report.Sierra Pacific Electric Co. 1925. 1927. 1926. 1928. Calendar Years$1.384,751 81,240.946 51.260442 51.136.857 Total earnings 653,157 751,826 666.207 733.494 and taxes_ __ Oper. exp. 54.418 44.988 51,967 56.748 Int. & amortiz. charges.. 8429,282 8463.728 $522,772 $594,509 Net income 210,000 210,000 210.000 210,000 Pref. dividends paid 120.000 160.000 168,000 Common dividends $219,282 $133,728 3152.772 5216,509 Balance, surplus Shares of common out80.000 80,000 80.000 80,000 standing (par $100) $2.74 $3.91 $3.17 $4.81 Earns. per share on coin. -V. 127, p. 1808. -Report.-Southern New England Telephone Co. 1925. 1926. 1927. 1928. 215,183,448 813,505,975 812,349,498 511.101.679 8,706.529 7.796,507 9.780.684 10,390,959 $4,792,488 $3,725,291 53,642,968 53.305.172 oper. revenues Net 32.687 38,629 50,314 51,595 Uncoil. oper. revenues 744,797 855.500 881,660 1.016,990 Taxes Calendar YearsTelep. oper. revs Telep. oper. expenses A2.927.883 $3,104.719 Balance Annual int. and div. requirements on subsidiary companies se1,326,759 curities outstanding in the hands of the public $1,777,960 Balance Annual int, requirements on 57,800.900 principal amt. of Peoples 429,050 Light & Power Corp. 1st lien 5)% gold bonds, series 1941 $1.348,910 Balance Annual int. requiremnnts on 5% convertible gold debentures, 300.000 series of 1979 (this issue) The above earnings statement does not fully reflect the increased net and income which will result from the extensive additions of betterments to the properties made and to be made from the proceeds financing already requirements are completed, for which the annual interest and dividend Dec. 31 1928 the Included above. During the 12 months' period ended from sales of elecLight & Power Corp. revenues of subsidiaries of Peoples tric and gas appliances increased over 200% as compared with the preceding 12 months. -The physical properties include the following: 3 9 Physical Properties. The electric properties include 61 fully equipped power generating plants, of which 35 are hydro-electric generating stations. The total installed h.p. is of which capacity Is in excess of 77,000 h.p., valuable over 44,500 sites hydro-elecfor further water power tric. The properties also include will add approxibydro-elcctrie development, which, when developed, The electric trans26.600 h.p. to the total generating capacity. miles. inotelr of 3.100 mission and distribution lines are in excesstransmission and distribution The gas properties include 421 miles of supplying about 33,350 customers. The water properties mains and are include 228 miles of transmission and distribution mains and have an aggreof 282,440.000 gallons. Approxigate estimated daily pumping capacity supplied with public utility service. mately 105,000 customers are now being -Proceeds from the sale of these debentures will be used to rePurpose. -year 6% convertible gold debentures, series of deem the outstanding 35 1962, of the corporation and to retire obligations incurred by the corporation in connection with the acquisition of properties now owned by subsidiaries. -V. 128, p. 727. Oper. income Other income Total Income Rents Interest Other deductions Net Income Dividends (8%) Approp. empl. fund.. $3.723.904 $22,793,317 $2.748,839 $2.527,687 53.467 36.208 85,429 72,572 $3,796,476 $2,878,747 82,785.047 52.581.154 96.543 116.152 147.961 152,766 257.773 260,383 276.417 365,679 17.225 17,786 18,473 19.641 23.258,389 82,435,896 $2,390.726 $2.209,613 1.800.000 2,000,000 2,512,140 2.240.000 100.000 50.000 5309.613 5340.726 8195,896 5746,250 Blanco, surplus 240,000 280,000 280.000 350,000 Shares outstg. (par $100) $9.20 $8,53 $8.70 $8.31 Earnings per share Dec. 31. Comparative Balance Sheet 1927. 1928. 1927. 1928. $ $ Liabilities$ $ Assets35,000,000 28.000.000 Capital stock Land, hidgs.,plant, 17.794 32,795 cap. stk.. equipment, &c...57,224.469 51,832,032 Prem,on 1,000.000 1.000.000 43.531 Funded debt 43.561 Investment seem*. 43.682 Advances from sys28,262 Miscell. investm'ts 2,500,000 5,996,172 tem corps 199,607 Cash and deposits_ 190.761 2.037,728 Accounts payable_ Acc'ts receivable._ 1,730.469 1,655,525 Service billed in 1,836,529 400,373 Mat'is & supplies_ 517,886 517.858 advance 167,566 175,023 Prepayments 135,465 798.428 11,515 Bills payable 20,554 Derd debit items. Accr. Bab. not due 1,293,948 1,050,719 100.941 98,649 Ins.&casualty res. 488,947 Employees'fund._ 8,319 3.963 Derd credit items_ Res.for deprec'n_ _13,712.947 13.153.542 167,519 Res. for amortiz._ 184,999 2,950,867 2.196.685 Total(each side) 59,930.985 34.353.831 Surplus -y. 126. p. 2965. -Ordinance Passed.Cities Gas Co. Texas an ordinance embodying the The City of Galveston (Tex.) has passed months with the company in result of negotiations under way for several natural gas, according to disregard to rates covering the distribution of charge of 75 cents per meter patches. The new rates provide for a service company, as well per month, a form of rate not heretofore enjoyed by the gas is purchased The as a scale of prices based on amounts of gas consumed. -V. 126. p. 2965. Co. from the Houston Pipe Line -Annual Report.City Rapid Transit Co. Twin 1925. 1926. 1927. 1928. Calendar Years513.825,852 512.269.156 Rev,from transporta'n 312,886,932 $13.287,479 109.196 119.415 138,164 118.420 Other revenue $13,945.267 $12,378,352 Total oper.revenue.--$13.005,353 $13,425,643 1,215.796 1.201.893 1,198,583 1.285,073 Way & structures 1.129.066 1,106,304 1,052,106 1,070,227 Equipment 1.270.698 1,198.256 1,045,879 982,316 Power 4,401,568 4,475,622 4,391.692 Conduccg transptat'n.- 4.364.027 36.233 46.492 48,261 54.289 Traffic 1,115,778 1,088,945 1.097,400 bus exp Motor 1.190.602 1,178,143 1,124,630 1,097,218 General & miscel 810.322,488 59.234,089 Total oper.expenses.- $9.950.552 59.959,972 3,144.263 3,622,778 3,465,671 Net operating revenue - - 3.054.801 1.291,138 1.229.115 1,254,793 1,098.849 Taxes 52,393,663 31.853.126 Operating income_ - 51.955.952 52,210,878 184.631 56.498 63,929 99.281 - Non-operating income.._ -1929 Budget. Public Service Coordinated Transport In the 1929 budget, there is provision for the purchase during the year 52,055,234 $2,274,808 $2,450.161 $2.037.757 Gross income 988.955 995,520 991.602 of 267 buses for replacements, extensions of existing lines and for increased Int.on funded debt 1,205.861 11.375 17.836 10.605 business. Of the new buses, it is the present intention to buy 161 of the Miscellaneous 15.782 gas-electric drive type and 106 of the gas-mechanical type, all six cylinder 31,272,600 51.436,805 81,037.427 Of the 106, ninety-three will be of the high roof type and 13 5833,589 equipment. Net income 210.000 210.000 210,000 low roof. No orders, however, have yet been placed. All bus bodies will Pref. dividends(7%) 210,000 -440.000(4%)880.000 (5)1.100.000 (4)880.000 be built by the company at the Newark shops. $130,000 for street car improvement Common dividends The company has also appropriated $126,805 def$52,572 5182.600 including installation of the de luxe type of seats on lines to be selected in 3183.589 Balance, surplus addition to reconditioning the operating equipment whore necessary. * of common out220.000 220,000 220.000 Nearly 5500.000 will be spent on buildings and real estate. This item Shares 220,000 standing (Par $100) .... 23.76 $6.53 $4.83 provides for new garages and extensions to some others already in service. Earns. per sh.on com $2.83 Close to 51.000.000 has been appropriated for track reconstruction on Consolidated Balance Sheet Dec. 31. various lines throughout New Jersey, and $65,000 will be used for rein1927. 1928. 1927. 1928. -V. 127. P. 683. forcement of feeder lines. Liabilities$ $ $ 5 Assets59,510.207 Common stock _--22,000,000 22,000.000 Road &equipm't _60,086.012-Acquisition. Public Utilities Consolidated Corp. 11,699 Preferred stock _._ 3,000,000 3,000.000 5.770 prop__ The W. B. Fashay Co. has added Niles, Calif. to its other California Misc. phys. 1,934,212 Fund,debt unmat.22,468,000 22,473.000 interests by purchasing the Citizens Water Co. which will be grouped with Otberinv'tm'ts- 1,909,449 Audited accts. & the Public Utilities California Corp., a subsidiary of the Public Utilities Dep.inlieu of mtgd. 115,060 40.464 wages payable_ _ 5,500 Property sold.. -V. 128, p. 113. Consolidated Corp. 297 17.410 717,700 Miscel, accts. pay. Special deposits(not due). 178,008 342,404 623,668 Accr.int. 456,563 -Definitive Bonds Ready. Cash notes rec._ 33.668 Rochester Central Power Corp. 1,025,972 1.168.181 41,409 Tax liability The definitive 5% gold debentures, series A. due Sept. 1 1953, are ready Loans & rec 11,325 Res. for injuries & 6.411 249.255 .141 Int., div. rec. _ _ 286.724 for exchange for temporary bonds at the Manufacturers' Trust Co. damages 65,576 61,922 Broadway, N.Y. City. (See offering in V. 127, p. 1527.)-V. 127. p.2386. Misc,accts. 929,546 Res.for deprec._ _ _14,385.992 13,950,775 Material & supplies 798,980 139.799 Unadj.credits_ _ 148.8.59 damages Injuries & -Annual Report. 1.631,134 2,134,706 Savannah Electric & Power Co. 76.305 Profit & loss 90,968 reserve Med.__ • 1927. 1928. 1926. Calendar YearsRents& los. Paid in 49,642 35,471 $2.231.954 82,227,380 82.233,704 advance Total gross earnings 1.056.087 1.125.554 1.254,458 Disc. & exp. on Operating expenses 184,479 181,870 fdeddebtamort 1.697.348 1,596,689 148'222 'Faxes 450,515 443.046 362.094 Interest 3: amortization charges_ 65,182.564 65.573,478 65.182.564 65,573,477 Total Total $474,300 5543.482 Balance $4468,929 -V. 128. p. 401. 145,940 140,093 130.311 Prior earned surplus Announces Total surplus Retirement reserve Net direct credits Divs, on deb. stock Divs,on pref.stock Divs, on corn. stock Earned surplus Dec. 31 -1r, 126, p. 1199. 3689,411 250,000 Dr.28,473 139,750 60,000 53,334 8614.393 250,000 Cr.1 606 133,403 60.000 26,667 55 9.240 0 1251.137 Dr.32,214 115,797 60,000 5157,854 $145,930 2140,093 -Corporation Utilities Power kLight Corp. Acquisition of Controlling Interest in Seven Large Bri ish Oper-Earl of Birkenhead Accepts Chairmanship ating Companies of Greater London & Counties Trust, Ltd., Controlling Vehicle and . for Broad-Scale Expansion Program in City of London -Probably the most significant tie-up of Amerpfill Vicinity. official and British capital since the war is made known in an 1056 FINANCIAL CHRONICLE announcement Feb.14 that the Utilities Power & Light Corp. one of the major public utility systems of this country, headed by Harley L. Clarke, has acquired, through the Greater London & Counties Trust, Ltd., the entire capital stocks of seven of the principal British power companies and a substantial interest in others. In the announcement made by Mr. Clarke from his office in New York, it was stated that the Earl of Birkenhead,late Lord High Chancellor of Great Britain, and Secretary for India, would head the British company as Chairman of the board of directors of the Greater London & Counties Trust, Ltd. Mr. Clarke's announcement was made immediately following a transatlantic telephone conversation with the Earl of Birkenhead. [VoL. 128. approved of the principle and those competent expressed the opinion that the use of such fundsto judge have invariably in the manner indicated is in the best national interests. [It is stated that the acquisition by Utilities Power & Light Corp. of a substantial interest in these British public utility companies, through the Greater London & Counties Trust, Ltd., will give the American company gross earnings of approximately $43,000,000, and makes Utilities Power & Light Corp. a $400,000,000 industry from the standpoint of asset values.] Additional Class A Stock Listed. - The New York Stock Exchange has authorized the listing of 150.000 additional shares of Class A Stock without par value on official notice of issuance and payment in full making the total amount applied for 1,070.000 shares of Class A stock. On Feb. 4 1929. the directors approved the sale of the 50,000 shares for cash. 25,000 shares of said stock have been firmly underwritten at a price in excess of $39 per share, and the remaining 125,000 shares of stock is covered by a 60 days' option to bankers at a price in excess of $41 per share. According to the information made public by Mr. Clarke, the entire The proceeds from all of this stock are to be used by the corporation for the common or ordinary shares of the Greater London & Counties Trust, purpose of acquiring additional subsidiaries and-or acquiring additional Ltd., have been acquired by Utilities Power & Light Corp. The former securities of its presently owned subsidiaries. This stock will be capitalized has among its principal subsidiaries the Bedfordshire Cambridgeshire & by the corporation at the actual consideration received therefor. The Huntingdonshire Electricity Co., the Cookham & District Electricity corporation has sold and will issue prior to the issuance of said additional Corp., Ltd., East Anglian Electric Supply Co., Edmundsons Electricity Class A stock 150,000 shares of Class B stock at a price In excess of $30 Corp.. Ltd., Oxford Electric Co., Ltd., Wessex Electricity Co., and the per share. Of the 150.000 shares of Class A stock covered by the option mentioned Western Electricity Supply Co. It is these seven enterprises which Utilities Power St Light Corp.ow indirectly controls through the Greater In V. 127, p. 3542, 117,500 shares have been taken up. The option on the remaining 32,500 shares has been extended to Mar. 1 1929.-V. 128. p.402. London & Counties Trust, Lid. The Bedfordshire Cambridgeshire & Hunthigdonshire Electricity Co. Washington Gas Light Co. -Earnings. was incorporated in December 1925 by an Act of Parliament authorizing Calendar Years1928. 1927. 1926. the company to provide, without competition, a supply of electrical energy 1925. $5,532,371 $5,354,427 $5,283,010 $4.916,550 for all purposes in an area of about 1.200 square miles situated in the Operating revenues 3,772.863 3.703,046 3,607,061 3,504,789 counties of Cambridge. Huntingdon, Bedford and the Isle of Ely. The Operating expenses company's powers under Act of Parliament are held for a period of 50 /Net operating revenue $1,759,508 *1,651.381 51.675.948 $1,411,761 years and under certain conditions may be extended for additional periods Other income 49,870 45,612 54,533 of 50 Years each. 57,136 The Cookham & District Electricty Corp.. Ltd.• is a private company Total $1,809,378 $1,696.993 $1,730,482 $1,468,897 operating under Special Orders which give the company the right to supply Taxes &income uncollectibles 461,412 462.887 409,864 363,825 leatricity in the parishes of Woburn, Little Marlow and Hedsor in the Interest 663,453 628.660 571.616 526,034 rural district of Wycombe and the urban district of Marlow, all in the Amort.of debtdisc.&ex 18,206 p 18,112 17,645 17,645 County of Buckingham, and parts of the parishes of Cookham and Bisham Other deductions 7,537 4.246 5,314 3.120 in the rural district of Cookham in the County of Berks. The towns in this area are suburbs of the City of London. NetIncome $658,769 $583,088 *726,044 *558.273 The East Anglian Electric Supply Co. operates under an Act of Parlia- Dividends ($3.60) 468,000 468,000 468,000 468,000 ment dated July 29 1927. which gives it the right to supply electricity for all public and private purposes and authority to supply electricity Net corporate income_ $190,769 $115.088 $258,044 x$90.273 wholesale to any authorized undertakers, in a large area in the counties Shares of cap. stk. outof Norfolk and Suffolk. An important scheme of development in these standing (par $20) ___ 130.000 130.000 130,000 130.000 counties based upon wholesale supplies from the Central Electricity Board Earn. per sh.on cap. $5.58 $4.29 under the Electricity Act of 1926 has been prepared and submitted to the x After setting up stk.35pply on into 48 tax for the year 1925.*70,000 toa07 4Me . Electricity Commissioners for approval. The area controlled by this V. 126. p. 1042. company contains manufatcuring towns, agricultural districts and pleasure resorts. : Youngstown & Ohio River RR. -Protective Committee. - Edmundsons Electricity Corp., Ltd., was registered April Company having defaulted on the interest due this corporation has acquired concessions for central station 7 1897 and mortgage bonds, and upon all subsequent interestApril 1 1927, on its first payments, lighting in 45 cities and towns. It also does the electric light and power business have consented to act as a protective committee for the the following bondholders: In the Isle of Wight and Isle of Guernsey. Subsidiaries operate in highly Charles Delany, Charles E. Denison and Francis Ralston Welsh. Girard diversified districts including manufacturing, agricultural, large private Trust Co of Philadelphia, depositary. -V. 125. p. 249. estates and summer and winter resorts. The Oxford Electric Co.Ltd., was registered Its power under various electric lighting orders Aug. 24 1891 andareceives which authorize supply of electricity in the City of Oxford and a number of parishes in the INDUSTRIAL AND MISCELLANEOUS. districts of Culham. Heddington and Woodstock. This companyrural has entered into an agreement to furnish energy wholesale to the Wessex Refined Sugar Reduced. -The following companies Feb. 13, each reduced Electricity Co., which was incorporated by an Act of Parliament July 29 the price of refined sugar 20 points to 4.90c. lb.: American, Arbuckle, 1927 and received further peers by an Act of Parliament Aug. 3 1928. Federal, McCahan, National, Pennsylvania andaRevere. which authorizes the company to generate and supply electricity Lead Priced Advanced. within -American Smelting & Refining Cm Feb. 11, defined area in the counties of Berks, Southampton, Wilts advanced the price of lead 10 points to 6.85c. a lb. and Gloucester and in certain Oxford, Bucks, cases beyond those areas. Western ElecMatters Covered in "Chronicle" of Feb. 0.-(a) Further increase in copper tricity Supply Co., another of the companies under control of the Greater London & Counties Trust, Ltd., was registered as a private company prices, p.805. (b) Business transacted by Farmers Co-operative Associations in 1927 over $2,000,000,000, p. 817. (c) Corporation formed to finance Nov. 5 1903 and converted to a owns or controls electric lighting public company in January 1923. It settlers In throe Prairie Provinces of Canada, p. 817. (d) Banks for farmers companies operating in 16 towns in the counties of Oxford. Berks, wilts and Gloucester. cities and is Canadian issue, p. 817. (e) Possible congressional inquiry into investment trusts and group banking. p. 817. (f) Lees rigid rules planned for Briefly these subsidiaries furnish eeletricity without competition In three large areas adjoining the City of London and extending east, west, listing foreign shares, p. 820. (g) Additional issues dealt In on securities south, and north. The extensions and developments necessary in these° market of N. Y. Produce Exchange. p. 821. (h) Representative McFadden areas will require, it is stated,in the next five years a minimum expenditure holds Federal Reserve Board should not concern itself about condition of of over £10,000,000 or $50,000,000. The importance of these improve- Stock Markets or Security Loan Market, p. 823. ments is manifest among the power interests of both this country and Air Reduction Co., Inc. Great Britain, where the need for private development of power resources -Listing. The New York Stock Exchange has authorized the listing of 15,000 has been most keenly felt since the war. Much of Great Britain's ecoornic troubles have been imputed to the lack of properly co-ordinated and pri- shares of common stock without par value, on official notice of issuance vately conducted public utility companies, through which cheap and and payment in full, making the total amount applied for 726.292 shares. The company proposes to issue up to 15.000 shares of its capital stock adequate power may be supplied to both industries and homes. The British companies and their subsidiaries serve exclusively 95 cities on account of the purchase of assets of other companies for which it is and towns in England and Scotland. This 100% electric service is in- now negotiating and which may be acquired prior to June 30 1929. creasing at double the rate of corresponding American cities and towns. Comparative Balance Sheet Dec. 31. The territory served includes large manufacturing centres and lies largely 1928. 1927. 1928. 1927. within a 100 -mile radius of the City of London. The areas controlled AssetsS LiaWittes$ Include approximately 9,300 square miles with a population in excess of Land, bldgs., Ac_ _x9,187,637 8,317,464 2,000,000 and the Greater London & Counties Trust is co-operating with Misc. Investments 3,562,296 3,533,221 Common stock_ _515.403,165 14,255,365 Accounts payable- 463,623 414,048 several Government bodies and industrial associations in furthering the Patents e.: licenses_ 1 Divs. payable___b 348,305 1 280,744 enlargement of labor and the electrification of industry. This company Cash 3,391,330 3,076,359 Res. for local taxes, owns a substantial interest in one of the largest statutory companies sup- Accts. & notes rec. accruals, 4tc____ 343,808 a353,408 plying electricity in the metropolitan and suburban area of London. (less ren.) y2,492,121 1,929,404 Federal tax reserve 499,505 297,292 There have been several rumors that an American company had arranged Inventories 1.354,020 1,376,117 Res, for conting__ 1,283,434 691,224 to acquire control, directly or indirectly, of important British utilities. Other curr't assets 4,306,192 2,877,239 Surplus 6,087,037 4,928,442 This announcement by Mr. Clarke clears up the matter and also em- Deterred charges__ 135,424 110,709 phasizes the true state of affairs. Improvement are planned by the British subsidiaries to develop Many Total 24,429,028 21,220,524 business of these companies and Total 24,429,028 21,220,524 that of the industries which they the serve in very important sections of X After deducting $9,243,045 deprec. reserves. y After England. deducting $150.The Earl of Birkenhead's acceptance of the Chairmanship of the Greater 649 reserve. s Represented by 696,793 shares of no par value. a Includes London & Counties Trust, Ltd., carries with it the following statement reserve for additional compensation to officers and employees, since paid. b Since paid. which Mr. Clarke gave out at his °Mee here as part of the announcement: Pres. C. E. Adams, Feb. 8, wrote in part: Statement by Earl of Birkenhead. In July 1928, the company For some time I have been giving my attention to the possibilities of Oxygen Co., with an oxygen acquired the assets and business of the Ohio manufacturing plant at Niles. 0. In Sept. the development of the use of electricity England and in consequence 1928,it acquired the business and assets of the Wall Bros. Co. and the Wall in I have become aware of the beneficial Bros. Oxygen Co., with oxygen plants at Detroit and Flint. effect which a cheap and Mich.. and an supply will have upon increased productivity, employment, abundant acetylene plant at the latter point. and wageearning capacity and general In and will tend to place Greatimprovement in prevailing trade conditions. Erie,Oct. 1928 it acquired the business of the National Oxygen Ce. In the Pa. district, and the oxygen manufacturing plant of the National Britain in a better position to compete in the markets of the world. Oxygen Co. at that point. In the same month it acquired the Available data show that the consumption of electrical units in Great business, thelocatedassets and certain fixed of the current assets of the Acme Britain per capita is very low when compared with other countries, a Oxy-Acetylene Co., the latter company having an oxygen plant in Chicago circumstance which deomnstrates the enormous scope for development. and an acetylene plant In South Chicago. The oxygen manufacturin It seems clear that industrial prosperity g plant, assets and business of the Bettendorf Oxygen Hydrogen in Co., located bears a definite relation to the cost of electrical a manufacturing country at Bettendorf, Ia., were acquired in the same month. energy. The Electricity Commissioners and In Dec. 1928,the the Central accomplished much, but there is still a tremendousElectricity Board have Gas Co.. having anbusiness and certain of the fixed assets of the Industrial oxygen and an acetylene plant at Toledo, 0., were amount to be done. I propose to make a acquired. electrical industry, with complete analysis of the Acts pertaining to the During 1928 the California Cyanide Co. entered into a view to simplifying the conditions relating to a satisfactory the supply of electrical energy on uniform and standardized lines throughout license arrangement with a strong German group of chemical manufacthe country. facturers and merchandisers I am impressed with the importance of the subject generally and its manufacture calcium cyanideunder which arrangement that group will by the processes and under the patents value to the community and I have owned by the California Cyanide decided of my time and energies to these interests. to devote the greater portion the world, except in the United Co. and will sell that product throughout States and Canada, paying royalties to The organization with which I have decided associate myself Is British, the California Cyanide Co. on the product so manufactured. -V. 128. althoug associated with the Clarke intereststo the Uinted States. Its P. 887. in board of directors is and will remain British and it is not tied to any manufacturing organization. Allegheny Steel Co. -Listing. -It is not interested in any respect in the purchase The Pittsburgh Stock Exchange has approved for listing 500,000 foreign materials or machinery and its purchases will of American or other ademployresult in ment of British material and labor and its entire staff is and the remain ditional shares of common stock (no par value). will Upon the issuance of this additional stock, the authorized British. of the company will be 600,000 shares of common stock, of capitalization Se far as finance is concerned, this has been no par value. to the present. and 35.000 almost entirely through the Clarke interests infound, up but the broad outatandingshares of 7% cumulative preferred stock, par value $100. The America, capitalization will consist of 33.366 shares of preferred stook policy of the Trust is to obtain jmoney in the cheapest market and it is and 539.262 shares of common stock. within its province to obtain funds in Great Britain if it is possible to On Nov. 19 1928, directors recommended and on Jan. 22 1929, the stockdo so at a cheaper rate than elsewhere. and conversion of 300.000 shares of no par e The question as to the desirability of the use of American capital in holders approved the chan value common England has been traversed by Parliamentary committees, which have the reduction stock into 60.0O0 shores of no par value common stock and in the stet value of the shares from $12.80 to $6.25. It FEB. 16 1929.] FINANCIAL CHRONICLE was then decided to issue one additional share of common stock to each holder of record on Feb. 15 1929, for each share then held by the stock-V. 127. p. 1529. holders. -Listing. Alliance Realty Co. The New York Stock Exchange has authorized the listing of 12.000 additional shaves (no par value) capital stock to be issued as a stock dividend making the total amount of capital stock applied for 132.000 shares. -V. 128. p. 558. Compare also. --Listing. Allis-Chalmers Mfg. Co. The New York Stock Exchange has authorized the bitting of 26,000 additional shares of common stock (par $100) making the total amount applied for 286.000 siares (par $100)• Common stockholders of record Jan. 25, are given the right to subscribe to the additional stock at the rate of one share for each 10 shares held at $140 per share, payable in full at the time of subscription on or before Feb. 20.-V. 128, P. 887,250. -Listing. Aluminum Goods Mfg. Co. The Pittsburgh Stock Exchange has approved for listing 1,200,000 shares -V. 127, p. 3707, 3543. of common stock, of no par value. -Annual Report. American Brake Shoe tgr Fdy. Co. 1926. 1927. 1928. 1925. Calendar Years$3.108,121 $2,794,851 $3,029,217 $2,786,607 profits *Net 667,695 667,695 667.695 Preferred dividends- --(7%)667,695 Corn. dividends--($1.60)1,092,522(12.70)1009445 (66)947.137(550829,900 300 150 0 15 Divs. paid by sub. co.'s_ Balance, surplus 61,347,754 61,117,711 $1,414,235 61,288,712 Shares of corn. outstand648,124 156.093 156,928 684,096 ing (no par) $3.28 $15.05 $13.57 $3.57 Earn, per share on corn_ x Being $1.50 on 158.854 shares (old capitalization) and 3 quarterly divs. of 40c. each on the new capitalization, consisting of 648.124 shares. * Net profits from operation of plants are shown after deducting manufacturing. administration and selling expenses and depreciatiqn of plants and equipment and Including dividends received on stocks of associated companies whose earnings are not incorporated herein and other net income less estimated Federal taxes. Balance Sheet December 31. 1928. 1927, 1928, 1927. 5 $ AssetsCapital assets -x18,523,398 18,224,410 Preferred stock... 9.538,500 9,538,500 1,890,911 1,600,174 Common stock_ _ _x8,548.075 8,101.550 Cash 21,610 21,666 Market.loans,&c_ y4,773,646 3,697,897 Stock of sub. co.'s_ Accts. rec.,less res. 2,732,559 2,908,607 Accounts payable. 1,173,072 1,691,282 869,719 613,800 Res. for cont.,.4c_ 864,878 Notes & mtge. rec_ 1,064,931 301,096 261,523 3,270.033 3,754,199 Fed. taxes (est.) _ _ Inventories 11,960,379 10,669,024 354,122 Surplus Deferred assets.- 152,187 Total 32,407.666 31,153,209 Total 32,407,666 31,153,209 x Land, buildings, machinery and equipment. patents, &c.(after deducting depreciation of $3.057.895). $8,049,525; patents and good-will, $2,790,853, and investments in associated companies (American Brake Shoe & Foundry Co. of Calif., American Manganese Steel Co., Ramapo Ajax Corp. and National Bearing Metals Corp.). y Marketable loans and investments, $4.210,560: U. S. Govt. securities, $563,086. z Represented by -V. 127, p. 108. 684.096 no par value shares. -Report. American, British & Continental Corp. 1928. 1927. Calendar Years$1,256,427 $1,132,222 Gross income from Interest and dividends Realized profits on sales of investments & commls'ns 631.506 388.403 $1.887,934 $1,520.625 Total gross income Interest paid & amortization of disc't on debentures 318,429 295,780 Expenses,incl. legal, auditors'& trustees'fees&taxes 131.869 92.706 132,868 Provision for Federal income taxes 121.567 Net Income $1,304.769 $1,010,573 81.33 Earnings per share on common stock $1.03 Statement of Surplus for Calendar Year 1928. Balance at Dec. 31 1927 $449,201 Net income for the year ended Dec.31 1928 1.304,769 Total surplus First preferred dividends Second preferred dividends $1.753,969 507,951 233,333 Balance at Dec.31 1928 $1.012,685 Condensed Balance Sheet Dec. 31 1928. LiabilUies. Assets. 5211,577 Accounts payable $9,474 Cash 18,963,459 Debenture interest accrued 104,167 Investments Federal income taxes accrued 132,868 Accounts receivable, accrued 283,284 5% gold debentures interest, Ac 5,000,000 Capital stock x13,587,475 Deferred charges, including 388,349 Surplus 1,012,685 unamortlzed debt disoount Total $19.846,668 Total $19.846.668 x Represented by 100,000 no par shares of $6 cumulative 1st pref. stock stock having a value of $13,600,000 and 600.000 no par shares of common -V.128. p. 729. from which is deducted $12,525 for calls in arrears. --Sales. American Department Stores Corp. the Eisenberg Co.. a January sales, which were $1,517,167, includi recently acquired store. are 92% above those of last year. Excluding the Eisenberg Store, which will be liquidated, sales of $1,200.463 represent an Increase of 51% over Jan. 1928. Bee also V. 128. p. 887. 1057 Sanitary Manufacturing Co. on the basis outlined below, and have recommended to the stockholders of their respective companies that such exchange of shares be made. The following committee has been organized to carry the plan into effect. Clarence M. Woolley, Theodore Ahrens, Chas. H. Hodges, H. M. Reed and Chas. M. Parker. Pursuant to the plan the new company, organized nn Delaware, will Issue its stock in exchange for pref. and common stock of the American Radiator Co. and of Standard Sanitary Mfg. Co. on the following basis, New Co. Will Issue in Exchange Holders ofFoci sh. of pref.stk. of Am.Rad.Co 4 shs. of new no par value corn.stk. For 1 sh. of pref. stk. of Standard 1 sh.of new preferred stock. Sanitary Mfg.Co. For 1 sh. of corn, stock of American 4 shs. of no par value common stock. Radiator Co. For 1 sh, of common stock of the 11.09043 shs. of no par value corn. stk. Standard Sanitary Mfg. Co. The American Radiator Co. now has outstanding 30,000 shares of 7% cumul. pref. stock (non-callable) and 1,322,620 shares of common stock: and Standard Sanitary Co. has outstanding 47,864 shares of7% non-cumul. pref. stock and 3,234,486 shares ofcommon stock. On the basis of complete exchange of the foregoing shares, the American Radiator & Standard Sanitary Corp., the new company, will have outstanding 47,864 shares of pref. stock and; 8,937,460 shares of no par value common stock, these being the only shares to be issued in the effectuation of the plan. Upon completion of the plan the new company will have no funded indebtedness; but there will remain outstanding as an obligation of American Radiator Co. the 810.000,000 of 431% gold debentures of that company due in 1947. The pref. stock of the new company will have a par value of $100 per share and will be entitled to dividends at the rate of7% per annum, payable quarterly, cumulative from Feb. 25 1929, and will be subject to redemption at $175 per share. The directors of American Radiator & Standard Sanitary Corp. will be chosen from members of the boards of the two merging companies with such additional members, if any, as may be chosen by such members. It is expected that Clarence M. Woolley will be elected Chairman of the board and Theodore Ahrens, President of the new company. These companies were each organized in the y'ear 1899 and have pursued The American Radiator paths of progress that are practically parallel Co. is said to be the leading manufacturer of heating apparatus, with upwards of 35 factories in the United States, Canada and Europe and representation in most of the leading cities of the world. The Standard Sanitary Mfg. Co. is one of the leading manufacturers of plumbing goods in the United States and Canada, with offices and warehouses In the leading cities. The latter company is now erecting a factory in Germany. The principal products of manufacture of these two companies are closely allied, inasmuch as the products of both companies enter into building construction and are subject to specification by the same interests. These products are distributed for the most aprt through the same group of wholesalers, and an increasing number of installing contractors are engaged in both heating and plumbing lines. Branch selling house and warehouse distribution of the two companies are substantially parallel. It is the conviction of the directors of the two companies that the bringing together of these related businesses should result in real economies, vital sales stimulation and expansion possibilities which should add materially to earnings and to the intrinsic values of the securities of the new corporation. The combined net profits of American Radiator Co. and Standard SaniCo. for 1928 were approximately $21.300,000. equivalent after tary Mfg' preferred dividends to about $2.32 per share on the proposed outstatriing common stock of the new company. The expectation Is that the common stock of the new company will be placed on a $1.50 annual dividend basis. Stock of the American and Standard companies to be exchanged under the plan for stock of the new company must be deposited under the deposit agreement, dated Feb. 11 1929. The First National Bank of the City of New York, will act as depositary and receive deposits of stock under the plan and issue to depositors its transferable certificates of deposit therefor. Arrangements have also been made whereby stockholders who may find it more convenient to do so may deposit their stock either with the Union Trust Co. of Pittsburgh, or Liberty Bank & Trust Co.. at Louisville. KY., who will act as sub-depositaries under the plan. Application will be made to list the certificates ofdeposit on the New York Stock Exchange, and when the plan is consummated application to list both the preferred and common stock of the new compahy upon the New York Stock Exchange will be made. The deposit of two-thirds of each class of stock of the American Radiator Co. and Standard Sanitary Mfg. Co. will be required as a condition to consummation of the plan. All expenses involved in connection with the plan will be borne by the new company. The committee is advised by counsel that the exchange of stock under the plan now proposed will involve no tax under the U. S. income tax laws. The regular quarterly dividend on the pref. stock of the Standard company will be payable Feb. 25 1929 to pref. stockholders of record Feb. 11 1929, and in order that dividends may be fully provided for such stock, the pref. stock of the new company to be issued in exchange will bear dividends cumulative from Feb. 25 1929. Common stockholders of the Standard company of record Feb. 11 1929, will receive directly from that company the regular quarterly dividend payable Feb. 25 1929. ao the common stock of the Standard company. Inasmuch as the next regular quarterly dividend on common stock ofthe Amer can Radiator Co. will be payable Mar.30 1929 to its common stockholders of record Mar, 111929. provision will be made for the payment of such dividend to the holders of record at Mar. 11 1929 ofcertificates of deposit for common stock of the American Radiator Co Under the plan the time within which deposits may be made expires Apr. 1 1929. The plan may. however, be declared operative by the committee at any earlier date when the required two-thirds has been deposited. -V. 128, p. 730. American Radiator & Standard Sanitary Corp.Organized. Bee American Radiator Co. above. -Earnings. American Republics Corp. 1925. 1926. 1927. 1928. Quarters End. Dee.31-88,856.491 $6,309,513 $9.923,891 $6,586,821 Sales 5.416.400 8,777,260 5,724,190 8,010,604 Cost of sales 491,123 532,051 515,561 653,987 Gen.,admin.& misc.exp. -Contracts. American Eagle Aircraft Corp. $614,580 8679.298 $69,762 $191,899 Net profit Cr.90.411 Cr.484,392 The corporation has closed contracts for 200 Wright Whirlwind Motors Other charges(net) 451.817 165,683 and 300 KIrmer Motors, according to an announcement by President E. E. Net income after deduc. Porterfield. At present the company reports on hand 190 Curtiss Ox 5 $478.234 6791.134 x $26,215 x$224,129 res. for Fed'I taxes_ Motors and 33 Hispano fiuiza Motors. Production is scheduled to start on x Before Federal taxes. March 1 on the Hudson Hawk 6 cylinder radial motor to be manufactured -V. 127. annual report for 1928 unde "Financial Reports" above. See by the company in its new plant at Kansas City, with an ouput of 2.000 P. 2368. motors planned for 1929. The company expects to produce approximately 1,500 planes during the present year. -V. 128. p• 887. Atlantic Securities Corp.-Increase In Capital. approved the creation of 120,000 shares of The stockholders Feb. -New Stock Placed on serial pref. stock. A.Iselin15 Co.,and F.8. Smithers & Co., who sponsored American International Corp. & of 60.000 shares an Annual Dividend Basis of $2 in Cash and 4% in Stock. - the company made a public offering last weekstock in units of of 83 cumuThe directors on Feb. 14 declared a semi-annual dividend of lative preferred and 60.000 shares of commonshare of preferredone share of share of common. Each will be acpreferred and one $1 per share in cash and 2% in stock on the outstanding companied by a warrant entitling the holder to purchase one half share of at $35 a share on or before March 1 1930 and at prices 980,000 shares of capital stock, no par value, both payable common stock during the succeeding four years. The warrants will expire Apr. 1 to holders of record Mar. 12. Prior to the recent scaling upward Compare V. 128, p. 888. March 1 1934. -for-1 split-up, the company paid semi-annual dividends of 2 -Bonds Offered. -Halsey,Stuart & American Service Co. $1 per share. -V. 128, p. 888, 559, 552. Co., Inc., and A. B. Leach & Co., Inc., are offering at 99 American Mfg. Co.(Mass.). -Smaller Common Dividend. and int. yielding about 6.10%, an issue of $7,000,000 1st The directors have declared four quarterly dividends of 1% on the out-year 6% gold bonds, series A (with stock purchase standing $8,800,000 common stock. par $100. for the year 1929, Placing mtge. 1i the issue on a $3 annual basis against $4 per share paid in 1928 and $6 per warrants attached). An issue of $3,000,000 6%% debenshare previously. Four regular quarterly dividends of 134% were also tures and 100,000 shares of common stock was recently ofdeclared on the preferred stock for 1929. The dividends are payable March 31, July 1, Oct. 1 and Dec. 31 fered in this market (V. 128, p. 403, 560.). holders of record March 15, June 15, Sept. 15 and Dec. 15. respective -V. 126. P. 1509. American Radiator Corp. --Consolidation Plan. A letter to the preferred and common stockholders of this company and the Standard Sanitary Manufacturing Co. says in substance. The directors ef the American and Standard companies have unanimously approved a plan for the union of the interests of the two companies through the organization of a new holding company, to be known as American Radiator Standard Sanitary Corp., and the issue of stock of the new company in exchange for stock of American Radiator Co. and of Standard Dated Jan. 1 1929; due Jan. 1 1944. Denom. $1,000 and $500 c*. Red. all or part on any Int. date upon 30 days' notice at following prices and Int.: to Jan. 1 193.3 at 10754: on and from Jan. 1 1933 to Jan. 1 1938 at 105: on and from Jan. 1 1938 to Jan. 1 1943 at 10254; and thereafter to maturity at 100. Int. (J. & J.) payable in New York or Chicago without deduction for any normal Federal income tax not in excess of 2% per annum. Company will refund upon proper notice within 60 days' after payment. any personal property tax not exceeding 5 mills to the dollar per Annum, or any income tax not exceeding 6% of the interest per annum, as new or hereafter imposed by any State. 1058 FINANCIAL CHRONICLE Cornpang.-A Maryland corporation. Owns and operates, including properties to be acquired, under centralized management ice utility properties located in 13 adjoining southern and south-central States. The aggregate population of communities served is about 2,270,000, while the entire territory served by the plants has a population of approximately 4,600.000. The properties include 72 ice manufacturing plants having a total daily capacity of approximately 4,402 tons of ice, in addition to car icing, cold storage and other service facilities. These properties include land owned In fee, substantial buildings, complete ice-making machinery of standard types, delivery equipment, and cold storage buildings and equipment. She plants are without competition in supplying ice in 20 communities, and in the other cities the plants rank as important units in the ice business. The company owns all outstanding common stock of Community Ice Co.. which owns and operates, including properties to be acquired, ice properties located in North Carolina, serving 8 communities having a population of about 120,000. This subsidiary has 11 ice manufacturing plants with daily capacity of 475 tons. CapitalizationAuthorized. Outstanding. 15t mtge. 15-year 6% gold bonds, series A (this issue) $7,000,000 -5-year 634% convertible debentures 3,000,000 $3,000,000 7% preferred stock ($100 Par) 3,500,000 b7,500,000 Common stock (no par) c500,000 shs. d225,000shs. a As restricted in the indenture. b 24,000 shares reserved for conversion of debentures. c 200,000 shares reserved for exercise of warrants and for conversion of debentures. d 105,000 shares will be placed in escrow for exercise of warrants. Stock Purchase Warrant -The first mortgage bonds will carry non--I. detachable stock purchase warrants, void after Dec. 31 1933, entitling the holder to purchase common stock of the company, subject to indenture provisions, at the rate of 30 shares for each $1,000 principal amount of first mortgage bonds at $16 per share. If the bonds are redeemed prior to Jan. 1 1934. the warrants thereupon become detachable. Earnings. -The properties have been independently audited for the 12 months ended Aug. 31 1928, except certain properties for the 12 months periods ended June 30 and Oct. 311928. The combined revenues, expenses and earnings are certified as follows: Gross revenue, excluding subsidiary company operations $4,579,601 Operating costs and expenses. incl. maintenance & local taxes.. 3,117.425 Net earnings before interest, depreciation, income taxes-- $1.462.176 Net earnings from subsidiary company, after all charges 25,491 [VoL. 128. is offering a new issue of 100,000 shares of capital stock of this company, which is to operate on the general principles of an investment trust in the aviation field. The shares are priced at $25 each. Transfer Agent, Crocker First Federal Trust Co., San Francisco. Registrar, Bank of America of California, San Francisco. Data from Letter of Nion R. Tucker, President of the Company. Business. -Corporation has been organized under the laws of Delaware, with broad powers, by a group of business men closely associated with aviation, to acquire, hold, buy, sell and trade in securities of aviation companies for profit; to deal in aviation securities to the end that it may acquire for more or less permanent investment, securities of those companies which in the judgment of the management seem to have prospects of becoming the leaders in their respective fields; to enter into such underwritings as appear to it to be sound, either alone or as a member of a syndicate or otherwise; to develop such new aviation projects as in the opinion of the best technical advisors available merit assistance, and in general to further the development of commercial avaiation. Aviation Corp. of California, however, is not limited to aviation investments exclusively. CapitalizationAuthorized. Outstanding. Capital stock (no par) *300,000 shs. 100,000 shs. * Of this amount 100,000 shares are under option during 1929 at 22, during 19 0 at 25 and during 1931 at 30. These options are held by the underwriters, who are represented on the board of directors, and others identified with the management. Management. -The management of the corporation will be In the control of a board of directors which will include many of the prominent figures in the aviation industry of the United States, as well as nationally known bankers and business men desirous of furthering its development. The board of directors will function through an executive committee, which will have active charge of operations and will have available to it the services of the research department of National Aviation Corp., as well as the legal counsel of Cuthell, Hotchkiss & Mills of New York. Directors will include: F. J. Belches*, Jr., *George T. Cameron, E. if. Clark, Jr., *J. Cheever Cowelin, Chester W. Cuthell, Donald W. Douglas, *Thomas B. Eastland. II. R. Fisher, Paul Henderson, Carey S. Hill, Richard F. Hoyt. D. C. Jackling, Charles S. (Casey) Jones, Keeler, C. M. Keys, F. W. Leadbetter, J. L. Maddox, Walter S. Fred E. Marvin, Win. B. Mayo C. 0. G. Miller, John J. Mitchell, Jr., E. J. Nolan, Horace D. Pillsbury, James A. Talbot, *Nion R. Tucker, Walter T. Varney, and *James C. Willson. * Members of the Executive Committee. Listing. -Application will be made to list this stock on the San Francisco and Los Angeles Stock Echanges. Total earnings $1,487.667 Maximum annual interest upon these series A bonds 420.000 The balance after deducting interest, depreciation, Federal and State income taxes, and preferred dividends, including American Service Co. equity in wholly-owned subsidiary company earnings after all charges, is Backstay Welt Co. -Operations. equal to more than $1.55 per share on 225,000 shares of common stock Despite recent additions to plant and equipment, the company is now outstanding. Purpose. -Proceeds from the sale of these first mortgage bonds, together operating practically full In all Its domestic plants, according to President R. C. Schemmel. So rte departments. he added, are working a night shift. with the proceeds from the sale of $3,000.000 5 -year 636% convertible In recent months the company invested about 8100.000 in additional debentures, additional 7% preferred stock, and 100,000 shares of common stock, will be applied towards the retirement of $3,150.000 first mortgage machinery and plant expansion in order to increase capacity to meet growing business. Through these investments 28.000 square feet were added to notes now outstanding, the acquisition of additional properties, the completion of extensions and improvements, and other corporate purposes. the main plant at Union City, Ind. Other plants are operated in Detroit. Chicago and Windsor. Canada. -V. 127. p. 2960. Compare also V. 128, p. 403. 560. 730. Notes Called. -All of the outstanding 1st mtge. 2 -year 6% gold notes. Bankers Securities Corp. -Second Installment. dated April 1 1928, aggregating $3,150.000, have been called for redemption The Philadelphia Stock Exchange was recently notified that the second March 15 at 101 and int. Payment will be made at the office of A. B. payment of 25% on subscription to stock of this corporation ($15 per share) Leach & Co., Inc., 39 South La Salle St., Chicago., 111.-V. 128. P. 730. was due not later than the close of business Feb. 15 1929, at the office of the American Solvents & Chemical Corp. -V. 128, p. 404. -Preferred Div. - corporation. 1232 Bankers Trust Building, Philadelphia. The directors have declared the regular quarterly dividend on the conBayuk Cigars, Inc. -Annual Report. vertible participating preference stock of 75c. per share payable April 1 Calendar Years1929 to stockholders of record March 12 1929. 1928. 1926. 1927. 1925. This dividend is in addition to the speical declaration of $1.50 per share Gross earnings $3,501,584 $3,466,680 $2,564,442 $2,122,188 payable May 1 1929 to stockholders of record April 10 1929. against reduc- Other income 30.684 67.062 60,632 58,323 tion of accumulated dividends of $6 per share on the preference stock. Total income See V. 128. p. 560. $3,532.268 $3.533.742 $2,625,074 $2.180,511 Exp., int., deprec.,&c 2,086.933 1,938,111 1,517,563 1,453,236 American Stores Co., Philadelphia. Federal taxes -Sales.185,449 222,668 153,861 93.224 First 5 Weeks ofIncrease. 1928. 1929. Net profit Sales $1,259,886 $1,372,963 813,097.326 $12,074,238 $1.022,789 $953,650 $634,050 1st pref dividends -V. 128, p. 404. 318,031 225,827 134,267 129.717 2d Prof. dividends 44.955 84,581 86.750 86.963 Common dividends American Snuff Co. -Annual Report.98.835 Calendar Years1925. 1926. 1927. 1928. Surplus xNet earnings $2,178,535 $1,973,917 $1,673,450 $1,640,158 $798.065 $1,062,555 6417,371 6732.633 Pref. dividends (6% (no par) 237.168 237,168 237,168 Shs.of com.outst. ) 237,168 98,842 77,121 77.121 78 106 Coin, dividends (14%)- 1,540.000(12)1,320,000(12)1,320.000(121320000 Earns. per sh.on corn._ $5.41 SIA.eco $9.08 $9.50 Balance Sheet December 31. Balance, surplus $116,282 $82.990 $416,749 $401.367 1927. 1928. 1927. 1928. Previous surplus 4.212.365 4,129,375 4,745,396 4,328.647 Assets$ LtaMlities5 $ $ Burp. res. for wk. cap 698,274 698,274 Cash 698,273 698,273 727.682 569,774 1st pref.7% stock_ 4,449,800 4,664,800 Transfer to surp. from Trade accounts re3,500 8% 2d pref. stock_ deprec. funds now ceivable 1,178.300 1,989.375 1,899,524 7% 2d pref. stock.. deemed excessive_ _ 500,000 8,338.637 8,676,909 Common stock___a3,015.369 1,729,359 Profit & loss surplus_ - $6,345.037 $5,443,669 $5,026.920 $4,910.638 Inventories Revenue stamps._ 55.000 44,000 46,599 38,924 Mortgage payable Shares of common outDue from officers Notes payable-- 2,850.000 2,000.000 standing (par $100) 110,000 110.000 110,000 110 000 and employees 225.729 5,911 Trade creditors-- 135,133 2.511 Earns, per share on corn.. $13.06 $15.78 $12.75 Investments $17.65 15,009 10,206 760,417 Sundry accts. pay. 1,712.565 x After deducting all charges and expenses of management, including Land, buildings, Aocrued wages.&c. 41,726 124,349 provisions for income taxes. equipment,&c.._ 1,600,343 1,414,361 Pray, for Federal, Cigar machines_ _ _ 675,913 &e., tax 185.449 555.210 222,668 Balance Sheet December 31. Prepaid insurance, Reserves 100.499 1028. 1927. 1928. 1927. taxes. em 150.046 Res.for roylies,dzo 185,208 27,097 Real estate, maLiabittlfesReorganization, Sink. M. pref. stk.. 124,786 104,976 chinery .4 fist., Preferred stock- -_ 3,952.800 3,952,800 &c.,expenses.... 100,772 105.642 Dividends payable 127,292 102,324 trade mks., &c_12,290,759 12,290,692 Common stock _ - -11,000.000 11,000,000 Surplus 4,290.643 3,728,409 &minks. &c 59,202 Total (each side)_15,379,707 50,292 5,932,753 5,885,226 Pref. div. payable_ 14,176.718 Securities 1,763,105 1,706,437 Corn. div. payable 550,000 330,000 a Represented by 98,842 no par shares and includes $578 for non-interest Cash 3,038.639 1,531,021 Taxes, Ins.. adv., -V. 127. P. 2369. Bina & accts. rec._ 1,657,311 2,485,059 disc'ts, dce., res. 1,068,970 1,037,977 bearing common scrip. Depreciation res.... 1,561,424 1,944,815 Bethlehem Milling Co. -Stock Offered. -An issue of 30,129,877 Accounts payable.. 145,045 Total(each side)24,682,567 23,898,431 Undivided profits_ 6,345,037 5,443,669 000 shares of class A cumulative participating stock is being -V.127. D. 3248. offered by Strabo V. Clagget & Co., Inc., Boston; Warren Archer-Daniels -Midland Co. -Listing. - The New York Stock Exchange has authorized the kitting of 240,426 additional shares of common stock without par value, upon official notice of issue as a 100% stock dividend on or about March 1 1929, making the total amount applied for 482,140 shares of common stock. -V. 128. P. 888,404. Arctic Dairy Products Co. -Control, See National Dairy Products Corp. In V. 127. P. 3554.--V. 124,9. 3499. Atlas Stores Corp. -Annual Report. Earnings for 12 Months Ended December 311928. Net sales _______________________________________________ 37,191,971 Cost of sales, operating, selling, administrative and financial expense including 1928 income tax 6,481,592 Net income___________________________________________ 8710,378 Earnings per share on 100.000 shares com. stock (no Par) $7.10 &nonce Sheet December 31. AssetsLiabilities Cash $158,442 Capital stock and surplus_ __x$1,412,925 Accts. & notes recelvable 258,502 1,170,521 Notes payable Inventory 942,689 Accounts payable, trade. &c_ 711,299 Other current assets 26,345 Accrued expenses, including Deferred az miscellaneous 131,621 37,706 . Federal incomes taxes_ _ Furniture, fixtures, 4:c 98,643 Leaseholds 80,000 Good-will $2,514,347 1 Total (each side) x Represented by 100,000 no par ahares.-V. 128, p. 560. Aviation Corporation of California. -Stock OfferedA banking group headed by Bond & Goodwin & Tucker, Inc., Hemphill, Noyes & Co., and James C. Willson & Co. A. Tyson & Co., Inc., Philadelphia, and Higgins & Co, New York, at $25 per share. This offering supersedes that mentioned in our issue of Jan. 12, p. 252. Compare also V. 128, p. 889, 252. -25c. Extra Dividend. Bristol-Myers Co. - The directors have declared the regular quarterly cash dividend of $1 Per share and an extra dividend of 25c. per share, both payable March 30 to holders of record March 20. The company has been paying dividends Without interruption since 1904.-V. 127, p. 3250. (A. M.) Byers Co.-Listing.-- The New York Stock Exchange has authorized the listing of 68,635 additional shares of common stock without par value on official notice of Issue and payment in full making the total amount applied for 266,635 shares. The Issuance of warrants evidencing rights of stockholders pro rata to 66,635 additional shares of common stock in the to subscribe ratio of ono share for each four shares of preferred or common stock held and the issuance of the shares upon the exercise of the warrant rights was authorized by the directors Dec. 27 1928. Under the terms of the resolutions the preferred and common stockholders of record at the close of business Jan. 14 1929. will be entitled to receive warrants evidencing their rights to subscribe, on or before March 1 1929, according to their respective interests, for the additional shares of common stock at a price of $100 per share in the ratio of one share of common for each 6 shares of capital stock (either common or preferred )held, stock The right to so subscribe will expire March 1 1929, after which time unexercised warrants will be void. The proceeds of this issue, together with other funds now in the treasury. will be used for the purpose of building a new plant for the manufactureof wrought Iron by the new process developed by the company and ered by patents now owned by the company, and for general fully covcorporate purposes -V. 128, p. 732. 1 FEB. 16 1929.] FINANCIAL CHRONICLE . 1059 Capitalization to Be Presently Outstanding. : 01: a 1;3 0 0= 4 sh.0 , Cony. cure. 65i% Pref. stock, series A ($100 par) :0,0 b16 00 Common stock (no par value) a Authorizedamount pref. stock. $10.000.000. b Authorized common stock. 400,000 shares, of which 80.000 reserved for preferred conversion and 32.000 reserved for purchase at $25 a share by Childs, Jeffries & Co. and the management, who will also have an option to purchase an amount not exceeding 20% of all further issues of common stock at the amount received by the corporation therefor, or If issued on conversion of at the then liquidating value. All options run for 5 years. $6.248,664 $3.283,562 $20,159,038 $14,266,405 pref. stock, then have been made whereby the company will not bear any Total receipts Arrangements Disbursements of the organization expenses so that the par value of the pref. stock and $3.002,191 $3,041,329 $ 3,650.171 $3,372,632 Copper on hand 2,773,244 11,353,420 10.353,424 $25 per share of common stock (of which $5 will be allocated to surplus) to Prod.,sell.,adm.& taxes 2,888,491 available 721,581 4,189,011 3,348,393 be presently outstanding, amounting in all to $8,000,000, will be Deprec'n and depletion_ 1,226,809 87,061 259,382 for investment. 157,964 40,234 Miscellaneous -The holder of one share of this pref. stock may convert, Convertible. any time on or before Aug. 1 1931 Total expenditures__ $7.157,725 $6,623,215 $19,350,566 $17,333.831 Up to three days prior to redemption, at of the company, 3,650,171 into two shares of common stock 1933. and from thereafter into 1)4 shares 2.115,276 Less copper on hand._ --- 2.115.276 3,650,171 then on share for share. of common stock until Aug. 1 to protect the preferred holder against dilution Net expenditures__ -- $5,042,449 $2,973,044 $17,235,290 $13,683,660 Provision has been madestock dividends. 310,518 1,206,214 582,745 of this privilege through 2,923.748 Gain for period -Hugh Bancroft (director Atlantic National Bank), Winthrop Directors. V. - 128, p. 562. H. Battles (Battles & Co.), Gerald F. Beal (Vice-Pros. J. Henry Schroder Childs. Jeffries & Co.),J. -To Increase Stock. Banking Corp.). Paul Dudley Childs (Pres.Co.). Gilbert King (Wm. A. Canadian Car & Foundry Co., Ltd. Jeffries & A special meeting of the stockholders will be held Feb. 27 for the purpose Amory Jeffries (Vice-Pres. Childs. (Vice-Pros, International Acceptance Knowlton of taking action on a proposal to increase the authorized number of corn. Russell & Bro.). Hugh A. Morison (Vice-Pres.& Treasurer Bucyrus-Erie Co.), shares (par $100) from 50.000 to 100,000. The directors plan to issue Bank,Inc.), George(Vice-Pres. Childs, Jeffries & Co.), Donald C. Watson additional shares to provide for the retirement of outstanding bonds of William B. Nichols Co.). and its subsidiaries, at a cost of approximately $4,500,000. (with Brown Brothers & has been organized in Delaware to acquire, hold the company -Corporation Business. The new shares are to be offered to both common and pref. shareholders. and sell securities and obligations of a diversified nature, participate in the V. - 127. p. 2810. underwriting of securities, and act as manager of funds placed in its care purpose of the corporation is to provide -Spear Securities Corp., for investment. The primary broad diversification of security holdings, -Securities Offered. Cardiff Corp. investment safety based upon -year, gold ,chiefly in chain stores, &a., and safeguarded by constant watchfulness. New York, recently offered $1,000,000 6% 20 its security holders a means of notes and 10,000 shares of common stock priced at $1,025 In addition, the corporation affords to to an extent and in a manner parnot per unit. Each unit consists of one $1,000 gold note and ticipation in profitable underwritingsan individual. The corporation will available to the investor as ordinarily and dividends on investten shares of stock. have four principal sources of income:(1) Interest of investments;(3) profits on underwriting The note issue was authorized in lieu of preferred stock, for taxation ments; (2) profits from the sale fees on funds placed in its care. reasons. Uncle its charter the Cardiff Corp. is authorized to buy and sell participations;(4) management will be in the hands of the board of direc-The management Operation. and real estate mortgages and securities, to improve and develop real estate financially interested in the company, and have real properties, to underwrite enterprises in that field and in general to tors. The directors are of the company. Under an take advantage of what appear to be attractive opportunities for temporary subscribed $1,000,000 for common stock existing contract the cost of ordinary operation (salaries of officers, office or permanent investment. -V. 128, p. 253. clerical and accounting services, and all other office exrent, statistical, penses) will be not more than yi of I% of the net liquidating value annually. (A. M.) Castle & Co. -Annual Report. Pref. Stock Prorisions.-The dividends on pref. stock will be payable Calendar Years1927. 1928. -F. It will be preferred as to cumulative dividends at the rate of6 %, Net earnings after oper. exp., repairs & maint____ $848.140 $533,074 Q. and as to assets in the case of involuntary liquidation of $100 a share, and Other income 84.058 30,535 in the case of voluntary lividation at $115 a share. It will be callable at days notice. Additional pref. stock of this or any Total income $617.132 $115 and dive. on 60 be issued when the net assets including the proceeds 3878.675 other series can only Depreciation 70,039 are equal to at least $200 per share of preferred 133.666 of stock then to be issued be issued. No pref. stock having priority over Miscellaneous deductions Federal taxes 64,051 outstanding and about to 97.294 stock can be created. The preferred will have one vote per share. this pref. voluntarily create indebtedness only to an amount not in Net income $419.415 Corporation may of its gross assets including therein the proceeds of the $711,341 184,980 excess of one-halfcommon dividends shall be paid until a reserve is set up 270,000 Dividends transaction. No year of pref. dividends. Corporation, upon request. will re$234 435 equal to one of surplus pref. stock at par less $1 and common at its liquidat$441,341 Surplus Earns, per sh. on 120,000 shs. corn. stk. (par $10)$5.92 4.49 purchase out 1%. provided it shall never be required to repurchase in any ing value less than Balance Sheet Dec. 31. one month more than 1% of par of preferred outstanding, nor more except 1927. LiabilitiesAssets 1928. 1927. 1928. 1% of liquidating value of common outstanding. The common, Land, buildings, Common stock---81,200.000 $1,200,000 that issued on conversion or as a stock dividend, is to be sold at not less 150.000 than liquidating value. The pref. stock provisions may be changed by equip., &c $1,600,561 $1,434,219 Unsec d notes.-- - 150,000 24,791 27,903 vote of two-thirds of preferred and two-thirds ofcommon stock outstanding. Investments 7 7 Reserve for cting_ Employes& sundry Capital surplus___ 1.194,843 1,206,399 but the rate of dividends and amount payable on call or in liquidation or accounts 39,971 76,452 Earned surplus.-- 2,063,332 1,622,295 dissolution on any pref. stock shall not be reduced without consent of the Prepaid accounts_ 27,560 16,625 Notes payable_ - 225,000 holder. Cash 307.933 126,503 168.989 Accounts payable_ 540,413 -Preference Shares Offered. Chainstores Trading Corp. Notes & accept 119,643 133,100 Accrued tax, &c- 142,735 98,916 Accts. receivable 1,103,406 1,026,863 Mortgage 150,000 -Morand & Co., Inc., New York, are offering at $15 per Cash our, value ins. 123,049 107,647 Inventories Total (ea. side)-$5,541,115 $4,784,173 share, 20,000 shares Class A preference stock. 2,421,140 1,820,271 Class A Stock is entitled to a preference dividend of $1 in each year, - 127, p. 264. V. an annual payable quarterly. After class A and B stocks have received be divided to Caterpillar Tractor Co.(& Sub. Co.).-Earnings.dividend of $1 each, all dividends above this amount are to class A and class A and B stocks on the basis of 662-3% between the 1927. 1926. Calendar Years1928. event of liquidation of the assets of the corIn Net sales $35,071.600 $26.928,089 $20,699,103 33 1-3% to class B.class thestock shall receive $20 per share before any A 5.003,095 poration holders of Net profit before Federal tax ,639 6.910.327 9,29 , to the holders of class B stock. Class A stockholders 2.681.249 1,624,976 payments are made 4,225.000 Dividends paid having voting rights at at all stockholders' meetings. Consolidated Balance Sheet December 31. Outstanding. Authorized. Capitalization1928. 1927. 20,000 shs. 1928. 1927. 20.000 shs. Class A preference stock (no par) $ $ Liabilities-4.000 shs. $ Assets$ 10.000 shs. (no par) y8,555,635 8,125,000 Class B common stock Plant,equip., e_x15,175,513 9,031,935 Capitalstock The Anglo-South American Trust Co., transfer agent. sell, trade and Notes payable_ _.. 7,975,000 Cash in banks and organized primarily to buy, -Has been Corporation. Accounts payable_ 2,776,133 1,677,349 bank time ct1s.. and deal in stocks of corporations engaged in the operation of chain stores in of deposit 1,487,824 1,353,447 Prov. for Federal participate 1,246,174 income tax 916,069 allied industries; to sell entire or additional issues of stocks, 14,505,207 8,465,911 Inventories syndicate offerings 8.146,188 6,058,407 reorganization, form consolidations, participate in Notes & accts. rec_ 9,434,592 5.874,971 Capital surplus_ the financing of corporations 278,308 Earned surplus__ _12,291,926 8.357,088 and to do all and everything pertaining to Patents 278,308 , .nirthod store cerin enwed s merchandising 2,176 Investments 8.498 Millet, Sec. & Tr .; Allen S. chainTaylor, Pres.; Total(each side)_40,991,058 25,133,913 Deferred charges__ 101.115 77,165 x After deducting $4,333,163 reserve for depreciation. y Represented Pitcher, V.-Pres. -Howard P. Taylor, J. F. Millet, Fred W. Rockwell. Allen S. Directors. by 1,711.127 shares of no par value. -V. 128. p.891. Pitcher, E. H. Flood, Americus J. Leonard, --Earnings. Calumet & Hecla Consol. Copper Co. Period End. Dec. 31- 1928-3 Mos.-1927. 1928-12 Mos.-1927. Receipts $6,033,093 $3,112,801 $20,036,879 $13,963,607 Copper sales 7.936 Custom milling & smelt.. 28,853 39,618 28,853 39,618 Dividends 62,059 245,959 128,568 150,489 Interest 20,050 20,481 13,340 25.463 Miscellaneous -CeCo Manufacturing Co.-Earnings. Earnings for Month and 11 Months Ended Nov. 30 1928. Month. 11 Mos. $190.545 Net sales $856.262 57.594 Cost of sales, &c 280.149 Gross profit on sales Other miscellaneous income 3132.952 1.367 $576.113 9.122 Total income Total oper. expenses (incl. income tax) $134.318 55.317 $585.236 336.229 Net income 79.002 $249,007 Balance Sheet November 30 1928. Liabilities Assets Land, bides., math., equip., Capital stock and surplus_ _ $668,014 furniture & fixtures, &c_ _ _ $275,611 Accounts payable 70,502 Cash 213,121 Accrued expenses, salaries, commissions. &c.. IncludAccounts receivable 229,116 Inventories 42.762 108,675 ing Federal Income tax_ _ _ pata., processes, trademarks, Divs.& miseell.contingencies 54,623 good-will, &c 1 Total (each side) Prepaid exps.. Insurance. &c. $835.901 0,376 -V.127. p. 3402. -Elects. Central National Corp. The corporation announces the election of E. A. McQuade as secretary -V. 127. p. 3402. and W. E. Chamberlain as Assistant Vice-President. -Bonds Chedmer Building Corp. of East St. Louis, 111. -Real Estate Mortgage & Trust Co., St. Louis, Mo., Offered. are offering at par and int. $135,000 1st mtge. serial 6% real estate gold bonds. Dated Jan. 2 1929; due serially 1931 to 1939. Principal and int, payable at office of Real Estate Mortgage Trust Co., St. Louis, Mo. Callable on before Jan. 1 60 days' notice at 103 and int. if called for payment on or or before Jan. 1932; and at 102 and Int. If called after Jan. 11932, and on be called in 1 1935: and at 101 and int. if called thereafter. Notes shall Louis, Mo.. their inverse numerical order. St. Louis Union Trust Co., St. trustee. The bonds of this issue are a direct obligation of the Chedmer Building Corp. and are secured by a closed first mortgage on the ground owned in fee and the improvements erected thereon, located at 130-132-134-136 Collinsville Avenue, East St. Louis, Ill. The ground fronts 69.47 fee. on Collinsville Ave., extending through to Fourth St where the frontage is 68.02 feet. The depth on the north side of the lot is 161.73 feet and on the south side 176.19 feet. -story and basement, The improvements consist of a recently completed 2 On the ground floor there are 3 •rtto brick building. reinforced con, stores and an entrance to the second floor: one large store occupies the entire second floor. The entrance to the second floor is 18 feet wide,extends back 60 feet in a series of steps, and is used for display purposes. The entire second floor is leased for a pc Lod of 15 years, on a percentage and S. Golde basis, to Golde Clothes Shop, Inc., a New York corporation,Middle West. & Sons. who operate 40 cash clothing stores in the East and One of the stores on the first floor is leased to M.Samuels & Co.. of Baltimore, operating a number of chain shoe stores. This lease is for 6 years at an average rental of 32.000 per year. These leases have been assigned to the trustee for the protection of the bondholders. -Stocks Sold. Chain & General Equities Inc. -Initial financing for this company, a new investment trust organ-Field, Glore -Stocks Offered. ized to specialize in chain store securities, is being carried out (The) Chicago Corp. by Childs, Jeffries & Co. with the offering of $4,000,000 con- Co. are offering 750,000 shares $3 convertible preference vertible cumulative 63% preferred stock and 160,000 shares stock and 750,000 shares common stock in units of 1 share of of no par value common,for which applications have already each at $66 per unit. -Without par value; preferred as to assets Convertible Preference Stock. been received in excess of the amounts offered. The predividends cumulative in ferred shares are priced at $106, to yield 6.13%,and the com- at liquidation up to $55 per share; entitled to redeemable annual as a whole or in -M.; the rate of $3 per share, payable Q. mon shares at $26.50. part at $65 per share on 60 days' notice. convertible into one Each share of convertible preference stock will be Exempt from normal Federal income taxis. Mass. or Wis. income tax corporaon pref. dividends or Penna. 4 mills tax refunded on request. Custodian, share of common stock with adjustment of cash dividends. The to safeTrust Co.. Jersey City, N. J.: transfer agent, International tion's certificate of incorporation will contain provisions designed Commercial dilution. The conversion Privilege Acceptance Trust Co., New York; registrar, Bank of New York & Trust guard the conversion privilege against on preference stock called for redemption will remain in force up to and inCo., New York. 1060 FINANCIAL CHRONICLE eluding the day before the of such redemption. The convertible preference stock will have equal share voting rights with the common stock. Neither class of stock will have any pre-emptive rights to subscribe to future issues of stocks or other securities. Transfer agent, Continental National Bank & Trust Co., Chicago. Registrar. First Trust & Savings Bank. Chicago. CapitalizationAuthorized. Outstanding Convertible preference stock (no par value)-- 750,000 she. 750,000 Wu. Common stock (no par value) *3.500,000 shs. 1.750,000 she. * 750,000 shares reserved for the conversion of authorized and outstanding preference stock. Remaining 1,000,000 the shares to be issued for such purposes and on such terms as the Directorate in its discretion may determine. Company. -Has been organized in Delaware to buy, sell and trade in stocks and securities of any kind, to participate in underwritings and syndicates, and to engage in such other investment activities as its board of directors may determine. Corporation is not a so-called investment trust, but a financial corporation designed to supplement the existing facilities of the Middle West. There are no restrictions on the investment authority of the directorate within the broad provisions of the certificate of incorporation. The corporation will receive from the sale of the convertible preference and common stocks to be presently outstanding, after deducting all organization and underwriting expenses, 859,375,000 net in cash. Directorate. -The investment policies and practices of the corporation will be under the supervision of a board of directors comprising the following; Sewell L. Avery, Edward F. Carry. B. A. Eckhart, George B. Everitt. Marshall Field, Stanley Field, Charles F. Glore, Robert P. Lamont, D. R. McLennan, George A. Ranney, James Simpson. Silas H. Strawn, Edward F. Swift and F. Edson White. The directors of the corporation, Field. Giore & Co. and certain other interests will subscribe for 1.000.000 shares of the common stock of the corporation for $12,500,000 cash. Although transactions between the directors or the corporations or firms with which they are identified are not prohibited by the certificate of incorporation, the acquisition of any securities previously owned by the directors or bankers is not contemplated. The directors of the corporation as such are to receive no compensation for their services either through a management contract or otherwise. Listed.-These securities are listed on the Chicago Stock Exchange. Childs Co., New York. -Annual Report. - (Including Childs' Dining Hall Co., Childs Co. of Providence and Boos Bros. Cafeteria Co. in 1928] Calendar Years1928. 1927. 1925. 1926. Restaurant sales $26,380,647 $28,819,750 $26,136,540 824,493,006 Building rentals 1,640,293 1,276.311 1,562.152 1,132,388 Miscellaneous Sales- _ _ 560.169 635,067 Total sales $28,581.109 831,016,969 827,412,851 825,625.393 Cost of restaurant sales- 24,412.760 25,599.191 22.543.021 21,166,053 Cost of building rentals_ 1.222.358 1,021,619 1.059,634 781,489 Cost of mlscell. sales 412,852 478.080 Total coat of sales$26.047,972 Gross inc. from restaurants & bldgs 2,533,137 Less other departm'tal loss and expense 86.697 Gross Inc. from oper'n $2,446,440 Fed.& State tax reserve.. 7,540 Other general expenses_ 1.073,733 Net income from oper. 81,365.167 Other Income (net) 1,316,008 Total income 82.681.175 Income deductions 625,759 Depreciation 1.052.990 Net profit $1,002.425 Previous surplus 5,898,348 Total surplus $6,900,773 Reserve account 131,420 ere. dive. Childs Co_ _ 350.000 Pref. dive. Childs Dining Hall Co 6 Cora. dive. (cash) 868,176 Corn, diva. (stock) $27,098,891 $23.324,509 822.225,687 3,918.078 4,088.342 3,399,706 105,076 290.074 304,212 83.813,002 $3,798,268 83,095,494 242,122 298,463 327.526 1,119.693 798,598 827,838 $2,451.187 82,642.905 81,998,432 550,767 Dr.132,849 364.248 83,001.954 82,510,056 32,362,680 478,548 1,026,550 826,726 706,786 81.496,8.58 31,683,330 $1,655,894 6,032,334 5,938,808 5,782,250 $7.1-29,192 87.622,138 87,438,145 158.663 154,506 152,441 350,000 350.000 350.000 6 846,298 282,099 6 813,969 271,323 6 743,000 247,667 Profit & loss surplus__ $5,551,171 85,898.348 36.032,334 85,938.808 Shs.of com.outst. (no par) 362,046 360 742 333,909 346,825 Earned per sh. on com__ $1.80 $.91 $3.19 $.84 Condensed Consolidated Balance Sheet Dec. 31. (Including Childs' Dining Hall Co., Childs Co. of Providence and Boos Bros. Cafeteria Co.'in 1928) 1928. 1927. 1927. 1928. Assets$ $ Liabilities3 $ Estab.& plants__a13,447,971 13,820,040 Preferred stock.- 5,000,000 5,000.000 Real estate b10,875,867 10,499.603 Common stock_c9,611,797 9,585.717 Real estate cos.: Fractional scrip-. 37,409 . 