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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
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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
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their market commitments, or to get out of the mar- Coach at 37 against 3678; National Dairy Products
/
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2
being, in view of the uncer- at 125 against 1261 8; Western Union Tel. at 188
ket entirely for the time
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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
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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
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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
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/ last Friday; Kennecott Copper at 156
1
2
showed surprisingly large earnings. The market 125
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was quick to perceive that as these satisfactory in- against 15414; Greene-Cananea at 174% against
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come returns covered a period when the price of cop- 170; Calumet & Hecla at 55 against 55; Andes
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per was not nearly so high as it is at present, even Copper at 54 against 50; Chile Copper at 96
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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
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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
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duced and the close was quite irregular and uneven. Smelting Rfg. & Min. at 66 against 65 . In the oil
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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
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eral Reserve Board at its protracted meeting on 373 against 38; Texas Corp. at 57% against 59 ;
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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
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considered favorable factors and the market at the 92%; Standard Oil of N. J. at 48% against 48%;
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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%.
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tion of the Advisory Council of the Federal Reserve,
In the steel group U. S. Steel closed yesterday
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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%
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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
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050 shares on Thursday; and 3,902,450 shares on 8678; Packard Motor at 1302 against 131 ; Hud/
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Friday. On the New York Curb Market, the deal- son Motor Car at 83% against 84 ; and Hupp Mo/
1
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ings aggregated 1,417,200 shares on Monday; 1,664,- tor at 7114 against 73 . In the rubber group Good/
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500 shares on Wednesday;1,332,300 shares on Thurs- year Tire & Rubber closed yesterday at 122 against
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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
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On the whole, the
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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
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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
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however, towards lower levels. General Electric 8878 against 89%; Union Pacific at 2201 8 against
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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;
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Inter'! Tel. & Tel. at 208 against 208 ; Union Kansas City Southern at 88 against 8814; St.
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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
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2
Ward & Co. at 125 against 127; Victor Talking Ma- Kansas-Texas at 471 8 against 48; Rock Island at
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chine at 146% against 145; Wright Aeronautic at 1301 8 against 132; Great Northern at 107 against
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26514 against 265; Sears, Roebuck & Co. at 155% 107 ; Northern Pacific at 106 against 106%, and
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against 157%; International Nickel at 60% against Chicago Mil. St. Paul & Pac. pref. at 57 against 58.
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57 ; A. M. Byers at 13818 against 140 ; American
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& 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
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Electric at 147 against 143 ; Public Service Cor- movement last month being considerably in excess
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poration of N. J. at 8414 against 85 ; American of that for any month back to April of last year
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Can at 110% against 1102 Allied Chemical & Dye and being larger than the amount for January in
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at 282 against 27914; Timken Roller Bearing at 75
/ both preceding years. Exports in January this year
1
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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
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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
/
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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,
/
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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
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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%.
/
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/
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,
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
/
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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 %
/
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serial ctfs. due 1932-33, offered at par and $4,0 ,
00000
'Province of Hanover (Germany) Harz Water Works Loan
/
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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.
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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
/
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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
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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
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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
/
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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
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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
,
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1,
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5.... 86
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,
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
@FedFRASER