11,329 Capital stock_ __ 589,397 1.759,520 Sub.co. minor.stk. 400 400 Mtges.. notes & Real est. mtges. de accounts 1,008.413 881,973 gr'd rent leases. 4,401,250 4,488,750 Leaseholds. goodg. debs. 5.325,000 15 will, dm 4,636.626 4,704.011 5 -Yr. 5% notes.-year 5% 2,000,000 Cash 1,250,271 1,524,513 4 -year 5% coll. tr. Call loans 1,500,000 notes, due 1931. 1,026,000 1,240,000 Govt. dr State bde. 434,569 230,876 Sub, real est. cos.. Other securities_ 21,535 18,943 accounts 51,988 62,083 Mtges. receivable_ 33,000 34,000 Notes payable..._ 10,000 1.815,000 Notes & sects rec_ 235,745 171,181 Acc'ts payable and Ace. mtge.int. rec. 360 373 accr'd liabilities_ 1,409,532 1,380,412 Mdse.Inventories, 558,713 621,368 Reserve 622,294 299,667 Deferred charges. _ 1,588,390 1,137,737 Deferredfor taxes_ 248,687 191,298 credits.. Res. for coating._ 1.000,000 1,000,000 Special reserve_ d2.223,941 2.092,521 Total(each side)36.180,861 35,404,138 Surplus 5,551,171 5.898.348 a After deducting $7,358,480 for depreciation. $547.282 for depreciation on buildings. c Represents b After deducting 362,046 shares of no par value. el Invested in real estate, Government and other bonds and cash on first mortgage on real estate, deposit. Mr. Childs' letter answering the inquiries of a stockholder regarding the $210,000 fee received in the Savoy-Plaza deal by William A. Barber, who on Jan. 30 was removed as legal counsel and member of the executive committee of the company, follows: Mr. Barber never submitted to us any itemized bill $210,000 fee, and the bill of which you already have a copy is covering his we ever the only bill had covering this charge. Luther Childs, at the time Barber's bill was presented and paid, only a director of the company. I was in Europe at that time and thewas bill was paid upon the 0. K.of S. Willard Smith, who as Senior Vice-President was, in my absence, the chief executive of the company. Neither Mr. Smith nor Mr. Barber, both of whom were directors, brought before the board the subject of Mr. Barber's bill before it Luther Childs knew nothing about it until long after. was paid so that Regarding this Barber bill and this Savoy-Plaza deal, can only say I what I have already said in my letter to all stockholders of Childs Co.. dated Feb. 8 1929. of which you already have a cm, namely, "For years, Mr. Barber as my personal counsel and as counsel for the company, has had my implicit confidence, and his assurances to me regarding the propriety of this legal charges have been accepted by me at face value, but Independent counsel now advise me that it is my duty, as Chairman of the board. to lay the above facts before you, the management from the influence of Mr. Barber and his pool." I am more sorry than I can express that Mr. Barber so long received my implicit confidence. Confidence in human nature is all that makes life worthwhile, but sometimes as in this case, it leads to the bitterest disappointments that life can bring to a man. All that I can do now is what I am doing, namely, under the advice of independent counsel, laying the entire situation before all the stockholders, [VOL. 128. so that whatever legal proceedings the stockholders desire to have taken may be ordered by the stockholders at their Annual Meeting on March 7. and be thereafter promptly instituted in behalf of the company. I hope that I have your support in the fight I am now making in behalf of all the stockholders,and if you desire any additional proxies or additional copies of my letter to all stockholders of Childs Co. dated Feb. 8,I will be glad to send them to you. -V.128, p. 891. Chicago Towel Co. -Annual Report. - Calendar YearsGross revenues Expenses 1928. y1927. 82.943,926 $2.820,369 2,077,344 2,027,084 Operating profit Other income $866,582 13,528 $793,285 17.440 Total income Depreciation Federal taxes $880.110 58,667 99,3.57 $810,725 4,081 107,203 Net income x Deductions Non-recurring charges Preferred dividends Common dividends $722,086 102.754 $699,441 12.551 122,500 430,000 Net surplus 366,832 8686.890 Earns, per sh, on common stock $6.99 87.49 x Proportion of above net income applicable to operations of predecessor company to Feb. 15 1928. y Predecessor company. Balance Sheet Dec. 311928. AssetsLiabilities Property, plant, equipment_ z$647,520 Preferred stock y81,850,000 Service equipment 687,124 Common stock x800,000 Contracts & good-will 909.102 Surplus 66,832 Cash 388,955 Accts. pay.& accr. expenses. 8,498 Accounts receivable 82,130 Dividends payable 135,000 Inventories 131,576 Federal taxes 90,000 Notes receivable 23,923 United States certificates 80,000 Total (each side) 82,950,330 x Represented by 80,000 shares of no par value. y Represented by 20,000 shares of no par value. z After depreciation. -V. 127, p. 1680. (D. L.) Clark Co. -Stock Offered. -K. W. Todd & Co., Inc., Pittsburgh and New York, are offering 90,000 shares common stock (no par) priced on application. Transfer agents, Diamond National Bank. Pittsburgh, Pa., and Farmers Loan & Trust Co., New York. Registrars, Dollar Savings & Trust Co., Pittsburgh, Pa., and Commercial National Bank & Trust Co., New York Dividends exempt from present Pennsylvania four-mills tax. Data from Letter of D. L. Clark, President of the Company. CapitalizationAuthorized. Outstanding First mtge. 15 -year 6% gold bonds, 1944 81.175,000 $1,175,000 Common stock (no par value) 300,000 she, 300.000 she. History. -The business of the company was founded in 1887, and incorporated in 1902 under the laws of the State of Pennsylvania, and has had 42 years of constant rapid growth, until at present It is the second largest manufacturer of bulk candy in the world. The business was started with less than $1.000 and has been built to its present size entirely from profits, with the exception of $100,000 paid in in 1902. The company is a wholesale manufacturer of hard candles and copyrighted candy specialties which are sold to 8.000 dealers and chain stores located in 39 States in the Union. This company manufacturers a line of specialties such as "Clark bar" and "Zig-Zag," nationally known and advertised products. An average of over 1,000,000 Clark bars are manufactured and sold daily, which is a consistent growth over the last nine years. In the summer season 60.000 Sc. packages of "Zig-Zag" are manufactured and sold daily.over In addition to the above-named specialties the company manufactures and sells 75 tons of bulk and "penny" candies per day. A considerable amount of their products Is exported to foreign countries. The company is constantly introducing new products. During 1928 a pineapple bar and orange bar were introduced to the trade and are meeting with an exceptionally good demand, which should reflect in increased volume and earnings for 1929. Earnings. -The following statement shows net earnings of the company. after depreciation and Federal taxes and after deducting interest on the first mortgage bonds to be outstanding. Earnings Net Earnings. Per Share. 1926 8362.961 81.21 1927 684.794 2.28 1928 584,894 1.95 Balance Sheet. -Company's balance sheet as of Dec. 31 1928, shows net tangible assets of 82,263,253. Moidends.-The management has announced its intention of placing thisstock on a $1.25 annual dividend basis,to be paid qnarterly. Dividends paid by the company in 1927 were 8300.000 and in 1928 were $500,000. The present interest and dividend requirements are a substantial reduction over the amount paid in dividends last year. Listing .-Company agrees to make application to list this stock on the Pittsburgh Stock Exchange and New York Curb Market. Claude Neon Electrical Products, Inc., Arizona. Earnings (Incl. Electrical Products Corp. of California). Calendar YearsGross profit on rentals,sales,royalties,&c Selling,admin.& general expenses 1928. $917,152 486,431 1927. 3566,059 386,668 Operating profit Other deductions(net) Provision for Federal income tax $430,721 78,740 56,332 $179,391 39,332 21,090 Net profit $295,649 $118,968 Estimated Deferred Gross Profits on Neon Contracts (Subject to General Overhead). Unmat. monthly install. of Neon Sign rental con1928. 1927. tracts,leas sign costa,unamort. $2.947,262 $1,981,491 Res.for maint.,comm.,royalties & losses 881.500 697,029 Est. def. gross profitsfrom contracts $2.065.762 $1,284,462 Commercial Credit Co. -Listing. -- The New York Stock Exchange has authorized the listing of additional shares of common stock without par value on official 273,365 notice of issuance and payment in full, making the total amount applied for 1,083,365 shares of common stock. The 258,365 shares common stock are offered for subscription to common stockholders of record Jan. 25, in the proportion of one additional share for each three shares then held. The subscription shares is $40 per share, payable in full before Feb.price for the additional 14, when right to subscribe expires. Payment for stock subscribed for Is to be made to Deposit & Trust Co. of Baltimore, 13 South Street, Baltimore, the Safe Md.. or Equitable Trust Co.. 11 Broad St., New York, transfer agents. Stock not taken by stockholders entitled to subscribe will be taken up by bankers, Robert Garrett & Sons.; Hayden, Stone & Co.; Spencer Co.; and Dominick & Dominick; who have underwritten the Trask & i88110, and will be paid for by them at $40 per share. In addition to the shares offered for subscription, the sale been authorized as may be determined from time to time by the boardhasdirectors, of of not exceeding 15,000 shares of common stock, at not less than $ 0 Per share, to Commerical Credit Management Co..the employees of Commercial Credit Co. and other companies in which it may have an interest, and to others. The proceeds from the sale of all the above shares will be used for general corporate purposes, and especially to take care of the business expected by the company as a result of an exclusive increased recently contract arranged with the Chrysler Corp.for financing retail sales of Dodge Brothers' product, which is in addition to its present exclusive contract covering the sale of Chrysler motor cars, beside the business expected from similar exclusive contracts with Willys-Overland, Peerless, Thomas A. Edison, Inc.. Kolater Radio, Williams 0i1-0-Matic Heating, Gainaday Electric, Seeger FEB. 16 1929.] FINANCIAL CHRONICLE 1061 shares. Holders of certificates of record Feb. 11 Refrigeration, and others. Also to furnish additional operating capital to on the corporation's per share. -V. 126, p. 2153. to provide will receive $5.01354 Its affiliations, especially to Kernsley, Millbourn & Co., Ltd. 406. -V. 128, P. 733, its increasing business in foreign countries. for -Dividends, &c. -Listing Crosley Radio Corp. The New York Stock Exchange has authorized the listing of 520,000 Commercial Investment Trust Corp. Stock Div. 14 declared regular quarterly dividends of Si in shares of common stock (no par value). The directors on Feb. to holders , The sto kholders Jan. 29 1929 voted to change the authorized and cash and 1% in stock on the common stock, both payable April 1Previously common shares without par of record March 5. Like amounts were paid on Jan. 1 last. cash on the Issued capital stock, consisting of 300,000 par value. Two new shares were paid in value, into 600,000 common shares without the dividends at the rate of $3.60 per annum are being exchanged for each old share outstanding. -V. 128, p. 892. common stock. A quarterly dividend of 25 cents per share has been declared on the -Preferred new common stock, payable April 1 to holders of record March 20. This Consolidated Creameries, Ltd., Toronto. old common stock outstanding Co. Toronto, recently of- is equivalent to 50 cents per share on the dividends of 25 cents per share -J. P. Johnstone & Stock Offered. prior to the split-up. On the latter issue, fered $250,000 class A 7% redeemable pref. shares at par were paid in each of the 4 preceding quarters. been appointed New York The Equitable Trust Co. of ($25), carrying a bonus of 1 common share to each 4 shares registrar for the common stock.New York has of pref. stock purchased. Powel Crosley Sr., has been elected a director. Capitalization. Income Account for Calendar Years. $250,000 7 redeemable preferred,class A stock(par $25) 1928. 1927. 100.000 7% red. preferred,class B stock (par $25) $17,489.309 $8.045,520 she. Gross sales 20,000 Common shares(no par value) 28,479 53.584 -Has been formed for the purpose of acquiring and operating Less, allowances Company. creameries located at Palmerston, Seaforth, Drayton, Meaford, Paisley $17.460,829 $7,991,936 Net sales and Underwood, and such other creameries as the directors deem advisable Cost of goods sold 10,520,797 4,938.579 to acquire. 1,006,370 488,302 -The combined earnings of the units forming this consolida- Royalties Earnings. tion for the year 1927, were as follows: Gross, $50,947; net before depre$5.933,662 $2,565,055 Gross profit and interest), 526,455. Under joint management it is estimated ciation 1,501,899 1,517.047 that savings effected, &c., annually, based on an audit over a three-year Expenses (excl. of depreciation) period, will amount to $32,500 without assuming that the butter-make will $4,416,615 91,063,155 Profit from operation merger. Substantial earnings should be be increased as a result of this 150.893 123,336 available for distribution on the common shares after the preferred dividend Other income has been appropriated. 84,567.r-08 $1,186,491 Total income 381.559 174.659 -Bonds Deductions from income Consolidated Investment Corp. of Canada. -Wood,Gundy & Co., Inc., are offering $15,000,000 Offered. -year 1st coll. trust gold bonds, 43'2% series A,at 100 and 30 int.(with non-detachable warrants as outlined below). Net profit before deprec. & prov.for reserves_ _ _ $4,185,948 $1,001,832 59.895 95.845 Depreciation 126,000 Provision for price reductions 89.775 484.129 Provision for Federal income tax Dated Feb. 15 1929; due Feb. 15 1959. Principal and int. (F. & A.) $736,162 $3,605,974 payable in United States gold coin at the agency of the Royal Bank of Net profit after Federal income tax 2.668.150 3,084,896 Canada in New York,or at the holder's option,in Canadian gold coin at any Net worth at beginning of year branch in Canada of the Royal Bank of Canada, or in gold coin of the $6,274,124 $3.821.058 Kingdom of Great Britain at the Royal Bank of Canada, London, England. Total 250,000 at the fixed rate of $4.86 2-3 to El sterling. Denom. 91,000c* and Dividends 1,152,908 59,233 $1,000r and authorized multiples thereof. Red. at the option of the cor- Surplus adjustments poration, in whole or in part at anytime,on 60 days'notice, at 105 and int. $5.964.891 $2,668,150 Montreal Trust Co., trustee. Net worth at Dec. 31 Legal Investment for life insurance companies in Canada under the InsurConsolidated Balance Sheet Dec. 31. ance Act, 1917, Canada. 1927. 1928. 1928. AndListing.-Application will be made in due course to list the preferred and bldgs$1,018,893 $677,237 Stated corn cap._x$1,500,000 51,500,000 Exchanges. Real estate & common shares on the Montreal and Toronto Stock 5,000 127,994 Notes payable____ Liberty bonds.... 126,544 Letter of Pres. J. H. Gundy, Montreal, Feb. 13. Data from -corn. 1,839,884 792,343 Other Govt. bonds 1,945,310 1,042,850 Accts. pay. Corporation -Has been incorporated under the laws of the Province of U.S.Treas. notes_ 2,073,469 Accr. taxes St pay. 57,601 19,635 Quebec, with powers to invest and re-invest its resources in government, Accrued in rec__ 359 16,524 Speical funds 2,077 14,651 municipal, public service and industrial bonds and shares, to participate Accts. & notes rec. 1,909,661 727,476 Res.for price reduc. 126,000 in underwritings, to organize or assist in organizing companies and syndi- Adv. to salesmen_ 62,500 6,735 Res, for div 4,240 cates, to act as managers, and to engage in public service, financial com- Inventories 584,129 89,836 1,169,213 1,007,288 Reserves mercial and other undertakings. The policy of the corporation will be to Material In transit 210,241 4,464,891 1,168,150 6,354 Surplus distribute its investments and operations over a broad range of enterprises, Deferred assets__ 63,438 12,594 both domestic and foreign. 22,145 Tot.(each fdde)-S8,614,363 $3,698,04.1 29,547 rights The corporation's assets will consist mainly of cash and securities. Its Patent -V.126. p.4087. x Represented by 260,000 shs. no par value. revenues will include interest and dividends upon its holdings, as well as earnings that may be realized from other sources. -New Trust Formed. Distributors Group, Inc. It is expected that the corporation, through its facilities for the study of economic and business conditions, will benefit from the security and profit See North American Trust Shares below. resulting from investment in widely diversified enterprises in Canada and -Stocks Sold.-Hendrie abroad. It will enjoy opportunities to participate in underwritings and Dolphin Paint & Varnish Co. other activities not usually available to invividual investors. sold 10,000 units of stock -Sir Herbert S. Holt. J. H. Gundy, George H. Montgomery, Hall & Murphy, Detroit, recently Directors. K. C.. C. B. McNaught, W.E. Wilder. consisting of 1 share of class A and 1 share of class B common -The $15,000,000 principal amount of bonds and the $10,000,000 Assets. $26.20 per unit. preferred shares and the common shares now to be issued, have been no-par stock, at Class A common stock is entitled to cumulative preferential dividends at underwritten on terms which will provide the corporation with not less than -F.; redeemable at $27.50 a $32,000,000 be cash. All expenses of organization of the corporation, the rate of $2 per share per year, payable Q. share plus dive, on any div. date, on 30 days notice. Class B common Including legal fees, &C.,are to be assumed by the underwriters. Security for Bonds -Under the terms of the trust deed, and prior to the stock has full and exclusive voting power except as noted. Dividends excertification by the trustee of this issue of bonds of series "A" there will be empt from present normal Federal income tax. Exempt from present Ohio pledged with the trustee under the first specific lien of the deed, marketable personal property tax. Transfer agent: Guardian Trust Co., Detroit. securities (or cash) having a current market value of not lees than $18,750.- Mich.; registrar: Detroit & Security Trust Co., Detroit, Mich. Authorized Outstanding 000. The bonds will be additionally secured by a floating charge on all Capitalization.25.000 shs. 25,000 shs. other assets of the corporation now owned or hereafter acquired, and before Class A common stock (no Par) 50,000 she. 50,000 shs. certification of this issue of bonds, the floating charge will cover marketable Class B common stock (no par) securities (or cash) of a current market value of not less than $13.250.000. -Incorporated in 1917 in Ohio as successor to a business origiCompany. assets initially to be available as security for the first collateral nally established in 1885. Manufactures a variety of products marketed Total ' These products -equal to over under the trade name of "Dolfinite" and "Auto-Silk. trust bonds, theerfore, will be not less than 532,000,000 $2,130 for each $1,000 prinipal amount of first collateral trust bonds now include paints, varnishes, enamels, speical pastes, water and gas resisting etc., and have been marketed for to be issued. cements, water and rustproof cements, .-The by-laws will provide that the directors will many years to automobile body builders, boat builders, railroads, and Management Expenses serve the corporation without remuneration until such time as a dividend manufacturers of various items. Recently many uses have been found for Is declared and paid on its outstadning common share capital, and that the the company's products in the aeronautical industry. Among recently management expenses, including directors' fees, in any fiscal year will in no developed products are adhesive cement, used in laying linoleum on conevent exceed 4 of 1% of the corporation's total funds. crete, steel, and other hard surfaces, and a special paint, called "King's -Warrants will be Damp Proof Paint." Common Share Warrants and Share Purchase Right. attached to bonds of this issue entitling the holder to receive, without -Net earnings of the company after taxes as adjusted to the Earnings. additional cost, on surrender of such warrant, from Montreal Trust Co. current rate of 12% are as follows: Net Per Share (on the record date of the first dividend on the common shares declared Net Earnings Net Per Share Class B Coin. by the directors of the corporation, or, at the option of the corporation, Year$0.12 $2.23 $55,789.00 at an earlier date) 10 fully paid common shares for each $1,000 principal 1925 0.64 3.27 amount of bonds then held by them respectively. In the event that the 1926 81,840.00 1.03 4.02 warrants become exercisable, by reason of declaration of such dividend, 1927 101,466.00 7.04 2.59 176,098.44 the shares represented by such warrants will carry the dividend so declared. 1928 If any bond of this issue is called for redemption, but not otherwise, the holder will have the right to detach the share warrant. -New Officers. Dominion Stores, Ltd. Holders of bonds of series "A" will be given the right to purchase, on or W.P. Pentland was recently elected Chairman of the Board to succeed before Feb. 15 1934, five fully paid common shares,without nominal or par Robert W. Jameson. W. Morley Smith was elected a Vice-President and value, for each $1,000 principal amount of bonds held by them office of'Treasurer. at $30 per share. If any bond of series "A" is redeemed on or prior to Feb. will also continue in the respecitvely. 15 1934, the holder thereof will be entitled, notwithstanding the call for -Initial Dividends. (S. R.) Dresser Mfg. Co. redemption, to exercise this right in respect of such bond at any time before The directors have declared an initial quarterly dividend ct! 75 Cents Per the redemption date. an initial quarterly dividend of 373 cents , An appropriate adjustment In the number and price of shares purchase- share on the class A stock, and able as aforesaid and in the number of common shares represented by per share on the class B stock, both payable March 1 to holders of record warrants shall be made in case the corporation's common shares shall be Feb. 21. (See offering in V. 127, p. 3253.)-V. 128, p. 736. sub-divided or combined into a different number of shares. -Annual Report. In the event of the reconstruction of the corporation (otherwise than Dryden Paper Co., Ltd. by the increase in the amount or number of its authorized or outstanding 1927. 1926. 1928. 1925. Years End. Sept.30-preferred or common shares, or by subdividing or combining the common Gross earnings $345,744 $292.093 $123.667 $400.015 shares, which the corporation will reserve the right at any time to effect 69.709 68,924 74.308 66,997 expense or in the event of the merger or amalgamation of the Corporation or the General 115,454 132,561 117.272 128.223 sale of Its ;utopia as an entirety, the corporation shall be entitled, on not less Interest than 60 days notice, given as provided in the trust deed, to terminate the f.$77,818 $96,973 de $158.763 Net earns. before depr. $210,253 share purchase right, but this right may be exercised at any time prior to Balance Sheet Sept. 30 1928. such termination. Capilalization-(Upn Compl. of this Financing) Authorized. Outstanding [After giving effect to issuance of $1,500,000 bonds and 50,000 shares let collateral trust bonds $30.000,000 $15,000,00k0 common stock.] 5% cumul. pref.shares(par $100) 25,000,000 10,000,000 Liabilities A Stele Common shares(no par) 1500000shs *1375000shs. $62,475 $267,532 Accounts payable * Corporation will reserve an additional 125,000 common shares for Cash 172,457 Accrued charges 24,058 issue from time to time to holders of bonds of series ''A" and of preferred Accounts receivable 1,500.000 487,036 6% 1st mtge. bonds Inventories exercising common share purchase rights attaching thereto. shares 7,322 Common stock and surPlus charges . . 6 206 4432 Ilestrictions.-Corporation will covenant that the market value of all Deterred mach. dc plant, cash, securities and other assets pledged with the trustee under the first Mills, bides., timber limits. & real estate, specific lien of the trust deed shall at all times equal at least 125% of the 6,858,689 water powers principal amount of the bonds then issued and outstanding. The trust deed will provide that assets held by the trustee under the first $7,792,935 57,792,935 Total Total specific lien of the truste deed may be released by the trustee only provided that the market value of the assets remaining under the find specific lien -V.128. P.893 . Is not thereby reduced to less than 125% of the principal amount of the -Larger Div. Early & Daniel Co., Cincinnati, 0. first collateral trust bonds at the time outstanding. share The directors have declared regular quarterly dividend of 75c. a Continental Securities Corp. in Zurich. -Div. of 532% on the common stock, payable March 30 to holders of record March 20. holders of certificates of deposit for capital stock have been notified Previously, the company paid quarterly dividends of 6234c. a share on this that funds have been received in New York covering a dividend of 5 % issue. -V. 126, p. 2798. 1062 FINANCIAL CHRONICLE [VOL. 128. Eastman Kodak Co. -Extra Dividend of 75c. - Consolidated Balance Sheet Nov. 30. 1928. 1927. 1928. 1927. Assets Liabilities$ $ Real est. plant & Capitalstock z9,161,495 9,161,495 equip :4,752,238 4,825,829 15-yr. 7% cony. Cash 1,219,910 1,277,942 skg. fund gold Notes & accept rev 256,423 319,103 bonds Edmund Francis Court, N. Y. City. -Certificates Of- Accounts receiv.._ y4,093,120 3,574,962 Mtge. payable_.._ _ 4,000,000 4,000,000 50,000 30,000 fered. Purch. money mtg. -The Prudence Co. is offering $525,000 53 % guar- Due from officers 8e employees_ _ _ 44,954 Install. pay_ 10,000 anteed Prudence certificates. Treasury bonds _ 179,297 Prov. for Fed. inc. Legal for trust funds in the State of New York. Interest payable F & A. Sundries receivable 181,552 tax 90,864 The purchase of one of these certificates makes the holder the owner of Inventories 4,615,688 5,029,702 Notes payable_ _ _ 750,000 750,000 a participation equal to the amount of his subscription in a first mortgage Sinking fund 713,285 393,405 Accts.& Ewer. liab. Invest,in other cos 178,721 made by the Nor-Nor Realty Co.. Inc., on the land and 10 131,571 Payable -story elevator 990,937 1,398,490 apartment located at 423 West 120th Street, Manhattan, known as Ed- Deferred charges__ 239,857 264,363 Surplus 636,189 1,262,456 mund Francis Court and situated on the northeast corner of 120th Street and Amsterdam Avenue. It occupies a plot fronting 125 feet on West Total(each side) _ _16,295,753 15,996,174 120th Street and 100 feet 11 inches on Amsterdam Avenue. x After deducting $828,880 reserve for depreciation. y After deducting $166,479 reserve for doubtful accounts. z Represented by 245,843 shares Eitingon Schild Co., Inc.(& Subs.). -Report. of no par value. -V.127, p. 3710. Years End. Nov. 301927. 1926. 1928. Financial & Industrial Securities Corp. -Terms of Net income after all chgs. incl. Fed. taxes and after allowing for minMerger with Goldman Sachs Trading Corp. Announced. -See ority int. In subs $2,131,254 $1,912,310 $1,818.614 full details under latter company below. -V. 128, p. 894. Dividends paid 1,500,917 1,260,400 1.266,400 Shares corn. stk. outstand.(no par) 400,000 400,000 452,930 Financial Investing Co. of New York, Ltd. Earns, per share -Earnings. $4.12 $3.62 $3.89 Calendar YearsThe net profits for 1928 are equivalent to 6.62 times dividend require1928. 1926. 1927. 1925. ments on the 654% convertible first preferred stock for the year and after Gross earnings__ ______ $406,321 $49,375 890.107 8174.223 deducting dividend requirements on all preferred stocks for the periods Interest & amortization117.271 17,527 50,649 33.272 outstanding are equivalent to $3.62 per share on the 452,930 1-7 shares Operating expenses 58.079 14,373 32.564 22.824 Taxes of common stock ouststanding.-V. 127. v. 415. 26,450 1.682 10,554 3.418 Net to stock Electric Auto-Lite Co. $204.521 -Acquires Battery Unit. $15,793 880,456 $30,593 Net per share ($10 par)_ The Company has acquired the electric storage battery division of the $1.84 $1.17 $1.42 $1.63 Westinghouse Electric & Mfg. Co.at East Pittsburgh, Pa.and the capacity -V. 128. p. 256. of the newly acquired plant is being increased from 300 batteries a day to First Investment Co. of N. H.-Earning8.1,000. The company is said to be planning for 1929 a production of Years Ended Dec. 31 8,000.000 batteries which will represent nearly 50% of the entire electric 1927. 1928. Net income battery output of the entire industry. $114.713 $215.669 In addition to the plant just acquired in East Pittsburgh, Electric Auto- Dividends paid and reserved 68,304 125.475 Lite has factories in Toledo and Fostoria (O..) Adrian and Muskegon Surplus (Mich.). Indianapolis. Niagara Falls, Brooklyn, Oakland (Calif.),Toronto $46,408 $90,194 and Australia. -V.127, v. 3547. Comparative Balance Sheet Dec. 31. Assets 1928. 1927. Liabilities1928. 1927. Electrographic Corp. -Further Expansion. Cash 843,004 864,562 Class A stock__ _ _$1,000,000 5831,150 Acquisition of four other companies is announced by the corporation Call loans 250,000 Class0 stk. & sue. 188,900 78,718 for the purpose of extending its electrotyping and art divisions in West- Securities owned 935,896 936,306 Notes payable_ 58,000 ern cities. 33,00o lies. for dividends 40,000 The acquisitions include control of the Independent Ad-Plate Co. of Chicago, the Advance Electrotype Co., Inc.. of Indianapolis, and the Total 81,228,900 $1,000,868 Total 81,228,900 51,000,868 Ford Electrotype Co. of Detroit. A new subsidiary, the Reilly Electrotype Co. of Detroit. Inc., has been organized to carry on the Detroit end of the -V. 126. p. 7234. business. The corporation has also extended its art division by taking over First National Corp. of Portland (Ore.). -Stock Offered. control of Vogue Studios, Inc.. of Chicago. -V. 127, P. 3547. 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 ten quarters. The dividends just declared are payable April 1 to holders of record Feb. 28.-V. 127, p. 2962. EurekaVacuum Cleaner Co. -Annual Report. - -Schwabacher & Co.; Dean Witter & Co.; Wm. Cavalier & Co.; Geo. H.Burr, Conrad & Broom, Inc.; Freeman, Smith Years Ended Dec. 311926. 1925. 1928. , 1927. & Camp Co., and Drumheller, Ehrlichman & White, are Net sales to customers and dealers $10.099.713 $12.780,161 $12,023,484 $10,090,152 offering 70,000 shares (no par value) class A stock (nonManuf.,adm.and selling costs 9,604,933 8,150,936 callable-participating) at $48 per share. 8,871.982 10,551,345 Preferentially entitled in liquidation to $60 per share and dividends. Miscell. charges against Also income 81 614 of entitled to participate share for share in the distribution of the balance 228,704 141,118 244.154 assets remaining after the class B stock has also received $60 per share. Provision for Fed. inc. tax and res 295,000 131,300 231,000 Preferentially entitled to cumulative dividends of $2 per share per annum. 281.500 Also entitled to participate share for share in any further dividends after Net income $867.727 $1,806.198 $1.879,397 81,626.602 the class B stock has received non-cumulative dividends of $2 per share per annum. Dividends payable Q. Dividends paid -J. Dividends free from the present 1,000,000 856.720 Federal 1,112,663 1,240,291 normal income tax. Security Savings & Trust Co. l'ortland, Premium on preferred Ore., and the Anglo & London Paris National Bank, San Francisco, Calif., stock retired 21.894 transfer agents; First National Bank of Portland, Portland, Ore., and Net addit'n for the yr.def$372,564 $879,397 8747.988 Anglo-California Trust Co., San Francisco. Calif., registrars. 8693.534 Profit and loss surplus_ - $4,866,991 x5.239.556 Capitalization3.769,098 4,648,494 Authorized. Outstanding. Shares of capital stock Class A stock 300,000 shs. 70.000 shs. outstanding 250.000 Class B stock 250,000 275,618 275.618 13,333 shs. 13.333 she. Earnings Per share $7.52 $6.50 Upon completion of this financing all of the class B stock except directors' $6.55 $3.14 z After deducting $102.472 paid as stock dividends amounting to 10%• qualifying shares will be held in trust for the beneficial interest of the subscribing stockholders of the First National Bank of Portland. Balance Sheet Dec. 31. Data from Letter of C. F. Adams, President of the Company. Assets Liabilities1928. 1927. Business. -The corporation has been organized in Delaware for the Cash $492,836 $563,220 Accts. payable for purpose of supplementing and extending the facilities and service to the Marketable secur_ 208,246 $277,164 $671,294 public of the First National Bank 217.324 purch., &c of Portland (the oldest National Bank Notes & accts. rec. 3,300,001 4,148.821 Royalties 96,000 west of the Rockies)and its affiliated institutions. and to invest the resources Inventories 1,382,360 1,386,298 Prov. for est. Fed. of the corporation in pivotal businesses located in the territory tributary Misc. accts.& adv. 131,300 281,500 to Portland. 34,222 tax .1z for res'ves 63,156 Real est.,equip.,&c 1.224,970 1,258,308 Def.royalty PaY'ts 90,000 90,000 It is expected that the activities of the corporation will have a favorable Prepaid ins.. exp.. 296,100 effect on the earnings of the institutions in which it invests Res. for conting-- 301,999 and should ikc 125,852 32,472 1,102,472 result in an increased return to the corporation. 113,772 Capitalstock____a 11 ImPt. to leased ,991 5,239,556 Surplus Assets. -Corporation will acquire in the first instance (a) all of the capital Prop.. leas amor. 21,438 26,223 stock of the Bank of East Portland, except directors' qualifying shares. This holding will be acquired at its cost to Total 56,769,926 57,776,922 (b) 6,250 shares (25%) of the capital stock the present holders, $215,000. 56,769,926 $7,776,922 Total of the First National Bank of a Represented by 275.618 shares of no par value. Portland, at a cost of $300 per share. (This stock was bought and sold at -V.127, P. 958. materially higher prices during 1928.) Upon completion of this financing Evans -Wallower Lead Co. the balance sheet of the corporation will show total assets. Including cash. -A cguires Zinc Process. Company has obtained complete control of the Tainton process for the of approximately $3.780,000, or $54 per share of class A stock. The capital stock of The First National Bank of Portland carries with manufacture of superfine electrolytic zinc in the principal producing sections of the United States through acquisition of the rights formerly held a pro rata interest in the Security Savings & Turst Co. and an indirect it pro by the Eastern Electrolytic Zinc Co., it was announced early this week. rata interest in the Security Safe 'Deposit Co. As of Dec. 311928,combined Contracts have been executed which will give the Evans -Wallower Lead resources of First National Bank of Portland and the Security Savings & Co. greatly extended territory and considerably more favorable terms for Trust Co. were 853,387,816, and combined capital, surplus and undivided their use of the peocess. The new territory includes all of the United States profits were 85.091,993. east of the Mississippi River. Earnings. -The current dividend return from the securities to be initially district, the southwest and practically all of the western states. InTri-State the company has obtained rights for acquired by the corporation, plus an assumed rate of 5% , addition per annum on the the new process to recover lead from electrolytic zinc plant residues. remaining cash is approximately $166,000 per annum or 82.38 per share of Five new directors will be added board of the Evans company as Class A stock, without giving effect to the undistributed balance of earnings a result of its expansion program. to the are: U. C. Tainton. Victor Ra- attributable to the securities held. The earnings They attributable to these kowsky, William McLellan, William B. Given and Milton Lloyd-Smith. securities are considerably in excess of the current dividend return from said V. 127, p. 2962. securities. Management. -Directors of the corporation will (The) Fair, Chicago. III. E. R. Corbett, E. A. Wyld, E. B. MacNaughton, include C. F. Adams -Sales for Year. C. Years Ended Jan. 31 -Increase. Cabell, H. F. Corbett, H. L. Corbett, Ben C. Dey, H.0. Colt, Henry F. 1928. 1929. B. Dickson, H. H. Sales $28.013.875 826,760,029 81.253.846 Newhall, Joseph Simon, and Myron C. Woodard. Note. -Does not Include sales of Iverson & Co., recently acquired. Listing.-Application will be made in due course to list this stock on the V. 127. P. 2962, 1955. San Francisco Stock Exchange. Federal Surety Co. of Davenport, Ia.-Expands.- This company is doing a general has been licensed to do business multiple line casualty insurance business, been granted permission to sell 29.450 shares ofin New York State and has Chapman & Inc., C. D. Robbins & Co. and its capital stock. P. W. purchasedCo., the Throckmorton & Co. have entire amount.-S.s3 V. 128. p. 566. Federated Metals Corp.(& Subs.). -Annual Report. - Years Ended Nov. 30-1927. 1928. Net sales $45,864,658 846.508.857 Cost of sales 42,984,506 44,151.975 Selling, administrative & general expenses 1.543,011 1.476,283 Net operating profit Interest & dividends received & miscell. Income_ $1,403,869 93,814 $813,870 130,990 Total income Interest on bonds Other interest Disc,on bonds written off Miscellaneous Bonus to officers & employees Depreciation Federal income tax $1.497.683 $263,997 45,775 . 22,538 $944.860 $280,000 91,072 23.280 4,769 56,883 9 6 287 6.1 0 i 1 6.570 $8124 $3.29 $349.169 $1.42 Net income Earns, per share on 245.843 shs. corn.stk. (no par) Fitz Simons & Connell Dredge 8c Dock Co. -Rights. The stockholders on Feb. 14 authorized an increase from 50 000 shares of $20 par value to 100,000 sharesin the capital stock of no par value. The directors propose to declare an extra dividend of one-tenth of a share of common stock, payable in four quarterly installments of one-fourth of a share each, the first to be paid March 1 to holders of record Feb. 23 and the other installments to be paid on or about June 1, Sept. 1 and Dec. 11929. The directors also proposed to offer the common stockholders of Feb. 23 the right to subscribe on or before March 15 to 5,000 shares of new at $40 a share in the ratio of one new share for each 10 shares held.stock See also V. 128, v. 895. Foltis-Fischer, Inc. -To Open New Unit. - The company,it is announced will open shortly a new unit on Broadway between 103d and 104th Streets N. Y. City. The opening of new restaurant will give the consolidated organization 30 units. this also -See V. 128. P. 895. (Fred F.) French Operators, Inc. -Stocks Offered. Fred F. French Investing Co., Inc., New York, is offering in units of 10 shares 6% pref. stock and 2 shares common stock at $1,000 per unit, $5,000,000 6% non-cumul. pref. stock (par $100). The preferred stock is preferred as to dividends and assets and is callable, at the option of the company,in whole or in part, at any time on 30 days FEB. 16 1929.] 1063 FINANCIAL CHRONICLE notice at $110 per share. Upon any liquidation or distribution of capital share held; increase of the capital stock of Goldman Sachs assets, the preferred stock shall be entitled to receive $110 per share before Trading Corp. to 10,000,000 shares, and the payment of a any distribution shall be made to the common stock, which common stock shall be entitled to receive all the remainder ofsuch capital assets so distrib- dividend of $2 on the 2,500,000 shares of Goldman Sachs uted. Trading Corp. now outstanding. Authorized Capitalization. The official announcements follow: 500,000 shs. non-cumulative (par $100) Preferred stock 6% 500,000 shs. Goldman Sachs & Co. announced Feb. 11 that in connection with the Common stock (without par value) -The Fred F. French Operators, Inc.. has been organized for consolidation with the Financial & Industiral Securities Corp., there will Company. the purpose of conducting a general real estate business. Its charter gives be distributed to stockholders of the Goldman Sachs Trading Corp. the broad powers including the right to purchase, hold,sell.improve and operate sum of $2 per share on the 2,250,000 shares of the new stock in view of improved and unimproved real estate; to develop, underwrite and construct the fact there was paid to the stockholders of Financial & Industrial Seall classes of real estate operations; to make loans on and deal in mortgages, curities Corp. $2 per share in Jan. 1929. and to buy and sell securities including those of the various Fred F.French Waddill Catchings, President of The Goldman Sachs companies. The company is controlled, through ownership of its common stock, by Trading Corp., in a letter to stockholders of the corporation the Fred F. French Investing Co., Inc. Its policies and activities are said: directed by Fred F. French and his associates so that it benefits directly At a meeting of the board of directors of the corporation held on Feb. 7 by their knowledge of real estate values and trends. 1929.a stock dividend of 100% was declared, payable on Feb. 25. to holders -First Na- of record at the close of business on Feb. 15. By reason of the payment of Fruehauf Trailer Co.-Pref. Stock Offered. this stock dividend, there will tional Co. of Detroit recently offered 10,000 shares class A stock of the corporation out ofbe outstanding 2.250,000 shares of the capital its total authorized capital stock of 2.500.000 convertible 7% preferred stock at par ($50). shares. The board of directors of the corporation has authorized the execution Preferred as to cum. div. of Redeemable at par and div. Feb. 211948. and Financial & Industrial Securities $3.50 per share per annum.payable Q. beginning Jan. 11929. Also preferred of a contract between the corporation corporation, whereby the assets of the two companies as to assets in the event of voluntary liquidation up to $52.50 per share and Corp. a Maryland be combined. in consideration of the issue by the corIn their entirety will diva. In the event of involuntary liquidation, preferred as to assets up to poration of 2,250,000 shares without par value of its capital stock. In $50 Per share and div. Red.on any div. date upon 30 days' notice at $53.75 order to carry out the terms of this agreement, it will be necessary to inper share and div. up to Sept. 1 1933, and at $52. and div. thereafter. crease the authorized capital stock of the corporation and it is proposed Convertible at the rate of two shares of common stock for each share of stock of the corporation be increased to Class A preferred stock at the option of the holder. The conversion privilege that the total authorized capital thereby providing not only for this acquisition but for extends up to and including any redemption date. Transfer agent. Detroit 10,000.000 shares,of the corporation and other corporate purposes. & Security Trust Co., Detroit, Mich.; Registrar, Guardian Trust Co., of the future growth Detroit. Detroit, Mich. A letter to stockholders of The Goldman Sachs Trading Issued. Authorized. Capitalizational0.000 shs. Corp.from Sidney J. Weinberg,Secretary, reads as follows: 200.000 shs. Preferred stock ($50 par value) Notice is hereby given that a special meeting of the stockholders of The 153.369 shs. *200.000 shs. No par value stock office of a Class A 7% convertible preferred stock. num shares no par value Goldman Sachs Trading Corp. has been called to be held at thepurposes: stock reserved for conversion of class A convertible preferred stock. the corporation,67 Wall St., New York, Feb. 21,for the followingcertificate common and act upon a proposed amendment to the (1) to consider -Established as a co-partnership in 1916 with a capital of Company. approxlmately $32,000. In 1918 the company was lncorp. in Mich. of incorporation of the corporation, heretofore approved and declared adthe authorSince that time. It has grown to its present size solely by reinvestment of visable by the board of directors of the corporation to increasewithout par earnings, the sale of this Class A 7% convertible n• ef. stock being the first ized capital stock of the corporation from 2.500,000 shares public financing which has ever been undertaken by the company. Company value to 10,000.000 shares without par value. (2) To approve a contract between the corporation and Financial & manufactures and distributes Fruehauf four-wheel trailers, semi-trailers, and carryalls, which are used throughout the United States and in foreign Industrial Securities Corp., a Maryland corporation, providing for the acquisition by the corporation of all the property, and assets of said Financial countries for transportation purposes in conjunction with motor trucks. of Company is reported to be the largest manufacturer of trailer equipment for & Industrial Securities Corp., subject to its liabilities, in consideration its motor trucks and motor tractors in the United States, and has recently the issue by the corporation of 2.250,000 shares without par value of stock. undertaken an expansion program to meet the growing demand for its pro- capital February 16 has been fixed by the board of directors as the record date ducts. The principal plant of the company is located on Harper Avenue for the determination of stockholders entitled to notice of and to vote at in Detroit. Mich. -The balance sheet as of July 31 1928 after giving effect to the the meeting. Assets sale of 10.000 shares of 7% class A preferred stock. shows: Total assets of Following is the text of the letters which have gone forward $2.014,501: current assets of $1,531,283. as compared with current liabilities of $404.190. a ratio of over 34 to 1. Net current assets amount to $1.127.- to stockholders of Financial & Industrial Securities Corp.: 093, which is equivalent to more than $112 per share of class A preferred Enclosed please find notice of special meeting of stockholders called for stock to be presently outstanding. Net tangible assets exclusive of patents the purpose of acting, among other things, upon a proposal whereby the and good-will amount to $1,344,949, which is equivalent to more than assets of your company as entirety are to be combined with the assets of $134 per share of class A preferred stock to be presently issued. The Goldman Sachs Trading Corp. in consideration of 2.250,000 of the -For the period of four years and seven months ended July 31 latter company's shares. Earnings. 1928. the net profits of the company after depreciation, Federal taxes and If the proposal is accepted these 2,250.000 shams are to be distributed reserves for contingencies, were as follows. among the holders of the 1,700.000 outstanding shares of this company, Profits before Net Profits Number so that each stockholder will on liquidation receive 1 11-34 of the new stock Reserves for After Resv's of Times in exchange for each share now held. Upon the conclusion of the transContingencies for Cont'g's. Pref. Div. action the aggregate outstanding shares of the combined company will be 1924 1.59 $66.707 $55.707 4.500.000. The assets of The Goldman Sachs Trading Corp. are approxi113.846 1925 3.25 130.846 mately $122.000,000 and that company is to have the right to distribute to 102.490 1926 126.490 2.92 its stockholders $2 per share, your company having paid $2 a share to its 1927 160.628 4.58 188,628 stockholders on Jan. 1 1929. Our assets are to be accepted at approxi7.71 270.000 1928 a (estilmate mately $117.500,000. a Company's profits for the year 1928 (based upon seven months actual It is proposed that the total authorized capital stock of The Goldman $145.747 and five months estimated) are estimated at $ 70.000 after pro- Sachs Trading Corp. is to be increased to 10.000,000 shares, thereby provision for contingencies. Such estimated profits are equivalent to $27 viding not only for this plan but also for the further growth of the corper share of Chum "A" Preferred Stock to be outstanding, or over 7.71 times poration and other corporate purposes. the dividend requirements on such stock and equivalent, after allowing for The plan will combine our organization and experience with the extensive the $3.50 dividend on the Class"A" preferred stock to over $1.53 per share organization and long and valuable experience of Goldman. Sachs & Co., on the 153.369 shares of common stock outstanding. one of the leading banking houses of the world. The undersigned is to be -Proceeds will be used for additional plant facilities to meet the chairman of the executive committee of The Goldman Sachs Trading Corp. Purpose. increasing demands for the company's product. Your officers and directors confidently believe that the resulting consolidation of resources and management will,from every viewpoint, prove Realty & Utilities Corp. -Warrant Agent. General of great advantage to ou stockholders. We appreciate the confidence and cooperation which you have so fully The Bankers Trust CO. has been appointed warrant agent for the common warrants attached to the $6 preferred stock. See V. accorded in the past to the officers of your company and hope for ourstock subscription selves and our new associates to command this confidence and cooperation 128. p. 737. hereafter in even greater measure. .Signedl RALPH JONAS,Chairman. -Bonds Offered. -Carolina Brick Co. -Wm. E. Georgia The enclosed notice of special meeting of stockholders Bush & Co., Augusta, Ga. and Baker, Watts & Co., Baltimore, recently offered $3513,000 1st (closed) mtge. 7% serial reads as follows: Notice is hereby given that a special meeting of the stockholders of Finangold bonds at 100 and int. Securities Corp. will he held on Feb. 21, at the principal Dated Dec. 1 1928: due serially 1929-1943. Int. payable without deduction for normal Federal income tax not in excess of 2%. Principal and int._ payable at Mercantile Trust & Deposit Co. of Baltimore. Denom. ,000c•. Red on any int. date after 30 days' notice as a whole or in part, in lots of not less than $20,000, at 103 Si and int. Mercantile Trust & Deposit Co. of Baltimore and Wm. E. Bush, of Augusta, Ga., trustees. Company. -Incorporated in Georgia in 1902. Is now the largest manufacturer and distributor of clay products In the Southeast,shipping common brick into Georgia, Florida, South Carolina, and North Carolina. and tile and face brick into Virginia. Alabama, Mississippi, and Kentucky, in addition to the above mentioned States. Company is now acquiring all of the following properties: Augusta (Ga.) Clay Products Co.; Augusta Face Brick Co. North Augusta. 8.0.: Hagler Brick Co.(2 plants). Augusta. Ga. Brick Co., North Augusta, S. C. In addition, company and lianlanson will act as the sales agent for the Dunbar Brick Co., Augusta. Ga., and the Darlington Clay Products Co., Society Hill, S. C., both of which manufacture common brick. Purpose. -Proceeds are to be devoted to the retirement of bank loans and other indebtedness of the several companies whose properties are being acquired, to furnish the company with working capital, and to make additions and betterments to the physical properties by the expenditure of $55,000, most of which sum will be used for the construction at the Augusta Clay Products Co. of an additional plant for the nmaufacture of face brick. Earninps.-The net earnings for the 5 years ended Dec. 311927, applicable to interest but before depreciation and Federal taxes,averaged $156,441 or more than 6 times the interest on these bonds, and about 33.i times the interest plus the annual serial maturity requirement. For the year ended Dec. 31 1927, they amounted to $81,679. These earnings are after giving effect to executive salaries of $30,000 per annum, which the company agrees not to exceed without the written permission of the corporate trustee. The profits as defined above for the first 9 months of 1928 were approximately $75.0000. Capitalization Preferred stock, 7% cumulative $771,500 Common stock 307,300 Sinking Fund. -Company has agreed to pay to the trustee each month in advance one-twelfth of the amount required to pay the interest and the serial maturity of these bonds during each and every year they are outstanding. (The)Goldman Sachs Trading Corp. -Merger Plans Announced-Declares Special Dividend of $2 per Share. -Plans for effecting the merger between Goldman Sachs Trading Corp. and the Financial & Industrial Securities Corp. were announced Feb. 11, to include purchase of the Financial & Industrial by the Goldman Sachs Trading Corp.for 2,500,000 shares of Goldman Sachs Trading Corp. stock, to be distributed to shareholders of the Financial & Industrial Securities Corp. in the ratio of 1 11-34 shares for each cial & Industrial office of the corporation, 11 East Baltimore St., Baltimore. Md., for the purpose of considering and acting upon: (a) the sale and exchange of all the property and assets of the corporation, as an entirety, including its good will and business as a going concern, subject to its liabilities, to the Goldman Sachs Trading Corp., a Delaware corporation, for the aggregate price of 2,250,000 full-paid and non-assessable shares of the capital stock without par value of said The Goldman Sachs Trading Corp.: (b) the dissolution of the corporation, to take effect as soon as may be atter the effecting of such sale and exchange; (c) the distribution of the proceeds of such sale and exchange to the stockholders of the corporation as a final liquidating dividend; all pursuant to the agreement between the corporation and said The Goldman Sachs Trading Corp. containing the terms and conditions of the proposed sale and exchange, which will be sumitted for the approval of the stockholders at said meeting: and (d) in general for the transaction of such other business as may come before the meeting. Feb. 16 1929 has been fixed by the board of directors as the record date for the determination of stockholders entitled to vote at the meeting. V. 128. p. 897. -Rights. Goodyear Tire & Rubber Co. The common stockholders of record Feb. 21 will be given the right to subscribe on or before March 16 for approximately 323.000 additional shares of common stock (no par value) at $80 per share on the basis of three new shares for each 10 shares owned. The proceeds will be used to increase working capital to meet expanding business, both foreign and domestic, and make possible larger investments in raw materials. P. E. H. Leroy, has been elected treasurer. succeeding P. S. Hart. V. 127, p. 3406. Gould Coupler Co.-Earnings.Periodz Net prolit Other income Net income Interest charges 1928-3 Mos.-1927. 1928-12 Mos.-1927. $29,027 loss$39.061 $255.516 $317.254 25,207 8,942 21.256 81,879 $54.234 def$30,119 69.436 70.983 $337,395 280,003 $338.510 286,391 ded$15,202 def$101,102 152.119 Net profit 57,392 Earns, per share on 175.000 shs. class A stk. Nil Nil $0.30 outst'd'g (no par)$0.32 a After depreciation, selling and general expenses, Provision or reserves -V. 127, p. 2829. and for State and Federal taxes. --Rights. Granite City Steel Co. The common stockholders of record Feb. 6 have been given the right to subscribe on or before Feb. 28 for 58.470 additional shares of common stock (no par value) at $35 per share on the basis of one new share for each 4 shares owned. The entire issue has been underwritten by Hayden, Stone & Co. Subscriptions are payable at the Chatham Phenix National Bank & Trust Co., 149 Broadway, New York City. -V 128 p 398. 1064 FINANCIAL CHRONICLE Great Atlantic & Pacific Tea Co. -Expansion. A published statement, understood by the "Chronicle" to be correct. says: The company has made entry to the Minneapolis field and the first of several local stores will be open shortly. Up to this time the company has kept out of the Twin Cities, although operating at smaller points in Minnesota for the past several years. Minneapolis will be the district center for Minnesota, North Dakota, South Dakota and part of Wisconsin. A. G. Headley, president of the Middle Western Division of the company, commenting upon Minneapolis and Minnesota.said the company feels that it ought to do well in this field. Last year he said, A. & P. bought $56.000,000 of dairy products from Minnesota and Iowa, of which $35,000,000 was spent in Minnesota. -V. 127. p. 2829. Great Northern Iron Ore Properties. -$1.25 Dividend. The trustees have declared a distribution of $1.25 a share on the certificates of beneficial interest, payable April 30 to holders of record April 5. During 1928, the following distributions were made: 75c. a share on April 30, and $2 a share on Dec. 28.-V. 127, P. 2375. -Bonds Offered. Greenway Apartment Co., Baltimore. -Gillet & Co., Baltimore, recently offered at 100 and int. $550,000 gen. closed mtge. 63'2% convertible gold bonds. Dated Jan. 1 1929; due Jan. 1 1938. Principal and int. payable at Union Trust Co.of Maryland,Baltimore trustee. Interest payable(J.& J.). Denom. $1,000 and $500 c*. Red. in whole or in part on any int, date upon 30 days' notice at 105 and int. Company agrees to pay interest without deduction for any Federal income tax not exceeding 2% per annum and to reimburse the holders of these bonds as provided in the indenture. District of Columbia,any state,county or municipal personal property taxes not exceeding in the aggregate 5 mills per annum,on each dollar of principal of bonds. Convertible. -Each bond is convertible into the 7% cumulative preferred stock of the company at the rate of ten shares of stock for each $1,000 of bonds with adjustment as to interest and dividends at the time of conversion. Property. -Company has owned and successfully operated apartment houses in Baltimore for the past 10 years. Company now owns in fee simple the property located at the northeast corner of Charles and Thirty-fourth streets, known as the Greenway Apartments, and the property on Park Heights Avenue and Charlesworth Road. known as the Green Spring Manor. It has also contracted to purchase in fee simple the Green Hall Apartments now being erected at the northeast corner of St. Paul and Thirty-third Streets, and will shortly begin the construction of a new apartment building, to be known as Ingram Hall, adjacent to its presently owned Green Spring Manor. Security. -These bonds will be a direct obligation of the company, and will be secured by a general mortgage upon the four properties above mentioned, subject to an aggregate of $1,100,000 first mortgages held by institutions on the various properties. Earnings. -Net earnings from the two presently operated properties for twelve months ended Dec. 311928,after eliminating certain non-recurring items, were more than 1.55 times the interest requirements on the general mortgage bonds, after first deducting the interest requirements on all first mortgages to be outstanding upon completion of this financing; and estimated annual net earnings from the combined properties amount to over 4.35 times such interest requirements, after allowing for a 10% vacancy In each of the two new buildings. Sinking Fund. -Indenture provides for an annual sinking fund of $25,000, payable in equal semi-annual installments accounting from Jan. 1 1931. -Application will be made to list these bonds on the Baltimore Listing. Stock Exchange. [VOL. 128. Balance Sheet Dec. 31. 1927. 1928. 1928. 1927. Assetsli $ Liabilities$ $ Property account_27,071,575 27,453.003 6% Preferred stock 3,000,000 3,000,000 Betterments cornCommon stock__x36.000,000 36.000,000 pleted 8,553.553 5,959,281 Reserves 2,092,826 3,684,938 Belt. uncompleted 173.652 517,720 Accounts payable_ 1,437,161 1,264,846 Deterred charges__ 1,055,664 998,014 Pay rolls 171,192 187,478 Inventories 2 721,492 3,329,776 Surplus 7,099,040 5,878,841 Accts.receivable__ 2,804,384 2,348,760 Notes receivable__ 49,919 25,812 Cash 1,239,369 2,435,216 Invest.securities 6,154,715 6,924,414 Total (each side)_49,800.218 50.016,103 x Represented by 1,440,000 shares of no par value, the stock having been changed from shares of $100 par value to shares of no par value Sept. 17 1928, and 4 no par shares Issued for each $100 par share. -V.127. p. 2693. -Earnings. Harmony Mills, Inc. Calendar Years1927. 1928. 1926. 1925. Net profit after deprec'n $109,069 $207.528 10681106,817 loss$223,504 Balance Sheet as of Dec. 31. AssetsLiabilities1927. 1928. 1928. 1927. Real estate and maPreferred stock _ _ _81,314,400 $1,345,700 . $4,657,079 $4,743,290 Common stock__ 4,196,400 4,196,400 chinery 1.395,269 1,370,540 Notes & accts. pay. 362,510 Inventory 441,171 Cash & accts. rec_ 355,295 371.757 General reserve.._ 1,850 2,278 4,028 Surplus Marketable securs. 535,183 2,700 504,065 Total $6,410,343 $6,489,615 -V. 126, p. 1048. Total $6,410,343 $6,489,615 Harpen Mining Corp. (Harpener Bergbau-Aktien -Bonds Sold. Gesellschaft), Germany. -The National City Co. offered Feb. 11 at 90 and int., to yield 6.93%, $10,000,000 gold mortgage 6% bonds, series of 1929 (carrying stock purchase warrants). A substantial portion of this issue was taken in the European markets, including $2,500,000 issued publicly by Hope 8t Co., Amsterdam. The issue has been oversubscrihed. Dated Jan. 1 1929; due Jan. 1 1949. Authorized issue limited to $20.000,000, principal amount of bonds to be outstanding at any one time under the trust indenture. Int. payable J. & J. Principal, premium and int, payable at the head office of National City Bank, New York, in gold coin of the United States of America without deduction for any present or future German taxes. Principal, premium air] int. also collectible at the option of the holder at the city office of the National City Bank of New York, London Eng.,in pounds sterling or at Hope & Co., Amsterdam, The Netherlands, in guilders. or at Credit Suisse, Zurich, Switzerland, in Swiss francs, or at Stockholms En.skilda Bank, Stockholm, Sweden. in kronor, in each ease at the then current buying rate of the respective banks for sight exchange on New York. Denom. $1,000 and $500 c*. Redeemable, in whole or in part, at any time at the option of the corporation, or on any int. date, through the operation of the sinking fund, In each case upon 30 days' prior notice at the principal amount and accrued hit., plus a premium equal to 3% of the principal, if redeemed on or before Jan. 1 1934, or 2% of such principal if redeemed after Jan. 1 1934 and on or before Jan. 11939. or 1% of such principal if redeemed after Jan. I 1939 and on or before Jan. 1 1944. The National City Bank, New York, trustee. Berliner Handels-Gesellschaft, co-trustee. Data from Letter of M Fickler and Meissner, Managing Directors, Dortmund, Germany, Feb. 9. Guantanamo Sugar Co. -Defers Preferred Dividend. - History and Business.-Corporation. founded in 1856, is the largest The directors have decided to defer the quarterly dividend of independent enterprise in Germany devoted to the production of coal and 2% usually due April 1 on the 8% cumul. pref. stock. This Its by-products, and the manufacture of coke and briquettes. Corporation's output is exceeded in Germany only by the United Steel Works rate had been paid regularly since April 1 1922, incl.-V. Corp., which consumes the major part of its production in its own industrial plants, and by the State-owned mines of the Free State of Pru.ssia. 127, p. 3085. The mines and proparties of the corporation centre at Dortmund, in the Rhenish-Westphalian industrial district of Germany, internationally known as the Ruhr. The coal produced by the corporation is uniformly (B. B.) Hail Building Corp., San Angelo, Texas. - of the highest quality mined in the entire district. -Mortgage & Securities Co., New Orleans, are Bonds Offered. In addition to its mining operations, the corporation manufactures offering $350,000 1st mtge. 6% serial bonds at par and int. coke and briquettes, crude benzol, refined benzol products and coal tar. Dated Aug. 1 1928; maturing annually March 1 1930-1939. Denom. The corporation is a stockholder of the Ruhr Gas Corp., an organization 11.000 and $500. Maturing principal and int. (M. & 8.) payable at the formed by the important coal and steel companies of the Ruhr district office of the Mississippi Valley Trust Co., St. Louis Mo.,or acceptable for to effect a more profitable utilization of coke-oven gas through Pipe-line payment at the office of the Mortgage & Se..urities Co.. sew Orleans and distribution to industrial plants and municipalities of a large section of St. Louis. Callable on any int, date in inverse of numerical order at 102 western Germany, extending from Cologne to Hanover. Ownership of plus int. Fed. normal income tax not in excess of 2% payable at source. these shares will, it is estimated, result in a material Increase In the corporation's income, as well as providing a market for its surplus of cokeMississippi Valley Trust Co., St. Louis, and Orville Grove, St. Louis,Mo., oven gas, formerly a waste product. trustees. Property. -The corporation's coal reserves, including those of two subBuilding Security. -These bonds are the direct obligation of the B. B.Hail Corp.. a Texas corporation, having its domicile in the city of San Angelo, sidiaries. consist of more than 37,000 acres of coal lands. There are many . are physically secured by the following described property: A corner of a seams, the coal varying widely in character, though all grades are and uniform high quality. The mineral lands are estimated to contain plot of ground fronting 125 feet on East Twohig St. by a depth of 137 ft. reserves of 529,000,000 metric tons (2,204.6 pounds equal 1 metric ton) along South Oaks St., forming the southeast corner, together with the of =mined coal above the lowest level of present mining operations. concrete, improvements now under construction consisting of a 14 story brick and steel fireproof hotel and store building, containing 235 guest Estimated reserves above the depth of 1,000 meters (3.28 feet equal 1 meter) total.2 600,000,000 metric tons and those above 1,500 meters total 3.700,rooms, all with bath, and five ground floor stores. This loan represents but 42% of a conservative valuation of the land and 000,000 metric tons. The corporation's mines have a sales participation allotted by the Rhenish-Westphalian Coal Syndicate of 11,0010,000 metric minimum cost of the improvements and furnishings. tons of coal and 3,210,000 metric tons of coke per annum. Production in Income. -The entire completed property has been leased for a period of 15 -years to The San Angelo Hilton Hotel Co., composed of C. N. Hilton of 1927 was 8,021,000 metric tons of coal and 1.590,000 metric tons of coke. The coal reserves have been developed by 15 modern and completely Dallas. Texas; and John Guitar of Abilene, Texas (lease beginning from equipped date of completion of the building) for a net consideration of 6% of the operation.mines, in which are included 37 shafts, 19 of which are now in The corporation was the first of the coal producers of Germany ground value and 11% of the cost of the improvements. This amounts to to introduce machine mining and has consistently maintained the lead approximately $75.000 per year,or slightly in excess of3 times the greatest In the adoption of all practicable cost-saving methods and devices. In interest requirement of this loan. 1927 80% of the corporation's coal production was machine mined. The magnitude of the corporation's operations and a strict adherence to the -Balance Sheet Dec. 31.Policy adopted early in the corporation's history, confining operations Hamilton Brown Shoe Co. to the mining of coal and the manufacture of its by-products, have enabled 1928. 1927. 1927. 1928. the corporation to acquire adjoining coal lands and, through consolidation Liabilities$ $ Assets-5 $ 5,000,000 5,000,000 and elimination of unprofitable mines, to maintain a high standard of Real est., bldgs. & Capitalstock machinery x969,349 1,006,943 Notes payable..___ 2,452,500 3,590,000 efficiency with resultant low tonnage met of production. In recent years the corporation has been able to reduce the number of its operating plants Lasts & dies-71 Accounts payable_ 483,724 1,206,287 from 22 to 1 15, and during the current year this number is to be reduced to 50,000 Cash 675,636 Div. pay. Jan. 2522,086 10 through consolidation and the enlargement of existing facilities. Due from eust's 2,962,601 3,658,889 Due to off. & empl. 41,631 77,327 The Aec'ts & notes rec. 133,465 89,111 113,644 coke corporation owns 7,421 acres of surface land. It has nine by-product 309,658 Due to depositors_ plants, with a total of 785 ovens. Included in these are several Co.stk.for empl 29,550 29,790 Federal & State Innewly completed plants which rank among the most modern and efficient 25,000 in Inventories come taxes 4,624,758 6,185,927 Germany. Test runs are being made on the newly completed plants, Inv.In sub. cos_ _ _ z304,004 6,159 443,854 Other reserves 1,620,869 2,472,681 following which it is expected that the coke participation In the selling Securities owned__ 26,051 134,343 Surplus syndicate will be increased. Improv. to lease__ 44,183 Purpose. -The proceeds from the sale of the Deferred charges_ 71,787 Total(each side) 9,687,836 12,541,100 used to reimburse the corporation's treasury bonds of this issue will be 96,061 tax Real estate. incl. buildings, $1,884,113, less depreciation. $1,231.029, and to be incurred for improvements and for the for expenditures incurred consolidation of its plants, machinery and fixtures, $1,007,810, less depreciation, $691,545. y Lasts and for increasing the working capital. and dies. $152,646; less depreciation. 1152.645. x Comprising investment Security. -The bonds will be the direct obligations of the corporations in and advances to subsidiary and affiliated companies. -V.128,iP.898. and will be secured by mortgages, subject only to the charges securing the industrial debentures referred to below, on the operating properties -Annual Report.- of the corporation and its present wholly owned constituent company. Harbison-Walker Refractories Co. Gewerkschaft Victoria zu Lunen. These properties include coal acreage 1925. Calendar Years1926. 1928. 1927. and surface lands, leaseholds, mining machinery and equipment byNet earnings x$5.500,262 $4,699.999 $4,707,545 $4,551,620 product plants,electric generating stations, machine shops, steam railroad Deprec., deplet., &c._ 704.127 Properties and other equipment. y708,167 687,730 1,087,729 In addition to the 810,000,000 principal amount presently Net income $4.412,534 14.012.269 $3,999,378 13,847.493 to be outstanding, bonds may be issued, from time to of bondsthe extent time, to 164,435 of the Pref. dividends (6%)_ _ _ 179.090 177,369 176.424 (computed in the manner to be provided 2,444,131 in thefundable portion of the cost Common dividends 2,765,651 3,015.911 2,776,438 trust indenture) of the acquisition of new operating properties, or of additions, improvements, extensions, &c., of or to operating properties, Balance, surplus $1,220,199 $1,058.462 $1,054,638 $1,238,927 or of shares of stock of additional constituent companies; provided, in each 11,526,814 ease, that surplus 3,765,741 Previous 5,878,841 4,820,379 (as defined in the trust indenture) of the aggregate 9,000.000 corporation and itsnet earnings companies, after Cora.stk. div.(33 1-3%) constituent operating expenses. current maintenance, fixed minimum sinking fund payments and taxes Profit & loss surplus-- $7,099,040 15,878,841 $4,820,379 $3,765,741 (other than taxes based on income), but before interest charges or provision Shares common stock for depreciation, shall been, for two periods outstanding (no par). 1,440,000 y360.000 each, occurring withinhaveconsecutive months of 12 consecutive months y360.000 y360,000 42 immediately preceding the $10.22 issue of such additional bonds, not less than three $10.61 12.94 Earned per share 110.65 times the sum of the x After deducting 1696,832 expenditures for ordinary repairs. also Federal annual interest charges on all debentures and bonds to be outstanding axes in 1928(1927,11.164.619; 1926.$1,305,289). y Shares of $100 par val. immediately after such issue, plus the maximum annual fixed charges FEB. 16 1929.1 FINANCIAL CHRONICLE 1065 Comparative Balance Sheet Dec. 31. on any and all industrial debentures outstanding on the date of such issue, 1927. I 1928. 1928. 1927. and provided further, in each case, that net currant assets (as defined LiabetiStesAssess trust indenture) of the corporation and its constituent companies. in the 728,145 Accounts payable_ 574,294 465,627 1,253,098 as of a date not more than 150 days prior to the date of issue, after giving Cash 21,177 905,498 Due to customers_ 6,333 effect to the application of the proceeds of such additional bonds, shall Accts. & notes rec. 1,151,841 2,350,000 3,033,704 5,506,612 Notes payable_ be not less than 40% of the aggregate principal amount of debentures Inventories 30,355 Accr.Fed.& Terri17,354 and bonds outstanding immediately thereafter. Bonds may also be Securities 464,484 265,472 torial taxes issued subject to the restrictions above set forth as to aggregate net earnings Growing crops_ _ _ _ 4,608,521 3,982,380 Deferred liabilities 562,813 536,100 and net current assets, against the deposit with the trustee of amounts of Prepaid rent. ins., 12,454,320 12,450.500 1,546,579 1,681,774 Capital stock taxes, &c cash equal to the principal amount of the bonds so issued. The cash so 194,786 198,382 Reserves deposited may in turn be drawn out to the extent of the fundable portion Prop.& plant of the cost of acquisitions of the character above described. The fundable Real est.& bldgs. 7,021,253 6,732,006 Earned surplus_ _ 6,210,685 5,091,909 197,226 1,601,063 1,536,198 Capital surplus_ _ _ 216,208 portion of the cost of acquisitions will be computed at approximately Mach. St equip 78% of the cost thereof, until the aggregate principal amount of bonds Office &c., turn. & 79,080 115,853 issued, added to the aggregate amount of any cash drawn out with respect fixtures to such acquisitions, shall amount to $5,000,000, and thereafter the Good will, patent 1 1 fundable portion of the cost of acquisitions will be computed at approxirights, &c 379,501 Total (ea. side)_ 20,698,770 21.561,551 349,501 mately 50% of the cost thereof. The trust indenture will also provide Other assets of bonds for the purpose of refunding other series of bonds -V. 128, p. 568. for the issue outstanding thereunder from time to time. The trust indenture will also provide, among other things, that the -Listed. Hathaway Bakeries Inc. corporation shall not declare or pay any cash dividends on its outstanding There have been placed on the Boston Stock Exchange list temporary capital stock except out of surplus earned subsequently to Jan. 1 1929. representing 121.721 shares, without par value, Sinking Fund. -The indenture will provide for a semi-annual sinking voting trust certificateswith authority to add thereto on notice of issue Class B capital stock, fund, calculated to retire this entire issue of bonds by maturity. During certificates representing 45,897 additional shares. the years 1929, 1930 and 1931, payments to the sinking fund will be made Certificates are issued under a voting trust agreement dated as of May ton of coal mined or taken in sums equal to three cents for each metric American Trust Co., is depositary and Walter If. from any part of the mortgaged premises, with the proviso that the minimum 25, 1928, under which Alton B. semi-annual payment to the sinking fund shall be $125,000, and after the Dietz, Lyman are Frasier, Arno Geiser, Alton B. Hastings, Jr., andJune 1 voting trustees. The voting trust will expire on H. Hathaway near 1931, so long as any of the bonds remain outstanding and unpaid, in the agreement. earlier) as payments to the sinking fund will be made in sums equal to five cents 1933 (or are already provided the Exchange Class A and preferred shares of listed on There for each such ton, with the proviso that the minimum semi-annual payment this Company. to the sinking fund shall be $275,000. -American Trust Co., Boston. Registrar, State Street Transfer Agent. Stock Purchase Warrants. -Each bond will carry a stock purchase war-V. 128. p. 257. rant, non-detachable before July 1 1929, ent'tling the holder to purchase Trust Co., Boston. after July 1 1929 and on or before April 30 1932, for each $100 principal -Balance Sheet Dec. 31.amount of such bond, either one "American share," to be issued against -(A) Hollander & Son, Inc. Liabilities1928. .1927. 1927. the deposit in Berlin of 100 reichsmark (approximately equivalent to 1928. AssessPref. stk. B. J. $23.81) par value of common stock of the corporation or, at his option, Land,b1dgs.mach., Goodman 8500,000 8500,000 x$1,394,461 $1,318,866 100 reichsmark par value, of the common stock itself, fully paid and non&c Capitalstock z1,500,000 22.624,596 assessable: provided that such common stock will be purchaseable only yGood-will,formu460,000 Federal taxes 20,184 104,734 in multiples of 1,000 reichsmark par value. The price to be paid for 460,000 lae, &c 500,000 97,025 Notes payableeach "American share" will be $36, and for the common stock, $36 for Investments 238,630 1,000 397,425 Deposits 2,125 452,443 each 100 reichsmark par value thereof. The stock purchase warrants Cash 88,505 Pref. stk. div. res_ 35,000 35,000 will be void after April 30 1932. 55,012 Notes receivable737.612 758,328 Surplus The common stock is currently quoted on the Berlin Stock Exchange Accts.receivable__ 531,053 82,574 at about 131% (equivalent to $311.90 Per 1.000 reichsmark share), indicat- Loans receivable_ . 91,957 63,732 ing a market value for the American shares of approximately $31.19 a Inventories 69,340 share. During the last six months the price range of common stock of Total $3,293,796 $3,266,455 the corporation has been 129X % of par low and 159% of par high. The 83,293,796 83,266,455 Total approximate equivalent price range in dollars for the American shares x After depreciation of $545,497. y Good-will, &c. of B. J. Goodman. would be, low $30.77 a share, and high $37.85 a share. Inc., only. z Represented by 200,000 no par shares. a Includes surplus. The capital stock of the corporation amounts to 100,300,000 reichsmark Our usual income account was published in V. 128,P• 898. par value, of which 100,000.000 reichsmark par value is represented by common stock and 300,000 reichsmark par value by preferred stock. Hollingsworth & Whitney Co.-Bal. Sheet Dec. 31.85,000,000 reichsmark par value of common stock is now outstanding in 1927. 1928.. 1927. 1928. the hands of the public, and the balance is held for conversion of the 7% Liabilities $ S ; $ Assets convertible debentures and against the exercise of the stock purchase Capitalstock warrants hereinabove referred to. The American shares will be issued Real est., mach'. 87,944,984 88,329,596 Accts. payable_ _ _ 20,000,000 20,000.900 967,246 1,447,30$ tools, Arc depositary, pursuant to he by the National City Bank of New York, as 3,328,027 4,381,598 Surplus 544,798 441.631 terms of a deposit agreement; and such American shares will be entitled Merchandise 1,463,702 1,466,003 to all dividends and rights accruing from time to time upon the deposited Accts'receivable 4,798,112 3,741,526 Cash & securities_ shares. American shares (in multiples of ten American shares) will be exchangeable at any time, upon surrender to the depositary and payment Inv.in Cann Co 3,977,218 3,977,219 of the necessary charges, for the corresponding par value of deposited Total 21,512,044 21,895,942 21,512,044 21,895,942 Total shares, deliverable at the office of the agent of the depositary in Berlin. Earnings. -The consolidated net earnings of the corporation and its -V.126, p. 2976. subsidiaries after operating expenses, maintenance, renewals, replacements -Bonds and taxes (other than taxes based on income) but before depreciation, Hyde Park National Bank Building, Chicago. depletion, industrial debenture charges and bond interest charges, for the % -An issue of 81,200,000 1st (closed) mtge. year 1926 were $5,071,160, for the year 1927 were $4,998,252 and for the Offered. six months ended June 30 1928 were $1,919.447. The corresponding net serial gold bonds is being offered at 100 and int., by the earnings after depreciation as charged, were as follows: 1926, $2,537,961: Savings Bank, Chicago and Lawrence Stern 1927, 32,562,027; 1928 (six months), $796,805. The amounts charged First Trust & for depreciation, on the bookspf the corporation are considered ample. & Co., Inc., Chicago, at 100 and interest. During the 2 yi years given above, the amount available for bond interest Dated Sept. 171928; due serially Jan. 1 1932-39. Prin. and int. (J. & J.) and industrial debenture charges, before charges for depreciation, depletion, office of First Trust & Savings Bank. Chicago. trustee. &c., averaged $4,636,102 per annum. The annual interest charges on payable at the and $500c. Red. in whole or in part, on any interest Denom. $1,000 the present issue and on 4,8,59.000 reichsmark ($1.156,905) 7% convertible date at 102 and Wt. Interest payable without deduction for Federal indebentures in the hands of the public and the present annual fixed charges come tax not in excess of 2% and certain state taxes refunded in Calif., on the industrial debentures issued, aggregate $1.002,412. Iowa, Minn., Kentucky and Michigan. Pro Forma Consolidated Balance Sheet June 30 1928 [Adjusted to Give Effect All of the stock of the borrowing corporation is held in turst for the benefit to the Present Financing]. of the stockholders of Hyde Park National Bank, and the bank has agreed to April 1 1929. Liabilities to assume ownership of the building priorobligation of Hyde Park Assets National -These bonds are the direct Security. $2,506,771 Accts. payable or accrued $3,765.489 Cash the land owned in fee 470,868 Gold mtge. 6% bonds, Building Corp. and are secured by first mortgage on Street Marketable securities and Lake Park series of 1929 ______ -- 10,000,000 and building at the southwest corner of Fifty-third 1,934,913 Accounts receivable Avenue, known as the Hyde Park National Bank Building. The land has 3,424,626 71 cony. debs. (5,000,Inventories reichsmark of which frontages of 175 feet on East 53 Street and 80 feet on Lake Park Ave. The 195,967 Other receivable assets -story,fireproof structure. 109,878 141,000 reichsmark held building-now rapidly nearing completion-is a 10 Inv. in secs. & mtges_ _ _ _ approximately 1,653,000 cubic in treasury) Inv. in affiliated firms_ _ _ 1,492,297 1,156,905 with Bedford stone frontages, containingand stores. Hyde Park National providing banking quarters offices feet and Plant prop. (less deprec.) 26,833,275 Loans, purchase money obligs. and mortgages- 1.692,863 Bank and its affiliated companies will pay a rental of $60,000 per annum Part of proceeds of dollar be given over to shops and safety Reserves for conting_ _ bonds to be used for 1,711,973 for the bank space. The first floor will bank quarters there will be 55,000 deposit vaults for the bank. Above the 4,520,476 Int. of others in capital new construction stock of subsid. cos_ _ _ square feet of office space and two floors at the top of the building to be Bond discount 1,500,000 22,667 rented to an association of Hyde Park business men. 232,415 Net worth-capital stock, Miscall. deferred charges reserves and surplus Hyde Park National Bank will be consolidated as of April 1 1929 with 24,871.592 Kenwood National Bank. The consolidated institution will have a capital in excess of Total Total $43,221,488 843.221,488 and surplus of $1,000,000; total resources Carroll, who $12,000,000. and will be Chairman John A. [Conversions into United States currency have been made at the rate deposits in excess of 810,000,000. bank, is also Chairman of the Board of of the consolidated of the Board of 4.2 reichsmark to the dollar.] Jackson Park National Bank, South Shore State Bank and Flossmoor State Bank. Hartman Corp., Chicago. -Buys 30th Store. -The land covered by the mortgage has been appraised by Valuations. The corporation has purchased stock and certain fixtures of the Schwartz lower of which appraisals is 3500,000. will be the 30th store in the national two independent appraisers, the and equipment, as certified to by K. M. Furniture Co. at Waukegan, Ill. This The cost of the building, fixtures chain retail furniture and house furnishing stores being established by the Vitzthum & Co.. Architects, including an allowance of 875,000 for tenant corporation. -V. 128, P. 411, 257. installations, will be approximately $1,600,000. On the basis of these valuations, this issue represents 57.14% of the value of the mortgaged -Earnings. Hawaiian Pineapple Co., Ltd. property. Calendar Years1928. 1927. Earnings -Including the lease to Hyde Park National Bank and affiliated Total cases packed 3,246,952 3,156,227 annum, leases amounting to more than 60% of Gross sales,less outward freight, &c $15,732.673 $9,127,181 companies at $50,000 per the estimated gross income have been made in advance of completion. Expenses, except depreciation 12,606,779 7,208,858 earnings, on the basis of average rentals from space already Total gross • 504.322 Depreciation 490,819 leased, are estimated at $226,000; and operating expenses, including taxes, Net profit on sales $2,621,572 $1,427,502 at 875,000 per annum. This leaves an estimated $151,000 net income Other income 381,514 -more than two and 349,695 available for interest, depreciation and Federal taxes Gross income 83,003,085 $1,777,198 one-quarter times the greatest annual interest charge. Interest paid and accrued 86,243 167,537 -Group Writings Increase. Insur. Securities Co., Inc. Netincome 82.916.843 $1,609.661 President W. Irving Moss announces that the net final writings for the Special credits 37,802 month of January 1929 were 29% greater than the previous January. The January writings for the four companies: Union Indemnity Co.. Total $2,916,843 $1,647,463 Northwestern Casualty & Surety Co., Bankers & Merchants Fire Insurance Special charges 88,606 47.289 Co. and La Salle Fire Insurance Co. were $1,336,170 in Jan. 1929 as against $1.030.573 in Jan. 1928, an increase of 29% over last year. Balance 82,828,236 81,600,174 These writings were apportioned as follows: Accrued income taxes 464,484 1929. 1928. 265,473 1,069,937 874.415 Union Indemnity Co Netincome to surplus account 97,846 195,395 1,334,701 Northwestern Casualty & Surety Co Balance at beginning of period Co 30.180 43.771 5,794,201 La Salle Fire Insurance Realization in excess of par value on sale of capital 28,132 Bankers & Merchants Fire Insurance Co 27,067 stock 5,624 15,701 Profit on sale of real estate 13,358 Total 81.336,170 81,030.573 127. p. 3256. Total $7,671,869 $7.144,603 Reserved for employes' pensions -$250,000for Advertising in 1929 Iron Fireman Mfg. Co. 50,000 The company has appropriated 8250,000 for its 1929 national advertising. Total $7,671,869 $7,094,603 which will be devoted mainly to the campaign planned for its newly de* Cash dividend 1,244,975 -V. 128, P. 739. 901,018 veloped model automatic coal stoker for home use. Stock dividend 904,420 -America In-Stock Offered. Janss Investment Corp. Balance at end of period 86,426,894 $5,289,135 vestment Co., Banks, Huntly & Co., Blyth & Co., Bond & Shares capital stock outstanding (par 820) 622.716 622.525 Earnings per share 83.79 $2.14 Goodwin & Tucker, Inc., Citizens National Co., Hunter, kffEli 1066 FINANCIAL CHRONICLE Dulin & Co., M. H. Lewis & Co., James R. Martin & Co., Schwabacher & Co. and William IL Staats Co. recently offered 35,000 shares class A $6 cumul. stock at $100 per share and div. Class A stock has preference over Class B stock as to dividends and it is entitled to receive $102 per share and div. before any distribution is made to Class B stock in event of liquidation or dissolution. Dividends are payable (Q. & J.) 1. Class A stock is non-callable prior to Jan. 1 1933.and is red. on any div. date on or after Jan. 1, 1933, at the option of the company. on 30 days' notice, at $101 per share plus divs. to Dec. 31 1934, and thereafter at $102 plus diva. Transfer agent, Bank of America of California, Los Angeles, Calif.:Registrar, Security Trust & Savings Bank, Los Angeles, Calif. Dividends guaranteed by Dr. Edwin Janss. Harold Janss and Westwood Mortgage & Investment Co. jointly and severally. Dividends exempt from present normal Federal Income Tax. Company. -Corporation will succeed to the business of the Janss Investment Co established in 1901, which has successfully subdivided and sold. during the past 28 years, approximately 100.000 acres of California lands. including such well-known developments as Westwood Hills, Holmby Bills, Los Feltz Square, Belvedere Heights, Belvedere Gardens and approximately 47,000 acres of the San Fernando Valley. Corporation has been organized to place under one corporate ownership the assets of the Jams Company and various properties and assets heretofore owned, controlled or operated through subsidiary or affiliated companies of the Janss Investment Co. nings.-Consolldated net earnings for the eight years ended Dec. 31 1928 have averaged annually more than four times the annual dividend requirements on the Class A $6 stock to be presently issued. During this period the company has never had an unprofitable year and in each of the years 1924 to 1928 inclusive net earnings have exceeded the above average. CapitalizationIssued. Authorized. *Class A $6 cumulative stock 49.780 she. 50.000 shs. Class B stock 169.000 shs. 175.000 shs. Both the Class A and B Stocks havefull voting rights and both are without nominal or par value. *Of the 49,780 shares of Class A stock to be outstanding, the present offering comprises 35.000 shares. The remaining 14.780 shares of Class A stock will be owned by Janss Company, whose stockholders are Mrs. Peter Jaws and the estate of the late Dr. Peter Janss. [Vol,. 128. (S. S.) Kresge Co. -Annual Report. Calendar YearsNumber ofstores Sales (incl.subs.) Other income 1928. 1927. 1926. 506 435 367 147,465,4483133.847.4778119.300.074 708.145 543.555 862.994 Total income Cost of sales. gen. & sell en. , Interest charges Deprec. & amortiz Fed, income tax Net profit Pref. dividends (7%) tom. divs. (cash) $148.173.593$134,391.032$120,163,068 127.654,960 115.777.136 103.659.942 217.305 359.702 314.298 2.548.474 2.094.753 1,734,364 2,110,000 2.182,372 1.950.000 $15,642,854 $13.977.066 $12,504,442 140,000 140,000 140.000 (16%)5.885.633(12)4414.343(12)4414.132 Balance, surplus $9.617.220 39.422.722 $7.950.311 Profit & loss, surplus $38.658,560 329,041.208 319.618.486 Earned per sh. on corn y$4.21 y83.76 y$3.36 • After providing for taxes and contingencies. y Figured par value. the stock having been changed from MO par in on share of $10 January each shareholder receiving 10shares of $10 par value for each $100 par 1926, value share. Consolidated Balance Sheet Dec. 31. 1928. 1927. 1928. 1927. Assets Fixed assets 765,976,928 54.900,046 7% cum. pref. stk. 2,000,000 2,000,000 Leaseholds 634,267 689,206 Common stock ___36,786,197 36,786.197 Inventories 16,459,175 15,483,004 Mortgages & land Accounts rec., aocontracts pay_ _15,513,419 12,628,477 erued lot., &c 273,456 252,282 Accounts payable_ Marketable securs. 1,463,913 1,538,994 Accr. int. & taxes_ 4,832.976 4,132,925 638.000 502,759 Certifs. of deposit_ 4,160.000 2,085,000 Federal tax 2.156.380 2386.959 Cash 7.774,004 8,891,756 Res. for corning 71.888 71.888 Deferred charges 3,915,677 3.547,258 Surplus 38,658,560 29.041,339 Total 100.857.421 87,350,546 Total 100.657.421 87.350.546 y Land, buildings, equipment, &c., at cost less depreciation. $36.525,810: furniture, fixtures and 'permanent improvements at cost less depreciation, 29,451.119 total. $65.976.928. Johnson Educator Biscuit Co. -Resumes Dividend. President C. B. Van Ousen. Feb. 1, says in substance: The 500th store of this company was opened on Dec. 12 1928.( In 1912, Dividends have been resumed on the class A stock, after a lapse of four years. A dividend of 50c. per share, payable Feb. 18 to holders of we had 85 stores; on Dec. 31 1928, there were 506 stores actually in operrecord Feb. 15 and a further dividend of 50c. per share, payable March 18 ation. The company employs some 22,000 people; has a staff of 20 buyers at Detroit; operates the Mount Clemens Pottery Co.: district to holders of record March 10 have been declared. offices In a letter to the stockholders Pres. E. Fred Cullen states that the New York and Chicago; and a foreign branch at Sonneberg, Germany. in We have entered Canada and organized a Canadian subsidiary, S. 8. past year was the most successful in the history of the company, and that sales are forging ahead far in excess of production. January sales Kresge Co., Ltd. Locations for 30 stores have been secured in the Provinces of Quebec. Ontario and Manitoba, and stores will be opened as were 100% over January of last year. it is stated. Preliminary figures for the year 1928 show sales to be the largest in the rapidly as possible. It is expected that 12 will be opened in Canada during history of the company and 60% greater than in 1927, which up to 1929. The future looks promising. Our program calls for the addition of some that time was the best year the company ever had. Net profits for 1928 are estimated at approximately $250,000 as com- 80 stores in 1929.-V. 128. p. 899. 569. pared with $91.000 in 1927. In 1926 there was a loss of about $3,500. The end of 1928 found the company with all indebtedness to banks paid up, Lamson & Hubbard Corp. -5% Accumulated Dividend. this entirely from earnings. Despite the increase in business and factory The directors have authorized a payment of $5 per share en account of improvements, no additional borrowing or financing is contemplated. accrued dividends on the outstanding $1,431.700 7% pref. stock, par $100. ("Boston News Bureau.") -V.117. p. 1894. payable March 20 to holders of record March 11. A similar distribution was also made on this issue on March 20 1928.-V. 126, p. 3308. Johnson Motor Co. -Hayden, Stone & Co. -Stock Sold. and E. E. MacCrone & Co. announce the sale at $33 per share of 33,290 shares common stock (no par value). Transfer Agent. The Commercial National Bank & Trust Co., New York: Registrar. National City Bank, New York. CapitalizationOutstanding. Authorized. 1st mortgage 6% serial gold bonds, dated Dec. 1 1927 maturing Dec. 1 1929 to 1932 (88.500 principal amount retired) $491.500 $500,000 Common stock (no par value) 95,000 shs. *ammo shs. *10,000 shares reserved for options at $33 per share. Data from Letter of Warren Ripple, Pres. of the Company. Company.-Incorp. in Delaware April 1 1921. Is the world's largest manufacturer of outboard boat -motors. The business has grown from a production of 3,500 motors in 1922 to 25.653 motors in 1928. Company manufactures a complete line of such motors, ranging from the singlecylinder 13•A H. P. to the new 1928 model four-cylinder 32 h. p. "Johnson Sea-horse. Preliminary tests of the conventional-type speed boat equipped with the latter indicate a speed in excess of 40 miles per hour. Company is the exclusive licensee under a number of valuabla patents and also under a large number of pending patent applications, coverimr, important new Improvements,for which it is expected patents will be issued. The I resent plant, completed late in 1927, located at Waukegan, Ill., Where the company owns in fee approximately 1234 acres of land fronting on Lake Michigan and running through to Waukegan Harbor. affords ample facilities for manufacturing,developing and testing motors and boats. The plant has an estimated annual capacity of 75.000 outboard motors. Company also has leased, with an option to purchase, a plant located at Peterborough, Ont., Canada. where it now assembles and proposes in the near future to manufacture its units for the Canadian trade through The Canadian Johnson Motor Company.. Ltd. Assets. -The pro forma consolidated balance sheet as at Sept. 30 1928, after giving effect to this financing shows a book value of $23.50 per share, of which approximately $11 per share are not current assets. Earnings. -Net sales and net income after depreciation and Federal income taxes at M.. present rate of 12% for the four years ended Sept. 30 1928 are as follows: Earnings Net after Per Share Deprec. & Year Ended Sept. 30 Motors Sold Net Sales Fed. Tax. on Common. 1925 $2.11 $201,302 10,559 $1,249.903 1926 3.88 369,166 14,417 2,103,952 1927 4.63 440,717 21,546 3,095.696 1928 2.70 257.069 25,653 3,348,623 The decrease in net earnings for the fiscal year ended Sept. 30 1928. was largely due to extraordinary expense incident to the removal of the plant from South Bend, Ind., to Waukegan, Ill. Purpose. -Proceeds of this financing will be applied to the retirement of the company's outstanding $508,800 8% cumulative preferred stock and to Increasing its working capital. Listing -It is expected that the company will make applicatien to list this stock on the New York Curb Market. -V.128, P. 899 . Lane Bryant, Inc., New York. -Sales.-. Month of JanuarySales -V.128. p. 413. 1929. 31,085,123 1928. 3920.214 Increase. 3164,909 Lerner Stores Corp. -Financing. -Merrill, Lynch & Co. will offer shortly an issue of preferred stock (with common stock purchase warrants).32.500.000 6)4% It that an offering of a limited amount of common stock will Is understood also he made simultaneously. The Lerner Stores chain consists of 98 stores selling women's wearing apparel at moderate prices located In 49 principal of this country. Sales, it is stated, have increased from $138,000 cities In the first year of operation (1918) to $12,104,191 In 1928. The net profits in 1928 are reported at over $770,000. The new capitalization Is to consist of $2,500,000 6;i% preferred stock and 200,000 shares of common stock. Lincoln Loan Corp.-Pref. Stock Offered. -The MeyerKiser Bank, Indianapolis, recently offered at par and int. $750,000 6% preferred stock. 2% Preferred stock to be dated March 2 1929, maturing March 1 1954. Dividends payable Q. -M. Callable at 105 up to and Incl. March 1 1934 and at 102 thereafter. CapitalizationAuthorized. Outstanding. Common stock $800.000 $400.000 Preferred stock 1,500,000 750,000 History. -The corporation (the common stock of which will be owned wholly by the Meyer-Kiser Corp.of Indianapolis), is being formed to acquire all of the capital stock of the Lincoln Loan Co. of Indiana, Lincoln Loan Co.of Ohio, Mayflower Loan Co.of Missouri. Lincoln Loan Co.of Michigan. Lincoln Loan Co. of Ten ,essee. Lincoln Loan Co. and Provident Loan Society, Inc.. of Wisconsin, all of which companies have been engaged in conducting small loan businesses in conformity with the law sponsored and recommended to the various state uniform small-loan legislatures by the research division of the Russell Sage Foundation,and all of which companies have heretofore been under the control of the Meyer- Riser Corp. Loans so made to individuals are limited to $3300 in each instance secured by chattel mortgages. Starting with one office in 1924 the and are Lincoln Loan group has expanded its activities until ft now operates 18 offices. Profits. -On the present volume of business, net profits, ' after Interest charges and adequate reserves for taxes and losses, are now running at the rate of better than $175,000 a year and with the additional volume made possible by the proceeds of this issue of preferred stock, that such net earnings will exceed $250,000 per annum or it Is expected more than times dividend charges on preferred stock to be presently outstanding. 5 Link-Belt Co. -Listing. - The New York Stock Exchange has authorized the listing of 740,350 shares ofcommon stock without par value. By resolutions adopted at a meeting of the stockholders (Spencer) Kellogg & Sons Inc. -Listing.The New York Stock Exchange has authorized the listing of 597 695 uary 24 1929 the authorized capital stock was changed from on Jan$4,000,shares of capital stock (no par value) which are Issued and outstanding. 000 pref-stock (par $100) and 221,000 shares of common stock (par $50) to $4,000,000 of preferred stock (par $100) and 740,350 -V. 127, P 3101. stock no par value) and it was provided that each shareshares of common of common stock (par $50)should be exchanged for 3.35 shares of common stock (no Kennecott Copper Corp. par -Listing. The New York Stock Exchange has authorized the listing of 4,553.197 value) and that the preferred stock remain as heretofore. additional shares of capital stock (without par value) on official notice of Consolidated Income Account Years Ended Dec. 31. Issuance as a stock split-up with authority to add 62,700 shares of capital 1928. 1927. 1926. stock on official notice of Issuance in exchange for outstanding capital stock Sales to customers 1925. $23,238,209 $20,552,713 $23.239,693 of Utah Copper Co., making the total amount applied for 9.379.873 shares *Total cost of sales._ 19.710.139 17.919,499 19.649.828 $20,608,559 17,725.215 an authorized issue of 12,000,000 shares). (of There will be delivered on Feb. 25 1929, to each stockholder, certificates Profit on sales $3,528,069 32,633,214 $3,589.864 $2,883,344 for one additional share of stock for each one share of stock registered in Sundry credits to income 301.731 365.029 292.158 281,180 the name of the stockholder at the close of business on Feb. 7 1929. The corporation has up to Feb. 8 1929 issued 1,701,276 shares of its Gross 33,829,800 $2,998.243 $3,882,023 $3,164,525 capital stock in exchange for outstanding capital stock of Utah Copper Sundry income charges to income 173,498 181,449 Co., leaving a balance of 62,700 shares out of the previous authorization 166,208 20.148 414.478 359.358 still remaining to be issued. Any part of such balance of shares as Is Federal Tax estimate.. _ 496,679 375.868 Issued after Feb. 25 1929, (the date set for distribution of the additional Net inc. after Fed. Tax 33.241.823 $2,457,436 33.219.134 $2,768,509 shares of the corporation on the split-up) must be issued in double the number of shares in order to accord with the split-up which will then bein *Includes depreciation -V.128, p. 740. effect. as follows 3456.523 3437,298 $429,487 $383,165 Earnings per Share Kroger Grocery & Baking Co.-January Sales.211.650 shs. out. Dec. Month Ended Feb. 231 1928 Increase. 1929. $15.31 $11.61 1928. $15.21 813.08 Sales 324.694,795 $16,015,718 $8,679,077 709,027.5 shares out, The above figures include sales of stores from dates of acquisition only. after recapitalization.4.57 8.46 4.54 3.90 -V. 128. P. 899. -V.126, p. 741. • FEB. 16 1929.] 1067 FINANCIAL CHRONICLE Loft, Inc. -December Sales. Sales for Month. Quarter and Year Ended Dec. 31. -Month-1927 1928-3 Mos.-1927 1928-12 Mos.-1927 1928 $909,381 $995,439 $2,124,814 $2,299,134 $7,263,070 I $7,862,116 -V.127, P. 3258. Loyds Plate Glass Insur. Co. -Changes Name, Etc. At the meeting of the stockholders, the name of the company was changed to Lloyds Casualty Co. The company in its 50 years of existence has written only plate glass insurance and is now entering the general casualty field. The authorized capital was increased from $1,000,000 to $2,000,000 and the polo value of the shares reduced from $100 to $10. William T. Woods was elected President, Robert P. Meneely, VicePresident and Percy Biglin, Secretary and Treasurer. The following directors were elected: Leroy W. Baldwin, John F. Barry, J Rollin Brown, Samuel T. Brown, Gilbert Ellett, James Gibbs, Robert H. Coffee, Rudolph 0. Haub°Id, Robert K.Meneely, Stuart McNamara, Russell E.Prentiss, Clinton T. Wood. Jr. and William T. Woods. -V.128. p. 741. McGraw-Hill Publishing Co. -Registrar. The American Exchange Irving Trust Co. has been appointed registrar for 600,000 shares of no par value common stock. See also offering of 60,000 shares in V. 128, p.260. Maddux Air Lines Co. -1928 Operations. During the year 1928 this company carried 11,806 paid passengers, of which 7,815, or 67% of the total, were carried during the last six months. Maddux planes during 1928 registered 3,145,685 passenger miles, of which 2,788,450 or 88% were run on scheduled trips. Of the passenger miles 68% were made in the latter half of the year. A. total of 434,814 miles were made in the latter half of the year. A total of 434,814 miles were covered by Maddux ships during the year, of which 239.820 miles or 67% were traveled during the last six months. Revenues from scheduled passenger service in Dec. 1928 were 2.75 times the revenues from similar service in Jan. 1928. This company is now operating,in addition to a number ofsmaller planes, ten of the huge trimotored Ford monoplanes. -V. 127. p. 3714, 3258. 3101. Magazine Repeating Razor Co. -Recapitalization Plan. Missouri State Life Insurance Co. -Balance Sheet Dec. 31 1928.Assets$28,729,059 Bonds let mtge.loans on real estate_ 49,272,861 Real estate 9,405,015 Real estate sales contracts_ _ _ -.. 828,766 3,030,380 Collateral loans 27,927,474 Loans to policyholders 149,660 Stocks 564,950 Premium notes 4,649,972 Cash in banks on interest __ Cash in banks & home office 231,012 not on interest Accrued int. on investments_ 2,607,934 Outstanding & deferred prem. 3,942,894 All other assets 268,855 Total -V. 128, p. 570. $131,608,832 Liabilities Capital stock $4,000,000 Policy reserves 117,615,814 Policy claims in process of adjust. not due 1,078,930 Prem. & Interest paid in adv. 1,021,145 Divs. left on deposit with co. 1,430,076 Reserved for taxes 490,735 Conting. reserve for invest__ 300,000 All other liabilities 1,076,371 Policy dividends 1,367,370 Surplus 3,228,392 Total $131,608,832 -Initial Dividend. (John) Morrell & Co., Inc. The directors have declared an initial quarterly dividend of 90 cents per share on the outstanding, no par value, common stock, payable March 15 to holders of record Feb. 28. See offering in V. 127, p. 3102. -Initial Dividend. Muncie Gear Co. The directors have declared an initial dividend of$2 a share on the class A stock (no par value) payable in quarterly instalments of 50c. each on Apr. 1, July 1, Oct. 1 r929, and Jan. 1 1930, to holders of record on Mar. 15, June 15, Sept. 15 and Dec. 15 1929. respectively. See offering in V. 128. P. 571. -Annual Report. Munsingwear, Inc. 13 Mos .End. -Years End. Nov.30Dec. 31 '28. 1926-27. 1925-26. 1924-25. Period$16,813,342 $17,433,659 $17,962,601 $15,775,600 aNetsales bCost of merchandise 15,133,850 15,774,583 16.243,894 14.563,696 produced & sold Notices to stockholders announcing plans for the recapitalization of the Net operating profit_ _ company were mailed on Feb. 14. The plan has been unanimously approved c Miscellaneous earnings $1,679,493 $1,659,076 $1,718,707 $1,211,904 293,126 109,120 262,554 134,632 by the directors, according to Walter B. Lashar, chairman of the 'board. The company, which was organized in 1925. now has a capitalization of $1.972,619 $1,768,196 $1,981,262 $1,346,536 Gross 35.000 shares of no par preferred, of which about 25,000 have been issued: Interest earnings 14,067 120,814 202,413 charges 248,026 125,000 shares of no par common, of which 115,000 are outstanding, and 246.455 Prov.for Federal taxes 238,994 248,937 159,500 100,000 shares of no par deferred. To provide additional funds for the company's use in expanding its Div. & prem. pref. stk. 248.428 217,500 202,906 90.107 (subs.) business and commercializing new products, it is proposed to retire the old stock and to issue two new classes of stock, and $1,400,000 of 6% conNet applicable to holdvertible notes. $1,463,669 $1,190,888 $1,327,005 ings of $848.903 Class "A" non-voting no par pref. stock with a preference dividend of Divs. paid Mun.,Inc._ _ by Munsing$7 per share will be issued share for share in return for the slightly less than 750,000 (3)600,000 (3)600,000 (3)600,000 wear, Inc. ($3.75). 25,000 shares of old pref. stock outstanding. This new stock will be convertible up to Dec. 31 1933 at the rate of two shares of new "B"stock for $713,669 Balance surplus $590,888 $727,005 $248,903 each share of new "A"stock. Of the new no par "B" stock, 410,000 shares will be issued. Class "B" Total cap.& surplus--- -315,665,452 $15,021,866 $14,482,673 $13,784,060 stock will be offered in exchange for the outstanding common and deferred Earns. per sh. on 200,000 $7.31 $5.95 $6.64 shs.com.stk.(no par) $4.24 at the rate of one share of"B" for each share of common and two-thirds of a Of subsidiary corporations, incl. both underwear and hosiery, after a share of "B" for each share of deferred. Accrued dividends on the old deducting returns, discounts and allowances. b Incl, maintenance and depreferred will be funded by offering one share of"B"for each $10 of accrued preciation of physical properties, advertising and distribution expenses and dividends. administrative expenses. c Discounts on purchases, rentals, The company will also issue $1,400,000 of 10 -year. 6% convertible general and nterest earned and other income (net). notes, each stockholder having the right to subscribe to one $10 for each Comparative Consolidated Balance Sheet (Including Subsidiary Cos.) share of common and preferred. Half of this note issue, or $700,000, has Dec.31'28. Nor.30'27. already been underwritten by Mr. Lashar, Irving W. Bonbright and Dec.31'28. Nos.30'27. Liabilitiesothers without cost to the company. i $ Assets$• $ Capital stock & These notes will be convertible up to Dec.31 1931 at the rate of one share Land, buildings, surplus of"B"for each $10 note and the notes will be callable in whole or in part at y15,665,451 15,021,866 machlner,&c_ _ _x5,802,502 5,736,054 Min. stockholders' any time after the same date. Good - will, trade int. In subs.: The first $300,000 of notes purchased by stockholders will not reduce marks, pat's,&c. 3,162,133 3,165,474 the obligations of the underwriters who have already taken $700,000 of Cull 2,987,049 • 931,814 Muns.Corp.pref. 1,697,800 1,940,000 100,000 Thieme Bros. pf . the notes and it is expected that the $1,000,000 will be thus obtained. 300,000 Comm.paper Application will be made immediately for listing the new stock and Customers' accts. Wayne6% pref. 1,500,000 1,000,000 notes on the New York Curb Market. -V.125. p.3072. 300,000 & notes resceiv._ 1,978,576 2,757,716 Notes payable 5,219,858 6,157,741 Accts. payable, ac Inventories. crued exp.,&c.... 324,558 321,958 Marmon Motor Car Co. Mutual ins. dep. -Dividends, &c. 107,372 Pref. stock retire91,984 & sales adv When the regular quarterly cash dividend of $1 per share is paid March 1 90,853 ment reserve 76,085 36,000 on the 260,000 outstanding shares of common stock, the company will Prepaid expenses _ 18,306 Res.for Fed. taxes 18,187 250.364 238,994 have paid in continuous regular quarterly cash dividends on its common Investments. 93,488 Unamor.exP.pf.stk 101,798 stock a total sum of $2,060,000 since Dec. 1 1926. The dividend next month, which was declared recently by the Total 19,438,174 19,158,818 19,438,174 19,158,818 Total directors payable to stockholders of record Feb. 15 will make the 10 consecutive dividend payment on common stock, it will be the first, however, to x Land, buildings, machinery and equipment, less provision for deprecia be paid on 60,000 shares of additional common stock issued in January tion. y Represented by 200,000 shares of no par value, valued at S7.for the purpose of providing funds for expansion of Marmon business and 000,000: capital surplus of $5,244,706 and earned surplus of $3,420,746. for the production of the new Roosevelt car, the world's first straight eight -V. 127, p. 420. to sell at less than $1,000, the 60,000 shares issued in January were offered to stockholders on subscription warrants which entitle them to purchase -Stock Split-Up, &c. National Bellas Hess Co., Inc. the new stock at $55 a share in the ratio of 3 new shares to every 10 then The stockholders on Feb. 5 increased the authorized common stock, no held, the directors last December authorized 200,000 additional shares par value, from 200,000 shares (all outstanding) to 1,000,000 shares, and of which only 60.000 were issued. -for-1 split-up. The first Roosevelt car will roll off the assembly line in the Marmon approved a 3 The Committee on Securities of the New York Stock Exchange rules that factory the week of Feb. 18 and production is expected to reach approxi- the common stock shall not be quoted ex the stock distribution of 400.000 mately 100 cars a day before the end of the month. Although shown on Feb. 15 and not until Feb. 26.-V. 128. p. 902. privately to dealers at the National Automobile shows in New York and additional shares Chicago and at several other displays throughout the country the Roose-Stook Increased. National Steel Car Corp., Ltd. velt will not be formally introduced to the public until March 23.-V. 128, The stockholders have approved an increase in the number of no par p. 742, 123. 150,000. The new issue is to be sold at common shares from 100,000 to Merritt-Chapman & Scott Corp.-Initial Dividends. - $75 per share. Orders now on hand for cars and other equipment exceed The directors have declared the initial quarterly dividend of $1.62% $20,000,000. Improvements under way contemplated will cost $1,500.000. -V. 127, p. 1113. a share on the outstanding series A 616% curaul. pref. stock and the initial ("Iron Trade Review") quarterly dividend of 40 cents a share on the outstanding new common -New Shares Placed on a National Sugar Refining Co. stock, both payable March 1 to holders of record Feb. 16. -See also V. 128. Basis. p. 414. $2 Annual Dividend The directors have declared a quarterly dividend of 50 cents per share on the outstanding 600,000 shares of no par value common stock, payable Calendar Years1926. 1928. 1927. 1925. Apr. 1 to holders of record Mar. 4. This is equivalent to $8 per share per Gross sales $13,512,704 $12,262,174 $11,006,876 $8.675,403 annum on the old 150,000 shares of common stock of $100 par value which Net profit -for-1 basis. From Oct. 1921 to Jan. 1929,incl., 878.017 1,013,568 708,209 609,529 was recently split up on a 4 Res.for inc. tax & mgrs.' the company paid quarterly dividends of lfi% on the old shares.-VA127. commissions 211,805 215,472 176,562 138,728 p. 2695. Net income $666,212 $798.096 $531,647 National Tea Co., Chicago.-January Sales. $470,801 Shares com.stk.(no par) 136,670 150,202 1929. 130,900 1928. 1927. 1926. Month of January130,900 Earned per share after $7,272,102 $6,119,332 84,563,811 $4,544,995 Sales pref. divs $4.01 $4.15 $3.13 $2.66 -V. 128, p. 415. Consolidated Balance Sheet Dec. 31. -Larger Dividend. (J. J.) Newberry Co. Assets1928, Liabilities-1927. 1928. 1927. Fixed assets The directors have declared a regular quarterly dividend of 40c. a share $3,138,384 $2,245,105 7% corn. pref. stk.$3,500,000 Good-will on the common stock (no par value). payable Apr. 1 to holders of record 1 1 7% conv.let pf.stk $1,015,000 Mar. 15. The previous annual basis was $1.20 a share (see V. 127, Cash 845,644 p.(164)• 214,259 7% conv.2d pf.stk 451,000 -v. 128, p. 903. Notes dt accts. rec. 105,579 30,668 Accounts payable- 792,063 175,000 Claims recivable_ _ 9,633 14,869 Notes payable__ 556,015 England Steamship Co. -New President. New Inventories 2,926,801 2,228.168 Commissions Pay 91,796 125,000 The directors have elected J. Howland Gardner, President of the corpoOther assets 1,194,815 473,304 Accr. tax.. Int., Deposits, &c ration to succeed the late E. J. Pearson, Mr. Gardner has been Vice137,907 117,262 &c., Payable... 60,883 53,243 President of the New England Steamship lines since 1913.-V. 126, p. 2324. Deferred assets- -- 218,936 89,646 Res. for Fed. & Canadian taxes_ 74,532 76,680 -Earnings. New Jersey Zinc Co. Def.inc.(rents) . 24,300 . 25.072 Period End. Dec. 31- 1928-3 Mos.-1927. 1928-12 Mos. -1927. Total (each side)$8,577,701 $5,413,282 Corn.stk. dt sup_ .x4,034,125 2,935,175 x Income $1,998,617 $1,683,669 $7.443.546 $7.038.7 69 x Represented by 150,202 no par shares. -V.128. p. 901. 480,000 480,000 Employees profit sharing 500,000 (2)981,632 (2)981,632(12)5,889792(12)5,889792 Missouri-Kansas Pipe Line Co.-Exch. Offer Approved. - Dividends surplus $1,016,985 Balance, $222,036 $1,053.754 $668,977 Savings in interest amounting to approximately $140,000 annually accrue to common stockholders as the result of a readjustment of the will Earns per share on 490.$4.07 com$14.34 $3.43 $15.17 816 shares (par $100)pany's capital structure by the stockholders at a meeting held on Feb. 13. x Income (incl. dividends from subsidiary companies) after deducting for The management is authorized to exchange 78,100 shares of common stock expenses, taxes, depreciation, maintenance, repairs, depletion and confor $1.468,500 bonds, 23,825 shares of common for $476,500 one-year tingencies. -V. 128. p. 263. 6% notes, and 10.500 shares of common for 2,000 shares of preferred As of June 1 next, the remaining $55,000 of bonds and notes will be stock. -Notes Called. Nichols & Shepard Co. called leaving the company with a capitalization of 333,235 shares of -year 6% s.f. convertible gold notes,dated Feb.1 common All of the outstanding 10 -V.128.p. 901,74 . stock. were recently called for redemption Feb. 1 1929 at 102y4 and int. 1927 Metropolitan Chain Stores, Inc. -Annual Report. - 1068 [Vol.. 128 FINANCIAL CHRONICLE Payment is being made at the First Trust & Savings Bank. Chicago, Ill., trustee, or, at the holder's option, at the Chase National Bank, New York City. The stockholders recently authorized'an increase in the common stock to 300.000 shares from 126.000 shares. Of the new stock. 42,000 shares were offered to common stockholders in the ratio of one new share for each three shares held. This offering was underwritten. -V. 126, P. 3463. Nicholson File Co. --To Split Up Shares. The directors in a letter to the stockholders have recommended that the capital structure be changed by a split-up of the present capital stock on a6 -for-1 basis. At present there are 100.000 shares of $100 par value stock outstanding. -V. 110. p. 1753. Niles -Bement -Pond Co. -To Distribute Part of Holdings to Its Stockholders. In accordance with the action of the directors on Feb. 11, there will be distributed to the common stockholders of this company. 2% shares of the common stock of the United Aircraft & Transport Corp. for each share of common stock of Niles -Bement -Pond Co. held. This stock w,11 be distributed on March 6 1929 to stockholders of record Feb. 18 1929. No fractional shares of United Aircraft stock will be issued, but Niles ' Bement -Pond stockholders entitled to fractional shares of United Aircraft stock will receive warrants which, when combined In amounts aggregating one or more full shares,can be exchanged for stock of the United corporation. -Bement -Pond Co. After this distribution, there will be left in the Niles treasury approximately 20,000 shares of United Aircraft common stock. V. 128. P. 573. Corp. cannot obtain this distribution or future distributions until they have secured their corresponding shares of special stock of the Pacific Tin Corp. V. 127, P. 3103. -Earnings. Paramount Famous Lasky Corp. The corporation estimates its net profits, after depreciation and taxes, for the year ended Dec. 29 1928. including its 65% undistributed share of earnings of Balaban & Katz Corp.. at $8:700,000 as against $8,050,000 in 1927. an increase of 8%,1927 having been the previous record year. The net profit for the year 1928 is equal to $4.22 per share on the corn. stock entitled to dividend on Dec. 29 1928. The profits for the fourth quarter are estimated at $2,725,000, a new record for the fourth quarter of any year, the prior record having been the fourth quarter of 1924, when profits were $2,500.000. The profits for the fourth quarter of $2,725,000 are equal to $1.32 per share on the common stock entitled to dividend on Dec. 29 1928. Comparative figures follow: 1926. 1928. 1927. Fourth quarter earnings $2,725,000 82.400,000 $1,960.000 Year earnings 5,600,000 8,050,000 8,700,000 On Dec. 28 and 29 1928, the company issued an additional 100,708 shares of its common stock in exchange for additional common stock of Balaban & Katz Corp ,of which the company nom owns a total of approximately 8735%. This additional 100,708 shares did not receive dividends on Dec. 29. and therefore is not considered in the calculation of the per share earnings. In the calculation of earnings for the year, the company has only included 65% of the earnings of Balaban & Katz Corp.. although It is now the owner of approximately 8734% of the stock of this subsidiary. -V.128. p. 125. Parke, Davis & Co. -Annual Report. - Calendar Years.1928. 1927. 1926. 1925. Gross earnings $9.723.352 $8,721,050 $8,493.380 $7.904,974 The following have been elected directors: H. L. Stackpole, W. H. Reserve to equalize value Walsh, Walter T. Lindsay, W. C. Sampson, Frank R. Zabriskie and S. 0. of current assets in forLeach. -V. 126. p. 729. eign countries with market rates ofexchange._ 8,550 19.218 -Shares Offered. - Res.for depreciation.__ NorthAmerican Trust Shares. 434,477 345,685 343,146 304,463 Financing for North American Trust Shares, a new invest- Federal& foreign taxes - 1,080,000 1.060,000 1,045,000 975,000 -Directors. North American Security Corp. ment trust created by Distributors Group, Inc., is being offered in the form of a new issue of certificates representing non-voting ownership in 112 share units of the common stock of leading American corporations, four shares of each company being included in each unit. The certificates are priced to yield more than 7%. The offering group is composed of West & Co., Lee, Stewart Sr Co., Pearson, Erhard & Co.. Pirnie, Simons & Co., Inc., Gibson & Gradison, W.W.Lanahan & Co.. Kauffman, Smith & Co., Inc.. S. M. Vockel & Co., the Mayfield-Adams Co., Snyder, Wilson & Co.. Evers. Reber & Co.. J. R. Woodhull & Co., D. C. Webster & Co., Inc., Weissenfluh & Co.. Muggleton & Underwood, Inc., and Hord, Curtiss & Co. A trust agreement as of Jan. 2 1929 between Distributors Group. Inc., who created the trust, and the Guaranty Trust Co., trustee, provides that the former shall deposit with the trustee certain shares of stock and a reserve fund of $1,200 in cash and certain other cash as provided for, all of which the trustee shall hold in trust for the bearers of certificates for North American Trust Shares and acainst which deposit the trustee shall issue certificates for the first 2.000 North American Trust Shares. Upon each deposit by Distributors Group. Inc., of an additional unit of stocks, together with the accumulated dividends and reserve fund, as existIng from time to time, the Guaranty Trust Co. will issue additional 2,000 North American Trust Shares. Subscription ri:hts, stock dividends or other non-cash distributions on the deposited stock. including shares from "split-ups." will be sold and the net proceeds, together with cash dividends, distributed pro rata airainst such share coupons. Distributable earnings in excess of the rate will also be paid The trust will run until Dec. 31 1953. W.W. Watson Jr. Is President of the issuing company. -V.128. P. 903. Netincome Cash dividends 88.208,874 $7.315,365 $7,124,699 $6,578,278 7.835.380 7.121,774 5,696.065 5,697.069 Bal.,sur.for year -_ - $373.494 $193,591 Previoussurplus 10.691.735 10.498.144 Employees' pension fund DrI00.000 Cr500,000 Adj.tax reserve $882,213 1.427.630 9.170.514 8.388,301 Dr100.000 Dr100,000 Profit & losssurplus _ _ $11.465,229 $10,691.735 810,498,144 $9,170,514 Shares of capital stock outstanding(no par) - 4,749.619 4,747.829 x949.576 x949,392 $1.75 Earn,per sh.on cap.stk._ $1.54 $7.50 $6.93 x Par $25. Balance Sheet Dec. 31. 1927. 1928. 1928. 1927, Liatt!eirsAssets$ 5 Land, buildings, 7..'apitalstock ____:23,775,845 23,739,145 machinery,&c.-y6,515,791 5,886,77f %ccts. payable ___ 930,857 672,010 Reserve for special Formulae, tradetaxes 1,329,598 1,720,643 10,500,000 10,500,00f marks,&c Inventories, 6,892,924 6,900,559 Dividend reserve._ 2,849,771 2,136,623 11.965,229 10,691,735 8,803,080 8,120,902 Surplus Investments 2,6on,665 3,278,026 Cash Total(each side) 40,351,300 38,960,056 Accts. receivable 4,448 651 4,273,799 x Represented by 4.749,619 shares of ro par value. y After deducting depredation of 83,079.440.-V. 127, p.3412. -Enters New Field. Pacific Western Oil Co. The company has acquired 10 acres in the new Lawnelale field adjacent to the EnYlewood field in which a discovery well recently was brourht in, noising 1,000 barrels of 32 degree gravity oil daily. The company is drilling two wells on this location and is making preparations for additional drilling -V. 128, p. 903. locations where operations will be started soon. NorthTroy Building. -Bonds Offered.-Garard Trust Co., Chicago, in January last offered $225,000 6% bonds at -Stockholders Receive Offerfor Holdings. Pennok Oil Corp. 100 and int. Bonds mature serially Dec. 1 1930 and June and Dec. 1 1931-1938. Proceeds will be used for construc- -President John L. Weeks Feb. 13 says: For the past several years the trend in the oil industry has been toward tion of building. consolidation. The mounting cost of development work, the growing necessity of maintainine lame hfrhly trained geolorical and scientific -Balance Sheet Dec. 31.- staffs, and the need for pipelines, refineries and retail distributing facilities Norton Co., Worcester, Mass. to go with the production of oil, have all made it incresainely difficult 1928. 1927. 1927. 1928. for independent producer operate at a profit. With this Assets$ Real est.,mach.okc 6,336,633 Notes & accts. rec _ 1,661,285 Cash & Govt.sec._ 4,533,501 4 725,113 Inventory 1,834,706 InveitT ents 347,626 Miscell. assets_ $ 6,217.761 1,028,916 2,752,275 4,960,076 1,859,082 725,131 /Mei/RiesCommon stock.....13.983.200 13,873,200 408,564 Accts. payable._ __ 1,021,063 Accrued charges _ _ :630,025 :338,870 Profit & loss,surp- 3,804,576 2,922,608 19,438.864 17.543,242 Total Total 19,438.869 17,543,242 x Expenses accrued but not due. including reserve for Federal Income taxes. -V. 126, p. 1052. -Rights. N. V. Margarine Unie (Holland). The directors have notified holders of ordinary shares and holders of certificates of ordinary shares of an increase in the authorized capitalization to Fl 350,000,000 and the offer to them to subscribe for Fl. 34.184.000 new ordinary shares, in certificates of the Nederiandsch AdminLstratieen Trustkantoor. of Amsterdam. equal to one-third the nominal amount of their present holdings at a price of Fl. 1,500 for each certificate of Fl. 1.000. and Fl. 150 for each Fl. 100 share, payment in full to be made March 11 1929. The right to subscribe for the new issue expires Feb. 28. The new shares will be listed on the Amsterdam and Rotterdam Stock Exchanges. Of the Pl. 350,000,000 authorized capital of the company. 100,000,000 are 7% cumul. preference shares and Fl. 250,000,000 are ordinary shares. Of the authorized amount. Fl. 13.000.000 of the cumulative shares have been ignited as well as Fl. 102.552.000 ordinary shares. The board of directors will comprise: The Right lion. The Earl of Bess borough, 0.M.0.. Chairman; Ills Excellency Bor. R. J. H. I'atyn, ViceChairman; Anton Jurgens, H.Z.N.• Henry Jurgens: Rudolf Jurgens; Emile Jurgens; Jean H. 'Preston; Albert Van Den Berth' Leo Van Den Bergh; ' Donald Van Den Bergh; J. P. Sidney: J. Van Den Bergh and Paul Rykens. Subscription applications will be received at the London offices of J. Henry Schroeder & Co.and the Midland Bank,Ltd.,or any of its branches. -V. 128, p. 742. the small to In view, and with the realization of the difficulties under which thsleiciany must continue to operate, the directors have felt the advisability of a merger with some stroneer oreanization. The Simms Petroleum Co. have made an offer to exchanee one share of their capital stock for each four shares of the capital stock of the Pennok 011 Corp., provided that 51% of the outstanding stock of the latter corporation, or 70,482 shares, be deocmited for such exchange with the New Y1 York Trust Co. on or before March 29 1929. or within such etstew4 period not exceeding 30 days as may be fixed by the Simms Petroleum Co. This offer also provides for the payment of $5 per share in cash for all stock deposited in excess of multiples of four shares. Pour of your directors are also directors of the Simms Petroleum Co.. and are, threfore, thorouchly familiar with its properties and business. The company has a present production of approximately 10.000 barrels Per day net, and in addition a lame potential shut-in production In west Texas. It has two refineries, two cashin-head gasoline plants, and an excellent retail marketing organization. The stock is listed on the New York Stock Exchanre where it has an active market. In December 1928 Simms resumed dividend payments with a dividend of 40c. per share, and has declared a dividend of the same amount payable March 15 1929. [This offer has been authorized by the directors of the Simms Petroleum Co.} -V. 127, p. 965. -Stocks Offred.-Dillon, Pennsylvania Industries Inc. Read & Co., Dominick & Dominick, J. H. olmes & Co. and Hill, Wright & Frew are offering 50,000 shares6% cumulative preferred stock ($100 par) and 25,000 shares common stock (without par value), with common stock subscription warrants, in units at $110 per unit (plus div. on pref. stock.) Each unit reresents 1 share of preferred stock, a warrant relating to 1 share of common stock,and share of common stock; certificates to be deliverable on Feb. 1 1930, or Oil Well Supply Investment Co.-Change in Name, &c. earlier stock option of the board of directors. at the See Pennsylvania Industries. Inc. -V.124, p. 3081: V. 126, p. 4096. Pacific Lime Co., Ltd. -98% of Preferred Stockholders Agree to Take Three Years' Dividends in Lieu of All Arrearages. Over 98% of the preferred shareholders accepted a recent offer by the company, whereby they were to receive a payment of $21 per share in lieu of all back dividends up to and including Jan. 1 1929. The payment was made on Jan. 31 this year through the Royal Bank of Canada, Vancouver, B. C. It is anticipated that the regular quarterly dividend will be paid as of April 1. No dividends had been paid upon any of the preference shares since Jan. 2 1918. The shareholder approving the above agrees on behalf of himself and of the other holders of preference shares to accept 3 years' dividends at the rate of 7% per annum In full satisfaction of all arrears of dividends including that payable on Jan. 1 1929, and that the right of the preference shareholders to any further arrears of diva, be abrogated. -V. 104. P. 367. Pacific Tin Corp.-Special Distribution of $3 Per Share. The directors on Feb. 4 declared a distribution out of its cash capital amounting to $3 per share on the authorized special stock, payable Mar. 1. This distribution is a payment of 3-23rds of the distribution value of each share, and is a payment of the surrender value of distribution coupons 1, 2 and 3. Holders of shares of beneficial interest of Yukon-Alaska Trust who have not yet surrendered their certificates for special stock of the Pacific Tin Each certificate representing preferred stock will carry a subscription warrant (non-detachable, except in event of redemption of the pref. stock), entitling the holder thereof to subscribe, on or before Feb. 1 1934, for common stock of the company at $30 a share, in the ratio of one share of common stock for each share of pref. stock represented by such certificate. The 6% cumul. pref. stock is to be authorized in the par amount of 000 (including this offering) is to be pres$ ently issued. It is to be entitled to cumul.dive. at the rate of6% per annum and as to assets, In event of involuntary liquidation, to $100 a share and diva. and, in event of voluntary liquidation, to $105 a share and diva. Red, at any time, as a whole or in part, on 30 days' notice, at $105 a share and dive: Diva. payable Q. -F. accruing on this issue from Feb. 1 1929. Divs,free of present normal Federal income tax. Penn. personal property tax on preferred stock not exceeding 4 mills per annum refundable. Chemical National Bank of New York and First National Bank at Pittsburgh, registrars, and National Park Bank, New York, and Peoples Savings & Inuit Co. Pittsburgh, transfer agents, for the unit certificates and for the 6% culnul, pref. stock. The unit certificates will be issued by Peoples Savings & Trust Co. of Pittsburgh, depositary. Data from Letter of J. H. Hillman Jr., Chairman of the Board. Pennsylvania Industries, Inc. (by which name it is proposed that the Present Oil Well Supply Investment Co. shall be known), a Delaware corporation, has, in addition to a substantial amount of mail, securities with an aggregate market value (based on current quotations) of over $8,300,000, which securities are carried on the books at cost to the company, approximately $3,660,000. Upon completion of this financing. FEB. 161929.1 FINANCIAL CHRONICLE Pennsylvania Industries. Inc., will have total assets (including securities taken at present market value as above) of approximately 315.100,000. of which about 35,400.000 represents common stock of Spang, Chalfant & Co., Inc. Other securities owned by the company include investments In the common stock of Sharon Steel Hoop Co., and in the preferred and common stocks of A. M. Byers Co. The company, upon completion of this financing, will be without debt except as to current taxes reserved for in the amount of $99.6F8. After allowance for such reserve and for reserve for contingencies of $215,307, but without provision for income taxes on unrealized appreciation of securities and on appreciation not realized in cash, the company will have total net assets, valued on the basis stated above, of approximately 814.800,000. which Is more than twice the 86,925,000 par value of preferred stock presently to be issued. Purpose. -The proceeds of this offering will be available for the expansion and diversification of the company's business. Although the company's charter gives it broad powers for the purchase and sale of securities, It is the present intention of the management to utilize such proceeds in the purchase of securities of industrial companies located mainly in the Pittsburgh district. By acquiring substantial interests in such companies. It is believed that the management may assist in an advisory capacity in the determination of operating and financial policies, with resultant benefits from the closer interrelation of policies, of the companies in which such substantial interests are acquired. Management. -The board of directors includes the following: A. 91. Beale, F. F. Brooks. E. M. Byers, J. H. Hillman Jr., 8. Clarke Reed, A. 0. Robinson and A. B. Sheets. CapitalizationAuthorized. Issued. 6% cumul. pref. stock (par $100) $10,000,000 $6,925.000 Common stock (no par value) *750,000 shs. 387,425 abs. • Of this amount 69,250 shares are to be reserved against subscription warrants to be issued with the $6,925,000 pref. stock presently to be issued; 100.000 additional shares are to be reserved against warrants, identical in substance, to be issued for services in connection with the recapitalization and also the financing of the company. Of the amounts of pref. and common stocks presently to be issued, as shown above, the proceeds of $1.925.000 par value of pref. stock (with warrants) and 9,625 shares of common stock are to be used, together with other corporate funds, in connection with the retirement of the outstanding 31.925,000 7% cumul. pref. stock (the full redemption price to be deposited for such retirement). The proceeds of the remaining $•,(100,000 par value of pref. stock (with warrants) and of 25.000 shares of common stock will enable the company to expand and diversify its business,as above. Earnings. -Earnings of the company, from organization in Feb. 1927 to Dec. 31 1928. before de meting interest on indebtedness since retired (but after Federal income taxes adjusted to give effect to such elimination), have been as follows: Feb.17 1927 Jan. 1 1928 to Dec.3127 to Dec.31'28 Cash dividends received 8116,242 $281.507 Interest earned, &c 21,483 189,335 Profit on sale of securities 807,358 223.367 1069 cents per share and a quarterly dividend of 75 cents per share on the new no par common stock, both payable March 1 to holders of record Feb. 28. On Jan. 4 the stock was split up 4 for 1 and a 25% stock dividend declared. The quarterly dividend of 75 cents is equivalent to a $15 annual basis for the old stock, which paid $14 annually. Shipments. Month of January -1929. 1928. 1927. 1926. Shipm'ts of crude oil(bbls.) 5,914,554 5,394,759 4.850.792 4.187,390 Note. -These figures don't include shipments through the lines o the Pure Oil Pipe Line Co. of Texas, a subsidiary. -V. 128. p. 416. Propper Silk Hosiery Mills, Inc.-Eividend No .- The directors have declared a quarterly dividend of 50 cents per share on the common stock, payable March 1 to holders of record Feb. 19.. An initial quarterly dividend of like amount was paid on Dec. 1 last. -V.128. P. 264. Providence Washington Insurance Co. -Balance Sheet Jan. 1 1929. Assets Liabilities Govt.,State & meets. bonds_ $1,190,000 Reserve for losses $1,124,773 Bank & trust co. stocks 61017:5595 Res. for unearned premiums- 5,324.329 3: 546 0 Utility stocks and bonds Res.for taxes, exp.. and other Anchor Ins. Co 1.291,330 liabilities 456.804 Other stocks and bonds Capital 3,000.000 Office building 8481; 2 Surplus 10010 100 12,580,411 Cash 615,244 Bills receivable 23,183 Agents' bal.and other assets_ 1,121,344 Total (each side) 523.486.318 -V. 127, p. 3261. Public Fire Insurance Co., Newark, N. J. -Forms Affiliated Co. See Public Indemnity Co. below. -V./26, p. 2327. Public Indemnity Co. -Organized.-. The formation of this public Indemnity Company as an affiliation of the Public Fire Insurance Co. of Newark has been announced by Arthus T. Vanderbilt, chairman of the latter company. The new company will start business with a capital of $1.000,000.surplus of $4,000.000 and an equipment fund of $200.000. The stockholders of the Public Fire Insurance Co. will be offered prior opportunity to subscribe to stock of the Indemnity company, which is expected to start active underwriting business about March 15. Andrew L. Johnston. formerly Vice-President of the Independence Indemnity Co. of Philadelphia, has been elected Vice-President and general Manager of the Public Indemnity Co. Edward V. Mills. formerly secreTotal Income $526.357 $1,112,935 tary-treasurer of the Constitution Indemnity Co. will also be associated in Expenses, incl. provisions for contingencies and the management. Federal taxes (the latter adjusted as above)._ 139,952 213.29S In the first financial statement of the Public Fire Insurance Co.. President J. T. Daman, Jr. told stockholders that the company had Balance before preferred dividends $386,405 $899.673 approximately six months of operation a net premium income ofobtained in 32.612.521. The officers of the company have served without salary since organiza The company's total assets as of Dec. 31 1928 amounted to $6,627,183. a tion. and have agreed so to serve during the balance of 1929. Expenses, gain of 31,627.183since its organization,or 32% %.of its capital and surplus. in the amounts shown above, are exclusive of allowance for 1.34,000 par value of preferred stock issued for services, including services in connecRainier Pulp & Paper Co. -Expansion. tion with the oririnal financing of the company. The Earnings as above shown give no effect to benefits expected to result Wash.,company is installing a now steam unit in its plant at Sheldon. ehich should be completed by about Aneil 1, it is stated. Other from the investment of the proceeds of this offering. The annual dividend additions to the , ' tans ””e requirement on the $6,925,000 pre.f. stock presently to be Issued is $415,500. duction materially. Thiscontemplated which will serve to increase its Proincreased product on can be obtained with little , outlay and should further strengthen the earning p-tsition of the company. Phelps Dodge Corp. -To Change Capitalization. The company in January receded all n"ovious The stockhol tors will vote Feb. 25 on increasing the authorized capital adverse weather conditions. eHeavy snowfill has One-- --cords despite closed down most logging stock from 500,000 shares (par $100) to 2,000,000 shares (par $25).- operations, the announcement adds. -V. 128. p. 575. V. 127 p. 272. Ra28 (7ol.)Mines, Ltd. 1nd p 746d -Production.Philadelphia Company for Guaranteeing Mortgages, Month of January1929. 1927. Philadelphia, Pa. -To Split-Up Shares. Output _v_.ut (ors.) 876.452 132 8 57 843 8, 839.000 192' 0 75 96 .27 A special meeting of the stockholders will be held on April 15. for the , purpose of approving or disapproving the change in the par value or face value of the shares into which the capital stock is divided, by diminishing Reliance Clay Products Co. -Bonds Offcred.-Republie the par value of the capital stock from $100 per share to $20 per share. in accordance with the Act of Assembly of the Commonwealth of Pen- National Co., Dallas, Tex., recently offered at 110 and int., sylvania in such case made and provided. In the event that the stockholders approve of the change in the par $450,000 serial 1st mtge. 7% gold bonds. value of the cap tat stock, each stockholder will be entitled to receive Dated .Tan. 5 1929: due serially Dec. 15 1930-1938. Interest payable 5 shares of the nes stock of a par value of $20 for each share of a par value J. & D. Principal and int. payable at offices of Republic National Bank & -V. 128. P. 744. 416. of $100 of the company's present stock. Trust Co.. Dallas, trustee. Denom. 81.000, $500. and $100 c5 Callable . on 60 days' notice, on any int. date at 102%. -Buys 76 Additional Stations. Phillips Petroleum Co. Capitalization. The company announces the purchase of 76 distributing units consisting 3 8 :000 3 0 000 45 of 46 service stations and 30 bulk stations located in 31 cities and towns Serial 7% go'd bonds (this issue) in Southwestern Missouri and Southeastern Kansas from the E. M. Wit- 7% preferred stock (Par 100) no par 597.558 value) bolt Oil Co. of Serim,field, Mo. The purchase comprises all of the re- Common stock (12.500 shares, Company.-Organlred in 1928 In 'fetes. Company results from a commaining Wilimoit hollinos. some of which have been operated by the bination company for a period of 33 years. The Phillips company had previously (Texas), of the Mineral Wells (Texas) Brick Co.. the Tyler Brick Co. the Midwest Brick Co., Muskozee, Okla., and the Reliance Brick purchased from the Wilhoit company 44 other stations located in north- Co.. Dallas. Texas. The present annual productive capacity of the three western Missouri. E. M. Wilholt, President of the Wilholt company, plants totals 50.000.000 brick and 50.000 tons of tile. has confirmed the sale. No radical change in the operation and managePurpose. -Proceeds have been used as part payment for the acquisition ment of the properties is contemplated at the present time. According to Phillips officials, the purchase marks another step in the of the properties, to provide current capital, and for other corporate expansion of the Phillips marketing department which already embraces purposes. Earnings. Federal -The marketing facilities in many cities from Canada to the Mexican border. - tion for the years net income before and 1927taxes. interest and depreciaof the Mineral Wells Brick 1921. 1925. 1926 V. 127. p. 3103. Co. and the Reliance Brick Co.(x) has been as follows: Pittsburgh Coal Co. 1926. 1925. 1928. 1921. 1927. -Annual Report.Calendar Years8124.662.31 8152,824.64 8134.133.38 8121.415.20 y$119.495.90 1926. 1928. 1927. 1925. Gross receipts x For the year 1928 the net earnings of the Tyler Brick Co. and the Mid$442.568,772 $43.699,828 $37.258.548 $33,832.177 Oper. exp., incl. taxes 39,561,398 42.346.433 36,491.401 32.267.573 West Brick Co. have been included. The Tyler Brick Co. is only a little more than a year old, while the earnings of the Mid-West Brick Co are Profits after all exp__ $3,007,373 $1,353,395 3767.147 51464.604 known for only a like period. y The (Aniline( for 1928 were estimated for Depletion 887.560 454.136 1,207,729 434.617 the two months from Nov. I to Jan. 1 on the basis of the average earnings Depreciation 1,711.371 1,634,334 1,611.232 1.669.352 covered in this statement from 1923 to 1929. Interest 614.792 638.699 612.211 637.204 Min.1 nt. n subs Reliance Mfg. Co. 77,617 70,072 97.304 -Annual Report. 90.365 Calendar Years 1928. 1927. Net loss $493,871 $1.880.596 $2,114.676 51.266,940 Operating income 5923.686 S1,250.909 Pref. dividends (6%)_ 2.100.000 Depreciation 122,983 124.340 Federal taxes 90,044 150.525 Total deficit 8493,871 $1,880,596 $2.114.676 33.366.940 Amort. pref. stk.. discount & expenses 38.125 Earned surplus 9,726,954 12.663.575 14,918.573 Reserves 8,238.189 50.000 Surplus Account. -Surplus Dec. 31 1927. $63,051.231. Deduct: loss for 1928, $493.871; loss through scrapping of obsolete mine plants, &c., Net income $710,659 $887,919 $481.865; unavailable coal acreage charged off, $455.119; Fed, taxes paid, Preferred dividends 147.709 154,105 $57.910; surplus Dec. 31 1928, 561.562,467. Common dividends 564.252 276,507 Consolidated Balance Sheet Dec. 31. Surplus for year 1928. dell.302 1928. $457.307 1927. 1927. Pre.ions surplus $ AssetLiabilities1.760.154 1,2/3.642 5 $ $ 8.209 Coal lands._ x107,806.495 109,142,114 Preferred stock_ 35,000.000 35.000,000 Surplus credit adjust 79.204 Plant & equio-Y 27.045,508 x22,840,763 Common stock- 4 1g,scara 11:10 1 2 :5 6 2 Surplus Inv. In stocks & 51.767.061 $1,760.154 Bonds Shares coin stk. outstanding (par $10) 5,888,307 5,655,332 Insur. fund-- -- 250.000 bonds 250.000 244,000 250,000 928.393 1,050,390 Min.int.in subs 1,43E 3 1,3 52.25 Mortgage roe 5 /1 Earns per share $3.00 fund d Balance Sheet Dec.31. . Purch. mtgs.-%1Sinkg relny.fund._ _ 3.908.925 3,952,533 Workmen's corn1927. Assets 1928. Ltabfittes1928. 1927. 211.005 Penison fund Inv pen. ail 849,245 211,005 849,245 Lard, bldgs. & eq. $723,191 $687,069 Preferred stock _ __32,000,000 $2,230,000 Inventory 8,217,112 7,947,547 WorkITIOIVEI Corn50,000 Common stock_ _ _ 2,500,000 2,440,000 25.000 con..&c. Accts. & bills roc 5,179,396 4.074,574 648,289 pen. claims__ 215,520 Res 220,520 656,477 Investments_ .f 2,585,145 2,177,592 Pension fund___ 125,977 Cash 26.723 148,112 Officers dt employ. 251,060 Capital surplus __ 222,453 222,453 Bills payable_ __ 8.538,767 1,473.832 Prepaid Items__ 2.5,115 Surplus 43,273 1,544,608 1,537,701 Accts. payable- 3,311,895 4.032.317 Deferred developAccounts payable_ 258,881 314,588 54,699 Paid-in surplus_ 53.324,278 53.324.278 ment ere Accruals 15,063 106,573 Total(ea.side)161,858,286 157.951,850 Earn. surplus__ 8,238,189 9.726,954 Cash 627,514 Tax reserves 613,805 215,883 108,089 x After depletion. y After depreciation of $12,998,762.-V. 128. p. 574. Notes accept. & Dividends payable 129,627 12,248 16,933 int. roc Prairie Pipe Line Co. -New No Par Shares Placed on a Accounts reedy_ - 1,717.391 2,057,099 90,119 Cash val. of 77,266 $3 Annual Dividend Basis-Extra Dividend of 50 Cents. - Inventories ins__. 3,297,069 3,134,307 Tot.(each side)-36.828.722 $7,137,198 The directors on Feb. 15 declared an extra dividend of 50 -V.127. P• 1689 . 1070 • Remington Typewriter Co. -Extra Dividend. The directors have declared an extra dividend of $4 per share on the common stock, payable Mar. 23 to holders of record Mar. 15, and in addition the regular quarterly dividends of $1.25 on the common, 131% on the 1st preferred and 2% on the 2d preferred stocks, payable April 1 next, all to holders of record Mar. 8. Remington Rand, Inc.,owns more than 99% of the $9.996,000 common stock, par $100, of the Remington Typewriter Co. In Dec. 1928, an extra dividend of $5 per share was paid. the extra disbursement applies only to the small number of old Remington Typewriter common stock that has never been exchanged for Remington Rand common stock and does not apply to the latter Issue. -V.127, p. 2837. Root Refining Co. -Initial Dividends. - The directors have declared initial regular quarterly dividends of 45c. per share on the cony. cumul, prior pref. stock and 75c. per share on the cony. cumul. pref. stock, no par value, both payable March 1 to holders of record Feb. 20. See offering in V. 127. p.3556. Safeway Stores, Inc. -January Sales. - Month of JanuarySales -V.128, p. 746. 1927. 1928. 1929 $12,889,399 $6,903,237 $4,997,090 (Clarence) Saunders Pacific Stores, Inc. -Stocks Sold. -Bertles, Rawls & Donaldson, Inc. Eastman Dillon &, Co., Mitchell, Hutchins & Co. and hunter, Dulin & Co. announce the sale of 10,000 units of stock at $100 per unit. Each unit composed of 1 share of pref. stock, series A, with 1 share of class A common stock, series 1, and a non-detachable bankers' warrant attached to each share of pref. stock entitling the holder to purchase 1 share of class B common stock at $20 per share until Jan. 1 1931. The stock now being offered was not purchased by the bankers from Clarence Saunders Padflc Stores, Inc., but from the New York, Chicago and Detroit group who, together with Clarence Saunders Corp.and Clarence Saunders,acquired all of the issued stock of the company. This group and Clarence Saunders Corp. are retaining a large part of their holdings, amounting to a majority of the issued class A and class B common stocks. Transfer agents, Citizens National Trust & Savings Bank, Los Angeles, and Central Union Trust Co., New York. Registrars, Union Bank & Trust Co., Los Angeles, and Chemical National Bank, New York. CapitalizationAuthorized. Outstanding. Cumulative preferred stock ($50 par) 100,000 shs. x10.000 shs. Class A corn. stock (no par)($3 non-cum.div.).-100.000 shs. y50.000 shs. Class B common stock (no par value) 300,000 shs. 100.000 shs. x Series A 7%. y Series 1, participates equally share for share with class B common stock in any further dividends; each share is convertible until Jan. 1 1933 into 2 shares of class B common stock without par value. Listing. -Application will be made to list the outstanding shares of pref. and class A common stocks upon the Los Angeles Stock Exchange. Data from Letter of Clarence Saunders, President of the Company. Business. -A Delaware corporation. Has been organized by a strong group of New York, Chicago and Detroit capitalists to carry out an extensive development of Clarence Saunders stores in California. Oregon and Washington under the personal direction of Clarence Saunders as President. The corporation will operate a 100% owned California subsidiary, the Clarence Saunders Pacific Co., Ltd., which will directly own and operate the Clarence Saunders Stores in California. There will be initially opened approximately 150 stores in LOS Angeles and vicinity, Oakland, Alameda and Berkeley, all in California. All of the necessary funds for such stores were provided as of Dec. 15 1928. Fifty stores will be opened by April 1 and the balance within the next few months. Clarence Saunders Pacific Stores. Inc., has also acquired from Clarence Saunders Corp. exclusive licenses in perpetuity to operate Clarence Saunders stores in all of California, Oregon and Washington, and it is planned to open further stores as quickly as feasible. This Pacific Coast territory, due to a variety of factors, including the favorable weather conditions and the large percentage of families owning automobiles, has already proven to be probably the most logical and profitable section of the United States for the operation of self-service grocery stores. The Piggly-Wiggly System has been especially successful in this territory. Earnings. -As Pacific Coast stores are still to be opened, it is not advisable to attempt to estimate earnings, but it is fair to consider the success already achieved in other sections of the country by the Clarence Saunders Stores coupled with the fact that California is notably successful as a field for other chain grocery stores. The 26 Clarence Saunders Stores, the first of which was opened by Mr. Saunders in 1924 in Memphis, Tenn.(a city of 160,000 and subject to more highly competitive conditions than probably any other city of the country) have demonstrated an average annual gross volume of approximately $150,000 per store and a net profit of approximately $5,000 per store, or at the rate of 3% plus on gross sales. The 49 stores initially acquired in Nov. 1928 by the Clarence Saunders Stores. Inc. (including the 26 Memphis stores), showed for 12 months' periods ending at various dates in 1928 average annual gross sales of over 4140,000 per store, and average net profit of over $4,500 per store. It is believed by Mr.Saunders that the Pacific Coast stores will prove still more successful, as is evidenced by the investment of $500,000 in the stock of this company by the Clarence Saunders Corp., which is an incorporation of Mr. Saunders' activities and which he controls, no part of which is being sold in this financing. Management. -Under a five-year management contract, entered into approximately at the time the present group of stockholders organized Clarence Saunders Stores, Inc., Mr. Saunders agrees to devote all time and attention necessary to developing the business of this ocmpany consistent with his duties as President of the former company. N. R. Feltes, Treasurer, while serving as a director, will act as financial representative of the organization group. Other directors will be: Wendell W. Anderson. Detroit; Maurice H. Bent, Chicago; Wm. M. Bertles, New York; Nicholas R. Feltes, Chicago; Walter W. Head, Omaha, Neb.; Lindsey Hooper, Boston; Huston Rawls, New York; Fergus Reid, New York; Clarence Saunders, Memphis; W. Edwin Stanley, Chicago; G. Parker Toms, Los Angeles. 7% Cumulative Preferred Stock. Series A. -Preferred as to dividends, payable quarterly commencing June 1 1929. and as to assets over all other classes of stock to the extent of $50 per share. Callable upon 30 days' prior notice at $55 and diva. Preferred stock carries no voting power except in event of default in the payment of four quarterly dividends after Jan. 11930,in which case it may elect a majority of the board of directors. Preferred stock is cumulative from Mar. 1 1929. The dividends thereon for the year 1929 are assured through guarantee by the organization group. Class A Common Stock, Series I. -Entitled to a $3 annual dividend, noncumulative, payable quarterly before any distribution is made on the Cialls common B stock. After the payment ofsaid $3 per share on the class A common stock, all further distribution of earnings shall be made to the class A common stock and to the class B common stock, share and share alike. Entitled on dissolution to $30 per share prior to any distribution on the class B common stock. After class B common stock has also received $30 per share, class A common stock shares with class B common stock in any further distribution of assets, share and share alike. Convertible into class B common stock at any time prior to Jan. 1 1933 at the ratio of 2 shares of class B common stock for each share of class A common stock. No additional class A common stock shall be issued unless the net earnings of the corporation for the year immediately preceding such additional issue, after deducting all charges, depreciation, income taxes and the dividend requirements on tho pref.stock, shall equal at least 1% times the annual dividend payment of$3 per share on class A common stock then outstanding and that proposed to be issued. Schiff Co. -Preferred Stock Called. -Sales. - All of the outstanding 7% cumul. convertible pref. stock has been called for redemption Mar. 15 at 110 and diva. Payment will be made at the Bank of the Manhattan Co.,40 Wall St., New York City. Sales for Month Ended Jan. 31. 1927. Month of January-1928. 1929. $148,319 sales $208,514 x$306,520 -v 128, p. 417. x Includes new stores. [Vol. 128. FINANCIAL CHRONICLE Schletter & Zander, Inc.-Pref. Stock Offered. -Hornblower & Weeks, F. S. Moseley & Co., E. Naumburg & Co. and U. S. Trust Co. of Boston are offering at $50 per share 44,810 shares $3.50 cumul. cony, preference stock. A limited amount of common stock (v. t. c.) is also available at $26 per share. The preference stock is convertible at $50 a share into voting trust certificates for common stock at $30 a share until Jan. 31 1931. Thereafter, the conversion price for the common increases $2.50 a share annually to $50 a share, and, thereafter, continues on the basis of share for share. Preference stock is callable in whole, or in part, at any time, upon not less than 30 days' notice, at $55 a share, plus diva. The preference stock is preferred as to cumulative dividends, payable (Q-F) in priority to the common and as to assets to the extent of $55 a share plus divs, and has no voting power, unless 4 quarterly dividends are in arrears, in which case It receives one vote per share as long as any dividends are in arrears. CapitalizationAuthorized. Outstanding. $3.513 cumul. cony, preference stock (no par)-__ 60,000 shs. 44,810 shs. Common stock (no par) 500,000 shs. 261,349 shs. Note. -All of the common stock presently to be issued is to be placed in a 10 -year voting trust. Data from Letter of Richard Schletter, President of the Company. Cornpany.-Recently incorporated in Delaware to succeed to the business and assets of a Pennsylvania company founded in 1922. Company owns approximately 33 acres of land at Ilolmesburg Junction Station, F'a., on the main line of the New York division of the Pennylvania RR., on which Is a modern three-story reinforced steel and concrete manufacturing plant fully equipped with full fashion 42 -gauge machines manufacturing high grade ladies silk hosiery. This plant, which includes a modern dye house. boiler room and storehouse, has been entirely constructed since 1925, and has been in operation night and day since its completion. In addition, the entire output of two other hosiery mills is purchased in the grey and then finished and dyed at the Holmesburg plant. Company owns numerous machine, procees and design patents relating to the manufacture of hosiery. Womens hosiery manufactured under these patents, including the well known "V" line and shadow clock types. is sold by Brown Durrell Co. under the well known and extensively advertised Gordon brand. Earnings. -In every year since organization the former Pennsylvania company has shown a profit. Earnings of the properties acquired for the last four years, have been as follows: Net After Per Share Per Sh. Corn. YearFed. Taxes. Preference Pref. Div. 1928 $1,021.308 $22.79 $5.31 1927 563,856 12.58 1.56 1926 339,920 7.58 .70 172,058 1925 3.84 The company has contracted for the sale of capacity output over next four months. The management looks forward to a continued expansion of the business and increase of earning's. Assets. -The consolidated balance sheet as of' Dec. 31 1928 showed total current assets $1,090,736, including $411,247 of cash compared with total current liabilities of $321,693. Net tangible assets, including fixed assets at depreciated book value, which is substantially below replacement value, totaled $2.076,368.24. Listing. -It is the intention to apply for listing of the preference stock and voting trust certificates for common on the Boston Stock Exchange and the New York Curb Market. -Tentative Report. Scott Paper Co. 1927. Calendar Years1928. 1926. Net sales $6.714,533 $5,765,642 $4.858.250 3,932,185 Production cost of sales 3,336.746 2,757,464 233.265 Reserve for depreciation 226.092 166.803 Maint.& betterment of plant & equip. 176,911 134,360 139,211 Expenses 1.510,285 1.372,583 1,262,940 Estimated U.S.income tax 104.273 94,466 74.087 Net income Preferred dividend Common dividend $757,634 151,963 150,000 Balance for surplus $455,671 Earns per share on corn.stock $4.04 Assets & Liabilities Dec. 31. Current AssetsCh as All other_ Total current assets Total current liabilities -V. 127, p. 3718. $596,543 141,822 119 964 $462.596 146,436 74,915 4334.757 $3.03 $241 246 1928. $677.371 1,280,859 1,958,229 294.247 1927. $115,079 1,259.478 1,374,557 581,292 10.10 Seaboard National Securities Corp. -Listing, &c.' The Los Angeles Stock Exchange has authorized the listing of 30,000 shares of common stock of $25 par value. The corporation was organized in Delaware. on July 18 1928. for the purpose of purchasing, dealing in and holding stocks and other securities. The corporation, by exercising rights assigned to it by the stockholders of the Seaboard National Bank of Los Angeles, purchased the entire recent additional issue of 40,000 shares of the bank at $37.50 per share. The corporation has arranged to purchase the controlling interest of the bank and will own the controlling interests of certain other banks to be organized In the metropolitan district of Los Angeles, but outside the legal limits of the city. The corporation has an authorized capital of 40.000 shares of common stock of $25 par value, 30,000 shares of which have been sold for cash at $37.50 per share without any selling expense, netting the corporation $1,w la cumul.prref ntlyock p ege st . 125,000. It also has an authorized issueh will he shares of$25 par value, 20,000 shares of u. outstanding. The annual meeting of the corporation is held on the second Tuesday in January of' each year. The directors are as follows. George L. Browning, K. L. Carver, F. R. Raymond Borden, C. C. Albright, Wilmer Osier, Andrew Blackmor Anderson, Edward Dale, W. K. Etter, W.I. Gilbert, E. B. Gihnore, C. C. Hine, A. A. Maxfield, Clinton E. Miller, E. W. Murphy, John R. Quinn, W. K. Tuner. The officers are. George L. Browning, President; It. L. Carver, F. H. Osier, Andrew Blackmore and Nolan Browning, Vice-Presidents; Raymond Borden, Treasurer; 0. B. Tedrick, Secretary, The transfer agents are Nolan Browning and Raymond Borden, 612 S. Spring St., Los Angeles, Calif. The registrar is the Seaboard National Bank, Los Angeles, Calif. Second International Securities Corp. -Stocks Offered. -The Harris Forbes Corp. is offering allotment certificates representing 50,000 units of one share each of cumul. 1st pref. stock, 6% series (par $50), and class A common stock (no par value) at $100 flat per unit. A portion of the class A common stock (23,000 shares) represents new financing by the corporation. The stock represented by these allotment certificates outstanding at any time will be on deposit with the National City Bank, New York,depositary. Allotment certificates will be exchangeable for definitive stock certificates at any time after Jan. 1 1931 or earlier at the option of the corporation. Data from Letter of Leland Rex Robinson,President of Corporation. Company. -Organized in 1926 to carry on the business of an investment company of the general management type. Its purpose is to afford its stockholders sound investment through broad international diversification and constant supervision; to invest and reinvest its resources in domestic and foreign securities, and to a limited extent to participate in the underwriting of eligible securities. Its assets now include over 400 different Government railroad, public utility,industrial and other securities representing investments in over 30 different countries. -Corporation from its inception has had the benefit of the Management. investment service of American Founders Corp. The aggregate resources of American Founders Corp. and the group of investment companies which command its supervisory service now exceed $150,000,000. Eguitg.-The $1,000,000 par value 6% 2d pref. stock (taken at par) and 178,000 shares of class A and 600,000 shares of class II common stocks FEB. 16 1929.] FINANCIAL CHRONICLE (taken at current bid prices) will represent an equity value junior to the let pref. stock in excess of 823,000,000. -No 1st pref. stock shall be Restrictions on Issue of First Pref. Stock. Issued unless the net assets of the corporation (after deducting the principal amount of all indebtedness) taken at cost, including the proceeds of the sale of 1st pref.stock then to be issued,shall equal at least 150% of the par value of the 1st pref. stock then outstanding and the par value of the 1st pref. stock then to be issued. -Dividends, when and if declared Dividends on Class A Common Stock. by the board of directors, are payable annually per share on the class A and class B common stocks in the following priorities: First, up to $2.50 per share on class A common stock; next, up to 81.50 per share on class B common stock; then, up to $1.50 per share additional on class A; total, $4; then, up to $2.50 per share additional on class B; total, 84. Thereafter additional dividends shall be paid equally per share on shares of both classes. Such dividends are non-cumulative. Quarterly cash dividends on the class A common stock are now being paid at the rate of 82 per share per annum. Earnings Year Ended Nov. 30 1928. Interest, dividends and realized investment profits Expenses and all taxes All int. paid and accrued and amortization of debt discount_ $2,391,586 410.980 328,959 Balance for preferred stock dividends Annual div. requirements on-lst pref. stock Second preferred stock $1,651,646 570,000 60,000 1071 Shell Eastern Petroleum Products, Inc. -Personnel. - Officers of this company, a subsidiary of the Shell Union Oil Corp. are: Andrew F. Carter, (former president of the New England Oil Refining Co.), President; William J. Filey, Vice-President; Urban F. O'Brien, Secretary and Treasurer. The directors are' J. C. van Eck, (Chairman of Shell Union Oil Corp.), Chairman; Richard Airey (President of the Asiatic Petroleum Corp., a Royal Dutch-Shell subsidiary), Avery D. Andrews (Chairman of the board of the latter company) Samuel F. Pryor; Andrew F. Carter. Frederick W. Allen, (senior partner of Lee, Higginson & Co.). Ulrich de B. Daly, President of the Shell Petroleum Co.), G. Leigh-Jones (President of the Shell Oil Co. which operates in California), and James H. Brookmire (Secretary of the Shell Union Oil Co.) In taking over the fixed assets of the New England Oil Refining Co.. the Shell Eastern Products. Inc., has also taken over the New England Oil organization practically intact. The territory covered by the old company, however, will be greatly extended and will include all the North Atlantic States. (See also Shell Union Oil Corp. in V. 128, p. 904.) Shippers' Car Line Corp. -S2 Class A Dividend. The directors have declared a dividend of 82 per share for 1928 on the class A stock and the regular quarterly dividend of 81.75 per share on the pref. stock, both payable Feb. 28 to holders of record Feb. 18. The previous dividend on the A stock was paid May 31 1927, when a distribution of 50 cents per share was made. -V. 126, p. 1678. -Seeks Control of Pennok Oil Corp. Simms Petroleum Co. Balance for common stock dividends -V.128, p. 904. See that company above. 81,021,646 Annual dividends of 82 per share on class A common stock to be outstanding on completion of this financing 356,000 Consolidated Oil Corp. -Extra Dividend Sinclair The balance for pref. stock dividends for 1928. as shown above, after Declared. -The directors have declared all expenses, interest and taxes, was more than 2.8 times the total annual Quarterly of 50c. Also dividend requirements on the 1st pref. stock. The balance available for a quarterly dividend of 50c. a share and an extra dividend common stock dividends amounts to over 2.8 times the annual dividend stock, no par value; payable requirements on all class A common stock to be outstanding upon com- of 25c. a share on the common April 15 to holders of record March 15. The last previous pletion of this financing at the present annual rate of $2 per share. During the period covered by the above earnings statement the net de- payment was on May 15 1924, when a quarterly of 50c. a benture and share capital and paid-in surplus of the corporation average -V. 128, p. 126. less than $19,750,000 as compared with over $22,250,000 upon completion share was paid. of this financing. The earning power of the corporation is directly de-Earnings. pendent on the amount of funds available for investment. Southern Ice Co. 1928. 12 Months Ended Dec. 311927. Balance Sheet Nov. 30 1928. Gross sales & earnings 81.269,476 $1,210,897 Adjusted to give effect to the sale of 23,000 additional shares of class A Net sales-ice & coal 800.598 797,472 common stock included in this offering.] Delivery selling & gen. expenses 428,525 405,992 Resources. Liabilities. Taxes 65,111 42,008 Investments $20,225,404 1st pref. stock, 6% series__ $9,500,000 Securities sold-not delivered 328,790 2d preferred 6% stock Operating income 8306,962 1,000,000 $349,472 Cash and call loans 3,009,420 Class A stock (incl. this issue), Non-operating income-net 8,154 4,141 Accrued interest and items 178,000 shares 3,180,000 In course of collection.... 265,590 Class B stock, 600,000 shares 1,800,000 Gross income 8315,116 8353,613 Furniture and fixtures 1,876 5% gold debentures, due 1948 7.000,000 Interest 8: amortization 63,597 70,787 Unamortized debt discount 625,183 Secur. purchased-not reedy. 28,504 Retirement reserve 95,000 90.000 Organization expenses 19,325 Accr. Int., taxes and expenses 327,740 Pref. stock diva. accrued... _ 105,000 Balance for reserves & dividends 8156,520 $192,826 Capital surplus 472,522 Comparative Balance Sheet. Undivided profits 1,061,823 Dec.31'28 :Jana '28. LiabilitiesDec. 31 '28. xJan.1'28 Assets Total V4,475.591 Total $2,251,571 $2,224,037 Preferred stock 7%31,217,200 $1,217,200 $24,475,591 Plant 56,586 Carolina Pub.Serv. -V. 128, p. 747. 44,345 Cash 1,000 Co.bonds 84 764,800 Notes receivable.. 764,800 68,678 Notes payable_ 88,198 25,000 Accts. receivable_ 30,000 Seeman Brothers, Inc. -Earnings. 5.443 Accts. payable 8.868 Materials &supp._ 20,663 2,696 Results of operations of the company, proprietor of "White Rose" tea 479 Accts. not yet due_ 1,118 45.856 26,524 and other "White Rose" food products, for the six montris ended Dec. 31 Ice inventory 21,159 Retirement res._ _ _ 23,518 95.760 50,015 1928, indicate a not profit of $430,550, after all charges including Federal Fuel inventory -8,372 Approp. res. for 21,613 income taxes. This is equivalent to 83.44 per share on Use 125,000 shares Prepayments 30,705 retirements._ _ _ _ 30,705 726 of no par value common stock outstanding, and represents an increase of Miscel.investm'ts 19,120 Common stock_ _ _ y172,486 172,486 over the same period of 1927, when such earnb gs amounted to Sinking funds 23.77 218 Earned surplus_ _ _ 239,329 172,078 Unadjusted debits $348.061, or 82.78 per share. 800 Entire dividend requirements of the company, both regular and extra. Reacq.securities- for the full year, were more than earned during the first six months It Total $2,581,821 $2,435,798 $2,881,821 $2,435,738 Total Is stated that the outlook is favorable for the remainder of the year, and it is anticipated that earnings for the full year will exceed by a comfortable x Date on which reorganized company began operations. y Represented margin earnings for the fiscal year ended June 30. 1928, which were the by 37,497 shares of no par value --V. 127, p. 2838. largest in the company's history and amounted to $5.24 per share. -V. 128, p. 265. Southern Pipe Line Co.-Balance Sheet Dec. 31. Liabilities1927. 1928. 1927. 1928. AssetsShares in the South, Inc.-Rights, &c. $1,000,000 $5,000,000 x$2,508,198 $937,379 Capital stock The directors have authorized the issuance of an additional 50.000 shares Plant investments 1,192,144 2,281,577 Cap.stk,red. acct _2,581,081 22,436 Other of common stock, half of which will be offered to stockholders at 842.50 14,982 80,642 Accounts payable_ 72$ _ 149,484 Per share in the ratio of one-half share for each share held as of Jan. 31. Accts.receivable. 454,952 178,512 Profit and loss_ ___ 274,578 20,816 The remaining 25,000 shares will later be sold by the fiscal agent of the Cash company at a price to be fixed by the directors. -V. 127. p. 2104. 33.870.643 $5,478,110 33,870.643 85,478,110 Total Total x After depreciation amounting to 82,910,026. -Annual Report. Sharon (Pa.) Steel Hoop Co. statement was published in V. 128. p. 747. Our usual comparative income 1927. -1928. 1926. Calendar Years 1925. Gross profit $3,181,257 $2.984,346 $4,194,124 $3,523,382 -New Management. Splitdorf Bethlehem Electrical Co. 1,017,542 1,004,130 Maintenance & repairs 1,357,979 1,599,836 At the annual meeting, the stockholders ratified the election of Charles Idle time expense 138.394 2,403 149,048 144,070 Edison, President of Thomas A. Edison, Inc.. as the new President. This 898,866 Depreen & renewals 864,042 949.334 896,144 action is a sequel to negotiations which were started last year and which Int.and discount (net)._ 311,942 258,317 270,869 303 02 6 :89 8 0 culminated on Jan. 14 in the signing of a management agreement between 8 Pros'.for Feral taxes Federal 75,495 . 67,100 171,352 the company and Thomas A. Edison, Inc. Other new officers are L. W. and General Manager; Ralph H. Allen, VieeProfit for the year _ _ $555,518 $1,295,542 $971.854 $511,414 McChesney, Vice-President Prey.surp. or deficit_ _ sur.357,599 sur.28,518 df.1.129,952 df.1,688,574 President in charge of finance; H. F. Miller, Treasurer; Howard H. Eckert, Secretary, and Henry Lanahan, General Counsel. Adj. of Fed, tax pr. yrs. Dr.1,975 Dr.60,523 The new board of directors consists of Charles Edison, Henry Lanahan, Adj. of deprec. prior yrs. Cr.140,279 Cr.86,174 Cr.187,707 Harry F. Miller, Eugene C. Reed, Ernest J. Howe, Joseph Wilson, George Loss or dismantlement of deK. Gilder, Wm. M. Lybrand, Wm. M. Nichols, and John V. Miller. assets 117,101 With the exception of Mr. Howe, Mr. Lybrand, Mr. Nichols and Mr. Adj. of res. for renewal Gilder the new set up is entirely an Edison one. of liability insurance_ Cr150,785 Preferred di v.(8%) ---The first move of the new management was to retire all outstanding 79,976 79,976 79,976 79,976 Common dividends bank loans of the Splitdorf company, following which it arranged a pro286,240 286.740 143,270 gram to enhance the company's already firmly-established position in the Profit and loss surp$994,946 $357,599 $28,518 df.1,129,952 manufacture of magnetos, spark plugs, ignitoin systems, electrical parts Shares of common stock and radios. outstanding (par $50)_ 286,240 286.740 286.540 Besides supplanting the former management, the new group, headed 285.940 Earned per share $1.65 $4.54 $3.12 $1.50 by the younger Edison, has purchased 49% of the stock of the Splitdorf Radio Corp., a subsidiary which obtains most of its radio parts from the Consolidated Balance Sheet Dec. 31. Splitdorf Electrical Co., thus giving the new management a direct interest in the latter company. Starting Jan. 1 of this year, Splitdorf ceased selling (Sharon Steel Hoop Co. and Youngstown Pressed Steel Co.] its radios under its own name and the Edison company Is handling the 1928. 1928. 1927. 1927. entire output. -V. 126. p. 3612. AssetsLiabilities8 $ $ $ property act--x18,796,076 16,164,065 8% pref.stock___. 999,700 999,700 Invest & adv. to 14,312,000 14,337,000 Com.+nook Standard Milling Co. -Listing. assoc. cos 530,651 524,020 1st mtge. bonds__ _ 6,750,000 3,462,000 The New York Stock Exchange has authorized the listing of certificates 1.069.678 Accts Pay Due on subs to Corn. 801.729 of deposit for 64.880 shares of preferred stock and 199.945 shares of common 208,466 236,436 Prof. divs. pay__ _ 19,994 stk 19,994 stock. 3,354,041 3,380,563 Com,dive. pay _ _ _ 143,120 Inventories The certificates of deposit are to be issued pursuant to the terms of a 143,370 289,885 Due on ore contr._ 278,852 Ore. contract bal.. 123,739 368.304 deposit agreement dated Jan. 8 1929, between Gold Dust Corp., Equitable N,A( Trust Co. of New York, as depositary, and such holders of shares of stock 4 ) Notes & sects rec. 1,683,920 1,424.201 Am. interest_ _ _ _ IgLIN stks & Accr.taxes Invest. in of Standard Milling Co. as shall become parties hereto by depositing their 7,850 bonds 2,850 Accr. Fed. taxes67,380 71.500 shares under said Agreement. 110,000 Reserves 727,314 U.S. Govt. bonds_ 110,000 854,102 In a letter dated Jan. 8, the directors of Gold Dust Corp. made an offer 2,135,252 1,541,585 Capital surplus- -- 1. . Cash 684 430 2 307.015 to the stockholders of Standard Milling Co. to exchange their stock for . 355,942 236,382 P & L surplus__ _. 994,945 Def. charges 357,599 stock of Gold Dust Corp. on the following basis:. (1) For each share of 6% non-cumul preferred stock of Standard Milling Co., one share of new 27,305,937 23,909,987 27 305,937 23,909,987 36 cumulative convertible preferred stock of Gold Dust Corp: (2) For Total Total each share of Standard Milling Co. common stock, 2 shares of common x After depreciation of $5,333,656. -V. 128, P. 905. stock of Gold Dust Corp. To Retire Prof. Stock-To Increase Corn. Stock-Rights, &c. -- Co. of Nebraska.-Bal. Sheet Dec.31.- Standard Oil Severn P. Ker. Pre.ident, says in part: 1928. The company has authorized the calling of all its outstanding 8% pref. $ AssetsApril 1 at $55 per share, and the reduction of the capital stock stock on of the company by the cancellation of the entire authorized $5.000,000 Plant (less depr'n) 3,262,699 1,189,553 that stock and there will soon be submitted to stockholders a proposition Merchandise on 866,356 changing the common stock of the company from a nominal $50 par value Cash 474,659 to a no par stock and the authorization of an increase of 300,000 shares of Accts. receiv... 1,403,456 common stock to an authorized 500.000 shares. Of the increased Investments no par number of shares 75,000 shares will be offered to stockholders pro rata and 7,596,722 Total it is believed that this change in the capital structure of the company' will -V.127. p.3719. -V.128, p. 905. be greatly to its benefit. 1927. $ 3,605,043 1,179,092 553,729 366,970 1,427,856 7,132,689 1928. 1927. Liabilities$ $ Capitaistock 4,649,225 4,601,100 Accounts payable_ 384,198 376,105 Reserve for Fed. taxes & annuities 165,184 110,865 Surplus 2,398,115 2,044,618 Total 7.596,722 7,132,689 1072 FINANCIAL CHRONICLE Standard Oil Co. (New Jersey). -Extra Dividend. - The directors on Feb. 15 declared an extra dividend of 1214c. per share in addition to the regular quarterly dividend of 25c. per share on the common stock, both payable March 15 to holders of record Feb. 28. Like amounts were paid in each of the preceding 9 quarters. -V. 128, p. 266. Standard Publishing Co. (& Subs.). -Annual Report. - Calendar Years1928. 1927. Sales ofservices & magazines, printing & engraving. &c $1,018.154 S1,100,060 Production costs & expenses 971.696 989,505 Interest, &c 47,579 59,995 Cash disc, on purchase Cr1,233 Dividends paid 1926. $898,382 913,923 28,523 1f3.388 3112.000 4•50,560 def$147,452 Balance Sheet Dec. 31. Assets1928. 1927. 1928. 1927. Fixed assets x$317,745 8330.555 Class A stock--- 4995,058 $835.837 Cash 44,419 Class 13 stock 40,849 y125,000 125,000 Accts. notes rec. & Funded debt 579,817 602.417 contracts rec 513,339 600,251 Notes payable187.659 65,836 Adv. to salesmen. 11,804 Trade ace. payable 33.337 Other receivable__ 9,297 17,989 Other accts. pay 48,973 5,862 Inventories 18,820 14,542 A ccr.exp.. taxes &e 8,540 21,642 Sinking fund 2,500 2.228 Deterred sales_ 390,186 434.758 Serv., mag.©. 1,600,000 1,800,000 Res. for conting_ 86,680 150,088 Deferred charges 15,152 1,809 Surplus 8217,811 227,294 Total 82,517,702 $2,623,658 Total 82,517,702 $2,623,656 x After deducting depreciation. y Represented by 25,000 shares no par value. z Represented by 44,209 shares of no par value. a Including capital surplus of $212.058.-V. 126, p. 591. Standard Sanitary Mfg. Co. -Consolidation. -- See American Radiator Co. above. -V. 128, p. 748. Standard Steel Construction Co., Ltd., Welland, Ont.-Pref. Stock Offered. -Cochran, Hay & Co., Ltd., and Murray & Co., Toronto, are offering 10,000 shares class A cumulative redeemable preference shares (no par value). . Total net assets $574,566 The total net assets of $574,566 represent $57.45 for each share of class A preference stock. Earnings. -Net earnings of the company after all charges, including Provision for depreciation, and available for Federal income tax and dividends, were as follows: 1927. 1926. 1928. Earnings from operations $76.756 $156.950 8 S56.8 8 Depreciation 13.549 11.256 18.974 Net earnings 863.206 845,632 *137.976 The benefit from even the partial operation of the new unit is shown by an increase in earnings for the year 1928. The annual average for the three-year period as shown amounts to $82.271. equivalent to more than 2.74 times class A preference yearly dividend requirements of $30,000. Earnings available for the year ended Dec. 31 1928, are equivalent to 4.59 times class A preference dividend requirements. On the above basis, and after provision for preference share dividends, earnings for the past year available for common shares of the company amount to $7.19 per share. Listino.-It is expected that application will be made to list these shares on the Toronto Stock Exchange. Standard Textile Products Co. -Plans to Pay Dividend Arrearages on Preferred Stocks. The directors have agreed upon a plan to pay dividend arre,arages which on April I will amount to $33.25 on the "A" and "B" preferred stocks. The stockholders will meet May 7 to approve plans and necessary changes in capitalization, a Youngstown (0.) despatch says. -V. 128. p. 266. State Title & Mortgage Co. -Earnings. Earnings Year Ended Dec. 311928. Gross earnings Net profits transferable to surplus Dividends paid $1.270,309 890,908 600,000 Balance, surplus $290.908 Earnings per share on 60,000 shares capital stock $14.85 Balance Shed Dec. 31 1928. AssetsMailing: 68,000.000 $.316.008 Capital stock Accrued interest 1,000.000 184,611 Surplus Bonds & mortgages 645,003 6,239,44.5 Undivided profits Investments 25.164 579.264 Agency accounts Accounts receivable 2,814 Mort. sold-not delivered-Bonds & Inert. seeur. out214:0174 Reserves for taxes, &c stand. guarantees 854 8,960,376 Accounts payable 8,960,378 Guarantees outstanding Total 816,782,518 616,782,518 Total -V. 127. p. 2698. Steam Production Corp. -Privately Financed. F. J. Lisman, of F. J. ',Ismail & Co., has privately financed the Steam Production Corp., which is engaged in the manufacture of a steam power plant for use in motor buses, trucks, airplanes and motor boats. Frank J. Curran, of La Valle University, Quebec, is the inventor and Dr. William McClellan, President of the company, is known throughout the country as an authority on steam boilers. "The cost of fuel for the steam-driven bus may be cut to one-fourth of the present cost for the gasoline bus," said Mr. Lisman. "In the first place steam operation will give double the mileage per gallon and in the second place the fuel costs only half as much. The total cost of operation of the bus, excluding the labor of the chauffeur, can be reduced to onethird of the best that can be done with the gasoline vehicle. There are no gears and no clutch with steam operation: there is no transmission to maintain and the rear end of a steam car is much simpler than the best you can get with the heavy gasoline-driven vehicles, which eliminates many of the repairs so necessary after the bus has been in use a short time. When asked, Mr. Lisman stated it was not expected that any stock of the corporation would be offered to the public. -V 128, p. 576. (A.) Stein & Co. -Stocks Offered. -Lehman Brothers and Lawrence Stern & Co. are offering $2,500,000 64% cumul. pref. stock at $98.50 per share and div., and 72,000 shares common stock at $38.50 per share. A portion of the above stocks is reserved for sale to executives and other employees. Net income Class A preference shares are to be fully paid and non-assessable, entitling the holder to fixed preferential cumulative cash dividends at the rate of $3 per share per annum, payable Q. at par at any branch of the company's -J. bankers in Canada, and are preferred as to assets over all other classes of shares to the extent of $50 per share and div. Red. all or part on any div. date upon 30 days' notice in writing, at $50 per share plus city., or may be purchased for redemption by the company in the open market up to $50 per share and div. Transfer agent. National Trust Co., Ltd., Toronto. Registrar, Canadian Bank of Commerce,Toronto. CapitalizationAuthorized. Outstanding. Class A cum.red. pref. shares (no par value)---- 10.000 shs. 10.000 shs. Common shares (no par value) 15.000 shs. 15,000 shs. Data from Letter of T. J. Dillon, President of the Company. History and Business. -Company has been incorp. under the laws of the Province of Ontario under letters patent dated Dec. 29 1928. and is to acquire as a going concern the business, assets, undertaking and good-will, and to assume all the liabilities of, the old company of the same name. The old company (incorp, under the laws of the Province of Ontario in 1912) has carried on the business of designing. manufacturing and erecting all kinds of steel structures, such as bridges and buildings, and steel products, such as bins and hoppers. The company also warehouses and distributes steel in all forms, such as beams, shapes, plates, sheets, rivets and bolts. The plant and warehouses are located at Port Robinson, on the Welland Canal, and are served by the Canadian National Rys. and the Wabash RR. The site comprises 40 acres, providing ample space for expansion. During the latter part of 1928 there was finally completed a large new fabricating shop of the latest type of fireproof construction and electrically operated throughout. This new unit was in partial operation during the latter half of the year 1928. The productive capacity of the new unit, together with that which was already in operation, gives the company an annual rate of output of 15.000 tons. Assets. -Assets of the company as of Dec. 30 1928. after giving effect to the present financing, were as follows: Fixed assets $363.344 Net current assets 211.221 [Vol.. 128. Transfer agent, Fidelity Trust Co., New York. Registrar, Commercial National Bank & Trust Co., New York. Preferred stock is preferred as to dividends, and as to assets on liquidation to the extent of. and redeemable In a hole or in part at, $100 per share and diva, plus an additional sum of $7.50 if redemption or payment on liquidation is made on or before June 30 1939, and of $5 if after June 30 1939. Dividends payable quarterly cumulative from Jan. 1 1929. The articles of incorporation will provide, among other things, that, on or before June 30 of exch year beginning with 1940,out of surplus or net profits after dividends on the preferred stock, the company shall acquire by redemption or purchase at not exceeding the current redemption price, at least 3% of the largest amount in par value of the preferred stock which shall ever have been outstanding. CapitalizationAuthorized. Outstanding. 6%% cumul. preferred stock (par $100) $2,500,000 52,500,000 Common stock (no par value) 300,000 shs. 240,000 sha Listing -Company will make application to list both the preferred stock and the common stock on the New York Stock Exchange. Data from Letter of Samuel M. Stein, Pres., Chicago, Feb. 13. Business. -Company, manufacturers of Paris garters and suspenders, rubber sundries and other products of elastic webbing, is one of the largest producers In its field in the world. Originally manufacturing men's garter's only, the enterprise has gradually extended its activities to embrace many kindred articles for women and children, which are marketed under the trade name "Hickory." From an original capital investment of $300 the business has grown to its present large proportions, and the present net worth has been accumulated almost entirely from the reinvestment of earnings. In each of the 41 years since its inception the enterprise has shown a profit, and, with three exceptions, sales in each of the past 35 years have been greater than in the preceding year. The company's products are of universal and daily use. In addition to Paris garters and suspenders, ivory garters and hickory garters, the company manufactures hickory personal necessities for women and children. hickory elastic webbing and a wide variety of other articles. Although approximately 25% of the total 1928 sales consisted of Paris garters, the volume is well distributed over the entire line, as sales of seven other items represented approximately from 5% to 10% each of the total. History -The business was founded in 1887. and in 1909 the business was incorporated. A subsidiary, A. Stein & Co., Ltd., was incorporated under Canadian laws in 1919 and has a factory at Tornoto. Company will presently acquire control, through ownership of a majority of their capital stocks, of two companies which are important sources of the materials required by the business and which for some time have been closely affiliated with the company. The company's plant at West Congress St. and Racine Ave. In the near west side industrial section of Chicago, consists of a five-story and basement refinforeed concrete fireproof -type building, sprinkler equipped, with an aggregate floor space of approximately 232,000 square feet, the land and building being owned in fee. Adjacent properties aggregating 25,000 square feet of ground space are also owned in foe and are available for future expansion. Profits. -The net profits of the company for the three years ended Dec. 31 1928. after (1) including the proportion of the net profits of the subsidiary company and of two companies to be subsidiaries of the company applicable to the stock now owned and that presently to be acquired by the company,In lieu of dividends thereon,(2) eliminating interest on securities to be disposed of and certain other non-recurring income and expenses (such eliminations resulting in a net addition to profits averaging $2.u4. per annum, and (3) deducting adequate depreciation, and Federal income taxes at the rate of 12% in lieu of those actually paid, were as follows: Ycar Ended Dec. 311928. 1927. 1926. Net profits as above $806.488 *$975,686 $543,111 Times pref. dividend requirement _ 6.0 4.9 3.3 Per share common stock $3.38 82.68 $1.58 Profits for Dec. 1928, applicable to the stocks presently to be acquired of the two companies referred to above, estimated at 37.853. Assets. -The balance sheet of the company as at Dec. 31 1928, after giving effect as at that date to the recapitalization of the company, the acquisition of the majori(y of the capital stocks of the two companies referred to above, and to the other transactions in connection therewith, shows net tangible assets of $4,706,596. or over $188 per share of preferred stock presently to be outstanding. As shown by this balance sheet current assets amount to S3,585,217,as compared with current liabilities of 3747.470. a ratio of over 4.7 to 1. The net current assets of $2.837,747 shown are the equivalent of over $113 per share of preferred stock presently to be outstanding. (S.) Stroock & Co.,Inc. -7'o Reduce Capital by $1,000,000 -Proposed Cash Distribution of $10 per Share. The directors have approved a plan which will be submitted to a special meeting of stockholders on Feb. 25 whereby the capital will be reduced $1,000,000. this sum to be returned to stockholders on a basis of $10 Per share. This reduction if approved by stockholders will bring the company's stated capital down from $3,606.500 to $2,606.500. According to officials of the company, this action was taken by the directors following the recent sale of the company's felt mill and felt inventory. The proceeds from the sale left the company with cash or Its equivalent on hand exceeding the amount thought necessary for the business. This reduction will not affect the earning power of the company, it was said, and directors expects that the present dividend policy will be maintained. Accordingly, the directors have announced the declaration offour regular quarterly dividends for 1929 of 75 cents per share. Payable on the following elates: April 1, July 1, Oct. 1. and Dec. 21 1929, to holders of record March 15,June 15,Sept. 16.and Dec. 101929,respectively. -Y.128, p.41 Studebaker Corp. of America. -January Sales. - During January 1929, dealers reported the largest January retail deliveries in history, according to J. M. Cleary, sales manager. More than 2,000 unfilled orders were carried over into February by the Studebaker factory. -V. 128. p. 748. Stutz Motor Car Co. -Record Production. - Production plans for the early months of 1929 call for the greatest output of cars in the entire history of the company, according to an official statement by Col. R. S. Gorrell, new President. February will be the largest production month Stutz has over had, according to Col. Gorrell, with the esception of May 1926. Production In March, however, will be greater than any month in the 18 years that Stutz has been producing quality automobiles. April and May plans call for an output increase over March. Col. Gorrell says: "Out distributors and dealers have swamped the factory with orders. When the Safety Stutz was introduced in 1926. we thought we had reached the peak of dealer enthusiams-but this year has given a new meaning to immediate approval of a new automobile. Edgar S. Gorrell,formerly Vice-President, was recontly elected President. succeeding F. E. Moskovics, resigned. Edwin B. Jackson, another VicePresident, has been elected Chairman. An executive committee consisting of Charles Reed, E. V. R. Tha and E. B. Jackson was also elected. -V. 128. p. 126 Taubman Stone Corp. -Preferred Stock Sold.-B.Aubrey Harris & Co. and Frothingham, Kelly Co. New, York, have sold at $26.50 per share, 25,500 shares cumul.partic. preference stock. FEB. 16 1929.] 1073 FINANCIAL CHRONICLE -J. Preference stock has priority dividends of $2 per annum, payable Q. and shall be paid before any dividends shall be paid or set apart for payment on common stock in any current year. After this preferred payment on preference stock has been provided for, and provision made for the distribution to common stock, of $2 per share, any additional dividends must be declared equally, share for share, on both classes of stock, until $5 has been paid on preference stock, in any current year. The balance of dividends to be paid to common stock exclusively. No dividend shall be paid on the common stock which will reduce the surplus of the corporation below 234 times the dividend requirements on the outstanding preference stock in any one year. Preference stock issued without par value, has priority in liquidation or dissolution at 830 per share. Transfer agent. Union Trust Co. of Maryland, Baltimore. Md. Registrar, Century Trust Co., Baltimore, Md. Authorized. Outstanding. Capitalization50,000 shs. 25,500 shs. Preference stock (no par value) 95,000 shs. 20.000 shs Common stock (no par value) -Company was established in July 1924 under Business and History. the name of Taubman Automotive Co. by Henry G. and Arthur Taubman to deal in automotive supplies, hardware, paints, sporting goods and complete lines of radio equipment. The corporation began business on an invested capital of $11,650 with one store located in Baltimore. Their growth has been rapid, and in 1927 the company acquired the entire capital stock of the Pittsburgh Tire Sales Co. and the Taubman Automotivel Co. of Indiana. and now operates a chain of 40 stores, located in the States of Maryland, Virginia, Pennsylvania, Massachusetts, New York. Indiana. and the District of Columbia. The stores are well located in the metropolitan districts. The entire expansion of the company has been accomplished out of earnings without any additional capital other than the original investment. It will be the policy of the management to continue to expand the operations of the company through the opening of additional stores, ten new locations being under consideration at this time. The corporation is an extensive advertiser, having expended over $575,000 out of earnings for this purpose. It has created a valuable good-will and has established a well-known trade-mark for its products, and is the leading chain store system of its kind in the East. Sales and Earnings. -For the four years and four months ended Oct. 31 1928 the gross sales were as follows: Customers Average YearSales. Served. Sale. 1924 (six months) $261.008 185,526 $1.423 • 1925 733,639 514,470 1.426 1926 1,586,630 1,101,062 1.441 1927 2,276,011 1,451,242 1.57 1928 (ten months) 1,881.584 (est.)1.500.000 For the ten months ended Oct. 31 1928 the net profits of the company, before providing for Federal income taxes, but after eliminating nonrecurring items of income and expense in the amount of $29,504. amounted to $82.111, and after providing for Federal income taxes at the current rate of 12%, the net profits, after eliminating the non-recurring items above referred to, amounted to $72.258. Based on the above figures, and estimating the profits for the months of November and December at 815,000, which is considered conservative by the management, and also giving effect to additional cash discounts which could have been earned had the company had the cash supplied by this financing, and which the management estimates at a minimum of $20,000, a not profit available for dividends for the year 1928 would be $107.258. The above figures include the earnings of the entire chain of 40 stores, 12 of which were opened during the year 1928, and the full benefits of which will not be apparent until 1929. Listing. -The company has agreed to make application for the listing of this stock on the New York Curb Market. fled to by Arthur Anderson & Co., is equivalent to over $2,90 per share. See also V. 127. p. 3106. -Acquires Interest in Thompson-Starrett Co., Inc. -Increases Common Stock. General Realty & Utilities Corp. The stockholders on Feb. 11 ratified the action of the officers of thi corporation in executing an agreement, dated Jan. 29 1929, between this corporation and Lehman Brothers, Haligarten & Co.. Hayden, Stone & Co., Chas. D. Barney & Co., Stone & Webster and Biodget, Inc., Kissell, Kinnicutt & Co., Brown Brothers & Co., Central States Electric Corp., Louis W. Abrons, the Teeson Co., George Pick 8z Co., and General Realty & Utilities Corp. (of Del.), whereby this corporation will acquire 100.000 shares of the common stock (without par value) of General Realty & Utilities Corp. and options to purchase 50,607 shares of such common stock at $10 per share, and will issue in full payment of and in exchange therefor 100,000 shares of its common stock. The stockholders also increased the authorized common stock, no par -V. 128. p. 749. 905. value, from 500,000 shares to 600,000 shares. -Annual Report. Tida Osage Oil Co. Calendar YearsGross earnings Operating expenses Genoral and admin. exp 1926. 1925. 1927. 1928. $3,449,294 86,778,753 $5,422,539 $3,466,630 655,012 713,587 629,091 1.159.941 138.799 208.121 171,952 156,922 Balance Other income $2.663,280 85.466.860 $4,628.728 $2,544.921 49,882 45,940 50.691 ,z828,191 Total income Int., discount, taxes. Develop.,deprec.& depl_ _ Est. Federal inc. tax $3,491.472 $5,496.742 $4,674.668 $2.595.612 292,154 342,237 55.386 y 638.686 1,153,082 2.188,197 1.766,242 1.805.506 281.429 255,908 264,000 Net income Prof. dividends(7%) Common dividends $2,019,002 $2.413,952 $2,284,760 36,463 4,558 631.319 2.840.935 $497,952 36,463 def.$21,933 $1.778.075 $2,248,297 $461,489 Balance, surplus Shares of common outstand613.319 613.319 613,319 631,319 ing (par $10) $0.73 $3.56 $3.99 $3.20 Earn. per sh.on com $668,034 profit from sale ofcapital assesta. y Includes losses x Includes from sale of capital assets. Balance Sheet Dec. 31 1927. 1928 1927. 1928. $ $ Liabilities$ AssetsCommon stock___ 6,313,190 6,313,190 Operated proper's. 36,129 19,567 6,412,020 11,180,552 Accounts payable. bldgs.& equip__ 42,408 Wages, taxes, int. 39,795 Cash & marketsec. 86,864 47,235 129,769 & miscell 80,833 Acc'ts & notes rec. 440 35,839 Due from affil____ 2,569,148 1,562,346 Due to affil. co 145,500 22,526 Est. Fed. Inc. tax_ 264,000 21,638 Crude oil 56,177 93,055 284,976 Res. for conting 207,271 Materials & suppl. 65,399 56,177 Def.credits to oP 93,055 Invested res funds. 2,805,543 6,675,604 84.379 Surplus 79.822 Capital stk. of af111 16,169 74.847 Deferred charges 9,578,429 13,379,304 Total 9,578,429 13,379.304 Total Criticisms Answered.-Axtell J. Bytes, Pres. of Tide Water Oil Co., in a letter to the stockholders of Tidal Osage Oil, Jan. 31, says in substance: Texas Co. -To Extend Pipe Lines. The attention of this company has been called to a circular letter adThe company will extend its pipe lines, which are now being constructed Goldsborough, from Port Arthur and Houston to Winkler County, Texas,into Lea County, dressed to you by E. M. Love. Harrison Nesbit and W. W.excess of 20c. of Pittsburgh. Pa.. soliciting your contributions of not in corporate reNew Mexico, it is announced. -V. 127. p. 2383. as to the per share for the purpose a seeking information Tide Textile Building (Textile Properties Inc.), N. Y. City. lotions between Tidal Osage 011 Co. andWaterWater Oil Co. the majority Oil Co. holds This letter recites the fact that Tide its policy. The state-Bonds Offered. -An issue of $2,400,0150 7% gen. mtge. of the voting capital stock of Tidal and dominates without representation ments are therein made. (1) that the minority is sinking fund gold bonds (with common stock purchase war- on the board of directors and that if such representation were given, the rants) is being offered at 100 and int. by P. W. Chapman & minority could be informed as to "the matter of dividends, investment of surplus funds, urchase, sale and development of properties and marCo., Inc., and Peabody, Smith & Co., Inc., New York. keting of products'; (2) that a cash dividend of $2.50 a share was paid Dated Nov. 1 1928; due Nov. 1 1948.Int. payable(M.& N.) at office of out of the proceeds of the sale of the "Osage gas lease": (3) that 'the fiscal agent of the corporation in either New York or Chicago. Denom. Sept. 30 1928 statement discloses an item of $3.923,188 due from $1,000 and $5000. Red.. in part, on any int, date, upon 60 days' notice. affiliated companies", suggesting the advisability of "inquries with respect on or before Nov. 1 1931. at 105 and ins; thereafter, on or before Nov. 1 to this item"; and it is then concluded, from the "existing policy of the 1934, at 103.50 and int.; thereafter, on or before Nov. 11938. at 102 and company not to invest in additional leases", that 4) the "manageInt.; thereafter, on or before Nov. 11943, at 101 and int.; thereafter at 100 ment has no intention of carrying out the purposes for which the company and Int. Red. as a whole, on any hot, date, upon 60 days' notice at 101 was organized". and int, on or before Nov. 1 1943; thereafter at 100 and int. Interest It is obvious tnat the impression sought to be created by this letter is that payable without deduction for that portion of any normal Federal income the minority stockholders in general, and the signers of the letter in partax not exceeding 2%. Reimbursement of certain taxes, (other than suc- ticular, "are completely in the dark" as to the above matters. The truth cession or inheritance taxes) of the District of Columbia, or of any State, is that all of table subjects have been dicusaed in conferences between two Commonwealth, Territory or Possession of the United States, except the of the signers of the letter and the officials of Tide Water Oil Co. at which State of Mass,,up to but not in excess offive mills per dollar and in the State full and accurate information was given. of Mass, certain income taxes up to but not in excess of8% of the interest (1)The letter urges the necessity for minority representation on the board therefrom, in all instances upon timely and proper application, as provided of directors. If the stockholders who signed the letter had been entirely in the mortgage. -New York Trust Co.. New 'York, trustee. frank, they would have disclosed the fact that an invitation was extended Building. -The textile Building occupies the entire block front of the east to E. M.Love and his associates to name an individual satisfactory to them side of Fifth Avenue between East 30th Street and East 31st Street. The with the further assurance that at the same time another director reprebuilding, completed in 1921. Is a modern 16 -story office and display room senting the minority at large would be placed on the board. This offer of structure of granite, limestone, concrete, steel and brick fireproof construc- minority representation is still open to Mr. Love and his associates. tion and because of Its exceptional location facing on three thoroughfares, (2) The dividend policy of this company inferentially is critized. When was so designed as to afford maximum natural light and ventilation. The Tide Water Oil Co. took over the management of Tidal Osage Oil Co. it building is located on a plot of approximately 36,000 square feet, contains a was not only necessary for the former to furnish the latter with temporary net rental area of approximately 489,000 square feet, and is adequately working capital but it was essential that Tide Water Oil Co. guarantee a served by ten elevators. $3,500,000 bond issue to pay off outstanding indebtedness and furnish Earnings. -The corporation certifies that the building is 100% rented additional working capital. Following the redemption of the outstanding and since 1922 has established the remarkable record of a full tenancy. preferred stock and the bond issue, dividends were declared and since that Calendar Years- 12 Mos.End time have been continued to the satifaction of the stockholders. 1927. Sept.30'28. 1925. 1926. (3)The Osage gas lease was sold with full knowledge and approval of Grossincome $1.128,463 $1,136,109 $1,161,214 $1,174,949 W. W.Goldsborough. The dividend of $2.50 a share paid Nov. 1 1928 Oper. exp.. 'mint.. Ins. was not a capital disbursement but was a disbursement from surplus and & tax.(excl. Fed. tax) 273,286 274.721 286.158 291.775 undivided profits as you were advised by the notice accompanying the dividend check, where it was stated that "the surplus and cash on hand Balance $861,388 $875,056 $855,177 $883,174 warrant the payment of the present dividend". First mtge. annual int. (4) It was not necessary for the signers of the letter to "Infer" that the & sink,fund. clogs._ 476.460 476,460 476,460 476.460 sum of $3,928.188 has been loaned to Tide Water Oil Co. W. W. Golds borough was advised that pursuant to the Tide Water Oil Co. policy with Balance $384,928 $398.596 $378.717 $406,714 all its affiliated companies, this amount is on deposit with that company. Maximum annual int. It was also made clear to Mr. Goldsborough that Tide Water Oil Co. never charges (this hume).._ $166.932 devoted any of these funds to the development of its own properties. as is Net income available for maximum annual interest charges, depreciation implied by the letter, and has accounted fully to Tidal Osage Oil Co. for and Federal income taxes,for the 12 -months ended Sept.30 1928 was equiva- the highest rate of return on the investment of all surplus funds deposited lent to over 2.4 times such maximum annual interest charges. with it. In short, Tide Water Oil Co. invested this fund in such a manner Security. -These bonds will be secured by a closed mortgage on the land as to yield the largest return consistent with security, thus giving the and building owned in fee at 295 Fifth Avenue N. Y. City, known as the maximum return with minimum risk. Textile Building, the plot extending about 197 feet on Fifth Avenue, 164 (5) It is obvious that the existing policy of the company not to invest feet on East 30th Street and 200 feet on East 31st Street or a total of 561 in additional properties does not show an intention on the part of this comfeet of street frontage, subject to the lien of the 1st mtge 6% sinking fund pany not to carry out the purposes for which Tidal Osage Oil Co. was or gold loan in the principal amount of $7,350.000. due Nov. 1 1958. The ganized. This policy was determined upon because the management,having plot, consisting of a total land area of about 36,000 square feet, is one of the rehabilitated the company and placed it in its present financially strong largest single plottages on Fifth Ave. condition, believed. since the company never had paid a dividend on its -Mortgage will provide for a sinking fund payable semi- common stock, that its present policy, with the payment of dividends. Sinking Fund. annually to the trustee beginning May 1 1929. The operation of this semi- better carries out the purposes of the company than would a policy of annual sinking fund, through purchase in the open market or through re- expansion with all its attendant risks. The wisdom of the purchase of tirement by lot at the then existing call price,is calculated to retire this entire additional properties is a matter of business judgment, which your board issue by maturity. of directors in good faith has exercised to the bes tinterest and protection Warrants. -Each $1,000 bond will carry a non-detachable common stock of all stockholders. purchase warrant entitling the holder thereof to purchase, at any time Two of the signers of the letter ,which now solicits your contribution subsequent to Jan. 11929. and prior to Jan. 11034. ten shares of the com- have offered to sell their respective holdings of stock from time to time to mon stock of the corporation at $20 per share. Each $500 bond will carry Tide Water Oil Co. and were advised that the company would not purchase warrant. In the event of the re- but was willing to sell its own stock and for such purpose offered an option a proportionate common stock purchase demption of any of these bonds prior to Jan. 1 1934, the unexercised war- at a price and on terms deemed fair, which was not accepted. At different rants on the bonds so redeemed shall be detachable by the trustee in the man- times brokers representing that they contemplated the purchase of some ner as provided in the mortgage. Of the total authorized (100,000) shares or all of the stock owned by the signers of the letter have called on officials of the common stock, 24.000 shares will be reserved for the warrants with of Tidal Osage to secure an expression as to the value of the stock. These 76,000 shares to he presently outstanding. The balance of net earnings officials have always stated that their opinion as to the value of the stock after deducting interest, amortization of bond discount, and an allowance is reflected in the terms of the option tendered to W. W. Goidsborough for Federal income taxes, available for depreciation and common stock to and that the company would do nothing to influence the market value of be presently outstanding, for the 12 months ended Sept. 30 1928. as cern- the stock either by information given or withheld. 1074 FINANCIAL CHRONICLE In view of the foregoing facts, it would seem that the signers of the letter are more interested in the sale of their stockholdings of Tidal Osage than in the protection of the minority. -V. 127. P. 2247. United Bond & Share Corp. -Earnings. - Income Account Year Ended Dec. 31Gross income Interest, taxes, insurance. &c Trans -America Corp. -Capitalization Increased. - The stockholders on Feb. 9 increased the authorized capital stock, par $25. from 10,000,000 shares to 50,000,000 shares. -V. 128, p. 419. Transformer Corporation of America. -Stock Offered. C. L. Schmidt & Inc., Chicago, recently offered 12,500 shares common stock at $17.50 per share. Co., Capitalization Authorized Outstanding. Common stock (no par value) 50,000 shs. 50,000 shs. Transfer agent: Union Bank of Chicago. Chicago; registrar: Foreman Trust & Savings Bank, Chicago. Data from Letter of Ross D. Siragusa, Pres. of the Corporation. History. -organized in Illinois in January 1928 for the purpose of taking over the business of the Wilson Electrical Laboratories; a partnership which began business with a nominal capital in March 1928. Practically the entire net earnings have been reinvested in the business, thus making possible the company's rapid growth. The company manufactures a complete line of power and radio transformers. The company has completed the development of Neon transformers and is entering into volume production on this item. The company's manufacturing operations are carried on in Chicago. Earnings. -Net sales and net earnings as reported by the auditors, for the two calendar years 1927 and 1928 (Dec. 1928 est.) after all charges, Including provision for Federal income taxes, have been as follows: 1927 1928 SalesEarnings Earnings Sales First quarter $7,793 $1.033 $4,675 $21,348 Second quarter 13,896 1,844 24,911 5,455 Third quarter 43,731 103,604 5,802 22,692 Fourth quarter 72,988 272,526 9,684 59,687 [VOL. 128. 1929. $770,367 263,850 1927. $350,966 171,826 Net income Dividends Placed in contingent reserve $506,517 239,904 115,000 $179,140 199,080 Balance, surplus -V. 127, p. 2553. $151,613 $80,060 United Fruit Co. -Extra Dividend in Stock. -The directors on Feb. 13 declared an extra dividene of 1-20th of a share in stock in addition to the regular quarterly dividend of $1 per share on the outstanding 2,500,000 shares of capital stock, no par value, payable April 1 to holders of record Mar. 2. An extra distribution of $1.50 in cash was made on April 1 1927 and 1928.-V. 128, p.878. United Paper Box Co., San Fiancisco.-Stock Sold. De Fremery & Co., San Francisco, recently sold 14,000 class A shares capital stock at $23 per share. Class A stock is entitled to preferential cumulative dividends of $1.60 per share per annum, payable quarterly, before any dividends shall be paid on class B stock. Class A stock is redeemable at $26 per share at any time after 30 days' notice. Class A stock is convertible into class B stock at any time up to ten days prior to actual date of redemption, share for share. Class A and class 13 stocks have equal voting rights, except In case of default in four quarterly dividends on class A stock; then, class A stock elects the board of directors until the default is made good. In event of liquidation, dissolution, or winding up of the corporation, class A stock is entitled to $26 per share. Dividends free from normal Federal income tax and exempt from California personal property tax. Transfer Total $138,410 $18,365 $422.391 $92,510 The company has had to allocate its production, not having been able to agent, Wells Fargo Bank & Union Trust Co., San Francisco, Calif. fill its orders, and present commitments for the first quarter of 1929 are Registrar, Anglo & London Paris National Bank. San Francisco, Calif. greatly in excess of the business done in the first quarter of 1928. With CapitalizationAuthorized. Outstanding. the additional working capital made available by this financing, the com- Capital stock A (no par value) 25,000 shs. 14,000 shs. pany expects materially increased earnings. Capital stock B (no par value) *75,000 shs. 14,500 shs. Purpose. -Proceeds of this financing will be used to increase the com*25.000 shares reserved for conversion of class A stock. pany's manufacturing facilities and for addtional working capital. Co” pany.-A Nevada corporation. Is a merger of the Mission Paper Box Co. and Scott Brothers, Inc.. which companies, with their predecessors, Transue & Williams Steel Forging Corp., New York. - have been engaged for the last eight years in the manufacture of all kinds of "set-up" paper boxes and containers. Its manufacturing plant is New Officers, etc. J. R. Gorman was recently elected President. succeeding F. W. Trabold. located at Bryant and 18th Sts., San Francisco, Calif. Earnings. -The earnings before income taxes and after elimination of resigned. Mr. Gorman was also elected a director and member of the executive committee. M. C. Semour was elected Secretary-Treasurer to non-recurring executive salaries and personal expenses, and interest, for the past 22 months have averaged $49.647 per year. succeed Herbert Wolfe, resigned. -v.127. p. 3106. -The purpose of this issue is to bring about this merger and Purpose. the enterprise. Travel Air Co. -Stock Sold. -Jackson & Curtis and make possible public participation in to list the class A shares and class B Listing. -Application will be made Hayden Stone & Co. announce the sale of the stock of the shares on the San Francisco Curb Exchange. company. CapitaItzation.-100,000 shares capital stock (no par value) authorized and outstanding. Transfer Agent, National City Bank, New York. Registrar, New York Trust Co. History-Company.a Delaware corporation owns over 98% of the steels of Travel Air Manufacturing Co., (Kan.). The latter since its inceptiod in Jan. 1925 has developed into one of the largest manufacturers and distributors of commercial and pleasure aeroplanes in this country. It has confined its production to single motored planes selling at prices ranging from 62,750 to $13,500. It is now producing in standard models three place biplanes and four and six place cabin monoplanes. "Travel Air" planes are in general use all over the United States and in several foreign countries, being widely used by mail lines, flying schools and transportation companies as well as by private individuals. Distribution of the company's products is made through approximately 118 dealers and distributors in the United States. It also has foreign representation in practically every civilized country in the world. Company's plant is located at the Wichita Airport. about three miles east of Wichita, Kan.. and consists of two units having a combined floor space of over 49.000 square feet arranged for progressive production and assembly. A third unit of equal size is now under construction. Company owns a flying field immediately adjacent to the plant, its total land holdings being approximately 160 acres. Company manufactured and sold 18 planes in 1925, 46 in 1926. 154 in 1927 and 530 in 1928. Earnings. -The income statement of Travel Air Manufacturing Co. for the period Feb. 5 1925 to Dec. 31 1928 incl. Is shown below. Net Inc. After Sales. Fed. Taxes. 1925(Feb.5 -Dec.31) $54,936 $11,056 1926 185.169 25,003 1927 642,192 68,385 1928 $2,229,816 $360,932 Listed. -Stock listed on New York Curb. The pro forma consolidated balance sheet as of Sept. 30 1928 shows net tangible assets of $930.031, of which $816.767 represents net current assets. -V. 127. p. 3417. Tr -Continental Corp.-Listing.There have been placed on the Boston Stock Exchange list 250,000 shares (Par $100) 6% cumulative pref. stock. On Jan. 18 1929 there were listed upon the Exchange 200.000 shares without par value of common stock. with authority to add thereto on notice of issuance and payment in full 800,000 additional shares. As of Jan. 28 1929 these additional shares were issued and paid for and added to the list -V. 128. p. 267, 419, 577, 749. Underwood Elliott Fisher Co.(8c Subs.). -Earnings. Statement of Combined Income for Fourth Quarter and 12 Months Ended Dec. 31 1928. 4th Quarter 12 Months. Combined Net Earnings,after deducting mfg.,sell. & general expenses and all other chgs., but before deprec. and Federal taxes 1,828,274 5,435,647 Other net income 254,848 566.117 Total $2.083,122 $6.001,764 Depreciation 206,983 713,752 Reserve for Federal income tax 247.029 644,556 Combined Net Income $1,629,110 64,643,456 Equivalent on average number of shares of no par value common stock of Underwood Elliott Fisher Co. outstanding during the period (incl. shares held for exchange for Elliott-Fisher Co. stock not yet deposited) $2.29 per elt.$0.45 per eh. -V. 127. p• 2553. Union Storage Co. -Annual Report. - Calendar YearsNet earns. bet. Fed. tax_ Depredation Net income Dividends 1928. $51,271 10,268 1927. $53,844 9,922 Profit & loss surplus_ _ Shares capital stock outstanding (par $25)_ _ Earns, per sh. before tax -Nr. 126. P. 1058. def$997 414.151 1926. $39.779 10.081 1925. $76,465 10.065 $1,922 def$12,302 339,641 327.339 $17,400 322.241 $413.153 $329.261 $327,339 $339,641 14,000 $2.93 14.000 $3.14 14.000 $2.12 14.000 $4.74 United Aircraft & Transport Corp. -Distribution. -- -Bement -Pond Co. above. See Niles -V.128. p. 749.578. Earnings for Period Jan. 17 to Nov. 30 1928. Interest, dividends and realized investment profits Investment service fee Miscellaneous expenses Interest on debs. & loans payable, incl. amort. of discount Foreign, State and miscellaneous taxes Federal income tax $1,408,196 86,803 37,892 213,561 42,362 85,198 Net income Dividends on preferred shares paid and accrued $942,379 350,000 Balance transferred to undivided profits $592.379 Balance Sheet Nov. 30 1928. Assets. LlabilUfee. Inv. scour. (at cost, less inv. x37,000.000 Preferred stock reserve) -General portfolio $12,468,647 Class A stock y2,475,000 Trans-Oceanic Trust, Ltd_ 1,850,012 Claes B stock z1,000,000 Cash 6,000,000 586,100 5% debentures Call loans 04,205 1,500,000 Taxes accrued Securities sold-not delivered 35,000 330,040 Pref. dive. accrued Accrued int. rt3ceiv. and items 25,000 Int. payable on debentures in course of collection 50,479 134,197 Inv.service tee es sundry exp. Furniture and fixtures 28,057 767 Securities purchased Unamort. disc, on debentures 270.500 570,937 Capital surplus Organization expenses 402.379 29.020 Undivided profits Total $17,470,711 $17,470,711 Total x Represented by 140,000 no par shares. y Represented by 160,000 no par shares. z Represented by 300,000 no par shares. Note. -140,000 shares of each class of stock have been deposited with the New York Trust Co. and allotment certificates issued against them. -V.127. p. 3722. United States Envelope Co. -Extra Dividend. - The directors have declared an extra dividend of 4% on the outstanding $1,750,000 common stock, par $100, in addition to the usual semi-annual dividend of 4%, both payable March 1 to holders of record Feb. 15. An extra cash disbursement of like amount was made on March 1 1928, while in March 1926 and March 1927, an extra of 2% was paid. -V.126, p. 2163. United States Fidelity & Guaranty Co. -Ann. Report. Earnings Year Ended Dec. 31 1928. Total premiums written $45,533,617 Total reinsurance 3,460,923 Losses paid incl. exp. of adj. Inspec. & accident prevention-- _ 22,436,728 Expenses including commissions 14,705,870 Taxes paid 1,537,295 Net profit from underwriting $3,332,803 Interest earned and net rents 2,272,924 MLscellaneous income, incl. profit and loss 351,975 Total income $5,957,702 Dividends paid (20%) 1,500,000 Reserves (net) 1,985.352 Depreciation of securities 201.136 Balance, surplus Surplus paid Previous surplus $2,271,214 2,500,000 12,153,143 Total surplus. Dec. 31 1928 $16,924.35 . Balance Sheet Dec. 311928. $29,698 $66.400 $41.003 $43.922 (12%)42,000 (12)42.000 (12)42,000 (14)49,000 Balance, surplus Previous surplus United States & British International Co., Ltd. Assets Real estate and bldgs $3,434,577 Bonds and stocks 52,522,547 Cash 3,521,538 Loans secured 11,622 Prem. In course of collection- 8,464,679 Due for subscriptions 150,943 Dep. with Workmen's Compensation Reinsur.Bureau. 281,910 Accla with suspended banks. 3,023 Furniture and fixtures 1 Amount due from reinsurers on paid losses 32.354 Interest due and accrued.... 620,073 Other current assets 1.889 Total -V. 128, p. 287. $69,045,139 Liabutuss- Funds held under relnaurance treaties 8506,877 Due for return premiums and reinsurance 68,317 Res. for 1929 taxes and cepa. In transit 1,242,041 Commissions accrued on unAel collected premiums 1.558,016 Reinsurance & claim reserves_ 37,746,734 Voluntary contingent reserve. 1,000.000 Capital stock 10,000,000 Surplus 12.500.000 Undivided pronts 4,424,358 Total $69,045.139 -Report. United States Hoffman Machinery Corp. 1925. 1926. 1927. 1928. Calendar YearsGross profit on sales_ _ _ $3.400,012 83.530.267 $3.747,542 $5,982,158 4,285,963 1,878.091 1,838.768 exps_ - 1,947,598 Sell., gen.& adm. Profit from operations 81,452.414 $1,691,499 81.869.451 $1,696.195 151.551 187.263 197,058 266,189 Interest, &c., Income...... hauled away by the electric locomotives and dumped down another side of the mountain, while the ore itself, also in cars, is hauled to the mills at Magna, 17 miles distant, over the Bingham & Garfield RR. Power for this haulage system will be supplied from a number of substations, two of which are already in use, and an extensive electrification system is necessary for distributing the power to the points where it is needed -V.127, p. 3263. 81.718.602 81,888,558 82,056,714 81,847.746 Gross Income 139.824 99,441 92.573 233.514 Interest. &c.,charges _ - _ 190,246 220.104 189.830 140,929 Fed. & Dominion taxes176.906 189,911 170.812 Depreciation_ _ _ _ 218.410 219,064 219.633 220,103 Amortization of patentsNet income Divs. on pref. stock_ Common dividends Surplus Profit and loss items_ Previous surplus $64,430 8307,797 3.024,973 2,717,175 -Stocks Sold. -H. M. Utility & Industrial Cor p. Byllesby & Co., Inc., announce the sale of 700,000 shares convertible preferred stock at $25 per share and div. and 1,000,000 shares common stock at $17.50 per share. 3953.243 81,196,610 81,341.198 $1,299,966 60.896 433.125 833,213 888.813 888.813 8507.985 Dr.68,568 2,277.757 $805,245 Cr.1,589 1,470.924 Profit & loss, surplus- $3,089,403 $3,024,972 82.717.175 82,277.757 $5.73 $5.38 $6.04 $4.29 Earns, per sh. on com_ _ Balance Sheet December 31. sse s Plant property _ _41,028,338 8875,850 Capital stock_ ___d$4,832,182 $4,632,182 Accounts payable_ c371,704 387,883 Plant construe. Sc 27,483 28,922 Deposits on acct. of equip, in process 12,558 4,816 uncompl.sales__ b1,821,988 1,974,273 Patents 259,978 53.887 1 1 Reserves for taxes_ Good-will 400,000 Customers' installD.S. certificates 51,091 12,249 ment divs 200,000 Call loans 3,089,402 3,024.973 315,587 509,134 Surplus Cash Inst. accts. rec. x2,839,990 2,932,814 637,990 Accts. rec..less res. 688,375 Prepaid and def'd 21,081 98,338 charges 1,173,012 1,120,031 Inventories Deposits on leases, 1,884 2,419 contracts, dm_ _ _ 100 Total(each side)-$8,210,825 $8,301,861 15,311 Investments x Includes 82,801.386 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 $429.123. b After deducting reserves of $1.510.388. c Accounts payable within one year and accrued accounts,incl. Federal tax not assessed or due but estimated to become payable within one year. d222,203 1-3 she. of no par -V.127. p 2975. value. . -To Aid United States Realty & Improvement Co. Financing of Hotel, &c. The directors on Feb. 14 approved a contract for the construction of the Hotel Pierre on the site of the old Gerry manison, 5th Ave. and 61st St., N. Y. City. 'rhe amount involved is $6.000,000. The officers of the company will subscribe for $590,000 of the debenture bonds of the hotel. The bonds carry a bonus of 50% in stock. Announcement also was made that the directors had authorized the issuance of 20,246 shares of treasury stock of the Improvement company for the purchase of the outstanding stock of the Plaza Hotel. The Improvement company already owns the greater part of the hotel stock. After the issuance of the 20,246 shares there will remain in the company's treaury only 2,285 shares of unused stock, but this will be increased by 1,000,000 shares at the next meeting of stockholders of the Improvement company. The board also approved the action of the directors of its subsidiary, the George A. Fuller Co. in "confirming instructions issued by its President to all officers and managers to the effect that hereafter the Fuller company will not figure any competitive work." "This means, it was explained, "that the Fuller company will not figure any public or private work on a competitive basis." The action of the directors of the Fuller company in revoking all existing contracts with employees was approved by the United States Realty directors. The board, it was said, would approve additional compensation for the Fuller company employees in "proportion to the results achieved The Puller company has established a pension fund during the year. for employees in its various officers and superintendents and foremen. Gustave J. S. White of Andrews & White, Newport, it. I., has been elected a Vice-President of the Improvement company. Albert C. Mau, F. W. Timke and P. M. Raynor were elected Vice-President to sign stock certificates. See also V. 128, p. 905. -Unfilled Orders. United States Steel Corp. See under "Indications of Business Activity" on a preceding page 128. p.906,720. -Bonds Offered. -Baltimore Universal Mortgage Co. Trust Co. recently offered $500,000 6% guaranteed gold bonds, series D,at 100 and int. Dated Jan. 1 1929; due Jan. 1 1939. Denom. $1,000c*. Callable as a whole or in part on any int, date at 101 and int. In the event of default, all or any part of this lime may be called on any date by the Metropolitan Casualty Insurance Co., New York, at 100 plus int. Both prin, and semi-ann. int. payable at the principal office of the trustee, Central Bank & Trust Co., Asheville, N. C.,• or at the principal office of the Hanover National Bank in the City of New 'York. Int. payable J. & J. Company egrets to reimburse the holder of any bonds of this series upon proper application any State, county or municipal securities tax or taxes which the holder may be required to pay, not in excess of five mills per annum on each one dollar of assessed value. The Metropolitan Casualty Insurance Co. of New York guarantees the payment of principal and interest of these bonds, by endorsement, direct to the holders thereof. These bonds are the direct obligation of the company. In addition to the primary obligation of the borrower and the direct obligation of the company, the Metroploitan Casualty Insurance Co. of New York guarantees the payment ofthese bonds, both as to prin. and hit., by endorsement on each bond. This issue of bonds Is secured at all times by deposit at the Central Bank & Trust Co., Asheville, N. O., trustee, of 100% principal amount of cash and (or) United States bonds. United States Treasury certificates and (or) promissory notes and (or) bonds of individuals, firms or corporations, secured by first mortgages and (or) deeds of trust upon improved real property owned in fee simple by the makers of such notes or bonds. Mortgages deposited shall not exceed 60% of the actual value of the property, as appraised by appraisers appointed or approved by the Metropolitan Casualty Insurance Co. of New York and the Universal Mortgage Co. All appraisals are approved by both companies. Utah Copper Co.-Reported to Have World's Largest Electrified Metal Mine. The Bingham (Utah) mining properties of this company can now claim the distinction of being the world's largest electrified metal mine, it is announced. The electrification of the haulage system of this mine, starting on a large scale early in 1928, has now progressed to a point where the electric equipment involved is the most complete and up-to-date of any metal mining project. Although the actual mining operations had already been electrified, using electric shovels, the haulage system had. up to the middle of 1928, been of the steam type. A trial locomotive was built by the General Electric Co. and was found satisfactory in service. Plans were then made for the installation of 20 General Electric locomotives, with suitable substation equipment, and more than half of these are now in service. In addition to those of the original 20 still to be put in service, an additional 20. also to be built by the General Electric Co., will be used as soon as they can be built and delivered, and it is expected that possibly a few in addition to this number will be required to complete the haulage program. Thus this mine will have in use by far the largest number of electric locomotives ever applied to an open-cut mining operation. The copper ore is found on both sides of the canyon in which the town of Bingham is situated. Giant electric shovels working on successive terraces cut in the mountain face, remove the overburden which covers the ore, and then the ore RAW/. The overburden is deposited in cars which are 1075 FINANCIAL CHRONICLE rEB. 16 1929.] Convertible preferred stock will be convertible up to and including Feb. 1 1944 into Common Stock, share for share, subject to adjustment to prevent dilution of the conversion privilege, and in event of its call for redemption shall be convertible until 5 days before the designated redemption date. Dividends on convertible preferred stock cumulative at the rate of $1.50 -F. Convertible preferred per share per annum, and no more, payable Q. stock in liquidation entitled to receive, and will be limited to $30 per share and dive, in preference over the common stock: redeemable in whole or in part on 60 days' notice at $30 per share and dive. Transfer agencies: Offices of H. M. Byllesby & Co., New York and Chicago. Registrars: Guaranty Trust Co. of New York and Continental National Bank & Trust Co., Chicago. -Corporation has been organized in Delaware with general Business. powers to engage In business in the United States and foreign countries, including the power to deal in and underwrite stocks and securities and to acquire, hold and dispose of controlling or minority interests in, and to operate and supervise, public utilities and industries. -The board of directors at present is composed entirely of Management. members of the Board of directors of H. M. Byllesby & Co., but future boards may be selected by the stockholders without restriction. below, H. M. Byllesby & Co., in consideration of warrants referred to will enter into a contract providing management for the corporation for a period of 15 years without compensation, such contract subject to termination at any time in the event that the board of directors is not in accord with the policies of the managers. H. M. Byllesby & Co. may deal freely with the corporation in business transactions in which H. M.Byllesby & Co. may or may not have resultant profit. -The 700.000 shares of convertible preferred stock Present Financing. outstanding are to and 1,000,000 shares of common stock presently to be received by Utility be issued for a cash consideration of $32,750.000 to be & Industrial Corp. Of the 1,000,000 shares of common stock, 200.000 shares are being purchased by H. M. Byllesby & Co., at $17.50 a share for its own account and are not included in this offering. Al organization expenses of the corporation will be borne by H. M. Byllesby & Co. The corporation will presently acquire from H. M. Byllesby & Co. and others at prices in excess of cost to them, public utility shares and securities Including substantial holdings of Northern States Power Co.(Del.) common stock, Standard Gas & Electric Co. common stock and Standard Power & Light Corp. $7 cumulative preferred stock. In addition the corporation will have cash in the treasury of $15,737,500. Outstanding. Authorized. Capitalization700,000 she 700.000 she. Convertible preferred stock (no par) *5,000,000 she. 1,000,000 she, Common stock (no par) * Of this amount there are reserved 700,000 shares for conversion of. convertible preferred stock and 1.000,000 shares are to be deposited for the exercise of rights to purchase such stock under the warrants to be outstanding. In addition there are presently to be outstanding warrants Issued to H. M.Byllesby & Co. evidencing the right to purchase 1.000.000 shares of common stock on or before Feb. 1 1944 at $17.50 Per share, with provision against dilution. -Without the consent or vote of the holders of Prorisions of Stock Issues. not the majority of the outstanding convertible preferred stock, it shall nor be reclassified nor shall its authorized number of shares be incerased shall any new class of stock ranking superior or equal thereto be created; and without the consent or vote of the holders of two-thirds of the outstanding convertible preferred stock, its characteristics shall not be impaired nor, during the continuance of the conversion privilege unless suitable adjustment to prevent its dilution is at the time made,shall the common stock be reclassified or additional common stock be issued for less than $17.50 per share or common stock declared as a stock dividend representing a capitalization of less than $17.50 per share of common stock. The convertible preferred stock will have no other voting rights except as may amount be provided by law, unless at the time dividends aggregating the share of each of five quarterly dividends shall be in default in which case all questions. preferred stock shall be entitled to one vote on convertible The common stock has full voting power. The holders of common stock have preemptive rights in respect of all common stock now or hereafter authorized which may hereafter be issued exercise for cash, other than common stock presently deposited for the of other of option warrants or reserved, or to be reserved, for conversion stock have stocks or securities. The holders of convertible preferredclass which premay emptive rights in respect of additional stock of the same hereafter be authorized and issued for cash. -Sales.Waldorf System, Inc. 1028. 2 .299 $119 6 .1)46 $1,226,568 Month of Januarysales Increase. $69.478 -V. 127. p. 2976. Wampanoag Mills.-Balance Sheet Dec. 31 1928.A asets. Real estate, mill buildings and $1,324,000 machinery 138,328 Inventories 5,714 Prepaid insurance 76,669 Cash and accounts receivableTotal -V.118, p. 320. $1,542,709 Liabilities. Capital stock Bills payable Reserve for taxes Reserve for depreciation Profit and loss Total 81.000,000 110,000 40.053 325.385 67,371 $1,542,709 Warchel Corp.-Pref. Stock Offered.-Bard & Co., and R. P. Minton & Co., Inc., are offering 30,000 units consisting of 1 share of $2.50 cony. pref. stock and 3 share corn. stock at $41 per unit. Pref, stock exempt from Illinois personal property tax. Dividends exempt from present normal Federal income tax. Transfer agent, First Trust & Savings Bank. Chicago; registrar, Harris Trust & Savings Bank,Chicago. Convertible preference stock preferred as to cumultive dividends of $2.50 per share per annum, payable 0.-F. Preferred as to assets in the event of voluntary liquidation up to $40 per share and dive, and in involuntary liquidation to $35 per share and diva. Convertible preference stock has equal voting rights share for share with the common stock. Red. at any time on not less than 30 nor more than 60 days' notice at $40 per share and dividends. Convertible into the common stock share for share, such conversion to be effective up to the date of redemption or date of deposit of the redemption price as specified in the redemption notice. Authorized. Outstanding. Capitalization50,000 shs. 30,000 shs. $2.50 convertible preference stock (no par) *125000 shs. 50,000 she. Common stock (no par value) *50.000 shares reserved for conversion of preference stock and 2,000 shares reserved for sale toemployees. Listed on the Chicago. Stock Exchange. Data from Letter of Le Roy J. Zorn, President, Chicago, Jan. 18. -Recently organized in Illinois. Will acquire the entire outCompany. standing capital stocks of the Ward-Love Pump Corp. (Rockford. n%). Mfg. Co. (Ashland. 0.) and the J. H. Channon (orp. (Chicago, Ill.) Elite While the products of these companies are dissimilar each unit is in position to benefit materially by this combination. It is the intention of the management to divide the present manufacturing activities of the Channon Corp. between the Ward-Love and Elite units. Both of these companies are well equipped to handle this business on a more economical basis. The J. H. Channon Corp., however, will continue to operate as a sales organization. Of the varied lines of products manufactured. among the most important softeners and the most susceptible to immediate expansion are the water Wardand electric water systems. These products are manufactured by the 1076 FINANCIAL CHRONICLE Love unit under their own patents for Crane Co. of Chicago and are distributed throughout this country. Canada and Europe. Assets. -Balance sheet shows net tangible assets of $1 A573032. which is equivalent to $48.56 for each share of convertible preference stock outstanding, and net current assets of $620,301. of convertible preference stock outstanding. equal to $20.60 for each share The current ratio is 6.6 to 1. Earnings. -The combined net earnings of the companies ended Dec. 31 1928. after all charges, including Federal for the 3 years income before interest on notes payable to he retired, of the companies tax, but comprise the Warchell Corp.. adjusted by the management which will to eliminate certain non-recurring salaries in the amount of $26,500 executives of the former companies whose services per annum paid to are to be dispensed with, were as follows: . Calendar Years 1928. 1927. 1926. Net profits after taxes Earnings per share cony, preference stock $209.349 $145,866 $130,069 4.86 6.97 4.33 Earnings per share common stock 2.68 1.42 1.10 Purpose. -Proceeds from the sale of the preference and common stocks will be used for the acquisition of the properties above mentioned to provide working capital and for other corporate purposes. Warner Bros. Pictures, Inc. -Initial Pref. Dividend.The directors have declared a dividend pref. stock (for the 6 months' period fromof $1.10 per share on the cony. Sept. 1 1928 to Feb. 28 1929), payable March 1 to holders of record Feb. 26 (see Stanley Co. of America In "Chronicle" of Oct. 20 1928, p. 2247).-V. 128, p. 578. 419. Warner-Quinlan Co. -Stock Increased. - The stockholders on Feb. 11 increased the authorized capital stock from 500,000 shares to 1,000,000 shares, no par value. -V. 127, p. 2976. Weber & Heilbroner, Inc. -Merger Approved.- At special meetings of the stockholders of Fashion Park Inc. and Block Co. in Rochester it was voted to transfer all the assets oethese Stein companies to Weber & Hellbroner. Inc., in connection with the proposal to unite the businesses of these organizations under the name of Fashion Park Associates, Inc. -V.128, p. 578. [VOL. 128. equivalent to $6.94 per share of convertible preferred stock to be presently outstanding. After deducting annual dividend requirements on the convertible preferred stock to be presently outstanding, the balance of net income. calculated as above, for the fiscal year ended Aug. 31 1928 is equivalent to approximately $3.21 per share of the 600.000 shares of common stock to be presently outstanding. Pro Forrna Consolidated Balance Sheet Nov. 30 1928. (Adjusted to give effect to the present financing and transactions incidental thereto.] Assets Liabilities Cash and call loans $6,907,094 Notes payable None Notes & accts. receivable 4,368,325 Accts. pay.. accruals, &c. $2,441,384 Inventories 21,189,748 Res. for Federal taxes__ _ 174,260 Land, buildings,& equip. 11.849.779 Dividends payable 252.875 Inv.in & adv. to affil. cos 183,339 lies, for repairs & exp_ _ _ 589,281 Insurance fund investm't 287,530 Res. for contingencies.. 1,250.000 Prepaid items 109,346 Res. for fire & cas. ins._ 356.308 Other assets 19.144 Capital and surplus x39,040,196 Total $44,104.305 Total $4,l04.3 4 x Represented by shares of stock of no par value as follows: Convertible preferred stock. 400,000 shares; common stock, 600,000 shares. -V. 128, p.420. 100% Stock Dividend-To Refund Preferred Stock. - The directors on Feb.13 voted a 100% stock dividend on thecommon stock which will be payable prior to April 11929. to stockholders of 28. This action increases the number of shares of commonrecord Feb. stock outstanding to 600,000. The company's present dividend the common is $4 per share and it expects to maintain this rate by rate on $2 per share paying on the common which will be outstanding after the stock dividend. The company will redeem on June 1 1929, the pref. stock, of which 142,114 shares are at present entire issue of $7 cum. outstanding, at of $110 per share. Funds for the redemption of this $7 pref. stock a price will be derived from the sale by the National City Company of a new issue of no par value cony. pref. stock. -V.128,p.420. Wells-Jackson Building (Wells-Jackson Bldg. Corp.) Westvaco Chlorine Products Corp. -Initial Dividend. Chicago.-BondsOffered.-I The directors have declared an Initial dividend of 50c. per share on the & Co.,Chicago are offering common stock, $540 000, 1st mtge. leasehold 6M% serial gold bonds at par 20.-V. 128. no par value, payable April 1 to holders of record March : p. 268. and interest.. Western Insurance Securities Co. Dated Jan. 1 1929; due serially 1932 to 1939. Principal and int. -Stock Offered. (J.& J.) payable at National Bank of the Chicago, trustee. Denom. An issue of 35,000 shares class A $2.50 preferential cumula$1,000, $500 and $100 c*. Callable Republic. before maturity on any int, date upon tive participating and convertible stock is being offered at 60 days' notice at 103 and int. prior to and incl. Jan. 1 1931. Thereafter and on or before Jan. 1 1933 at 10236 and int. Thereafter and on $48 per share and div. by Prescott, Wright, Snider Co., , July 1 1938 at 102 and int. Interest payable without deduction or before for normal Kansas City, Mo., and Atlantic-Merrill Oldham Corp., Federal income tax not in excess of 2%,and certain State taxes refunded. Boston. Data from Letter of Frederick Foltz, President of the Company. S(eurity.-Bonds will be the direct be secured by a closed first mortgageobligation of the corporation and wil on the leasehold estate and a sevenstory and basement all -steel fireproof constructed garage, store and office building to be erected at 316-326 The land. fronting 136.10 feet on South WellsSouth Wells St., Chicago.ft., St., with a depth of 153.3 is leased until Nov. 10 2027. The leasehold estate and building at normal occupancy and operation have been appraised by Win. If. Babcock lic Sons. Chicago. The bonds hereby offered represent,therefore. approximatel at $9$1,000. y a 55% loan. Earnings. -Net annual income available for ground rent and bond interest with the building at normal occupancy and operating expenses both direct and general,operation, and after deducting Is estimated by Wm. H. Babcock & Sons,Chicago,at $146.009. The net income, after deducting ground rent, is approximately 2.8 times the maximum annual interest charge on this issue. Wesson Oil & Snowdrift Co., Inc.-Pref. Stock Sold. The National City Co. offered Feb. 14 at $72.50 per share 400,000 shares convertible preferred stock (without par value) The issue has been oversubscribed. The existing $7 cumul. pref. stock will be accepted in exchange for new convertible pref. stock on the basis of 3 shares of new convertible pref. stock and $2.50 in cash for each 2shares of existing $7 cumul. pref. stock. Entitled to cumulative dividends at the rate of $4 a share per annum, payable Q. -M. Dividends on this issue will accumulate from March 1 1929. Dividends exempt from the present normal Federal income tax. lied. In whole or In part on any div, date, upon 30 days' notice at $85 per share and diva. In any distribution of capital assets, voluntary or involuntray. entitled to $85 per share and diva. Transfer agents, National City Bank, New York. and Canal Bank & Trust Co., New Orleans. Registrars, Chemical National Bank, New York, and Hibernia Bank & Trust Co.. New Orleans. Convertible after April 1 1929 share for share into common stock (voting trust certificates) of the company. A common stock dividend of will be paid prior to April 11929, increasing the outstanding common 100% stock (voting trust certificates) to 600.000 shares. Capitalization (Upon Completion of Present Financing and Redemption of Existing Preferred Stock. Outstanding. Authorized. Convertible preferred stock (no par) 400.000 shs. 600.000 shs. Common stock (no pa 6600.000 she. a2,000,000 shs. a 400.000 shares will be reserved to provide for the conversion of the convertible preferred stock to be presently outstanding. b Includes 300.000 shares to be issued as a 100% stock dividend on the present outstanding 300,000 shares. Data from Letter of A. D. Geoghegan, President of the Company. Company. -Owns all the capital stocks (except directors' qualifying shares) of the Southern Cotton Oil Co., Southport Mill. Ltd., and Sco Tank Line, Inc. These companies, comprising the largest completely integrated unit in the cotton oil industry, and refining annually approximately 16% of all the cottonseed oil produced United States, are °nested in the manufacture and distribution of ain thevariety of products, wide Including "Wesson Oil,' "Snowdrift" shortening. "Scow shortening' and "MFB." A large bulk oil business is done with manufacturers of mayonnaise, margarine, soaps and developed an extensive utilization kindred products, and there has been of cottonseed oil by-products. such as cottonseed cake and meal, used extensively as cattle feed; soap stock and Beta fat, used by in the maunfacture of manufacturers of soap and lubricants; pitch, used paint, linoleum and roofing; and cotton linters, used in the production of rayon. The thorough utilization of the balanced production and a diversified market raw material results In a are sold to a for the products which majority of the important grocery jobbers in the United States, as well as nationally known and widely civersified firms. "Wesson Oil" and "Snowdrift" shortening alone are now being sold in approximately 200,000 retail stores throughout the United States. Purpose. -Proceeds of this issue will be applied to the redemption on June 1 1929 of the entire issue of of company, of which 142,114 shares$7 cumulative preferred stockand the outstanding, to provide additional working capital. are at present Listing. -Application will be made to convertible preferred stock on the New York Stock Exchange.list this trust certificates for Voting the common stock are listed on the New York Stock Exchange and tion will be made to list the additional voting trust certificates applicafor the common stock which will be issued as a stock dividend. Earnings -Years Ended Aug. 31. 1928. 1926.* 1927. Sales Sal $64,681,122 $55,849,709 $59,901,639 Depreciation charged 914,471 860,610 875.531 available for dividends Net 3,529,153 3,018.504 3,000,286 Per share of cony, preferred stock_ _ _ $8.82 $7.50 $7.55 *Annual rate based on 15 months. For the three years and three months ended Aug. the net Income available for dividends, calculated as above, has31 1928 averaged $3,168.620. equivalent to approximately $7.92 per share of convertible preferred stock to be presently outstanding. For the three month ended Nov. 30 1928 income amounted to $694,056, or at the annual *ate of $2,776,223, such net Preferential dividends payable quarterly beginning May 1 1929. Participating up to $4 per share. This stock is exempt from In Missouri except inheritance tax and the dividends areall local taxes exempt from the present normal Federal income tax. Transfer agents, First National Bank, Kansas City, Mo., and Atlantic National Bank, Boston, Mass. Registrars, First National Bank, Kansas City, Mo.,and Atlantic National Bank, Boston, Mass. Data from Letter of Ray B. Duboc, President of the Company. Company.-Organ1xed in 1925 and owns all of the stock of the Western Automobile Casualty Co. and the Western Fire Insurance Co.: these companies with the Western Automobile Insurance Co., an affiliated company, are licensed to write practically all forms of Insurance except life Insurance, and operate in 19 States. Purpose. -Purpose of financing Is to increase capital and Western Automobile Casualty Co. and Western Fire Insurance surplus of Co. Earnings.-EarnIni,s available to securities company are equivalent, after providing for the annual dividend on the prefered stock, to 1.68 times the $2.50 preferential dividend requirement on 35,000 shares class A stock. Assets. -Assets exclusive of valuation of agency plant and of good-will equivalent to $53.54 for each share of outstanding class A stock and cluding agency plant valuation but exclusive of good-will equivalent into $58.70 for each share of such stock. CapitalizationAuthorized. Outstanding. Pref. stock,6% cum. non-voting MOO par)._ $700,000 Class A $2.50 preferential cum. pantie, and cony. $1,300.000 stock (no par) 75,000 shs. 35.000 shs. C Common stock (no par) *150,000 shs. 50.000 shs. * Including 61,250 shares reserved for conversion of class A stock. Convertible into common stock of the company as follows: During first three years after stock is issued, one share of class A stock into the 1 ai shares of common stock; during the next succeeding two years, one share of class A stock into 13i shares ofcommon soock; during the next succeeding two years, one share of class A stock into 1;i shares common stock: during the next succeeding two years, one share of class A stock Into one share common stock. At the end of the nine-year period, as above pro vided, the right to convert such class A stock shall cease. Westinghouse Electric & Mfg. Co. -Sells Battery Divi, sion.-See Electric Auto-Lite Co.above. -V.128, p.578,750. (The) Winchester Co., New Haven, Conn. -Reorganization Plan. -The stockholders will vote Feb.5 on approving a plan for the reorganization of this company and the Winchester Repeating Arms Co. A letter to the stockholders, dated Jan. 16, follows: The Winchester Co. has outstanding $9.754.700 of 1st pref. 7% cumul. stock, $2,000.000 of 2nd prof. 6% non-cumul. stock, and $10.000.000 of common stock. It owes the Winchester Repeating Arms Co. approximately $',000.000 which is payable on demand. The only assets of the Winchester Co. of any substantial value are 96.840 shares of the stock of the Winchester Repeating Arms Co. out of 100,000 shares outstanding (par $100 each). No dividends have been paid on the 1st pref. stock of the Winchester Co. since Apr. 15 1921, and the accrued and unpaid dividends on amounted to $5.121.217 as of Oct. 15 1928. No dividends have this stock been paid on the 2nd pref. stock since Apr. 15 1921.and no dividends have ever been paid on the common stock. No dividends have been paid on the stock of the Winchester Repeating Arms Co.since Apr. 14 1921. The Winchester Repeating Arms Co.. In addition to its $10.000.000 stock, has outstanding $6.022.000 of 7Si% 1st mtge. bonds. $850,000 of of % debentures, and approximately $6,500,000 of current indebtedness, , of which latter substantially $5,000,000 are bank loans. The net earnings of the Winchester Co. and subsidiaries. Including the Winchester Repeating Arms Co., after the payment of interest charges, were for the year 1926. $607.457; for the year 1927, and all other $208.184; and for the 10 months endei Oct. 31 192R. 81.085.400. While there a large increase in the net earnings of the Winchester Repeating has been Arms Co during the current year, there is no probability of that company's able to pay dividends so long as it has its present large outstanding being floating debt. In any event, this floating debt has been outstanding for so long a time that common prudence requires that it should be funded. The Winchester Co. has sold all its subsidiaries except the Winchester Retail Stores Co. which has practically discontinued its business, so that there is no occasion for continuing the Winchester Co. as a separate organization from the Winchester Repeating Arms Co. The following plan has been prepared for consolidating the Winchester Co. with the Winchester Repeating Arms Co. and for funding the floating Indebtedness of the latter company. It has been submitted to and approved by the holders of more than 75% of the 1st pref. stock of the Winchester Co. Plan for the Reorganization of the Winchester Co. & Winchester Repeating Arms Co. It is proposed to organize a new corporation in Delaware, with an Issue of 50.3647% cumul. preferred shares, par $100; 71,014 class original A shares, and 103.260 common shares, both with no par value. Dividends on the preferred shares will commence to accrue on Jan.1 1929. They will be callable at 110 and dive. The class A shares will be entitled to dividends at the rate of $6 per num, but no more, payable in each year before any dividends are paid anon FEB. 16 1929.) FINANCIAL CHRONICLE the common stock. These dividends will be non-cumulative until Jan. 1 1932, and thereafter will he cumulative. Class A shares will be callable at $100 per share, and after Jas. 1 1932. at $100 a share and diva. 's The new corporation will purchase from the Winchester Co. all the latter assets, consisting substantially of 96.840 shares of the Winchester Repeating Arms Co., and in payment therefor will assume the Indebtedness of the Winchester Co. to the Winchester Repeating Arms Co. amounting approximately to $2.000.000, and will also assume all other liabilities of the Winchester and upon consummation of the plan of reorganization will 1st issue to theCo.. pref. stockholders of the Winchester Co. In exchange for their present let pref. stock % of a share of preferred and ,)4 of a share of class A stock of the new company for each share of the present 1st pref. stock; to the 2nd pref. stockholders of the Winchester Co.. in exchange for their 2nd pref. stock one share of the class A stock of the new company for each share of present 2nd pref. stock; and to the common stockholders of the Winchester Co., in exchange for their present common stock, one share of the common stock of the new company, in exchange for each share of present common stock. It is contemplated that the Winchester Co. be thereafter dissolved. The new corporation will also purchase the 3,160 shares of stock of the Winchester Repeating Arms Co. which are not owned by the Winchester Co., paying therefor by the issue in exchange therefor of 1.591 preferred shares, 2.240 class A shares. and 3.260 common shares, all of the new corporation. that being an amount proportionate to the amount of the preferred class A and common shares to be ssued to the stockholders of the W nchester Co. in payment for the 96.840 shares of the Winchester Repeating Arms Co.; and. In addition, the new corporation will pay to the holders of the 3.160 shares, $20 per share in cash, which represe.nts the proportional interest of such holders in the $2.000,000 indebtedness of the Winchester Co. to the Winchester Repeating Arms Co. It is proposed that when the new corporation shall have acquired all the capital stock of the Winchester Repeating Arms It shall proceed to acquire the assets and business of that company,Co.. subject to its debts, and dissolve the present Winchester Repeating Arms Co. For the purpose of funding the present floating debt of the Winchester Repeating Arms Co., the new corporation will issue $6.500,000 of 6;4% 5 -year debentures, callable at 105 the first year. 104 the second year. 103 the third year, 102 the fourth year, and 101 the fifth year. In case the proposed reorganization Is effected promptly, Kidder. Peabody & Co. (who. with Louis K. Liggett. Chairman of the board of directors, are largely interested in the common stock of the Winchester Co.) have agreed to purchase the $6,500.000 of debentures of the new company at 95 and int. (See last week's "Chronicle," page 906). A committee, consisting of Wm.A. Tobier, Winchester Bennett. Thomas W. Portions and Otto A. Schreiber has been formed to receive deposits of the stock of stockholders who wish to participate in the plan, and to vote such stock in favor ofsuch action as may be necessary to carry the plan into effect. The committee has arranged with the Union & New Haven Trust 00.. of New Haven, Conn., to act as depositary. If the reorganization is effected, and the present earnings of the Winchester Repeating Arms Co. continue as at present, the directors are of the opinion that it will be possible to commence paying dividends on the preferred stock of the new corporation in the near future.—V. 126. p. 3469. Winchester Repeating Arms Co. (Conn.).—Merger.— See Winchester Co. above.—V. 128, p. 906. Woodworth, Inc.—Merger Approved.— The stockholders on Feb. 6 approved the consolidation of this company and Bourjois, Inc. The new company will be known as Internal/mai Perfume Co., Inc., of which Pierre Wertheimer of the internationla perfume house of Wertheimer Freres of Paris will be President. Associated wit him as executives will be former officers of the predecessor companies. The capitalization of the new company will consist of 75.000 shares of no par value preference stock, paying dividends of $2.75 per year. and 540.000 shares of no par value common stock, of which all of the preference stock and 400.000 shares of the common stock will be outstanding upon completion of the consolidation. It is contemplated that the common stock will be placed on an annual dividend basis of $1 per share. During the past three years the two predecessor companies have distributed more than $1.500,000 in dividends, an average of more than $500,000 per year. —V. 128. p. 420. (F. W.) Woolworth Co.—January Sales.— Month of January-1928. 1927. 1929. 1926. Sales $17.658.408 $17.108,358 $16.116.517 315.162.106 —V. 128. P. 269. York Ice Machinery Corp. —Conversion Period Extended.— At the De ember meeting of the board, the period within whic the preferred stock can be converted, was extended to Jan. 1 1930.—V. 12511 p. 3363, 3499. CURRENT NOTICES. --The New York Life Insurance Co.'s dividends to policyholders in 1929 will amount to 567,100,000, according to the company's annual statement published elsewhere in this paper. President Darwin P. Kingsley, in his address to the policyholders, presents a brief and unusually clear picture of the company's aggregate transactions. In round figures, the total premiums for the year amounted to 256 millions, while the total cash payments to policyholders and beneficiaries were $156,000,000. The difference, 3100.000,000, was required by law to be added to the company's reserves during 1928. Mr. Kingsley gives a simple definition of life insurance "reserves," viz., "funds set aside, from which future liabilities are to be met." He says, "A policy of life insurance is almost exactly like a bond. It will mature some day. Nearly all bonds mature at a definite date. Most policies of life insurance mature at an indefinite date, but all will mature, in some form, within a limited period of years." The company's naw insurnace for 1928 amounted to over $909,000,000. The total insurance in force on Dec. 31 exceeded $6,781,000,000, and the total admitted assets amounted to $1,535.080.347.65. —About seventy-five Cleveland and out-of-town investment dealers were entertained at an informal reception last week by Middleton, Worthington & Co. on the occasion of opening the firm's new offices at 520 Bulkley building, Cleveland. Visitors at the reception included several of the men who are identified with the firm in addition to the active officers. These are: Oliver J. Anderson, of Oliver J. Anderson & Co., St. Louis; Dr. Charles E. Briggs, capitalist; Harvey H. Brown, Jr., of Harvey H. Brown & Co.; Edward Bushnell, attorney; Willard M. Clapp, Vice-President, Perfection Stove Co.; J. 1). Cox, Jr., President, Cleveland Twist Drill Co.; Russell E.Gardner, President, Gardner Motor Car Co.,St. Louis; John M.Gundry; David L. Johnson, of M. B. and H. II. Johnson, attorneys; Samuel Regar, formerly of the Chandler Motor Co.; 8'. M.Small, President, Martin-Parry Corp., and E. M. Williams of the Sherwin-Williams Co. —The election of three vice-presidents is announced by the investment banking firm of Smith, Reed & Jones, Inc., 20 Pine St., New York. They are Willard W. Seymour, President of Stone, Seymour & Co. of Syracuse: William C. Crawford, formerly associated with Kean, Taylor & Co. and with Hambleten & Co.; and John Auchincloss, formerly manager of the Now York office of Martin & Co., Philadelphia. The firm also announces the formation of an Investment Trust Department in connection with its general investment business, which will specialize in the distribution of securities of the companies managed by the United States Fiscal Corp. Smith, Reed & Jones offered yesterday through a selling group 25,000 share of stock of the Financial Investing Co. of New York., Ltd. —Hanson & Hanson,25 Broadway, New York,have compiled an analysis -Pond Co. of Niles-Bement —Fence & Whitely,25 Broad St., New York,are distributing an analysis of Goodyear Tire & Rubber Co. 1077 —John Y. G. Walker,for the past 15 years Vice-President of the Central Union Trust Co. of New York, has resigned to become a general partner in the old established house of Walker Bros.. of 71 Broadway, New York, members of the New York Stock Exchange since 1896. Mr. Walker will continue as a trustee of the Central Union Trust Co. of New York, and is also first Vice-President and trustee of the Bank for Savings in the city of New York; Director of the North British and Mercantile Insurance Co.; the Mercantile Insurance Company of America; the Commonwealth Insurance Co.; Caledonian Insurance Co.; United States Guarantee Co.;Inter national Gas Processes Corp., and Cuban & Pan American Express Co. —Announcement is made by the Italo-Canadian Guarantee & Deposit Co. of Montreal, Canada, of the opening of offices in New York at 74 Trinity Place, for the purpose of offering a block of Class "A- stock of the Institution which is now held by American Investors exclusive of its Canadian Directors. The Institution is the authorized correspondent for the Bank of Sicilia, one of the Government banks of Italy. —Announcement Is made of the formation of Goddard, McClure & Co.. Inc., to deal in investment securities. James R. McClure. Jr.. is President of the new company, which will continue the business of McClure & Co. at the same address, Packard Building, Philadelphia. The company is affiliated with Goddard & Co., Inc., New York and Pittsburgh, and with Goddard, Kneessi Co., Inc.. Chicago. —The aviation industry to-day represents a Darwinian parallel in that only the fittest will survive, according to a comprehensive survey issued by Pynchon & Co.. 111 Broadway, New York. The survey includes descrip tions of practically all the new companies formed sines the publication of the first edition last October and treats in detail the recent mergers in the aviation industry. —Tucker. Anthony & Co. announce that William L. Marsh has become associated with them in the investment department of their Syracuse office. —Thomas M. Dargie, formerly financial editor of the San Francisco "Call," has become associated with the brokerage firm of Anderson & Fox, with offices in New York and San Francisco. —Edgar Curtis Taylor, a graduate of Bowdoin College, and, as a Longfellow Scholar, received the Master of Arts Degree from Trinity College, Oxford University and for the past four years Assistant Professor at Washington University, has become associated with Love, Bryan & Co., Inc., St. Louis, Mo. —Anderson & Fox, members of the New York and San Francisco stock exchanges, have opened offices in Los Angeles in the Title Insurance Building. The offices will be in charge of C. H. Mathiessen. Jr., partner of the firm. —Spencer Trask & Co.. 25 Broad St., New York, have published a circular on the Boulder Canyon Dam in which is shown its probable effect on privately owned electric light and power companies in Southern California. —The National Bank of Commerce in New York has been appointed registrar for the common stock of the Winslow Lanier International Corp. and the preference and common stock of First Industrial Bankers, Inc. —Hitt,Farwell & Co.. members of New York Stock Exchange,announce the removal of their offices from 160 Broadway to the new Bank of New York & Trust Company Building, 48 Wall Street, New York. —The investment business of G. S. Watson & Co.,29 South La Salle St., Chicago, has been succeeded by Woods,Faulkner & Co. under the direction of T. L. G. Deuell, Vice-President, at the same location. —K.W. Todd & Co., Inc., 52 William St., New York, have prepared a February list of investment suggestions containing a brief analysis of Commonwealth of Australia external gold 5s of 1957. —The Bankers Trust Co.has been appointed transfer agentfor the capital stock of the Mayflower Associates. Inc., and for the no par value capital stock of the Electric Overseas Investment Co. —Elliot M. Anderson, W. Calford Anderson and Norman Anderson have formed the stock Exchange firm of Anderson & Co., with offices at 52 Broadway, New York. —Ward, Gruver & Co., members of the New York Stock Exchange, 20 Broad Si., New York, are distributing an analysis of Standard Oil Co. (New Jersey). —Harold N. Nash. J. Le Roy Merscher and John L. J. Belzer have been admitted to partnership in the firm of Belzer & Co., Land Title Building, Philadelphia. —Nehemiah Friedman & Co.. 74 Trinity Place. New York, have issued a new edition of their circular on United Electric Service Co. rights for distribution. —Harris, Ayers & Co. announce the removal of their offices to the 25th floor of the new Bank of New York & Trust Co. building, 48 Wall St., New York. —Fetzer & Emmons, 120 Broadway, New York, announce that Roy W. Cowan and C. krederic Bohilg have been admitted to the firm as general partners. —Bauer, Pogue, Pond & Vivian have opened a branch office In the Standard Building, Albany, N. Y., under the management of William B. Alford. —Woodward, Butler & Co., 37 Wall St., New York, have issued a comparative analysis of New York bank and trust company stocks. —forties, Rawls & Donaldson. Inc ,have opened a Boston office at 111 Devonshire Street, under the management of J. Alan Hodder. —Warren Crawford,formerly of E. H.Rollins & Sons, Chicago, has been elected Vice-President in charge of sales of L. L. Davis Co. —P. W. Chapman & Co., Inc., announce that Frank W. Quinn is now associated with their organization in the Pittsburgh office. —Peter P. McDermott & Co.. 42 Broadway, New York, have issued a descriptive analysis on Jonas & Naumburg Corp. —The Irving Trust Co. has been appointed transfer agent for the no par value common stock of Hilton Hotels, Inc..' —Parker,Robinson & Co.. 120 Broadway,New York,have issued a circular on Cosmopolitan Fire Insurance Co. —Harris, Winthrop & Co., 11 Wall St., New York, are distributing an analysis of United States Steel Corp. —James B. Lyon, Jr., has been elected a vice-president of Goddard & Co., Inc., 44 Wall St.. New York. —.1. Roy Prosser & Co.. 52 William St., New York, have prepared a circular on Stearman Aircraft Co. —Farr & Co.. 90 Wail St., New York, discuss the New Niquero Sugar Company, in their current letter. —Outwater & Wells. Jersey City, N. J., have prepared a list of New Jersey investment suggestions. 1078 FINANCIAL CHRONICLE [VOL. 128. The Commercial Markets and the Crops COTTON-SUGAR-COFFEE-GRAIN-PROVISIONS PETROLEUM-RUBBER-HIDES-METALS -DRY GOODS -WOOL -ETC. COMMERCIAL EPITOME The introductory remarks formerly appearing here will now be found in an earlier part of this paper, immediately following the editorial matter, in a department headed "INDICATIONS OF BUSINESS ACTIVITY." Rio coffee prices closed as follows: gra tch or u_noty_igahw 18% 1 16.58@ I Sept July 15.700 I Dec Santos coffee prices closed as follows: 14.970 14.43014.46 May 21.040 nom Spot unofficial 22.68022.69'Sept March_ __ _23.570 July 21.880 nom I Dec Friday Night, Feb. 15 1929. 20.360 nom COCOA was irregular today, being 1 to 2 lower on March COFFEE on the spot was quiet but firm early in the week and May and unchanged to 1 point higher on other months. 4 with supplies small; Santos4s, 245/ to 24gc.; Rio 7s 1854 to 18%c., and Victoria 7-8s 17g to 18c. On the 13th inst. the March closed at 10.55c, May at 10.86, July at 11.13c, September supply of cost and freight offers was small. None was re- at 11.35c. and Dec. at 11.23c. Final prices are 15 to 30 points ported from Rio or Victoria, while the few Santos offers higher for the week. SUGAR-Prompt Cuban was held early in the week at 2c. were unchanged to slightly higher. For prompt shipment, Santos 2-3s were quoted at 24.85 to 25.35c.; 3s at 244c; 3-45 c.&f. with trade quiet. Later large sales were made at 1-31/32c. at 23.70 to 24c.; 3-5s at 23.65 to 24.30c.; 4-5s at 2354 to 231ic.; Of prompt Cuban 8,000 tons sold last Saturday at 2c. c.&f. an 5s at 23.20 to 2354s.; 5-6s at 22 to 22.85c.; 6-7s at 21%c. and advance of 1/32c. Of British refined sales to China were made 7-8s at 2054c. Peaberry 4-5s at 23.20c. On the 14th inst. of 25,000 tons late last week at lOs 9d c.i.f. or equal to 2.32c cost and freight offers were very irregular, being unchanged f.o.b. Cuba granulated basis. Futures on the 11th inst. ended to higher. For prompt shipment Santos Bourbon 2-3s were unchanged to 2 points higher; sales 30,450 tons. March shorts / 2 quoted at 25.05 to 251c.• 3s at 24.80c.• 3-45 at23.70 to were covering and Europe bought. Cuba bought March and 24.55c.; 3-5s at 23.10 to 24.40c.• 4 -5s at 224 to 24.20c.• 5s at May. Some sold March and bought September and December. 23% to 23.40c.; 5-6s at 22% te 23.80c.; 6s at 21.20 to 2 .60c.; Operators bought February shipment Cubas at 1-31/32c c.&f. ' ' 2 6-7s at 21.55 to 2134c.; 7-8s at 2054 to 21.05c.; part Bourbon A sale of 20,000 bags Cuba for shipment March 11th to an or flat bean 3s at 25.15c.; 3-4s at 24c.; 3-5s at 2354 to 24c. operator at 2c c.&f. was reported. London was dull for both Peaberry 4-5s at 23.10 to 233c.; Rio 7s at 17.40c.; 7-8s at raws and refined, particularly in the latter. British refiners 18.95c.; 8s at 17.30c. • Victoria 7-8s at 17.10c. On the 15th inst. have recently sold some 40,000 tons to China. They have defirms were 25 to 46 points higher. Santos Bourbon 2s for clined further orders from this quarter. Washington reported prompt shipment were held at 25.45c.; 3-4s at 24.15 to 24.65c.; that the maximum objective of the advocates of higher duties 3-5s at 24 to 24.45c.; 4-5s at 23.85 to 24.11k.; 6s at 23.35 to on raw sugar has been modified, now being 2/2c. per pound 232 5-6s at 21.65 to 22c.; 7-8s at 21.15c. • part Bourbon on full duty raws and 2c on Cubas not 3c on full duty raws and / 1c.; or flat bean 3-4s at 24c.; 3-5s at 24c.; 5s at 2:3%c.; Peaberry 2.40c. on Cubas. On the 13th inst. it was reported three to five cargoes of 4-5s at 23%c to 23.85c.; Rio 7s were here at 17.30 to 17.50c.; Cuban raw for prompt shipment had been sold, at 1-31/32c 7-8s at 17 to 17.31k. and Victoria 7-8s at 173/c. 4 Later in the week spot quotations of Brazilian were stated c.&f.; also 24,000 bags of prompt Porto Ricos at 3.71c. delivered /16c. c.&f. On the 13th inst. it was that though March as follows: Santos 4s, 245.4 to 2454c.; Rio 7s, 1854 to 18%c.; or 1-15 Victoria 7-8s, 1754 to 18c. The Exchange received the follow- liquidation was ahead with Feb. 21st first notice day, offerings ing official cable on the 14th: -"Santos advises railway prob- of actual sugar were said to be increasing and refined has been ably crippled for several days resulting in possible curtail- reduced, the futures market still resists selling pressure. "Wire" ment or suspension of receipts." The "West Notus" has houses bought July. On the 13th inst. 100,000 Cuba sold at 32c. c.&f. Refined was cut 20 points to 4.90c. on the 13th landed 13,600 bags of Brazilian coffee at San Francisco and 1-31/ the "Sataria" 15,E00 bags at Boston, all of which is being im- inst. This is the lowest since March 8, 1926 when the price was mediately delivered for consumption. Santos cabled on the of Sc. On the 14th inst. New Orleans bought 15,000 bags prompt shipment Cubas at 1-15/16c. c.&f. Two cargoes of 14th inst. "Still heavy rains here. Urgently advise buying. prompt Cuba it was said had been sold to operators at 1-61/64c. Prices way up and going higher." Also: "Latest reports no c.&f. It is Santos receipts until end of February. Still more landslide was made. known that one such sale involving 12,000 bags on railroad. Squeeze in spot stocks here." Futures on the Havana cabled the New York "Times" that Dr. Santiago 11th inst. ended 4 to 12 points higher with sales of 28,500 bags Rey, . of Santos and 29,500 of Rio. European prices advanced while asked Conservative in the Cuban House of Representatives, the House for a 50 per cent cut in Cuban import duties Brazilian markets were closed. Brazil and Europe bought on American goods as a proposed exchange offering for free new contracts. United States entry of 3,500,000 tons of Cuban sugar each Some contend that the chief thing in the coffee situation year. Dr. Rey said this plan should be acceptable to the apart from the operations of the Brazil Defense Committee is United States still the relative scarcity in the American and European mar- sugar industry.and Cuba as a means of stabilizing Cuba's Advices from the Far East to Willett & kets of sound Santos coffee grading No. 4 or better, and Gray say short the consequent large premium ruling on such coffee on the stocks, thethat owing to the sugar Indian crop and reduced into imports of spot as compared with future contracts. So long as this reach close to 1,200,000Java or almost India this year will tons, premium remains 100 points and upward in New York, caus- year. Paris cabled that no increase double that of last in beet sowings in ing the near positions in the futures markets to rule at high France is expected this year. premiums over the distant, any decline of consequence in the Exports of Philippine Islands to general price level for coffee seems to some improbable. It ports in January were 63,000 tonsthe United States Atlantic against is true that the world's total visible supply of coffee is now to San Francisco 1,000 against 21,858 in 51,260 last year; . January last year; slightly larger than a year ago, i.e., 5,037,516 bags against total 64,000 tons against 73,744 in . January 4,862,411 bags, and also that the Defense Committee might to the United States Atlantic ports for last year. Exports possibly relieve the situation somewhat by increasing the per- 1st to Jan. 31 1929, were 129,000 tons the period November against 118,410 in the missible daily receipts at Santos from the present 30,000 bags same period last year; to San Francisco to 40,000 bags, of which there have been some intimations last year; other countries 1,000 against 6,000 against 30,048 1,157 last year; total recently. Under the circumstances, however, such action on 136,000 tons against 149,615 in the the part of the Committee to many appears very unlikely. ceipts at shiping ports from Nov. 1 same time last year. Re1928, Receipts at Rio during February were 58,000 bags; since July 198,000 tons against 198,615 in 1927-28. to Jan. 31 1929, were Stocks at shipping 1st 1,848,000 against 2,666,000 same time last year and 2,650,- ports Jan. 31, this year 62,000 against 49,000 last year. 000 two years ago. Santos receipts in February were 428,Receipts at United States Atlantic ports for the week were 000 bags; since July 1st 5,422,000 against 6,537,000 same time 75,238 tons against 68,284 in the previous week and 74,973 last year and 5,929,000 two years ago. last year; meltings 53,229 tons against Futures on the 13th ended 3 to 13 points higher with sales and 42,000 last year; importers' stocks 44,731 in previous week 81,723 against 81,723 in of 39,750 bags of Santos and 45,000 bags of Rio. Houses previous week and 113,015 last year; refiners' stocks 83,931 with Brazilian and European connections were buying. The against 61,922 in previous week and 91,:q: continued steadiness in Santos following two holidays had stocks 163,654 against 143,645 in previous last year; total week and 204,903 a bracing effect. Futures on the 14th inst. advanced 17 to last year. London Board of Trade figures for January were 30 points owing to storms in Brazil, firm Brazilian and as follows: Imports 206,000 against 164,000 last year; conEuropean cables and buying also from both these sources. sumption 153,000 against 115,000 last year; stock 272,000 There were big rains, washouts and landslides on the railroad against 174,000; imports refined 4,000 against 23,000; stock between Santos and Sao Paulo. The transactions here in of refined 20,000 against 101,000; stock home grown refined Rio and Santos amounted to 115,000 bags. Santos cabled to- 61,000 against 48,000 last year.. At Cuban ports receipts for day: "Market very excited. Way up on actual. More land- the week were 266,347 tons against 180,641 in the same week slides." To-day Rio futures ended 5 points lower to 4 points last year; exports 115,830 against. 59,195 last year; stock (conhigher with sales of 30,000 bags; Santos was 5 points lower sumption deducted) 596,192 against 369,255 last year; cenpoints higher with sales of 43,000 bags. Final prices trals grinding 163 against 167 last year. Of the exports 67,to 7 on Rio futures show an advance for the week of 32 to 64 471 went to Atlantic ports, 23,845 to New Orleans, 7,401 points and on Santos 41 to 59 points. to Galveston, 1,223 to Interior United States, 1,149 to Charles- FEB. 16 19291 FINANCIAL CHRONICLE ton, 18 to California, 3,440 to Savannah and 21,283 to Europe. Some 39,000 bags prompt Porto Ricos sold the other day at 3.71c. or equal to 1-15/16c. c.&f. This is the lowest price reached since October 1925. Four cargoes of Cuba for prompt shipment sold at 1-31/32c. c.&f.; 15,000 bags more went at the same price. Also a sale was reported of 19,000 bags Cuba for prompt shipment at 1-61/64c. Futures closed 1 to 2 points net higher with sales of 42,950 tons. On the 14th inst. futures ended unchanged to 2 points lower with sales of 66,900 tons of which 34,300 tons were exchanges. Offerings of prompt were larger. To-day futures ended unchanged to 2 points higher with sales of 39,800 tons. A sale was made of 7,500 bags prompt shipment Cuba at 1-61/64c. c.&f. Holders were asking 1-31/32c. c.&f. at which price some sugars in March positions were offeted. Final prices are unchanged to 1 point lower, as compared with a week ago. Closing quotations follow: unotticial--1 31-32 July 2.130 1Jan 2.1902.20 March March 1.97® SePt 2.1602.17 1079 later ending unchanged to 10 points higher net. New York on the 11th ended with February 21.80 to 21.90c.; March 22 to 22.10c.; May 22.50c.; July 22.80c.; September 23c.; November 23.20c.; December 23.30 to 23.40c. London reported the stocks of all grades at 25,413 tons Feb. 9th, an increase of 24 tons over the figures for the previous week. The stock now is 25,413 tons against 25,389 in the previous week, 23,061 a month ago, 64,945 a year ago and 56,939 two years ago. In Liverpool stocks of rubber on February 9th, totalled 4,106 tons against 3,860 tons one week previously, an increase of 246 tons. The stock one month ago totalled 3,520 tons. Thomas A. Edison at Fort Meyers, Fla., on the anniversary of his 82nd birthday announced he had found 40 rubber substitute plants which can be cultivated on a large scale. Mr. Edison held out the possibility of rubber production at some future date in states bordering on the Gulf of Mexico, to compete with the tropics. New York on the 13th inst. ran up 70 to 80 points on May 2.060 transactions of 1,589 lots or close to 4,000 tons, the largest Dec 2.2002.21 LARD on the spot was steady. Prime Western was 12.45 in weeks. The rise was due largely to an advance of %d to 12.55c. in tierces c.a.f. New York; refined Continent 12%c.; in Liverpool where shilling rubber was quoted for OctoberSouth America 13%c.; Brazil 14%c. Futures on the 9th inst. December delivery. Decreasing exports were noted. Outdeclined slightly on near months while steady on distant, side prices were / higher not following Exchange prices 1c. 2 Hogs were generally 10c. to 20c. lower. Western receipts to the full. Here February ended at 22.50c.; March 22.70c., totalled 49,300 against 40,200 last week and 66,600 last year. July 23.50c.; September 23.70 to 23.80c.; October 23.80c.; DeLiverpool lard was unchanged to 11d lower. Unoffici cember / 2 ally sheets, 24c.; January 24.10c. Outside prices: Ribbed smoked hog receipts at Chicago for the Ilht inst. were estimated spot and February 22% to 22%c.; March 22% to 23c.; at 60,000 to 260,000 for the entire week. Futures on the 13th April-June 23% to 23%c.; July-September 23% to 24c.; Ocinst. closed 5 to 7 points higher. Ribs were up 10 to / 1 2 20 tober-December 24% to 24 c. London on points. Demand was small, however. Stronger grain mar- inst. closed % to Ad higher with spot-February the 13th at kets and an advance of 10 to 15c. in the hog markets con- March 1134d; April-June 11-9/16d; July September 1134; tributed to the strength of lard. An estimate that there and October-December 12-1/16. Singapore on the 13th 1134d would be an increase of 15,000,000 lbs. in contract stocks with February 10-11/16d; April-May-June 11%d. closed lard at Chicago, caused some selling but prices did not of Board of Trade exports and imports for January British dedine much. Today prices closed 5 to 10 points lower with follows: Imports 420,054 centrals against 349,209 in were as the hogs weaker and cash demand small. Western hog receipts vious month and 247,541 in January last year; exports pre152,were 127,000 against 156,000 a year ago. Chicago expects 361 centrals against 160,201 in previous month and 11,000 tomorrow. Packers were selling lard. Final prices in January last year; exports to America 21,380 204,502 centrals are 5 to 7 points lower than a week ago. against 53,322 in previous month and 88,860 in January last DAILY CLOSING PRICES OF' LARD FUTURES IN year. CHICAGO. Sat. Mon. Tues. Wed. Thurs. On the 14th inst. prices rose 20 to 30 points with sales Fri. March 12.02 11.97 12.00 of 12.05 12.00 May 2,872 tons with London higher. The January report 12.30 12.25 Holt- 12.32 12.37 12.27 of July 12.62 12.57 day 12.62 12.70 Rubber Association showed a high record consumption the 12.60 of PORK steady; Mess $30.50; family $34. to $35.; fat over 43,000 tons. Labor pork $30. to $31. Ribs, Chicago, Cash 12.50c. basis of back If that is so tapping troubles in the Far East were reported. 60 lbs. average. Beef weaker; Mess $25.• packet $25. to 50 to be closed on February may be curtailed. The Exchange will 23rd family $27. to $28.; extra India Mess $44. to $46.; $26.• ing on Feb. 25th. At New as well as February 22nd reopenNo. i York on the 14th Februar canned corned beef $3.10; No. 2, 6 lbs., South at 22.80c.; March at 22.90c.; April 23.10c.; May y ended America 23.30 to $16.75; pickled tongues $75 to $80. per bbl. Cut meats firm; 23.40c.; July 23.50 to 23.60c.; September 23.80 to 23.90c.; OcPickled hams 10 to 20 lbs. 1814 to 19%c.; pickled / bellies 6 tuber 23.90c.; December 24.10c. Outside prices; smoked to 12 Ills. 171 to 18%c.; bellies, clear, dry salted boxed, / 4 18 sheets, spot and February 23 to 23%c.; March 23% to 2334c.; to 20 lbs. 1494c.• 114 to 16 lbs. 141c. Butter, lower / 2 April-June 2394 to 2334c.; -Dec. to high scoring L14/2 to 51%. Cheese, flats 24 to 29c.; grades 242 to 2434c. Spot, first July-Sept. 24 to 24%c.; Oct. / 1 latex crepe 232 to 2334c.; clean daisies / 1 24 to 271c. Eggs, medium to extras 35 to 43c.; premium / 2 / 2 44c. thin brown crepe 211 to 2134c.; specky brown crepe 2134 OILS-Linseed was slightly easier of late with crusher to 211c.; rolled brown crepe 17 to 1734c.; / 2 / 1 2 No. 2 amber s reported willing to accept 10c. for February-April raw 4 / 2 oil in 213/ to 22c.; No. 3 amber 211 to 2134c.; No. 4 amber 21% carlots, although 10.2c. was generally quoted. Big domesti to 211c. Paras, upriver fine spot 24 to 242 / 2 / 1c.; coarse 15 c buyers are holding aloof awaiting developments. to 151c.; Acre fine spot 242 to 25c.; C,aucho Ball-Upper / 2 / 1 consumers are purchasing in a fair way. Cocoanut, Smaller 142 to 15c.; Brazil, washed dried fine, 28c. London / 1 Manila, closed Coast, tanks 734c.•, spot N. Y. tanks 85,4c. Corn, crude, on the 14th as follows: Spot and Februar 101c.; tanks f.o.b. mill 9 c. Olive, Den. $1.35 to bbls. 111d; April-June 1194d; July-Sept. 1134d; y 1194d; March / 2 / 2 / 1 2 Oct-Dec. $1.50. China wood, N. Y. drums, carlots, spot 142 Pacific Coast, Singapore closed with February 10-13/16c1; April1294d. / 1c.; -June tanks, futures 13%c. Soya Bean, bbls., N. Y. 122 11-3/16d and July-Sept. 11-5/16d. Consump / 1c.; 10c. Edible, corn, 100 bbl. lots 12c.; Olive 2.25 toCoast was 43,002 tons and arrivals in that month tion in January 52,305 tons. The Lard, prime 1594c.• extra strained winter, N. Y. 1334c. 2.30. consumption was a high record. The stocks on hand and Cod, Newfoundland 67C. Turpentine 58 to 63c. Rosin $8.35 to afloat combined and imports during January also made a $12.50. new high record. Stocks in dealers hands on January 31st Cottonseed Oil sales today including switches 4,700 bbls. P. were 76,342 tons. Rubber afloat to the United States in JanCrude S.F.. 9 c., hid. Prices closed as follows: / 1 4 nary gained 10,000 tons. January imports of 52,305 tons Spot 10 65011.251Aori1 to.so@to.onruly compared with 46,840 tons the previous high record in Dc11.100 _-__ 10.65011.00'May Feb11.1501 10.RR010.90 Aug 1.22 cember. The combined March.. _10.5 0101nm I June stocks and afloat of 154,938 tons are 10.90011.05 Sept 11.27011 PETROLEUM-Gasoline demand is holding up well. .30 the largest on record comparing with 134,930 on Dec. 31st. In The previous high mark fact it is a little better and consumption is was 153,385 tons on March 311928. large for this To-day season of the year. For United States motor in tank cars tons. prices advanced 210 to 240 points with sales of 3,762 10c. was quoted; in tank cars delivere to nearby trade 11c. high The market was strong all day. Prices reached new The Gulf market was steady. Exportd buyers levels for the season. London was / higher and this 1d 2 were purchasing a little more freely. Kerosene was in better demand and with the uncovering of stop loss orders on the short side firmer at 8 to 9c. for water / 1 2 accelerated the rise. Uptown interests were buying. white in There was very little obtainable at the tank cars refineries, rise is predicted on a big consumption. Some predicte The inside price. Prime rubber d 30c. white was Vsc. below water white. before very long. In London February ended with a better demand for spot oil. Bunker oil was steady, March at 12d; April-June at 12%d; July-Sept. at 11%d; The price was $1.05 at 12%d and refineries and $1.10 f.a.s. New York harbor. Contract de- October-December 1294d. A reduction of 750 tons in the liveries were heavy. Spot stocks London stocks on Monday is looked for in some quarters. are was steady at $2 refinery. The moveme not large. Diesel oil Final prices show an advance for the week nt was largely against of 310 to 330 old contracts. Furnace oil was in better demand points. colder weather. Gas oil was also more active. owing to the HIDES-The demand for Rive Plate frigorifico was light. oils were in good demand. There was also Zero cold test Sales included 4,000 Armour and 4,000 South good buying of Dock Sud Pennsylvania cylinder stocks. Foreign buyers steers sold to American and Russian buyers at 19%c. down more interest. Somerset crude oil was reduced are showing to 19-13/16c. Packer hides were tending downwa today 15c., the rd; latest price now being $1 60. sales of native steers were at 16c. Country hides were dull rrtibt.s of prices usually appearing here will he found on and weak. Common, Central America 24 to 25c.; Savanillas an earlier page in our department of "Business Indications," in an article / 1 2 entitled "Petroleum 24 c.; Santa Marta 251 / 2 c. Packer, spready native steers and Its l'roducts."I 20c.; native steers 16c.; butt brands 152 Colorados 142 RUBBER-On the 9th inst. prices advance 1c.; / 1c.; d 10 to 20 Frigorifico, steers c.&f., N. Y. 1934c./ points with sales, however, of only 99 lots or 247 tons. Lon- skins, 5-7s, 2.10 to 2.20c.; 7-9s, 2.50c.;New York City calf9-12s, 3.15c.; Sisals don and Singapore were 1/16 to higher. New York on the 9th inst. closed with March 21.90c.; May 22.40 to 40c.; Oaxacas 55 to 60c. OCEAN FREIGHTS-Demand improved somewhat late 22.50c.; Sept. 23c.; July 22.80c.; December 23.30c. On the 11th inst. rubber declined 10 points in some cases but rallied last week and rates were firm Later business in oil cargoes was brisk. Clean tankers later were in good demand. gd 1080 FINANCIAL CHRONICLE CHARTERS included grain, St. John, March, Mediterranean 17;ic: Sydney Feb. 5-25, U. K. -Continent 405, bulk wheat; grain St. John, March 1-20, to Mediterranean ex Spain. etc. 18c, 184c. and 19c. -Continent March 1-20, 20s: Sugar Cuba or Santo Domingo, U. K. Cuba or Santo Domingo to U. K. -Continent, March 1-20, 20s. Nitrate. Chile, March, South Atlantic $5.50. Oil cake: Gulf, February to Denmark $6.75. Petrol Coke, Gulf late February or early March to Rotterdam $7.50. Lumber Gulf, April, to Plate 1475 6d; Gulf, March, Buenos Aires, Rosario 1533 9d; Gulf. early April to Buenos Aires. Rosario 153s 9d; Gulf, late March to Buenos Aires $16.70; Gulf, April. to Plate, 147s 6d. Time: -West Indies prompt round $1.75; three months West Indies $1.80; West Indies round $1.; prompt trip across $2.50; West Indies prompt round, $1.75. Taakers:-California, March, clean, to United Kingdom-Contiaent 26s 3d; clean, Gulf, Feb., to north of Hatteras 24c; clean, March, north of Hatteras to Lisbon 18s 8d; Gulf, March, clean, U. K.-Bordeux Hamburg range 15s 6d; Peru, dirty March, to Vallo 10,360; clean, Gulf. Feb., to north of Hatteras 24c.; clean, March, north of Hatteras to Lisbon 18s 8d. -The United States Tobacco Journal said: TOBACCO. "Considerable buying of northern Wisconsin during the, past fortnight is reported. As this crop is very short of fine binder leaf, prices for same naturally are quite high. The northern Wisconsin is said to be not more than 30 per cent crop. This, coupled with the fact that Connecticut binder tobacco out of a the 1928 crops is also limited, indicates a continuance of . stringent binder situation. Activity in Ohio and Pennsylvania has subsided as the crops in both States have already been almost completely bought up. Prices ranged higher in both States as compared with last year. Manufacturers and packers are still riding the Connecticut Valley for choice crops which, it is said, are few and far between. Meanwhile warehouses have opened and operations here are quite brisk. forally importers and packers are almost unanimous in the report that sales for January topped those of the same month a year ago. At the moment, however, there is little selling activity along Water Street although shipping orders are numerous. In another few weeks importers and manufacturers will be in Amsterdam for the Sumatra sales. Information thus far received indicates that the crop will contain less American tobacco than . was in the crop bought at inscription last year. Nevertheless, it is difficult to forecast the price trend for the new Sumatra as the situation in- Holland at this time is mixed. There will be a very large demand for Sandblatt from Germany though low grades are expected to bring lower prices from European buyers. The growing companies, of course, will expect the Americans to pay well, as always, for their requirements. There seems to be more or less general feeling in the trade that the first half of 1929 will be more resultful for cigar manufacturers than was the same period last year. Many factories are reporting increased business for January and are going along at a good rate at the present moment." -Warmer weather recently caused a greatly lessened COAL. retail demand for anthracite hereabouts though up the State business was reported satisfactory West of New York, however sales decreased. Western soft coal prices weakened a little. Pittsburgh has to face much competition from Eastern Ohio coal. New York prices weakened somewhat. Coal-Bunker prices later were higher and Anthracite sold more freely. Most prices were steady but those for steam were weaker. The circular price of buckwheat No. 1 was mostly $2.75 in the inside market, as against $3. to $3.25 on line. Independent buckwheat was obtainable at $250. No. 2 at $1.50 and No. 3 now and then at a little under $1.25 but with $1.25 inclined to be the more general price. Later Western buying was reported good from Chicago to the Rocky Mountains. Supplies of eastern Kentucky, southern West Virginia and Illinois-Indiana block and egg domestic coal are larger and the demand was called satisfactory. COPPER was quiet but steady at 18c. for domestic and 4 18T/c. for export. London on the 13th inst. dropped Is 3d on the spot to £76 6s 3d; futures unchanged at £77; sales 600 tons futures. Electrolytic was unchanged at 183 lOs for spot and 184 lOs for futures. Shipments in January of refined copper in the two Americas made a new high record. They were 157,189 tons against 134,592 tons in December and 148,943 tons in November. Another record was primary copper production at United States mines which was 86,681 tons in January against 85,577 tons in December and 85,382 in November. The previous high was 86,480 tons in Oatober last year. Surplus stocks of refined copper at refineries of the two Americas decreased 2,717 tons in January. Many had expected a greater decline. Surplus storks on January 31st were 62,749 tons. Wages were advanced at copper mines and mills Latterly trade has been quiet at 18c. for the domestic trade and 18//c. for export. In London spot standard fell 2s 6d to 176 5s; futures unchanged at £77; sales 300 tons spot and 1200 futures. Electrolytic £83 lOs for spot and 034 lOs for futures. TIN was very quiet. Early in the week prices were T4c. lower outside and 20 off on the Exchange. In the outside market on the 13th inst. about 150 tons of named brands sold in the outside market and 45 tons of standard futures on the local exchange. In London sales were 675' tons and in the Far East 200 tons. A few cars were sold in the outside market at 495/sc. On the Exchange the ending was 5 points higher. Straits shipment to the United States thus far this month, including Saturday, were 325 tons, and it is predicted that the total for February will be 7.200 to 7,700 tons. In London on the 13th inst. standard declined 5s i n the first session with sales of 80 tons spot and 400 futures. Snot Straits declined 15s to #231 10s; Eastern c.i.f. London sold [Vox,. 128. at £228 2s 6d; sales 200 tons. At the second session prices advanced 5s to 1224 15s for spot and £225 5s for futures standard; sales for the day 675 tons. Later business was on a moderate scale. Production is considered too great for the consumption large as that is. But a big operator in London heretofore a seller is now said to be on the buying side. The Anglo-Oriental group is also said to have bought in London. March closed here on the 14th inst. at 49.45c. a rise of 10 points; April at 49.45 to 49.50c. In London on the 14th inst. spot standard fell Ss to 1224 5s; futures up 7s 6d to £225 7s 6d; sales 50 tons spot and 350 futures. Spot Straits lost 5s to 1231 5s. Eastern c.i.f. London advanced 7s 6d to 1228 lOs on sales of 200 tons. At the second session spot standard advanced 2s 6d to 1.224 7s 6d; futures unchanged; total sales for the day were 650 tons. Today prices closed unchanged to 15 points higher with March May and July ending at 49.30c.; sales 220 tons. LEAD at one time was quite active and strong. The American Smelting Co. advanced its price $2. to 6.85c. New York while the price in the Middle West was marked up to 6.75c. Consumers look for still higher prices. They were good buyers. In London on the 13th inst. prices fell 8s 9d to £22 17s 6d for spot and £22 16s 3d for futures; sales 50 tons spot and 1,100 futures. London was higher early in the week. Ore was higher. Later less business was reported with prices 6.85c. New York and 6.72% to 6.75c. East St. Louis. In London on the 14th inst. spot dropped Is 3d to 122 16s 3d; futures unchanged at £22 16s 3d; sales 100 tons spot and 1,500 futures. ZINC was quiet at 6.35c. East St. Louis. It was intimated 2 that concessions of 2/ points were made in some directions. Ore was $40. Galvanized sheets were advanced $2. by some makers. In London on the 13th inst. spot was unchanged at £26 2s 6d; futures fell 2s 6d to 126 3s 9d; sales 225 tons futures. Stocks fell off only 23 tons during January according to the American Zinc Institute. They were 45,418 tons against 45,441 tons at the beginning of the month. Production for January was 49,769 tons while shipments were 49,732 tons. The average number of retorts operating during the month was 66,065, while the number in operation at the close was 63,314. Export shipments were 2,055 tons. Later trading was small at 6.35c., East St. Louis. In London on the 14th inst spot advanced Is 3d to 126 3s 9d; futures £26 3s 9d; sales 550 tons futures. STEEL-Structural steel sales were small here. New projects are rather slow, supposedly because of high rates for money. Birmingham looks for a better business early in the spring and there are some new specifications now. Youngstown reported on the 12th inst. that Valley sheet makers had advanced prices uniformly $2. per ton except on full finished sheets, which remain at $4.10. The new schedule is as follows: Black sheets, common finish 2.95c. per pound; galvanized 3.70c.; blue annealed 2.20c. Hot rolled strips also advanced $2. a ton to 1.90c. for strips wider than 6 inch and 2c. per pound for narrow widths. New prices al e effective contracts taken for balance of this quarter and for second quarter shipments. The price advances in steel sheets and strips are in line with predictions. The advance amounted to $2. per ton, and affects hot and cold rolled strips and all grades of sheets except full finished. Rolled Products were firmer. The demand for steel came mainly from auto and railroad companies. Automobile output in January was the largest on record for that month. Since January 1st over 20,000 freight cars have been ordered. Ingot production in Chicago was still 92 per cent; Youngstown and Wheeling 90 per cent; Pittsburgh 85 per cent. Prices for steel are not uniformly steady. Now and then they are it seems eased a little but take it for all in all the tone is declared to be steady. Business in machine tools and machinery continues at a higher level than at this time last year, with sales well scattered as to sources, American Machinist reports. From present indications February will see a high volume of business. Later on orders for structural steel fell off. PIG IRON-Trade was still in the main slow. Birmingham reported that the steady increase in stocks was weakening prices without bringing in new buying. It added that most consumers are well supplied for the time being and that the action of the Tennessee Coal & Iron R. R. Co. in banking some of its furnaces may be followed by other companies if business does not increase very shortly. Later here and in Birmingham sales increased somewhat, but in general the market still showed a lack of life and interest. Nominal prices were as follows: Eastern Pennsylvania $19.50 to $20.50: Buffalo $17.50 to $18.; Virginia, $20.75; Birmingham, $16.50 to $17.•, Chicago $19.50 to $20.; Valley. $17.50 to $18.; Cleveland, delivered, $18. to $19. Basic. Valley, $17.50 to $18.: Eastern Pennsylvania $19.50 to $19.75. Malleable, Eastern Pennsylvania, $20.50: Buffalo $18.: charcoal $24. Some buying is going on at Chicago and Cleveland but otherwise trade is so slow that prices it is agreed are largely nominal. -A Boston government report of Feb. 13th said: WOOL "A few lots of territory 64s and finer wools are being moved. Wyoming and Montana wools comprise the bulk of the sales and the volume is fair. Graded French combing staple of this quality brings around $1.05 scoured basis, while the price of choice lots is slightly above this figure. Original bag wools of similar lines bring about the same price for lots FINANCIAL CHRONICLE FEB. 16 1929.] with some strictly combing staple in them. Buyers generally are bearishly inclined." Ohio and Penn. fine delaine 44 to blood 56 to 57c.; 54 blood 55 to 1 2 45c.; / blood 51 to 52c.; 56c. Territory clean basis, fine staple 1.05 to 1.10; fine medium, French combing 1. to 1.05; fine, fine medium clothblood staple ing 95 to 1.; / blood staple 1.08 to 1.10; 1 2 1.03 to 1.08; % blood 95 to 1. Texas clean basis, fine 12 months 1.05 to 1.08; fine 8 months 105 to 107 fall 1. to 1.05. Pulled, scoured basis, A super 1.03 to 1.07; B, 95 to 1.; C, 84 to 86c. Domestic mohair original Texas 68 to 70c. At Geelong on Feb. 8th offerings were 20,000 bales, 87 per cent of which were sold. Compared with sales on December 8th greasy super merinos comebacks and lambs were 5 per cent lower. Greasy merinos brought 29d; greasy comebacks 27%d and lambs 33d. At Timaru on the 9th inst. 22,300 bales were offered and 20,000 sold. Competition between Yorkshire, the Continent and America for a representative catalogue was not very spirited. Compared with sales on December 17th, prices for both merinos and crossbreds were about 5 per cent lower. Merino super realized / 18 to 2134d, average price being 1614 to 17 / crossbred 3 4d; 56-58s, 172 to 211d; 50-56s, 16 to 19 d; 48-50s, 1634 to / 1 / 2 / 1 2 18d; 46-48s, 15 to 17 d; 44-46s, 13 to 1434d. At Christ/ 1 2 church on Feb. 13th offerings 24,000 bales; sales 22,000. Continent, Yorkshire and America bought. Selection representative. Compared with sales on Feb. 9th crossbreds were firm and merinos from 5 to 10 per cent lower. Prices: Merino super 172 to 2034d, average 16d to 1734d; crossbreds, 56-58s, / 1d 16d to 22%d; 50-56s, 151d to 20 d; 48-50s, 15d to 18d; / 2 / 1 2 46-48s, 1434d to 16 d; 44-46s, 1334 to 151d. / 1 2 / 2 SILK closed today 3 points off to 2 points higher with sales of 345 bales. February ended at 4.98 to 5c.; March at 4.95 to 4.98c.; April 4.97 to 4.99c.; May at 4.95 to 4.97c.; April 4.91c. COTTON Friday Night, Feb. 15 1929. THE MOVEMENT OF THE CROP,as indicated by our telegrams from the South to-night, is given below. For the week ending this evening the total receipts have reached 81,570 bales, against 135,078 bales last week and 155,731 bales the previous week, making the total receipts since Aug. 1 1928, 7,929,028 bales, against 6,892,499 bales for the same pericd of 1927, showing an increase since Aug. 1 1928 of 1,036,529 bales. 1081 The exports for the week ending this evening reach a total of 108,644 bales, of which 27,368 were to Great Britain, 18,766 to France, 20,931 to Germany, 17,827 to Italy, 15,791 to Japan and China and 7,961 to other destinations. In the corresponding week last year total exports were 141,820 bales. For the season to date aggregate exports have been 5,836,629 bales, against 4,883,112 bales in the same period of the previous season. Below are the exports for the week. Exported to-Week Ended Great GerFeb. 15 1929. Exports from - Britain. France. taanf/. 6,125 11,276 - 7,586 171 1,419 Galveston Houston New Orleans_ Pensacola Charleston Wilmington_ Norfolk New York 8,912 Japan& Italy. Russia. China. Other. 4,263 3,077 5,937 13,991 Total. 400 3.555 36,846 3,381 45,758 1,025 16,379 171 1,419 4,550 2,832 289 400 Total 27,368 18,766 20,931 17.827 15,791 7,961 108.644 Total 1928 Total 1927 71,771 15,637 24.813 4.346 80,694 18.839 96,282 28,173 7.489 17.764 141,826 43,640 25,132 292.760 9.680 18,344 1,831 4,650 700 91 174 732 24 Seattle From Aug. 1 1928 t G'erFeb. 15 1929. Great Exportsfrom - Britain. France. many. Galveston._ _ Houston Texas City Corpus Christ Pert Arthur Lake Charles_ New Orleans_ Mobile Pensacola Savannah___. Gulfport Charleston.. Wllnaltigton Norfolk Newport News New York...... Boston Baltimore__ Philadelphia.... Los Angeles.... SanDiego--San Francisco Seattle Total 318,929251,154 347,254 235,109 27,455 10,188 47,576 41,724 410 2,430 _ 1,296 316,344 69,982 63,961 1,533 3,519 --2 121,652 204 77 49,975 ____ 26,800 63 54,850 92 15,752 5,098 548 1,865 1:;i136 Exported toram's& Italy. Russia. China. Other.1 Total. 482,394129,572 15,798486,434 270,288 1.954,571 442,631 156,255 29,458 340,609 122,501 1,673,817 32,834 1,616 -___1 7,213 8,913 88,219 87,712 21,774 4,904 55,036 27,862 286.588 --------- ---650 6,152 250 9.912 1,1511 3,250 -___ ____ 330 6.027 177,966 84,679 68.440116.405 684' 908.500 63,171 3,198 7,300 3,710 142,873 5.225 750 700 100 10,294 100,138 1,730 10.500 2.501 236.645 204 50.307 ___ 850 111 747 112,656 :5 ; 5,585 31.600 00 66,485 19,101 1,144 5,iii) 1,405 82,538 , 92 25,856 12,334 6,009 12.541 77.590 441 2,080 3,069 1, -:iii 3,324 1 - _ - _1 _- _1 36,251 11,949 26,952 -2,iio:::: 43,iio 1,609 122,361 2,700 1,94 4,296 __-_ -_-600 9,544 5,208 5,989 250 329 25,046 1163...6371 16,373 1,441,577634.671 1,537.121 452,061 118.6001109249 543.3505,836,629 Total 1927-28 861,176 681,716 1,555.403 393,594 113.226 739,498 538,499 4.883,112 Total 1926-27 1.845,098 775,364 2,064,243544.932 132.773 1062975 727.633 7.153.018 -1t 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 cotton destined to the Dominion comes overland and it is Impossible to get all the returns concerning the same from week to week, while reports from the customs districts on the Canadian border are always very slow in coming to hand. In view however, of the numerous Inquiries we are receiving regarding the matter, we will say that for the month of January the exports to the Dominion the present season have been 29,334 bales. In the corresponding month of the preceding season the exports were 24,017 bales. For the six months ended Jan. 31 1929 there were 148,561 bales exported, as against 131,840 bales for the corresponding six months of 1927-28. Receipts atSat. Mon. Tues. Wed. Thurs. Fri. Total. Galveston 4.027 5.169 7.8'78 2,993 2,038 16 22.121 Texas City _ 2,217 2.217 Houston 2.972 5,833 2.856 5;618 1 65 2,049 20.670 9 . New Orleans_ 3.004 3,265 10.560 42 6.238 2.929 26,038 Mobile 186 35 418 96 1' 647 Pensacola --------------171 171 _Savannah 813 160 622 111 399 396 2,501 Charleston 189 69 163 24 38 70 553 181 38 Wilmington 46 231 132 28 656 31 Norfolk 101 244 92 1,776 61 547 -----------New York ___ _ 64 In addition to above exports, our telegrams to-night also 672 Boston 6 ---ew5 126 give us the following amounts of cotton on shipboard, not Baltimore1,416 Philadelphia- 6 cleared, at the ports named: Totals this week_ 11.470 15,217 23.001 9,392 11.643 10.847 81,570 On Shipboard Not Cleared for The following table shows the week's total receipts, the total since Aug. 1 1928 and stocks to-night compared with last year: 1928-29. Receipts to Feb. 15. 1927-28. This SinceAug This 'Since Aug Week. 11928. Week. 1 1927. Stock. 1929. 1928. Galveston 22.121 2,517.499 37.698 1.835.153 517,817 441.316 Texas City 166,422 1.0671 83.333 2,217 40.802 38.978 Houston 20,670 2,641.544 23.794 2,311.998 860,287 813.582 Corpus Christi.-_- 181,1E6 --- 256.188 Port Arthur, Svc ____ 9,912 New Orleans-26.038 1,256,454 30,8281,176.735 336.385 514.290 Gulfport 204 Mobile 2,647 217,921 2, 27947 227.267 37,014 11.020 Pensacola 11.436 171 10.294 Jacksonville 8 120 708 592 Savannah 2,501 311.531 5,286 508,995 46.798 29.118 Brunswick Charleston 215,582 89 553 150,411 40,181 28,718 Lake Charles---756 _ 5.505 -,,w, 110,848 1461 Wilmington 89.117 38,444 26,687 Norfolk 1,776 203;723 1.017 191.528 97.054 76.197 N'port News. &c_ 92 New York 414 5,524 33.293 65 . 78.917 195.073 Boston 102 4.722 1,911 126 3,410 4.270 Baltimore 1,416 35,150 1S80I49,004 1,094 1,564 Philadelphia 6155 6 4,637 9,336 Totals 81,570 7,929,028 107,419 6.892.499 2.103.544 2.190.741 Other CoastLeasing GerGreat Stock. Feb. 15 at- Britain. France. many. Forcign wise. Total. Galveston _ __ - 15.500 8,300 13,500 32,000 5,500 74.800 443,017 300 27,938 308,447 New Orleans__ 10,024 4,909 4,546 8,159 41,194 --_------300 5,600 Savannah _ _-.4- 5,300 --_ 470 470 --__ 39.711 ------Charleston_ 27,864 --------4, -650 1,000 9.150 -- 3.500 Mobile ....................97,054 Norfolk io -5615 86,299 186 6.1 9 8. Other ports * Total 1929.... 42.324 19,709 27,046 62,809 8,070 159,958 1.943,586 Total 1928._ 16.445 12.450 26.306 57.185 8,054 120.440 2.068.501 Total 1927... 35,653 14,048 19,720 97.246 15.355 182.022 2.582.105 * Estimated. On the 11th inst. cotton advanced moderately under the influence of a more favorable report of January sales of standard cloths than had been expected and also larger estimate of the domestic consumption in January than most people had believed possible, I. e., 665,000 bales, which would be the largest on record for that month. The report of the Association of Cotton Textile Merchants stated the sales of standard cloths in January 1929 as 317,878.000 yards, or 92.5% of the production against 80.7 in December and 109.7 in November; shipments in January 345.354,000 yards or 100.7 of production, against 98.9 in December and In order that comparison may be made with other years, 101.8 in November; stocks on Jan. 31, 389,195,000 yards, a we give below the totals at leading ports for six seasons: decrease of seven-tenths of one per cent. during January, against an increase of eight-tenths of one per cent. in DeReceipts 01- 1928-29. 1927-28. 1926-27. 1925-26. 1924-25. 1923-24. cember and a decrease of 1.5 in November; unfilled orderl Galveston-55,8341 42,133 22.121 37,698 62,171 28.831 on Jan. 31 1929, 440,585,000 yards, a decrease in January Houston ......._ 50.307 33,194 20.670 23,794 21,021 15.303 of 6% against a decrease of 9.8% in December and an New Orleans_ 26,038 49,034 44.235 30,828 31.025 20.507 Mobile 5,242 1,698 2.647 2,947 4.636 948 increase of 5.5% in November. Also a Boston statistician Savannah .. 2.501 16,545 10.105 5.286 14.675 4.729 stated the January consumption in the United States as Brunswick _ 274 Charleston_ 553 5,395 9,231 898 11.068 920 665,000 bales, the largest for January on record, in conWilmington... 4,599 656 1,839 1,461 2.167 723 trast with previous guesses on the subject of only 600,000 Norfolk 7.566 1,776 7;782 1,017 11,115 4,632 to 620,000 bales. Compared with N'port N.,&c_ 665,000 bales for January ALT others-2.569 4.608 8,196 3,4 9.188 2,057 the total of only 534,000 in December and 586,000 in JanuTotal this wk81,570 107,419 206,770 148,404 167,066 78.924 ary last year indeed looked small. The estimate caused advance in Liverpool, I. e., 10 to 20 American Since Aug. 1.... 7.029.028 R509 .soo 102021470 7.7fifl 420 7 son all c sot mv, a moderate points. While Manchester reported trade in cloths with *Beginning with the season of 1926, Houston figures include movement of cotton previously reported by Houston as an interior town. The distinction Ind'a and China poor it added that the home trade was between port and town has been abandoned. improving. Alexandria advanced up to 40 points. Bremen 1082 and Havre also advanced. Fair sales of cloths were reported there. Carolina and Georgia mills have not as a rule curtailed output. In the South Carolina and the Piedmont section some are still operating day and night. Some think the last half of the season will see an increase in the consumption or precisely the opopsite to what happened last season. Then the consumption abruptly decreased in the last half after a good showing in the first half. This season a rather unfavorable first half is to be succeeded, it is believed, by a redeeming increase in the last half, even though the outlook for the textile industry here and there may not appear at present to justify such an expectation. Manchester has recently had a better domestic trade. On the 13th inst. prices advanced 5 to 10 points on trade and other buying and an expectation of a bullish report on the domestic consumption by the Census Bureau on the 14th. Also the sales of fertilizers in January were stated by the National Fertilizer Association as 26.3% smaller than In the same month last year. The sales for December and January were 26.6% smaller than in those months in the previous season. That was supposed to have caused some buying of the new crop months. The British exports of cloths in January were 379,000,000 yards against 337,000,000 In January last year and 648,912,000 in 1913 or just before the outbreak of the Great War. Of yarns the total for January was roughly 17,000,000 lbs. against 15,000,000 in the same month last year and 19,093,300 in 1913. In other words, this means an increase in January on cloths of 42,000,000 yards over the same month last year and on yarns of 2,000,000 lbs. Some who have been estimating the world's consumption of American cotton this season at 15,000,000 bales against 15,500,000 last season, according to one estimate are now inclined to put it at 15,250,000 bales. Cotton goods were in fair demand. New Bedford did a substantial business in the finer goods and specialties. Manchester however was dull and Liverpool, though steady, sluggish like New York. On the other hand, the speculation has not been large. The outside public is not deserting stocks for commodities. Cotton at above 20c. attracted selling for both sides of the account. The idea here in some quarters is that the situation as it looks just now does not warrant a price above 20c. Spot houses, it is believed, sold March and May when they rose above that level. Some very favorable reports for January on textile sales and domestic consumption were powerless to bring about any marked advance. That was noted as perhaps significant. The South and apparently Europe sold. The exports fell off. When spot cotton advanced early in the week it was only slightly. Cotton goods at best were in only fair demand here; prices, too, seem to have been reduced in order to promote bus'ness. Manchester was dull so far as East Indian business was concerned. Serious riots with much loss of life have been going on in Bombay, due to the quarreling of Hindus and Mohammedans. Manchester reported the East Indion outlook as discouraging. The soil of the South is sa'd to be in the main in good condition. Temperatures of zero in Oklahoma, 4 to 20 degrees in Texas and 20 in the Central belt are supposed to have been more or less destructive of the hibernating weevil. On the 14th inst. the Census Bureau reported the consumpron of cotton in this country in January as the high record for that month of 668,389 bales against 534,352 in December, 610.884 in November, 618,788 in October, 492,221 in September, 626,729 for August and 586.142 for January last year. The previous high record for January was 610.000 in 1922. But the report, bullish as it was, caused only the negligible rise of 7 to 14 points and even this did not hold. See'ng this, disappointed bulls sold so heavily that prices broke 25 to 30 points from the early high. Stop orders hastened the decline. Wall Street, the South, local and other interests sold heavily. The technical position was found to have been weakened by recent buying on reports of a big consumption. Shorts had been largely eliminated. The early advance on Thursday the trade refused to follow. Early in the day, too, stocks weakened. That had some effect. Some of the spot people are understood to have sold. New crop months were sold with especial freedom. Some thought they had been relatively too high. The defeat of the Caraway anti-option bill In the Senate was offset by the big liquidation. The Census Bureau report also stated that the stocks in consuming establishments were 1.767,742 bales of lint and 202,746 bales of linters compared with 1,470,892 bales of lint and 176.567 bales of l'nters on Dec. 31 1928 and 1.708,046 bales of lint and 226,576 bales of linters on Jan. 31 1928. In public storage and at public compresses the supply was 4.615.337 bales of lint and 82.510 bales of linters compared with 5.315.411 bales of lint and 65,962 bales of linters on Dec. 31 last conand 5,013,611 of lint and 58,990 on Jan. 31 1928. The sumption in the United States for the six months of the season to Jan. 31 was 3,451,363 bales agitingt 3.627.494 last out year. This 1929 decrease, it is believed, will be wiped 31 as comlater and an increase substituted before July pared with last season. better techTo-day prices advanced 10 to 13 points on n position, somewhat firmer cables than due and a denical (VOL. 128. FINANCIAL CHRONICLE mand from Wall Street for May, in sufficient quantity to attract attention. Also the weekly statistics were expected to be bullish. The expectation was not entirely fulfilled. And later in the day most of the early advance disappeared. An attempt to revive the Caraway bill was defeated in the United States Senate. Final prices are 3 points lower on October for the week and 7 to 12 points higher on other months. Spot cotton ended at 20.15c. for middling, an advance for the week of 10 points. The following averages of the differences between grades, as figured from the Feb. 14 quotations of the ten markets designated by the Secretary of Agriculture, are the differences from middling established for deliveries in the New York market on Feb. 21: .78 on middling White Middling fair .58 on middling White Strict good middling .40 on middling White Good middling .27 on middling White Strict middling Basis White Middling .78 off middling White Strict low middling 1.62 off middling White Low middling 2.t0 off middling White *Strict good ordinary 3.40 off middling White *Good ordinary .40 on middling Extra white Good middling .27 on middling Extra white Strict middling Even on middling Extra white Middling .78 off middling Extra white Strict low middling 1.62 off middling Extra white Low middling .23 on middling Spotted Good middling .03 off middling Spotted Strict middling .78 off middling Spotted Middling 1.60 off middling Spotted *Strict low middling 2 40 off middling Spotted Low middling * .04 off middling Yellow tinged Strict good middling .95 off middling Yellow tinged Good middling .92 off middling Yellow tinged Strict middling 8 1., off middling Yellow tinged *Middling 2.19 off middling Yellow tinged *Strict low middling 2.96 off middling Yellow tinged *Low middling Light yellow stained._ 1.05 off middling Good middling Light yellow stained-- 1.59 off middling *Strict middling Light yellow stained- 2.24 off middling *Middling 1.37 off middling Yellow stained Good middling 2.07 off middling Yellow stained *Strict middling 2.72 off middling Yellow stained *Middling .67 off middling Gray Good middling 1.08 off middling Gray Strict middling 1.45 off middling Gray *Middling 1 61 off middling Blue stained *Good middling 2.20 off middling Blue stained *Strict middling 2.92 off middling Blue stained *Middling Not deliver able on future contracts. The official quotation for middling upland cotton in the New York market each day for the past week has been: Fri. Sat. Mon. Tues. Wed.Thurs. 20.10 20.20 Hol. 20.30 20.20 20.15 Feb. 8 to Feb. 15Middling upland NEW YORK QUOTATIONS FOR 32 YEARS. 1929 1928 1927 1926 1925 1924 1923 1922 20.15e. 18.35e. 14.20c. 20.60c. 24.55c. 31.35e. 28.20e. 18.25e. 1921 1920 1919 1918 1917 1916 1915 1914 14.20c. 38.95e. 26.50c. 31.35e. 15.850. 11.95c. 8.55c. 12.850. 12.90c. 10.50c. 14.00c. 15.00c. 9.80e. 11.85e. 11.00c. 11.25e. 1913 1912 1911 1910 1909 1908 1907 1906 1905 1904 1903 1902 1901 1900 1899 1898 7.750. 13.75c. 9.600. 8.81c. 9.50c. 8.88c. 6.62c. 6.250. -The highest, lowest and closing prices at FUTURES. New York for the past week have been as follows: Saturday, Feb. 9. Monday, Feb. 11. Tuesday. Wednesday. Thursday. Feb. 14. Feb. 13. Feb. 12. Friday, Feb. 15. Feb.Range-. 19.95 ---- 19.85 ---- 19.83 -Closing_ 19.73 ---- 19.84 ---afar.19.95-20.08 19.91-20.17 19.88-20.03 Range.. 19.82-19.87 19.91-20.00 20.03-20.05 19.93-19.97 19.91-19.93 Closing. 19.86-19.87 19.97-19.98 Apr. 19.92-19.92 Range.20.00 19.87 19.93Closing- 19.92 -20.02May20.04-20.17 19.97-20.23 19.96-20.10 Range-- 19.93-19.98 20.02-20.10 20.12-20.14 19.97-20.00 19.99-20.01 Closing- 19.97-19.98 20.07-20.09 June Range-19.95-19.80-19.84Closing. 19.8119.91HOLIDAY July19.72-19.83 19.63-19.89 19.82-19.74 Range-. 19.60-19.65 19.68-19.76 19.78-19.80 19.63-19.65 19.64-19.65 Closing_ 19.64-19.65 19.75-19.76 Aug. Range.. 19.74-19.57-19.5919.73Closing. 19.63Sept. Range.. 19.70Clueing. 19.61 --- 19.7019.52-1944. Range-- 19.54-19.59 19.62-19.69 Closing- 19.69-19.67Oct. (new) Range.. 19.43-19.49 19.51-19.59 Closing- 19.49 -- 19.57-19.59 Nov.Range-Clueing. 19.62-19.70Nov. (new) Range..Closing. 19.52 -19.60Dec. Range.. 19.45-19.52 19.52-19.60 Closing. 19.52 19.60Ian. Range.. 19.50-19.53 19.53-19.64 (lhalner 10 Si -10 aq_in a A 19.63-19.72 19.47-19.75 19.49-19.56 19.65-19.68 19.47 -19.49 19.53-19.65 19.35-19.65 19.40-19.48 19.58-19.60 19.36-29.40 19.41-19.43 19.6919.50-19.6219.61-19.39-10.4419.55-19.66 19.40-19.69 19.40-19.49 19.61-19.63 19.40-111.42 19.4419.58-19.67 19.40.19.65 19.40-19.48 • • ' Range of future prices at New York for week ending Feb. 15 1929 and since trading began on each option: Option for Feb. 1929 Mar. 1929.. 19.82 Apr. 1929.. 19.92 May 1929.. 19.93 June 1929.. July 1929.. 19.60 Aug. 1929 Sept. 1929. Oct. 1929.. 19.36 Nov. 1929 Dec. 1929._ 19.40 Jan. 1930_ 19.40 Range for Week. Feb. 9 20.17 Feb. Feb. 13 19.92 Fob. Feb. 6 20.23 Feb. Feb. 6 19.89 Feb. Range Since Beg nning of Option. 18.68 14 17.20 13 18.68 14 17.72 18.00 14 17.12 19.50 Feb. 14 19.75 Feb. 14 18.08 19.45 Feb. 14 19.69 Feb. 14 18.89 Feb. 14 19.67 Feb. 13 19.06 20.07 .2.38 .2.0 2.31.1 20.43 :0.67 Dec. 24 1028 June 20 1928 July 0 1928 Julie 29 1928 Nov. 26 1928 Nov. 27 1928 Dec. 6 1926 19.133 Nov. 5 1926 20.02 Dec. 15 1928 10.60 Jan. 7 1929 19.69 Feb. 4 1920 10.67 Dec. 18 1928 Nov. 27 1928 Dec. 18 1928 Feb. 14 1929 Feb. 13 1929 Aug. 21 1921 Sept. 19 192! Aug. 18 1921 Sept. 19 liat Aug. 13 192 Sept. 19 1921 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. 1929. Feb. 15 Stock at Liverpool Stock at London Stock at Manchester hales_ Nome 1928. 1927. 770,000 1,313,000 98,000 162,000 73,000 842.000 1,457,000 557,000 318,000 13.000 117.000 63,000 556.000 279,000 15,000 117,000 69,000 281,000 216,000 641,000 642,000 266,000 17.000 93,000 55,000 Total Continental stocks 4,000 87,000 53,000 Total European stocks 2,161,000 1,910.000 2,511,000 1.567,000 India cotton afloat for Europe_ _ - 167,000 175,000 104,000 182,000 American cotton afloat for Europe 414,000 434,000 705,000 432,000 Egypt,Brazil,&c.,afloatforEurope 90,000 75,000 89.000 111.000 Stock in Alexandria, Egypt 442,000 407.000 427,000 301.000 Stock in Bombay, India 1,100.000 760,000 712.000 760,000 Stock in U. S. ports a2.103.544a2,190,741a2,764,127 1,484,255 Stock in U. S. interior towns...... a966,412a1,049,180a1,305,580 1,893,049 U. S. exports to-day Total visible supply 7.443,956 7,000.921 8.617.707 6,730,304 Of the above, totals of American and other descriptions are as follows; American - Liverpool stock Mane ester stock Continental stock bales American afloat for Europe U.S. port stocks U. S. interior stocks U. S. exports to-day 713,000 541,000 994.000 77,000 51.000, 1,002.000 1.021,000 993.000 414,000 434,000 705,000 589.000 , 0 589,000 432,000 a2.103.544a2,190,741a2,764,127 1,484,255 a966,412a1.049.180a1,305.580 1,893,049 Spot Market Closed. East Indian, Brazil, .5c. - Liverpool stock London stock Manchester stock Continental stock Indian afloat for Europe Egypt, Brazil, &c., afloat Stock in Alexandria, Egypt Stock in Bombay. India Total East India, &c Total American 5.275.956 5,286,921 6,908.707 5,049,304 277,000 229,000 319.000 264,000 21,000 71,000 167.000 90.000 442.000 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 11,000 52,000 182.009 111,000 301,000 760.000 2.168,000 1,714,000 1,709,000 1,681,000 5,275,956 5,286.921 6,908,707 5,049,304 Total visible supply 7,443.956 7,000.921 8,617.707 6,730,340 Middling uplands, Liverpool_ _ _ _ 10.434. 7.76d. 10.574. 10.25d. Middling uplands. New York 20.75c. 20.15c. 18.35c. 14.20c. Egypt, good Salmi, Liverpool_ _ _ _ 19.65d. 18.804. 15.45d. 19.60d. Peruvian, rough good, Liverpool_ 14.50d. 12.004. 11.500. 23.000. Broach, fine, Liverpool 8.856. 9.254. 6.95d. 9.156. Tinnevelly. good, Liverpool 7.404. 9.55d. 10.104. 9.95d. a Houston stocks are now included in the port stocks; in previous years they formed part of the interior stocks. Continental imports for past week have been 102,000 bales. The above figures for 1929 show a (()crease from last week of 7,424 bales, a gain of 443,035 over 1928, a decrease of 1,173,751 bales from 1927, and a gain of 713,652 bales over 1926. AT THE INTERIOR TOWNS the movement-that is, the receipts for the week and since Aug. 1, the shipments for the week and the stocks to-night, and the same items for the corresponding periods of the previous year,is set out in detail below: Movement to Feb. 15 1929. Receipts. Ship- Stocks tnents, Feb. Season. Week. 15. Ala.,Birming'm Eufaula Montgomery Selma Ark.,BlythevIlle Forest City._ Helena Hope Jonesboro... Little Rock Newport.... Pine Bluff. - _ Walnut Ridge Ga.. Albany Athens Atlanta Augusta ____ Columbus._ Macon Rome La., Shreveport Miss..Clarksdale Columbus Greenwood Meridian Narchez 1,478 53,236 3,251 5,956 19 13,008 69 5,83 74 51,946 218 21,500 416 44,127 1,410 20,717 1,194 80,430 1,604 14.73: 304 26,202 847 7.864 54.070 1,763 13,65 630 48 55,296 1,102 5,543 159 32,541 443 3,956 1,032 108.246 2,431 20,74 278 46,191 97. 5,482 1,090 126,276 3,069 25,732 561 36.718 1,729 7,926 2 3.560 __ 1,892 112 27,893 600 13,12 2,705 111,398 3,192 51,201 4,915 198.871 2,317 77,01 840 43.135 520 10,25: 51,501 1,599 7,55, 1,007 295 34,531 300 30,41 972 140,960 3,042 57.622 809 140,861 2,314 30,207 109 29,349 958 9,931 808 185,199 3,466 43.39 45,854 392 738 7,92. 1,000 28,851 1,590 19,30 241 24,333 324 4,234 Vicksburg 14 39,184 795 8,046 Yazoo city Mo., St Louis_ 15,766 340,619 15,556 27.727 17,083 707 919 10,167 N.C.,Grneboro Raleigh Oklahoma 15 towns $.__ 3,800 747,644 8,383 45,600 S C., Greenville 8,781 141,573 6,804 43,873 Tenn .,M em phis 45,012 1,40 I.148 58,587257,021 49,908 402 702 1,477 Texas. Abilene_ 475 2.243 47.290 39 Austin 31,355 2,406 3,407 161 Brenham.... 922 120,962 1,411 17,744 Dallas 246 3,936 87,361 156 Paris 28.003 558 46 ____ Robstown 41,693 583 2,088 139 San Antonio_ 62,843 1,594 7.397 211 Texarkana 254 137,853 1.059 11,397 Waco ....,5)I ,.........- .-....---- .... __ ).06t1,lIJOSOL 050.'tIh ota • Movement to Feb. 17 1928. Receipts. Week. Season. 442 71 487 79 564 320 611 436 252 400 306 1,683 434 ____1 114 2,464 1,354 221 2,210 322 437, 784 113 787 811 98 48 49 6.875 553 1671 Ship- Stocks ments, Feb. Week. 17 81,9371 18.4051 70,250 55,787 76,033 35.741 48,948 44.586 31,197 99,361 47.689 118.605 34.491 4,973 48,242 104.807 226.011 49,999 53,920 32.700 93,095 149.522 33,101 154,850 37,166 34,993 16,965 27.366 265,066 22,131 11.852, 1 7,170 713,352 5,000 246,754 5.6021.160,380 416 49.200 40 24,5311 105 24.774 1,406 81,838 211 70,913 ..... 29.692 561 33.903 71 54.779 540 83,919 ..., -.....- _. ,5,s?Sti,(OL9Z4 1,495 142 1,459 1,645 1,998 595 911 687 723 1,458 771 2,027 1.611 ____ 2.025 3.650 4,796 142 954 350 810 3,768 528 3,174 104 459 __._ 320 6.569 2.238 801 9.342 9.243 27.789 22.176 16.028 13.301 20,510 4.120 4.443 21.284 5,889 36,040 5.734 2,143 14.746 32.962 76,881 2,507 6,861 18.178 43.485 59,449 7,038 75,909 8.128 20.257 7.368 14,513 2,822 14.096 3.535 11,305 73.419 10.000 59.437 6.272235.667 143 1.930 1 2.790 155 12.166 1,570 26.546 546 4.917 ___. 1,465 61 5.284 1,404 7.863 796 11,249 __ ___ 78.5531049183 * Includes the combined totals off fteen towns In Oklahoma. Futures Market Closed. SALES. Spot. Saturday..... Steady,5 pts. adv _ Steady Monday._ Steady, 10 pts.adv _ Steady HOLIDAY. Tuesday __Wednesday_ Steady,10 pts. adv _ Steady Thursday _ Quiet, 10 pts. decl ..... Barely steady. Quiet, 5 pts. deal __ Steady Friday Contr'ct Total. 400 200 400 200 900 300 900 300 1.800 1,800 112,2A 143.100 273,359 Total_ --Since Aug. 1 OVERLAND MOVEMENT FOR THE WEEK AND -We give below a statement showing the SINCE AUG. 1. overland movement for the week and since Aug. 1, as made up from telegraphic reports Friday night. The results for the week and since Aug. 1 in the last two years are as follows: -1928-29.5:nee Week. Aug. 1. 15.556 314,263 3,199 59,314 131 4.213 1,393 31.311 4,784 136,731 9,143 381,566 Feb. 15Shipped Via St. Louis Via Mounds, &c Via Rock Island Via Louisville Via Virginia points Via other routes, &c Total gross overland Total American Week. 82,768 bales less than at the same time last year. The receipts at all the towns have been 53,970 bales more than the same week last year. 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. 926,000 1,088,000 72,000 1926. 853,000 1,073,000 1,068.000 1,036,000 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 Towns. 1083 FINANCIAL CHRONICLE FEB. 16 1929.] -1927-28Since Week. Aug. 1. 6.569 265.193 4,870 197.662 735 11.929 263 23.178 5,128 161.376 13,038 238,166 34,206 927.398 30,603 897,504 Overland to N. Y., Boston, &c...._ 2,220 499 Between interior towns 16,695 Inland, &c., from south 69.803 12,063 405.597 2,396 521 9.534 60,881 13.891 438.878 Total to be deducted 19,414 487.463 12.454 513,650 Leaving total net overland * 14,792 439.935 18.149 383,854 Deduct Shipments - * Including movement by rail to Canada. The foregoing shows the week's net overland movement this year has been 14,792 bales, against 18,149 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 56,081 bales. -1928-29 -1927-2R Since Week. Aug. 1. Takings. We k. , Aug. 1. 81.570 7,929,028 107.419 6.892.499 Receipts at ports to Feb. 15 439,915 14,792 18.149 383..854 Net overland to Feb. 15 South'n consumption to Feb. 15.-122,000 3,075,000 100.000 3.141.000 In Sight and Spinners' 218.362 11,443,963 225.568 10.417.353 Total marketed 648,943 *38.474 676.328 Interior stocks in excess Feb. 15_ -*41,501 Excess of Southern mill takings 743,710 299.554 over consumption to Feb. 1 Came into sight during week_ -176.861 Total in sight Feb. 15 12,836.616 North.spin's'taldngs to Feb. 15- 27,641 835,473 187.094 11.393.235 27,710 992.283 a Decrease. Movement into sight in previous years: Bales. I Since Aug. 1285.87511927 252,110 1926 233,111 1925 Week1927 -Feb. 17 1926 -Feb. 18 1925 -Feb. 19 13 101. , 15."77 953 13.50'.48 1'2.458.4 4 QUOTATIONS FOR MIDDLING COTTON AT -Below are the closing quotations OTHER MARKETS. for middling cotton at Southern and other principal cotton markets for each day of the week: Closing Quotations for Middling Cotton on Week Ended Feb. 15. Galveston New Orleans Mobile Savannah Norfolk Baltimore Augusta Memphis Houston Little Rock Dallas Fort Worth._ Saturday. Monday. Tuesday. Wed'day. Thursd'r. Friccr. 19.35 19.00 18 60 19 01 19.13 19.35 19.06 18.35 19.00 18.38 18.55 19.45 19.10 18.75 19.12 19.25 19.45 19.19 18.45 19.15 18.48 18.65 18.55 19.50 19.15 18.80 19.18 19.25 HOLI- 19.55 DAY. 19.25 18.55 19 20 18.54 18.75 18.65 19.35 19.0: 18.70 19.11 19.19 19.65 19.13 18.45 19.10 18.35 18.65 18.60 19.35 19.02 18.70 19.06 19.19 19 55 19.13 18.45 19.-0 18 .5 18.65 18.65 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. 9. Monday. Feb. 11. March ___ 19.24-19.25 19.35-19.36 April 19.35-19.36 19.46-19.47 May June July 19.39 --- 19.49 ---August __- September Tuesday, Feb. 12. Wednesday. Thursday, Feb. 13. Feb. 14. Friday. Feb. 15. 19.39-19.40 19.27-19.30 -_ 19.27-19.28 19.51 -19.38-19.40 19.38 19.54-19.55 19.42-19.43 19.40-19.41 HOLIDAY October __ 19.20-19.31 19.35 - 22 19 1 November 19.21 December 19.23-19.25 19.34-19.37 19.38 Bid 19.22-19.23 Jan.(1930) 19.23 Bid 19.34-19.37 19.36 Bid 19.25-19.28 19.21-19.22 February _ - -19.24 bid Tone Steady Steady Spot Steady Steady Steady. Steady Very st'dy Options Steady Barely st.y Steady. CENSUS REPORT ON COTTONSEED OIL PRODUCTION DURING JANUARY. -Persons interested in this The above total shows that the interior stocks have report will find it in our department headed "Indications of during the week 41,501 bales and are to-night Business Activity" on earlier pages. decreased 1084 FINANCIAL CHRONICLE CENSUS REPORT ON COTTON CONSUMED AND ON NAND IN JANUARY, &c. -This report, issued on Feb. 14 by the Census Bureau, will be found in full in an earlier part of our paper under the heading "Indications of Business Activity." WEATHER REPORTS BY TELEGRAPH. -Reports to us by telegraph this evening denote that temperatures have been somewhat lower during the week in most sections of the cotton belt. Rain has fallen in many places but as a rule precipitation has been light. Rain. Rainfall. 2 days 1.28 in. 1 day 0.08 in. 1 day 0.02 in. dry 2 days 0.09 in. 1 day 0.01 in. 2 days 0.26 in. 1 day 0.01 in. 3 days 0.40 in. 3 days 0.74 in. 2 days 0.85 in. 2 days 0.49 in. 7 days 0.66 In. T days 0.38 in. 2 days 0.43 in. Galveston, Texas Abilene Brownsville Corpus Christi Dallas Del Rio Palestine San Antonio New Orleans Shreveport Mobile, Ala Savannah, Ga Charleston. El. 0 Charlotte, N.0 Memphis, Tenn Thermometer high 60 low 27 mean 44 high 60 low 10 mean 35 high 76 low 32 mean 54 high 66 low 30 mean 48 high 50 low 12 mean 31 high 6() low 22 mean 41 high 54 low 16 mean 35 high 64 low 24 mean 44 high __ low _- mean 51 high 54 low 22 mean 38 high 67 low 30 mean 49 high 68 low 34 mean 51 high 66 low 32 mean 98 high 60 low 25 mean 42 high 48 low 21 mean 31 Experts from - [VOL. 128. leer the Week. Since August 1. Great Conti- Ja Great Britain. nest. China. Total. Britain. Bombay 1928-29_ 21,III 21,000 1927-28.48,000 34,III 14. 1926-27-15, 24,00 39,00 Other India: 1928-29_ _ 33.000 33,000 19.000 1927-28-- 3.000 16, 1920-27._ 5.00 33. 39,000 Conti- Japan 2. neat. China. I Total. 26,000 423,00 783,00011,232,000 33.000 279,000 524,000 854,000 4.0 168.000 727,000 899.000 56,000 270,000 58.500 269,111 23,000 207,00 332,000 327,500 230,000 Total all 1928-29_ -82,00 699, 54,000 54,111 783,000 1,564,000 1927-28._ I 50, 14,000 67,000 91,50 56100 524,111 1,181,500 1926-27._ 6.000 48.000 24,000 78.000 27. 375,000 727,00 1.121000 According to the foregoing, Bombay appears to show an increase compared with last year in the week's receipts of 34,000 bales. Exports from all India ports record a decrease of 13,000 bales during the week, and since Aug. 1 show an increase of 382,500 bales. ALEXANDRIA RECEIPTS AND SHIPMENTS. -We now receive weekly a cable of the movements of cotton at Alexandria, Egypt. The following are the receipt; said shipments for the past week and for the corresponding week The following statement we have also received by tele- of the previous two years: graph, showing the height of rivers at the points named at 8 a. m. of the dates given: Alexandria. Egypt. 1928-29. 1927-28. 1926-27, Feb. 15 1929. Feb. 17 1928. Feet. Feet. 13.1 7.4 27.7 15.7 11.8 10.3 11.5 16.9 30.2 40.3 Above zero of gauge.. Above zero of gaugeAbove zero of gaugeAbove zero of gauge. Above zero of gauge- New Orleans Mamphb3 Nashville Shreveport Vicksburg -The folRECEIPTS FROM THE PLANTATIONS. lowing table indicates the actual movement each week from the plantations. The figures do not include overland receipts nor Southern consumption; they are simply a statement of the weekly movement from the plantations of that part of the crop which finally reaches the market through the outports. Receipts at Ports. Week Ende 1928. 1927. 1928. 1927. I 1926. 1928. 1927. 1926_ Nov. I I 9..- 396.001 390,293 488.446 1.050,54 1.261956 1,349.950412.497 451.314 573.946 16.. 351.467 341.143517.711 1,099.921 1,290,4091,415,095 400.843 370.596 583.298 23.. 351.5051257,764 470.442 1.155.384 1,307,971 1,406.391 406.908 275,326 511.728 30_ 365,189 284.933 482,959 1.215,753 1.329,9001,490361 425.568 301862 516,739 Dec. 7. 388.998 233.599 451.084 1.223,57 1.342.50811.528.551 396.808 246.196 489.478 14_ 311.730199.962 400.731 1.232.683 1.131.182 1.552,303 320.846 188.635 424.479 21-. 265.7801180.499331571 1,232.436 1.308,7701,561.460265.553 188.087345.938 28_ 255.6611151069 323.796 1,255.901 1.328.743,1,562.861 271131 179.041:423.197 . 1929. 1928. 1927 1929. 1928. 1927 1929. Jan. 1928. I 1927. 4._ 181298 110,324 238.809 1.240.631 1.295.532 1.529.304 173,028 77.113 205.252 11.. 172,34l 17,331254.741)1.2)13,45911.261.6881.6)10.833)35.168 83.487 284.220 18_. 151.177 122.215 291254 1.161.1401,217.543 1.487.961 108,958 78.070 274.402 25-- 171.761 120,405 258.93' 1,1)8,691.1.180.0961.467.429129,320 82,958 238.380 Feb. 1„ 155,731 139,5871235,11 1,0716791.134,087 1.404.189 109.710 93.558 171.958 8.- 1311178,111,825228.4411.007,9131.087.654 1.350.179 70,313 65.392 174,431 IA RI 67.4107 410206 77 MR 4121 049_1301.305.580. 40.009 68.945.162.171 The above statement shows: (1) That the total receipts from the plantations since Aug. 1 1928 are 8,517,604 bales; in 1927-28were 7,55 ',326 bales,and in 1926-27 were 10,862,149 bales. (2) That, although the receipt's at the outports the past week were 81,570 bales, the actual movement from plantations was 40,069 bales, stocks at interior towns having decreased 41,501 bales during the week. Last year receipts from the plantations for the week were 68,945 bales and for 1927 they were 162,171 bales. WORLD'S SUPPLY AND TAKINGS OF COTTON. The following brief but comprehensive statement indicates at a glance the world's supply of cotton for the week and since Aug. 1 for the last two seasons from all sources from which statistics are obtainable; also the takings or amounts gone out of sight for the like period: Cotton Takings, Week and Season. 1927-28. 1928-29. Week. Season. Week. Season. 7.066.498 Visible supply Feb.8 7,451.380 4 Visible supply Aug. 1 . ----- -4.961.754 4.175.480 American in sight to Feb. 15 176,861 12.836.616 187.04 1.393.235 Bombay receipts to Feb. 14.--64.000 1.647.000 98000 1,502,000 327,500 Other India ship'ta to Feb. 1419.000 332.000 33'000 977.860 21.000 Alexandria receipts to Feb 13_ 20;000 1,284,200 424.000 Other supply to Feb. 13 5 b 12.000 481,000 . 13,000 7 792.241 20.611,296 7,369.592 19,731,349 7.443.956 7,443,956 7,000.921 7.000.921 Total takings to Feb. 15 a 348,285 13,167,340 368.671 12.730.428 Of which American 303.285 9,702,140 282.671 9.496.068 Of which other 86.000 3,234,360 45.000 3.465.200 * Embraces receipts In Europe from Brazil, Smyrna. West Indies. &c. a This total embraces since Aug. 1 the total estimated consumption by Southern mills, 3.075.000 bales in 1928-29 and 3,141.000 bales In 1927-28 -takings not being available-and the aggregate amounts taken by Northern and foreign spinners.10.092.340 bales In 1928-29and 9.589.428 balesIn 192728. of which 6.627.140 bales and 6,355,068 bales American. b Estimated. INDIA COTTON MOVEMENT FROM ALL PORTS. The receipts of India cotton at Bombay and the shipments from all India ports for the week and for the season from Aug. 1, as cabled, for three years, have been as follows: Feb. 14. Receipts at Bombay 100,000 6.401.194 105.000 4.692.442 135.000 6,o15.758 This Since This Since Week. Aug. 1. Week. Aug. 1. Export (bales)- This Since Week. Aug. 1. To Liverpool 4,000 116 405 5.000 87,769 8,000 144,588 To Manchester,&c 7.000 116,012 8.000 95.163 ----113.840 To Continent & India.-- 17.000 105.333 6.250 243,686 11.250 223.618 To America 2,000 101.081 300 77.119 1,000 83,278 Total exnorts 30.000 638.891 19.550 503.737 20.2.60 565 324 Note. -A canter is 99 lbs. Egyptian ba es weigh about 750 lbs. This statement shows that the receipts for the week ending Feb. 14 were 100.000 canters and the foreign shipments 30.000 bales. Stocks at Interior Towns. Receiptsfrom Plantens. 1926. Total supply Deduct Visible supply Feb. 15 Feb. 13 Receipts (cantors) This week Since Aug. 1 1928-29. Sihce Week. I Aug. 1. 1927-28. Week. Since Aug. 1. 1926-27. Mace Week.'Aug. 1. 98,000 1,502.000 64,000 1.647.000 133.000 1.711000 , MANCHESTER MARKET. -Our report received by cable to-night from Manchester states that the market for yarns is active and in cloths quiet. Merchants are buying very sparingly. We give prices to-day below and leave those for previous weeks of this and last year for comparison. 1928. 32.9 Coy Twist. 1927. 8% Lb.. Shirt- Cotton lags. Common Middrg 325 Cop (lords. Twist. to Finest. Nov.d. d. 11. d. 9____ 15 61634 13 0 16____ 16%017% 13 0 M.__ 15816161.4 13 1 80.__ 15%016% 13 3 Dee7---- 15)461814 13 3 14_ ..._ 151161634 13 3 21_..... 155.444165.4 13 3 28._ 15144*1e1.4 13 3 Jan.1929. 4.___ 154016q 13 3 1E-- 1514016% 13 3 18._ 15349418% 13 3 25___ 15%941614 133 Feb. 1____ 151(6163.4 13 3 8_ 15 (416 13 3 M.__ Ifittalf144 12 2 8% Lbs. Shirt- Cotton Ines, Common Mkicire to Finest. Uprds. e. d. (4132 4413 2 613 3 (413 5 d. 10.46 10.55 10.84 10.97 d. (1. s. d. 14 616 130 154.4 1714 13 0 1549617% 13 1 1533017 0 13 1 613 5 613 5 (413 5 613 5 10.63 10.69 10.58 10.63 15401614 1541%1649 154 4,416% 15%617 (413 5 (413 5 (413 5 @136 10.50 10.50 10.63 10.48 9413 6 613 5 oh 1 a R a. d. @133 9413 3 9413 2 (413 4 d. 11.04 10.91 11.14 10.90 13 1 13 0 13 2 13 4 9413 4 013 4 613 7 614 1 10.68 10.68 10.88 11.06 1928. 151.4(417 0 13 5 15408116% 13 5 163.(61614 13 7 15 9416% 13 6 @14 1 (414 1 (4)4 1 (4140 10.92 10.90 10.52 10.32 10.35 141.4941504 13 5 0,13 7 10.34 1434616 013 5 (m13 7 10.43 144i ittlii% 13 6 614 0 9.79 10.07 10.25 -Shipments in detail: SHIPPING NEWS. Bales. NEW YORK -Dresden.24 -To Bremen-Feb.6 24 To Liverpool-Feb.8-Athenia,91 91 To Dunkirk-Feb,9 -Vincent, 174 174 GALVESTON-To Liverpool-Feb.6-Elmarord, 4.648 4.648 To Manchester-Feb,6 -Elmsford. 1,447 1,477 To Genoa-Feb.6 -West Harshaw.4.263 4.263 To Japan-Feb. 6 -La Plata Maru, 4.670; Victoria Meru, -Lisbon Maru. 4,650--_Feb. 11-Van 3.276_ Feb. 9 Cluver Mani.995 13,591 To Havre -Feb.8-Edgemoor,7,691 7,691 To Dunkirk-Feb.8-Edgernoor. 1.221 1.221 To Rotterdam-Feb,8-Edgemoor.3.555 3.555 To China-Feb.9 -Lisbon Marti, 400 400 NEW ORLEANS Bremen-Feb.8 -To -Manchester Citizen, 1.257 1.257 To Hamburg-Feb.8 -Manchester Citizen,574 574 To Liverpool-Feb.8 -West Caddoa,5.928 5.928 To Manchester-Feb.8 -West Caddoa, 1.648 To Genoa-Feb. 11-Nicolo Odero. 2,450; Feb. 11-Montello, 1.648 2.462 4,912 To Venice-Feb.9-Quistconck. 1.025 1,025 To Barcelona-Feb.9-0gontz.400 400 To Gothenburg-Feb. 11-8tureholm, 525 525 To Avonmouth-Feb. 13-Yapaloga, 10 10 To Arico-Feb.8 -Suriname, 100 100 NORFOLK-To Manchester-Fob. 9-Hoxie. 100.-Feb. 12 Caledonian. 200 300 To Japan-Feb. 11-Steel Age, 300 300 To China-Feb. 11-Steel Age. 1,100 1,100 To Liverpool-Feb. 12 -Winona County.400 400 To Bremen-Feb. 12 -Westport, 732 732 HOUSTON-To Liverpool -Feb. 6-Elmsport, 23390 Feb. 12 Nubian,7.770 To Manchester-Feb. 6-Elmsport, 150---Feb. 12-Nublan, 10,460 666 816 To Genoa-Feb. 9-Mon'real, 3.077 3.077 To Bremen-Feb. 9 -City of Weatherford, 6.914. Thlatleford. 7,239_ __Feb. 11-Manchester Citizen, 3,166 To Havre -Feb. 11 -De la Salle, 4.773; Youngstown, 4.907... 16.599 To Barcelona-Feb. 11-Aldecoa, 1,706--Feb. 13-0gontx, 9.680 1.025 2,731 -Feb. 11-Youngstown. 250 To Ghent 250 To Copenhagen-Feb. 13-Danla. 400 400 To Hamburg-Feb. 11-Manchester Citizen, 1,745 1,745 CHARLESTON-To Liverpool-Feb. 11-Shickshinny,682 682 To Manchester-Feb. il-ShIckshinny, 737 737 PENSAC'OLA-To Liverpool-Feb. 12-AfoundrIa, 171 171 WILMINGTON-To Genoa-Feb. 13 -Ter 1, 4.550 4.550 SEATTLE -To Japan-Feb. 8-8h1dzuoka Meru,400 400 108,644 FINANCIAL CHRONICLE Flom 161929.] 1085 -Current rates for cotton from from 2 to 6 inches, practically over all the wheat territory. COTTON FREIGHTS. New York, as furnished by Lambert & Burrowes, Inc., are It was 2 below at Quitaque, zero at McLean and Borger; 5 as follows, quotations being in cents per pound: above at Amarillo; 11 above at Wichita Falls; 14 above at INA StelaStandHigh High StandBrownwood, 18 at Waco, Ft. Worth and Dallas. Much Density out ard. Density. Dewar. ard sleet was reported through north Texas. From the United Shanghai 85c 60c. 70c. .500 Liverpool .450. .60o. Oslo Bombay 850 70c. .600. Stockholm .600. .75c. Manchester.45o. States the exports since the first of July aggregated 105,60o .45c. Bremen 500. .65c. .600. Trieste Antwerp .45e. 60c. 450. 500,000 bushels or at the rate of 15,000,000 bushels per .65c. Ham bum .50c. Fiume .31o. .460. Havre Piraeus .75c. .9Gc Lisbon .450. Rotterdam .450. .60e. month, due, it is believed, to famine conditions in some .750. .90e .60c. .75e. Salonica Oporto .500. Genoa European and Oriental countries. Export sales on the .50o. .45e. Venice Barcelona .300. SOo 650 Japan; 9th inst. were 250,000 bushels, largely Pacific Manitobas. -Sales, stooks, &o., for past week: LIVERPOOL. On the 13th inst. prices ended 2% to 3%c. higher. WinFeb. 15. Feb. 8. Feb. 1. Jan. 25. c. Other markets were generally 1 / nipeg was up 1 to 14 25,000 29,000 24.000 27.000 Sales of the week 17.000 higher. Fears of damage to the crop in the American win18,000 19.000 17.000 Of which American 1,000 ter wheat belt and in Europe, and a good export trade, esti1,000 1.000 1.000 Actual exports 67,000 59.000 57,000 63,000 Forwarded 990.000 mated at 1,500,000 bushels, including over the holiday, were 964.000 970,000 959,000 Total stocks 694,000 713.000 the principal features. Broomhall increased his estimate 670,000 678,000 Of which American 87,000 78.000 55,000 103.000 Total imports 72,000 of import requirements for European and non-European 33.000 75.000 60,000 Of which American 253,000 218.000 countries 40,000,000 to 880,000,000 bushels. 228,000 224,000 Amount afloat Bradstreet's 141,000 161,000 Of which American 183.000 162,000 world's visible supply for the week increased 2,352,000 bushThe tone of the Liverpool market for spots and futures an increase last year of 7,275,00. The total availeach day of the past week and the daily closing prices of els against visible supply was put at 394,700,000 bushels able world's spot cotton have been as follows: against 315,329,000 a year ago. On the 14th inst. prices 1 / 4 1 / advanced 1 to 14c. with export interests big buyers of Tuesday. Wednesday. Thursday, Saturday. Monday. Friday. Spot. July. An anti-option bill was defeated in the United States fair A fair MarketA Senate. Shorts covered freely. Exporters were credited Quiet. 12:15 I Quiet. Dull. business Quiet. business P.M. doing. doing. with buying futures at Winnipeg, although that market did not fully follow the advance in Chicago. Crop reports from Mid.Upl'ds 10.36d. 10.48d. 10.450. 10.450. 10.41d. 10.430. abroad were somewhat more favorable, with some private Sales 2,000 4.000 5.000 6,000 6,000 6,000 advices stating that Indications were for warmer weather, Futures. Steady. { Steady Steady Q't 1 pt Quiet Steady and that little damage had occurred as there was ample 2 to 4 pta. 4 to 5 pta. 2 to 4 pta. 1 to 2 pts decl. to 2 5 to 6 pta. Market snow protection. Other reports stated that temperatures advance, advance, advance, opened pta. adv. decline. decline. in Central and Southeastern Europe were the lowest in 150 Q't but st'y Q't but st'y Q't but st'y Barely st'y Steady. Quiet Market. Shipments from Argentina for the week were estipta. 4 to 9 pta. 2 to 4 pta. uncted to 2 1 to 3 pia. 3 pta. adv. years. 4 1 1 to 4 P. M. advance, advance, advance. pta. adv. decline. to 4 pta deo mated at 6,798,000 bushels, or a little smaller than the exin the SouthPrices of futures at Liverpool for each day are given below: ports of last week. Cold weather prevailed west again, but snow covering was reported in practically Wed. Thurs. I Fri. all sections. The forecast was for more snow in Missouri, Tues. Sat. I Mon. Feb. 9 Kansas and Iowa. Some private houses had cables estito 12.15 12.3e12.15 4.0012.15 .40012.11 .400 12.15 4. 12.15 4.00 in Europe from cold p.m. p.m. P. In. p. In.it• m.P. al P• m•P. m p.m.p.m p.m p. m. mating the probable loss of wheat Feb. 15. weather at 5%. a. T d. d. d. d. d. d. d. d. d. d. d. To-day prices closed % to le. lower at Chicago, % to %c. 10.06 10.16 1Q.15._ __ 10.19 10.18 10.17 10.16 10.14 10.13 10.17 February March 0.15 10.24 10,231__ -10.26 10.25 10.24 10.23 10.21 10.19110.23 off at Winnipeg and % to le. down at Minneapolis. The ex10.2810.27 10.2610.24 10.22110.26 April 0.18 10.27 10.261__ __ 10.29 the forecasts were for warmer 10.36 10.35 10.33 10.33 10.32 10.29110.32 port demand was small. And May 0.26 10.34 10.33- June 0.25 10.34 10.33__ __ 10.36 10.35 10.33 10.33 10.32 10.29110.32 conditions in Europe and unsettled weather in the AmeriJuly 0.30 10.37 10.36 __ -10.39 10.38 10.36 10.37 10.35 10.31;10.34 there were reports of relaAugust 0.25110.33 10.32__ -10.35 10.34 10.32 10.33 10.31 10.2710.30 can winter wheat belt. And Yet Liverpool September__ _0.23,10.30 1029... __ 10.31 10.3010.29 10.30 10.28 10.2410.25 tively cheap Argentine offerings abroad. 110.26 10.2610.26 10.25 10.19,10.21 5 October 0.20110.26 10.25__ -10.27 advanced 10.24 10.24 10.24 10.23 10.17;10.19 closed 1% to 1%c. higher, and Buenos Aires November_ _ _ 0.19110.25 10.23__ December _ _ 10.19 10.25 10.23_ __ 10.2.24 10.24 10.24 10.23 10.17110.19 fractionally. Bradstreet's North American exports for the 10.18110.24 10.22__ __ 10.24(10.23 10.2310.24 10.22 10.16 10.18 Jan.(1930) Argentine shipped 10.18 10.24 10.22 _ _ __ 10.2 10.23 10.23 10.2410.22 10.18 10.18 week were large at 8,921,000 bushels. February 6.153,000 bushels and Australia 3,792,000 bushels. The Italian acreage sown to wheat was stated at 12,266,000 BREADSTUFFS acres or a little below last year. The Australian crop was Friday Night, Feb. 15 1929. placed at 160,000.000 bushels against 109,000.000 last year. Flour had no new features of special interest. The de- Russian winter wheat seedings in the Ukraine were said mand was of the routine not too interesting sort. The to be 25% smaller, North Caucasia 17% less, while nine mills have been making fair shipments. Export trade on other regions increased 1 to 6%. Final prices show an adthe surface at least was quiet. Clearances from New York vance for the week of 3%c. to 5%c. last week were 829 bbls. and 99,000 sacks against 316 bbls. IN NEW YORK. DAILY CLOSING PRICES OF WHEAT Sat. Mon. Tues. Wed. Thurs. Fri. and 45.800 sacks in the previous week. 164% 163% Hol. 166% 168 167% Wheat has advanced sharply on cold weather. On the 9th No.2redCLOSING PRICES OF WHEAT FUTURES IN CHICAGO. Sat. Mon. Turs. Wed. Thurs. Fri. Inst. prices advanced % to %c. with no pressure to sell and DAILY 12734 12834 12734 12436 12434 better cables than due. But export demand was small. March 127% 128% Roll- 131% 132% 132 May j343. There have been very large shipments of wheat and flour July 12934 130% day 13334 135 IN to the various importing countries. According to one es- DAILY CLOSING PRICES OF WHEAT FUTURES Wed.WINNIPEGP Thurs. Frt. Sat. Mon. Tu timate, Europe alone has taken upward of 358,576,000 bush13234 133% 13334 129% 129 May 13031 131% Holt- 134% 13534 135% els so far this season against 334,688,000 a year ago and July 13434 13334 129 12934 day 133 321,816,000 two years back. Moreover, non-European coun- October tries have taken 101,632,000 bushels, against 53,888,000 durIndian corn advanced with wheat even if export business ing the same period last season and 58,584,000 bushels in the as a rule failed. Cash markets have been firm with offer,4c. on scat4 1 year before. But parts of Europe have latterly had the ings small. On the 9th inst. prices fell / to 1 coldest weather in 200 years and there is a fear that win- tered liquidation due largely to reports of shipments from ter grain crops have suffered great damage. The United the Southwest to Chicago and the lack of export business of States visible supply is now 124,373,000 bushels against 75,- Importance. Mixed corn at the Gulf, it was said, was 4 to 795,000 a year ago. Tile Canadian visible, including the 4 4c. 1 / above new crop Argentine corn. Traders were at one quantity in bond in the United States, increased 598,000 time mostly bearish and predicting larger receipts and liquibushels, while the total North American visible was given dation. Outside interest has dropped off and there is eviat 236,800,000 bushels, a decrease of 1,709.000 bushels for dence of country shipping stations enlarging their operathe week. Export demand was rather small, which was tions in Illinois, Iowa and the Southwest. The United not at all surprising in view of the holiday character of States visible supply increased last week 1,920,000 bushels most of the Continental markets resulting from the carnival but in the same week last year it increased 5,634,000 bushcelebrations in advance of the Lenten season. els. The total is now 27,963,000 bushels against 37,482,000 On the 11th inst. prices advanced % to lc. on extraor- a year ago. On the 11th inst. prices closed unchanged to dinarily cold weather in Europe and a belief that it had / lower. Receipts were larger mostly on consignment 4c. 1 damaged the crop. On the 12th inst. while American mar- but country offerings to arrive were small. No export sales kets were closed, Winnipeg was strong, owing to very firm were reported. There was said to be some inquiry from cables from Liverpool, decidedly cold weather again on the France. / Continent with temperatures averaging from zero to well On the 13th inst. prices advanced 114c. with a fair export below that figure, low temperatures in the Canadian Prov- demand reported. Eastern and Seaboard interests were inces, dry weather reports from India and buying of both buying on a fair scale. Shorts covered. Receipts are rather May and July credited to European houses. The Canadian large, but are not, it seems, attracting much attention. Pool was credited with selling moderately and there was Buenos Aires was firm. The upturn in wheat had its effect also selling for the account of cash houses, but the offer- on corn; it has been following wheat. To-day prices ended ings were well taken. Traders said there was good buying %c. lower to Ihc. higher, or at about the low for the day. of futures on breaks around 127 for May. Some 700,000 to Buying of corn to close spreads with wheat and light coun1,000,000 bushels were bought at Southwestern markets the try offerings caused an early advance, but later prices delast two weeks to go to Chicago. Dallas, Texas, wired on clined on general selling with wheat down and stocks lower. the 9th that Texas was hard hit by severe cold wave. Tem- And there were further purchases of grain at Kansas City to peratures range from 18 above to 3 below. Snow averaged go to Chicago. Argentine shipments for the week were --10.2 1086 FINANCIAL CHRONICLE [voL. 128. 1,146,000 bushels. Bradstreet's domestic exports for the The destination of these exports for the week and since week were 977,000 bushels. Final prices, however, show an July 1 1928 is as below: advance for the week of 1 to 2 / 3 4c. DAILY CLOSING PRICES OF CORN IN NEW YORK. Sat. Mon. Tues. Wed. Thurs. Fri. No. 2 yellow 114.4 1144 Hol. 1154 115% 1153.4 DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO. Sal. Mon. Tues. Wed. Thurs. Fri. March 9634 9634 9654 9474 904 997% May 9834 9834 Hon- 9974 100 July 1004 10034 day 10234 10234 1025% DAILY CLOSING PRICES OF OATS IN NEW YORK. Sat. Mon. Tu.s. Wed. Thurs. Fri. No. 2 white 63 Hol. 6334 6334 6334 63 P,UUT Exports for Week and Since July 1- Week Feb. 9 1929. corn. .70.14. Since July 1 1928. Wee. Feb. 9 1929. Mita July 1 1928. Week Feb. 9 1929. Since July 1 1928. Barrels. Barrels. Bushels. Bushels. Bushels. Bushels. United Kingdom- 46,303 2,250,348 1,130,306 55,646,726 771,000 7,198,110 Continent 55,563 3,485,349 3,717,687 151,870,959 2,155.000 12,310,962 So.& Cent. Amer_ 2,000 9,000 247,000 222,000 132,000 West Indies 8,000 304,000 50,000 1,000 14,000 614,000 Brit. No.Am.Col. 1,000 20,000 Other countries_ _ _ 27,780 283,000 3,132,733 745,498 2,250 Oats advanced somewhat for a time, but did not follow Total 1929 other grain up at all readily, and ended lower. On the 9th 139,646 7,008,195 5,140,993 210.967,418 2.940,000 20,257,322 198.371 7.529.413 3.304.888 177.731.174 823.000 2.921.739 Inst. prices fell / owing to a decline in corn and the lack Total 1928 3 4c., of any aggressive demand. On the 11th inst. prices closed The visible supply of grain, comprising the stocks in / to %c. higher. The United States visible supply in3 4 c. granary at principal points of accumulation at lake and creased last week 22,000 bushels against an increase in the same week last year of 551,000 bushels. The total was 13,- seaboard ports Saturday, Feb. 9, were as follows: GRAIN STOCKS. 633,000 bushels against 20.900,000 a year ago. On the 13th Wheat. Corn. Oats. Rye. Barley. Inst. prices were up % to %c. in sympathy with other grain. United Statesbush, bush, bush, bush. bush. Receipts were a little larger. To 118,000 335,000 50,000 -day prices ended / to lc. New York 127,000 3 4 289,000 Boston 10,000 3,000 89.000 lower in sympathy with other grain. There was consider- Philadelphia 99,000 57,000 474,000 6,000 135,000 able liquidation of March and the cash demand was rather Baltimore 301,000 1,650,000 137,000 2.000 185,000 Newport News 13,000 small. Final prices show an advance of %c. on July, but New Orleans 671,000 1,063,000 105,000 50,000 596,000 Galveston other months are IA to %c. lower for the week. 1,059,000 792,000 1,000 111,000 Fort DAILY CLOSING PRICES OF OATS FUTURES Sat. Mon. Tues. 5174 5134 5234 525% Holl4934 4934 day DAILY CLOSING PRICES OF OATS FUTURES Sat. Mon. Tues. May 610 61H July 60 60H RollOctober 55 5534 day March May July IN CHICAGO. Wed. Thurs. Fri. 5231 5234 5174 5334 53 52 5034 5034 50 IN WINNIPEG. Wed. Thurs. Fri. 6234 6234 6134 6174 6134 6031 56 55% 56 Rye responded to the advance In wheat with crop news less favorable and Eastern interests and Seaboard houses buying. On the 9th inst. rye was steady and even % to %c. on reports of very cold weather at the Northwest and fears of damage by freezing in Europe. On the 11th inst. prices ended / to %c. higher. The United States visible 3 4 supply decreased last week 122,000 bushels against an increase in the same week last year of 189.000 bushels. The total was 0,297,000 bushels against 4,118,000 a year ago. On the 13th inst. prices were 13 to 2%c. higher in response to the advance in wheat. The unfavorable weather in Europe may point, it is felt, to an increased export business. To-day prices closed at a decline of 13 to 11c. with / 2 / 4 liquidation general and a lack of export business. Final prices show an advance for the week, however, of 21 2 / to 4c. DAILY CLOSING PRICES OF RYE FUTURES IN CHICAGO. Sal. Mon. Tues. Wed. Thurs. Fri. 11034 111 112% 11431 11234 11034 Ill Holt- 11335 11434 11334 10934 11034 day 11234 11334 11234 March May July Closing quotations were as follows: GRAIN. Oats, New York Wheat. New York No. 2 white No. 2 red. f.o.b 1.6734 6334 No. 3 white No. 2 hard winter. f.o.b--- _1.4334 6234 Rye, New York Corn. New York No. 2 f.o.b 1.1534 No. 2 yellow 1.2535 1.12H Barley, New York No. 3 yellow Malting 9334 FLOUR. Spring patents S8.350$6.65 Rye flour. patents $7 000;7.35 t'lears first spring.... 5 80@ 6.15 Semolina No. 2. pound. 334 Soft winter straights___ 6 3 .(a. 6.75 Oats goods 2 9 tg, 3.00 Hard winter straights__ 6 20(51 6.50 Corn flour. 2.70 A 2.75 Hard winter patents. _. 6 35fg) 6.7.1 Barley goods /lard winter clears Coarse 3.60 5 40g. • .95 Fancy Minn patents._ 860 9 9.0 Fancy pearl Nos. 1.2. 3and 4 City mills 6.5009 7.00 8 70(51 9.35 For other tables usually given here, see page 1014. Total receipts of flour and grain at the seaboard ports for the week ended Saturday, Feb. 9, follow: Receipts at- Flour. I Wheat. Oats. Corn. I I Barley. Rye. Barrels. I Bushels. I Bushels. 96,000 360.000 1.082,000 419.000 121.000 19.000, 456.000 17.000 19 Newport News 1.000' Norfolk 1.000' New Orleans coos' 48.000 550.000 Galveston. 706.000 287.000 St.John. N.fl 37.000 2,191.000 229.000 Boston 32.000 48.000 Bushels. I Bushels. Bushels. 42,000 104.000 58.000 228.000 45.000 81.000 14,000, Total week '29 473,000 4.950.000 Since J an.1 '29 3,172.000 21,585,000 502.000 72.000 285.000 1,896.000 4,669.000 1,236.000 New York.__ Philadelphia 1.302.000 9.084,000 20.000iI 100,0001 2.000 35.000 100.000 The exports from the several seaboard ports for the week ended Saturday, Feb. 9 1929, are shown in the annexed stateinen t: New York liosti,n Philadelphia Baltino.re Nw•folk Newport News New (Means Galveston St. John. N. LI Houston Halifax ii neat. corn. Flour, oats. nye. OUricy. Bushels. Bushels. B rrels. Bushels. Bushels. Bushels. 1.278.993 179.257 26,000 72,646 206.000 1.000 120.000 196,000 206,000 29.000 847.000 135,000 313.000 2,000 20.000 1,000 1,000 79.000 1.617,000 59.000 20.000 18,000 419.000 717.000 150.000 2,000 2,191.000 229,000 37.000 100.000 30,000 3 000 5. 70.000 3.000 Total week 1929._ 5.140.993 2.940.000 s- -awl. 1010-- 3.304.888 623.000 139.646 108.371 147.000 178 21)ft 3,185,000 164,000 250,000 5.000 85,000 5,112,000 1,825,000 1,796,000 157,000 261,000 5,528.000 139,000 524.009 214.000 25,000 1,889.000 6,000 26,000 500,000 600.000 210,000 34.000 38,000 12.000 84,000 11,917,000 10,408,900 3,260,000 2,370,000 1,146.000 655,000 3913,000 2,280,000 768.000 510,000 468.000 23,202,000 1.072,000 407,000 1,921,020 1,071,000 418,000 278,000 30,363,000 1,363,000 2,054,000 1,046,000 3,322,000 905,000 519,000 286.000 9.000 28,000 3,478.000 1,213,000 464.000 6.000 118,000 18.251,000 2.388.000 42.000 31,000 70.000 112,000 4,607,000 9,000 4,000 325.000 2,117.000 3.000 39,000 515,000 13.000 192,000 568.000 1,080.000 1,445.000 7,798,000 1,786,000 1,083,000 35,000 123,000 Detroit Chicago " Afloat Milwaukee Duluth " Afloat Minneapolis Sioux City St. Louis Kansas City Wichita St. Joseph, Mo Peoria Indianapolis Omaha Total Feb. 9 1929_124,373.000 27,963,000 13,633,000 6,297,000 9.158,000 Total Feb. 2 1929.._126,620.000 26.043.000 13,611.000 6.419.000 8,855,000 Total Feb. 11 1928_ 75,795,000 37,482,000 20.900.000 4,118,000 2,343,000 -Bonded grain not included above: Oats, New York, 71.000 bushels; Note. Philadelphia, 11,000: Baltimore, 50,000; Buffalo. 439,000; Buffalo, afloat. 333.000: Duluth, 14.000; total, 873.000 bushels, against 314,000 bushels In 1928. Barley, New York, 7,400,000 bushels; Boston, 306.000; Philadelphia, 293.000; Baltimore, 214,000; Buffalo, 1,256,000; Buffalo afloat, 1,196,000; Duluth 92.000; total, 4,097,000 bushels, against 1,875,000 bushels in 1928. Wheat, New York, 4,236,000 bushels; Boston, 1.228,000; Philadelphia, 3,005.000; Baltimore. 3,997,000; Buffalo, 8,991,000; Buffalo afloat. 7,277,000; Duluth. 270,000; Toledo afloat, 1,369.000: total, 30,373,000 bushels, against 24,125,000 bushels in 1928. Canadian Montreal 383.000 910,000 8.963.000 467,000 Ft. William & Pt. Arthur.57,112,000 4,892,000 1,756.000 5,783,000 Afloat 41.000 7,792,000 296,000 Other Canadian 1,916,000 546.000 1,284,000 8,278.000 Total Feb. 9 1929._82.145.000 Total Feb. 2 1929._._81,217,000 Total Feb. 11 1928.___72,178.000 Summary American Canadian 7,759.000 2,685,000 7.830.000 7,928,000 2,796,000 7.743,000 3,108,000 3,217,000 3,621,000 124,373,000 27,963,000 13,633,000 6,297,000 9.155,000 82,145.000 7.759,000 2,685,000 7.830.000 Total Feb. 9 1929_206.518.000 27.963.000 21.392,000 8.882.000 16,985,000 Total Feb. 2 1929-207.887.000 26,043.000 21,539.000 9.215,000 16,598.000 Total Feb. 11 1928-147.973,000 37,482,000 24.000.000 7,335,000 5.964.000 The world's shipments of wheat and corn, as furnished by Broomhall to the New York Produce Exchange,for the week ended Friday, Feb. 8, and since July 1 1928 and 1927, are shown in the following: Corn. Wheat. Exports. 1928-29. Week 1 Feb. 8, I 1927-28. I 1 Since July 1. Since 1 July l. 1928-29. Week Feb. 8 Since July 1. 1927-28. Since July 1, Bushels. I Bushels, I Bushels. I Bushels. I Bushels. Bushels. North Amer- 11.286.000375,366,000322,876,000 1.384.000, 24.164.000 6,151,000 Black Sea_ I 2,024,000 9,128.000 I ' . '13,989,000 Argentina... 6.970,000 93,491.000 73.357.0001 1, 2.000172.885,000 205.606.000 93 Australia_,_ 4.392.000 56.152.000 37,007,000 India I 1,064.000 8.240,000 Otis. countr's 664,000 32,348,000 21, . 984 0001 264,000, 21,108,000 15,535,000 Total 23,312,000560,445.000472,592, 4.080.000219,984.000 241,281,000 30.000 Week 1928....--5tI 00 2.228,000 719,000 43.000 323.000 887.000 Since Jait.1 '28 2.893.000 15.841000 2,649.000 2,280,000 4,319,000 1,625,000 not Include grain Passing through New Orleans for foreign port - Receipts de • or through bills of lading. Exportspont--- Worth Buffalo " Afloat Toledo 30.000 1;012.257 283.884 820.767 WEATHER BULLETIN FOR THE WEEK ENDED FEB. 12. -The general summary of the weather bulletin, issued by the Department of Agriculture, indicatin the influence of the weather for the week ended Feb. 12 follows: There was rather widespread precipitation the first of the Southeast and parts of the Northwest. Temperatures the week over the latter area, with subzero readings reported from many wore low over where mostly seasonable weather prevailed. Unseasonably stations: elsecold weather continued over the Northwest until the 9th, with subzero temperatures recorded south to northern Oklahoma, New Mexico, and Arizona, as well as in the northern sections of Missouri and Illinois At the same time widespread precipitation occurred over most of the Atlantic Coast States on the 7th, and rain or snow was reported over much or area and adjacent parts of the South and Southwest. the central Plains Precipitation was again general on the 8th in many Central and Southwestern the succeeding two days had unsettled weather, with rain or Stales, and snow, over much of the East. Temperatures moderated somewhat over the northern Plains area on the 10th , but the cold weather had overspread sections to the southward and southeastward, bringing the line of freezing south to 11th. Wide variations In temperature were Brownsville. Tex., on the reported over the Northwest toward the close of the week, with local differences amounting to 30 deg. or more in 300 miles. Chart shows that the weather for the week, as a whole, we again severely cold in all sections of the country, except the more eastern States. It Was warmer than normal in the extreme Southeast and over a c stsidentitle portion of the Northeast. extending 1.0 eastern Maryland an,1 Pennsylvania, while in most of the Lake rezIon and Appalachian Mountain districts the average temperature for the week was only slightly below normal. Throughout the coeval and western portions of the country severe ternperaturts prevailed, with the weekly means ranging from 9 deg, to as much FEB. 16 1929.] FINANCIAL CHRONICLE as 32 deg, below normal, with possibly half the country having minus departures in excess of 12 deg. Over a considerable area in the Central Northern States the average temperature for the week was again below zero, with Devils Lake, N.link., reporting a mean of 6 deg. below. Some upper Mississippi Valley sections had the coldest weather of the winter, and the zero line for minimum temperatures again extended well into the Ohio Valley and southward to Oklahoma City, while minima of 12 deg. to as much as 32 deg. below zero covered a large area from the upper Mississippi Valley westward to the Rocky Mountains. Freezing extended to the Gulf coast from the extreme lower Rio Grande Valley to northwestern Florida, but the cold weather did not extend into the Florida Peninsula or along the south Atlantic coast where temperatures as low as freezing were not reported from first-order stations. In fact, southern Florida continued unusually warm, the lowest reading for the week at Miami being 68 dogs. Chart II shows that precipitation was generous to rather heavy from the lower Mississippi Valley eastward, and also quite generally in the Atlantic coast area. Throughout the interior of the country the weekly falls, while generally in the form of snow, were mostly moderate; only traces of precipitation were reported in the Central-Northern States and in most of the Pacific area. Rainfall was again light in southern Florida where moisture has been needed for some time, and little or no rain occurred in the lower Rio Grande Valley. The extremely low temperatures that persisted over much of the country, following several previous weeks of cold in many places, made another generally unfavorable week, especially for seasonable outside operations and for livestock over the great western grazing areas. But little farm work could be accomplished in Central and Western States, and highway traffic was difficult in many places, with crossroads blocked. The extensive snow cover also made heavy feeding necessary, and widespread reports were received of suffering among livestock, considerable shrinkage, and some losses. In some far northwestern sections, particularly in northern Idaho and eastern Washington, the coldest February weather of record was experienced, and some apprehension is felt as to its effect on fruit trees and buds. In Califnornia heavy firing of citrus groves was necessary, with some damage to unprotected orchards. In the west Gulf area freezing weather extended to the mouth of the Rio Grande, with some harm to strawberries and tender vegetation, but the extent has not been ascertained; hardy truck probably was not materially injured. In other Gulf coast sections the low temperatures were not directly harmful, but growth of winter crops was slow, and frequent rains prevented much field work; spring preparations are backward in a good many places. In Florida and the south Atlantic area conditions continued mostly favorable, except for lack of moisture in the extreme south; truck is generally good in the Okeechobee district, and strawberries are plentiful, with some bloom as far north as North Carolina. SMALL GRAINS.—Much of the Winter Wheat Belt experienced the coldest weather of the season, but it was preceded in the Southwest by rather generous snows, and the wheat area now has a fairly good market nearly everywhere. The snow cover extends as far south as Oklahoma and northern Arkansas, and most of the Ohio Valley has protection, though much ice remains in some central areas, particularly in northern Indiana, northern and west-central Illinois, and in much of Missouri. In Nebraska wheat fields are now mostly covered with snow, but in Iowa the cover is becoming dense and impervious. In the more northwestern States and Rocky Mountain sections winter wheat fields are well protected, but the Atlantic area continues mostly bare of snow. Precipitation in the Southwest was beneficial for cereal crops. The Weather Bureau also furnishes the following resume of the conditions in the different States: Virginia.—Richmond: Temperatures below normal. Precipitation moderate; rain in east and snow in middle and west. Unfavorable for farm operations, except in southeast and on eastern shore where good progress made in preparation for early crops and planting tobacco beds. Wheat fair to good. North Carolina.—Raleigh: Temperatures varied above and below normal; precipitation on four days. Too wet for work, but beneficial in increasing subsoil moisture in central and west. Truck, strawberries, and small grains reported doing well. Most tobacco beds planted. South Carottna.—Columbia: Several days of mild weather caused noticeable fruit-bud swelling, but not to the danger point, and hardy shrubbery budding. Winter cereals and truck show practically normal growth generally. Tobacco beds being prepared. Strawberries blooming on coast and carrots and beets doing well. Spring plowing retarded by wet soil in many sections. Gerogia.—Atlanta: Much cloudy weather, with frequent moderate rains, hindered farm work. Cool weather, especially at close of week, caused slow growth of cereals, pastures, and winter truck, but was favorable for fruits. Most growing crops in good condition. Advance of general work normal or somewhat ahead of average. Florido.—JacksonvIlle: Beneficial showers in north and central; rains unfavorable on lowlands of west; droughty in much of south. Farm work advanced. Melon planting continued in north and central. Shipping cabbage in car lots and cane cutting continued in Okeechobee district. where beans, peas, and other truck good. Tomato planting advanced in central division. Strawberries plentiful and truck abundant locally. Citrus shows new growth and bloom. Oats good. Alabama.—Montgomery: Temperatures averaged somewhat below normal; freezing to coast on last two days. Moderate rains at beginning and middle of week delayed farm work and little plowing accomplished. Oats fair to good progress. No material change in condition of pastures. Winter truck fair progress in coast section and some sections of northwest; little growing elsewhere. In coast section orange, pecan, and peach trees practically dormant, but pear trees blooming. Mississippi.—Vicksburg: Generally cloudy, with moderate temperatures and occasional precipitation to Saturday; cold wave Sunday, with unseasonably cold weather thereafter. Mostly unfavorable for farm activities, which probably average late. Pastures and truck mostly poor progress. Louisiana.—New Orleans: Cloudy and rainy, except last two days fair and colder, with freezing to coast. Unfavorable for work and growth truck and other crops. Pastures poor to fair. Soil too wet for plowing.of Texas.—Houston: Week cold, with generally light precipitation, except in upper coast section and in form of snow or sleet in north and west. Freeze to lower coast on 11th did some damage to strawberries and tender vegetation, with amount still undetermined; probably only slight damage to citrus and hardy truck. Moisture favorable for winter wheat and oats. Livestock suffered, but losses slight. Farm work at standstill because of severe weather, and preparations, for spring planting backward over much of State. Oklahoma.—Oklahoma City: Very cold; subzero temperatures in and west portions and weekly means 16 deg. to 20 deg. below normal. north snowfall; ground frozen and field work entirely suspended. Winter Heavy protected 13y 3 to 10 inches of snow. Livestock suffered and much grains feeding necessary; no material losses reported. Arkansas.—Little Rock: Heavy snow, with temperatures -4 deg. to 14 deg. in north and moderate rainfall and temperatures 16 south,stopped farm work. Wheat protected; winter oats deg. to 25 dog, in not very seriously damaged. Favorable for meadows, pastures, and fruit. Tennessee.—Nashville: Grains made little progress during peratures much below seasonal average occasional rain andweek. Temsnow; snow not on ground long enough to make good covering. Livestock continue in very good condition. Kentucky.—Louisville: Moderate temperatures, with thaw, first half; ended with severe freeze. Precipitation moderate and largely snow; covering in north on last three days. No important change in light winter grains. Unfavorable for outdoor activities. THE DRY GOODS TRADE Now York, Friday Night, Feb. 15 1929. A more hopeful feeling is being manifested in those divisions of the textile markets which have been laboring under the adverse conditions of heavy production and lagging demand. While there has been little actual expansion of sales, producers have been led to expect improvement in the near future by growing inquiry and more favorable ideas of the ultimate requirements of consumers. Cot- 1087 ton goods, of which this is more particularly true, are steadier, and are continuing to move into distribution in a fair volume. Rather quiet markets toward the end of the week are attributed to the great diversity of offerings, which buyers require time to consider before committing themselves to volume-orders. Woolens, while the men's wear division is quiet in comparison with the fairly good business in women's fabrics, are in an excellent trading position. The only moderate general activity at the present tme has not resulted in such forced offerings at unreasonable concessions as have so embarrassed cotton goods manufacturers. The promise of the future and the fact that stocks in primary channels are not large, are enabling factors to maintain steady prices and a cheerful disposition in the face of slow sales, which are expected to gain momentum presently. The wide profit margin In rayons which continues to be in striking contrast to the price conditions of other textiles, is of tantalizing significance to cotton goods manufacturers. Research has resulted in the discovery of very remunerative processes for the production of the former. It is pointed out that cotton goods should benefit in much the same way from a scientific analysis and development of its possibilities, at the same time as it is observed that research after better and cheaper methods of manufacturing rayons has been mainly possible because of extra funds available, derived from profits. DOMESTIC COTTON GOODS.—A steadier undertone is evident in cotton goods markets. While there has been no noticeable expansion in sales volume as yet, the mails have contained more inquiries and the interest manifested by buyers has been of a more definite nature. The immdiate stumbling block to more active trading appears to be the price situation. The large orders for print cloths and sheetings, which individual manufacturers have accepted of late at shaded prices are considered to have their source In a general buying interest Just under the market, and the refusal of other primary factors to make concessions is regarded as responsible for the fact that the bulk of this business still remains pending. The need for goods of this description is certainly not diminishing, it is contended, and many producers are encouraged to hold prices steady, while they do a relatively small volume of business, until such time as they think distributors will have come to realize existing prices as reasonable. Meanwhile, unfavorable conditions are practically unchanged. The Association of Cotton Textile Merchants' figures for January, while they show the ratio of sales to production in a more favorable light than was expected by most of those interested, are not an indication of a healthy situation. The price-weakness consequent upon over-abundant goods remains an apparently unrelieved obstacle in the way of better business, since buyers are in no mood order very far ahead or in very large volume when they know that supply is plentiful, and that manufacturers appear to be too absorbed with the necessity of moving accumulated stocks to be able to make concerted efforts to keep prices steady. However, it is possible that conditions may improve in spite of the difficult position at the primary end of the trade. With a reported pending expansion in the demand for print cloths and with wash goods selling, on the whole, well (the nature of business being spotty, but, generally broader), it may be that conditions will right themselves as a result of the natural necessity of increased buying to satisfy public consumption. Fine and fancy goods producers have been doing more business of late than for a long time. Print cloths 28-inch 64 x 60's construction are quoted at 5%c., and 27inch 64 x 60's at 5%c. Grey goods 39-inch 68 x 72's construction are quoted at 8%c., and 39-inch Si) x 80's at 10 c. / 1 2 WOOLEN GOODS.—The realization of the necessity of keeping production in a reasonable ratio to demand continues to strengthen, according to a well known authority, and stocks at the present time are at a low figure, with no immediate danger of accumulations. The promising outlook for woolens and worsteds is enhanced by a healthy statistical position and while factors are very hopeful and encouraged by prospects, there appears to be little of that inflated optimism abroad which played an important part in the reaction of cotton goods shortly after the beginning of 1929. Men's wear factors are expressing satisfaction with the way new offerings are being received. They believe that there is an excellent chance of measurably better business in their efforts to stimulate "clothes conscionsness" in men. A considerable demand has developed in the women's wear division for a certain shade of blue, and at the present time the new fashion overshadows the call for the tans, greys, and browns, which were thought to be favored colors for spring wear. Whether the popularity of this color is to be short-lived is uncertain at the present time, but manufacturers are giving immediate attention to it. FOREIGN DRY GOODS.—Linens factors are hoping for a gradual recovery of the household lines which have suffered in late years from the competition of other fabrics. and the changing circumstances of domestic life. There is no particular feature in current trading, conditions remaining practically unchanged. Burlaps are firm. Light weights are quoted at 7.10c., and heavies at 9.50c. 1088 FINANCIAL CHRONICLE mut Titg Ptvartutent MUNICIPAL BOND SALES IN JANUARY. We present herewith our detailed list of the municipal bond issues put out during the month of January, which the crowded condition of our columns prevented our publishing at the usual time. The review of the month's sales was given on page 918 of the "Chronicle" of Feb. 9. Since then several belated January returns have been received, changing the total for the month of $74,985,565. The number of municipalities issuing bonds in January was 291 and the number of separate issues 417. Page. Name. Rate. MaturitY. AmountJO 2__Abilene, Tex.(3 issues)--5 1930-1969 575,000 432_Allegany Co. Md 434 1930-1949 100,000 140- _Amherst, N. Y.(3 iss.)....4 1930-1944 614,000 591-Anderson Sch. City, Ind_4 1940-1949 100,000 432__Asheville, N. C.(5 is.) .5 1934-1969 2,590,000 110,000 764-Ashland, Mass 4 764....Atchafalaya Basin Levee District,1940-1969 800.000 591__Atlantic City. N.3 434, 1931-1969 2.510.000 591-Attleboro. Mass 1930-1943 245,000 4 282Baltimore, Md 1933-1957 3,955.000 4 r4.500 591- _Bardwell, Ky 150.000 764__Bath, Me 1949 4% 50,000 764-Bennington Twp.,111__5 1929-1938 432__Benton Co. Sup. Dist., 12,000 Miss 484,000 764Berkeley, Calif 432-Birmingham, Ala lg 1930-1939 250,000 764-Blaine Co., Mont 20 years dr60,000 5 591-Bowling Green, Ky 434 1949-1959 rd99,000 592-Bow1ing Green, 0 (11 Issues) 96,400 1390-1938 5 283-Bridgeport, Conn 434 1930-1959 300.000 432-Bryan. Tex 90,000 592-Burlington, N.C.(2iss.)_5_ _ 19 ela9r(r8 171,000 23 5 764-_ Burlington, Iowa 24.000 4% 592-Cairo, Neb 7,000 5 20 years 592--Caldwell Co. R. D., Tex. (2 issues) 368,000 233-Calvin S. D La 55,000 5% 1930-1944 764-Cambridge. Mass.(3iss.)_434 1929-1948 848,000 432--Carlton S. D. No.2, Ore_6 46.400 1-10 yrs. 592- _Carmichael S. D.,Calif 5% 1931-1942 6,000 764__Carnegie, Okla 11,000 5 4320arteret Co., N.0 300,000 764--Cascade Co. 8. D. No. 1, Mont 4.40 432-Chagrin Falls,0.(2iss.)_534 1930-1939 2 9 9 41..281 5 764__Challls, Idaho 7.000 2-10 yrs. 6 433--Chester Twp., N. J. (2 36.276 issues) 283-Chesterfield Twp. S. 13. 5M 1933 22,250 No.6, Mich 4% 1930-1939 60,000 592__Chowan Co., N. C 1930-1949 5 3,000 764__Cima S. D., Call! 1920-1929 6 433-Cisco, Tex 534 1944-1953 r25.000 40,000 283-Clalborne Co.. Tenn .5 1948 200.000 433_ _Clallatn Co., Wash 1-5 yrs 4% 63'600 919-Clarendon, N.Y _ 765-Clarkstown Union Free 6 1929-1933 18,000 S. D. No. 3, N. Y 5 1930-1938 592-Clayton S. D. Mo 1930-1949 300,000 433--Cleveland Heights City4 S. D., Ohio (2133.)----434 1929-1948 466.000 25,000 592__Columbfa, N.0 1932-1959 6 40,000 433-Concordia S. D.,Tex 592. Cook Co., Ill 1930-1947 4.320,000 4 433-Cook Co. Forest Reserve 1929-1948 5 District, 111 28:888 765_Coquille, Ore t 40.000 283__Carapolis,Pa 434 1932-1948 70,000 1933-1958 765-Cowpers, S.0 5 13,500 592--Crescent City, Fla 10 years 433- _Cuyahoga Co.,O.(2183.3_46% 1929-1937 652,303 27,000 920 -Dale. Ill 1930-1939 5 65,581 433-Danville. Ky 9,280 592__Delaware Co., Ind 4% 1930-1939 283__Depew, N. Y.(2iss.)___A% 1930-1949 101.000 433_ _Donna, Tex 1933-1968 r158.000 6 765__Dothan, Ala 18 000 : 1929-1938 6 752 593-Dubuque, haws(2 iss.) 350.000 433__Durango, Colo 4% 10-65 Yrs Iiiii8000 8a 9'0_ _Dysart, Iowa 283_ _East Cleveland, Ohio----434 1930-1949 593-East Grand Rapids,M1ch.4 15,000 593-East Grand Rapids.Mich.4 92,000 593_ _East Greenwich, R. I___ _4 1930-1959 45.000 1094__ Edmond,Okla 5 15.888 433. Eldorado, Kan 43( 1930-1939 48,000 765...Elkhart County, Ind-- 4 1929-1948 34.000 765__Elkhart County. Ind 1930-1949 4 Erie, Pa.(3 issues) 434 1930-1955 423,000 310,000 Tex 6 433_ _Eureka 15,000 433__765__Estelline.Springs,Ark 6 765-Evanston Twp. H.S. D. III 434 1930-1948 475,000 434_ _Fentress Co ,Tenn 888 1947-1967 d'1: 5 593-Flint, Mich 4% 593__Flint, Mich 1.000 4.30 593--Florence. Ala : 1932-1959 /12 888 6 593-Forest, Miss 284-Fort Lauderdale. Fla 1931-1944 r100,200 6 434-.Fort Lee, N. J 1929-1938 1,103,000 5 593-Fort Myers, Fla 50,000 1929-1938 6 434-.Fort Smith, Ark 6.500 1929-1938 5 434-Freeport, II Y . 65.000 4.70 1930-1934 765-Fremont S. D.. Ohio 350.000 1930 554 765__Fulton County, 01110-.6 27.500 1930-1934 434- _Gage. Okla 26,000 534 765--Garrison. N Dak 6.500 5 1948 765-Garrison, N. Disk 5.000 5 1948 593--Gary,Ind.(2issues) 434 1934-1954 152,000 284- _Gassaway. W. Va 25.000 434„Gastonia N 0_ 4% 1932-1969 225.000 765__Grand Island, Neb. 94,212 434..GrassyLake & Tryonza Dr. Dist. No.9,Ark___5% 225,000 593__Grays Harbor Co. B. D. No. 28, Wash 110.000 4% 593--Greenburgh S. D. No. 6, 4.40 1932-1957 112.000 141-Gretna, La 5 1930-1964 300,000 593- _Greybull, Wyo 534 15-30 yrs 4250,000 765..-1lambsrg, N. Y 454 1930-1939 75,000 765__Hancock co.,Ohio(3iss.)4 29.450 1930-1938 5 13,000 434-Harriman, N. Y 1954-1958 284__Hartsdale Water Dist., N. Y 22.000 434 1933-1943 434__Harrison Twp.S.D.,Ohlo_4% 1929-1951 675,000 42.000 434--Harrison, N.Y.(4 iss.)-4.70 1929-1939 Price. Basis. 100.20 100.60 104.30 102.26 100.35 4.22 4.66 4.13 4.82 102.80 100.58 99.20 4.53 3.91 4.06 100.35 4.22 101.56 100.37 101.01 100.09 17.85 4.92 4.49 100.42 100.86 101.05 102.23 100.00 100.22 4.83 4.17 4.88 4.74 4.25 4.98 101.63 101.93 100.00 101.35 100.00 1.25 3.92 6.00 5.28 6.00 100.00 100.06 100 4.40 5.48 8.00 100.00 101.31 100.21 4.75 4.84 5.95 100.00 100 4.25 6.00 100.41 101.55 4.91 4.32 100.71 101.30 5.87 98.23 i7 188: 102.44 1....:6 0 96.03 100.01 100.62 101.15 100.32 100.00 99.77 10.13 4.49---1765 4.46 ------ 1.48 -7 4, iii -- - 98.84 100.20 100 101.82 101.53 100.90 95 -.8 4 7 4:i& 4.25 4,31 4.15 ---- 4.22 100.21 103.006 4.75 ____ :::: _-_98.65 100 100.11 100.05 103.40 100 17.51 5.00 4.66 5.45 4.97 5.50 101.68 , 4:52 100.68 47J8 ---- 93.50 100 4.25 100.16 102.10 4.39 4.81 1 191:51 100 102.05 185 4.59 4.86 100.69 101.38 100.11 4.41 4.59 4.88 [Vot. 128. Pays. Name. Rate. Maturity. Amount. Price. Basis. 593__Hartford City, Ind 14,000 100.29 ---5 1930-1939 284-Haxtun, Colo 6 18.000 92.21 ---284__Haxtun, Colo 15.000 93.70 --__ 434 593. .ReberSprings Spec. S.D.. Ark 6 30.000 104 921-Hempfield Twp. S. D.. Pa 25.000 100.10 4.48 434 1932-1954 1095...Higginspors, Ohio 1929-1939 5.00 5 4,000 100 766-.Highland Park, Ill 4% 1931-1948 850,000 284--Hildredth, Neb 43,500 100 10-20 yrs. 1156 768-Holdingford, Minn 4 10.000 100 284-Holland,Mich 5.25 534 1930-1938 16.309 100 921- _Holland, Ohio 5% 1930-1939 14.200 101.83 5.15 284__Hopkinsville, K 4.5 1929-1943 45,000 101.62 4.75 594__Huerfano Co.8.13. No. Cob 19.000 98.11 43.4 594-Ilion, N. Y 70,000 100.56 YU 434 1930-1943 4 34_1rondenuoit, N. Y 1933-1952 256,000 101.52 4.84 5 921__Irwin, Pa 4% 1935-1958 75,000 103.85 4.18 921__Jacksonville, Fla 1934-1950 435,000 102.62 4.73 5 765-Jacksonville. Tex 7205:006000 100.80 5 76Jasper 9216_ _ oklaCo., Ind. (213s.)_ _5 103.35 158 1930-1939 -Jefferson Co. S. D.No.6. 5.00 5 8,000 100 921-Jefferson Co. S. D.No.6. Okla 4.75 4343.500 100 434-Jones Co. Road Beat No. 4, Miss 5 75.000 100.33 -_434--Kansas City, Mo. (21334_44 1930-19M 1,500.000 284__ Co., Wh Wash 1931-1959 400,000 100.00 4.15 766__King Co. S. D. No. 1. 5 766. 4. Wash 4.20 2-25 yrs. 850,000 100.00 4.20 284__Klamath Falls. Ore 5 1939-1950 150,000 102.00 4.82 766_ _Knoxville, Tenn 1933 200,000 100.02 4.74 434 434-Koschicking Co.. Minn 6 1932-1942 100.000 434__La Canada Irr. D., Calif_5 1949-1968 174.000 97.00 5.19 594-La Grange, Tex 5 1-40 yrs. 60.000 100.33 4.97 766--La Grande, Ore 534 1-10 yrs. 419.828 103.48 5.07 434--Lake Co., Ind 5 1929-1938 120,000 103.25 4.33 284. .LakeCo., Ind 4 200,000 100.00 4.00 284__Lake Co.. Ind. (3133.)_5 1929-1949 395,000 103.12 4.37 1095_ Lake County. Ind 4 4.00 19304949 200.000 100 434--Lake Cormorant S. D., Miss 6 434- _Lake Co., Ohio (4 iss.)____ 1929-1935 507, 9 100.13 159 9691 594__Lake Wales, Fla 5% 1931-1946 r32,000 97.50 766-Lakeland. Fla 5% 12.000 100.00 50 284-Lancaster Co., S.0 5 1933-1937 250,000 100.80 1ig4 7 8 594__Lander, Wyo 43 92,000 100.00 4.50 285--Larchmont, N. Y 1930 4.90 35,500 434_ _Laurel Springs. N. J__ - _5 1929-1938 7.200 100.00 5.00 766-Lawrence. Neb 46,000 554 1929-1948 766 Lawrence Nab 5 1929-1948 43,000 435„Leominster, Mass 434 1929-1938 75.000 101.32 3.96 766--Ligonier. Ind 434 20 years 12.500 102.28 --435-Live Oak Co. Tex 5 600,000 95.00 _--922-Livingston Co. S. D. No. 232, Ill. (April. 1928)-434 1930-1941 55,000 435-Livonia S. b. No.4, N.Y.334 1931-1958 90,000 103.30 4.48 285__Logan Co.. KY 116.000 101.18 4.85 2-20 yrs. 5 933--London,Ky 25.000 5 285--Los Angeles, Calif 534 1930-1939 600,000 1931-1948 2.918.000 594-Los Angeles. Calif.(21ss.)6 435-Louisiana, Mo 40,000 766-Lubbock, Tex. (3133.1- -5 200,000 101.28 285-Lynbrook, N Y 4.40 1931-1953 138,000 1001.8 15i 766__Lynn, Mass.(2 Us.) 1930-1944 400,000 100.25 3.95 4 766--McCamey, Tex 11-1933 193,000 93 5 435-Madrid. Neb 534 1948-1953 r11.900 922-Mal:toning Co., Ohio 44,340 100.59 4.43 454 1930-1943 435_ _Manheim Twp.S. D. Pa.434 1930-1949 400,000 100.13 285--Marlon, Ohio (4 issues) 5 51.502 100.78 1778 1931-1938 285-Maynard.Iowa 1,130 100.00 5.00 1929-1938 5 595--Medford, Ore 1931-1940 30.000 101.61 4.70 5 0 --Miami, Fla 5.00 /100.000 100 3-95 yrs. 5 6.11 10 f6__Miami, Fla 400,000 97 5% 2-10 Yrs. 1096__Miami, Fla 08 400.000 98 5 1 year7. 1096-Mlami, Okla 5.000 100 766-Middleport, N.Y 30.000 100.72 1.85 43‘ 1930-1939 595-Millerstown, Pa 15.000 4% 1929-1938 4.24 285--Minneapolis, Minn 4.34 1930-1944 880.978 100.05 4.63 285-Moblle, Ala 1932-1959 300.000 104.15 5 --595--Mobile, Ala 1934-1944 (1400.000 766--Mobile, Ala 3:50 0 30- 94 4-1 30 109 3 19 4 200 00 932-Montgomery Co.. Ind 100.54 -4-.55 4°5% 285-_Montgomery Co.. Ky_--5 1930-1949 20.000 103.07 4.62 4.18 435__Mt. Lebanon Twp., Pa-A% 1933-1958 250.000 103.81 767-Muldenburg Co., Ky _ __ _434 1940-1947 100.000 40.000 767--New Brighton S. D.,Pa_1929-1938 15000 10, 9 3--New Butler. Okla 8.957 767--New London, la.(2 ISS )-5 595-Newport Beach Munic. 36,000 104.85 Impt. Dist.. Calif 6 285-Nlobrara Co., WY° .2 47 9 19 45 99 0 939 34 143--Nordhoff S. D., Calif___114 1930- 949 r9 ..800 10R.18 1..;8 80.000 100.53 4.71 767-Northampton Co.. N.0_4 1932-1959 85,000 595-North Platte. Neb.(2 is.) 434 5-20 yrs. 35,000 101.88 4.36 595--Norwood, Pa 43.4 1939-1949 1929-1938 160.133 100.44 4.66 72807_5-__00acokee Fladwr .Ohlo(2Iss.)--4 6.65 1931-1948 /18,000 95 6 10,000 5 767-0dlesbY, Ill 1935 rso.000 101.10 4.79 595-0gemaw Co., Mich 5 767-.Old Lycoming Twp.8.D.. 23.500 101.12 4.41 1933-1953 767-01d Tovrn. Me 1930-1939 150,000 99.70 4.31 4 595_0indilta, Ada 1930-1959 125.000 97.35 5.23 5 1-10 yrs 40.133 923__Osawatomie, Kan ili 1930-1944 250.000 101.07 4.34 435-Chmining. N. Y e l 595-Oxford, Ohio 8,000 100.32 4.93 1930-1937 767. Oyster 13ay, N.Y 434 1933-1959 530.000 100.09 4.24 923-Oyster Bay S. D. No. 17, 4.43 N. Y 43.4 1931-1948 180,000 100.51 1930-1949 5.00 30,000 100 595__Ozark, Mo 5 1929-1967 3,540,000 101.75 4.82 595-Palisade Park 8. 1)../.1.3-5 1-50 yrs. 250,000 102.22 4.84 767-1?aris, Tex 5 6.00 1931-1943 33.800 100 286__Parke Co., Ind 6 19304934 5.00 767- Parkvlevr, Ohio 6.606 100 767- _Pawling. N.Y 15,000 100.07 4.49 434 1930-1944 288_ _Peekskill S. B.N., 1934-1983 575,000 101.91 4.38 . 1r 596- Pekin Corn. H.S. .Ii1.434 1932-1948 92,000 1096__Penaberton Twp. S. I).. 4.50 4 45,000 100 N. J 787-Pander, Nab 434 1930-1939 420.500 767-Phoenix, AX17 6 33.500 1939 r13.000 102.60 767__Iloneer Irr. Dist,, Idaho_6 1929-1948 157,000 101.12 3.85 4 436__Pittsfleld,Mass 1931-1959 286-Plain View S. I).. Gm_ _6 7,500 787-Plaquemine Parish S. D. 1929 1948 , 25,000 106.40 5.17 6 No. 4, La 767- _Polk County,Tenn 170,000 100.24 --5 438-Par Co. Rd. & Bridge 1932,1936 15.000 95.30 7.13 6 Dist. No. 19 Fla 787_1?olk Co. 8. b. No. 22, 20.000 103 Ark 434 1930-1951 331,000 100.02 YR") 288_Ponthic S. I)., Cddo 1952,1958 169.000 100.02 4.20 286-Pontiac S. I)., Ohio 4 85,000 100.09 _--767- _Portage Tvrp. S. D.,Ohio-4% 1-26 yrs. 286 .Port Arthur Ind. 8. I).. 4.73 434 1929-1968 200.000 100.27 Tex 431 1930-1939 236,198 100.25 4.81 9?3__Portsmouth, Ohio 923__Portsmouth, Cddo 454 1931-1940 124,646 100.25 4.81 596_ _ Toner Co., Ind.(SIss.)_.434 1930-1939 11,000 100.58 ---171,445 8 438_Portland, Ore 1940-1959 1,000,000 96.63 4.24 598- _Portland, Ore 4 13.500 436_ _Fhinceton S. I)., Mo 434 r52,000 100.57 ---768__Provo, Utah 434 161929.] F. FINANCIAL CHRONICLE 1089 Page. Name. Rats. Maturity. Amount. Price. Basis. Page. Name. Rate. Maturity. Amount. Price. Basis. 767-Prophetstown 8. D. No. 765-Coal City, 111. (June) ----5 1-16 yrs. 8,000 100 5.00 75 111 434 1934-1948 62.000 100 4.50 765„Covington Twp. S. D., 596__Putnam Ave.. N. Y 434 1930-1952 46.000 101.26 4.35 Pa. (November) 434 1931-1948 18.000 101.71 4.31 768-Refuglo Co.. Tex 230.000 920-Creston, Ohio 5 1930-1937 8,500 100.29 5.96 768-Rensselaer. N.Y 434 1931-1948 116.000 101.41 4.32 592-Daviess County, Ind_ _5 _ _5 1930-1939 9,760 102 143-Richland. Lexington and 433--Dothan, Ala 6 1929-1939 32.000 100 YR, Saludas Cos., S. C__._43( 1930-1945 700.000 100.34 4.71 765--Duluth, Minn.(Oct.) 434 1931 20.000 100 4.50 76,8__Rico Road Dist. No. 12_ _5 1946-1957 30,000 100 5.00 765-East Cleveland.0.(Apr.)414 1920-1935 6,a00 100 4.50 436_Richmond, Kan.(2 iss.)_434 1930-1939 25.145 99.25 4.65 220.. East Moline. Ill. (Sept.) -5 1930-1938 19,000 102.91 436-Ridgewood Twp. 8. D., 1094--Eupora, Miss.(2 issues) -6 1929-1938 57,500 100 'CEO N. J 434 1931-1965 35,000 100.14 4.49 283__Pairchance, Pa 434 1938-1948 10,000 100.57 4.44 768-Ringgold Co.. Iowa 5 1931-1940 43,000 433-Fairview,0.(10 issues). 360.000 100.05 ---768-R1verside Acquis. Impt. 593_-Flint, Mich. (Nov.) 434 1929-1939 22,579 Dist. No. 1, Calif 6 1930-1932 86.000 284__Foster Twp..Pa 5 1-9 yrs. 50,000 101.81 ---768-_Rochester, N. Y.(8132.)_41i 1930-1959 4,720.000 100.44 4.19 765_ _Freedom Twp., Pa.(Feb. 768- _Rockland Co., N.Y 434 1930-1946 1,100.000 100.35 4.21 1928) 5 16,000 286-Rocky Mount. N.0 431 1931-1957 225.000 100.34 4.72 593.-Greenburgh-Colswold W. 924--Rosemont, Minn. (July).- -- 1929-1948 13.000 D N. Y 5 1933-1937 5.000 100.20 4.26 768-- Royal Oak. Mich 434 1929-1938 140.000 100.45 4.65 920__Grosse Isle Twp. Dr. D. 768__Royal Oak, Mich 431 2-30 yrs. 115,000 101.52 4.61 No. 4, Mich 5 1931-1944 85,000 100.26 4.96 436-_Royal Oak Twp. S. D. 765__Hamilton,0.(Jan. 1928) 434 1930-1939 4.50 2,100 100 No 2 Mich 434 30 yrs. 350,000 102.15 4.59 765_ _Hamilton,0.(Mar. 1928)434 1930-1939 4.50 4,800 100 143_ _Saginaw, Mich 431 1930-1959 510.000 100.09 4.24 765-Hamilton,0.(Apr. 1928)434 1930-1939 4.50 40,400 100 768-81. Augustine, Fla 534 1931-1953 r540,000 101.01 5.36 765__Hamilton. 0.(Sept.) 434 1930-1939 4.50 2,500 100 143__St. Paul, Minn 434 1930-1959 1,000,000 101.10 4.16 765__Hamllton, 0.(Sept.) 5 1930 5.00 287_ _ Salem, Ore 4.800 100 434 1930-1949 100,000 766-Hayesville, N. C.(Apr,).. 924 _ _Saluda,S.0.(2issues)--- -- 1939-1958 175,000 100.333 4.46 25,000 284__Hennepin County, Minn. 768__San Benito, Tex.(2 las.)-534 30,000 102.66 (2 issues) 4.25 40.625 100 436-Sand Lake & Poestenkill 434 1934-1958 766-Hollywood Park Dist., S. D.No. 1,N.Y 434 1930-1959 100.000 100.28 4.47 Ill. (May 1928) 5 46.000 106.24 ---597_ _Seattle, Wash 4.20 850,000 100 4.20 766--Humphreys Co., Miss. 597_ _Seminole, Okla 6 51,500 (July) 4.75 434 1933-1947 205.500 98 287_ _Shaker H'ts S. D.,Ohio--4 1930-1919 78.375 100.27 4.47 544_ _Jefferson Co., 0.(3 iss.)_5 1930-1937 88.279 102.02 597__Shelby, Ohio 434 1931-1940 11,000 100.46 4.67 921__Kenmore, Ohio 5 . 597_ _Shelby. Ohio 6 1930-1934 18.000 100.05 -- 66 434 1931-1940 20,000 100.50 4.68 284-La Fayette Co.,Ark 5.50 437-Sheldon Con. S. D. No. 15,300 100 534 1929-1940 595_ _Macomb Co.,Mich. iss.)6 (2 6.00 8,500 100 1931-1935 32, Texas 5 1929-1948 20,000 285--Madison Co. S. D. No. 437_8i1ver City, N. Max 6 1930-1939 37.668 127. Ill 25,000 105.20 3.825 1935-1947 437-Sioux City,Iowa 5 434 1929-1948 8150.000 100 4.25 766...Manchester. N. H.(Nov.)4 1-20 yrs. 287-South Bend Ind 50,000 96.01 434 200,000 101.33 767...Muskogee.Okla.r14 1934-1953 195,000 100 an.'28)4 'CM 437--SouthgateAcquisition & 767_ _Muskogee,Okla. Jan.'28)434 4.50 100,000 100 linnt. Dist. No.5,Calif.6 1933-1948 :350,000 595_-Ocean Gate, N. .(Sept.) 5 1029-1943 924__South Norfolk, Va 55.000 5 30 years 125,000 103.13 4.80 767_ _Omaha, Neb.(March)___4 22,500 100.02 3.98 137- _Stark Co., Ohio 1933 434 1930-1938 52,000 100.09 4.48 767_ _Omaha, Neb. (June)__4 ---4 137-Starke Co.,Ind 1929-1938 15.000 100.06 3.98 6 1929-1938 2,536 101.50 ---767__Paulding Co., 0. (7 iss., 137- _Starke Co.,Ind 6 1929-1938 2,410 101.86 May) 5 87,500 437-Strphensville Ind. S. 13., i 768_ _Quincy S. D., 111 434 1934-1948 300.000 101.28 1.54 ax 1929-1968 45,000 101.22 4.90 595_ _Quitman Sep.S. D.,Miss. 597--Taunton, Mass 4 1930-1944 90,000 100.43 3.94 (August) 597- _Tennessee (State of) 50,000 434 1935-1949 1.500,000 100.15 4.23 436-Rice and Ellsworth Co's 924_ _Toledo, Ohio 535 1930 300,000 100.08 S. D. No. 21, Kan----4 1929-1943 768-Toledo, Wash 15,000 98.40 4.25 6 1934-1949 20,000 100.50 -5 .61 768-Santa Cruz Irr. Dist., 768__Toledo, Wash 5 2-10 Yrs. 5.000 100 5.00 N. Max. (March) 6 184,000 85 4'3 Toledo, Ore 534 1931-1939 9,000 100 5.50 768__Skowhegan, Me 43454.000 99.75 768-Tonawanda, N. Y.(9 is597__Vermilion Co., Ind 434 1930-1939 6,000 100.89 4.34 sues) 1929-1938 565,000 100.29 4.71 769...Wheatfield. N.Y.(June) 4.40 1929-1946 38,499 437-Topeka, Kan 454 1929-1938 194,912 100.22 4.45 598_ _White Co.. Ind.(Oct.)_ _6 8.432 437-Trenton, N. J 434 1931-1951 1,377,000 100.35 4.21 598_-White Co.. Ind 434 1929-1938 17.400 437--Trenton, N. J 1931-1960 477,000 100.51 4.20 769_ Xenia,0.(October) 5 1929 8,000 437__Trenton, N. J 454 1930-1939 123,000 100.58 4.37 437__Trenton, N. J 434 1930-1939 70.000 100.40 4.40 All of the above sales (except as indicated) are for Decem924_Tryonza S. D.. Ark 37.500 .97-Tupper Lake,N. Y ber. These additional December issues will make the total 4-4341930-1935 12,000 100 597-Upyer Darby Twp. S. D., a sales (not including temporary loans) for that month $166,434 1939-1959 500.000 100.05 4.24 084,054.1•.*1...cisisill 597-Utica, N.Y.(13 issues) 4.20 1930-1949 851,846 100.04 4.19 .....---...--_•-•--,-- - 437-Valley Stream,N.Y 7 7.1 4.40 1930-1949 117.000 100.07 4.38 DEBENTURES SOLD BY CANADIAN MUNICIPALITIES IN .1 597-Valley View Ohio 53.4 1930-1934 8.000 100.12 5.47 768-Villa Park. In 5 JANUARY. 1934-1948 56.000 925-Vista Sanitary Dist.,Cal-6 1929-1960 70.000 1098...Beale Twp., Ont 5 30 years 62.905 98.63 5.09 925-Wayzata.Minn 60.000 100 434 598__British Columbia 1969 $6,417.000 769-Wabash Co., Ind 434 19,000 100 4.56 769_ Saskatchewan Sch. Dist., 438-Waltham.Mass.(3 iss.)-4 1930-1954 105.000 100.11 3.97 10 years Sask. (2 issues) 6 65,500 438_ _Warren Co.,N. Y 434 1930-1939 100.000 100.75 4.33 1929-1950 495.072 925--Scarborough Twp.. Que..-5 598_ _Washington Co.,N.Y 434 1930-1947 270.000 101.64 4.28 438-Watertown, Mass 4 1929-1938 60.000 100.41 3.91 Total amount of debentures sold during Jan-56,980.477 438--Wauwatosa, Wise 434 1929-1948 40,000 101.70 4.28 598.-Wavnoka, Okla 6 23,500 CANADIAN BOND SALES FOR PREVIOUS MONTHS. 769-Wells Co., Ind26.0 00 100 f 4.50 . 140,000 534 10 yrs 925_ _Rouyn. Qua 769-Wellsville S. D., Me 22,000 769 SaskatchewanSch. Dist.. 287_ _Westport, Conn.(2 iss.)-434 1930-1954 206,000 100.119 4.46 6 10 years $17,300 Sask.(December) 925-Whitesboro, Tex 5 1929-1958 22,000 99 5.09 598_-Wich t n. (2 issues)-43i 1929-1938 170.000 100 4.25 5 i, R aoola 5 10-15 yrs. 45,000 95.12 5.55 59)8-Williston, N.Dak 5,500 287„Willoughby, Ohio 434 1929-1939 66.000 100.26 4.70 598_ _Wilmington. N. C 434 1938-1956 210.500 100.02 4.51 -Legal Investments for Savings Banks. New York State. 598-Wilminnon,N . C 40,000 100.02 4.51 43.4 1930-1937 The State Banking Department has compiled a new list of 925__Wi1son Co.. Tenn 55.4 1-15 yrs. 300,000 287-Wilson, N. C.(4 Issues).-4 1932-1959 70,000 100.37 4.72 securities considered legal investments for savings bank 438„Winchester, Mass 40,000 101.93 3.83 funds, this new list being dated Dec. 1 1928. This list has 434 1929-1938 769_ _WInetesqte.. Ohio 5 2.500 925-Winfield, Kan 1929-1938 54,363 100 been prepared in accordance with the provisions of Section 598_ - Winter Haven, Fla 1930-1937 450,000 97 6 -6.e8 52 of the banking law. Whereas formerly it had been cus7- oodv Ile, Miss 225.500 101.86 534 438-Worcester, Mass.(2 iss.)-4 1929-1938 540.000 100.31 3.92 tomary to issue the list as of Jan. 1 on each year, this list 398-Yamhill Co. S. 13. No. 2, is dated as above stated, although it is reported that virtually Ore 1930-1939 d6.400 100 6 6.00 769-Yates. N.Y no changes have occurred since that time. The municipal 8.000 5 698-Yonkers,N.Y 434 1930-1949 1,400,000 100.56 4.25 sections of the following list are presented under sub-headings 598-Yonkers,N.Y 434 1930-1949 400.000 100.56 4.25 598--Yonkers, N.Y 45.4 1930-1949 r250,000 100.56 4.26 corresponding to paragraphs and sub-sections of Subdivisions 438-Yorkville, III 6,000 100 434 1929-1940 4.50 5-a,5-h and 5-d of Section 239 of the banking law as amended 598-Yuma Co. S. D. No. 11. Ariz 5 5.20 yrs. 75.000 100.62 4.93 by the 1928 Legislature. It is said that the Banking Department will from time to time issue supplementary lists To•al bond sales for January (291 municipalities, covering 417 separate issues) during the year, instead of the usual mid-year supplement, .._k$74,935,565 June 30. The last supplemental d Subject to in and during the earlier years and to mature in the later formerly made public on Years. k Not including $00,000,000 temporary loans. r Refunding bonds. list of securities found legal under the old law was given out on Sept. 30. The list as it appears below is virtually UNITED STATES POSSESSIONS -JANUARY. Page. Name. Rate. Maturity. Amount. Price. Bags. a consolidation of the old list and the two supplementary 142--Porto Rico (Govt. of).--434 1939-1954 4320,000 101.09 4.39 lists of 1928. A number of names have been added in 31 NEWS ITEMS The following item included in our totals for May should be eliminated from the same. We give the page number of the issue of our paper in which reasons for this elimination may be found. rage. Name. 142--Medina, Tex. (May) those States adjacent to New York, where the city and county requirement is only 10,000. The statement as given by the Superintendent of Banks, which accompanies the list, follows: STATE BANKING DEPARTMENT. ALBANY, N. Y. The following list of securities considered legal investments for savings banks has been prepared in accordance with the provisions We have also learned of the following additional sales for of the Banking Law. The list is prepared for the protection of Section 52 of the trustees previous months: of savings banks, and should not be considered a guide for executors, administrators or trustees generally. Neither should it Pao.. Name. Rate. Maturity. Amount. Price. Basin. having been intended for the use of dealers in securities. be considered as 919-Bartlett, Web 1932-1949 5 9.000 100.27 4.97 The trustees of savings banks are not, because of this list relieved of 1093_ _lleckville Rur.8,D.,Tex-534 1930-1968 45,000 101.11 5.12 the duty making a careful investigation kn their own part into the 692_ -Bremen. Ohio 5 1929-1933 $6,685 100.97 4.68 legality ofof their investments. In fact it would be improper for trustees 592-Cambridge, Mass.(Aug.)434 1929-1934 70.000 of savings banks to place their sole reliance upon the list. It has been 754_0helsea,0.(2 in.. Sept.)4 71,000 100 4.00 prepared after a thorough investigation into the legality of the securities 764-Cholsoa,0.(December)--4 25.800 100 4.00 listed, and is believed, therefore, to be substantially correct; but, not764--Chateau Co. S. D.No.28. withstanding the care that has been exercised in its preparation it is not Mont. (July) 10.000 100 to be assumed that the list is a complete and infallible guide. The pro1093__Chickasaw Co., Iowa___ _434 1930 9.000 100 4:Lii visions of the Banking Law relating to legal investments for savings banks 920-011fton, N. J. (2 issues) must for the most part be applied as of the date of investment. Con(Jan. 1928) 1932 139.000 100 5.50 ditions vary so from time to time that securities which were 920-0111ton, N. J. (2 issues) " 53'4 rnents on the date they were placed upon the list may even legal inve (Jan. 1928) now be dis431 4.25 qualified. Vice versa, securities which are not 920__Clifton, N.J.(Jan. 1928)5g 1928-1959 597,000 100 included in this list may 1933 361.000 100 5.50 now be found to be legal. Therefore, the.trustees of savings banks,should 920_ _Clifton, N.J.(Feb.) 5 1934 250,000 100 5.50 for their own protection, supplement the work of the Department by 920-Clifton, N. J. (Nov.) (2 their own carefulinvestigation into each doubtful case. Particular attention issues) 5 1933 91.000 100 5.00 is called to securities marked (1). With the exception of securities thus Amount. 520,000 1090 [Vorm 128. FINANCIAL CHRONICLE I ndicated, reliable supporting Information, in all cases, is on file with this Department. As to the exceptional cases noted, however, the Department has been unable to obtain recent financial statements or other data from the companies concerned. The conditions under which securities may be considered legal investments for savings banks are contained in Section 239 of the Banking Law. An important provision of the new law requires that certain municipalities shall have power to levy taxes on the taxable real property therein for the payment of their obligations without limitation of rate or amount. Municipalities to which this provision applies are specified. However, it must be left to the trustees of the savings banks to satisfy themselves that the securities comply with the law on the question of unlimited taxes. It is presumed that In so doing they will be assisted by an attorney's opinion accompanying the bond issue or by an opinion of their own attorney. As the cost of preparing the list is assessed upon the savings banks. sufficient copies have not been printed to enable us to make a general distribution. You may communicate with this Department for any further information you may desire. FRANK H. WARDER, Superintendent of Banks. Dec. 1 1928. SECURITIES CONSIDERED LEGAL INVESTMENTS FOR SAVINGS BANKS,UNDER SUBDIVISIONS OF SECTION 239 OF THE BANKING LAW AS NUMBERED. . Subdivision 1. All interest-bearing obligations of the United States or those for which the faith of the United States is pledged to provide payment of interest and principal, including bonds of the District of Columbia. Subdivision 2. All interest-bearing obligations of New York State. Subdivision S. Certain interest -bearing obligations of the following States and Territories: Rhode Island IndianaMontana Alabama South Carolina Nebraska Iowa Arizona South Dakota Nevada Kansas Arkansas Tennessee New Hampshire Kentucky California Texas New Jersey Louisiana Colorado Utah MaineNew Mexico Connecticut Vermont North Carolina Maryland Delaware Virginia North Dakota Massachusetts Florida Washington Ohio Michigan Georgia West Virginia Oklahoma Minnesota Hawaii Wisconsin Oregon Mississippi Idaho MissouriWyoming Pennsylvania Illinois Subdivision 6 b (2). Certain stocks, bonds, and other obligations, excluding non-negotiable warrants, either interest-bearing or sold at a discount, as follows: Note -Unlimited tax obligations only are legal for the following school districts and counties. The legality of obligations issued by the following school districts and counties depends furthermore on whether or not the obligations issued by the city indicated in each case are legal. Of such cities there are some whose unlimited tax obligations only are legal. These cities are indicated with an asterisk (P). The failure of any of these last mentioned cities to have outstanding any unlimited tax obligations would render illegal the respective school district or county. School Districts. Oklahoma City, Okla.(Oklahoma City) Oakland, Calif.(Oakland") Tulsa, Okla.(Tulsa) Rockford, Ill.(Rockford) Houston. Tex.(Houston) Flint, Mich.(Flint) Salt Lake City, Utah (Salt Lake City) Pontiac, Mich.(Pontiac) Seattle, Wash.(Seattle") Saginaw, Mich.(Saginaw) Spokane No.81, Wash.(Spokane) Springfield, Mo.(Springfield.) Cleveland, Ohio (Cleveland) Counties. Hennepin, Minn.(Minneapolis) Pulaski, Ark. (Little Rock) Ramsey, Minn.(St. Paul) Los Angeles, Calif.(Los Angeles') Hillsborough, N.H.(Manchester) New Castle, Del. (Wilmington) Multnomah. Ore.(Portland.) Bibb, Ga.(Macon) Davidson, Tenn.(Nashville) Muscogee, Ga.(Columbus") Knox, Tenn.(Knoxville) Richmond, Ga. (Augusta) Tarrant, Tex.(Fort Worth) Scott, Iowa (Davenport) Salt Lake, Utah (Salt Lake City) Woodbury, Iowa (Sioux City) Spokane, Wash. (Spokane) Kenton, Ky. (Covington) Dane, Wis. (Madison.) Cumberland, Me. (Portland) Douglas, Wis. (Superior') Genesee. Mich.(Flint) Milwaukee, Wis. (Milwaukee) Oakland, Mich. (Pontiac) Racine, Wis. (Racine) Saginaw, Mich.(Saginaw) Wayne, Mich.(Detroit) Subdivision 6 b (3). Certain stocks, bonds, and other obligations (excluding non-negotiable warrants), either interest-bearing or sold at a discount, as follows: -Unlimited tax obligations only are legal for the following cities. Note. Seattle, Wash. Los Angeles, Calif. Muskegon, Mich. Portland. Ore. Kenosha, Wis. Memphis. Tenn. Springfield, Mo. Oakland, Calif. Madison. Wis. Lynchburg, Va, Omaha, Neb. Columbus, Ga. Petersburg, Va. Sheboygan, Wis. New Orleans, La. Durham, N. C. Richmond. Va. Superior. Wis. Dayton,Ohio Baltimore. Md. Subdivision 7 a-i. Certain bonds of railroad corporations: Chicago Rock Island & Pacific By. Co. Alabama Great Southern Ry. Co. Subdivision 4. gen. 48, 1988. 1st cons. 58, 1943, series A Cleveland Cincinnati Chicago & St. All interest-bearing obligations, or revenue notes sold at a discount, 1st cons. 4s, 1943, series B dis- Albany & Susquehanna RR.Co. 1st 3345. Louis Ry. Co. of any city, county, town, village, school district, union free school Gen. 48 and 6s, 1993. trict, poor district, or fire district in New York State, provided that they 1946. Springfield & Columbus Division let were issued pursuant to law and that the faith and credit of the munici- Atchsin Topeka dr Santa Fe Ry. Co. 4s, 1940. pality or district that issued them Is pledged for their payment. General 4s, 1995. Cincinnati Ind. Bt. Louis & Chicago Chicago Santa Fe dr California By. Co. Subdivision 6 a. gen. 48, 1936. 1st 55, 1937. Cleveland Columbus Cincinnati & Certain stocks, bonds and other obligations (excluding non-negotiable Atlantic Coast Line RR. Co. Ind., gen. 65, 1934. 1st cons. 4s, 1952. warrants), either interest-bearing or sold at a discount, of the following: White Water Valley 1st 45, 1940 Atlantic Coast Line of Sonth Carolina Connecticut. Delaware & Hudson Co. gen. 1st 4s, 1948. Stonington let & ref. 4s, 1943. New Britain Brunswick & Western let 48, 1938. Fairfield Ansonia Stratford Adirondack Ry. 1st 4345, 1942. New Haven Charleston & Savannah gen. 75. 1936. Greenwich Bridgeport Delaware Lackawanna & Western RR. New Haven County Torrington Norfolk & Carolina RR.1st Is. 1939. Hartford Bristol Wallingford Bangor & Portland RR. 1st 68, 1930. New London Norfolk & Carolina RR.2d 68, 1946. Danbury(town and Hartford County Waterbury Morris & Essex RR. 1st 3345, 2000. Norwalk Northeastern RR. of South Carolina Meriden city) Warren RR. let 3)4s, 2000. Stamford (city) Milford cons. (is, 1933. Enfield Richmond & Petersburg cons. 4348, Fonda Johnstown & Gloversville RR.Co. Massachusetts. Cons. ref. 4348, 1947. 1940. Pittsfield Gen. ref. 48, 1950. Malden Savannah Florida & Western cons. 5s Essex County Arlington Plymouth Cons. gen. ref. 4345, 1952. Marlborough and 68, 1934. Everett .Attleboro Quincy Melrose Fall River Beverly Wilmington dc New Bern 1st 4s, 1947. Genesee & Wyoming RR.Co. 1st 55, 1929 Salem Framingham Wilmington dr Weldon RR.gen. 4s and Great Northern Ry. Co. Boston 1st dz ref. 43js, 1961. Middlesex County Somerville Franklin County 55, 1935. Braintree Springfield Milford Eastern Ry. of Minn. 1st 4s, 1948. Gloucester Baltimore & Ohio RR. Co. Bristol County Taunton Natick Montana Central 1st 5s and 6s, 1937. Greenfield Ref. dr gen. Is and 6s, 1995, and 5s, Brockton Wakefield St. Paul Minn. & Manitoba cons. 4$. Hampden County New Bedford 2000, series A-D. Brookline Watertown Newburyport 435s and ea, 1933. Hampshire County Cony. 4145, 1933. Cambridge Webster Newton St. Paul Minn. & Manitoba, Mont. Haverhilll 1st 4s, Is. 1948. Chelsea West Springfield Norfolk County Ext. 45, 1937. Holyoke Central Ohio 1st 4348, 1930. Chicopee Westfield Northampton St. Paul Minn & Manitoba, Pacific Lawrence Cleveland Lorain dz Wheeling cons. 55, Clinton Weymouth Northbridge Ext. 1st 4s, 1940. Leominster 1933. Danvers Winchester Norwood Spokane Falls & Northern let 69, 1939. Lowell Cleveland Lorain dr Wheeling gen. 55, Dedham Wcrcester Peabody Wilrnar dr Sioux Falls 1st 5s, 1938. Lynn 1936. Easthampton Cleveland Lorain dr Wheeling cons. Hocking Valley Ry. Co. New Jersey. Cons.4 Ms, 1999. 4345, 1930. Perth Amboy Columbus & Hocking Valley RR. M ercer County East Orange Cleveland Terminal & Valley 1st 45, Atlantic City First Ext. 45. 1948. Middlesex County Phillipsburg Elizabeth 1995. Atlantic County Columbus & Toledo RR. First T.t Monmouth County Plainfield Englewood Ohio River 1st 5s, 1938. Bayonne Rahway 4s. 1955. Montclair Essex County Ohio River gen. 55, 1937. Belleville Salem County Gloucester County Morris County Pittsburgh Lake Erie & W. Va. Illinois Central RR. Co. Bergen County Somerset County Ref. 45 and 55, 1955. Hamilton Township Morristown System ref. 4s, 1941. Bloomfield Trenton 1st 35, 3345 and 55, 1950-51. Newark 1st 48, 1990 Harrison West Virginia & Pittsburgh Burlington County Union City Trust 334s, 1950. Ocean County Hoboken Bangor & Aroostook RR. Co. Camden Union County Cairo Bridge Co. 1st 48, 1950. Passaic Hudson County Cons. ref. 4s, 1951. Camden County West Orange Litchfield Division 1st 3s. 1951. Passaic County 1st 55, 1943. Cape May County Jersey City Purchased lines 33-45. 1952. West Orange S. D. Paterson Aroostook Northern 1st 55, 1947. Cumberland County Kearney St. Louie Division & Terminal 3s and 1943. Piscataquis Division 1st 65, Pennsylvania. 33.45. 1951. Van Buren Extension 1st 58, 1943. Springfield Division ref. 3Hs,1951. Reading S. D. Mercer County Elk County Buffalo Creek RR. Co. cons. 56, 1941. Adams County Scranton Monessen Ry. Co. Lehigh Valley RR. Co. 1st 4s, 1948. Buffalo Rochester is Pittsburgh Allegheny County Erie Louisville & Nashville RR. Co. Scranton 8. I). Monessen S. D. Erie School Dist. Gen. 5s, 1937. Allentown 1st & ref. 4345, 58, 5345, 2003, aeries Somerset County Montgomery Co. Erie County Cons.4%a, 1957. Beaver County Tioga County A to C. New Castle Fayette County Lincoln Park & Charlotte 1st 55, 1939. Bradford 1st 58. 1937. Greensburgh Bor. New Castle 8. D. Washington County Central of Georgia RR.Co. Bradford S. D. Unified 4s, 1940. Westmoreland Co. Greensburg S. D. Norristown Bor. Bucks County Ref. & gen. 58, 6345. 1959. Atlanta Knoxville & Cincinnati Div. Norristown S. D. Wilkes-Barre Hazelton 1st 56. 1945. Butler 4s, 1955. Hazelton Sob. Dist. Northampton Co. Wilkes-Barre B. D. Butler Sch. Dist. Chattanooga Division 4e, 1951. Lexington dr Eastern Ry. 1st Is. 1963. Huntingdon County Northumberland Co.Williamsport Cambria County Macon dr Northern Div. 1st 55, 1946. Louisville Cincinnati & Lexington Ry. York Philadelphia Jefferson County Canonsburg Bor. Middle Georgia dr Atlantic Division gen. Cis, 1931. Philadelphia 8.D. York Sob. Dist. Canonsburg S. D. Johnstown let 58, 1947. Mobile & Montgomery let 43-45. 1945. York County Pittsburgh Johnstown 8, D. Chester Mobile Division 1st 55, 1946. New Orleans & Mobile Division let Pittsburgh S. D. Bch. Dist. Lancaster 5s, 1946. Chester Oconee Division 1st and 2d 68, 1930. Reading Lancaster B. D. Columbia County Central RR. of New Jersey gen. 48 and Paducah & Memphis Div. 1st, 45, 1946. 55, 1987. South a: North Alabama RR.cons. be, Rhode Island. 1st 55, 1939. Chesapeake & Ohio Ry.Co., 1936. West Warwick Pawtucket Cumberland Chicago dr North Western By. Co. Bristol South & North Alabama RR. gen. Providence East Providence Gen. 3345, 48, 44e and 6s, 1987. Central Falls cons. Is. 1963. Warwick Newport 1st dc ref. 4348. Is and 68. 2037. Cranston Michigan Central RR. Co. Deb. Is, 1933. Vermont. 1st 3Hs, 1952. Des Plaines Valley, 1st 4 3.45, 1947. Bay City & Battle Creek 1st 35, 1989 Rutland Burlington 13arre Freemont Elkhorn dc Missouri Vy. Detroit & Bay City 1st 55, 1931. R. R.cons. 65, 1933. Subdivision 6 b (1). Grand River Valley 1st 4s, 1959. Iowa Minnesota dr Northwestern By. Jackson Lansing & Saginaw let 3 Certain stocks, bonds, and other obligations (excluding non-negotiable 1935. 1st 3345. 1951. warrants), either interest-bearing or sold at a discount, of the following: Manitowoc Green Bay dr Northwestern Kalamazoo & South Haven, let 55, Oklahoma City, 1st 33.4e, 1941. Birmingham, Ala. South Bend, Ind. Pontiac, Mich. 1939. Shore dr Western Okla. Milwaukee Lake Little Rock. Ark. Cedar Rapids, Iowa Saginaw, Mich. Michigan Air Line 1st 4s, 1940. Knoxville, Tenn. ext. & impt. 58. 1929. Duluth, Minn. Davenport,Iowa San Diego, Calif. Minn. Nashville, Tenn. Milwaukee & State Line 1st 3345. 1941. Mobile & Ohio RR. Co. gen. 48. 1938. San Francisco, CallI Dee Moines, Iowa Minneapolis, Dallas, Tex. Milwaukee Sparta & Northwestern Montgomery & Erie Sty. Co. let Is. 1956. St. Paul, Minn. Sioux City. Iowa Denver. Colo. Nashville Chattanooga dc St. Louis By. 1st 48, 1947. Kansas City, Mo. El Paso, Tex. Wilmington. Del. Topeka, Kan. Co. 1st 4s, 1978. Worth, Tex. Fort Minnesota dr South Dakota Ry. let St. Louis, Mo. Jacksonville, Fla. Wichita, Kan. New Orleans Texas & Mexico fly. Co. Houston, Tex. 3)0, 1935. Covington, Ky. Lincoln, Neb. Fla. Miami, let 434s, 5s, 5345, 1954, 1956, series Louis Peoria dr Northwestern 1st N. H. San Antonio,Tex. St. Louisville Ky. Manchester Tampa. Fla. A to D. Salt Lake City, Utah is. 1948. Shreveport, La. Charlotte, N. C. Atlanta. Ga. New York Chicago & St. Louis Ry. Co. Roanoke, Va. St. Paul & EltStelll Grand Trunk Ry. Canton, Ohio Portland, Me. Augusta, Ga. let 4s. 1937. Spokane, Wash. let 4345, 1947. Bay City, Mich. Cincinnati, Ohio Macon, Ga. Ref. 534g. 1974. 1975, series A, B. Tacoma, Wash. Sioux City & Pacific RR.1st 3)4s, 1936 Detroit, Mich, Cleveland, Ohio Chicago. Ill. - 2d & imps. 65, 1931, series A to C. Huntington, W.Va. Chicago Burlington dr Quincy RR. Co. Columbus, Ohio Flint, Mich, Peoria. III. Deb. 4a, 1931. Wheeling, W. Va. Gen. 48, 1958. Grand Rapids,Mich.Springfield, Ohio Rockford, III. Lake Erie & Western lit 55, 1937. Milwaukee, Wis. Illinois Division 1st 334s & 4s, 1949. Toledo, Ohio Jackson, Mich. Evansville, Ind. Lake Erie dr Western 2d 55, 1941. Indianapolis dr Louisville Ry. Chicago Kalamazoo, Mich. Youngstown, Ohio Racine, Wis. Toledo St.Louis & Western 1st 46. 1950 Fort Wayne. Ind. Lansing, Mich. Co. ref. 45, 58, 68, 1947. Tulsa, Okla. IndianaPolls. FHB. 161929.] New York Central RR.Co. Ref. & Imps. 4148, 5s, 2013. Cons.4s, 1998. N.Y. C. & H. R. 1st 3345, 1997. N. Y.C.& H. R. deb. 4s, 1934, 1942. Carthage & Adirondack Ry. let 45, 1981. Carthage Watertown & Sacketts Harbor, eons. 5s. 1931. Chicago Ind. & Southern let 48. 1956. Cleveland Short Line let 44s, 1961. Gouverneur & Oswegatchle RR. 1st 55, 1942. Indiana Illinois & Iowa 1st 45. 1950. Jamestown Franklin & Clearfield let 4s, 1950. Kalamazoo & White Pigeon 1st 58, 1940 Lake Shore 34 Michigan Southern 1st 3.345. 1097. Lake Shore & Michigan Southern deb 4s, 1931. Lake Shore coll. 3345, 1998. Little Falls & Dolgeville let 35, 1932. Mahoning Coal RR. 1st 5.8. 1934. Michigan Central coll. 345, 1998. Mohawk & Malone Ry. 1st 45, 1991: cons. 345. 2002. New York & Putnam RR. cons. 48, 1993. Pine Creek Ry. let 6s, 1932. Spuyten Duyvil&Port Morris, 1st 3348, 1959. Sturgis Goshen & St. Louis let 3s, 1989. New York & Harlem RR. Co. ref. 345, 2000. New York Lackawanna & Western Ry. Co. 1st dr Ref. 414s and .55, 1973. series A. B. Norfolk dc Western Ry. Co. 1st cons. 45, 1996. Gen. 68, 1931. Impt. & ext. 68, 1934. New River Division 1st 6s, 1932. Scioto Valley ez New England 1st 4s, 1989. Northern Pacific Ry. Co. Ref. & impt 4.4s, 55 and 6s. 2047, series A to D. Gen. lien 3s, 2047. Prior lien 4s, 1997. St. Paul-Duluth Division 4s, 1996. St. Paul de Duluth 1st 58, 1931. St. Paul & Duluth cons. 4s, 1968. Washington dr Columbia River 1st 4s, 1935. Oregon Short Line RR. Co. 1st cons. 5s. 1046. Utah & Northern Ry. ext. 45, 1933. Pere Marquette Ry. Co. 1st 4s, 5s, 1956, series A, B. Pennsylvania RR. Co. -Gen. 44s, 5s, 1945. 1968, series A. B. Cons. 45. 1943: 45, 1948; 4s, 1948, sterling: 44a, 1960: 34s, 1945. sterling. FINANCIAL CHRONICLE Allegheny Valley RR. gen. 4s, 1942. Cambria dr Clearfield 1st 5s, 1941. Cambria 3c Clearfield gen. 4s, 1955. Cleveland & Pittsburgh RR.gen. 3145. 4345, 1942-50. Delaware River RR. & Bridge Co. 1st 48, 1936. Erie & Pittsburgh RR.gen.34s, 1940. Harrisburg Portsmouth Mt. Joy & Lancaster let 4s, 1943. Hollidaysburg Bedford & Cumberland 1st 4s, 1951. Junction RR. gen. 345, 1930. Pennsylvania & Northwestern RR. gen. 5s. 1930. Pittsburgh Virginia & Charleston 1st 45, 1943. Sunbury dr Lewistown 1st 45, 1936. Sunbury Hazeiton & Wilkes-Barre. 2d 6s. 1938. Philadelphia Baltimore & Washington RR. Co. 1st 45, 1943. Gen. 55. 1974, series B. Chester Creek RR. 1st 6s. 1933. Columbia & Port Deposit By. 1st 48, 1940. Philadelphia & Baltimore Central RR. 1st 45, 1951. Philadelphia Wilmington & Baltimore 4s, 1932. Pittsburgh Cincinnati Chicago & St. Louis RR. Co. Gen. 55 1970. 1975. series A, B. Chanters Ry. let 34s. 1931. Chicago St. Louis & Pittsburgh RR. cons. 58, 1932. Pittsburgh Cincinnati Chicago & St. Louis Ry. cons. 345, 4s, 4345. 1940-64, series A to .1. Vendetta RR.. cons. 45. 1955. 1957. series A, B. Rensselaer & Saratoga RR. Co. 1st 6s, 1941. Southern Pacific Co., Oregon Lines. 1st 4145, 1977. Southern Pacific RR. Co. 1st ref. 4s, 1955. 1st cons. 55. 1937. Northern California Ry. 1st 58, 1929. Northern Ry. cons. 58, 1938. So. Pac. Branch Ry. 1st 138. 1937. Southern Ry. Co. 1st consol. 55, 1994. So. Ry.East. Tenn. Reorg.5s, 1938. Texas dr Pacific Ry.Co. 1st cons. 55. 2000 Union Pacific RR. Co. let lien dr ref. 4s, 58, 2008. 1st R. R. & land grant 48, 1947. United New Jersey RR. & Canal Co. gen. 34s. 4s. 1929-51. Virginian Ry. Co. 1st 55, 1962. West Jersey & Seashore RR.Co.lit cons. 34s, 4s. 1936, series A to F. Subdivision 74. Certain bonds of terminal, depot, or tunnel corporations: tAtlanta Terminal Co. (Ga.) 1st 5s. 65, Lehigh Valley Terminal Ry. Co. 1st 5s, 1939, series A,B. 1941. Charleston Union Station Co. 1st 4s, 1937 Louisville & Nashville Terminal Co. 1st Chattanooga Station Co. 1st 45, 1957. 45, 1952. Chicago Union Station Co. 1st 414s, 55, Macon Terminal Co. 1st 58, 1965. 6345, 1963, series A, B. C. Memphis Union Station Co. 1st 58, 1959. Cleveland Union Terminals Co. let 445, New Orleans Terminal Co. let 45, 1953. 58, 534s, 1972-77, series A, B. C. Norfolk Terminal Ry. Co. 1st 45, 1961. Detroit River Tunnel Co.(Det. T.& T.) Norfolk Terminal & Transportation Co. let 43.48. 1961. 1st 55, 1948. Gulf Terminal Co. 1st 4s. 1957. Richmond Terminal Ry. Co. 1st guar. Indianapolis Union Ry. Co. 1st 58, 55, 1952. 1965, series A, B. Texas Pacific-Missouri Pacific Terminal Jacksonville Terminal Co. 1st 5s. 1939. RR. of New Orleans let 534s, 1964, Kentucky de Indiana Terminal RR. Co. series A. 1st 4%e, 1961. plain and stamped. Washington Terminal Cc. 1st 311s, 4s, Lehigh Valley Harbor Terminal By. Co. 1945. 1st 56, 1954. Wheeling Terminal Ry. Co. 1st 45, 1940. Winston-Salem Terminal Co. 1st 5s, 1966. t See introduction. Subdivision 7 k. Certain collateral trust bonds of railroad corporations: Chicago & North Western Ry. Co.Pennsylvania RR. Co. Secured 6s. 1936. Secured 634s. 1936. Secured 78. 1930. Coll. 7s, 1930. Delaware & Hudson Co.secured 7s. 1930.Southern Ry. Co. M.& 0.0011. 4e. 1938. 1091 Pennsylvania RR. Co. Texas A: Pacific Ry. Co. 5 A, March 1929-38. 6 Sept. 1920: March and Sept. 1929-30. 5 B. April 1929-39. 5 FF, Oct. 1929-37. 44 C. Oct. 1929-39. 5 GO, Nov. 1929-39. Pere Marquette Ry. Co. 44 A, Aug. 44 HH, Sept. 1929-40. 1929-42. 434 JJ, April 1929-42. Southern Pacific Co. 5 0, May 1929-39. 44 A, Feb. 1929-43. Southern Ry. Co. 4 B. May 1929-43. 5 X, April and Oct. 1929-38. Virginian Ry. Co. 5 V. March and Sept. 1929-39. 6 C. April and Oct. 1929-30. SD. May 1929-38. 434 Z, April and Oct. 1929-39. 4 BB, March and Sept. 1929-43. 414 E. July 1929-40. Subdivision 12. Certain bonds of corporations engaged in the business of supplying electrical energy or artificial gas, or both, for light, heat, power and other purposes. tAlabama Power Co. t New Ycrk & Queens Electric Light & let 58, 1946. Power Co. 1st 56. 1930. let lien & ref. 5s, 1951 and 1956. t Niagara Falls Power Co. 1st ref. 44s. 1967. 1st 55, 1932. Binghamton Light, Heat & Power Co. Ref. & gen. 6s, 1932. 181 ref. 55, 1946. 1st & eons. 65. 1950. Hydraulic Pr. Co. of N. F., let & ref. t Blackstone Valley Gas & Electric Co. 1st gen. 58, 1939. 55, 1950. Hydraulic Power Co. of N. F. ref. & t Bridgeport Gas Light Co. let 4s, 1952. Brooklyn Edison Co. (rapt. 55, 19.51. Northern Indiana Public Service Co. Gen. 5s, 6s, 1930, 1949, series A, B. Edison El. III. 1st cons. 48, 1939. let & ref. 55, 515s, 1960, 1966. Kings County El. Lt. dr Pr. Co. 1st Indiana Lighting Co. let 48, 1958. 5s, 1937. North. Ind. G. & E. Co. 1st & ref. Kings County El. Lt. & Pr. Co: let 6s, 1952. North. Ind. G. & E. Co. let 5s; 1929. 6s, 1997. Brooklyn Union Gas Co. t Pacific Gas & Electric Co. 151 cons. 58, 1945. Gen. & ref. 55. 1942. let ref. 6s. 1947. 1st & ref. 414s, 55, 54s, 6s, 1941 to 1957, series B to E. Divisional t Buffalo General Electric Co. 1st 5s. 1939. Bonds. 1st ref. 55, 1939. t Pacific Power & Light Co. 1st dc ref. Gen. & ref. 5s, 1956. 5s, 1930. Central Hudson Gas & Electric Co. let t Peoples Gas Light & Coke Co. Ref. 55. 1947. & ref. 5s. 1957. Cons.65, 1943. t Central Maine Power Co. Chic. Gas Lt. & Coke let 5s, 1973. 1st 55, 1939. Consumers Gas Co. let 5s, 1936. 1st & gen. 4345, 58, 54s, 1949-57, Mutual Fuel Gas, let 58, 1947. series C to E. Citizens Gas Co. of Indianapolis 1st & t Philadelphia Electric Co. let s. f. 45, 5s, 1966. ref. 55, 1942. let dr ref. 54s, 1947. Cleveland Electric Illuminating Co. let & ref. 54s, 1953. 1st 58, 1939. 1st & ref. ,s, 1960. Gen. 5s, 1954. 1961. series A, B. Connecticut Light & Power Co. let & ref. 445, 1967. 1st ref. 4145. 54s, 78. 1951-56, series t Philadelphia Suburban-Counties Gas & A to C. Elestric Co. 1st ref. 414s, 1957. New Milford Power Co. 181 .58, 1932. P.S. Gas & El. Co. 1st & ref. 58. 1960. t Connecticut Power Co. 1st & cons. 55, Providence Gas Co. let 55. 1942, A. 1963. Consolidated Gas, Electric Light & Pr. t Public Service Electric & Gas Co.(N.J.) 1st & ref. 44s. 58, 1965, 1967. Co. of Baltimore United El. Co. of N. J. let 45, 1949. Ref.58.545.6s. 1949-65, series A,E,F t Public Service Co. of New Hampshire Gen. 445. 1935. let & ref. 5s, 1956. Cons. Gas Co. 1st 4348,1954. Cons. Gas Co. let 55, 1939. t Queens Borough Gas & Electric Co. Gen. 5s, 1952. United El. Lt.& Pr. Co. let 434s. 1929. Ref. 5s, 1955. Consumers Power Co. Rochester Gas & Electric Corp. 1st & ref. 5s, 1936. Gen. 445, 54s, 75, 1946-77, series 1st & unit. 58, 1952. B, C, D. Michigan Light Co. 1st ref. 55, 1946. Muni°. Gas & El. 1st 43.4e, 1942. t Detroit Edison Co. Roch. Ry.& Lt. cons. 55, 1954. 18155, 1933. Rockland Light & Power Co. 1st ref. 1st & ref. 5s, 65, 1940, series A. B. 4145, 1958, series A. Gen. & ref. 5s, 1949-62, series A, B. C. San Diego Consolidated Gas & Electric Eastern Mich. Ed. let 58. 1931. Co. Duke Power Co. 1st & ref. 434s, 1967. 1st 58, 1939. t Duquesne Light Co. let 414s, 1967. 1st ref.5s. 6s, 1939. 1947, set, A.B, C. Eastern Connecticut Power Co. 1st 55. Southern California Edison Co. 1948, series A. Gen. 58, 1939. Empire District Electric Co. Gen. & ref. 58. 1944. 1st ref. 55, 1952. Ref. 5s. 1951, 1952. Ozark Power & Water Co. let 55, 1952. Mt. Whit. Pr. az El. 1st 65, 1939. Erie County Electric Co. Pacific Lt. & Pr. 1st 58, 1942. Cons.65, 1959. Pacific Lt. & Pr. 1st ref. 55. 1951. Gen. ref. 5345, 1960. t Harrisburg Light dr Power Co. 1st & Standard Gas Light Co. of New York 1st 55. 1930. ref. 55, 1952. t Syracuse Lighting Co. Idaho Power Co. let 5s, 1947. let 58, 1951. t Indiana & Michigan Electric Co. let ref. 5.30. 1954. let 5s, 1957. SyracuseGas Co. 1st 5e. 1946. 1st & ref. 5s, 1955. Kansas City Power dr Light Co. lat 44s, Toledo Gas, Electric Jr Heating Co. let cons. 55, 1935. 55. 1952. 1957, series A. B. t Kings County Lighting Co. let ref. t Twin State Gas & Electric Co. 1st ref. 5s. 1953. 55, 6345. 1954. 1st ref. 54s, 1945, series A. t Metropolitan Edison Co. t Union Electric Lt. & Pr. Co.(Mo.)1st & ref. 5s, 1953. 15t 55, 1932. 1st 414s. 1968. Ref. and ext. 5s, 1933. York Haven Water & Pr. Co. 1st 5s, Gen. 5s, 1954. 1967. series A.S. 1951. Milwaukee Gas Light Co. 151 445. 1967 t United Illuminating Co. (Conn-) lot 4s, 1940. t Nebraska Power Co. 1st 55, 68, 1949. t New Jersey Power dc Light Co. 1st 5s, t Utica GAS & Electric Co. Gen. 55. 545, 1949, 1956, series C,D. 1956. Ref. & ext. 5s, 1957. New York Edison Co. 1st & ref. 58, 6145, 1941, 1944, series Equitable G.& E.of Utica, 15t5s,11942 A,B. t West Penn. Power Co. 1st 5e. 54s. Edison El. Ill. Co. cons. 5s, 1995. 1946 to 1963, aeries A. E, F, G. N. Y. G.& E.L.H.& P.. lat 5s, 1948. t Western New York Ct11141413 CO. 1st N. Y. G. & E. L. H. & P., P. M. 55, 1946. 4s, 1949. t Wheeling Electric Co. let 5s. 1941. t Wisconsin Gas & Electric Co. 1st Ss. t See introduction. 1952. Subdivision 13. Certain bonds of corporations engaged in the business of furnishing telephone service in the United States. Bell Telephone Co. of Pennsylvania - New York Telephone Co. let mef. 5s, 1948, 1960. aeries 13, C. 1st & gen. 434s, 1939. Central District Telephone Co. let 55, Ref. 6s, 1941. 1943. Deb. 65, 1949. Chesapeake dc Potomac Telephone Co. Pacific Telephone & Telegraph Co. of Virginia let 58. 1943. let & coll. 55, 1937. Illinois Bell Telephone Co. let & ref. 58, Ref. 58, 1952. 1956. Southern Bell Telephone & Telegraph Co. New England Telephone & Telegraph Co. 1st Ss, 1941. 1st 58, 1952. Cumberland Tel. Jr Tel. Co. 1st dr lst 44s, 1961. gen. 5s. 1937. Deb. 55, 1932. Southwestern Bell Telephone Co. 151 & ref. 55, 1954. t See introduction. ADDITIONS. Subdivision 7 I. Certain equipment trust obligations of railroad corporations: Alabama Great Southern Ry. Co. 5 g. 5. July 1929-39. Illinois Central RR.0).Atlantic Coast 'Line RR. Co. 54 H, Feb. 1929-37. 634 D, Feb. 1929-36, 44 I. Oct. 1929-37. 4.4E, Feb. 1929-41. 43.4 K, Aug. 1929-39. Baltimore & Ohio RR. Co. 414 L. Oct. 1929-40. 5. Aug. 1929-37. 4% N, Oct. 1929-41. 5, Feb. 1929-38. 4% O. July 1929-42. 434 13, May 1929-40. Louisville & Nashville RR. Co. 4% C. Feb. 1929-41. March 1929-36. 634 Buffalo Rochester dr Pittsburgh Ry.6 X. 4% E. Dec. 1929-37. Feb. 1929-33. 5 F, Sept. 1929-38. Central of Georgia Ry. Co. Michigan Central RR. Co. 6, March N, March 1929-32. 1917: March 1929-32. 5 0, June 1929-38. Mobile & Ohio RR. Co. 4% P. March 1929-40. 5 L. March and Sept. 1929-38. 4% Q. Nov. 1929-40. 5 M. Jan. 1929-39. Central RR. of New Jersey 434 N. May and Nov. 1929-39. 43.4 L. April 15 1929-35. 44 0, Jan. 15 1929-41. 4%, Aug. 1929-41. 434 P. Feb. 1929-42. Chesapeake & Ohio Ry. Co. 4 Q. March and Sept. 1929-43, 5% T. June 1929-37. Nashville Chattanooga & St. Louis .5 U, March 15 1929-38. By., 434 B, Oct. 1929-37. 5 V, July 1929-1939. New Orleans Texas dc Mexico Ry. Co. 4% W, Oct. 1929-40. 5 A. Nov. 1929-39. Chicago & Northwestern Ry. Co. 43.4 13, Dec. 1929-40. 5 M,June 1920-38. 434 C. April 1929-42. 5 N, June 1929-38. New York Central RR. Co. 50, Dec. 1929-38. 434, Jan. 1917: Jan. 1929-32. Feb. 1929-39. 5 P. 7, April 15 1920: April 15 1929-35. 414 R, May 1929-42. New York Central Lines 44 B. Oct. 1929-42. 5. June 1922: June 1929-37. 4% T, Nov. 1929-42. 43.4, Sept. 11022: Sept. 1929-37. The following is a list of those securities added to or 434 U, May 1929-43. 5, June 1923: June 1929-38, Chicago Indianapolis & Louisville Ry. 5, June 1924: June 1929-39. removed from, the legal investment list: Co. SD. March 1929-37, 4%. Sept. 15 1924; Sept. 15 1929-39, Subdivision 5 a. Chicago Rock Island 6: Pacific Ry. Co. 434, May 15 1925: May 15 1929-40, Wallingford, Conn. 5 I., June 1929-38. New York Chicago & St. Louis RR.Co. Cleveland Cincinnati Chicago & St. 5. Aug. 1923: Aug. 1929-38. Subdivision 5 b (1). Louis Ry.Co. -5, March 1924: March 1929-39. Pontiac, Mich. Jacksonville, Fla. Tulsa, Okla. 5 June 1929. Nashville, Tenn. Norfolk & Western Elk. 5 July 1929. 4%,April 1924; April and Oct. 1929-34. Subdivision 5 b (2). Great Northern Sty. Co. 434.Jan.2 1925: Jan. 1929-35. D., Okla. Saginaw S.D.,Mich. Cleveland S. D., 0. Tulsa S. 5 B. Sept. 1920-38. Northern Pacific Ry. Co. Saginaw Co., Mich. Davidson Co., Tenn. Dane Co.. nits. 434 D,Jan. 1929-40. 7. May 15 1920: May 15 1929-30. Hocking Valley Ry. Co. Subdivision 5 la (3). 43.4, Aug. 15 1922: Aug. 15 1929-32. 5 April 1929-38. 434, Mar. 15 1926; Mar. 15 1929-40. Sheboygan, Vas. Madison, W. 1092 FINANCIAL CHRONICLE Railroad Bonds Now Legal. Alabama Great Southern RR. Co. let Louisville dr Nashville RR. Co., Mobile cons. 45. 1943. series B. & Montgomery 1st 4y4s, 1945. Bangor dr Aroostook RR. Co.— Mobile & Ohio RR. Co. gen. 48, 1938. Cons. ref. 4s, 1951. Pere Marquette Ry. Co. let 48, 58, 1956, let 58, 1943. series A, B. Piscataquis Division let 58. 1943. Southern By. Co. Aroostook Northern 1st 58, 1947. 1st cons. 5s, 1994. Van Buren Extension let 5s, 1943. So. Ry. East Tenn. Reorg. 58, 1938. Delaware Lackawanna Sr Western RR.— Texas & Pacific Ry.Co. let cons. 58, 2000 Bangor & Portland RR. 1st 6s, 1930. REMOVED. Subdivision 5 a. Windham County, Coon. Subdivision 5 b (1). Austin, Tex. Savannah, Ga. Subdivision 5 b (2). Douglas Co., Neb. Railroad Bonds Dropped from List. Atlantic Coast Line RR., Alabama Mid- Pennsylvania RR. Co.— land 1st 55. 1928. Clearfield & Jefferson 1st 6s, 1927. Delaware Lackawanna & Western RR., Sunbury Raz. dr Wilkes-Barre let 58, Bangor & Portland RR. 3lis, 1930. 1928. Michigan Central RR. Co., Nashville, Western Penna. cons. 45, 1928. Chattanooga & St. Louis Ry. cons. Pittsburgh dr Lake Erie RR. let mtge. mtge. 4s and 58, 1928. 6s, 1928. N. Y. Central RR. Co., Lake Shore & United New Jersey RR. & Canal Co. Michigan Southern deb. 4s, 1928. 4348, 1973. Iowa, State of.—Legality of Highway Bonds Attacked.— The legality of the $100,000,000 road bond issue that was approved at a special legislative session and signed by the Governor on Mar. 14—V. 126, P. 1699—then publicly approved at the November election by a majority of 2 to 1 —V.127, p. 2853—and later upheld by the District Court— V. 128, p. 140—was again contested by John Fletcher, the State's Attorney General before the State Supreme Court on Feb. 8. We quote from the "Herald-Tribune" of Feb. 9 as follows: A vigorous fight on the constitutionality of the 8100,000,000 bond issues for the paving of the primary roads of Iowa was opened by Attorney General John Fletcher before the Supreme Court of that State yeeterday, according to advices received last night from Des Moines. Characterizing the bond measure, which was voted at the last general election in November. as "good financing but an open, palpable violation of the constitution," the Attorney General asked the Court to prevent "legislative nullification" and to protect the people from incurring further ndebtedness. The burden of the argument in which H. H.Stripp. of Des Moines, and W. L. Bliss, of Mason City, attorneys for the State Executive Council, which the Attorney General hop e to enjoin from the sale of the bonds, took part indicated that the fate of the bill would rest on two questions: First, whether the law conforms to the Iowa Constitution requiring the imposition of a direct tax; second, whether it distinctly states the tax. The State debt articles provide that bond issues shall be retired by a direct general tax. The present bill provides that primary road funds, indirectly collected, shall be used to retire the bonds by supplementing the direct tax. The Attorney General maintains that this provision does not distinctly state the amount of the general tax, and is. therefore, unconstitutional. Justices Interrupt Lawyer. A feature of the hearing was provided when seven of the eight justices Interrupted the arguments of Defense Counsel Stripp and continued for an hour and a half challenging his position on every point. Attorney General Fletcher began his attack on the bond bill by calling it the "most salient attempt to tear down constitutions that has ever been attempted in this country." and closed his rebuttal by calling it a "twofaced law" which, he said, "turns one face to the bond purchaser with assurance that a direct tax guarantees the return of his money and the other face to the property owner with consolation that no direct tax ever will be collected." He added: "The only consideration given the constitution in this bill is that it received honorable mention. Other ways and means to satisfy every want for better roads, just as good or better, may be found. I would rather close up every road in Iowa for all purposes than have the constitution torn down to appease whims which exist for the moment and to-morrow may be gone. "The law does nothing more than make an idle gesture toward the imposition of a direct annual tax and substitutes contrary to the constitution, the proceeds of motor vehicle and gasoline license fees elsewhere provided in the law." This, he concluded, is an attempt at legislative nullification of the constitution. Contends Tax Is Legal. Answering the arguments of the Attorney General. Stripp and Bliss con tended that the Act conforms to the constitution by imposing a direct tax on all property in the State sufficient to pay off all bonds and the annual interest on them. Furthermore, they maintain that under Iowa's constitution the State has power to apply State funds other than the proceeds of the direct annual tax on this indebtedness. While there is no affirmative .irection in the constitution for application of motor vehicle and gasoline fees, which make up the primary road fund, toward retirement of bonds, they admitted, neither is there any specific prohibition of such use of indirectly raised funds. The State Constitution is not, as is the national, a listing of limited powers. Stripp argued. The decision on this question alone may cause the bond act to stand or fall, as it was on the possibility of the court ruling that primary road funds may be used that the Legislature made the life of the law hang. Kansas, State of.—Act Ratified Providing Funds for Soldiers' Compensation Bonds.—An Act, introduced into the Senate as Bill No. 63, and passed by the Senate and the House and approved by Governor Clyde M. Reed on Feb. 4, became law on the latter day. The Act provided for tax levies to pay off the soldiers compensation bonds. The official notice of the Act, as it appeared in the Topeka "Capital" of Feb. 4, was as follows: (var.. 128 designed to amend a section of the Second Class Cities Law: The italicized matter, as given below, is the amended portion of the section: Under the provisions of a bill introduced in the Assembly by William F. Condon, Republican, of Yonkers. section 61 of the Second Class Cities Law Is amended by authorizing city comptroller to offer bonds for sale at two or more specif ed rate of interest, no Wei for higher rate to be considered if bid for lower rate is legally acceptable. The section as amended reads. "Section 61.—Issue and Sale of Bonds and Other Obligations.—All bonds of the city for whatever purposes issued shall be advertised and sold by the comptroller. He shall cause to be published in an official daily paper or papers, daily for not less than five successive days. Sundays excepted, a notice containing a description of the bonds to be sold, the manner and place of sale and the time when the same shall be sold, or the time limited for the receipt of sealed proposals, which shall not be less than ten days from the first publication of said notice. Subject to any provisions of the ordinance authorizing the bonds as to the interest rate thereof, the comptroller may offer the bonds for sale at two or more specified rates of interest, and in that case the said notice of so e shall state in substance that no bid will be considered for the bonds at the higher rate or rates of interest if any lege . acceptab.e bid is received for the bonds at one of the lower rates y of interest.' Rumania (Kingdom of).—Offer of $10,000,000 7% Gold Bonds.—Blair & Co. Inc., in conjunction with the Chase Securities Corp., Dilion, Read & Co. and the International Acceptance Bank, Inc., all of New York, are offering for public subscription at 88 and interest, yielding 8.07% to maturity, $10,000,000 7% guaranteed external sinking fund gold bonds of the Kingdom of Rumania. The bonds are part of an issue of $101,000,000 the remainder of which is being offered by other members of the underwriting syndicate, which is international in scope. Bonds are to be dated Feb. 1 1929 and to mature Feb. 1 1959. Information below has been taken from the official offering circular: Principal and semi-annual interest (Feb. 1 and Aug. 1) payable in N. Y. City at the principal offices of the fiscal agents, in United States gold coin of the present standard of weight and fineness, without deduction for any taxes or Imposts now or hereafter levied by or within the Kingdom or Rumania;also payable at the option of the holder,in pounds sterling, French francs, German reichsmarks, Swedish kronor, Swiss francs, Dutch florins. Belgian beiges, Italian lire, Czechoslovakian kronen, Austrian schillings or Rumanian lei, at the rates of exchange and at the places specified in the bonds. Redeemable in whole or in part at the option of the Institute (other than for sinking fund) at 100 and accrued interest on 30 days' published notice on Feb. 1 1937 and on any interest date thereafter. Cumulative sinking fund payable semi-annually, commencing Aug. 1 1929, to operate by call by lot at par and interest on 30 days' published notice, calculated to be sufficient to retire the entire issue by maturity. Further information regarding this loan may be found in our department of "Current Events and Discussions" on a preceding page. South Pasadena, Calif.—Voters Reject Charter Government.—At a special election held on Jan. 15, the electors voted down the proposition to adopt the charter form of city government. We quote from the Los Angeles "Times" of Jan. 16, as follows: "An effort to place this city under charter form of government failed to-day in a light vote. The proposed draft was rejected, 1,071 10 319. The total vote was 1.390 out of a registration of 7,343, according to Mrs. Nettie Hewitt, City Clerk. "Sponsors of the charter have been working on thls proposition for wo years and, according to opponents of the plan, adoption of the charter form of government was favored generally, but the draft in question was declared inadequate. Among the objections raised were a provision for appointment instead of election of the City Clerk and the City Treasurer; no district representation, all city directors being elected at large: too much asserted power for city officials over the police and fire departments, and a provision for recall t: =Ling 30% of the voters, which is held contrary to State ._ .. Texas,- State of.—Bills for State Highway Bonds Introduced.—A bill that would authorize the issuance of 30-year serial obligations for the construction of highways and for the re-imbursement of counties for money spent in building portions of State highways was introduced in the Senate on Jan. 21, by Senator Walter Woodul of Houston. The Dallas "News" of Jan. 22 commented on the measure as follows: Legislative and electoral mandates are anticipated In a bill introduced In the Senate Monday by Senator Walter Woodul of Houston to provide for the issuance of State bonds for the construction of highways and for the reimbursement of counties for money spent in building portions of State highways. It is provided in the act that it shall take effect on the adoption of an amendment to authorize the extension of the credit of the State for the purposes of building highways. -year serial obligations, payThe bill would authorize the issuance of 30 able at the rate of 1-30th each year, with interest not to exceed 4 %. It is provided that in no calendar year more than 550.000.000 be issued and that in the aggregate never more than $225.000.000 shall be outstanding for the construction of highways. At the same time. the Governor would be empowered to IBRUO obligations of the State to the amount of as much as $75.000,000 to reimburse counties; these obligations also draw no more that 44% interest. Provision is made that the bonds never shall be sold at less than par and accrued interest. It is specifically provided that the pledges shall be redeemed from revvenues derived from a tax on gasoline and from registration fees for motor vehicles and that no other funds shall be drawn on until these sources have been exhausted. BOND PROPOSALS AND NEGOTIATIONS, ABILENE, Taylor County, Tex.—BOND SALE.—The three Willett of AN ACT authorizing and directing tax levies for the purpose of providing funds to pay the principal and the semi-annual interest on the bonds of bonds aggregating $575,000. offered for sale on Jan. 18—V. 127, p. 3574— the State of Kansas, known as the soldiers' compensation bonds. were jointly awarded to Braun, Bosworth & Co. of Toledo and Taylor, Be it enacted by the Legislature of the State of Kansas: Ewart & Co. of Chicago, as 551% bonds. The issues are described as Section 1. That for the purpose of providing funds with which to pay the follows: $350,000 water works; $125,000 school and 8100.000 street lmpt. principal as it matures and the semi-annual interest upon bonds of the State bonds. Dated Feb. 15 1929. Due from Feb. 15 19.0 to 1969 inclusive. of Kansas, known as the soldiers' compensation bonds, there is hereby ADAMS JOINT HIGH SCHOOL DISTRICT NO. 1 (P. 0. Adams) levied, and the proper officers shall apportion and collect, a tax upon all the property in the State of Kansas subject to taxation, the following Adams County, Wis.—MATURITY.—The 815.000 issue of 5% annual school bonds awarded on Dec. 8 at par to local banks.—V. 127, p. 3431 amounts, or so much thereof as may be necessary and not to exceed: For the fiscal year ending June 30,1930 $2 117 500. For the fiscal year —is due $1,000 from April 1 1929 to 1943, incl. ending June 30 1931. $2,072,500. ALLEN COUNTY (P. 0. Fort Wayne), Ind.—BOND OFFERING.— Sec. 2. That the auditor of State is hereby authorized to credit the Treasurer of State with the amounts specified in section 1 of this Act, upon the Kent Sweet, County Treasurer, will receive sealed bids until 10 a. m. Feb. surrender to him of the bonds paid and canceled and each coupon detached 20,for the purchase of $16,000 5% road construction bonds. Dated Feb. 15 from any soldiers' compensation bond of the State of Kansas properly 1929. Denom. $800. Duo $800, on May and Nov. 15,from 1930 to 1939 incl. Interest payable on May and Nov. 15. canceled. Sec. 3. That this Act shall take effect and be in force from and after its ALPINE INDEPENDENT SCHOOL DISTRICT (P. 0. Alpine), 'pulication in the official State paper. Brewster County, Tex.—BONDS REGISTERED.—The $90.000 issue I hereby certify that the above bill originated in the Senate, and passed of 5% school construction bonds that was reported sold—V. 128, p. 282— body Jan. 21 1929. that was registered on Feb. 7 by the State Comptroller. New York State—Bill Introduced in Assembly to Amend Bond Law.—The following article, which appeared in the "Journal of Commerce" of Feb. 14 gives the text of a measure ARCADIA,Los Angeles County, Calif.—BOND SALE.—The 245,000 issue of 5% library construction bonds for sale on Feb. 6—V. 128, yr. 753— was awarded to the Detroit Co. of San Francisco, for a premium of $1,527. equal to 103.395. a basis of about 4.68%. Due from 1930 to 1959 inclusive. FEB. 16 1929.] FINANCIAL CHRONICLE 1093 The other bidders and their bids were as follows: premium of $3,138 equal to 103.92 a basis of about 4.22%. Dated March BidderPremium. 1 1929. Due March 1. as follows. $25,000. 1939 and 1949; and $30,000, Wm.R.Staats Co $1,038.00 1959. Other bidders were. G. W.Bond & Son 1,015.00 BidderPremium. R.H.Moulton & Co 487.00 Prescott. Lyon & Co..Pittsburgh $2,938.00 Mellon National Bank.Pittsburgh ARI7ONA, State of (P. 0. Phoenix). -NOTE SALE. 2.052.1.8 -An issue of $1.750.000 59 tax anticipation notes was awarded on Feb. 6 to a syndicate CEDAR RAPIDS, Linn County, Iowa. -BOND ELECTION. -At the composed of 17 banks in the State. Due on June 20 1929. general school election which is scheduled for Mar. 11 the voters will be ATLANTIC CITY, Atlantic County, N. J. -BOND OFFERING. - called upon to pass approval on a proposed issue of $100.000 in bonds for a J. A. l'axson, Director of Revenue and Finance, will receive sealed bids until new school building. 12 in. Feb. 21, for the purchase of the following coupon or redstered bond CHATHAM SCHOOL DISTRICT NO. 14 (P. 0. Jonesboro), Jackissues aggregating $1,385,000 -rate of int. not to exceed 6% and to be -BOND SALE. -The $13.000 issue of 6% coupon or son Parish, La. stated in a multiple of 1-20th of 1%; registered school bonds offered for sale on Jan. 12-V. 127. p. 3574 $300,000 water bonds. Due Mar. 11931. -was awarded to F. P. Clark of Alexandria at par. 200.000 drainage bonds. Due Mar. 1 1931. 160.000 bridge approach bonds. Due Mar. 1 1931. CHELSEA, Suffolk County, Mass. -TEMPORARY LOAN. -The Old 160.000 school bldg. bonds. Due Mar. 1 1930. Colony Corp. of Boston has purchased a $1.000,000 temporary loan on a 150.000 drainage bonds. Due Mar. 11931. discount basis of 5.625%. Loan which is dated Feb. 14 1929. is payable 130,000 paving bonds. Due Mar. 11931. $500,000 on Nov. 15 1929 and on Feb. 11 1930. No other bide were sub120.000 paviwr bonds. Due Mar. 11930. mitted, according to the report. 90.000 boardwalk bonds. Due Mar. 1 1931. CHICKASAW COUNTY (P. 0. New Hampton), Iowa. 75.000 boardwalk bonds. Due Mar. 1 1931. -CERTIFI-The $9.000 issue of anticipation primary road refund CertifiDated Mar. 1 1929. Denom. $5,000. Prin. and int. payable at CATE SALE. Hanover National Bank, New York. A certified check payable to the cate; offered for sale on Dec. 20-V. 127, p. 3432 the White-Phillips Co. of Davenport, as 454s, at par. -was awarded to the order of the City for $25,000 is required. Legality to be approved by Clay. Dated Dec. 20 1928. Dillon & Vandewater of N. Y. City. Bids must be for the entire offering. Due on Jan. 2 1930. CHICOPEE, Hampden County, Mass.-TWPCRARY LOAN. AUBURN, Cayuga County, N. Y. -The -BOND SALE. -The 4% coupon or reTistered public impt. bonds offered on Feb. $117.214.74 $200.000 temporary loan offered on Feb. 11-V. 128. p. 919 -was awarded 764-were awarded to Rutter & Co. of New York. at a 11-V. 128, to the Shavrmut Corp. of Boston, on a discount basis of f..37%. Dated premium of 96.18, equal to 100.33. a basis of foout 4.43%. Dated Feb. 1 1929. Feb. 11 1929. Due on Nov. 21 1929. Legality to be approved by Storey. Discount5. Bass. ue Feb. 1, as follows: $10,214.74. 1930: $11.000, 1931; and $12,000, 4.77: Palmer & Dodge of Boston. Ohher bidders were: 1932 Thorndike. to 1939 inclusive. Bidder 5.47% Western Bank & Trust Co., Springfield Other bidders were: Third National Bank & Trust Co., Springfield BidderPrice Bid. S. N. Bond & Co., N. Y.(Plus $4.00) 5.50% Manufacturers& Traders-Peoples Trust Co $117,494.88 Salomon Bros. & Hutzler. Boston. (Plus $3.00) 5.54% Dewey. Bacon & Co 117,368.00 Batchelder. Wack & Co CINCINNATI, Hamilton County, Ohio. -SINKING FUND STATE117,343.68 consolidated statement of the Sinking Fund Trustees of the AUBURNDALE, Polk County, Fla. -BOND SALE. -The 555.000 MENT -The issue of 6% coupon refunding bonds unsuccessfully offered in the Cincinnati -Enquirer" of Feb.1. at the close of for sale on city as published1929 shows: Nov. 15-V. 127, p. 2988 -has since been jointly purchased by the Dupont - business Jan. 31 Ball Corp. of Jacksonville, W. L. Slayton & Co. of Assets Toledo, Parson, Son & Co. of New York, Wright, Warlow & Co. of Orlando, and the Hanchett Total cash Bond Co. of Chicago at a price of 95, a basis of about $3;03L0 6. 0 2 25 1 510,3861 6.53%. Dated *Irws cash in interest fund Nov. 1 1928 and due on Nov. 1 as follows: $2.000. 1931 to 1950, and 25,000, 1951 to 1953, all inclusive. $2.480.640.45 Cash-Redemption fund Investments 33.257.023.77 AVON PARK, Highlands County, Fla. -BOND -Sealed bids will be received( by Louise Brown, City Clerk OFFERING. and Collector, until $15.737,664.22 Total sinking fund 3p. in. on Mar. 6, for the purchase of an issue of $115.000 6% general Balance-Excess of liabilities over sinking fund 67.579.624.50 refunding bonds. Denom. $1,000. Dated Jan. 1 1929 and due on Jan. 1. as follows: $3,000, 1932 to 1936; and 85,000. $103,317,288.72 Total and semi-annual int. payable at the American1937 to 1956, all incl. Prin, Exchange Liabilities In New York. Legality will be approved by Chapman & Irving Trust Co. Cutler of Chicago. General bonds (other than Waterworks and Cincinnati A certified check for 1% of the bid is required. $62,525.349.65 Southern Railway) Waterworks bonds AVOYELLES PARISH FIRST WARD SCHOOL DISTRICT 14,962,230.48 NO. 11 (P.0. Marksville), La. -BOND OFFERING.-Sealed bids will be received Cincinnati Southern By. bonds Construction until 10 a. m. on March 5 by 0. E. Laborde. Secretary $14,932,000 of the School Board, for the purchase of a $45.000 issue of semi-annual Parish 6.900.000 21,832.000.00 Terminal school Assessment bonds (paid by special property assessment).._ bonds. Int. rate Is not to exceed 6'4. Dated March 3.997.708.59 serially for 25 years. A $2.500 certified check, payable 1 1929. Due to the School Board, must accompany the bid. $103,317,288.72 Total * For payment of interest not yet due. BARODA, Berrien County, Mich. -BOND SALE.-Bumpus & Co. of Detroit, have purchased an ksue of $14.000 Village Debt Statement Jan.21929. water bonds bearing Interest at the rate of 6%. 57.589.000 Total bonded debt, including this Issue of 101.907, a basis of aboutPaying a premium of $267.00. equal to a price Floating debt 55.000 5.83%. Due as follows: $500, 1931; 1933 and 1934: 1936 and 1937: 1939 to 1941 incl.; and from 1943 to 1954 incl.; and $1,000, from 1955 to 1958 inclusive. Total debt 27.644.000 $1,265.000 -Water debt, bonds Less BECKVILLE RURAL HIGH SCHOOL DISTRICT (P. Subway bonds 419.000 0. Beckville), Panola County, Tex. -BOND SALE. -The $45,000 issue of school bonds 453.238 Sinking fund,not incl. water or subway skg.fds offered for sale on Dec. 14-V. 127. p. 3431-was 2.137.238 awarded to the Roger H. Evans Co. of Dallas, as 5j% bonds, for a 101.111. a basis of about 5.12%. Dated Doc. 1 $500 premium, equal to 1928. Due from Dec. 1 $5.506.762 Net debt 1936 to 1968 inclusive. $168.620 Water sinking fund Subway sinking fund BLOOMINGTON, Franklin County, Neb.-BOND 3.938 SALE. -Two issues of paving district bonds aggregating $18,700, have been purchased Assessed valuation (grand list) 130.773,008 at par by the State of Nebraska. 6,538,650 Debt limit. 5%, of grand list Population, Census 1920, 59.316. BOWERBANK SCHOOL DISTRICT (P. 0. Bakersfield), CLARK COUNTY (P. 0. Neillsville), Wis.-BOND OFFERING. County, Calif. -BOND SALE. -The $33.000 Issue of 554% coupon Kern school Sealed bids will be received by J. J. Irvine, County Clerk, until Mar. 14, bonds offered for sale on Aug. 13(V. 127, p. 714) was awarded can National Co. of San Francisco at 101.266, a bash;-of to the Ameri- for the purchase of an issue of $177.000 4j % semi-annual road bonds. about 5.25%. Due $3,000 from 1929 to 1939 Inclusive. -BOND SALE.-= CLARK COUNTY (P. 0. Vancouver), Wash. issue of $190,000 improvement bonds was purchased on Feb. 7 by Fred BRIDGMAN SCHOOL DISTRICT, Berrien County, Mich. -BOND Glenn & Co. of Portland. BALE -The $43,000 school construction bonds authorized by a vote of -BOND ELECTION. CLARKSDALE, Coahoma County, Miss. -In awarded 1.0 Issue connection with the special election to be held on the two issues of bonds bears interest at the rate of 4 %. aggregating $280,000, notice of which was given in V. 128, P. 919, we are informed that the election will be held on Feb. 26. BRIGHTON, Adams County, Colo. -BOND SALE. -A of 4M% water extension bonds has recently been jointly $50.00t1 Issue CLIFFSIDE PARK (P. 0. Cliffside), Bergen County, N. J. -BOND purchased be Boettcher & Co. and Gray, Emery, Vasconcellcs & Co., both -Arthur H. Abrams. Borough Clerk, will receive sealed bids of Denver. OFFERING. Due in 15 years and optional in 10 years. until 8.30 p. m. Feb. 26. for the purchase of the following issues of 454% coupon or registered bonds, aggregating $394,000: BROCKTON, Plymouth County, Mass. -TEMPORARY LOAN. - $298.000 assessment bonds. Due March 1 as follows: $25.000. 1930 to Salomon Bros. & Hutzler of Boston, were awarded on temporary loan, on a discount basis of 4.97% plus a Feb. 7, a $500,000 1935 inclusive. and $37,000, 1936 to 1939 inclusive. The loan matures in about 11 months and was sought by premium of $3.00. 96,000 public improvement bonds. Due March 1 as follows: 2.5,000, the following other bidders: 1931 to 1938 inclusive, and $7.000. 1939 to 1946 Inclusive. BidderDated March 1 1929. Dencen. $1,000. Principal and interest payable Discount Basis. In gold at the Cliffside Park National Bank. Cliff/tide. No more Brockton National Co 5.40% bonds to be awarded than will produce a premium of $1.000 over the Plymouth County Trust Co 5.40% Home National issue. A certified check, payable to the Bank5.41% amount of each of the bonds bid for, is required. Legality toorder of the be approved Borough for 2% BUFFALO, Erie County, N. Y. -OFFICIAL TABULATION OF by Reed, Hoyt & Washburn of New York City. BIDS. -The following is an official list of the bids submitted on Feb. 6 for the $594.000 454% bonds awarded to Edward Lowber CLINTON TOWNSHIP SCHOOL DISTRICT (P. 0. Aldenville), Stokes Philadelphia. at a price of 100.313. a basis of about 4.70%-V. & Co. of Wayne County, Pa. -BOND OFFERTNO.-e. H. Knapp, Secretary Edward Lowber Stokes & Co $152985.,P8.599.1292: Board of Directors, will receive sealed bids until 8 p. in. Feb. 26 for the Rutter & Co., H. L. Allen & Co., Batchelder, 'lack & purchase of $17,500 school bonds. Denom. $500. Due Oct. 15 $2.500, Co.. and Stephen & Co., jointly as follows: $1,000. 1929: $1.500. 1930; 52.000. 1931 to 1933 inclusive: Goo. B. Gibbons & Co., Inc 595,372.14 1934 and 1935. and $2,000. 1936 and 1937. Bids may be sub- mitted 595,186.22 Arthur Sinclair, Wallace & Co.,and Hannaks, Balm & Lee lily 594,873.18 for all or any part of the issue,. Liberty Bank of Buffalo COAHOMA, Howard County, Tex. -BONDS NOT SOLD. -The 594.801.90 Estabrook & Co 594,705.86 $22.000 issue of6% coupon water works bonds offered on Dec. 18-V. 127. Guaranty Co. of New York -was not sold. Dated Jan. 1 1929. Due $1,000 from _tan. 1 1935 594.671.22 P. 3433 White, Weld & Co to 1956 inclusive. The Bancamerica Corp., New York, and Dewey, Bacon St Co., 594,659.34 New York, Jointly CONNEAUT, Ashtabula County, Ohlo.-BOND SALE. -The $62.594,541.00 700.57 5% sanitary sewer bonds offered on Feb. 8-V. 128, p. 920-were Bankers Trust Company of New York, Harris, Forbes & Co., and Marine Trust Co. of Buffalo. jointly awarded to W. L. Slayton & Co. of Toledo, at a premium of $588.00.equal 594,530.44 to 100.93. a basis of about 4.81%. Dated Dec. 1 1928. Due serially Manufacturers & Traders-Peoples Trust Co. of on First National Bank, The Detroit Co., EldredgeBuffalo & Co..(Mgrs.) 594,523.91 Sept. 1,from 1930 to 1938 inclusive. and Victor, Cannon & Co., jointly The following bids were also submitted: 594,292.28 CABARRUS COUNTY,(P.O. Concord) N. C. BidderPremium. - Herrick Co., Cleveland Sealed bids will be received by L. V. Elliott. Clerk-BOND OFFERING. $409.00 of the Board of County Bohmer-Reinhart Co.. Cinclimati Commissioners, until Feb. 20, for the purchase of a $25,000 474.00 issue of semi- Title Guarantee & Trust Co., Cincinnati annual county bonds. Int. rate is not to exceed 501.60 5%• K. Terry & Co., Toledo W. 327.50 CANADIAN, Hemphill County, Tex. -BOND OFFERING -Sealed CONNELSVILLE, Fayette County, Pa. . bids will be received until Feb. 25 hey Albert -BOND OFFERING. -0. M. Knollenberg. Mayor, for Stone, Superintendent Accounts and Finance. will the purchase of a $35.000 issue of 5 city hall and receive sealed bids until DUD as follows: $1,000. 1930 to 193 : $2.000. 1937 auditorium bonds. 7 p. in. Feb. 18, for the purchase of $85,000 45(% coupon city bonds. to 1947. and $3.000 Dated Feb. 1 1929. Denom. $1,000. in 1948 and 1949. Optional after 1939. Prin. and DueFeb. 1, as follows: at the Hanover National Bank in N. Y. City. A semi-ann. Int. payable $5,000, 1933 to 1939 Inclusive; and $10.000, 1940 to 1944 inclusive. A $1,750 certified cheek certified check payable to the order of must accompany bid. (These bonds were unsuccessfully the City Treasurer, for $1,000 is offered on Jan. 26 required. Legallty to be approved by Burgwin. -V. 128, P. 592.) BUrgWill of Scully Pittsburgh. CARSON COUNTY (P.O. Panhandle),Tex. -BONDS REGISTERED. COQUILLE,Coos County,Ore.-MATURITY-BAB/S.-Tim 25.000 -On Feb. 4 G. N. Holton. State Comptroller, registered a $230.000 issue Issue of coupon city bonds that was awarded on Jan.21 to the First National of 414% series B 1928 road bonds. Due serially. Bank of Coquille. as Es. at a price of 100.24-V. 128.p.765 -is due in 1939 CASTLE SHANNON SCHOOL DISTRICT,Allegheny County, Pe, - and optional after 1930, giving a basis of about 4.86%• BOND SALE. -The $80,000 4;4% district bonds offered OD Feb. 11-V. CRISP COUNTY (P. 0. Cordele), Ga.-BOND OFFERING. -Sealed -were awarded to J. H. Holmes & Co. of 128, P. 592 Philadelph.a, at a bids will be received by W. P. Fleming, Secretary-Treasurer of the Power tErc?2,TPlYpi2dst,isrLsTICIgna 10-V.127. al'.617cltwt : 1094 FINANCIAL CHRONICLE Commission, until 3 p. m. on Mar. 19 for the purchase of a 11599,000 issue of 5° hydro-electric power bonds. Denom. $1,000. Dated Feb. 1 1927. Due from Feb. 1 1932 to 1957 incl. Prin. and int. (F. & A.) payable at the National Bank of Commerce in N. Y. City. The printed bonds and the legal approval of Storey, Thorndlke, Palmer & Dodge of Boston, Spalding. MacDougald & Sibley of Atlanta, and W. V. Whipple of Cordele will be furnished to purchaser. A certified check for $11,980, payable to the above official, must accompany the bid. -A $19,343.20 issue DAWSON, Terrell County, Ga.-BOND SALE. of 6% improvement bonds has recently been purchased by the Hanchett Bond Co. of Chicago. Denom. $1.000 and $934.32. Dated Nov. 1 1928. Due $1,934.32from Nov.1 1929 to 1938 incl. Prin.and annual int. payable at the office of the City Treasurer. Storey, Thorndike, Palmer & Dodge of Boston approved legality of the bonds. -BOND OFFERING. DELAWARE COUNTY (P. 0. Muncie), Ind. W. Max Schafer, County Auditor, will receive sealed bids until 10 a. m. Mar.2,for the purchase of$12,2004%% bridge construction bonds. Dated Jan. 11 1929. Denom. $610. Due $1,220, May and Nov. 15,from 1930 to 1934 incl. Int. payable on May and Nov. 15. -The following -BOND SALE. DERBY, New Haven County, Conn. issues of 4%% coupon bonds aggregating $19,000 were awarded as stated below: 510,000 sidewalk bonds sold to the Derby Savings Bank. Due $1.000, July 1 1930 to 1939 inclusive. 9,000 Automobile Pumper bonds sold to the Birmingham National Bank of Derby. Due July 1 as follows: $4,000. 1929; and $5,000, 1930. Dated July 1 1928. No bids were submitted for these bonds on July 10 -V. 126, p.4117. -BOND OFFERING. Pr DETROIT LAKES, Becker County, Minn. Sealed bids will be received by E. J. Bestick. City Clerk, until 4 p. m. on Feb. 20 for the purchase of a $20,000 issue of sewer bonds. Interest rate is not to exceed 6%• -The following -BOND SALE. DORMONT, Allegheny County, Pa. -were 43 % bonds aggregating $123,000 offered on Feb. 8-V. 128. p. 765 at a premium of$976.39 awarded to the Mellon National Bank ofPittsburgh, equal to 100.793, a basis of about 4.17%. $58,000 impt. bonds. Due Mar. 1, as follows: $4,000. 1932 and 1935: 86,000,1938;$5,000,1941;$3,000 1944:58.000. 1946;$3,000. 1948; $6,000, 1949;$10,000. 1952; and $9,000. 1954. 50.000 impt. bonds. Due Mar. 1, as follows: $5,000, 1932 and 1935; $7,000, 1938 and 1941; 58,000. 1944; 87.000, 1946 and 1948; and *4,000.1949. 15,000 improvement bonds. Due Mar. 1, as follows: 113.000, 1932; 85,000, 1935 and 1938; and $2,000, 1939. Dated Mar. 1 1929. -Sealed -BOND OFFERING. DUBOIS COUNTY (P. 0. Jasper), Ind. bids will be received by John Seger, County Treasurer, until 10 a. m. March 4,for the purchase of $11.500 4H% road bonds. Due semi-annually on May and November 15.from 1930 to 1939 inclusive. -BOND OFFERDUCHESS COUNTY (P. 0. Poughkeepsie), N. Y. -Moses Lamont, County Treasurer, will receive sealed bids until 2 ING. p. m. Feb. 21,for the purchase of $1,000.000 coupon or registered highway -rate of int, not to exceed 5% and to be stated in a and bridge bonds multiple of I of 1%. Dated Mar. 11929. Denoms.$1,000. Due Mar. 1, as follows: 860,000, 1931 to 1934 incl.; 870,000, 1935 to 1938 incl.; and $80,900. 1939 to 1944 incl. Prin. and hit, payable at the Failkill National Bank & Trust Co.,Poughkeepsie or at the Chase National Bank, New York City. A certified check payable to the order of the County Treasurer,for $20,000 is required. Legality to be approved by Clay, Dillon & Vandewater of New York City. -The -NOTE SALE. DURHAM COUNTY (P. 0. Durham), N. C. -was 360,000 issue of anticipation notes offered on Feb. 7-V. 128,_p. 920 awarded to the Fidelity Bank, of Durham, as 6s, at par. Due on June 15 1929. -The three -BOND SALE. EAST ORANGE, Essex County, N. .1. Issues of 4%% coupon or registered bonds offered on Feb. 11-V. 128, York, as stated below: -were awarded to Lehman Bros. of New p. 765 51,631.000 series 12, general impt. bonds ($1,650,000 offered) paying 81,650,005.40 equal to 101.165 a basis of about 4.41%. Due Feb. 1, as follows: $40,000, 1930 to 1958 hid.: $55,000, 1959 to 1966 inclusive: and $31,000. 1967. 569,000 series"NN"school bonds ($572.000 offered) paving $572,736.40 equal to 100.65 a basis of about 4.43%. Due Feb. 1, as follows: $20,000. 1930 to 1949 inclusive; $25,000, 1950 to 1955 incl.; and 819.000. 1956. 527,000 series 7 sewer bonds ($532,000 offered) paying $532,605.90 equal to 101.06 a basis of about 4.41%. Due Feb. 1, as follows: $14,000, 1930 to 1966 incl.; and 89,000, 1967. Dated Feb. 1 1929. -The 845,000 -BOND SALE. EDMOND, Oklahoma County, Okla. issue of coupon city bonds offered for sale on Jan. 28-V. 128, p. 593 was awarded to the First National Bank of Edmond, as 5% bonds for a premium of $94, equal to 100.208. ELLICOTT AND BUST1 UNION FREE SCHOOL DISTRICT NO. 3 -BOND OFFERING.(P. 0. Celeron), Chatauqua County, N. Y. Ruth F. Clarke, District Clerk, will receive sealed bids until 8.30 13• ni. bonds Feb. 19, for the purchase of $157,000 coupon or registered schoolof % of rate of interest not to exceed 6% and to be stated in. multiple follows: Due Mar. 1, as 1%. Dated Mar. 1 1929. Denoms. 51,000. Incl. Prin. $2,000, 1932 and 1933: 53,000, 1934; and 55.000. 1935 to 1964 A and int, payable at the Farmers & Merchants Bank, Jamestown. certified check payable to the order of the District Treasurer, for $1,000 is required. Legality to be approved by Thomson, Wood & Hoffman of N. Y. City. -The following -BOND SALE. ERIE COUNTY (P. 0. Sandusky),0. p. 433. agues of 5% bonds aggregating $56..00 offered on Feb. 7-V. 128. -were awarded as stated below: 593 to Otis & Co. $53,000 county's portion highway improvement bonds soldprice of 102.07, of Cleveland,at a premium of $1,097.10, equal to a a basis of about 4.59%. Dated Sept. 1 1928. Due Sept. 1, as follows: 86,000. 1930 to 1932 incl.; and 85,000, 1933 to 1939 incl. National 3.300 Sanitary Sewer District, No. 2 bonds sold to the Third equal to Exchange Bank of Sandusky, at a premium of $20.00„ 100.60, a basis of about 4.88%. Dated Sept. 11928. Due $330. Sept. 1 from 1930 to 1939 inclusive. -The two issues of -BOND SALE. EUPORA, Webster County, Miss. -were serni-annual bonds offered for sale on Dec. 4.-V. 128. p. 3125 issues 6% Meridian. The awarded at par to the Meridian Finance Corp. of aggregate $57,500, divided as follows: incl. $52,500 special street improvement bonds. Due from 1929 to 1938, 1938, 5,000 water and sewer connection bonds. Due $500 from 1929 to -The -TEMPORARY LOAN. EVERETT, Middlesex County, Mass. -was awarded f500.000 temporary loan offered on Feb. 11-V. 128, p. 920 & Trust Co., Second National Bank and at the Bank of Commerce to the Feb. 14 1929 both of Boston, on a discount basis of 5.05%. Loan is dated $200,000. and matures as follows:S150,000, Nov.7 and on Nov. 141929;and Nov. 21 1929. -John -BOND OFFERING. FALL RIVER, Bristol County, Mass. on Feb. 20. J. Quirk, City Treasurer, will receive sealed bids until 10 a. m. School bonds. % coupon Technical High for the purchase of 845,000 1930 to 1944, Dated Feb. 1 1929. DIMODIS. $1.000. Due $3,000 Feb. 1 First National incl. Principal and interest (Feb. and Aug. 1) payable at thepreparation of Boston. A forementioned bank will supervise the Bank, to be approved to their the bonds and will certify as Perkins genuineness. Legality Boyden & of Boston. by Ropes, Gray, Financial Statement Feb. 1 1929. 8178,131.846.00 Net valuation for year 1928 4,453,296.15 Debt limit 2%% average valuation three preceding years 12,026,500.00 Total gross debt, including this issue $1,145,000.00 Exempted Debt: Water bonds 5,655,000.00 Other bonds 7,444,247.79 644.247.79 Sinking funds debt inside limit Net debt Sinking funds debt outside limit 84.582,252.21 $435,584.64 [Vox,. 128. -The $20,000 -BONDS NOT SOLD. FARGO, Ellis County, Okla. issue of not to exceed 6% water works system bonds offered on Jan. 29 -V.128, p.765 -was not sold as all the bids were rejected. We are advised that the bonds will be re-advertised for sale. Due $1.000from 1933 to 1952 inclusive. -BOND OFFERING. FAYETTE COUNTY (P. 0. Uniontown), Pa. Alex Duncan, County Comptroller, will receive sealed bids until 12 m.. funding bonds. Dated Feb. 15 Feb. 18, for the purhcase of $600,000 4% % 1929, Denom. 81,000. Due Feb. 15 1949. A certified check for 1% of the bonds offered is required. -A -BOND SALE. FORT COLLINS, Larimer County, Colo. 370,000 issue of 4% municipal railway refunding bonds has recently been purchased by Gray, Emery, Vasconcells & Co. of Denver. Due serially. FORT WORTH, Tarrant County, Texas. -BONDS NOT SOLD. The four issues of 434% coupon bonds, aggregating 81,500.000. offered on 0 Feb. 13-V. 128, p. 764 -were not sold as no bids were received. The issues are divided as follows: $800,000 street improvement, series 52 bonds. Due from March 1 1934 to 1969, Incl. 500,000 sanitary sewer and sewerage disposal, series 53 bonds. Due from March 1 1934 to 1969. 100,000 waterworks improvement, series 54 bonds. Due from March 1 1934 to 1969, incl. 100,000 Lake Worth bridge, series 55 bonds. Due from March 1 1934 to 1969, incl. Principal and int, is payable at the Hanover National Bank in New York City. FREEDOM TOWNSHIP (P.0. Hollidaysburg), Blair County,Pa. -The $16,000 5% coupon township bonds awarded to local MATURITY. -mature in 1940. Bonds are dated Jan. 15 investors in -V. 128. p. 765 1928, in denoms. of $500. prin. and semi-annual int. payable at the Hollidaysburg Trust Co., Hollidaysburg. -BONDS REGISTERED. GALVESTON, Galveston County, Tex. 7 A $75,000 issue of 50 serial intercoastal canal bonds was registered by the State Comptroller on Feb. 4. -A $25,-PRE -ELECTION SALE. GENOA, Lincoln County, Colo. 000 issue of 6% water bonds was purchased by Gray. Emery, Vasconcells & Co. of Denver, subject to an election to be held in May. Due in 15 years and optional after 10 years. -The -TEMPORARY LOAN. GLOUCESTER, Essex County, Mass. Gloucester National Bank, was awarded on Feb. 31, a $300,000 temporary loan on a discount basis of 5.095%. Loan is dated Feb. 18 1929 and is payable on Nov. 15 1929. Other bidders were: Discount Basis. Bidder5.22% Safe Deposit & Trust Co. (plus $9) 5.22% Cape Ann National Bank (plus $1.25) 5.27 w Shawmut Corp of Boston -FINANCIAL STATECounty, N. Y. GLOVERSVILLE, Fulton -The statement below issued in connection with the proposed MENT. award on Feb. 19. of 3320.000 coupon school bonds. Rate of interest not to exceed 434%, full description of which appeared in-V. 128, p. 921 has been forwarded for publication: Financial Statement, Assessed Valuations 1928: $22,348,980.00 Real estate 715,875.00 Special franchises 112,600.00 Personal $23,177,455.00 Total assessed valuation Debt: Total bonded debt, including this issue 31.079,000.00 155,000.00 Water debt, included above Sinking fund for indebtedness other than 1,088.47 water debt $922.911.53 Net bonded indebtedness, including this issue The net bonded indebtedness of the city is about 3.7% of the assessed. Population: 1920 Federal Census, 22,075: 1925 State Census, 22,110: 1.929 Official estimate, 24,000. -The -BOND SALE. GOUVERNEUR, St. Lawrence County, N. Y. 35.000 coupon or registered municipal power bonds, offered on Fob. 12awarded locally as 434s. Dated Feb. 1 1929. Due -were V. 128, p. 765 $1.000 Nis)). 1, from 1930 to 1934, inclusive. -The GRAND ISLAND, Hall County, Neb.,-BOND DESCRIPTION. $70,000 (not $94,212.48) issue of paving bonds that was purchased by the Lincoln Trust Co. of Omaha (V. 128, r,. 765) is further described as follows: % coupon bonds in denom. of $1,000. Awarded on Jan. 16 at a discount of $875, equal to 98.75. a basis of about 4.42% (if allowed to run to maturity). Due on Mar. 1 1938 and optional at anytime, Int. payable Mar. 1. -BOND OFFERING. GREENE COUNTY (P. 0. Bloomfield), Ind. George R. Hudson, County Auditor, will receive sealed bids until 2 p. m. Mar. 9,for the purchase of $23,000 434% land acquisition and construction bonds. Dated Feb. lb 1929. Denoms. $475 and $600. Bonds mature on May and Nov. 15. Issue petitioned for by Willard liumphreys ot al. A certified check payable to the order of the Board of County Commissioners, for 3% of the bonds bid for is required. -BOND OFFERING. -Sealed HALE COUNTY (P.O. Plainview), Tex. bids will be received until 10 a. m. on Mar. 4, by the County Judge for the purchase of a $200,000 issue of 6% semi-annual road bonds. Due serially over a period of 30 years. A certified check for 3% must accompany the bid. -BOND OFFERING. HAMDEN, New Haven County, Conn. Sealed bids will be received by Carl Van de Bogart, Town Treasurer, until 10 a. m., Mar. 29, for the purchase of $50,000 4t% coupon or registered school bonds. Dated Apr. 1 1929. Denom. $1,000. Due $2,000, Apr. 1 1931 to 1955 incl. Prin. and int. (A. & 0. 1) payable at the Hamden Bank & Trust Co., Brandon. and said bank will certify as to the genuineness of the signatures of the officials and the seal impressed thereon. A certified check payable to the order of the Town for $1,000 is required. Legality to be approved by Watrous, Hewitt, Sheldon & Gumbart of New Haven, -BOND SALE. HAMILTON, Butler County, Ohio. -The $58,000 special assessment paving bonds offered on Feb. 12-V. 128 p. 92I-were awarded as 434s to the Title Givarantee & Trust Co. of Cincinnati, at a premium of $.307.50. equal to 100.53, a basis of about 4.65%. Dated Jan. 1 1929. Due Jan. 1 as follows: $6,000. 1931 to 1939 incl.; and $4,000, 1940. Other bidders were: Interest Rate. BidderPremium. 4 Detroit & Security Trust Co $107.00 4 Breed, Elliott & Harrison 40.60 4 Assel, Goetz & Moerlein 30.00 First Citizens Corp 34.80 Otis & Co 23.20 4 Provident Savings Bank & Trust Co 5.80 4 Well, Roth & Irving Co 2.00 Seasongood & Mayer 605.00 5 Herrick Company 540.00 Stranahan, Harris & Oatis 487.00 5 Par Blanchet. Bowman & Wood HARDIN COUNTY (P. 0. Savannah), Tenn.-PURCIIASER.-The $120.000 issue of 5% coupon highway bonds that was reported sold-V.128. 13• 921-was awarded at par to Caldwell & Co. of Nashville. Due in from 1 to 20 years. HARDWICK SCHOOL DISTRICT(P.O. Hardwick), King,CountY. Calif. -BOND SALE. -A $3,000 issue of school district bonds has recently been purchased at par by the County Treasurer. HARMON COUNTY UNION GRADED SCHOOL DISTRICT NO. 1 -The $21,000 issue of school bonds (P. 0. Hollis), Okla. -BOND SALE. offered for sale on Feb. 11-V. 128,,p. 921-was awarded to the Taylor% bonds, for a premium of $52.50. White Co. of Oklahoma City, as equal to 100.25 HAMILTON CITY SCHOOL DISTRICT, Butler County. Ohio. % Junior High School building bonds BOND SALE. -The $425,000 -were awarded to the Title Guarantee & offered on Feb. 12-V. 128. p. 593 Trust Co., Cincinnati, and Otis & Co. of Cleveland, jointly, at a premium of 522.052.50. equal to 105.18, a basis of about 3.95%. Dated Jan. 11929. Due Sept. 1 as follows: $17,000, 1930 to 1936 incl.; and 518.000, 1937 to 1953 incl. FEB. 161929.1 FINANCIAL CHRONICLE 1095 -An official list of the bids submitted for credit of"The Highway Bridge Fund," and credited on the purchase price of SALE OF $425.000 BONDS. the bonds; and in the event any successful bidder fails to comply with the the bonds follows: Int. Rate. Premium. terms, covenants, and conditions of his or its bid and (or) contract, his or its Bidder4 % $7,525.00 check or the proceeds thereof will be retained by the Commonwealth of KenWm. R. Compton Co. and First Wisconsin Co tucky as and for liquidated damages. Seasongood & Mayer, W.L. Slayton & Co.. and Prud3,615.00 Bids may be made for the purchase of bonds for the construction and (or) 4%% den & Co 434°' 2,210.00 purchase of any one or more of said bridges. Any two of said bridges may Kauffman. Smith & Co 8.075.00 be coupled as a unit for the purpose of issuing bonds and securing the payA. B. Leach & Co., Inc., and Halsey, Stuart & Co__ _ 434% ment of same, and such coupling of two bridges into single units may be Detroit & Security Trust Co., and Illinois Merchants 131.00 made of any two bridges herein named, but no more than two bridges may % Trust Co be coupled as one unit. If any bid or proposal shall be made for the purStranahan, Harris & Oatis, Inc., The Herrick Co., and 5,653.00 chase of bonds to be issued for any one or more of said bridges less than 44% First National Co., St. Louis 2,252.00 the entire number, the bidder must specify clearly each particular bridge or 434% Title Guarantee & Trust Co. and Otis & Co Breed, Elliott & Harrison, Weil, Roth & Irving Co. bridge unit the bonds for which the bidder proposes to purchase. The total 471% 6,417.50 estimated cost of said bridges is ten million two hundred thousand dollars and Assel, Goetz & Moerlein Hayden, Miller & Co., The National City Co. and $10,200,000). Harris, Forbes & Co 6.966.00 Bridge layouts, plans, and traffic surveys for each of said bridges may 471% be examined at the offices of the State Highway Commission, Frankfort, -BOND Kentucky, and engineers' estimates of cost of each of said bridges and other HASTINGS -ON HUDSON, Westchester County, N. Y. -Joseph E. Murphy, Village Clerk, will receive sealed bids information, including copies of the Act under which said bonds will be OFFERING. until 5 p. m. Feb. 25 for the purchase of $150,000 coupon or registered mu- issued and sold, and the opinion of the Court of Appeals of Kentucky susnicipal building bonds, rate of interest not to exceed 5% and to be stated in taining the constitutionality and validity of said Act will be furnished to a multiple of % or 1-10th of 1%. Dated Feb. 1 1929. Denom. 81,000. prospective bidders upon application to the Chairman of the State Highway Due $5,000 from 1934 to 1963 incl. Principal and interest payable in gold Commiasion, Frankfort, Kentucky. at the First National Bank, Hastings-on-Hudson. A certified check -NOTE OFFERING.KNOX COUNTY (P. 0. Knoxville), Tenn. payable to the order of the Village for $2,500 is required. Sealed bids will be received by S. 0. Houston, County Judge, until 10 a. m. HAVERHILL, Essex County, Mass. -TEMPORARY LOAN. -The on March 16 for the purchase of an issue of $100,00.. 5% notes. Denom. First National Bank of Boston, was awarded on Feb. 13, a $350,000 tem- $5,000. Due in from 1 to 5 years from date. The notes will not be porary loan, dated Feb. 14 1929 and payable on Oct. 10 1929, on a dis- sold for less than par and accrued int. The expense of printing the notes count basis of 5.19%. Other bidders were: and the expense of legal approval is to be borne by the purchaser. A BidderDiscount Basis. $3,000 certified check must accompany the bid. Shawmut Corp. of Boston 5.44% -BOND SALE. LA GRANGE COUNTY (P. 0. La Grange), Ind. S. N. Bond & Co. (plus $5) 5.45% The following issues of 434 of bonds, aggregating 515,800, offered on Old Colony Corp 5.48% -were awarded to Charles C. Harrah of Wolcott Feb. 13-V. 128, P. 766 HAYESVILLE, Clay County, N. C. -ADDITIONAL INFORMA- vine. Ind.,at a premium of $207.50, equal to 101.31,0 basis of about 4.23%: TION. -The $25,000 issue of semi-annual water and sewer bonds that was $12,800 road impt. bonds. Due semi-ann. from 1930 to 1939 incl. purchased recently -V.128, p.765 -was awarded at par to the Kelly Wilson 3,000 Jacob K. Baggers et al. Eden Twp. road impt. bonds. Due $150 Co. of Asheville. The bonds bear interest at 6% and are due from June 1 on May 15 and Nov. 15 from 1930 to 1939 incl. 1931 to 1955 incl. Dated Feb. 15 1929. The following bids were also submitted. Except stated otherwise, bids were for both issues: HENDERSONVILLE, Henderson County, N. C. -ADDITIONAL asBidderPremium. DETAILS. -The $20,000 issue of % water bonds that was recently American State Bank, Ligonier $202.00 purchased by Bray Bros. of Greensboro -V. 128, p. 921-at a price of Indianapolis 132.84 100.375, is dated Jan. 1 1929 and due $1,000 from 1932 to 1951 incl., giving Bankers Investment Co., 106.00 City Securities Corp., Indianapolis (for $12,800 bonds) a basis of about 5.70%. Prin. and int. is payable at the National Park 147.00 Salem Bank & Trust Co., Goshen Bank in New York City. 87.00 J. F. Wild Investment Co., Indianapolis 35.50 Fletcher Savings & Trust Co., Indianapolis Ohio -BOND SALE. HIGGINSPORT, Brown County, -The $4,000 19.20 5% coupon fire apparatus equipment bonds offered on January 19-V. Breed. Elliott & Harrison, Cincinnati (for $12,800 bonds) 61.00 -were awarded to the Citizens Bank of Higginsport, at a price Inland Investment Co., Indianapolis 128. p. 284 56.00 of par. Dated Jan. 1 1929. Due as follows. $200. July 1 1929;$200, Thompson, Kent & Grace, Chicago (for $12,800 bonds) January and July 1 1930 to 1938 inclusive; and $200, Jan. 1 1939. -BOND SALE. -A $5,500 issue LA HABRA, Orange County, Calif. of 6% coupon improvement refunding bonds has been purchased at par -BOND ELECTION. HILLSDALE, Hillsdale County, Mich. -On by the Freeman,Smith & Camp Co.of Lm: Angeles. Denoms.$500. Dated Feb.19 the voters will be asked to approve an bond issue of $475,000. The Sept. 1 1928. Due $500 on Sept. 1 1929 and $1.000 from Sept. 1 1930 to proceeds of the issue are to be used for school construction and equipment 1934 incl. Int, payable on Mar. & Sept. 1. ' purposes. -BOND SALE. LAKE COUNTY (P. 0. Crown Point), Ind. -The -BOND OFFERING. $200.000 4% coupon bonds offered on Jan. 2-V. 127. p. 2856 HOLMES COUNTY (P. 0. Millersburg), Ohio. -were -F.E. Aultman, Clerk Board of County Commissioners, will receive sealed awarded to the Continental National Co. of Chicago, at a price of par. bids until 1 p. m.Feb. 28 for the purchase of $9,150 534% road improvement Dated Jan. 1 1928. Due as fellows. $5,000, July 1 1929; 55,000, Jan. and bonds. Dated Mar. 1 1929. Denom. $915. Due as follows: $1,835 July 1, from 1930 to 1948 incl.; and $5,000, Jan. 1 1949. Sept. 11929; $915 on Mar. and Sept. 1 from 1930 to 1933 incl. A certified -BOND SALE. -The LAKE COUNTY (P. 0. Crown Point), Ind. check payable to the order of the Board of County Commissioners for -were awarded 522.000 5% road bonds offered on Feb. 14-V. 128, p. 922 $457.50 is required. to the First National Bank of Crown Point, at a premium of $675, equal -TEMPORARY LOAN. HOLYOKE, Hampden County, Mass. -The to 103.06. Bonds mature semi-annually on May 1 and Nov. 1 from 1930 Shawmut Corp. of Boston, was awarded on Feb. 8. a $300,000 temporary to 1939 incl. Other bids were submitted by the Commercial Bank and loan, dated Feb. 11 1929 and maturing on Nov. 7, 1929 on a discount basis Julian Youche, both of Crown Point. of 5.04%. The following bids were also submitted: -BOND OFFERING. LAKEVIEW, Logan County, Ohio. -Charles BidderDiscount Basis, Salomon Bros. .36 Hutzler (plus $3.00) 5 7 B. Rex, Village Clerk will receive sealed bids until 12 m. Feb. 28, for the .29 purchase of 51,2006% bonds. Dated Mar. 1 1929. Denems. $200. Due First National Bank, Boston 5.34 $200,0ct. 1 from 193 to 1935 incl. A certified check payable to the order S. N. Bond & Co. 5.36 the bonds offered is required. Old Colony Corp 5.275 0 of the Village Treasurer,for 5% of LANGLADE COUNTY, (P. 0. Antigo)) Wis.-BOND SALE. -A HORNELL, Steuben County, N. Y. -BOND SALE. -The $25,936.38 coupon street improvement bonds offered on Feb. 13-V. 128. p. 766 -- $96,000 issue of memorial hospital bonds has been purchased by Hill. were awarded to George B. Gibbons & Co. and Roosevelt & Son, both Joiner & Co. of Chicago. -Is, at 100.08 a basis of about 5.21%. Dated Feb. 1 of New York, as 53 LEON COUNTY SCHOOL DISTRICT (P. 0. Tallahassee) Fla. 1929. Due Feb. 1 as follows: $5,936.38, 1930, and $5,000, 1931 to OFFERING.-Sealed bids will be received until noon on Mar. 12. 1934 incl. The Manufacturers & Traders-Peoples Trust Co., Buffalo, BONDS. Hartsfield, Secretary of the Board of Public Instruction, for the by F. offered 100.1892 for 534% bonds. purchase of two issues of school bonds aggregating $300,000, as follows. HUNTINGTON COUNTY (P. 0. Huntington), Ind. -BOND SALE. $250,000 5% Special Tax School District No. 1 bonds. Dated Dec. 1 1 1928. and due on Dec. 1. as follows. $17,000. 1939 to 1943 -The $58,000 bridge construction bonds bearing interest at the rate of 5% -were awarded to the First National and $12.000 in 1944. Int. payable on June & Dec.1. (These offered on Feb. 7-V. 128. p. 594 bonds were unsuccessfully offered on Nov. 13-V. 127. p. 3127). Huntington, at a premium of $1,931, equal to a price of 103.329. Bank of 50.0006% Special Tax School Distr ct No. 3 bonds. Dated April 1 Bonds are dated Feb. 1 1929. Int. payable on Jan. and July 1. The fol1929 and due on April 1, as follows. $1,500, 1930 to 1949 and lowing bids were also submitted: 52,000. 1950 to 1959. all incl. Int. payable on April & Oct. 1. BidderPrice Bid. National City Meyer-Kiser Bank, Indianapolis $59,723.00 Principal and interest is payable at thebonds bid for, Bank in New York is required. Citizens State Bank, Huntington 59,711.00 City. A certified check for 2% of the Kent, Grace & Co., Chicago 59,746.00 SCHOOL DISTRICT NO. 222 (P. 0. Chehalis) LEWIS COUNTY Inland Investment Co., Indianapolis 58,757.50 Wash. -The $5,000 issue of coupon school gymnasium -BOND SALE. Farmers Trust Co., Fort Wayne 58,326.00 bonds offeered for sale on Feb. 2-V. 128, p. 766 -was awarded to the -BOND SALE. -The coupon or State of Washington as 5% bonds at par. Deonm. $1,000. Dated IRVINGTON, Essex County, N. J. -was awarded Feb. 15 1929. Due in five years and optional after one year. registered sewer bond issue offered on Feb.13-V. 128, p.766 to the West Side Trust Co., Newark, taking $711.000 bonds as 434s ($712,-BONDS VOTED. -The voters at an election PARK, Mich. 000 offered), paying $712,222.22, equal to 100.171, a basis of about 4.45%. w'LINCOLN11 authorized the issuance of 5460,000 bonds to purchase two held on Feb. Dated March 1 1929. Due March 1 as follows: $15,000, 1930 to 1943 incl.; school sites, construct a school on the South Side of Lincoln, and erect $22,000, 1944 to 1967 incl., and $21,000, 1968. An official list of the bids additions to two other school buildings. Of the total votes cast 292 were submitted follows: affirmative and 278 in the negative. BidderBonds Bid For. Int. Rate. Amt. Bid. in the -BOND OFFERING. West Side Trust Co.(Newark) -Sealed bids will 711 434% LISBON, Linn County, Iowa. $712,222.22 J. S. Rippe'& Co 700 471% 712,976.13 be received until 7.30 p. m. on Feb. 14 by C. R. Runkle, Town Clerk, for Bancamerica Corp. and B.J. Van Ingen Co 703 % 712,269.10 the purchase of two issues of 4%% semi-annual bonds aggregating $9,000, Lehman Brothers, Kean. Taylor & Co. and as follows. $5,000, grading and $4,000 impt. bonds. H. L. Allen & Co 471% 704 712,236.80 -BOND OFFERING. LOGANSPORT, Cass County, Ind. -Sealed Prudden & Co., Seasongood & Mayer, M. F. bids will be received by Edward Hoyt, C ty Treasurer, until 11 a. m. on Schlater & Co.. Inc., and Batchelder, Feb. 19, for the purchase of S25,000 4 % Dykeman Park enlargement Wack & Co 705 434% 712,125.00 Dated March 1 1929. Denom. $500. Due improvement bonds. Fidelity Union Trust Co 712 43 % 4 712,000.00 and May 15. from 1930 to 1939 ncl. Int. payable sem -annually. Irvington Trust Co 434% 711 712,106.00 $2,500. on check for $100 is required. A certified JACKSON COUNTY(P.O.liPascagoula', Miss. -BONDS NOT SOLD. -BOND SALE. -The $75,000 -The $30,000 issue of bridge bonds offered on Jan. 7 (V. 127. P. 3576) pir LONG BEACH, Nassau County, N. Y. was not sold as no bids were received. Private bids will be received for the coupon assessment improvement bonds offered on Feb. 13-V. 128, p. 594 awarded as 6s to Fairservis & Co. of New York, at 100.05, a basis -were bonds. 0. Dated Feb. 1 1929. Due $18.750, Feb. 1. from 1930 of about 5.987 -MATURITY JACKSONVILLE, Cherokee County, Tex. -BASIS. - to 1933 in. One other bid submitted by the Bank of North America The $75,000 issue of 5% coupon water and sewer bonds that was purchased and Trust Co., Philadelphia, offered 100.01 for 6% bonds. by Caldwell & Co. of Nashville at a Trice 100.674-V. 128. p. 921-is LOUISVILLE, Jefferson County, Ga.-BOND SALE. -A $20,000 due on Dec. 15, as follows. $1,000. 1931 to 1948; $2,000, 1949 to 1963; $5.000, 1964 to 1966 and $6,000 in 1967 and 1968, giving a basis of about issue of5% school bonds has been jointly purchased by J. II. Hllsman & Co., Inc., and the Citizens & Southern Co., both of Atlanta. 4.95%. LOYAL SEWER DISTRICT NO. 1 (P. 0. Loyal) Clark County, KENTUCKY, State of (P. 0. Frankfort). -BOND OFFERING. -A $35,000 issue of special improvement bonds has Sealed bids will be received by Ben Johnson, Chairman of the State Highway Wis.-BOND SALE. unknown investor. been purchased by an Commission,for the purchase of an issue of 510,200,000 bridge bonds. These MUNICIPAL WATER DISTRICT (P. 0. bonds are to be issued and sold by the said commission under the provisions MARIN Rafael), -BOND OFFERING. of Chap. 172, Acts of the General Assembly of Kentucky of 1928. from Mann County), Calif. -Sealed bids will be received San the proceeds of which said Commission proposes to build and (or) acquire until 7 p. tn. on Feb. 19, by E. R. Prentice, Secretary of the Board of following toll bridges, to wit: the District Directors, for the purchase of a $350,000 issue of 5% water bonds. Cumberland River, near Burnside; South Fork Cumberland River, near Denom. $1,000. Dated Jan. 1 1929. Due $200,000 on Jan. 1 1962 and Burnside; Tennessee River, at or near Paducah; Tennessee River, at or near $150.000 on Jan. 11963. Int. payable on Jan. & July 1. Legal approval by Eggners Ferry: Cumberland River,at or near Smithland; Cumberland River, Goodfellow, Ells, Moore & Orrick of San Francisco. Said bends are issued at or near Canton; Green River, at or near Spottsville; Ohio River, at or near in accordance with the provisions of Resolution Number 825 of the Board Evansville; Kentucky River, at or near Boonesboro; Kentucky River, at or of Directors of the Marin Municipal Water District, and in accordance near Tyrone; Green River, at Munfordville; Green River, near Rio; Ohio with the vote of the electors of said Mann Municipal Water District authorRiver, at or near Carrollton; and Ohio River, at or near Maysville. izing the issuance of said bonds at the special election held in said District Bids or proposals will not be considered unless accompanied by an uncon- on the 29th day of October, 1925, to which said Resolution Number 825 ditional certified check on a bank or trust company, considered by the Com- reference is hereby made for a more particular description of said bonds. mission to be financially responsible, payable to the order of the Treasurer of A certified check for 10% of the bonds, payable to the District, must accomKentucky, for three (3%) per centum of the amount of the bid or proposal. id. yt oR The cheeks of unsuccessful bidders will be returned as soon as such bids are Pa Middlesex County, Mass. -TEMPORARY LOAN.rejected, and within 30 days from the date bids are to be received. The The Peoples National Bank of Marl Marlboro, has pchased a $50.000 ton" purchased check or checks of the successful bidder Sr bidders will be delivered by porary loan maturing on Oct. 14 1929 on a discount basis of 5.23%. Other the Highway Commission to the State Treasurer to be deposited to the bidders were as follows: 1096 FINANCIAL CHRONICLE Discount Basis, Bidder5.30% Merchants National Bank,Boston 5.425% Old Colony Corp 5.43% First National Bank,Boston 5.47% Curtis & Sanger -At an -BOND ELECTION. MARSHALL, Calhoun County. Mich. to be held on Feb. 19 the voters will be asked to pass on a bond election issue of $300,000 to finance the construction of a new Junior-Senior high school building. The bond Issue if carried, would also finance the equipment of the proposed building and Improve the present high school building. Issue would mature over a period of 30 years and wou.d bear a coupon rate not to exceed 4S4%. -BOND OFMARSHALL COUNTY (P. 0. Marshalltown), Iowa. -Sealed bids will be received by J. E. Soderquist. County Auditor, FERING. 10 a. m. on Feb. 19, for the purchase of a 312.000 issue of 4S4% until county poor fund bonds. Denoms. $1,000. Dated Feb. 1 1929. Due 22.000 from Feb. 1 1930 to 1935 incl. Optional at any thne. Prin. and int. (F. & A.) payable in Marshalltown. No certified check is required. -BOND OFFERING. MARSHALL COUNTY(P.O.Plymouth), Inc. Otto H. Weber, County Auditor, will receive sealed bids until 2 p. m. issues of 6% bonds aggregating March 5,for the purchase of the following $5,691.40: $3.0E3.19 Daniel M. Lender et al ditch construction bonds. Bond No. 1 In denomination of $305.31 others in denoms. of $305.32 each. Due Jan. 1, as follows: $305.31. 1930; and $305.32, 1931 to 1939 incl. Dated Jan. 1 1929. 2.638.21 Earl W. Lowry et at ditch construction bonds. Due Feb. 1, as follows: Bond No. 1 in denom. of $263.83 payable in 1930 other bonds In denom. of $263.82 due one each from 1931 to 1939, incl. Issue is dated Feb. 1 1929. MASSACHUSETTS (State of)-AUTIIORI7E 56.000.000_ -BOND ISSUE. -The Governor's Council adopted an order authorizing the State Treasurer to make preparations for the issuance of $6.000.000 bonds to be designated "Metropolitan Additional Water Loan. Act of 1926" according to the "Boston Herald" of Feb. 14. Bonds which are to be issuedfor a period not exceeding 30 years are part of an authorized issue of $14,000,000. MAVERICK COUNTY WATER IMPROVEMENT DISTRICT NO. 1 -At the special election -BONDS VOTED. (P. 0. Eagle Pass), Tex. -the voters approved the proposition to held on Feb. 8-V. 128. p. 595 Issue $1,800,000 in bonds for the construction of an irrigating hydro-electric plant. -Three Issues of securities -BOND SALE. MIAMI, Dade County, Fla. aggregating $1,200,000, were purchased on Jan.8, by a syndicate composed of Stranaban, Barris & Oatis, Inc., of Toledo, the Brown-Crummer Co. of Wichita, B..1. Van Ingen & Co.of New York and Wright, Warlow & Co. of Orlando. as follows: 2400,000 5)4 %refunding bonds, at par. Due In from 3 to 25 years. 400.000 5)4% improvement bonds,at a price of 97,a basis of about 6.11%. Due in from 2 to 10 years. 400,000 5% delinquent tax notes, at a price of 98. a basis of about 7.08%. Due in 1 year. MISSION INDEPENDENT SCHOOL DISTRICT (P. 0. Mission), -Sealed bids will be received -BOND OFFERING. Hidalgo County, Tex. until 7.30 p. m. on Feb. 22. by Geo. Wolfram, District Secretary, for the purchase of a $9.000 issue of 5% school bonds. Denom. $500. Dated Nov. 11928. Due $1.500 in 1930. 1932, 1934, 1936, 1938 and 1940. Prin. and annual int. payable in Chicago, Austin or Mission, at option of bond owner. District will furnish the printed bonds. A certified check for 2% must accompany the bid. Financial Statement. $8.000.000.00 Total vaTue of all nrope ty. esti . ate Assessed valuation for taxation 1928 5,258.813.00 Tax rolls 330.000.00 Total bonded debt, incl. this $60,000 issue 9.898.20 Amount in sinking fund 35.874.83 Floating debt, not included in this Issue Tax rate. 55.00, on the 31.000 valuation for bond issues. And $5.00 on the $1,000 valuation for operating expenses. -Sealed bids will -BOND OFFERING. MOBILE, Mobile County, Ala. be received until noon on Feb. 26, by 8. H. Hendrix, City Clerk, for the purchase of a $500.000 issue of 5% public improvement, series IJ bonds. Denorn. $1,000. Dated Feb. 1 1929. Due $50.000 from Feb. 1 1930 to 1939, incl. Prin. and semi-annual int. payable at the Irving Trust Co. in New York City. Thomson, Wood & Hoffman of New York City will furnish the legal approval. A $5,000 certified check, payable to the City, must accompany the bid. MOORESTOWN TOWNSHIP (P. 0. Moorestown), Burlington -Charles Laessle, Township Clerk. -BOND OFFERING. County, N. J. will receive sealed bids until 8 p. m. Feb. 25 for the purchase of $130.000 coupon or registered sewage disposal plant reconstruction bonds. 4% Dated Feb. 15 1929. Denom. $1.000. Due 35.000, Feb. 15 from 19:10 to 1955 incl. Prin. and Int, payable at the Moorestown Trust Co., Moorestown. No more bonds to be awarded than will produce a premium of $1.000 over $130.000. A certified check, payable to the order of the township.for 2% of the bonds bid for,is required. Legality to be approved by Walter Carson, Camden. MOUNT PLEASANT SCHOOL DISTRICT, Westmoreland County, -C. A. Thompson, Secretary Board of Directors, -BOND OFFERING. Pa. will receive sealed bids until 7.30 p.m. Feb. 26,for the purchase of $150.000 4 or 4Si% school bonds. Dated Feb. 1 1929. Denoms. $1.000. Due as follows: $1,000. 1934 and 1935:52.000. 1936 and 1937; 53.000, 1938 and 1939: $4.000, 1940 and 1941: $5,000. 1942 and 1943; 46.000. 1944 and 1945; $7.000. 1946 and 1947; $8,000, 1948 and 1949; $9.000, 1950 and 1951: 510.000. 1952 and 1953:511.000. 19.54 and 1955: and $9.000. 1956 and 1957. A certified check payable to the order of the District for 31,000 is required. Legality to be approved by Moorhead & Knox of Pittsburgh. -BOND OFFERING. MULTNOMAH COUNTY (P.O. Portland), Ore. -Sealed bids will be received until noon on Mar. 6 (Pacific time) by A. A. purchase of $500.000 issue of 4Si% coupon Bailey. County Clerk, for the St. John's Bridge bonds. Denom. $1.000. Dated Mar. 15 1929. Due $20,000 from Mar. 15 1935 to 1959 incl. The county clerk will furnish the required bidding forms. Prin. and semi-annual int. is payable In gold at the State's fiscal agency in New York or at the office of the CountyTreasurer. Storey. Thorndike. Palmer & Dodge of Boston will furnish the legal approval. A certified check for 5% of the bid, payable to the County Clerk, Is required. MULTNOMAH COUNTY SCHOOL DISTRICT NO. 1 (P. 0. Portland), Ore. -The $1,000,000 Issue of coupon, series C -BOND SALE. -was awarded to a school bonds offered for sale on Feb. 14-V. 128. P. 595 syndicate of the Wm. R. Compton Co.. the Northern Trust Co. and the First Trust & Savings Bank, all of Chicago. and the Freeman. Smith & Camp Co. of Portland, as 4)4s. at a price of 100.54. a basis of about 4.44%. Dated Mar. 11929. Due from Mar. 1 1932 to 1949 incl. MUSKEGON HEIGHTS, Mich. -BOND OFFERING.-Mabel C.Peterson. City Clerk, will receive sealed bids until 5:30 p. m. Feb. 18, for the purchase of $14.900 Improvement bonds -rate of Interest not to exceed 5%. Bon& mature in 10 years. A certified check for 5% of the bonds offered is required. _ -John Howe, NEWARK, Essex County, N. J. -BOND OFFERING. Director of the Department of Revenue and Finance, will receive sealed bids until 11 a. m. March 6,for the purchase of the following Issues of 4Si% coupon or registered bonds aggregating $9,262,000: $3.000.000 water bonds. Due Mar. 15. as folows: 560.000. 1930 to 1939 incl; 570,000. 1940 to 1949 incl; 580.000. 1950 to 1959 Ind; and 590.000, 1960 to 1968 incl; 2,000,000 Port Newark impt. bonds. Due Mar. 15, as follows: $40,000, 1930 to 1949 Mel; and $60.000. 1950 to 1969 incl. 1.762,000 public impt. bonds. Due Mar. 15, as follows: $40.000. 1930 to 1933 inci: $41.000, 1934 to 1945 incl* 551,000. 1946 to 1955 inci: and 360.000, 1956 to 196r. incl. 1.500,000 street and sewer bonds. Due Mar. 15, as follows: $50,000. 1930 to 1935 incl: and 560.000, 1936 to 1955 incl. 1,000,000 school bonds. Due Mar. 15. as follows: $25,000, 1930 to 1951 incl; and $30,000, 1952 to 1966 Incl, Dated March 15, 1929. Denom. $1,000. Principal and int, payable in gold at the National State Bank, Newark. No more bonds to be awarded then will produce a premium of $1,000 over the amount of each issue. The United States Mtge. & Trust Co., N. Y. will supervise the preparation the of the bonds and will certify as to the genuineness of the signatures of the officials and the seal impressed thereon. A certified check payable to [Vol,. 128. order of the above-mentioned official for 2% of the bonds bid for is required. Legality to be approved by Reed, Hoyt & Washburn of New York City. These are the bonds mentioned in-V. 128, p. 767. NEW BEDFORD, Bristol County, Mass. -LOAN OFFERING.Sealed bids will be received by the City Treasurer until 11 a. m. Feb. 19 for the purchase on a discount basis of a S1.200,000 temporary loan. Dated Feb 19 1929. Payable on Nov. 7 1929. NEW PORT RICHEY, Pasco County, Fla. -BONDS NOT SOLD. The $80,000 issue of 6% refunding bonds offered for sale on Dec. 4-V.127. p. 2857 -was not sold. The bonds will be re-offered for private sale. Dated Oct. 1 1928 and due on Oct. 1 1948. -BOND NORA TOWNSHIP (P. 0. Nora), JoDavless County, III. SALE. -The White-Phillips Co. of Davenport. has purchased an issue of $29.000 road bonds, to bear interest at the rate of 5 % payable semiannually. Bonds mature annually as follows: 52,000, 1930; and $3,000, 1931 to 1939 inclusive. -TEMPORARY LOAN. NORTHBRIDGE, Worcester County, Mass. -C. D. Parker & Co., Inc., of Boston, were awarded a $25.000 temporary loan on a discount basis of 4.85%. Loan Is dated Feb.8 1929 and matures onBNddyr 1 1929. Other bidders were: i o e. Discount.B8ai5d7s. Bank of Coerce & Trust Co mm First National Bank of Boston Shawmut Corp. of Boston 7 5:40 6 30 Old Colony Corp 5.46% Whiting Machinery Co 5.00% NORTH COLLEGE HILL(P.O. Mount Healthy), Hamilton County, Ohio.-DOND SALE. -The $76,668.16 5Si% road improvement bonds offered on Dec. 28(V. 127, p. 3436) were awarded to the Well, Roth & Irving Co. of Cincinnati at a premium of $2,315, equal to 103.01, a basis of about 4.93%. Dated Nov. 1 1928. Due Sept. 1 as follows: $7,818.16. 1930. and $7,650, from 1931 to 1939 inclusive. -The issue -BOND SALE. OCEAN CITY, Cape May County, N. J. of coupon or registered Ocean FrontImprovement bonds offered on Feb. 11128. p. 767 -was awarded to R. M. Grant & Co. of New York, taking $307,000 bonds ($307,500 offered) paying $307,857.93 equal to 100.279 a basis of about 5.21%. Bonds are dated Feb. 1 1929 were awarded as 5 4s. and mature on Feb. 1, as follows: 316,000, 1930 to 1948 Incl.; and $3,000. 1949. ODESSA INDEPENDENT SCHOOL DISTRICT (P. 0. Odessa), -The $175,000 issue -ADDITIONAL DETAILS. Ector County, Tex. of school bonds that was reported sold-V. 127. p. 3280 -bears Interest at 4)4% and is due in 40 years. The bonds were awarded at par to the Woodmen of the World. -The -BOND SALE. OICANOGAN, Okanogan County, Wash. $27,500 Issue of water works improvement bonds offered for sale on Feb. 5 -V.12 or p.:95-was awarded to the State of Washington as 4 X % bonds .f , 5u 8 u 3" m ra at3 81 p . s s erially in 20 years. The only other bid w as an offer of -BOND OFFERING. OLMSTEAD FALLS, Cuyahoga County, Ohio. -Sealed bids will be received by the Village Clerk, until 12 in. Feb. 25. for the purchase of $37,100 6% road impt. bonds. Due on Oct. i. as follows: $3.600. 1930: $3,500, 1931; 34.000. 1932; 53.500. 1933:54.000, 1934; 53,500. 1935 and 1936; 54.000, 1937: 53,500, 1938 and 54.000. 1939. Interest payable on Apr. and Oct. 1. A certified check payable to the order of the Village Treasurer, for 10% of the bonds bid for is required. -ADDITIONAL DETAILS. OLYMPIA, Thurston County, Wash. 4s to the The $35.000 Issue of coupon airport bonds awarded at par for 4 1 State on Feb.5-V. 128. n.923 -is dated Mar. 11929. Denom. $500. Due In 1 5:ears and optional on any interest paying date. Int. payable on Mar. -BOND SALE. ONONDAGA COUNTY (P. 0. Syracuse), N. Y. The $403.000 4,1% coupon or registered, refunding court-house bonds offe-ed on Feb. 11-V. 128,p. 435 -were awarded to George B. Gibbons & Co. of New York, at 100.263, a basis of about 4.22%. Dated Mar. I 1920. Due S20,000, Mar. 1, from 1930 to 1949 inclusive. Other bidders were. Rats 1314. BidderRutter & Co., New York 100.151 100016 Guaranty Trust Co., New York 100.0892 Manu.'acturers & Traders-Peoples Trust Co.,Buffalo -BIDS REJECTED. OXFORD TOWNSHIP,Delaware County,Ohio. -F. J. Riley. Clerk of Township Trustees, states that tho 55.312.50 6% -were not sold all fire apparatus bonds offered on Feb. 8-V. 128. p. 767 blds being rejected. According to the Clerk the ballot used at the election authorizing the issue was declared illegal. OYSTER BAY AND BABYLON JOINT UNION FREE SCHOOL -130N1) DISTRICT NO.22(P.O. Farmingdale). Nassau County, N.Y. 07 FERING -Francis H. Pike, District Clerk, will receive sealed blds until 7.30 p. in. Mar. 5, for the purchase of 5350.000 414% coupon or registered allool bonds. Dated Apr. 11929. Denotes. 51.000. Due Apr. 1, as follows: $10.000. 1930 to 1932 inel.• 515.000, 1933 to 1940 incl.: and $20,000, 1941 to 1950 Incl. Prin. and Int, payable in gold at the Flank of Farming. dale or at the Chase National Bank, New York. A certified check payable to the order of Henry Gutheil, District Tre-sitror, for s7.00o. Is required. Legality to be approved by Clay, Dillon & Vandewater of N. Y. City. PASADENA INDEPENDENT SCHOOL DISTRICT(P.O.Pasadena). -An issue of 3100.000 5°1', school Harris County, Tex.-B(3ND SALE. bonds has been purchased by.). R.Phillips & Co. of Houston,for a premium of $4.111. equal to 104.111. a basis of about 4.77%. Due in 1968. -A $30,000 PISIle or 5Si% -BOND SALE. PELLY,Harris County,Tex. city hall bonds has been purchased by the Drake-Jones Co. of Minneapolis. PEMBERTON TOWNSHIP SCHOOL DISTRICT, Burlington 4 -The $45.000 4 , % coupon or registered County, N. J.-130ND SALE. school bonds offered on Jan. 4-V. 127. p. 3742-were awarded to the Peoples National Bank & Trust Co., Pemberton, at a price of par. Issue is dated June 30 1929. -BOND OFFERING. -Sealed PENSACOLA, Escambia County, Fla. bids will be received by J. H. Bayliss. Commissioner of Revenue and Finance. until 2 p. m. on Feb. 25, for the purchase of an Issue of $151.000 5% funding bonds. Denom. $1.000. Dated Dec. 1 1928. Prin. and semi-annual int. payable in gold at the U. S. Mortgage & Trust Co. In New York. The city will furnish the required bidding forms. A cenified check for 2% par of the bonds bid for is required. -BOND SALE. PIEDMONT, Alameda County, Calif. -The 320.000 issue of4 % coupon improvement bonds offered for sale on Deb. 7-V. 128, -wan awarded to Dean Witter & Co. of San Francisco for a premium p. 767 of 8189, equal to 100.945, a basis of about 4.36%. Due from 1936 to 1939 incl. Other bids were: American National Co., 5180; the Detroit Co.. $51, and Heller, Bruce & Co.. 329. PITTSFIELD, Berkshire County, Mass. -TEMPORARY LOAN. The First National Bank of Boston was awarded on Feb. 13,a $300,000 temporary loan, maturing In nine months, on a discount basis of 5.36%. PLANO, Kendall County, III. -BOND SALE -Hill, Joiner, & Co. Inc. of Chicago have purchased an Issue of $14,000 general corporate fund bonds, bearing interest at the rate of 5% payable annually on Sept. 1. Dated Sept. 1 1928 Denoms. $1,000. Due serially on Sept. 1, from 1930 to 1043 inclusive. POMPEY CONSOLIDATED SCHOOL DISTRICT NO. 6 (P. 0. -BONDS OFFERED. Fayettville), Onondaga County, New York. Sealed bids were received by the District Clerk, until Feb. 15, at 1 p. m.,for the purchase of $5,000 school nonds--rate of interest not to exceed 6% and to be stated in a multiple of M or 1-10th of 1%. Dated Apr. 1 1929. Denom. $500. Due $500, Apr. 1 1930 to 1939 incl. Prin. and int. payable at the Fayetteville Commercial Bank, Fayetteville. A certified check for 4% of the bonds offered was required. PONCA CITY SCHOOL DISTRICT (P.O.Ponca City), Kay County, Okla. -BOND SALE. -The 5262.000 Issue of semi-annual school bonds offered for sale on Feb. 12 (V. 128, p. 923) was awarded to the Brown1% , Crummer Co. of Wichita at par for $135,000 as 56 and 5125,000 as 45 bonds. -The 2600.-BOND SALE. PORTLAND, Nultnomah County, Ore. 000 issue of 4;4% assessment collection bonds offered for sale on Feb. 11V. 128, p. 596 -was awarded to a syndicate composed of Geo. It. Burr, Conrad & Burr, Murphy, Fevre & Co. and Atkinson, Jones & Co., all of FEB. 16 1929.] FINANCIAL CHRONICLE Portland. at a price of 101.071, a basis of about 4.37%. Dated Feb. 15 1929. Due on 'Feb. 15 1939. PRATT, Pratt County, Kan. -BOND SALE. -A $98,000 issue of city building bonds has been purchased recently by.the Shawnee Investment Co. of Topeka. There were nine other bids for the bonds. PROGRESS PUBLIC SCHOOL DISTRICT (P. 0. McRae), Telfair County, Ga.-BOND SALE. -A $10,000 issue of 6% school bonds has recently been jointly purchased by J. 11. Flilsman & Co., Inc. and the Citizens & Southern Co., both of Atlanta. Dated Fob. 1 1929. Due $2,000 on Feb. 1 1933, 1937. 1941, 1945 and 1949. Prin. and int. (F. & A.) payable in New York. PUNTA GORDA, Charlotte County, Fla. -BOND OFFERING. Sealed bids will be received until 2 p. m. on Mar. 4 by Charles K. Dodd, City Manager, for the purchase of two issues of bonds aggregating $107,000 as follows: $57,000 6% series A refunding and 850,000 6% series B refunding bonds. Denom. $1,000. Dated Feb. 1 1929. Prin. and semiannual int. payable at the Irving Trust Co. in New York City. Caldwell & Raymond of New York City will furnish the legal approval. The city will furnish the required bidding forms. A certified check for 2% of the bonds bid for is required. RADFORD, Montgomery County, Va.-BOND ELECTION. -On Feb. 26 a special election will be held for the purpose of passing upon a proposition to issue $175,000 in 5% power dam rebuilding bonds. Due in 12 years. REDLANDS SCHOOL DISTRICT (P. 0. San Bernardino), San Bernardino County, Calif. -BOND SALE. -The $40.000 issue of 5% school bonds offered for sale on Feb. 4-V. 128, p. 768 -was awarded to the Wm. R. Staats Co. of Los Angeles for a premium of $2,094, equal to 105,235,a basis of about 4.48%. Due from 1942 to 1944 incl. A partial list of other bidders follows: Harris Trust and Savings Bank, $2.033: California Securities Co., $2,029; Securities Division National Paskitlay Co.. $2,013; and Bond & Goodwin & Tucker, Inc.. $1,927. Other bidders for the issue were as follows. Bidder Premium. Harris Trust& Savings Bank $2,033.00 California Securities Co 2.029.00 Bank of Italy 2.013.00 Security Co 2.011.00 Bond & Goodwin & Tucker,Inc 1.927.00 Weeden & Co 1,890.00 Anglo-London-Paris Co 1.840.00 Dean Witter & Co 1.769.00 Heller. Bruce & Co 1.766.00 First Securities Co 1,752.00 RINGGOLD COUNTY (P. 0. Mount Ayr), Iowa. -PRICE PAID. The $13.000 issue of 5% drainage bonds that was purchased by the Carleton D. Bah Co. of Des Moines. -V. 128. p. 768-was awarded at par. Due from Dec. 1 1931 to 1940 incl. ROSTRAVER TOWNSHIP (P. 0. Belle Vernon R. F. D.), Pa.BOND SALE. -The $25.000 454% road bonds offered on Feb. p. 768-were awarded to Prescott, Lyon & Co. of Pittsburgh. at5-V. 128, a premium of $97.50, equal to 100.39. a basis of about 4.39%. Dated Jan. 1 1929. Due July 1 as follows. $3,000. 1930 to 1936 incl.: other bid submitted by the Mellon National Bankand $4,000, 1937. One of Pittsburgh, offered a premium of $77.57 for the obl gations. SAGUACHE COUNTY (P. 0. Saguache) Colo.-WARRANT CALL. -The following issues of warrants are called for payment at the office ' of the County Treasurer on Mar. 5. Ordinary Fund-All registered warrants. Road Fund-All registered warrants. School District No. 4-Spec'al fund, all reg'stered warrants. School District No. 5 -Special fund, all registered warrants. School District No. 14-Special fund, all registered warrants. School D'str ct No. 26 -Spec al fund, all reg stered warrants. School District No. 26-Special fund, all registered warrants. School District No. 31-Special fund, all registered warrants. All warrants called cease to bear interest 30 days after date of call. SAINT LANDRY PARISH SUB ROAD DISTRICT NO.6 of WARDS I, 5 AND 6 (P. 0. Opelousas), La. -BOND SALE. -The of 6% road bonds offered for sale on Feb. 4-V. 128, p. 287 $200,000 issue -was awarded to the Bank of Lafayette & Trust Co. Dated Jan. I 1929. Due from Jan. 1 1930 to 1958 inclusive. SALEM, Essex County, Mass. -TEMPORARY LOAN. temporary loan offered on Feb. 11 (V. 128, p. 924) was -The $200,000 awarded to the Merchants National Bank of Salem on a discount basis of 5.09%, plus a premium of $1.38. Loan is payable on Oct. 18 1929 and is in denominations of $25,000, $10.000 and $5,000. Other bidders were: BidderDiscount Basis. Naunikead Trust Co 55:44257%0 S. N. Bond & Co Warren National Bank, Peabody SANDY CREEK SCHOOL DISTRICT NO. 9 (P. 0. Sandy Creek), Oswego County, N. Y. -BOND OFFERING. -H. L. Wallace, President Board of Education, will receive sealed bids until 2 p. in.. Feb. 21. for purchase of $163,000 school bonds -rate of interest not to exceed 4;athe %. Bonds are dated Mar. 1 1929. Denom. $1,000. Due Mar. 1 as 0.000, 1930; 11,000 1931 to 1936 incl.: 54.000. 1937 to 1941 incl.:follows. $5000. 1942 to 1946 incl.; 5)000, 1947 to 1950 incl., 87.000. 1951 to 1953 inel ; 58.000, 1954 and 1955; 59.000. 1956 to 1958 inel ,. and $10,000, 1959. Prin. and int. payable at the First National Bank, Lacona. SAN JACIN TO COUNTY (P.O. Coldspring), Tex. -BONDS REGISTEItED.-Two issues of bonds were registered by the State Comptroller on Feb. 9. The issues are divided as follows: $25,000 534% special series J bonds and $5.000 534% special road series H bonds. Due on road Apr. 10 1941. SAN MARCOS. Hayes County, Tex. -BONDS REGISTERED. $150.000 issue of 5% water works bonds that was awarded on -The Nov. 20 (V. 127. p. 3129) was rtaistered on Fob. 2 by the State Comptroller. SAN PATRICIO COUNTY (P. 0. Sinton) Tex. -BONDS REGISTERED. -The 4150,000 issue of 534% road district No.3 receatiy sold-V. 128. p. 257-was registered on Feb. 9 bybonds that was G. N. Holton, State Comptroller. Due serially. SCHENECTADY COUNTY (P.O.Schnectady), N. Y. -BOND SALE. -The $60,000 coupon or registered hospital bonds offered V. 128, p. 768 -were awarded to Sherwood & Merrifield. Inc..on Feb. 8City, as 43(s, at 100.29, a basis of about 4.22%. Dated Feb. of New York 1 1929. Due $5,000. Feb. 11940 to 1951 incl. Other bidders were: BidderInt. Rate. Rate Bid. George B. Gibbons & Co 4.25% 100.089 Manufacturers & Traders-Peoples Trust Co 4.50% 101.334 SCOTIA, Schnectady County, N. Y. -BOND OFFERING. -Howard B. Toll, Village Clerk, will receive sealed bids until 8 p.m. Feb. urchase-of the following Issues of coupon or registered bonds 18,for the es -rate of interest not to exceed 5% and to be stated in aaggregating 60,400 multiple of or 1-10th of 1%: Village Hall bonds. Due Aug. 1, as follows: 52,000, 1929 to 1933 incl.: and $1,000. 1934 to 1948 incl. 13.000 park bonds. Due Aug. 1, as follows: 53,000. 1929 to 1931 incl.: and $2,000, 1032 and 1933. 7,000 water bonds. Duo $500, Aug. 1, from 1929 to 1942 7,000 water bonds, Due MOO, Aug. 1, from 1929 to 1942 incl. incl. 4,600 refunding water bonds. Due Altai 1 as follows: $600, 1929: and and $1,000. 1930 to 1933 incl. 3,800 refunding sewer bonds. Due Aug. 1, as follows: $800. 1930; and 51,000, 1930 to 1933 Incl. Dated Aug. 1 1928. Prin. and int. (Feb. and Aug. 1) payable at the Glenville Bank, Scotia. Bids must be for the entire offering. check payable to the order of the Village for 51.000 is required.A certified to be approved by Clay, Dillon & Vandewater of New York City. Legality SEATTLE, King County, Wash. -BOND SALE. -The Issue of coupon or registered light and power. 1927 series 51.500,000 LV-3, bonds offered on Feb. 8 (V. 128, p. 436) was not sold on that day as all the bids were rejected, but the bonds were later awarded to Richards & Blum of Spokane, and associates, as 5% bonds at a discount of 0.50, a basis of about 5.62%. Dated Mar. 1 1929. $112,500, equal to Due 575.000 from Mar. 1 1940 to 1959 incl. l'5.000 1097 SENECA INDEPENDENT SCHOOL DISTRICT (P. 0. Seneca), Faulk County, S. Dak.-BOND SALE. -A 520,000 issue of school bonds has been purchased by local investors. SOUTH WHITTIER SCHOOL DISTRICT (P. 0, Los Angeles) Los Angeles County, Calif. -BOND OFFERING. -Sealed bids will be received until 2 p. m. on Feb. 25. by L. E. Lampton, County Clerk, for the purchase of a $35,000 issue of5% school bonds. Denom.51.000. Dated Feb. 11929. Due $7,000. from Feb. 1 1930 to 1934. incl. Prin. and semiannual int. payable at the County Treasury. A certified check for 3% • payable to the Chairman of the Board of Supervisors, is required. The following statement is furnished in connection with the above offering. South Whittier School D'strict has been acting as a school district under the laws of the State of California continuously sInce July 11911. The assessed valuat on of the taxable property in said school d'strict for . the year 1928 is $3,646.575. and the amount of bonds previously issued and now oustanding is $68.000. South Whittier School District includes an era of approximately 3.22 square miles,and the estimated population of said school district is 1.170. SNOHOMISH COUNTY SCHOOL DISTRICT NO. 300 (P. 0. Everett), Wash. -BOND SALE. -The 563,000 issue ofsemi-annual school bonds offered for sale on Feb. 8 (V. 128, p. 768) was awarded to the State of Washington as 4.403 at par. STEUBEN COUNTY (P. 0. Bath), N. Y. -BOND OFFERING. Clara L. Smith,County Treasurer, will receive sealed bids until 11 a. m. on Feb. 27 for the purchase of 5300,000 4 ti% coupon highway bonds. Dated Feb. 1 1929. Denom.$1,000. Due $30,000 Feb. 1 from 1948 to 1957 incl. Principal and interest payable in Bath. A certified check for 2% of the bonds bid for must accompany tender. Legality to be approved by Reed, Hoyt & Washburn of N. Y. City. SWIFT COUNTY(P.O.Benson),Minn. -BOND SALE. -The $36,000 issue of refunding bonds offered for sale on Feb. 13 (V. 128. p. 924) was awarded to the Northwestern Trust Co. of St. Paul as 4545 for a premium of $435, equal to 101.208, a basis of about 4.35%. Dated Mar. 1 1929. Due in 1939. TEHACHAPI VALLEY UNION HIGH SCHOOL DISTRICT (P. 0. Bakersfield), Kern County, Calif. -BONDS NOT SOLD. -The 545.000 issue of6% school bonds offered on Feb. 11-V.128. p. 597 -was not sold as no bids were received. Due $2,000, from 1930 to 1950 and $3,000 in 1951. TOLEDO, Lucas County, Ohio.-PRICE PAID. -The price paid by Blanebet, Bowman & Wood of Toledo for the 5300,000 special assessment street certificates awarded as in V. 128. p. 925, was 100.08. Certificates were purchased on Dec. 6. are dated Dec. 15 1928, are coupon in form and In denom. of 51.000. Due $150.000 on June 15 and on Dec. 15 in 1930. Interest rate 534%. Interest payable on June and Dec. 15. -BOND OFFERING. TAMA COUNTY (P. 0. Toledo), Iowa. -Sealed bids will be reeelved until 2 p. in. on Feb. 21, by Wm. H. Laudendale, County Treasurer, for the purchase of an issue of $100,000 5% county road bonds. Denom. 51.000. Dated Mar. 1 1929. Due on May 1, as follows: 510,000. 1935 and1936: 515.000, 1939 to 1942 and 520.000. in 1943. Open bids will also be received. The blank bonds and the leant approval of Chapman & Cutler of Chicago will be furnished. A $3,000certified check, payable to the County Treasurer, must accompany the bid. -BOND OFFERING -Earle L. TOLEDO, Lucas County, Ohio. Peters, Director of Finance, will receive sealei bids until 12 m. Mar. 1, for the purchase of the following bond issues aggrorating $2,154.819.42: $979,199.29 5% property portion. street impt. bonds. Dated Dec. 15 1928. Due as follows: $163,199.29. June 15 1930: 5164.000. Dec. 15 1930: 5163.000, June and Dec. 15 1931 and 1932. 9 645,6 0.13 5% Property portion. street inlet. bonds. Dated Dec. 15 1928. Due as follows: $80.620.13. June 15 1930: $81,000, Dec. 15 1950: 881,000, June and Dec. 15 1931 and 1932, and 380,000. June and Dec. 15 1933. 500,000.00 4 Xi% Maumee River bridge bonds. Dated Mar. 15 1929. Due $20,000. Sept. 15 from 1930 to 1954 inclusive. 30,000.00 4Si% Fire Alarm bonds. Dated Mar. 151929. Due 52.000. Sept. 15, from 1930 to 1944 inclusive. Prin. and int, payable at the Chemical National Bank, New York. A certified check payable to the order of the "Commissioner of the Treasury of City of Toledo" for 2% of the bonds bid for is required. Legality toeb approved by Squire, Sanders & Dempsey of Cleveland. -BOND SALE. -The TUSCOLA COUNTY (P. 0. Cairo), Mich. -were awarded to 525.000 dra n bonds offered on Feb. 2-V. 125. p. 595 the County Finance Committee. as 4 is. at a tria:t of par. Bonds are dated Apr. 1 1929 and mature as follows. $1,000, 1930; $5,000, 1931 to 1933 incl.: and 56.000. 1934. -The UNION COUNTY (P. 0. New Albany), Miss.-BCND SALE. $200.000 issue of road bonds offered for sale on Feb. 5 (V. 128, P. 768) was awarded to W.L. Slayton & Co. of Toledo. -According to VALENTINE, Cherry County, Neb.-BONDS VOTED. newspaper reports,at the special election held on Jan. 29 the voters approved the issuance of $526.000 in 444% sewer bonds. Dated Mar. 1 1929. Due in 20 years and optional after 2 years. -BOND OFVANDERBURGH COUNTY (P. 0. Evansville), Ind. FERING. -Sealed bids will be received by Charles 0. Weacelman. County % Walter Treasurer, until 10 a. m. Feb. 20, for the purchase of 550.000 Feb. E. Vann et al Knight Township road (min. bonds. Dated 444 1 1929. Due 52.500, on May and Nov. 15. from 1930 to 1939 incl. Int. payable on May and Nov. 15. VENTURA UNION HIGH SCHOOL DISTRICT (P. 0. Ventura). Ventura County, Claif.-LIST OF BIDDERS -The following is an official tabulation of the other bidders for the 5100,000 issue of 5% coupon school bonds awarded to the Harris Trust & Savings Bank of Chicago -V. 128, p. 924 -at 103.673, a basis of qbout 4.54%: rm . Pre:ai Bond & Goodwin & Tucker .13 3,309 Heller, Bruce It Co American National Company 21 09 38 First Securities Company 33..444807 Wooden & Co National Bankitaly 3.183 William R. Staats Co 3.423 Dean, Witter & Co 2,369 It. II. Moulton & Co 3.035 R. E. Campbell & Co 1.505 California Securities Co 2.569 The Detroit Co 3.026 -BOND OFFERING.- Sealed bids WACO, McLennan County, Tex. will be received until Mar. 19, by E. It. McAdams, City Manager, for the purchase of an issue of 51,000,000 Basque dam bonds. -TEMPORARY LOAN. WARE,Hampshire County, Mass. -The Ware Trust Co. of that city was awarded on February 13, a $100.000 temporary loan maturing in 10 months, on a discount basis of 5.29%. Other bidders were. BidderDiscount Basis. Shawmut Corp. of Boston 5.37% First National Bank, Boston Old Colony Corp 5.4-1% WAYNE COUNTY (P. 0. Detroit), Mich. -BOND OFFERING. Sealed bids will be received by the County Drain Commissioner, until 11 a. m. on Feb. 20, for the purchase of 593,000 Alien Park & Drainage, interest not to exceed 6%. Dated March 1 1929. Denom. coupon-rate of $1,000. Due May 1, as follows: 56,000, 1930 to 1941 inel: and $7,000. 1942 to 1944 incl. Bonds are registexable as to principal only. Principal and Interest payable at the office of the County Treasurer. A certified check for 2% of the bonds bid for must accompany offer. WELLSVILLE,Montgomery County, Mo.-PRE-ELECTION SALE. An issue of 5135,000 water works and sewerage system bonds has been purchased by the Mississippi Valley Trust C. of St. Louis, subject to an election to be held in the near future. WHITE PLAINS, Westchester County, N. Y. -BOND SALE. The following coupon or registered bonds aggregating 52,815,000 offered on Feb. 11-V. 128. p. 925-were awarded to a syndicate composed of the Chase Securities Corp., Tutter & Co.. H. L. Alien & Co., Batchelder. Wack & Co. and Stephens & Co., all of New York, as 4.30s, at a price of 100.27, a basis of about 4.27%. FINANCIAL CHRONICLE 1098 91,750,000 school bonds. Due $70.000, Feb. 1 1939 to 1963. incl. 425,000 school site bonds. Due $17,000, Feb. 1 1939 to 1963, incl. 200,000 Storm Water Drain bonds. Due $10,000„ Feb. 1 1939 to 1958 75,000 sanitary sewer bonds. Due 95,000, Feb. 1 1939 to 1953 incl. 175,000 street impt. bonds. Due Feb. 1, as follows: $22,000, 1932 to 1938, incl.; and $21,000, 1939. 140,000 park bonds. Due $20,000, Feb. 1 1932 to 1938. incl. 50,000 highway bonds. Due Feb. 1. as follows: $7,000, 1932 to 1938 incl.; and $l.000. 1939. Dated Feb. 1 1929. Denoms. $1,000. Prin. and int. payable in gold at the Citizens Bank, White Plains, or at the Hanover National Bank. New York City. Successful bidders are reoffering the bonds at prices to yield 4.20 to 4.50%. An official tabulation of the bids submitted for the obligations is pubVeiled herewith. Equal to. Int. Rate. Prem. BidderChase Securities Corp.; Rutter & Co.; H. L. Allen & Co.; Batchelder, Wack & Co.; Stephens& Co 4.30% $7,614.58 100.27 Guaranty Co. of New York; Lehman Bros.; Barr Bros. & Co.; Dewey, Bacon & Co.; Manufacturers & Traders;Peoples Trust Co., Buffalo 4.30% 4,869.95 100.17 Stone & Webster & Blodget Inc.; Kean, Taylor & Co.; Eldredge & Co.; Ames, Emerich & 4.40% 26,742.50 100.95 Co.,Estabrook & Co The National City Co.; Bankers Co. of New York; Harris, Forbes & Co.; L. F. Rothschild 4.40% 16,887.19 100.599 & Co The Bancamerica Corp. of New York; the Equitable Trust Co.; Old Colony Corp.;B.J. 9.600.00 100.34 Van Ingen & Co.; Hannahs,Bailin & Lee--- _4.40% Roosevelt & Son; White, Weld & Co.; George B. Gibbons & Co.; E. H. Rollins & Son; R. L. 5,855.20 100.205 4.40% Day & Co WILLIAM WINANS INSTITUTE CONSOLIDATED SCHOOL -BOND DISTRICT (P. 0. Centerville), Wilkinson County, Miss. SALE. -A 940,000 issue of school bonds has recently been purchased by the Whitney Central Trust & Savings Bank of New Orleans for a premium of 9455, equal to 101.137. -Robert Kent,Village WILLISTON PARK,N. Y. -BOND OFFERING. Clerk, will receive sealed bids until 8 p. in. Feb. 18, for the purchase of 9210,000 4%, 4% or 4%% coupon or registered water bonds. Dated Jan. 1 1929. Denom. $1,000. Due Jan. 1, as follows: $5,000, 1934 to 1939 incl.; and $6,000. 1940 to 1969,incl. Prin. and int. (J.& J. 1) payable at the office of the Nassau County Trust Co., Mineola, or at the National Bank of Commerce, New York. A certified check, payable to the order of the Village for 2% of the bonds offered, is required. The bonds will be prepared under the supervision of the United States Mortgage & Trust Co.. New York. Legality to be approved by Hawkins, Delafield & Longfellow of New York City. Financial Statement. I. Indebtedness. Guess Debt: Funded debt (of which $1,459.50 is water debt $29,459.50 16,046.50 Floating water debt Other floating debt 2,000.00 Total indebtedness Bonds to be issued: Water bonds Floating debt to be funded by such bonds $47,506.00 210,000.00 16,046.50 193,953.50 $241,459.50 Total debt after bonds are issued Since all water debt is deductible the net debt of 930,000.00 the Village is II. Assessed Valuations. $2,769,930.00 Itfti property. 1929 None Personal property. 1929 1,923,380.00 Reed property. 1928 1.778,515.00 Real property, 1927 HE Population. 3.000 1929,estimated IV. Tax rate. $12.80 per thousand Fiscal Year, 1928 -BOND OFFERWILLOUGHBY TOWNSHIP, Lake County, Ohio. -Sealed bids will be received by the Board of Township Trustees,until ING. 230 p. m. Feb. 23.for the purchase of the following issues of bonds aggregating $25,200: 523,5005% bonds. Due as follows: $2,000, April and $2,700. Oct.1, from 1929 to 1933, incl. A certified check for $1,000 is required. 1.700 6% bonds. Due Oct. 1, as follows: $400, 1930 to 1932, incl.; and 9500, 1933. A certified check for $250 is required. All checks to be payable to the order of the Township Clerk. Bonds are dated Feb. 1 1929. Prin. and int. (April and Oct. 1) payable at the Cleveand Trust Co., Willoughby. -BOND WILLOWICK (P. 0. Willoughby), Lake County, Ohio. OFFERING. -W.C. Dettman, Village Clerk, will receive sealed bids until 12 M.Feb. 23. for the purchase of 9104,500 6% sewer improvement bonds. Dated Feb. 1 1929. Denom. $1,000, one bond for $500. Due Oct. 1, as follows: $4,500, 1930; $5.000, 1931 to 1944, incl.; and $6,000, 1945 to 1949, incl. Prin. and int, payable at the Cleveland Trust Co., Willoughby A certified check for 3% of the bonds bid for is required. -BOND OFFERING. -O.R. WILMERDING, Allegheny County, Pa. Shiring, Borough Secretary, will receive sealed bids until 8 p. m.. Mar. 5, ibr the purchase of $180.000 4%% coupon Borough bonds. Dated Mar. 1 1929. Denom. $1,000. Due Mar. 1 as follows: $10,000. 1934; $5,000, 1935 to 1942 incl.; $6,000, 1943 to 1945 incl.: $7,000. 1946 to 1949 incl.; $8,000, 1950; $9,090, 1951 to 1954 incl.; $10,000, 1955 and 1956; $12,000, 1957; and $8,000, 1958. A certified check payable to the order of the Borough Treasurer, for $2,000 is required. Sale of bonds subject to approval by the Department of Internal Affairs. -The $36,000 -BOND SALE. WINN PARISH (P. 0. Winnfield), La. Issue of 6% semi-annual jail bonds offered for sale on Feb. 11.-V. 128, P. Irving Co. of Cincinnati for a $5 -was awarded to the Well, Roth & 769 premium, equal to 100.013. We Specialize in City of Philadelphia 3$ 31/ 23 4s 41 45 / 41 2s / 5s 514s 5%s Biddle & Henry 1522 Locust Street Philadelphia Private Wire to New York Call Canal 8437 WOLFORTH INDEPENDENT SCHOOL DISTRICT (P. 0. Wolforth), Lubbock County, Tex. -BOND SALE. -A $20,000 issue of high school building bonds has been purchased by an unknown investor. CANADA, its Provinces and Municipalities. BERTIE TOWNSHIP (P. 0. Ridgeway), Ont.-BOND SALE.Dyment, Anderson & Co. of Toronto, were awarded on Jan. 30,an Issue of 0 $62,905 improvement bonds, bearing interest at the rate of 5% payable semi-annually, at a price of 98.63, a basis of about 5.09%. Bonds mature in 30 years. Other bidders were: Rate Bid. BidderHarris,MacKeen & Co 98.55 97.90 Wood,Gundy & Co 97.80 McLeod,Young,Wok & Co 97.50 Bell Gouinlock & Co 97.45 C.11. Burgess & Co 97.06 A.E. Ames & Co submitted: The following bids were also Rate Bid. Bidder Rate Bid.I Bidder 97.50 Harris, MacKeen & Co 98.55 Bell, Goulnlock & Co 97.45 Wood, Gundy & Co 97.90 C. H. Burgess & Co 97.06 McLeod, Young, Weir & Co-.. 97.80 A. B. Ames & Co -W.A. Baker, Town SecreDUNBLANE, Sask.-BIDS REJECTED. tary, states that all bids submitted on Feb. 5. for the $3,500 5%% de-were rejected. bentures scheduled to have been sold-V. 128. p. 769 Debentures are payable in 10 years at Birsay, Sask. -The "Monetary Times" of ToFARNHAM, Que.-BONDS VOTED. ronto in its issue of Feb.8 reported the approval by the ratepayers of a bond Issue of $300,000 for sewer construction purposes. -The 975,000 municipal buildFOREST HILLS, Ont.-BOND SALE. ing site bonds maturing in 20 equal annual installments and the $40,000 incinerator bonds due in 10 equal annual installments, offered on Feb. 13 (V. 128, D. 925) were awarded to the Canadian Bank of Commerce of Toronto at 98.54, a basis of about 5.23%. The issues which aggregate $115.-. 000, bear a coupon rate of 5%. -The City will apply to LONDON, Ont.-PROPOSED BOND ISSUE. the Provincial Legislature for authority to issue local improvement debentures in the amount of $784,000 according to the February 1 issue of the "Monetary Times" of Toronto. -Wood, Gundy & Co. and the Royal QUEBEC, Que.-BOND SALE. Bank of Canada, both of Montreal, jointly, purchased on Feb. 8, the following bond issues aggregating 91.749.000 as 5s, at a price of 100.10,a basis of about 4.99%. -year bonds, dated Feb. 1 1929, due Feb. 1 1959, bearing int. $1,199,000 30 at the rate of 5% per annum, payable half yearly on Aug. 1 and Feb. 1. Prin. and hat, payable at the option of the holder, at Banque Canadienne Nationale, Quebec or Montreal, or at the main office of the Bank of l'slontreal in Toronto, or at the agency of the Bank of Montreal, New York, U. S. A.; or 550,000 30 -year bonds, dated Feb. 1 1929, due Feb. 1 1959, bearing -yearly on hat, at the rate of 5_% per annum payable half Aug. 1 and Feb. 1. Prin. and int. payable, at the option of the holder, at Banque Canadienne Nationale, Quebec or Montreal, or at the main office of the Bank of Montreal in Toronto; or The bonds will be in denom. of 9500 and 91,000 each, with bat, coupons attached. A sinking fund will be created,suficient to retire the whole Issue at maturity. Payable in Canada. Delivery and payment will be made at Banque Canadienen National, Quebec or Montreal, at the option of the successful tenderer, on or about Mar. 111929. Other bidders were: BidderRate Bid. Bank of Montreal, A. E. Ames & Co., Hanson Bros, Banque Canadienne Nationale 99.257 National City Co 99.036 Wood,Gundy & Co., Royal Bank of Canada 100.10 McLeod,Young,Wok & Co.,Ltd.,Bell,Gouinlock & Co 99.20 SASKATCHEWAN, Sask.-114.000.000 BOND ISSUE SANCTIONED. -The legislature has approved the expenditure of $4,000,000 for road construction purposes, according to the Feb. 8 issue of the "9 onetary , , Times' of Toronto. Funds to be had through the medium of a bond issue. REGINA, Sask.-BOND OFFERING. -Sealed bids will be received by D. J. Sheehan, Secretary-Treasurer, until Feb. 21 for the purchase of $8,000 Graton Roman Catholic Separate School District No. 13 bonds. Alternative bids are asked for 5.53 and 6% bonds. Debentures to mature In 10 years. -A. J. Pilkington, City VANCOUVER, B. C. -BOND OFFERING. Comptroller, will receive sealed bids until 2 p. in. Feb. 19,for the purchase of the following bonds aggregating $2,355.471.40: $350,000.00 43% sewer bonds. Due Feb. 1 1968. water works bonds. Due Feb. 1 1968. 250,000.00 4 41'0,000.00 43 school bonds. Due Feb. 1 1968. 250,000.00 4% sewer bonds. Due Aug. 1 1968. 195,000.00 4% school bonds. Due Aug. 1 1968. 200,000.00 4% road bonds. Due Feb.1 1943 200,000.00 4 road and street bonds. Due Aug. 1 1943. 75,000.00 4% 0 fire apparatus bonds. Due Feb. 1 1938. 84,623.67 4%% pavement bonds. Due April 26, 1938. 70.204.09 4%% Cement Walk bonds. Due April 26 1948. 66,167.73 5 aement Walk bonds. Due Dec. 17 1948. 81.708.08 5 o pavement bonds. Due Dec. 17 1938. 52.302.21 43% Ornamental Lighting bonds. Due Nov. 19 1938. 27,121.68 5 o Opening Lanes bonds. Due Dec. 17 1938. 3,343.94 435% Ornamental Lighting bonds. Due Nov. 19 1933. Alternative bids on the basis of principal and interest payable in Canada only, and in both Canada and United States are requested. A certified check payable to the order of the City Treasurer.for $10,000 is required. -The rate-payers on March 15, -BOND ELECTION. W1NNPEG, Man. will be asked to approve a debenture by-law of $1,0061,000 for school purposes, according to the Feb. 8 issue of the "Monetary Timess" of Toronto, NEW LOANS FINANCIAL [VOL. 128. FINANCIAL ZILIMESg st : State of Louisiana MUNICIPAL BONDS ROAD BONDS Bids will be received by the Board of Liquidation of the State Debt of Louisiana for Ten Million Dollars State of Louisiana Road Bonds until eleven o'clock a. in. Tuesday, February 26, 1429. Further particulars and information B. Win be furnished tiPen application by L. Baynard. Jr.. Secretary. Board of Liquidation Of the state Debt of Louisiana, Baton Rouge, LOWSiani. PENOBSCOT BLDG., DETROIT MINING ENGINEERS H. M. CHANCE ,Sg., CO. Mining Engineers and Geologists COAL AND MINERAL PROPERTIES Examined, Managed, Appraised